智通财经6月16日电，截至发稿，金山软件(03888.HK)涨8.38%、心动公司(02400.HK)涨5.74%、友谊时 光(06820.HK)涨4.08%、多牛科技(01961.HK)涨3.95%。 港股游戏股走强 金山软件涨8% ...

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue decreased by RMB 5.4 million or 2.0% to approximately RMB 258.5 million from RMB 263.9 million in the previous fiscal year[12]. - Gross profit for the same period fell by RMB 5.5 million or 14.4% to approximately RMB 32.7 million, primarily due to a decline in gross profit contribution from the mobile gaming business[12]. - The net loss for the fiscal year 2024 was approximately RMB 50.9 million, a decrease from the net loss of RMB 53.8 million in fiscal year 2023, primarily due to an increase in other income and gains of approximately RMB 10.9 million and a reduction in research and development expenses of approximately RMB 7.9 million[13]. - The company reported a total revenue of RMB 153,568,000 for the fiscal year 2024[91]. - The company incurred a net loss of RMB 25,469,000 during the same period[91]. - The gross profit decreased by RMB 5.5 million or 14.4% to approximately RMB 32.7 million in fiscal year 2024, primarily due to a decline in gross profit contribution from the mobile gaming business[133]. - The company reported a net loss of approximately RMB 50.9 million for fiscal year 2024, compared to a net loss of RMB 53.8 million in fiscal year 2023, indicating a narrowing of losses[133]. Assets and Equity - Non-current assets increased significantly to RMB 134.4 million in 2024 from RMB 38.9 million in 2023, indicating a strong investment in long-term assets[7]. - Current assets also rose to RMB 416.2 million in 2024 from RMB 189.3 million in 2023, reflecting improved liquidity and operational capacity[7]. - Total assets reached RMB 550.6 million in 2024, a substantial increase from RMB 228.2 million in 2023, showcasing overall growth in the company's financial position[7]. - The total equity increased to RMB 179.3 million in 2024 from RMB 116.5 million in 2023, indicating a stronger capital base[7]. Business Development and Strategy - The company has expanded into AI application development and related services, enhancing its technological capabilities and product offerings[10]. - The company aims to integrate AI technology into its existing business lines to improve user engagement and operational efficiency[10]. - The company plans to leverage the wave of artificial intelligence technology to enhance digital entertainment services, focusing on mobile game development, digital media development, and overseas market expansion[14]. - By 2025, the company aims to deepen its integration of artificial intelligence technology into mobile games and digital media, enhancing user experience and engagement[15]. - The company continues to explore new business models and opportunities in response to trends in the domestic internet market[11]. Market Performance - The mobile gaming segment experienced a revenue decline of approximately RMB 70.5 million, while the digital media segment saw an increase of about RMB 88.8 million[12]. - The number of paying players decreased by 74.5% from 1,833.8 thousand in 2023 to 468.4 thousand in 2024[138]. - Average monthly paying users dropped by 74.5% from 152.8 thousand in 2023 to 39.0 thousand in 2024[138]. - Mobile game revenue fell by 48.3% from approximately RMB 146.0 million in 2023 to approximately RMB 75.5 million in 2024[140]. Funding and Financial Management - The company has raised approximately RMB 88.18 million from the first share placement, with all funds allocated for game product and AI product development, game sector expansion, digital media sector expansion, and working capital[34]. - The net proceeds from the second placement as of December 31, 2024, amounted to RMB 25.32 million, fully utilized for R&D, game expansion, and working capital[35]. - The net proceeds from the third placement raised approximately RMB 12.96 million on March 28, 2024, and were fully utilized by December 31, 2024[36]. - The company has incurred loans from subsidiaries amounting to approximately RMB 3.2 million and interest-bearing loans of RMB 3.0 million during the fiscal year 2024[30]. - The company has adopted a prudent cash and financial management policy to minimize funding costs and enhance cost control[155]. Corporate Governance - The board of directors has committed to maintaining high standards of corporate governance and has appointed a female director to enhance gender diversity on the board[163]. - The company has established formal and informal channels for independent non-executive directors to express their opinions, including regular board evaluations and closed-door meetings with the chairman[178]. - The company has implemented internal control and risk management systems, with the senior management team responsible for monitoring the budget adopted by the board[171]. - The company is committed to compliance with listing rules, having appointed independent non-executive directors to meet the requirements[174]. - The board has confirmed that corporate governance is a shared responsibility among directors, including compliance with legal and regulatory requirements[192]. Shareholder Information - As of December 31, 2024, Mr. Wang Le holds a 61.39% stake in the company through Infinities Global, which is controlled by him and his associates[44]. - Major shareholders include Ms. An Fenghua and Infinities Cayman, each holding 450,776,711 shares, representing 61.39% of total shares[46]. - The company has no provisions for preemptive rights in its articles of association or under Cayman Islands law[38]. - The shareholders have pledged their shares according to the equity pledge agreement, which has been registered with the relevant Chinese regulatory authorities[85]. Compliance and Legal Matters - The company has complied with relevant laws and regulations that significantly impact its operations during the fiscal year 2024[23]. - The company is closely monitoring developments in Chinese laws and regulations to ensure compliance and maintain control by Chinese investors[94]. - The company may face risks related to contractual arrangements that may not be enforceable under Chinese law[102]. - The company has taken measures to ensure compliance with contractual arrangements and has received exemptions from strict adherence to certain listing rules[106].

Financial Performance - Revenue for the fiscal year ending December 31, 2024, decreased by 2.0% to approximately RMB 258.5 million from RMB 263.9 million in the previous fiscal year[8]. - Gross profit for the same period fell by 14.4% to approximately RMB 32.7 million, down from RMB 38.2 million[8]. - Net loss for the fiscal year 2024 was approximately RMB 50.9 million, an improvement from a net loss of RMB 53.8 million in fiscal year 2023[9]. - The decrease in net loss was primarily due to an increase in other income and net gains of approximately RMB 10.9 million and a reduction in research and development expenses by approximately RMB 7.9 million[9]. - Revenue for the fiscal year ending December 31, 2024, is projected to be RMB 258,478 thousand, a decrease of 2.0% compared to RMB 263,880 thousand for the previous year[15]. - The gross profit margin decreased by 14.4%, from RMB 38,197 thousand to RMB 32,679 thousand[15]. - The company reported a total of RMB 258,478,000 in revenue from customer contracts in 2024, slightly lower than RMB 263,880,000 in 2023, marking a decrease of around 2%[59]. - The group reported a pre-tax loss of RMB 51,015,000 for the year, compared to a loss of RMB 53,320,000 in the previous year, indicating a slight improvement[65]. Expenses and Costs - Administrative expenses increased by 23.2%, from RMB 37,578 thousand to RMB 46,294 thousand[15]. - Mobile game revenue decreased significantly from approximately RMB 146.0 million to approximately RMB 75.5 million, a reduction of RMB 70.5 million or 48.3% due to intense competition and insufficient promotional effectiveness[16]. - Research and development expenses decreased by 30.5%, from RMB 25,863 thousand to RMB 17,967 thousand[15]. - Employee benefits expenses increased to RMB 23,666 million from RMB 16,715 million, reflecting a rise of approximately 41%[61]. - The cost of sales for the year was RMB 225,799 million, slightly up from RMB 225,683 million in the previous year[61]. Income and Gains - Other income and gains increased significantly by 472.5%, from RMB 2,300 thousand to RMB 13,168 thousand[15]. - Other income for the year was CNY 13,168,000, significantly higher than CNY 2,300,000 from the previous year, marking an increase of over 471%[38]. - The company reported a foreign exchange gain of CNY 3,496,000 for the year, compared to CNY 2,837,000 in the previous year, an increase of about 23.2%[39]. Market and Strategic Focus - The company plans to leverage artificial intelligence technology to enhance its digital entertainment services and improve user experience[10]. - The company aims to increase investment in mobile game development, digital media development, and overseas market expansion[11]. - The company will continue to explore the integration of artificial intelligence technology with its business operations to create innovative product offerings[11]. - The company plans to strengthen mobile game development and actively expand into overseas markets through collaborations with well-known intellectual property and gaming companies[12]. - The company is focusing on improving its operational efficiency and exploring potential mergers and acquisitions to strengthen its market position[54]. Shareholder and Governance - No final dividend is recommended for the fiscal year ending December 31, 2024[6]. - The company established an audit committee to review and supervise the financial reporting system and internal controls[80]. - The audit committee consists of three members, all independent non-executive directors, ensuring appropriate professional qualifications[80]. - The company has adhered to all applicable corporate governance rules during the period from January 1, 2024, to March 27, 2025, except for the requirement regarding board gender diversity, which was addressed by appointing a female non-executive director on March 28, 2025[84]. Assets and Liabilities - Cash and cash equivalents as of December 31, 2024, totaled approximately RMB 3.9 million, down from RMB 37.2 million as of December 31, 2023, mainly due to a decline in business cash recovery ability[28]. - The total liabilities for current liabilities rose to RMB 353,972,000 from RMB 104,516,000 year-over-year[40]. - The company reported a significant increase in trade receivables, reaching RMB 152,689,000 from RMB 84,753,000[40]. - Trade payables amounted to RMB 129,731,000, compared to RMB 59,275,000 in the previous year[69]. Future Outlook - Future guidance indicates a cautious outlook, with expectations of gradual recovery in revenue as new products are launched and market conditions improve[54]. - The company plans to enhance its market expansion strategies and invest in new product development to counteract declining revenues[54].

Financial Performance - Revenue for the fiscal year ending December 31, 2024, decreased by 2.0% to approximately RMB 258.5 million from RMB 263.9 million in the previous fiscal year[8]. - Gross profit for the same period fell by 14.4% to approximately RMB 32.7 million, down from RMB 38.2 million[8]. - The net loss for the fiscal year 2024 was approximately RMB 50.9 million, an improvement from a net loss of RMB 53.8 million in fiscal year 2023, narrowing the loss by 5.4%[9]. - Other income and gains increased significantly by 472.5%, from RMB 2,300 thousand to RMB 13,168 thousand[15]. - Research and development expenses decreased by 30.5%, from RMB 25,863 thousand to RMB 17,967 thousand[15]. - The gross profit margin decreased by 14.4%, from RMB 38,197 thousand to RMB 32,679 thousand[15]. - The company reported a foreign exchange gain of CNY 3,496,000 for the year, compared to CNY 2,837,000 in the previous year, an increase of about 23.2%[39]. - The total revenue for the year ended December 31, 2023, was RMB 13,168 million, compared to RMB 2,300 million in the previous year, representing a significant increase[60]. - The group reported a gross profit of RMB 10,339 million for the year, with a cost of sales amounting to RMB 225,799 million[61]. - The net loss attributable to ordinary equity holders of the parent company for the year was RMB 51,015,000, compared to RMB 53,320,000 in the previous year[65]. Revenue Breakdown - The decrease in revenue was primarily due to a reduction of approximately RMB 70.5 million from mobile gaming, while digital media revenue increased by approximately RMB 88.8 million[8]. - Mobile gaming revenue decreased by approximately RMB 70.5 million or 48.3% to approximately RMB 75.5 million for the year ending December 31, 2024, primarily due to intense competition and insufficient promotional effectiveness[16]. - Digital media revenue increased by approximately RMB 88.8 million or 134.2% to approximately RMB 155.0 million for the year ending December 31, 2024, driven by business restructuring and new AI application development[19]. - Revenue from external customers in Mainland China reached RMB 118,099,000 in 2024, compared to RMB 159,414,000 in 2023, indicating a decline of approximately 26%[54]. - Major customer revenue from gaming products amounted to RMB 27,974,000 in 2024, down from RMB 45,612,000 in 2023, representing a decline of approximately 39%[55]. - Revenue from key customers contributing over 10% of total revenue included Customer A with RMB 48,659,000 in 2024, down from RMB 70,285,000 in 2023, a decrease of about 31%[56]. - Revenue from advertising services decreased from RMB 111,547,000 in 2023 to RMB 38,579,000 in 2024, a decline of about 65%[59]. Cost and Expenses - Sales cost increased by approximately RMB 0.1 million or 0.1% to approximately RMB 225.8 million for the year ending December 31, 2024, with sales cost accounting for about 87.4% of total revenue[17]. - Sales and distribution expenses increased by approximately RMB 0.5 million or 6.5% to approximately RMB 7.9 million for the year ending December 31, 2024, mainly due to increased employee benefits[18]. - Administrative expenses increased by approximately RMB 8.7 million or 23.2% to approximately RMB 46.3 million for the year ending December 31, 2024, primarily due to increased employee benefits and professional fees[20]. - The total employee cost for the year ending December 31, 2024, is approximately RMB 26.6 million, with the workforce increasing to 115 employees from 51 employees as of December 31, 2023[34]. - Employee benefits expenses increased to RMB 23,666 million from RMB 16,715 million year-on-year, indicating a rise in personnel costs[61]. Strategic Initiatives - The company plans to increase investment in mobile game development, digital media development, AI technology development, and overseas market expansion[11]. - The company aims to integrate AI technology into its business to enhance product iteration and user engagement[7]. - The company has expanded into AI application development and related services, providing superior AI products and services to partners[7]. - The company will continue to optimize its existing business structure to ensure stable growth[7]. - The company will enhance its advertising sales services, offering more integrated marketing solutions to clients[11]. - The company will continue to deepen its focus on artificial intelligence technology, enhancing product application and user experience[12]. - The company plans to strengthen mobile game development and actively expand into overseas markets through partnerships with well-known intellectual property and gaming companies[12]. - The company plans to enhance its product offerings and expand into new markets, focusing on innovative technologies and strategic partnerships[58]. Financial Position and Liquidity - Cash and cash equivalents as of December 31, 2024, total approximately RMB 3.9 million, down from RMB 37.2 million as of December 31, 2023, due to a decline in business cash recovery ability[28]. - As of December 31, 2024, the company has bank borrowings of RMB 3 million, compared to none as of December 31, 2023, resulting in a debt-to-asset ratio of 1.1%[29]. - The group reported a net cash outflow from operating activities of RMB 55 million for the year ending December 31, 2024[74]. - The group has secured a long-term loan of HKD 250 million from an entity whose controlling shareholder has been appointed as a non-executive director of the company, effective March 28, 2025[51]. - The board is implementing multiple plans and measures to improve the group's liquidity and financial position, including a cash flow forecast covering at least the next 12 months[49]. - There is significant uncertainty regarding the group's ability to continue as a going concern, dependent on timely funding and the appropriateness of cash flow forecasts[50]. - The board believes that, considering the plans and measures in place, the group will have sufficient operating funds to meet its financial obligations over the next 12 months[49]. Acquisitions and Investments - The company completed the acquisition of Infinities Wonder Limited for HKD 134.82 million on April 24, 2024, which has become a wholly-owned subsidiary[31]. - The identifiable net assets of IWL at the acquisition date were valued at RMB 39,137,000, with goodwill recognized at RMB 61,279,000[71]. - The group acquired 100% of Infinities Wonder Limited (IWL) for RMB 84,761,000, enhancing product diversification and business portfolio[70]. Governance and Compliance - The audit committee has been established in accordance with listing rules and is responsible for reviewing the financial reporting system and internal controls[80]. - The audit committee consists of three members, all independent non-executive directors, ensuring appropriate professional qualifications in accounting or financial management[80]. - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[73]. - The company has adhered to all applicable corporate governance rules during the period from January 1, 2024, to March 27, 2025, except for the requirement regarding board gender diversity, which was addressed by appointing a female director on March 28, 2025[84].

Financial Performance - The company's revenue decreased by approximately RMB 8.9 million or 6.2% to about RMB 133.9 million in the first half of 2024, compared to approximately RMB 142.8 million in the same period of 2023[20]. - Gross profit fell by approximately RMB 2.5 million or 10.6% to about RMB 21.2 million in the first half of 2024, down from approximately RMB 23.7 million in the first half of 2023[23]. - The company reported a loss of RMB 19.5 million in the first half of 2024, an increase of 84.5% compared to a loss of RMB 10.5 million in the same period of 2023[20]. - The company's revenue decreased from approximately RMB 142.8 million in the first half of 2023 to approximately RMB 133.9 million in the first half of 2024, a decline of 6.2%[31]. - The gross profit fell from approximately RMB 23.7 million in the first half of 2023 to approximately RMB 21.2 million in the first half of 2024, a decrease of 10.6%[31]. - The company's loss increased from approximately RMB 10.5 million in the first half of 2023 to approximately RMB 19.5 million in the first half of 2024, an increase of 85.7%[31]. - The company reported a loss before tax of RMB 19,314 thousand for the six months ended June 30, 2024, compared to a loss of RMB 10,193 thousand in 2023, indicating an increase in losses of about 89.6%[96]. - Total comprehensive loss for the six months ended June 30, 2024, was RMB 20,616 thousand, compared to RMB 7,355 thousand in 2023, representing an increase of approximately 180.5%[98]. Asset and Equity Changes - Non-current assets increased by 307.0% to RMB 158.2 million as of June 30, 2024, compared to RMB 38.9 million as of December 31, 2023[20]. - Total assets rose by 75.8% to RMB 400.9 million as of June 30, 2024, compared to RMB 228.2 million as of December 31, 2023[20]. - The total equity increased by 98.7% to RMB 231.4 million as of June 30, 2024, compared to RMB 116.5 million as of December 31, 2023[20]. - The total equity attributable to the parent company increased to RMB 225,491 thousand as of June 30, 2024, from RMB 111,159 thousand at the end of 2023, representing a growth of approximately 102.5%[101]. Revenue Streams - The company experienced a decrease in revenue from mobile gaming by approximately RMB 9.3 million, while revenue from digital media increased by approximately RMB 31.4 million[23]. - Mobile game revenue fell by approximately RMB 9.3 million or 16.5% from RMB 56.2 million in the first half of 2023 to RMB 46.9 million in the first half of 2024, mainly due to a reduction in the number of promoted games[38]. - Digital media content distribution revenue increased by approximately RMB 31.4 million or 66.8% from RMB 47.1 million in the first half of 2023 to RMB 78.5 million in the first half of 2024, driven by stable growth in advertising distribution services[39]. - Revenue from mobile game development and operation was RMB 46,760,000, down 15% from RMB 54,833,000 in the previous year[121]. - Revenue from advertising agency services increased significantly to RMB 53,724,000, up 118% from RMB 24,633,000 in the prior year[121]. User Metrics - The number of paying users dropped by 68.9%, from 680,000 in the first half of 2023 to 211,300 in the first half of 2024[33]. - The average revenue per paying user increased by 53.9%, from approximately RMB 114.9 to RMB 176.8[34]. - The company reported a significant increase in monthly paying users, reaching a total of 1.5 million, representing a growth of 25% year-over-year[166]. Expenses and Costs - Administrative expenses rose by 49.8% from RMB 14.5 million to RMB 21.8 million[36]. - Research and development expenses increased by 31.6% from RMB 12.2 million to RMB 16.0 million[36]. - Sales cost decreased by approximately RMB 6.3 million or 5.4% from RMB 119.1 million in the first half of 2023 to RMB 112.8 million in the first half of 2024, with sales cost as a percentage of total revenue increasing to approximately 84.2%[42]. - R&D expenses increased by approximately RMB 3.8 million or 31.6% from RMB 12.2 million in the first half of 2023 to RMB 16.0 million in the first half of 2024, reflecting increased investment in multiplayer mobile game development[45]. Strategic Initiatives - The company expanded into artificial intelligence application development and related services in the first half of 2024, enhancing its AI technology capabilities[22]. - The company aims to increase investment in mobile game development, digital media development, AI technology development, and overseas market expansion[24]. - The integration of AI technology is expected to enhance user experience and drive innovation in the digital entertainment service industry[24]. - The company plans to deepen its focus on artificial intelligence technology and enhance product applications in the digital entertainment service ecosystem[27]. - The company aims to strengthen mobile game development and actively expand into overseas markets through collaborations with well-known IP and game companies[27]. Acquisitions and Investments - The company agreed to acquire Infinities Wonder Limited for HKD 134,820,000, to be paid with 96,300,000 shares at an issue price of HKD 14 per share[55]. - The acquisition of Infinities Wonder Limited was completed on April 24, 2024, for a total consideration of RMB 124,910,000, paid through the issuance of 96,300,000 shares[146]. - For the six months ended June 30, 2024, Infinities Wonder Limited contributed RMB 9,621,000 to the group's revenue and RMB 7,214,000 to the consolidated loss[148]. Corporate Governance and Compliance - The company has established corporate governance measures to avoid conflicts of interest among directors[74]. - The company appointed a new chairman and CEO effective April 24, 2024, with a term of three years[72]. - The audit committee has reviewed the financial results for the six months ending June 30, 2024, confirming compliance with relevant accounting standards[92]. - The company has appointed an independent non-executive director to ensure compliance with listing rules regarding board composition[93]. - The company is committed to maintaining high corporate governance standards and has adopted relevant codes as per listing rules[89]. Cash Flow and Liquidity - Cash and cash equivalents decreased from approximately RMB 37.2 million as of December 31, 2023, to approximately RMB 15.3 million as of June 30, 2024, primarily due to increased investment in game development[54]. - The net cash flow from operating activities for the six months ended June 30, 2024, was a negative RMB 45,141,000, compared to a negative RMB 56,418,000 for the same period in 2023[105]. - The net cash flow from financing activities for the six months ended June 30, 2024, was RMB 16,868,000, significantly lower than RMB 87,392,000 in the previous year[105]. - The cash and cash equivalents at the end of June 30, 2024, amounted to RMB 15,280,000, down from RMB 52,472,000 at the end of June 30, 2023[105]. Future Outlook - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in user acquisition by the end of the fiscal year[166]. - Future guidance indicates an anticipated revenue growth of 20% for the next fiscal year, driven by both existing and new product lines[166]. - New product launches are expected to contribute an additional 50 million RMB in revenue over the next two quarters[166]. - The company is investing in new technology development, allocating 10% of its annual budget towards R&D initiatives[166].

Financial Performance - Revenue for the first half of 2024 decreased by 6.2% to approximately RMB 133.9 million from RMB 142.8 million in the same period of 2023[1] - Gross profit fell by 10.6% to approximately RMB 21.2 million, down from RMB 23.7 million in the previous year[1] - The company reported a loss of RMB 19.5 million for the first half of 2024, an increase of 84.5% compared to a loss of RMB 10.5 million in the same period of 2023[1] - Total revenue decreased by 6.2% from approximately RMB 142.8 million in H1 2023 to about RMB 133.9 million in H1 2024[9] - Gross profit declined by 10.6% from RMB 23.6 million in H1 2023 to RMB 21.1 million in H1 2024[9] - The net loss for the first half of 2024 was approximately RMB 19.5 million, compared to a net loss of about RMB 10.5 million in the first half of 2023[22] - The group reported a revenue of RMB 133,899 thousand with a gross profit of RMB 21,147 thousand for the first half of 2024, compared to RMB 142,787 thousand and RMB 23,647 thousand respectively for the same period in 2023[30] - The group experienced a net loss of RMB 19,458 thousand for the first half of 2024, which is an increase from a net loss of RMB 10,544 thousand in the same period of 2023[31] - The group reported a basic and diluted loss per share of RMB 3.3 cents for the first half of 2024, compared to RMB 1.8 cents for the same period in 2023[30] Revenue Breakdown - The decline in revenue was primarily due to a decrease of approximately RMB 9.3 million from mobile gaming, while digital media revenue increased by approximately RMB 31.4 million[4] - Revenue from mobile games development and operation decreased by 16.5% from RMB 56.2 million in H1 2023 to RMB 46.9 million in H1 2024[10] - Revenue from digital media content sales increased by 66.8% from RMB 47.1 million in H1 2023 to RMB 78.5 million in H1 2024[11] - Revenue from game product supply decreased by 78.5% from RMB 39.6 million in H1 2023 to RMB 8.5 million in H1 2024[12] - Revenue from customer contracts for the six months ended June 30, 2024, was RMB 133,899,000, a decrease from RMB 142,787,000 for the same period in 2023, representing a decline of approximately 6.5%[43] - Revenue from mobile game development and operation for the six months ended June 30, 2024, was RMB 46,760,000, compared to RMB 54,833,000 in 2023, reflecting a decrease of about 14.5%[43] - Revenue from Mainland China was RMB 78,716,000, down from RMB 81,643,000, reflecting a decline of 3.6%[40] - Revenue from other countries/regions was RMB 55,183,000, a decrease of 9.7% from RMB 61,144,000[40] Expenses and Costs - Selling costs decreased by 5.4% from RMB 119.1 million in H1 2023 to RMB 112.8 million in H1 2024[13] - Selling costs as a percentage of total revenue increased to approximately 84.2% in H1 2024 from 83.4% in H1 2023[13] - Administrative expenses increased by approximately RMB 7.3 million or 49.8% from about RMB 14.5 million in the first half of 2023 to about RMB 21.8 million in the first half of 2024, mainly due to increased office space and staff costs, as well as professional service fees from the acquisition of Beijing Wonder Game Technology Co., Ltd.[15] - Research and development expenses rose by approximately RMB 3.8 million or 31.6% from about RMB 12.2 million in the first half of 2023 to about RMB 16.0 million in the first half of 2024, driven by increased investment in multiplayer mobile game development projects[16] - The cost of sales for the six months ended June 30, 2024, was RMB 112,752,000, down from RMB 119,140,000 in 2023, showing a reduction of approximately 5.5%[46] - The company’s employee benefits expenses, including salaries and bonuses, amounted to RMB 8,966,000 for the six months ended June 30, 2024, down from RMB 10,034,000 in 2023, representing a decrease of approximately 10.7%[46] Cash Flow and Assets - Cash and cash equivalents decreased from approximately RMB 37.2 million as of December 31, 2023, to about RMB 15.3 million as of June 30, 2024, due to increased investment in multiplayer mobile game development[23] - The total assets of the group as of June 30, 2024, amounted to RMB 238,683 thousand, significantly higher than RMB 123,640 thousand as of December 31, 2023[33] - The group’s trade receivables increased to RMB 133,629 thousand as of June 30, 2024, compared to RMB 84,753 thousand at the end of 2023[32] - The group’s non-current assets, including property, plant, and equipment, decreased to RMB 5,798 thousand as of June 30, 2024, from RMB 6,893 thousand at the end of 2023[32] - The group’s equity attributable to the parent company increased to RMB 225,491 thousand as of June 30, 2024, compared to RMB 111,159 thousand at the end of 2023[33] - Trade payables amounted to RMB 112,295,000 as of June 30, 2024, compared to RMB 59,275,000 as of December 31, 2023[54] Strategic Initiatives - The company plans to enhance its artificial intelligence (AI) technology development and product application in the second half of 2024[6] - The company aims to strengthen mobile game development and actively expand into overseas markets through collaborations with well-known IP and gaming companies[6] - The integration of AI technology is expected to enrich and improve the performance and user experience of digital entertainment services[5] - The company will continue to optimize its existing business structure to ensure stable development while exploring new product scenarios and resource integration[5] - The group aims to enhance product diversification and expand its business portfolio through strategic acquisitions like IWL[55] Corporate Governance - The Audit Committee consists of three members, ensuring compliance with relevant accounting standards and regulations[61] - The company’s interim financial performance for the six months ending June 30, 2024, was deemed compliant with applicable accounting standards[61] - The company is committed to maintaining high corporate governance standards and will appoint at least one female director by December 31, 2024, to meet diversity requirements[62] - The company has adhered to the corporate governance code during the first half of 2024[62] - All directors confirmed compliance with the standards governing securities trading during the first half of 2024[62] Dividends and Share Placements - No interim dividend will be declared for the first half of 2024, consistent with the previous year[2] - The net proceeds from the first placement of new shares amounted to approximately RMB 88.18 million, fully utilized by June 30, 2024[58] - 30% of the first placement proceeds (RMB 26.45 million) was allocated for the development of gaming and AI products[58] - The net proceeds from the second placement of new shares were approximately RMB 25.32 million, fully utilized by June 30, 2024[59] - 30% of the second placement proceeds (RMB 7.60 million) was designated for the development of gaming products and AI[59] - The net proceeds from the third placement of new shares were approximately RMB 12.96 million, with RMB 3.10 million remaining unutilized as of June 30, 2024[60] - 30% of the third placement proceeds (RMB 3.89 million) was allocated for the development of gaming and AI products, with a portion already utilized[60] Risks and Challenges - The group faced significant risks in the mobile gaming market in China, including potential policy changes and reliance on distribution channels[29] - The group faced challenges in sourcing quality gaming products and potential foreign exchange fluctuations impacting cash flow[29] - The group has implemented strict controls on trade receivables to minimize credit risk, with overdue balances reviewed regularly by senior management[52]

Financial Performance - The total revenue for the fiscal year 2023 was RMB 67,139,000[43] - The company reported a net loss of RMB 25,898,000 for the fiscal year[43] - In the fiscal year 2023, the company reported a loss of approximately RMB 53.8 million, a decrease from a loss of RMB 86.0 million in fiscal year 2022, primarily due to an increase in gross profit of about RMB 22.2 million and a reduction in research and development expenses of approximately RMB 11.6 million[117] - Revenue increased from approximately RMB 103.9 million in the fiscal year ending December 31, 2022, to approximately RMB 263.9 million in the fiscal year ending December 31, 2023, representing a growth of about 154.0%[125] - The company's revenue increased from approximately RMB 103.9 million in the fiscal year 2022 to approximately RMB 263.9 million in the fiscal year 2023, representing a growth of 154.0%[138] - The number of paying users reached 1,833.8 thousand, a significant increase of 546.6% compared to 283.6 thousand in the previous year[145] - Average monthly paying users rose to 152.8 thousand, up 547.5% from 23.6 thousand in the prior year[145] - Gross profit increased by 138.1% from approximately RMB 16.0 million in 2022 to approximately RMB 38.2 million in 2023[138] - The digital media segment's revenue grew by 230.9% from approximately RMB 20.0 million to approximately RMB 66.2 million[151] - The game product supply business revenue increased by 105.1% from approximately RMB 25.2 million to approximately RMB 51.7 million[151] - The cost of sales rose by 156.9% from approximately RMB 87.9 million to approximately RMB 225.7 million, with sales cost accounting for about 85.5% of total revenue[152] - Research and development expenses decreased by 31.0% from approximately RMB 37.5 million to approximately RMB 25.9 million[147] - Administrative expenses rose by RMB 13.9 million or 58.9% to approximately RMB 37.6 million, primarily due to increased employee costs, office rent, and professional fees[175] Assets and Liabilities - Total assets amounted to RMB 60,540,000 at the end of the fiscal year[43] - The company's cash and cash equivalents increased to approximately RMB 372 million from RMB 20.7 million, mainly due to funds raised from new share placements[182] - Trade receivables impairment decreased from RMB 20.4 million to RMB 6.3 million, reflecting improved recoverability of accounts receivable[176] - The company incurred income tax expenses of approximately RMB 701,000 for the year, up from RMB 321,000 in the previous year, attributed to increased taxable income from subsidiaries[162] Business Operations and Strategy - The company expanded its business structure in the first half of 2023 by developing and operating AIGC mobile applications to further scale its operations[116] - The company obtained exclusive operating rights for the NGA gaming community in the second half of 2023, ensuring a smooth transition for community operations and providing enhanced digital media distribution services[116] - The company plans to continue leveraging its strengths in mobile gaming, digital media, and game product supply, while actively exploring overseas market expansion to enhance revenue generation capabilities[120] - The company aims to increase investment in game engine development and innovative product combinations to strengthen its market competitiveness[120] - The company is expanding its game product supply business, facing challenges such as product quality from suppliers, reliance on a single customer, and fluctuations in overseas exchange rates[189] Risks and Compliance - The company may face significant risks related to contractual arrangements, including potential bankruptcy or dissolution of its consolidated affiliated entities, which could impact its ability to utilize important assets for business operations[45] - Changes in China's tax policies could lead to increased tax liabilities for the company, potentially reducing net profit margins[45] - The company faces risks in the mobile gaming sector, including new policy changes, reliance on distribution channel providers, and potential delays in payments from settlement agents, which could adversely affect cash flow and financial performance[188] - The company is committed to adhering to corporate governance codes and has complied with all applicable provisions throughout the fiscal year 2023[131] Corporate Governance - The company has received exemptions from strict compliance with certain listing rules regarding ongoing connected transactions under the contractual arrangements[53] - The board reviews the overall performance and compliance of contractual arrangements at least once a year, ensuring transparency for shareholders and potential investors[53] - No significant transactions or arrangements involving the company's business have been established by any directors or their related entities during the fiscal year 2023[56] - The company has not entered into any management or administrative contracts concerning the majority of its business during the fiscal year 2023[57] - The company has purchased appropriate liability insurance for directors and senior officers to mitigate risks associated with potential legal claims[60] - The company estimates a low risk of significant events requiring directors to assume major responsibilities in the foreseeable future[60] - The independent non-executive directors have confirmed their independence and commitment to notify the exchange of any changes affecting their independence[100] - The company has established formal and informal channels for independent non-executive directors to express their opinions openly[100] - The board of directors is required to meet at least four times a year, approximately once per quarter, with the majority of directors participating[91] - The company’s independent non-executive directors are provided with ongoing updates regarding legal and regulatory developments to assist them in fulfilling their roles[78] - The company’s independent non-executive directors are evaluated annually to ensure compliance with independence requirements[100] Stock Options - The stock option plan allows the company to grant options to eligible participants, with a maximum limit of 54,600,000 shares, representing 10% of the total issued shares as of the report date[89] - The stock options granted to any participant within any 12-month period cannot exceed 1% of the issued shares, requiring shareholder approval for any excess[105] - The stock option plan has been effective since February 21, 2020, and has approximately six years remaining[96] - The board has the authority to grant options exceeding the plan limit upon shareholder approval and compliance with listing rules[89]

Revenue Growth - Revenue increased by approximately RMB 160.0 million or 154.0% to approximately RMB 263.9 million for the fiscal year ending December 31, 2023, compared to RMB 103.9 million for the previous year[9] - The group's revenue for the year ended December 31, 2023, was approximately RMB 263.88 million, compared to RMB 103.91 million for the year ended December 31, 2022, representing a significant increase[38] - Total revenue for 2023 reached RMB 263,880,000, an increase of 153.5% compared to RMB 103,910,000 in 2022[69] - Revenue from mobile games development and operation was RMB 144,416,000, up 155.8% from RMB 56,499,000 in the previous year[69] - Revenue from other countries/regions surged to RMB 145,781,000, compared to RMB 12,083,000 in 2022, marking a significant increase[69] User Engagement - The average monthly paying users increased from approximately 23.6 thousand to approximately 152.8 thousand, driven by the expansion into overseas mobile gaming markets[4] - The number of paying users increased to 1,833.8 thousand, representing a growth of 546.6% from 283.6 thousand in 2022[76] - Average monthly paying users rose to 152.8 thousand, a 547.5% increase from 23.6 thousand in 2022[76] Profitability and Loss - Gross profit rose to RMB 38.2 million, a 138.1% increase from RMB 16.0 million in the previous year[7] - The company reported a net loss of RMB 53.8 million, a 37.5% improvement from a loss of RMB 86.0 million in the previous year[7] - The net loss for fiscal year 2023 was approximately RMB 53.8 million, narrowing from a loss of RMB 86.0 million in fiscal year 2022[134] - The group reported a pre-tax loss for the year of RMB 53.32 million, a decrease from RMB 84.45 million in 2022[93] Expenses and Cost Management - The cost of sales increased by approximately RMB 137.8 million or 156.9% to about RMB 225.7 million for the fiscal year ending December 31, 2023, with sales cost accounting for approximately 85.5% of total revenue[13] - Administrative expenses rose by approximately RMB 13.9 million or 58.9% to about RMB 37.6 million for the fiscal year ending December 31, 2023, mainly due to increased employee costs and professional fees[16] - Research and development expenses decreased by 31.0% to RMB 25.9 million, reflecting a strategic shift in resource allocation[7] - Other expenses for the fiscal year 2023 were approximately RMB 16.0 million, up from RMB 14.4 million in fiscal year 2022, primarily due to increased impairment provisions for investments in joint ventures[129] Strategic Plans and Future Outlook - The company plans to continue diversifying its business and enhancing profitability through flexible resource allocation and market expansion strategies[1] - The company aims to accelerate the development of AIGC mobile applications and expand its overseas market presence[1] - The company plans to expand its market presence and invest in new product development to sustain growth[69] - The company aims to leverage the opportunities presented by the AI technology boom to enhance its market competitiveness and explore innovative product combinations[138] Financial Position and Management - The group had no bank borrowings as of December 31, 2023, with an asset-liability ratio of 0.04%, a significant decrease from 14.3% in the previous year[23] - As of December 31, 2023, the group's cash and cash equivalents totaled approximately RMB 37.2 million, an increase from approximately RMB 20.7 million as of December 31, 2022[144] - The group has adopted a prudent cash and financial management policy to achieve better cost control and minimize capital costs, with cash generally deposited in banks and primarily denominated in RMB[153] Risks and Challenges - The group faced risks related to reliance on distribution channels and potential delays in payments from agents, which could adversely affect cash flow and financial performance[29] - The company is expanding its game product supply business, facing challenges such as product quality and reliance on a single customer[30] - The group is also addressing risks associated with external disruptions, such as system outages and cyberattacks, which could impact its digital media content operations[36] Shareholder and Corporate Governance - The company’s shares were listed on the Main Board of the Hong Kong Stock Exchange on March 17, 2020[60] - The financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards and presented in Renminbi (RMB) thousands[49] - The financial statements for the year ended December 31, 2023, have been reviewed by Ernst & Young, ensuring consistency with the group's financial data[111] - The board expresses gratitude to shareholders, management, employees, business partners, and customers for their continuous support and contributions[118]

Financial Performance - Revenue for the first half of 2023 reached RMB 142.8 million, a significant increase of 230.5% compared to RMB 43.2 million in the same period of 2022[45]. - Gross profit surged to RMB 23.6 million, reflecting a remarkable growth of 2,611.8% from RMB 872,000 year-on-year[45]. - The company's loss narrowed to approximately RMB 10.5 million, down 70.0% from a loss of RMB 35.2 million in the first half of 2022[45]. - The company reported a pre-tax loss from operating activities of RMB (10,193) thousand for the six months ended June 30, 2023, an improvement from a loss of RMB (35,090) thousand for the same period in 2022[20]. - The group reported a loss of approximately RMB 10.5 million in the first half of 2023, compared to a loss of approximately RMB 35.2 million in the first half of 2022[94]. - The total comprehensive loss for the period was RMB 7,355 thousand, a substantial decrease from RMB 37,443 thousand in the previous year[197]. - The loss attributable to the parent company was RMB 7,227 thousand, down from RMB 35,920 thousand year-over-year[197]. Assets and Liabilities - As of June 30, 2023, the company's total assets amounted to RMB 228,366 thousand, compared to RMB 115,679 thousand as of December 31, 2022, reflecting an increase of 97.2%[19]. - The company's cash and cash equivalents increased to RMB 52,472 thousand as of June 30, 2023, up from RMB 20,715 thousand as of December 31, 2022, representing a growth of 153.5%[19]. - The company's asset-liability ratio decreased to 7.0% as of June 30, 2023, down from 14.3% as of December 31, 2022, indicating improved financial stability[10]. - Total assets grew by 97.4%, from RMB 115.7 million in 2022 to RMB 228.4 million in 2023[69]. - The company's total equity as of June 30, 2023, was RMB 135,171 thousand, reflecting an increase from RMB 101,070 thousand at the end of 2022[197]. - Non-current liabilities decreased to RMB 11,877 thousand from RMB 18,823 thousand, representing a reduction of approximately 37.5%[200]. - Total equity reached RMB 135,171 thousand, up from RMB 54,347 thousand, showing a growth of approximately 148.5%[200]. Revenue Streams - Revenue from digital media content distribution increased from approximately RMB 2.9 million in the first half of 2022 to approximately RMB 41.5 million in the first half of 2023, representing a growth of 1,312.4%[85]. - Revenue from game product supply was approximately RMB 39.6 million in the first half of 2023, a new business segment launched in the second half of 2022[110]. - Total revenue from customer contracts was approximately RMB 142.8 million in the first half of 2023, compared to approximately RMB 43.2 million in the first half of 2022[109]. User Metrics - The number of paying players increased to 680,000, representing an increase of 821.4% from 73,800 in the previous year[58]. - Average monthly paying users rose to 113,300, up 821.1% from 12,300 in the same period last year[58]. - The average revenue per paying user decreased to RMB 114.9, down 76.7% from RMB 493.0 year-on-year[58]. - The average revenue per paying user in the gaming business decreased from approximately RMB 493.0 in the first half of 2022 to approximately RMB 114.9 in the first half of 2023, primarily due to a larger base of paying users and lower average revenue from overseas paying users[59]. - The number of average monthly paying users in the gaming business increased from approximately 12.3 thousand in the first half of 2022 to approximately 113.3 thousand in the first half of 2023[81]. Research and Development - The company's R&D expenses increased by 121.8%, from approximately RMB 5.5 million in the first half of 2022 to approximately RMB 12.2 million in the first half of 2023, driven by increased investment in multiplayer mobile game projects and AIGC product development[66]. - Research and development expenses increased to RMB 12.19 million in the first half of 2023, compared to RMB 5.50 million in the same period of 2022, reflecting a growth of 121.5%[168]. - The company plans to utilize the remaining proceeds for research and development of gaming and AI products, with an expected timeline for utilization by June 30, 2024[161]. Corporate Governance and Compliance - The company has established corporate governance measures to avoid conflicts of interest among directors, ensuring operational independence from related entities[156]. - The company has maintained compliance with corporate governance codes and regulations throughout the reporting period[192]. - The company is currently not in compliance with the minimum number of independent non-executive directors required by listing rules[134]. Strategic Initiatives - The company entered into a cooperation agreement with Infinities Technology (Cayman) Holding Limited to establish a joint venture aimed at expanding advertising distribution services in the People's Republic of China[1]. - The company plans to further develop new products and technologies in collaboration with Infinities Cayman, focusing on advertising traffic supply agreements[1]. - The company plans to enhance its market competitiveness by increasing investment in game engine development and operations[39]. - The company aims to explore new business models and integrate AIGC technology into its operations for future growth[39]. - The company plans to continue expanding its mobile game development and operations, digital media content distribution, and game product supply businesses in the second half of 2023[75]. - The company aims to enhance its revenue-generating capabilities by further exploring market demands and accelerating the expansion of its game product supply market, particularly in overseas markets[75]. Risks and Challenges - The group faced major risks including external disruptions such as system interruptions on distribution platforms and potential cybersecurity threats[102]. - Key challenges include reliance on distribution channel providers and potential delays or defaults in payments from settlement agents, which could adversely affect cash flow and financial performance[123]. - The group is facing difficulties related to the quality of game products sourced from suppliers and potential losses during transportation[146]. - The group relies on a single customer, which poses a risk to its operations[146]. - The group is exposed to foreign exchange fluctuations that may negatively impact cash flow or financial performance[146]. Other Financial Information - The company does not plan to declare an interim dividend for the first half of 2023, consistent with the previous year[142]. - The company has not issued any share options since the adoption of the share option scheme on February 21, 2020, and there are no unexercised options as of June 30, 2023[163]. - The company issued 582 thousand shares during the reporting period, raising RMB 87,597 thousand[197]. - The company's accumulated losses as of June 30, 2023, stood at RMB 107,781 thousand, compared to RMB 48,567 thousand at the end of 2022[197].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就 因本公告全部或任何部份內容而產生或因依賴該等內容而引致之任何損 失承擔任何責任。 Infinities Technology International (Cayman) Holding Limited 多 牛 科 技 國 際（ 開 曼 ）集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1961） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 多 牛 科 技 國 際（開 曼）集 團 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」） 宣佈本公司及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止 六 個 月（「二 零 二 三 年 上 半 年」）的 未 經 審 核 中 期 簡 明 合 併 業 績，連 同 二 零 二二年同期的比較數字。 財務表現摘要 截至六月三十日止六個月 二零二三年 二零二二年 變動 （人民幣千元）（人民幣千元） (%) （未經審核） （未經審核） 收益 142,787 43 ...