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 ...

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梦2024年的业务执行情况以及2025年的业务规划和目标创梦目前是一家具备有全球盐运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的应用AI技术提升生产效率构建基于AI的交互场景为用户带来更好的游戏体验接下来我详细介绍游戏业务的具体执行情况 精品游戏发行是创梦的一个比较成熟的业务2024年地铁跑酷梦幻花园这些经典游戏持续在贡献营收新上线的机甲战队传奇商店也取得 ...

Financial Performance - Revenue for the first half of 2024 was RMB 845,223 thousand, a decrease of 23.8% compared to RMB 1,109,811 thousand in the same period of 2023[5]. - Gross profit for the first half of 2024 was RMB 291,786 thousand, down 42% from RMB 502,066 thousand in the first half of 2023[5]. - The adjusted profit for the period was RMB 3,297 thousand, a significant decline from RMB 199,150 thousand in the same period of 2023[5]. - For the six months ended June 30, 2024, the company reported a loss of RMB 109.3 million compared to a profit of RMB 40.6 million for the same period in 2023[25]. - Adjusted profit for the period was RMB 3.3 million, a significant decrease from RMB 199.15 million in the prior year, representing a decline of approximately 98.3%[26]. - EBITDA for the six months ended June 30, 2024, was RMB 11.72 million, down from RMB 150.55 million in the same period of 2023, indicating a decline of about 92.2%[26]. - The company incurred a net loss from continuing operations of RMB 109,279,000, compared to a profit of RMB 52,576,000 in the prior year[66]. - The net loss attributable to equity holders for the period was RMB 109,817,000, compared to a profit of RMB 40,712,000 in the same period last year[66]. - The total comprehensive loss for the period amounted to RMB 104,238,000, compared to a comprehensive income of RMB 59,662,000 in the prior year[66]. Revenue Breakdown - Game revenue contributed 97.3% of total revenue, amounting to RMB 822.2 million, down 22.8% year-on-year from RMB 1,065.1 million[17]. - Revenue from Tencent Group for services provided decreased to RMB 25.87 million in the first half of 2024 from RMB 57.31 million in the same period of 2023[152]. - Game revenue and information service revenue amounted to RMB 822,238 thousand and RMB 17,618 thousand respectively, down from RMB 1,065,088 thousand and RMB 40,516 thousand in 2023, representing a decline of 22.8% and 56.5%[92]. Expenses and Costs - Cost of revenue decreased by 8.9% to RMB 553.4 million, but as a percentage of revenue, it increased from 54.8% to 65.5%[19]. - Sales and marketing expenses decreased by 23.4% to RMB 77.8 million, representing 9.2% of revenue, slightly up from 9.1%[20]. - General and administrative expenses increased by 20.0% to RMB 50.4 million, rising from 3.8% to 6.0% of revenue[21]. - R&D expenses rose by 8.7% to RMB 153.3 million, accounting for 18.1% of revenue, up from 12.7%[22]. - The cost of revenue, sales and marketing expenses, general and administrative expenses, R&D expenses, and impairment losses on intangible assets totaled RMB 834,870 thousand, a decrease of 6.5% from RMB 893,279 thousand in the previous year[95]. Cash Flow and Liquidity - The company's cash and cash equivalents increased by 42.9% to approximately RMB 272.2 million as of June 30, 2024, compared to RMB 190.4 million at the end of 2023[30]. - Operating cash flow for the six months ended June 30, 2024, was RMB 33,864 thousand, a decrease of 86.2% compared to RMB 245,540 thousand for the same period in 2023[70]. - Financing activities generated a net cash inflow of RMB 135,184 thousand, a significant improvement from a net outflow of RMB (81,351) thousand in the previous year[70]. - The total cash and cash equivalents at the end of the period reached RMB 272,178 thousand, up 43.1% from RMB 190,211 thousand at the end of the same period last year[70]. Assets and Liabilities - Total assets increased to RMB 3,791,526 thousand as of June 30, 2024, up from RMB 3,707,673 thousand at the end of 2023, representing a growth of approximately 2.26%[68]. - Total liabilities increased to RMB 2,153,989 thousand, up from RMB 1,964,446 thousand, reflecting a growth of about 9.63%[68]. - The company's equity attributable to owners decreased to RMB 1,539,509 thousand from RMB 1,645,737 thousand, a decline of approximately 6.43%[69]. - The company's borrowings increased to RMB 1,240,710 thousand from RMB 966,424 thousand, reflecting a rise of about 28.3%[68]. Game Development and User Engagement - The user base for the "Dream Series" games has grown steadily, with "Dream Garden" revenue increasing by 14% year-on-year[6]. - "Subway Surfers" has maintained its popularity for 11 years, launching 8 new versions in 2024 and achieving over 200 million total exposures across platforms[6]. - The "Mecha Squad" game, launched in January 2024, ranked TOP 6 in the shooting category on mainstream Android channels within six months[7]. - The Fanbook community's user base increased by over 30% compared to the end of 2023, with high-quality creators growing sixfold[6]. - AI technology is being utilized to enhance production and operational efficiency, improving user service quality[6]. Shareholder and Corporate Governance - The company has adopted the corporate governance code as per the listing rules to ensure accountability and protect shareholder interests[39]. - The company did not declare any interim dividends for the six months ended June 30, 2024, consistent with the previous year[41]. - The company repurchased a total of 3,444,800 shares at a total cost of HKD 5,963,668 during the six months ended June 30, 2024[43]. - The company has adopted a ten-year share incentive plan on May 18, 2023, allowing for a total of 28,207,966 shares to be granted, representing 2% of the issued share capital as of the adoption date[54]. Future Outlook and Strategic Initiatives - The company is focusing on long-term operations of classic games and continuous introduction of high-quality overseas games to support cash flow[6]. - The company aims to enhance core competitiveness and expand the global reach of "Kara Bichu," targeting young competitive gamers while exploring new market opportunities[13]. - The company plans to use the proceeds from the placement of 119,850,400 shares at HKD 2.15 per share for key product R&D and overseas expansion, as well as general working capital[64]. - Future outlook includes potential market expansion and new product development initiatives[166].

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（ ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 845,223 thousand, a decrease of 23.8% compared to RMB 1,109,811 thousand in the same period of 2023[2] - Gross profit for the same period was RMB 291,786 thousand, down 42% from RMB 502,066 thousand year-on-year[2] - The adjusted profit for the period was RMB 3,297 thousand, a significant decline from RMB 199,150 thousand in the previous year[2] - Game revenue contributed 97.3% of total revenue, amounting to RMB 822.2 million, down from RMB 1,065.1 million, reflecting a year-on-year decline of 22.8%[11] - Information services revenue fell to RMB 17.6 million, a decrease from RMB 40.5 million, primarily due to a strategic reduction in in-app advertising[12] - The company recorded a loss of RMB 109.3 million for the six months ended June 30, 2024, compared to a profit of RMB 40.6 million for the same period in 2023[18] - EBITDA for the six months ended June 30, 2024, was RMB 11.7 million, significantly lower than RMB 150.6 million for the same period in 2023[19] - Adjusted EBITDA decreased to RMB 100.1 million for the six months ended June 30, 2024, from RMB 268.4 million for the same period in 2023[23] - The company reported a net loss attributable to equity holders of RMB (109,817) thousand for the six months ended June 30, 2024, compared to a profit of RMB 52,698 thousand in the same period of 2023[55] User Growth and Game Performance - The user base for the "Dream Series" games grew steadily, with "Dream Garden" revenue increasing by 14% year-on-year, and total registered users in China exceeding 200 million[3] - "Subway Surfers" maintained its popularity after 11 years, launching 8 new versions in 2024 and achieving over 200 million total exposure across platforms[3] - "Mecha Squad" ranked TOP 6 in the shooting category on mainstream Android channels and received over 20 premium recommendations on iOS since its launch in January 2024[4] - "Kara Bichu," a multi-platform anime competitive shooting game, is set for global release in Q4 2024, with positive feedback from closed beta testing[5] - "Honor of All Stars" continues to generate revenue after three years, consistently ranking among the top in the action RPG mobile game category[5] - The cross-platform tactical shooting game "Delta Action," co-developed with Tencent, has surpassed 30 million pre-registrations ahead of its September 2024 launch[5] - The user base for the Dream series community expanded significantly, with revenue from Fanbook increasing by over 60% compared to the second half of 2023[6] Expenses and Cost Management - Cost of revenue decreased by 8.9% to RMB 553.4 million, but as a percentage of revenue, it increased from 54.8% to 65.5%[13] - Sales and marketing expenses decreased by 23.4% to RMB 77.8 million, maintaining a stable percentage of revenue at 9.2%[14] - General and administrative expenses rose by 20.0% to RMB 50.4 million, increasing as a percentage of revenue from 3.8% to 6.0%[15] - Research and development expenses increased by 8.7% to RMB 153.3 million, representing 18.1% of revenue, up from 12.7%[16] - Total expenses, including cost of revenue, selling and marketing expenses, general and administrative expenses, R&D expenses, and impairment losses on intangible assets, amounted to RMB 834,870 thousand, compared to RMB 893,279 thousand in the previous year[49] Financial Position and Liquidity - Cash and cash equivalents increased by 42.9% to approximately RMB 272.2 million as of June 30, 2024, from approximately RMB 190.4 million as of December 31, 2023[24] - Total borrowings amounted to approximately RMB 1,240.7 million as of June 30, 2024, compared to RMB 966.4 million as of December 31, 2023[25] - The current ratio as of June 30, 2024, was 0.99, down from 1.07 on December 31, 2023, indicating a decrease in liquidity[26] - The debt ratio increased to 56.8% as of June 30, 2024, compared to 53.0% on December 31, 2023, reflecting a higher proportion of debt in the company's capital structure[26] - Current liabilities increased to RMB 1,776,439 thousand as of June 30, 2024, compared to RMB 1,594,084 thousand as of December 31, 2023[39] Strategic Initiatives and Future Outlook - The company is focusing on high-quality games, with the self-developed game "Honor of Kings" maintaining stable revenue growth despite overall revenue decline[11] - Future outlook includes plans for new product launches and technological advancements to enhance user engagement[83] - The company aims to strengthen its market presence through strategic acquisitions and partnerships[83] - Revenue growth is projected at a rate of 15% year-over-year, driven by increased user activity and new offerings[83] - Investment in research and development is expected to increase by 25% to support innovation[83] - The company plans to enhance its operational efficiency, targeting a reduction in costs by 10% over the next fiscal year[83] - The board has approved a new strategy focusing on digital transformation and market expansion initiatives[84] Compliance and Reporting - The company is committed to maintaining compliance with international financial reporting standards to ensure transparency[84] - The company has adopted new and revised standards effective from January 1, 2024, which are not expected to have a significant impact on the interim financial information[42]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1.916 billion yuan in 2023, a year-on-year decrease of 29.91%, but managed to narrow its net loss significantly to 453.38 million yuan, compared to a loss of 2.492 billion yuan in 2022, and reported an adjusted profit of 140 million yuan [2][3] - The revenue decline is attributed to the company's focus on high-quality games, leading to the discontinuation of non-core games, which resulted in a 26.95% year-on-year decrease in gaming operations revenue to 1.849 billion yuan [2] - The company has successfully reduced costs and improved efficiency, with a gross margin increase of 19.74 percentage points to 35.14% in 2023, driven by a focus on premium game operations and enhanced self-channel operations [2] - The company is optimistic about the long-term operation of existing games and the potential performance of new games, with the self-developed game "Kara Bichu" showing strong early engagement metrics [2][3] Summary by Sections Financial Performance - Total revenue for 2023 was 1.916 billion yuan, down 29.91% year-on-year, while adjusted profit turned positive at 140 million yuan [2] - The company expects revenue to rebound to 2.335 billion yuan in 2024, with a projected growth of 21.84% [3] - The net profit forecast for 2024 is 230.93 million yuan, with further increases expected in subsequent years [3] Earnings Forecast and Valuation - The EPS forecast for 2024, 2025, and 2026 is adjusted to 0.15, 0.32, and 0.38 yuan respectively, with corresponding P/E ratios of 18, 8, and 7 [3] - The report highlights the potential for earnings elasticity to be gradually realized as the new game cycle commences [3] Market Data - The closing price of the stock is 2.93 HKD, with a market capitalization of approximately 4.613 billion HKD [4] - The stock has a price-to-book ratio of 2.80 [4] Basic Data - The company has a net asset value per share of 1.05 yuan and a debt-to-asset ratio of 52.98% [5]

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 ...

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 1,916,473, a decrease of 26% from RMB 2,594,528 in 2022[2] - Adjusted annual profit for 2023 was RMB 139,597, compared to a loss of RMB 576,152 in 2022, indicating a significant turnaround[2] - Revenue for the year ended December 31, 2023, decreased by 26.1% to approximately RMB 1,916.5 million compared to RMB 2,594.5 million in 2022[15] - Game revenue accounted for 96.5% of total revenue in 2023, amounting to RMB 1,849.1 million, down 27.0% from RMB 2,531.3 million in 2022[16] - The annual loss from continuing operations decreased from RMB 2,521.6 million to RMB 456.8 million, with adjusted annual profit for 2023 at RMB 139.6 million compared to an adjusted loss of RMB 576.2 million in 2022[26] - The company reported a net loss of RMB 560,818,000 for the year ending December 31, 2023[54] - The company incurred a net loss attributable to owners of RMB 556,347 thousand for the year, significantly improved from a loss of RMB 2,492,293 thousand in 2022[47] - The basic loss per share from continuing operations was RMB 0.32, an improvement from RMB 1.75 in the previous year[47] Game Performance - The games "Dream Garden" and "Dream Home" saw revenue increase by over 50% compared to the same period in 2022, achieving historical highs since their launch[4] - "Subway Surfers" maintained its popularity ten years post-launch, ranking among the top free games on iOS in mainland China, with 12 new versions released in 2023[4] - The newly launched domestic version of "Mecha Squad" achieved a ranking of seventh in iOS shooting category revenue during the Spring Festival period in 2024[4] - The company successfully launched 10 new versions of "Dream Garden" in 2023, introducing localized themes and a charity-themed version in collaboration with the China Animal Protection Association[4] - The self-developed game "Kara Bichu" achieved over 60% increase in daily active users during the public beta, with a year-on-year user growth of 130% and a player retention rate improvement of approximately 10%[6] - "Kara Bichu" became the first in multiple rankings, including the Bilibili reservation list and shooting category popularity index, and maintained a leading position on WeGame's hot new products list[6] - The game "Honor of Kings" maintained its position as the top horizontal action fighting RPG mobile game, with seven major updates in 2023, including a collaboration with a well-known domestic animation IP[7] User Engagement and Community - The community platform Fanbook has enhanced user engagement and interaction, contributing to the overall growth of the user base[3] - Fanbook community supported over 10 million users by the end of 2023, with more than 40,000 new communities created and overall content exposure exceeding 2 billion times[9] - The company emphasizes a user-centered approach and high-quality game operations as key competitive advantages in the gaming industry[3] - The AI tools deployed in the Fanbook community have attracted over 300,000 creators, generating more than 1 million quality AI works in the past year[9] - The introduction of AI capabilities in the Fanbook community aims to enhance user retention and expand commercial applications[12] Financial Health and Cash Flow - The company reported a significant increase in operating cash flow, with a net inflow of RMB 253.0 million in 2023, compared to RMB 93.9 million in the same period last year[10] - The company's cash and cash equivalents increased by 110.4% to approximately RMB 190.4 million as of December 31, 2023, up from approximately RMB 90.5 million in 2022[33] - Total borrowings decreased to approximately RMB 966.4 million in 2023 from RMB 1,011.2 million in 2022, with secured bank borrowings accounting for RMB 876.42 million[34] - The current ratio improved to 1.07 as of December 31, 2023, compared to 0.87 in the previous year, indicating better short-term financial health[33] - The debt ratio decreased to 53.0% in 2023 from 58.5% in 2022, reflecting a reduction in total liabilities relative to total assets[33] Cost Management and Expenses - Total revenue cost decreased by 43.3% year-on-year to RMB 1,243.0 million for the year ended December 31, 2023, with the percentage of revenue cost dropping from 84.6% to 64.9%[19] - Sales and marketing expenses fell by 78.5% to RMB 230.6 million, representing 12.0% of revenue, down from 41.4% in the previous year, due to improved customer acquisition efficiency[20] - Research and development expenses decreased from RMB 316.0 million to RMB 240.0 million, while the percentage of revenue increased slightly from 12.2% to 12.5%[22] - The total expenses for the year ended December 31, 2023, amounted to RMB 1,845,918 thousand, a significant decrease from RMB 4,445,327 thousand in the previous year[61] Strategic Initiatives and Future Plans - The company plans to expand "Kara Bichu" to multiple platforms, including consoles and mobile devices, enhancing its global reach[6] - The company plans to enter the Middle East market in March 2024, showcasing its game products at the LEAP technology exhibition[11] - The company will continue to focus on localization and global deployment of high-quality game IPs to expand its market presence[11] - The company plans to launch multiple versions of several games in 2024, which is expected to generate positive cash flow[55] - The company anticipates continued improvement in operating performance and cash inflows in 2024 due to established user loyalty and reduced advertising expenses[55] Corporate Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code during the reporting period[89] - The audit committee reviewed the audited consolidated financial statements for the year ended December 31, 2023[92] - The figures in the performance announcement have been verified by the auditors against the audited consolidated financial statements[93] - The annual performance announcement and annual report will be published on the Stock Exchange and the company's website at an appropriate time[94] - The company is registered in the Cayman Islands and its shares are listed on the Hong Kong Stock Exchange (stock code: 1119)[96]

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 1,121,245 thousand, a decrease of 18.8% compared to RMB 1,381,472 thousand in the same period of 2022[6]. - Gross profit for the same period was RMB 505,769 thousand, down 15.5% from RMB 598,504 thousand year-over-year[6]. - Profit before tax was RMB 41,075 thousand, a significant improvement from a loss of RMB 223,255 thousand in the prior year[6]. - Adjusted profit for the period was RMB 201,831 thousand, compared to a loss of RMB 51,027 thousand in the same period last year[6]. - The company reported a period profit of RMB 40,590 thousand, recovering from a loss of RMB 222,000 thousand in the previous year[6]. - The company's total revenue for the first half of 2023 decreased by 18.8% to approximately RMB 1,121.2 million, compared to RMB 1,381.5 million in the same period last year[18]. - Core game revenue accounted for 95.0% of total revenue, amounting to RMB 1,065.1 million, down from RMB 1,284.4 million in the previous year[19]. - The company reported a net profit of RMB 40,590 thousand for the period, a significant recovery from a net loss of RMB 222,000 thousand in the same period last year[68]. - Basic and diluted earnings per share for the period were RMB 0.03, compared to a loss per share of RMB 0.15 in the previous year[68]. - The total comprehensive income for the period was RMB 40,712 thousand, compared to a loss of RMB (203,305) thousand in the same period of 2022, indicating a turnaround in financial performance[71]. Operational Strategy - The company is focusing on new product development and technology advancements to enhance market competitiveness[6]. - Future outlook includes strategic market expansion and potential mergers and acquisitions to drive growth[6]. - The company aims to improve user engagement through innovative gaming experiences and community features[6]. - Management emphasized the importance of adapting to market trends and consumer preferences in future strategies[6]. - The operational strategy has shifted from sales-driven growth to community-driven product growth, effectively lowering customer acquisition costs[8]. - The company plans to continue expanding its gaming portfolio with new titles and innovative gameplay to enhance user retention and engagement[9]. - The company aims to maintain a strong cash flow and improve profitability through enhanced user engagement and community-driven initiatives[10]. User Engagement and Community - The gaming industry in China has reached 600 million monthly active users, with growth driven by innovative products and refined user services[7]. - The company's core premium games, including "Subway Surfers," "Dream Garden," and "Honor of Kings," have seen a significant increase in revenue contribution, with "Subway Surfers" celebrating its 10th anniversary and maintaining stable growth[9]. - "Dream Garden" and "Dream Home" achieved record highs in daily active users, paying users, and payment rates during the first half of the year, driven by high-frequency communication with core users[9]. - The introduction of new gameplay modes and community engagement strategies has enhanced user interaction and community belonging, leading to increased online user engagement[10]. - The Fanbook platform, developed by the company, supports the operation of millions of users and has been instrumental in driving product growth through community engagement[12]. - The company has integrated generative AI capabilities into Fanbook to improve operational efficiency and enhance user engagement within the community[12]. - The strategic focus on user community-driven product development has resulted in a more sustainable growth model and extended product life cycles[10]. Cost Management and Efficiency - The company has successfully reduced management and operational costs through ongoing cost-cutting measures, contributing to improved profit margins[13]. - Research and development expenses decreased to RMB 141.6 million from RMB 184.4 million year-on-year, indicating a more efficient allocation of resources[17]. - Sales and marketing expenses fell by 73.0% from RMB 426.2 million to RMB 115.2 million, with the percentage of revenue decreasing from 30.9% to 10.3%[24]. - General and administrative expenses decreased by 51.0% from RMB 87.6 million to RMB 42.9 million, with the percentage of revenue dropping from 6.3% to 3.8%[25]. - R&D expenses decreased by 23.2% from RMB 184.4 million to RMB 141.6 million, with the percentage of revenue declining from 13.3% to 12.6%[26]. Financial Position and Cash Flow - Operating cash flow for the first half of 2023 was RMB 246 million, a significant increase from RMB 2.44 million in the same period last year, reflecting a strong focus on revenue quality and operational cash flow[14]. - Cash and cash equivalents increased by 110.2% to approximately RMB 190.2 million as of June 30, 2023, up from RMB 90.5 million at the end of 2022[35]. - Total liabilities decreased to RMB 2,262,184 thousand from RMB 2,529,176 thousand as of December 31, 2022, representing a reduction of approximately 10.6%[70]. - The company's cash flow from operating activities for the six months ended June 30, 2023, was RMB 245,540 thousand, a significant increase from RMB 2,466 thousand in the same period of 2022[72]. - The net cash generated from financing activities was RMB (81,351) thousand for the first half of 2023, an improvement from RMB (212,733) thousand in the same period of 2022[72]. Impairment and Financial Risks - The company reported an impairment loss of RMB 752.3 million for intangible assets and RMB 533.1 million for prepaid expenses in 2022 due to strategic adjustments and underperformance of certain games[44]. - The company has recognized a significant decline in recharge flow from certain games, necessitating full impairment provisions for related intangible assets[44]. - The company continues to face various financial risks, including market risk, credit risk, and liquidity risk, with no major changes in risk management policies reported[78]. - The company has not complied with certain financial covenants related to bank borrowings, which may lead to the immediate maturity of the 2025 convertible bonds[134]. Shareholder Information and Corporate Governance - The company did not declare any interim dividend for the six months ended June 30, 2023, consistent with the previous year[52]. - The company has adopted the corporate governance code as per the listing rules, ensuring high standards of governance[50]. - The board believes that the dual role of the chairman and CEO is beneficial for maintaining policy continuity and operational efficiency[50]. - The company will continue to review and monitor its corporate governance practices to ensure compliance with applicable codes[50]. - As of June 30, 2023, the total number of shares issued was 1,410,398,345, with significant shareholdings by key executives[56].