每经记者｜张梓桐 每经编辑｜董兴生 ｜ 2025年7月9日 星期三 ｜ NO.1 腾讯《代号：饼干人》启动测试招募 7月8日，腾讯游戏宣布代理发行的《代号：饼干人》正式在腾讯游戏大玩咖平台开启测试招募，预计于 7月中下旬启动测试。此次招募对玩家经验提出明确要求，需具备动作类或卡牌类游戏体验背景。 点评：《代号：饼干人》若能在测试中验证"萌系+策略竞技"的玩法可行性，不仅可能成为腾讯在休闲 领域的新旗舰，更可能带动资本市场对整个休闲竞技赛道的重新评估。中小厂商的同类产品关注度或将 提升，而腾讯在代理发行领域的资源整合能力也将进一步凸显。 NO.2 英雄游戏《二重螺旋》公布三测总结 点评：这一总结聚焦玩家体验的优化，有助于提升玩家的满意度与留存率。若玩家在后续游戏过程中感 受到游戏难度适中、操作便捷、剧情引人入胜，更有可能长期留存并持续投入时间与精力，进而为游戏 带来稳定的活跃用户基础。这对于英雄游戏的收入增长至关重要，稳定的活跃用户意味着更高的付费潜 力 NO.3 创梦天地《卡拉彼丘手游》长廊测试定档7月10日 7月8日消息，创梦天地旗下备受关注的二次元射击游戏《卡拉彼丘手游》宣布，长廊测试于2025年7月 1 ...

Group 1 - The National Press and Publication Administration issued 130 domestic game approvals in May 2025, with a notable increase in monthly approvals, reaching a new high this month [1][3] - Among the approved domestic games, 76 are mobile games, 54 are mobile-casual puzzle games, 6 are client games, and 1 is for the PS5 console, with some games receiving multiple platform approvals [1][5] - A total of 610 domestic game approvals have been issued this year, indicating a continuous upward trend in the approval rate [1][3] Group 2 - The number of imported game approvals has shifted from bi-monthly to monthly, with a consistent increase in the number of approvals each month [3] - In the latest batch of imported game approvals, 14 mobile games were granted licenses, with some receiving approvals for multiple platforms [1][5] - Notable titles among the newly approved games include Tencent's "Secret Realm Knife Boy," Perfect World's "Different Ring," and NetEase's "Fate: Stars" [5][15]

Core Viewpoint - Company Dreamland Technology (创梦天地) successfully raised approximately HKD 72 million by placing around 100 million shares at HKD 0.72 per share, with funds primarily allocated for the global multi-platform development and release of its self-developed game "Kara Bichu" [1][2] Group 1: Financing and Development - The funds raised will accelerate the development and launch of the mobile and console versions of "Kara Bichu," aiming for a global release by the second half of 2025 [1][2] - The company has a strong focus on its gaming business, continuously introducing overseas premium games while actively advancing its self-developed games [1][2] - The financing is expected to inject strong momentum into the company's performance in the second half of the year, coinciding with a period of intensive product launches [1][2] Group 2: Market Position and Growth - Dreamland Technology has been operating in the overseas premium game distribution sector for 15 years, successfully managing long-lifecycle products like "Subway Surfers" and "Garden of Dreams" [1] - The company plans to release 2-3 overseas premium games annually in China, with several titles, including "Chong Chong Qibing" and "He Le Ge Hua Yuan," set to launch in the second half of 2025 [1] - The release of "Kara Bichu" on PC in November 2024 has validated its core competitiveness and user engagement, with a 50% increase in daily active users (DAU) following the introduction of a new gameplay mode [2] Group 3: Investor Confidence - The successful placement reflects market recognition of Dreamland Technology's long-term value and provides funding assurance for R&D and new product launches in the second half of the year [2] - The management believes that the multi-platform launch of "Kara Bichu" and the concentrated release of overseas premium games will likely lead to an accelerated performance release, further solidifying the company's global competitiveness [2]

Financial Performance - Total revenue for 2024 was RMB 1,513,644 thousand, a decrease of 21.0% compared to 2023[9] - Gross profit for 2024 was RMB 426,789 thousand, representing a gross margin of 28.2%[9] - The company reported a loss before tax of RMB 574,117 thousand for 2024, compared to a loss of RMB 470,357 thousand in 2023[9] - The company reported a revenue of RMB 1,513,644 thousand for the year ended December 31, 2024, a decrease of 21% compared to RMB 1,916,473 thousand in 2023[23] - Gross profit for the same period was RMB 426,789 thousand, down from RMB 673,461 thousand, reflecting a decline in gross margin[23] - The operating loss increased to RMB 345,360 thousand in 2024 from RMB 175,291 thousand in 2023, indicating a worsening operational performance[23] - The company reported a net loss from continuing operations of RMB 544,604 thousand for the year ended December 31, 2024, compared to a loss of RMB 456,830 thousand in 2023[23] - Annual loss increased from RMB 456.8 million in 2023 to RMB 544.6 million in 2024, with adjusted annual loss for 2024 at RMB 30.3 million compared to adjusted profit of RMB 139.6 million in 2023[38] - EBITDA for 2024 was RMB (406,921) thousand, compared to RMB (78,497) thousand in 2023, indicating a worsening operational performance[43] - Adjusted EBITDA for 2024 was RMB 56,368 thousand, down from RMB 308,773 thousand in 2023, reflecting a decline in profitability[43] Assets and Liabilities - The total assets decreased to RMB 3,590,220 thousand in 2024 from RMB 3,707,673 thousand in 2023[10] - The total liabilities increased to RMB 2,134,852 thousand in 2024, up from RMB 1,964,446 thousand in 2023[10] - Total borrowings rose to approximately RMB 1,070.1 million in 2024, up from RMB 966.4 million in 2023, indicating increased leverage[44] - Current ratio decreased to 0.90 in 2024 from 1.07 in 2023, suggesting a decline in short-term financial health[45] - Debt ratio increased to 59.5% in 2024 from 53.0% in 2023, indicating a higher proportion of debt relative to total assets[45] Revenue Breakdown - Game revenue, which constitutes 96.2% of total revenue, fell by 21.3% from RMB 1,849.1 million in 2023 to RMB 1,455.9 million in 2024, primarily due to a significant shift in revenue structure[25] - Information services revenue decreased from RMB 61.8 million in 2023 to RMB 49.5 million in 2024, attributed to a strategic reduction in in-app advertising to enhance user experience[27] - Total cost of revenue for the year ended December 31, 2024, was RMB 1,086.9 million, a decrease of 12.6% from RMB 1,243.0 million in 2023, but the cost as a percentage of revenue increased from 64.9% to 71.8%[28] Game Development and Launches - The company successfully launched the global version of the PC game "Kara Bichu" in 2024, enhancing its self-developed game portfolio[12] - "Subway Surfers" maintained a top ten position in revenue rankings, with in-game payment rates increasing by 40% to a five-year high[13] - "Mecha Squad" achieved a cumulative global revenue of USD 1 billion, ranking among the top five in the mech shooting game category in 2024[13] - The newly launched "Legendary Store" in December 2024 exceeded revenue expectations compared to its overseas counterparts, validating the company's innovative model[13] - The average payment amount of daily active users for "Dream Garden" increased by over 10% year-on-year, reaching a historical high[13] - Daily active users for the game "Kara Bichu" increased by 42% following the collaboration with the popular Japanese IP, leading to a 5% rise in user online duration[14] - The international version of "Kara Bichu" launched on November 22, 2024, quickly topped the Steam platform's "New Releases" and "Top Free Games" charts within 2 hours[15] - The company plans to launch a new casual gameplay mode on March 25, 2025, with a goal of enhancing game reputation and user engagement[15] Cost Management - Sales and marketing expenses decreased by 14.8% from RMB 230.6 million in 2023 to RMB 196.5 million in 2024, due to improved customer acquisition efficiency[29] - Research and development expenses decreased from RMB 240.0 million in 2023 to RMB 165.2 million in 2024, with the percentage of revenue dropping from 12.5% to 10.9%[31] - Impairment losses on intangible assets decreased by 56.9% from RMB 23.2 million in 2023 to RMB 10.0 million in 2024[32] - Net impairment losses on financial assets were RMB 185.7 million in 2024, down from RMB 232.3 million in 2023, influenced by economic conditions affecting customer payment capabilities[33] Shareholder and Equity Information - The company has a total of 1,689,850,345 shares issued as of December 31, 2024[88] - Executive director Chen Xiangyu holds 27,947,600 shares directly, representing approximately 1.65% of the company's equity[88] - Chen Xiangyu also has an interest in 239,154,722 shares through a controlled corporation, accounting for about 14.15% of the company's equity[88] - The company has a total of 86,270,450 restricted share units available under the pre-IPO restricted share unit plan, representing 5.18% of the total shares issued[101] - During the year ending December 31, 2024, a total of 5,664,953 restricted share units were vested to employees, while 397,238 units remained unvested[104] Corporate Governance and Compliance - The company has confirmed the independence of its independent non-executive directors according to the listing rules[77] - The company has no directors with interests in any competing businesses that could affect its operations[85] - The company has a commitment to high standards of corporate governance, as detailed in its annual report[177] - The auditor for the reporting period is PwC, which has audited the financial statements prepared in accordance with International Financial Reporting Standards[179] - The company has not changed its auditor in the past three years, indicating stability in its financial oversight[180] Social Responsibility and Community Engagement - The company provided a total of RMB 99,000 in donations to support students in need through the "Walk Together" charity project, engaging 1,870 participants[169] - The company actively participated in social responsibility initiatives, including planting 1,100 trees valued at nearly RMB 400,000 as part of the "Green Guangdong" campaign[168] Employee Information - Total employee count increased to 852 as of December 31, 2024, up from 797 in the previous year[69] - Total salary expenses (excluding share-based payments) for the year ended December 31, 2024, were RMB 189 million, a decrease of 11.50% compared to the previous year[69] - The company has implemented various social security plans and housing provident fund contributions for employees in China, with contributions calculated as a percentage of basic salary[176] - The company provides targeted training programs for employees, including customer service and compliance management training, to enhance professional skills[176] Related Party Transactions - Tencent is a major shareholder and has ongoing business collaborations with the company, including multiple continuous related party transaction agreements[136] - The independent non-executive directors and auditors have confirmed that the ongoing related party transactions are conducted in the ordinary course of business and on normal commercial terms[151] - The company has not engaged in any non-exempt related party transactions during the reporting period[135] Future Plans and Strategies - The company aims to expand its global market presence by launching mobile and console versions of its games in 2025[15] - The agreements are part of a strategy to leverage Tencent's extensive product offerings to enhance the company's digital entertainment products and marketing efforts[144]

业务规划和目标创梦目前是一家具备有全球源于一体能力的游戏公司这几年来我们一直聚焦游戏业务致力推进公司的业务更高质量的发展让公司的经营能够更稳健我们围绕游戏业务发行自研以及AI技术三个方面向各位阐述我们具体的业务执行情况在发行业务上我们拥有一批长生命周期的产品 尊敬的各位股东投资人媒体朋友们大家上午好欢迎各位参加创梦天地2024年度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出席本次发布会的公司管理层是董事会主席及首席执行官陈湘宇先生联合创始人及首席技术官关松先生 首席财务官雷俊文先生今天的现象发布会将会分为两部分首先有请管理层为大家回顾2024年业务情况及阐述2025年公司规划随后是问答环节下面有请管理层首先特别感谢各位投资人和媒体朋友今天我和我的管理层向各位汇报创盟2024年的业务执行情况以及2025年的 我们通过不断的迭代在线产品内容确保这些在线产品能够持续的在营收上增长并持续引入更多精品内容确保公司的经营的基本盘稳固发展另一方面随着自研的持续交付相信会给公司带来新的增长点在24年卡拉比丘PC端已经在全球上线今年移动和主机端也在全球上线 同时我们也积极地应用AI ...

截至4月7日收盘，创梦天地(01119.HK)报0.730港元，较上个交易日下跌21.5%，当日盘中最低价触及 0.720港元，创近一年新低。 资金流向方面，当日主力流入490.928万港元，流出746.040万港元，净流出255.11万港元。 创梦天地科技（600582）控股有限公司成立于2009年,并于2018年在港交所正式挂牌上市。秉承着"为用 户带来快乐"的使命,致力于成为最有创意的科技公司。 围绕着精品IP的研发运营,创梦天地形成了独特的产品和用户特点。公司几款高知名度且用户规模庞大 的游戏:《梦幻花园》《梦幻家园》《地铁跑酷》和《神庙逃亡》,均已是长生命周期,大体量活跃用户, 高用户粘性的经典产品。 同时,创梦天地坚定自研路线,已上线自研游戏《荣耀全明星》《卡拉彼丘》PC版、《二之国:交错世界》 并计划于24年内上线《卡拉彼丘》和《卡拉彼丘》手游版和主机版,以及进行海外发行等。 此外,公司战略部署了基于频道的、能有效解决社区运营问题的社区用户管理工具Fanbook。其支持高效 建站(把频道建起来)、有效增长(把用户请进来)、精准运营(把用户养起来),实现品牌对用户的高效管理 和高效运营,持续提升用 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 1,513,644, a decrease of 21% compared to RMB 1,916,473 in 2023[3] - Gross profit for the same period was RMB 426,789, down 37% from RMB 673,461 in 2023[3] - The adjusted annual loss was RMB 30,322, a significant decline from a profit of RMB 139,597 in 2023[3] - Revenue for the year ended December 31, 2024, decreased by 21.0% to approximately RMB 1,513.6 million, down from RMB 1,916.5 million in 2023[16] - Game revenue contributed 96.2% of total revenue in 2024, down from 96.5% in 2023, with a decline from RMB 1,849.1 million to RMB 1,455.9 million, a decrease of 21.3%[17] - The annual loss increased from RMB 456.8 million in 2023 to RMB 544.6 million in 2024, with adjusted annual loss reported at RMB 30.3 million for 2024 compared to a profit of RMB 139.6 million in 2023[30] - Adjusted EBITDA for 2024 was RMB 56.4 million, a decrease from RMB 308.8 million in 2023, indicating a significant decline in operational performance[32] Game Development and Launches - The game "Subway Surfers" maintained a top ten position in revenue rankings, with a 40% increase in version payment rate, reaching a five-year high[6] - The newly launched game "Mecha Squad" achieved a cumulative global revenue of USD 1 billion, ranking in the top five for revenue in the mech shooting game category in China[6] - The self-developed game "Kara Bichu" was successfully launched globally on November 22, 2024, topping Steam's "New Releases" and "Top Free Games" charts within two hours[9] - The game "Delta Action," co-developed with Tencent, surpassed 40 million registered users across PC and mobile platforms[10] - The upcoming game "Chong Chong Qi Bing," set to launch in 2025, is expected to provide sustained profit returns due to its strong product quality and positive reputation[7] - The company plans to launch the mobile and console versions of its games globally in 2025, currently in the final testing phase[9] Financial Position and Liabilities - Total assets decreased to RMB 3,590,220,000 in 2024 from RMB 3,707,673,000 in 2023, reflecting a decline of approximately 3.2%[56] - The company’s total liabilities rose to RMB 2,134,852,000 in 2024, up from RMB 1,964,446,000 in 2023, indicating a growth of approximately 8.6%[57] - Total borrowings amounted to approximately RMB 1,070.1 million as of December 31, 2024, up from RMB 966.4 million in 2023, with secured bank borrowings increasing from RMB 876.4 million to RMB 1,055.1 million[38][40] - The current ratio decreased to 0.90 as of December 31, 2024, compared to 1.07 as of December 31, 2023, indicating a decline in liquidity[40] - The debt ratio increased to 59.5% as of December 31, 2024, from 53.0% in 2023, reflecting a higher proportion of debt in the capital structure[40] Operational Efficiency and Cost Management - Total cost of revenue for the year ended December 31, 2024, was RMB 1,086.9 million, a decrease of 12.6% from RMB 1,243.0 million in 2023, but the cost as a percentage of revenue increased from 64.9% to 71.8%[20] - Sales and marketing expenses decreased by 14.8% to RMB 196.5 million in 2024 from RMB 230.6 million in 2023, attributed to improved customer acquisition efficiency[21] - Research and development expenses decreased from RMB 240.0 million in 2023 to RMB 165.2 million in 2024, representing 10.9% of revenue, down from 12.5%[23] - The company achieved over 30% improvement in overall R&D efficiency by integrating AI into game development processes[12] - The company plans to improve operational efficiency and maintain cash inflow through strategies such as cultivating a loyal user base and launching multiple game iterations in 2025[62] Impairment and Financial Losses - The net impairment loss of financial assets for the year ended December 31, 2024, was RMB 185.7 million, a decrease from RMB 232.3 million in 2023[25] - Fair value losses on financial assets measured at fair value through profit or loss increased from RMB 27.9 million in 2023 to RMB 81.4 million in 2024, primarily due to operational underperformance of certain investees and market volatility[26] - The impairment of investments in associates accounted for using the equity method rose significantly from RMB 19.4 million in 2023 to RMB 105.5 million in 2024, attributed to insufficient cash flow generation from existing businesses[27] - The company recognized a total impairment loss of RMB 185.7 million on financial assets, down from RMB 232.3 million in the previous year[35] - The impairment provision for prepaid revenue share decreased to RMB 98,980,000 in 2024 from RMB 199,656,000 in 2023, a reduction of approximately 50.4%[100] Shareholder Returns and Dividends - The company did not recommend the payment of a final dividend for the year ended December 31, 2024, consistent with no dividend in 2023[47] - The board of directors decided not to declare any dividends for the years ended December 31, 2024, and 2023[77] Future Plans and Strategic Focus - The company plans to maintain a long-term focus on core gaming business and continue delivering high-quality game products to enhance shareholder value[15] - The company aims to strengthen partnerships to expand its existing game portfolio and introduce new games to overseas markets[62] - The company plans to continue optimizing its product portfolio and gradually terminate products that do not align with its future gaming business strategy[83]

智通财经APP获悉，创梦天地(01119)绩后涨超3%，截至发稿，涨3.06%，报1.01港元，成交额739.09万 港元。 2024年，《地铁跑酷》、《梦幻花园》、《梦幻家园》等经典游戏持续贡献营收，新上线的《机甲战 队》、《传奇商店》取得亮眼的业绩，成为新的长青游戏，为公司输送持久发展的动力。目前，公司还 储备多款已签约的海外精品游戏，为营收保持强劲增长提供保障。例如，2025年将上线的《冲冲奇 兵》，是融合塔防、策略与卡牌元素的创新手游。经海外多年打磨，产品力强、内容丰富、口碑良好， 预计上线后能带来持续的利润回报。 消息面上，3月27日，创梦天地发布截至2024年12月31日止年度业绩，该集团取得收益人民币15.14亿元 (单位下同)，同比减少21.02%；经调整年度亏损3032.2万元，每股亏损0.33元。 公告称，2024年是公司深化战略布局的关键之年，聚焦游戏主业，致力于推动公司持续发展与进步。公 司围绕发行业务、自研业务及AI技术布局叁大维度向大家阐述业绩成果：一方面，公司不断优化在线 游戏产品，持续引入海外精品游戏，实现了基本盘的稳健增长；另一方面，积极推进自研游戏的研发与 上线，成功推出《 ...

Core Viewpoint - The company reported a revenue of RMB 1.514 billion for the fiscal year ending December 31, 2024, representing a year-on-year decrease of 21.02%, with an adjusted annual loss of RMB 30.322 million, equating to a loss of RMB 0.33 per share [1] Group 1: Financial Performance - The company achieved a revenue of RMB 1.514 billion, down 21.02% year-on-year [1] - The adjusted annual loss was RMB 30.322 million, with a loss per share of RMB 0.33 [1] Group 2: Strategic Focus and Game Development - 2024 is identified as a key year for the company to deepen its strategic layout, focusing on the gaming core business to drive sustainable development [1] - The company is optimizing online game products and continuously introducing high-quality overseas games, leading to stable growth in its core business [1] - The company successfully launched the global version of the self-developed game "Karabichu" for PC [1] - AI technology is being actively applied to enhance research and development efficiency and create AI-based interactive scenarios for improved user experience [1] Group 3: Game Performance and New Releases - Classic games like "Subway Surfers," "Dream Garden," and "Dream Home" continue to contribute to revenue, while new releases like "Mecha Squad" and "Legendary Store" have shown impressive performance [2] - "Subway Surfers" remains in the top ten of popular charts, with a 40% increase in version payment rates, reaching a five-year high [2] - "Dream Garden" has seen continuous revenue growth, with average daily active user payment amounts increasing by over 10%, both achieving historical highs [2] - "Mecha Squad" has reached a cumulative global revenue of USD 1 billion, ranking among the top five in the global mecha shooting game revenue [2] - The domestic version of "Legendary Store" launched in December 2024, exceeding overseas revenue during the same period, validating the "tool empowerment - ecological feedback" innovative model [2] - The company has several signed overseas premium games in reserve, ensuring strong revenue growth, including the upcoming "Chasing Warriors," expected to deliver sustained profit returns [2]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 1,513,644,000, a decrease of 21% compared to RMB 1,916,473,000 in 2023[3] - Gross profit for the same period was RMB 426,789,000, down from RMB 673,461,000, reflecting a decline in profitability[3] - The adjusted annual loss was RMB 30,322,000, a significant drop from a profit of RMB 139,597,000 in 2023[3] - Revenue for the year ended December 31, 2024, decreased by 21.0% to approximately RMB 1,513.6 million compared to RMB 1,916.5 million in 2023[16] - Game revenue contributed 96.2% of total revenue in 2024, down from 96.5% in 2023, with a decline from RMB 1,849.1 million to RMB 1,455.9 million, a decrease of 21.3%[17] - The annual loss increased from RMB 456.8 million in 2023 to RMB 544.6 million in 2024, with adjusted annual loss reported at RMB 30.3 million compared to an adjusted profit of RMB 139.6 million in 2023[30] - Adjusted EBITDA for 2024 was RMB 56.4 million, a decrease from RMB 308.8 million in 2023, reflecting operational challenges[32] - The company reported a net loss of RMB 544,604,000 for the year ending December 31, 2024[61] Game Development and Launches - The game "Subway Surfers" maintained a top ten position in revenue rankings, with a 40% increase in version payment rate, reaching a five-year high[6] - The newly launched game "Mecha Squad" achieved a cumulative global revenue of USD 1 billion, ranking in the top five for revenue in the mech shooting game category in China[6] - The self-developed game "Kara Bichu" was successfully launched globally on November 22, 2024, topping Steam's "New Releases" and "Top Free Games" charts within two hours[9] - The company plans to launch the mobile and console versions of "Kara Bichu" in 2025, aiming to expand its global market presence[9] - The game "Delta Action," co-developed with Tencent, surpassed 40 million registered users across PC and mobile platforms by September 2024[10] - The company has multiple signed overseas premium games in the pipeline, ensuring strong revenue growth for the upcoming years[7] - The launch of the game "Kara Bichu" has been recognized for its innovative integration of traditional Chinese culture, contributing to the company's cultural outreach efforts[14] - The company plans to launch multiple game iterations in 2025 to generate incremental revenue[62] - The company intends to strengthen partnerships to expand its existing game portfolio and launch new games in overseas markets[62] Financial Position and Liabilities - Total assets decreased to RMB 3,590,220,000 in 2024 from RMB 3,707,673,000 in 2023, a decline of approximately 3.2%[57] - The company’s total liabilities rose to RMB 2,134,852,000 in 2024 from RMB 1,964,446,000 in 2023, an increase of about 8.6%[57] - Total borrowings amounted to approximately RMB 1,070.1 million as of December 31, 2024, compared to RMB 966.4 million in 2023, with secured bank borrowings increasing from RMB 876.4 million to RMB 1,055.1 million[38][40] - The current ratio decreased to 0.90 as of December 31, 2024, down from 1.07 in 2023, indicating a decline in liquidity[40] - The debt ratio increased to 59.5% as of December 31, 2024, compared to 53.0% in 2023, reflecting a higher proportion of debt in the capital structure[40] - The company is expected to repay bank loans totaling RMB 1,080,341,000 in 2024 while obtaining new credit of RMB 1,118,738,000[63] - As of December 31, 2024, the company has an unused committed credit line of RMB 397,431,000, with RMB 60,000,000 drawn post-year-end[63] Cost Management and Expenses - Total cost of revenue for the year ended December 31, 2024, was RMB 1,086.9 million, a decrease of 12.6% from RMB 1,243.0 million in 2023, but the cost as a percentage of revenue increased from 64.9% to 71.8%[20] - Sales and marketing expenses decreased by 14.8% from RMB 230.6 million in 2023 to RMB 196.5 million in 2024, attributed to improved customer acquisition efficiency[21] - Research and development expenses decreased from RMB 240.0 million in 2023 to RMB 165.2 million in 2024, representing 10.9% of revenue, down from 12.5%[23] - Total expenses for cost of revenue, selling and marketing, general and administrative, R&D, and impairment of intangible assets amounted to RMB 1,584,974,000 in 2024, a decrease from RMB 1,845,918,000 in 2023[70] Impairment and Financial Losses - The net impairment loss of financial assets for the year ended December 31, 2024, was RMB 185.7 million, a decrease from RMB 232.3 million in 2023[25] - Fair value losses on financial assets measured at fair value through profit or loss increased from RMB 27.9 million in 2023 to RMB 81.4 million in 2024, primarily due to operational underperformance of certain investee companies and market volatility[26] - The impairment of investments in associates accounted for using the equity method rose significantly from RMB 19.4 million in 2023 to RMB 105.5 million in 2024, attributed to insufficient cash flow generation from existing businesses[27] - The total impairment loss on financial assets was RMB 185.7 million in 2024, down from RMB 232.3 million in 2023, indicating some improvement in asset quality[35] - The company recorded a significant increase in fair value losses on financial liabilities from RMB 10.99 million in 2023 to RMB 26.57 million in 2024[37] Shareholder and Governance Matters - The company did not recommend a final dividend for the year ended December 31, 2024, consistent with the previous year[47] - The company is actively engaging with potential investors to explore opportunities for share placement[63] - The company plans to continue monitoring and reviewing its corporate governance practices to ensure compliance with applicable codes[119] - The board of directors decided not to declare any dividends for the years ended December 31, 2024, and 2023[77] Cash Flow and Financial Management - As of December 31, 2024, the total cash and cash equivalents increased by 3.4% to approximately RMB 196.9 million from RMB 190.4 million as of December 31, 2023[38] - The company has unrestricted cash and cash equivalents of RMB 196,926,000 as of December 31, 2024[117] - The financial cost net amount for the company was RMB 106,164,000 in 2024, down from RMB 289,774,000 in 2023[72] - The interest expense for the 2028 convertible bonds was calculated at an effective annual rate of 20.20%[111] Asset Management - The carrying amount of intangible assets at the end of 2024 was RMB 1,085,942,000, compared to RMB 965,535,000 at the end of 2023, reflecting an increase in capitalized development costs[80] - Impairment losses on intangible assets amounted to RMB 9,972,000 for the year ended December 31, 2024, down from RMB 23,245,000 in 2023, indicating a reduction in impairment charges[83] - Trade receivables decreased to RMB 322,792,000 as of December 31, 2024, from RMB 546,401,000 in 2023, showing a significant reduction in outstanding receivables[84] - The expected credit loss provision for trade receivables was RMB 164,378,000 at the end of 2024, compared to RMB 177,141,000 at the end of 2023, indicating improved credit quality[90] - The company wrote off trade receivables amounting to RMB 180,804,000 during the year, attributed to deteriorating macroeconomic conditions affecting customer repayment capabilities[93] Future Outlook and Strategy - The company aims to improve operational efficiency and maintain cash inflow through strategic initiatives[62] - The company plans to continue optimizing its product portfolio and gradually terminate products that do not align with its future gaming business strategy[83] - The company is assessing the impact of newly issued accounting standards that will take effect after December 31, 2024[67]