AdTiger 虎視傳媒有限公司 ADTIGER CORPORATIONS LIMITED (於開曼群島註冊成立的有限公司) 股份代號： 1163 L 区 期 目錄 頁次 公司資料2 財務摘要4 管理層討論及分析5 中期簡明綜合財務報表審閱報告 18 中期簡明綜合損益表 19 中期簡明綜合全面收益表 20 中期簡明綜合財務狀況表 21 中期簡明綜合權益變動表 22 中期簡明綜合現金流量表 23 中期簡明綜合財務報表附註 24 企業管治及其他資料 33 釋義 40 公司資料 董事會 核數師 | --- | --- | |--------------------------------------|---------------------------------------| | | | | 執行董事 | 安永會計師事務所 | | 常素芳女士 （主席兼行政總裁） | 註冊會計師 註冊公眾利益實體核數師 | | 李慧女士 | 香港 鰂魚涌 | | 非執行董事 HSIA Timothy Chunhon 先生 | 英皇道 979 號 | | | 太古坊一座 27 樓 | | 獨立非執行董事 姚亞平先生 | 合規顧問 ...

Financial Performance - The company's revenue for the year ended December 31, 2020, was RMB 210,322,000, representing a 10.0% increase from RMB 191,126,000 in 2019[15] - Gross profit decreased by 20.6% to RMB 42,663,000 from RMB 53,702,000 in the previous year[15] - Net profit for the year was RMB 2,888,000, a significant decline of 86.9% compared to RMB 22,048,000 in 2019[15] - Adjusted net profit, excluding one-time listing expenses, was RMB 15,534,000, down 55.1% from RMB 34,618,000 in the prior year[15] - Total revenue increased by RMB 19.2 million or 10% from RMB 191.1 million in 2019 to RMB 210.3 million in 2020, primarily driven by the CPA pricing model[39] - CPA pricing model revenue rose by RMB 28.3 million, benefiting from the "stay-at-home economy" due to COVID-19, while CPC/CPM pricing model revenue decreased by RMB 9.1 million[39] - Yearly profit decreased from RMB 22.0 million for the year ended December 31, 2019, to RMB 2.9 million for the year ended December 31, 2020, a decline of 86.9%[58] - Adjusted profit for the year, excluding one-time listing expenses, was RMB 15.5 million for the year ended December 31, 2020, compared to RMB 34.6 million for the year ended December 31, 2019[60] Assets and Liabilities - Total assets increased to RMB 396,670,000 in 2020 from RMB 321,509,000 in 2019, marking a growth of 23.4%[19] - Total liabilities decreased to RMB 231,181,000 from RMB 263,869,000, a reduction of 12.4%[19] - Total equity rose significantly to RMB 165,489,000 from RMB 57,640,000, reflecting a growth of 187.5%[19] - Current assets increased from RMB 320.4 million as of December 31, 2019, to RMB 395.6 million as of December 31, 2020[84] - Current liabilities decreased from RMB 263.9 million as of December 31, 2019, to RMB 231.2 million as of December 31, 2020[84] Operational Metrics - The total impressions under the CPA pricing model reached 22,408 million, compared to 18,528 million in 2019[23] - The total clicks for the CPA pricing model increased to 325.6 million in 2020 from 271.3 million in 2019, while total clicks for CPC/CPM pricing decreased to 575.1 million from 756.2 million[23] - The number of advertisers increased to 375 by December 31, 2020, up from 273 in 2019, indicating a growth in the advertiser base[26] - The number of media publishers from which the company purchased ad placements rose to 27 in 2020, compared to 15 in 2019, reflecting an expansion in media partnerships[26] Costs and Expenses - Sales costs increased by RMB 30.2 million or 22% from RMB 137.4 million in 2019 to RMB 167.7 million in 2020, mainly due to increased advertising supply under the CPA pricing model[43] - The total cost of traffic acquisition increased by 23.6% in 2020, while revenue only grew by 10.0%, indicating rising operational costs[30] - R&D expenses for the year ended December 31, 2020, amounted to RMB 11.6 million, marking an increase due to the hiring of external teams for developing online freight tracking and logistics management systems[30] - The cost of traffic acquisition from Facebook increased significantly to RMB 102.5 million, representing 61.1% of total sales costs in 2020[40] Market Strategy and Partnerships - The company established partnerships with major Chinese media platforms such as ByteDance and Kuaishou to expand its digital marketing presence in China[11] - The company adopted a "overseas + domestic + Software as a Service (SaaS)" strategy to enhance competitiveness in the digital marketing market[11] - The company aims to expand its media publisher network to include a mix of top-tier, mid-tier, and long-tail publishers with international influence[26] - The company plans to enhance its R&D capabilities in big data and AI technologies to support the development and maintenance of its AdTensor platform[27] COVID-19 Impact and Outlook - The company remains cautiously optimistic about the recovery of the Chinese economy following the COVID-19 pandemic, while facing challenges in overseas markets[10] - The company anticipates ongoing uncertainty regarding the impact of COVID-19 on its business operations and financial performance[32] - The revenue from travel advertising decreased significantly due to the adverse impact of COVID-19, contributing only 2.0% of total revenue in 2020[36] - The company has temporarily postponed the use of IPO proceeds to enhance sales and marketing efforts and expand local business operations in selected regions of China due to increased uncertainty from the COVID-19 pandemic's impact on online advertising[102] Governance and Management - The company has a strong management team with diverse backgrounds in finance, auditing, and business development, enhancing its operational capabilities[120][124] - The company has established a strategic focus on expanding its market presence and enhancing its product offerings through new technologies and innovations[120] - The independent directors have extensive experience in various industries, contributing to the company's governance and strategic direction[118][120] - The company has implemented a robust financial oversight framework to ensure accurate reporting and accountability[123] Cash Flow and Financing - Cash and cash equivalents increased by RMB 109.4 million to RMB 281.0 million as of December 31, 2020, primarily due to funds received from global offerings and improved management of trade receivables[67] - Net cash flow from operating activities for 2020 was RMB 5.656 million, down from RMB 24.840 million in 2019[76] - The financing activities generated a net cash flow of RMB 112.758 million in 2020, compared to a net outflow of RMB 4.421 million in 2019[76] - The net cash generated from financing activities for the year ended December 31, 2020, was RMB 112.8 million, mainly due to shareholder contributions for global offering purposes[81] Compliance and Reporting - The company has committed to maintaining transparency and compliance with regulatory requirements, as evidenced by the roles of its audit and remuneration committees[118][123] - The company has established a risk management framework with the assistance of an independent risk consultant to identify and assess risks[179] - The company has implemented a fair disclosure policy to manage insider information and ensure compliance with relevant regulations[183] - The environmental, social, and governance report for the year 2020 outlines the group's strategies and practices regarding these matters[198]

Revenue and Profitability - Revenue for the six months ended June 30, 2020, was RMB 122.968 million, representing a 79.2% increase from RMB 68.613 million in the same period of 2019[21] - Gross profit for the same period was RMB 38.863 million, up 42.3% from RMB 27.314 million year-on-year[21] - Profit for the period increased by 104.7% to RMB 23.276 million, compared to RMB 11.372 million in the previous year[21] - Total revenue increased by RMB 54.4 million or 79.2% to RMB 123.0 million for the six months ended June 30, 2020, compared to RMB 68.6 million for the same period in 2019[35] - Revenue from the CPA pricing model increased by RMB 60.5 million, primarily due to enhanced advertising strategies and opportunities arising from the COVID-19 pandemic[35] - Revenue from the CPC/CPM pricing model decreased by RMB 6.2 million, attributed to increased credit risk for financial advertisers due to COVID-19[35] - Revenue from e-commerce increased significantly to RMB 37.4 million, representing 30.4% of total revenue, compared to RMB 19.9 million or 28.9% in the previous year[32] - Revenue from educational services surged to RMB 17.8 million, accounting for 14.5% of total revenue, compared to RMB 0.3 million or 0.4% in the previous year[32] - Net profit increased by RMB 11.9 million or 104.7% to RMB 23.3 million for the six months ended June 30, 2020, from RMB 11.4 million for the same period in 2019[61] - The adjusted profit for the six months ended June 30, 2020, was RMB 27,761,000, compared to RMB 17,988,000 for the same period in 2019, representing a 54.5% increase[65] Advertising and Market Performance - The number of advertisers reached 317 as of June 30, 2020, an increase from 273 as of December 31, 2019[28] - The number of media publishers from which advertising space was purchased increased to 16, compared to 15 in the same period of 2019[28] - The total number of installations under the CPA pricing model was 48 million, up from 41.3 million in 2019[23] - The installation rate for CPA pricing model ads was 38.1%, compared to 36.9% in the previous year[23] Costs and Expenses - Sales costs rose by RMB 42.8 million or 103.6% to RMB 84.1 million, mainly due to increased traffic acquisition costs associated with the CPA pricing model[39] - Total sales costs accounted for 68.3% of total revenue in 2020, compared to 60.2% in 2019[40] - Administrative expenses increased by RMB 1.0 million or 10.0% to RMB 11.5 million for the six months ended June 30, 2020, from RMB 10.4 million for the same period in 2019[56] - The increase in administrative expenses was primarily due to a RMB 1.3 million increase in consulting fees and a RMB 2.5 million increase in trade receivables impairment[56] - Sales and distribution expenses decreased by RMB 0.2 million or 6.3% to RMB 2.6 million for the six months ended June 30, 2020, from RMB 2.8 million for the same period in 2019[50] - The percentage of sales and distribution expenses to revenue decreased from 4.0% for the six months ended June 30, 2019, to 2.1% for the same period in 2020[50] Financial Position and Cash Flow - Cash and cash equivalents increased by RMB 38.5 million to RMB 210.1 million as of June 30, 2020, compared to RMB 171.6 million as of December 31, 2019[73] - The net cash flow from operating activities for the six months ended June 30, 2020, was RMB 38,049,000, down from RMB 68,378,000 in the same period of 2019[84] - Current assets decreased from RMB 320.4 million as of December 31, 2019, to RMB 314.6 million as of June 30, 2020, primarily due to a reduction in trade receivables by RMB 44.2 million[92] - Current liabilities decreased from RMB 263.9 million as of December 31, 2019, to RMB 233.6 million as of June 30, 2020, mainly due to a decrease in trade payables by RMB 32.9 million[92] - The company maintained a prudent financial management policy to ensure a robust liquidity position[73] - There were no significant contingent liabilities as of June 30, 2020[72] Taxation and Financing - Income tax expenses decreased by RMB 1.5 million or 45.2% to RMB 1.8 million for the six months ended June 30, 2020, from RMB 3.2 million for the same period in 2019[60] - The effective income tax rate decreased from 22.2% for the six months ended June 30, 2019, to 7.1% for the same period in 2020[60] - Financing costs decreased by RMB 20,000 or 71.4% to RMB 8,000 for the six months ended June 30, 2020, from RMB 28,000 for the same period in 2019[58] Shareholder and Equity Information - Net profit attributable to the owners of the parent company was RMB 23,276,000, compared to RMB 9,341,000 in 2019, reflecting a growth of 149.5%[117] - Basic and diluted earnings per share increased to RMB 0.05, up from RMB 0.02 in the same period last year[117] - Total comprehensive income for the period was RMB 24,100,000, compared to RMB 11,499,000 in 2019, indicating a growth of 109.5%[119] - As of June 30, 2020, total equity was RMB 81,740 thousand[196] - The statutory surplus reserve was RMB 1,761 thousand as of June 30, 2020[186] - The company had a share capital of RMB 2,500 thousand[144] - The company’s capital reserve was RMB 38,865 thousand[190] - The company’s retained earnings reached RMB 57,640 thousand[150] - The company’s total reserves, including share premium and statutory surplus, amounted to RMB 57,640 thousand[150] Strategic Initiatives - The company plans to enhance its R&D capabilities in big data and AI technologies, including recruiting a team of senior AI experts[28] - The company aims to expand its media publisher network to include a mix of top-tier, mid-tier, and long-tail publishers with international influence[28] - The company did not have any significant investments or acquisitions from the listing date until the report date[75] - The company did not grant any stock options under the post-IPO share option scheme as of the report date[71] - The company has maintained a policy of engaging only with recognized and reputable third parties, minimizing credit risk exposure[109] Other Financial Metrics - Gross margin for the CPA pricing model improved to 21.1% from 11.7% in the previous year, while the CPC/CPM pricing model gross margin increased to 92.7% from 91.4%[43] - The company reported a total gross margin of 31.6%, down from 39.8% in the previous year, primarily due to the lower contribution of CPC/CPM revenue[43] - Adjusted net profit margin for the six months ended June 30, 2020, was 22.6%, compared to 26.2% for the same period in 2019[97] - The return on equity increased to 67.9% as of June 30, 2020, from 60.1% as of December 31, 2019[97] - Total assets return rate improved to 17.6% as of June 30, 2020, from 10.8% as of December 31, 2019[97] - The total lease liabilities decreased to RMB 66,000 as of June 30, 2020, from RMB 553,000 as of December 31, 2019[94] - No cash flow from investment activities was recorded for the six months ended June 30, 2020, compared to RMB 44,000 used in investment activities in the same period of 2019[88] - The financial data presented is unaudited, indicating potential for adjustments in final reporting[134]