Duiba Group 年度報告 2020 Duiba Group Limited (於開曼群島註冊成立的有限公司) 股份代號 : 1753 目錄 | --- | --- | |-------|--------------------------| | | | | 2 | 公司簡介 | | 3 | 公司資料 | | 5 | 主席報告書 | | 6 | 財務及運營資料摘要 | | 9 | 管理層討論及分析 | | 16 | 董事會報告 | | 32 | 企業管治報告 | | 52 | 董事及高級管理層 | | 57 | 獨立核數師報告 | | 61 | 綜合損益及其他全面收益表 | | 62 | 綜合財務狀況表 | | 64 | 綜合權益變動表 | | 66 | 綜合現金流量表 | | 68 | 財務報表附註 | | 146 | 釋義 | 公司簡介 本公司於2018年2月在開曼群島註冊成立。其於2019年5月在聯交所主板上市（股份代號：01753.HK），總部位於中國杭州。 本集團的使命是成為企業首選的業務運營合夥人，為企業提供用戶增長、用戶留存及流量變現的全週期服務。 本集團於2014年推出用戶運營SaaS平 ...

Financial Performance - Total revenue for the six months ended June 30, 2020, was RMB 468.4 million, a decrease of 40.0% compared to RMB 780.3 million for the same period in 2019[8]. - Adjusted loss for the six months ended June 30, 2020, was RMB (23.3) million, compared to an adjusted profit of RMB 126.5 million for the same period in 2019[9]. - The company recorded a net loss of RMB (47.8) million for the six months ended June 30, 2020, compared to a net loss of RMB (382.4) million for the same period in 2019[9]. - Gross profit for the six months ended June 30, 2020, was RMB 67.4 million, down approximately 72.4% from RMB 244.3 million in the same period of 2019, resulting in a gross margin of about 14.4%[35]. - The loss before tax from continuing operations was RMB 57,380 thousand, a substantial improvement from a loss of RMB 380,926 thousand in the prior year[94]. - The net loss for the period was RMB 47,839 thousand, compared to a net loss of RMB 382,443 thousand in 2019, reflecting a reduction in losses[94]. - The basic and diluted loss per share for the period was RMB 0.05, an improvement from RMB 0.50 in the previous year[94]. - Total comprehensive loss for the period was RMB 37,398 thousand, significantly lower than RMB 354,543 thousand in the same period last year[96]. Customer Metrics - The number of paid customers increased to 727 as of June 30, 2020, compared to 568 in the first half of 2019, including 159 customers from the financial industry[12]. - Monthly active users (MAU) decreased to 364.5 million in the first half of 2020 from 402.2 million in the same period of 2019[13]. - Daily active users (DAU) decreased to 25.1 million in the first half of 2020 from 29.9 million in the same period of 2019[13]. - The number of ad page views dropped to 7,554.8 million in the first half of 2020 from 9,733.8 million in the same period of 2019[13]. Revenue Streams - New contract value for the six months ended June 30, 2020, was RMB 396 million, up from RMB 153 million in the first half of 2019[12]. - Revenue from the user operation SaaS business surged by 166.0% to RMB 28.4 million in the first half of 2020, compared to RMB 10.7 million in the same period of 2019[21]. - The company's interactive effect advertising business revenue decreased by 42.8% to RMB 440.0 million in the first half of 2020, down from RMB 769.6 million in the same period of 2019[28]. - The total value of new contracts signed (including renewals) for the user operation SaaS business reached approximately RMB 39.6 million in the first half of 2020, compared to RMB 15.3 million in the same period of 2019, representing a growth of 159.5%[21]. Expenses and Costs - The average revenue per click (CPC) decreased to RMB 0.31 in the first half of 2020 from RMB 0.34 in the same period of 2019[13]. - Research and development expenses increased by 11.6% to RMB 58.8 million for the six months ended June 30, 2020, compared to RMB 52.7 million in the same period of 2019[31]. - Administrative expenses were RMB 103.7 million, a decrease of 12.3% from RMB 118.2 million in the same period of 2019, mainly due to the absence of listing expenses[37]. - The cost of services provided for the six months ended June 30, 2020, was RMB 392,469,000, down from RMB 534,561,000 in the same period of 2019, reflecting a reduction of approximately 26.5%[126]. Cash Flow and Assets - Operating cash outflow for the six months ended June 30, 2020, was RMB 1.9 million, a significant decrease from a net cash inflow of RMB 200.0 million in the same period of 2019[43]. - Cash and cash equivalents decreased significantly to RMB 111,703 thousand from RMB 220,779 thousand, a decline of 49.5%[98]. - The net cash flow used in operating activities was RMB (1,932) thousand, compared to a net cash flow of RMB 199,974 thousand in the prior year, indicating a decline in operational cash generation[106]. - Current assets amounted to RMB 1,535,582 thousand, slightly down from RMB 1,564,377 thousand at the end of 2019, reflecting a decrease of 1.8%[100]. Strategic Initiatives - The company plans to enhance its user operation SaaS services by introducing three product tiers: basic, premium, and VIP customized versions to meet diverse customer needs[23]. - The company has identified significant untapped potential in providing one-stop user operation SaaS services to offline enterprises, particularly in the banking and insurance sectors[26]. - The company has begun offering a complete set of professional live streaming content planning and support products for clients in the banking and insurance industries since April 2020[25]. - The group aims to enhance its SaaS user operation business, focusing on vertical industries such as banking and retail, to create long-term value[55]. Shareholder and Equity Information - Major shareholders include 招商永隆信託有限公司 with a 42.19% stake, and Rising Union Limited holding 11.72%[81]. - The group did not recommend any interim dividend for the six months ended June 30, 2020, compared to a dividend of RMB 0.09 per share in the same period of 2019[56]. - The weighted average number of ordinary shares issued during the period increased to 1,044,172,000 shares as of June 30, 2020, up from 757,491,000 shares as of June 30, 2019[135]. Market and Economic Conditions - The interactive effect advertising business revenue decreased by 42.8% or RMB 329.6 million, attributed to a significant reduction in advertiser demand and budget due to COVID-19[33]. - The group anticipates a significant improvement in its interactive advertising business as the domestic economy recovers from the impacts of COVID-19[55]. - The company is actively exploring new strategies for market expansion and product development to enhance its competitive position in the industry[108]. Miscellaneous - The group reported no contingent liabilities or guarantees as of June 30, 2020, consistent with the previous year[50]. - The company has not engaged in any significant acquisitions, disposals, or investments during the six months ended June 30, 2020[49]. - The company has established a culture of community engagement and social responsibility, actively participating in local development and educational activities[53].

Financial Performance - The company achieved a revenue growth of 45.3% year-on-year, reaching a total revenue of RMB 33.7 million in 2019[13]. - Adjusted net profit increased by 65.7% year-on-year, indicating strong operational performance[13]. - Revenue for the year ended December 31, 2019, increased by 45.3% to RMB 1,651,636,000 compared to RMB 1,137,032,000 in 2018[20]. - The company recorded a gross profit of RMB 567,498,000 for the year ended December 31, 2019, compared to RMB 428,913,000 in 2018[20]. - The adjusted profit for the company reached RMB 340 million in 2019, a 65.7% increase from RMB 205.2 million in 2018, with an adjusted net profit margin rising to 20.6%[50]. - The company reported a net loss of RMB (199,804,000) for the year ended December 31, 2019, an improvement from a loss of RMB (291,582,000) in 2018[24]. - The company’s top five customers accounted for 70.6% of total revenue for the fiscal year ended December 31, 2019, an increase from 59.3% in 2018, with the largest customer contributing 18.8% of total revenue[94]. SaaS Business Growth - The user operation SaaS business revenue surged by 146.4% to RMB 33.7 million, up from RMB 13.7 million in 2018[14]. - The number of paying customers for the SaaS service rose by 72.9% to 645, compared to 373 in 2018[14]. - The number of paid customers using the user operation SaaS platform increased to 645 in 2019 from 373 in 2018, generating revenue of RMB 33,655,000[28]. - The company signed 649 new contracts (including renewals) for its SaaS business in 2019, compared to 378 in 2018, indicating a strong growth trajectory[39]. - The company plans to enhance service standards and quality in user growth, retention, and traffic monetization, capitalizing on the projected rapid growth of the user operation SaaS market in China, expected to reach RMB 41.9 billion by 2023, growing at a CAGR of 56.8% from 2018[80]. Advertising Business Performance - The interactive effect advertising business generated revenue of RMB 1.6 billion in 2019, a 45.7% increase from RMB 1.1 billion in 2018, with 43% of revenue coming from the e-commerce sector and 44% from the financial sector[45][51]. - The average revenue per click in the interactive effect advertising business increased to RMB 0.37 in 2019, up from RMB 0.35 in 2018, while the average click-through rate improved to 27.1% from 26.3%[46]. - The total number of content distribution channels for interactive effect advertising reached 6,929 in 2019, up from 4,065 in 2018[33]. - The number of advertising page views grew to 19,488.3 million in 2019, compared to 14,523.8 million in 2018[29]. Customer and Market Insights - Daily active users reached 31.2 million in 2019, up from 20.5 million in 2018, while monthly active users increased to 414.3 million from 284.7 million[29]. - The company recognizes the importance of understanding customer needs to create value as a pathway to achieving corporate value[14]. - The company maintains strong relationships with major customers and suppliers, focusing on enhancing customer experience and service quality[96]. Operational and Financial Management - The company had cash and cash equivalents of approximately RMB 220.8 million as of December 31, 2019, with no unused bank financing[67]. - The net cash inflow from operating activities was RMB 241.0 million, a significant improvement from a net cash outflow of RMB 7.4 million in 2018[65]. - The company has no contingent liabilities or guarantees as of December 31, 2019, consistent with the previous year[74]. - The company did not engage in any significant acquisitions, sales, or investments since its listing date, focusing instead on low-risk financial products and funds[72]. Research and Development - Research and development expenses increased by 20.0% to RMB 106.6 million in 2019, driven by a workforce of 363 employees in the R&D department, accounting for 52.4% of total employees[47]. - The total R&D expenditure for 2021 is projected to be RMB 166.3 million, which includes hiring professional staff and server investments[179]. Corporate Governance and Compliance - The board consists of four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a diverse governance structure[192]. - The company has adopted a board diversity policy, considering various factors such as gender, age, and professional background in director selection[198]. - Ernst & Young has been appointed as the auditor for the reporting period, ensuring compliance with Hong Kong Financial Reporting Standards[182]. - The company reported no significant violations of applicable laws and regulations that would materially impact its business operations during the year ending December 31, 2019[105]. Shareholder Information - As of December 31, 2019, Mr. Chen Xiaoliang holds 542,609,100 shares, representing approximately 49.16% of the company's equity[139]. - The major shareholder, China Merchants Yonglong Trust Co., Ltd., holds 454,552,000 shares, representing approximately 41.19% of the company's equity[145]. - The total number of issued shares as of December 31, 2019, is used to calculate the percentages mentioned above[140]. Social Responsibility - The company donated RMB 200,000 to the Hangzhou West Lake District Education Foundation and RMB 500,000 to the Hangzhou Courage Fund, receiving a special contribution award for its charitable efforts[78]. - The company made charitable donations totaling RMB 750,000 during the reporting period[163].

Revenue and Growth - Revenue for the six months ended June 30, 2019, increased by 64.5% compared to the same period in 2018, reaching RMB 780.3 million[10] - Total revenue for the six months ended June 30, 2019, was RMB 780.3 million, an increase of 64.5% compared to RMB 474.4 million for the same period in 2018[37] - Revenue for the six months ended June 30, 2019, was RMB 780,294 thousand, an increase from RMB 474,420 thousand in 2018, representing a growth of 64.3%[85] - The interactive advertising business generated revenue of RMB 769.6 million, up from RMB 461.9 million in the previous year[9] - Revenue from the user operation SaaS platform business reached RMB 10,660 thousand, while the interactive effect advertising business generated RMB 769,560 thousand, compared to RMB 3,278 thousand and RMB 461,895 thousand respectively in 2018, indicating substantial growth in both segments[121] User Engagement - Daily active users reached 29.9 million, while monthly active users reached 402.2 million as of June 30, 2019[14] - Daily active users rose to 29.9 million for the six months ended June 30, 2019, compared to 16.9 million in the same period of 2018[30] - Monthly active users increased to 402.2 million for the six months ended June 30, 2019, compared to 223.2 million in the same period of 2018[30] - The number of registered mobile apps using the company's SaaS platform exceeded 16,000 as of June 30, 2019[13] - The number of registered mobile apps increased to over 16,000 as of June 30, 2019, compared to over 12,000 as of June 30, 2018[24] Financial Performance - The company reported a net loss of RMB 382.4 million for the six months ended June 30, 2019, compared to a loss of RMB 256.3 million in the same period of 2018[9] - The group experienced a loss attributable to equity holders of RMB 382.4 million, compared to RMB 256.3 million in the first half of 2018, with basic loss per share increasing to RMB (50) cents from RMB (37) cents[39] - The company reported a loss before tax of RMB 380,926 thousand, up from a loss of RMB 259,209 thousand in the previous year, indicating a deterioration of 46.8%[85] - The net loss for the period was RMB 382,443 thousand, compared to RMB 256,251 thousand in 2018, marking an increase of 49.2%[87] - The group recorded a gross profit of RMB 244.3 million, an increase of approximately 39.5% compared to RMB 175.1 million in the first half of 2018, with a gross margin of about 31.3%[38] Expenses and Costs - R&D expenses increased by 24.3% to RMB 52.7 million for the six months ended June 30, 2019, from RMB 42.4 million in the same period of 2018[32] - Sales and distribution expenses amounted to RMB 53.9 million, decreasing to approximately 6.9% of total revenue from 9.1% in the first half of 2018, primarily due to increased economies of scale[39] - Administrative expenses rose to RMB 118.2 million, a 37.8% increase from RMB 85.8 million in the first half of 2018, with administrative expenses accounting for about 15.2% of total revenue, down from 18.1%[39] - The cost of services provided rose significantly to RMB 534,561,000, up from RMB 298,146,000, marking an increase of 79.3% compared to the previous year[131] Cash Flow and Liquidity - The group reported a net cash inflow from operating activities of RMB 200.0 million, a significant increase of 974.5% from RMB 18.6 million in the first half of 2018[44] - The net cash flow from operating activities for the six months ended June 30, 2019, was RMB 199,974 thousand, a significant increase from RMB 18,611 thousand in the same period of 2018[95] - The company experienced a net cash outflow from investing activities of RMB 873,435 thousand for the six months ended June 30, 2019, compared to RMB 65,956 thousand in the prior year, indicating a substantial increase in investment expenditures[97] - The financing activities generated a net cash inflow of RMB 543,429 thousand for the six months ended June 30, 2019, compared to RMB 403,550 thousand in the same period of 2018, reflecting a 35% increase in financing activities[97] Shareholder Information - The company plans to declare an interim cash dividend of approximately RMB 99.8 million, representing 48.6% of the adjusted profit for 2018[54] - The company has not granted or agreed to grant any share options under the share option scheme since its listing date until June 30, 2019[82] - The share option scheme was approved by shareholders on April 17, 2019, aimed at aligning the interests of eligible individuals with the company's[81] - As of June 30, 2019, the chairman and CEO, Mr. Chen, holds 542,609,100 shares, representing approximately 48.83% of the company's equity[70] Corporate Governance - The company has established an audit committee to provide independent opinions on financial reporting and internal controls[61] - The company has adopted the Corporate Governance Code and is committed to maintaining high standards of corporate governance[58] - The board believes that the dual role of the chairman and CEO will enhance decision-making efficiency and execution processes[59] Market and Future Plans - The company plans to continue expanding its market presence and enhancing its product offerings in the future[10] - The company is focused on developing new technologies to improve its SaaS platform and advertising solutions[10] - The group aims to enhance service standards and quality in the user operation SaaS market, which is projected to grow at a compound annual growth rate of 56.8% to RMB 41.9 billion by 2023[54] Financial Position - Total assets as of June 30, 2019, amounted to RMB 1,540,112 thousand, significantly higher than RMB 869,270 thousand at the end of 2018, showing a growth of 77.3%[88] - The total equity attributable to the owners of the parent company was RMB 1,367,634 thousand, recovering from a deficit of RMB 431,998 thousand at the end of 2018[90] - The company's cash and cash equivalents decreased to RMB 159,945 thousand from RMB 281,565 thousand, a decline of 43.2%[88] Financial Instruments and Fair Value - The fair value changes of financial assets measured at fair value through profit or loss amounted to RMB 5,047 thousand, compared to RMB 1,449 thousand in the same period of 2018, reflecting improved asset performance[121] - The fair value of financial products investments increased to RMB 1,312,126,000 from RMB 426,172,000, showing a substantial growth of 208.5%[151] - The fair value of cash and cash equivalents, trade receivables, and other financial assets is similar to their book values due to their short maturity[200]