传媒/游戏Ⅱ 创梦天地（01119.HK） 公司回购彰显信心，《卡拉彼丘》有望带来业绩弹性 2025 年 01 月 08 日 投资评级：买入（维持） | 日期 | 2025/1/7 | | --- | --- | | 当前股价(港元) | 1.890 | | 一年最高最低(港元) | 3.280/1.350 | | 总市值(亿港元) | 31.94 | | 流通市值(亿港元) | 31.78 | | 总股本(亿股) | 16.90 | | 流通港股(亿股) | 16.82 | | 近 3 个月换手率(%) | 64.57 | 股价走势图 数据来源：聚源 -48% -24% 0% 24% 48% 72% 2024-01 2024-05 2024-09 创梦天地 恒生指数 相关研究报告 《2023 年经调整净利润扭亏为盈，期 待新游戏表现—港股公司信息更新报 告》-2024.4.2 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 证书编号：S0790523090001 tianpeng@kysec.cn 公司计划回购不超过 2 亿港元，彰显公 ...

"IDReamsky iDreamSky Technology Holdings Limited 创梦天地科技控股有限公司 (於開曼群島註冊成立的有限公司) 股份代號 : 1119 El li i 報 0将 目錄 公司資料2 財務摘要4 主席報告5 管理層討論與分析9 企業管治╱其他資料 17 中期簡明綜合全面收益表 25 中期簡明綜合財務狀況表 27 中期簡明綜合權益變動表 29 中期簡明綜合現金流量表 30 中期簡明綜合財務資料附註 31 定義 63 公司資料 | --- | --- | --- | |---------|-----------------------------------------|-----------------------------------------------------------------------------------------------| | | 董事會 | 提名委員會 | | | 執行董事 | 陳湘宇先生 （主席） | | | 陳湘宇先生 （董事會主席及首席執行官） | 關 嵩先生 | | 關 | 嵩先生 | 余 濱女士 | | | 高煉惇先生 | ...

证券研究报告·海外公司点评·软件服务(HS) 创梦天地（01119.HK） 2024H1 业绩点评：长线产品增厚基本盘，关 注《卡拉彼丘》海内外进展 2024 年 09 月 02 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|------------|----------|---------|--------|--------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2734 | 1917 | 1893 | 4226 | 4549 | | 同比 (%) | 3.51 | (29.88) | (1.28) | 123.31 | 7.65 | | 归母净利润（百万元） | (2,492.29) | (453.38) | (41.24) | 464.92 | 560.11 | | 同比 (%) | (1,482.63) | - | - | - | 20.48 | | EPS- 最新摊薄（ ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 iDreamSky Technology Holdings Limited ࡋỖཙൠ、ᢰ᧗㛑ᴹ䲀ޜਨ （於開曼群島註冊成立的有限公司） （股份代號：1119） 截至2024年6月30日止六個月之中期業績公告 董事會欣然宣佈本集團以下截至2024年6月30日止六個月之未經審核綜合業績， 連同2023年同期未經審核比較數字。該等截至2024年6月30日止六個月之中期 業績已經審核委員會審閱。 財務表現摘要 | --- | --- | --- | |-------------------------------------|------------------------|----------------------| | | 截至 6 月 30 \n2024 年 | 日止六個月 \n2023 年 | | | 人民幣千元 | 人民幣千元 | | | （未經審核） | （未經審核） | | | | | | 收益 ...

证券研究报告·海外公司点评·软件服务(HS) 创梦天地（01119.HK） 2023 年年报点评：自研产品周期开启兑现， 2024 年 05月 01日 业绩弹性有望逐步释放 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E zhanglw@dwzq.com.cn 证券分析师 周良玖 营业总收入（百万元） 2,734 1,916 2,335 4,314 4,583 执业证书：S0600517110002 同比(%) 3.51 (29.91) 21.84 84.76 6.24 021-60199793 归母净利润（百万元） (2,492.29) (453.38) 230.93 509.31 602.89 zhoulj@dwzq.com.cn 同比(%) - - - 120.55 18.37 研究助理 陈欣 EPS-最新摊薄（元/股） -1.58 -0.29 0.15 0.32 0.38 执业证书：S0600122070012 P/E（现价&最新摊薄） - ...

Financial Performance - Revenue for 2023 decreased to RMB 1,916,473 thousand, a decline of 26.1% compared to RMB 2,594,528 thousand in 2022[6] - Gross profit for 2023 was RMB 673,461 thousand, a significant increase from RMB 400,460 thousand in 2022, reflecting a 68.2% growth[6] - The company reported a net loss of RMB 456,830 thousand in 2023, an improvement from the net loss of RMB 2,521,578 thousand in 2022[6] - Adjusted net profit for 2023 was RMB 139,597 thousand, compared to an adjusted net loss of RMB 576,152 thousand in 2022[6] - Total assets decreased to RMB 3,707,673 thousand in 2023 from RMB 4,323,718 thousand in 2022, a decline of 14.2%[7] - Total liabilities reduced to RMB 1,964,446 thousand in 2023 from RMB 2,529,176 thousand in 2022, a decrease of 22.3%[7] - Total equity slightly decreased to RMB 1,743,227 thousand in 2023 from RMB 1,794,542 thousand in 2022[7] - Revenue for 2023 decreased by 26.1% to RMB 1,916.5 million compared to RMB 2,594.5 million in 2022[20] - Game revenue accounted for 96.5% of total revenue in 2023, down from 97.6% in 2022[21] - The company reported a net loss of RMB 560.8 million for 2023, compared to a net loss of RMB 2,589.9 million in 2022[19] - Adjusted net profit for 2023 was RMB 139.6 million, a significant improvement from the adjusted net loss of RMB 576.2 million in 2022[19] - Game revenue decreased by 27.0% from RMB 2,531.3 million in 2022 to RMB 1,849.1 million in 2023, contributing 96.5% and 97.6% of total revenue respectively[22] - Information service revenue increased from RMB 49.0 million in 2022 to RMB 61.8 million in 2023, driven by increased ad placements and higher fees charged to advertisers[23] - Revenue cost decreased by 43.3% from RMB 2,194.1 million in 2022 to RMB 1,243.0 million in 2023, with the cost-to-revenue ratio dropping from 84.6% to 64.9%[24] - Sales and marketing expenses decreased by 78.5% from RMB 1,074.8 million in 2022 to RMB 230.6 million in 2023, with the expense-to-revenue ratio dropping from 41.4% to 12.0%[25] - R&D expenses decreased from RMB 316.0 million in 2022 to RMB 240.0 million in 2023, with the expense-to-revenue ratio increasing from 12.2% to 12.5%[25] - Impairment loss on intangible assets decreased significantly from RMB 752.3 million in 2022 to RMB 23.2 million in 2023[25] - Net impairment loss on financial assets decreased from RMB 359.8 million in 2022 to RMB 232.3 million in 2023[26] - Fair value loss on financial assets measured at fair value through profit or loss decreased from RMB 83.2 million in 2022 to RMB 27.9 million in 2023[27] - Net finance costs increased from RMB 172.5 million in 2022 to RMB 289.8 million in 2023, mainly due to interest expenses and amortization cost adjustments related to convertible bonds[28] - Adjusted annual profit for 2023 was RMB 139.6 million, compared to an adjusted annual loss of RMB 576.2 million in 2022[30] - Adjusted EBITDA for 2023 was RMB 308.8 million, a significant improvement from a loss of RMB 277.5 million in 2022[36] - Cash and cash equivalents increased by 110.4% to RMB 190.4 million as of December 31, 2023, compared to RMB 90.5 million in 2022[37] - Total borrowings decreased to RMB 966.4 million in 2023 from RMB 1,011.2 million in 2022[37] - The company's debt ratio improved to 53.0% in 2023 from 58.5% in 2022[39] - Capital expenditure for 2023 was RMB 129.9 million, down from RMB 221.9 million in 2022[41] - The company's current ratio improved to 1.07 in 2023 from 0.87 in 2022[39] - Adjusted annual profit for 2023 was RMB 139.6 million, compared to a loss of RMB 576.2 million in 2022[35] - 62.2% of the company's total borrowings were secured by trade receivables, game intellectual property, and deposits as of December 31, 2023[40] - The company's capital-to-debt ratio improved to 57.3% in 2023 from 80.5% in 2022[39] - The company divested its IP derivative business in March 2023, with no other significant acquisitions or disposals during the year[42] - The company did not hedge any foreign exchange fluctuations for the years ended December 31, 2023, and December 31, 2022[43] - The company repurchased and canceled HKD 758 million of the 2025 convertible bonds, representing 97.8% of the total principal amount, leaving an outstanding principal of HKD 17 million[45] - The company issued HKD 386 million of 2028 convertible bonds with an initial conversion price of HKD 3.64 per share, which could convert into a maximum of 106,043,956 ordinary shares[45] - The company completed the placement of 164,177,200 ordinary shares at a price of HKD 3.10 per share, with a net price of HKD 3.02 per share[46] - The net proceeds from the placement and issuance of the 2028 convertible bonds amounted to approximately HKD 873 million, equivalent to RMB 797.88 million[47] - The company used RMB 684.89 million of the proceeds to repurchase the 2025 convertible bonds and RMB 112.99 million for general working capital[48] - The remaining principal amount of HKD 17 million of the 2025 convertible bonds was redeemed and canceled on October 16, 2023[48] - The company's stock closed at HKD 3.38 per share on the Hong Kong Stock Exchange on July 10, 2023[48] - Revenue from the top five customers accounted for 7.2% of the company's total revenue in 2023, with the largest customer contributing 5.4%[56] - The top five suppliers accounted for 67.7% of the company's total purchases in 2023, with the largest single supplier contributing 27.6%[57] - The company employed 797 employees as of December 31, 2023, a decrease from 1,048 in 2022, with total salary expenses (excluding share-based compensation) decreasing by 37.7% to RMB 225.9 million[58] - The company did not recommend paying a final dividend for the year ended December 31, 2023[55] - The company's total salary expenses (excluding share-based compensation) for the year ended December 31, 2023, were RMB 225.9 million, a 37.7% decrease compared to 2022[58] - The company's largest customer in 2023 was Tencent, which also became a major shareholder[56] - The company's total purchases from the top five suppliers increased significantly from 28.8% in 2022 to 67.7% in 2023[57] - The company's total salary expenses (excluding share-based compensation) decreased by 37.7% to RMB 225.9 million in 2023 compared to 2022[58] - The company did not have any distributable reserves as of December 31, 2023[60] - The company's total salary expenses (excluding share-based compensation) for the year ended December 31, 2023, were RMB 225.9 million, a 37.7% decrease compared to 2022[58] Game Performance and Development - Revenue from "Dream Garden" and "Dream Home" games surged by over 50% year-over-year in 2023, reaching a historical high since their launch[10] - "Subway Surfers" maintained its popularity in China, ranking high on the iOS free game charts and releasing 12 new versions in 2023[10] - The domestic version of "Mech Arena" debuted in January 2024, ranking 7th in the shooting category during the Spring Festival and receiving a 4.7 rating on the App Store[10] - "Kalpa of Universe" achieved a 60% increase in daily active users, 130% growth in new users, and a 10% improvement in player retention during its public beta[11] - "Kalpa of Universe" players spent an average of over 120 minutes daily, with a 20% participation rate in the new casual gameplay mode[11] - "Honor of All-Star" remained the top-ranked horizontal action RPG mobile game, releasing 7 major updates in 2023[11] - The company's long-term operational games, such as "Subway Surfers," "Dream Garden," and "Dream Home," demonstrated steady growth and strong user engagement[9] - The company transitioned from game publishing to self-development, with "Kalpa of Universe" being the first global 2D competitive shooting game[8] - The company's self-developed games, including "Kalpa of Universe," have established a multi-platform global shooting technology pipeline and 2D content pipeline[11] - The game "二之國：交錯世界" (Ni no Kuni: Cross Worlds) was officially launched in China on February 28, 2024, developed in collaboration with Netmarble, Tencent, and the company, leveraging the UE4 engine and featuring a rich fantasy creature system[12] - Overseas casual games accounted for 5.11% of the market in 2023, growing by 3.32% compared to 2022, making it the fastest-growing category[17] - The company plans to enhance the competitive potential of "Subway Surfers" by connecting single-player games online and organizing various tournaments to increase user engagement[17] - The company aims to launch the mobile version of "Calabiu" domestically in the second half of 2024 and expand globally with client, mobile, and console versions[17] - The company increased the update frequency of "Calabiu" to one season every two months, introducing new characters, maps, and lounges to maintain game appeal[17] - RPG remains the largest mobile game category globally, with the company focusing on innovative gameplay, regional themes, and global IP collaborations for "Honor of All-Stars" and "Mech Arena"[17] Fanbook and AI Integration - The company's Fanbook community platform enhanced user engagement and activity through AI tools and innovative applications[8] - Fanbook added over 10 million new users and 40,000 new communities by the end of 2023, with content creators generating over 2 billion exposures across platforms[13] - Fanbook integrated AI companionship capabilities, enhancing user engagement and retention, with over 300,000 creators participating in AI-driven content creation activities, producing over 1 million high-quality AI works[14] - The AI-driven character "星繪" (Xing Hui) in the "卡拉彼丘" (Calabiyau) community significantly enhanced user experience and engagement, becoming a memorable IP for players[14] - Fanbook's AI tools and modular operations improved efficiency, enabling the platform to support millions of users and enhance content creation and management for game developers[13] - The company is leveraging AI capabilities in the Fanbook community, introducing new AI companion features and an "AI Storybook Master" function for "Dream Garden"[17] Strategic Initiatives and Market Expansion - The company plans to expand into the Middle East market in 2024, starting with participation in the LEAP tech exhibition and signing a memorandum of understanding with a Saudi cloud computing company to promote gaming and esports in the region[16] - The company aims to strengthen global distribution, deployment, and R&D capabilities in 2024, focusing on both domestic and overseas markets to increase product penetration and global competitiveness[16] - The company streamlined operations by shutting down non-core businesses, optimizing organizational structure, and focusing on four independent business lines, leading to improved revenue quality and cost reductions[15] - The company's cost-saving measures and focus on core gaming businesses contributed to a robust increase in profitability and cash flow generation in 2023[15] - The company's operating cash flow increased significantly to RMB 253.0 million in 2023, up from RMB 93.9 million in the previous year, driven by core game revenue growth and cost optimization[15] Corporate Governance and Leadership - Executive Director Chen Xiangyu holds approximately 16.72% of the company's issued shares as of the annual report date[67] - Brilliant Seed Limited holds 236,599,922 shares, representing 15.02% of the company's equity[75] - Tencent Mobility Limited holds 249,141,192 shares, representing 15.82% of the company's equity[75] - iDreamSky Technology Limited holds 120,842,927 shares, representing 7.67% of the company's equity[75] - Dream Investment Holdings Limited holds 120,842,927 shares, representing 7.67% of the company's equity[75] - Dream Technology Holdings Limited holds 120,842,927 shares, representing 7.67% of the company's equity[75] - Chen Xiangyu holds 26,720,800 shares directly, representing 1.70% of the company's equity[75] - Guan Song holds 14,978,000 shares directly, representing 0.95% of the company's equity[71] - Gao Liandun holds 13,965,000 shares through controlled entities, representing 0.89% of the company's equity[71] - Yang Jialiang holds 912,000 shares directly, representing 0.06% of the company's equity[71] - Brilliant Seed is wholly owned by Mr. Chen, who is deemed to have an interest in the shares held by Brilliant Seed under the Securities and Futures Ordinance[76] - Tencent Mobility Limited is a wholly-owned subsidiary of Tencent Holdings Limited, which is deemed to have an interest in the shares held by Tencent Mobility Limited under the Securities and Futures Ordinance[77] - iDreamSky Technology Limited is wholly owned by Dream Investment Holdings Limited, which is wholly owned by Dream Technology Holdings Limited, with no shareholder holding one-third or more of the shares in Dream Technology Holdings Limited[77] - The maximum number of restricted share units under the Pre-IPO Restricted Share Unit Plan is 86,270,450, equivalent to 5.48% of the company's issued shares as of the annual report date[82] - In 2023, the company granted 700,000 restricted share units to Mr. Yang Jialiang, with a fair value of HK$4.00 per unit at the grant date[84] - The vesting schedule for the 700,000 restricted share units granted in 2023 is 30% in 2023, 30% in 2024, and 40% in 2025, based on performance evaluation[84] - As of December 31, 2023, the total number of unvested restricted share units under the Pre-IPO Restricted Share Unit Plan was 6,062,191[86] - The company adopted a new 10-year Share Incentive Plan in 2023, which allows the board to grant share options and/or restricted share units to eligible participants[88] - The 2023 Share Incentive Plan aims to recognize contributions, retain talent, and align the interests of participants with shareholders by providing ownership opportunities[89] - The maximum number of shares that can be granted to any participant under the 2023 Share Incentive Plan within any 12-month period is 1% of the issued shares as of the plan adoption date[90] - The 2023 Share Incentive Plan has a remaining validity period of over nine years, with a maximum of 28,207,966 shares available for future grants, representing 1.79% of the total issued shares as of the annual report date[91][92] - No share options or restricted share units were granted under the 2023 Share Incentive Plan during the year ended December 31, 2023, leaving 28,207,966 shares available for future grants[95] - The 2023 New Share Option Plan allows for the issuance of up to 56,415,933 shares, representing 3.58% of the total issued shares as of the annual report date[100] - During the year ended December 31, 2023, 8,880,000 share options were granted under the 2023 New Share Option Plan, with no options exercised, canceled, or lapsed during the period[104] - The 2023 New Share Option Plan aims to retain and incentivize employees, align their interests with shareholders, and attract talent for the company's development[97] - The vesting period for options under both the 2023 Share Incentive Plan and the 2023 New Share Option Plan must be at least 12 months[93][101] - The exercise price for options under the 2023 New Share Option Plan must not be lower than the higher of the closing price on the grant date, the average closing price over the preceding five trading days, or the nominal value per share[102] - No share options were granted to directors, senior management, or major shareholders under the 2023 New Share Option Plan during the year ended December 31, 2023[104] - The 2023 New Share Option Plan has a validity period of ten years from the adoption date, with over nine years remaining as of the annual report date[99] - The 2023 New Share Option Plan restricts any single participant from being granted options exceeding 1% of the total issued shares within a 12-month period[98] - The company repurchased a total of 1,130,800 shares on the Hong Kong Stock Exchange during the reporting period, with a total consideration (before expenses) of HKD 3,451,380[109] - The company granted a total of

传媒/游戏Ⅱ 公 司 研 创梦天地（01119.HK） 2023 年经调整净利润扭亏为盈，期待新游戏表现 究 2024年04月02日 ——港股公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn tianpeng@kysec.cn 日期 2024/3/28 证 书编号：S0790520030004 证书编号：S0790523090001 港 当前股价(港元) 2.560  2023年经调整净利润扭亏为盈，看好新游戏上线表现，维持“买入”评级 股 一年最高最低(港元) 4.440/1.350 公司2023年实现营业收入19.16亿元（同比-29.9%），实现归母净利润-5.56亿元 公 司 总市值(亿港元) 40.31 （亏损同比缩窄 77.68%），2023 年毛利率为 37.3%（同比+1.3pct），经调整净利 信 流通市值(亿港元) 40.31 润为 1.40 亿元（同比扭亏为盈）。2023H2 公司实现营业收入 7.95 亿元，（同比 息 总股本(亿股) 15.75 -41.22%，环比-29.06%），实现归母净利润-5.97亿元 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 iDreamSky Technology Holdings Limited ࡋỖཙൠ、ᢰ᧗㛑ᴹ䲀ޜਨ （於開曼群島註冊成立的有限公司） （股份代號：1119） 截至2023年12月31日止年度全年業績公告 董事會欣然宣佈本集團截至2023年12月31日止年度的經審核綜合業績。該等業 績已經由核數師根據國際審計準則進行審核。此外，該等業績亦經審核委員會 審閱。 財務表現摘要 截至12月31日止年度 | --- | --- | --- | |-------------------------------|----------------------|--------------------| | | 2023 年 人民幣千元 | 2022 年 人民幣千元 | | | | （經重述） | | 收益 | 1,916,473 | 2,594,528 | | 毛利 | 673,461 | 400,460 | | 除 ...

"DReamsky iDreamSky Technology Holdings Limited 创梦天地科技控股有限公司 (於開曼群島註冊成立的有限公司) 股份代號：1119 2023 中 期 報 告 0 0 ♀ 圈子丨攻略分享 o 0 # 广场丨一起聊天 吃 直播丨直播频道 LD g o <0) 语音丨组队开黑 目錄 公司資料2 財務摘要4 主席報告5 管理層討論與分析9 企業管治╱其他資料 19 中期簡明綜合全面收益表 25 中期簡明綜合財務狀況表 27 中期簡明綜合權益變動表 29 中期簡明綜合現金流量表 30 中期簡明綜合財務資料附註 31 定義 59 ♀ 圈子丨攻略分享 # 广场 | 一起聊天 白 直播丨直播频道 Φ 语音丨组队开思 公司資料 | --- | --- | --- | |-------|--------------------------------------------|--------------------------------------------| | | 董事會 | 提名委員會 | | | 執行董事 | 陳湘宇先生 （主席） | | | 陳湘宇先生 （董事會主席及首席 ...

[2 -> 25] 尊敬的各位股东、投资人、媒体朋友们大家上午好欢迎各位蒞临创梦天地科技控股有限公司2023年中期业绩发布会首先请允许我代表公司及管理层向各位长期以来对创梦天地的关注和支持表示衷心的感谢 [25 -> 47] 出席此次发布会的公司管理层是董事会主席创始人及首席执行官陈湘宇先生执行董事联合创始人关松先生首席财务官雷俊文先生 [51 -> 75] 今天的線上發佈會會分為兩部分首先有請管理層為大家回顧2023年上半年業務情況及闡述下半年公司規劃隨後是問答環節下面有請管理層各位股東投資人媒體朋友非常感謝大家一直對創夢天地的關注和支持 [76 -> 100] 今天我和管理团队向各位汇报创梦天地2023年中期业绩的经营情况以及接下来的业务策略以及目标创梦天地拥有多款大用户量长生命周期高用户年薪的游戏内容我们游戏聚焦三大品类消除 [100 -> 124] 竞技以及RPG三大品类围绕分布可构建基于社区的研运体系经过2022年的业务聚焦2023年上半年我们经营得到明显的改善实现经营业绩扭亏为盈我们也坚信会持续保持业绩的稳健增长这些得益于 [124 -> 152] 首先我们聚焦游戏业务减少非战略性的业务投入坚持长 ...