Financial Performance - For the six months ended June 30, 2023, the Group recorded total revenue of RMB40.9 million, a decrease of 51.8% from RMB84.8 million in the same period of 2022[8]. - Revenue from online interactive entertainment services decreased by 51.9% to RMB39.5 million, compared to RMB82.0 million in the corresponding period in 2022[8]. - The Group achieved a gross profit of RMB35.7 million, with a gross profit margin of 87.3%, up from 79.7% in the previous year[12]. - The net profit for the period was RMB7.6 million, a significant recovery from a net loss of RMB313.2 million in the same period of 2022[12]. - Adjusted net profit for the period was also RMB7.6 million, compared to an adjusted net loss of RMB289.9 million in the previous year[12]. - Adjusted EBITDA for the period was RMB9.3 million, compared to an adjusted LBITDA of RMB279.4 million in the same period of 2022[12]. - The Company reported a profit attributable to owners of RMB7.8 million and a net profit of RMB7.6 million, with adjusted net profit also at RMB7.6 million[52]. - Total comprehensive income for the period was RMB72,084, contrasting with a comprehensive loss of RMB213,517 in the previous year[101]. - Basic and diluted earnings per share for the six months ended June 30, 2023, were RMB0.007, recovering from a loss of RMB0.258 per share in 2022[115]. - Profit before income tax for the first half of 2023 was RMB8,230, a recovery from a loss of RMB307,781 in the same period last year[195]. Revenue Streams - Revenue for the six months ended June 30, 2023, was RMB40,906, a decrease of 51.8% compared to RMB84,808 in the same period of 2022[101]. - Revenue from live social video platforms was RMB37,308, a decrease of 49.7% compared to RMB74,186 in the same period of 2022[181]. - Game operation revenue for the same period was RMB2,175,000, down 72.3% from RMB7,852,000 in 2022[181]. - The software research and development segment generated revenue of RMB1,423,000, slightly down from RMB1,536,000 in the previous year[181]. - The Group's major revenue streams are derived from online interactive entertainment services, primarily through its live social video platform and online games[189]. Operational Adjustments - The decline in revenue was primarily due to structural adjustments in domestic and overseas business ratios, affecting the number of paying users and average revenue per user[8]. - The Company is focusing on diversifying its core business and expanding into overseas social network markets to mitigate operational risks[7]. - The Company is actively pursuing changes to enhance operational efficiency and risk management awareness in response to regulatory challenges in China[7]. - The company plans to adjust the proportion of domestic versus overseas live streaming businesses to mitigate operational risks in response to enhanced regulatory scrutiny[70]. - The management team believes that optimizing business lines and operational structures will enhance the long-term competitiveness and sustainability of the live streaming business[71]. - The company is committed to optimizing operational efficiency and reducing costs to improve profitability in the upcoming quarters[196]. Market Expansion and Technological Advancements - The Group is enhancing its live streaming platforms to improve user experience and engagement, including new features like "host PK" and "dating party"[14]. - The overseas live social video businesses are expected to become a core revenue driver for the Group going forward[48]. - The Group is actively exploring technological advancements and new social networking tools to enhance global market expansion and diversify revenue sources[59]. - The overseas version of the flagship live streaming platform "Miao Broadcasting," named "Mlive," received positive user feedback in the Southeast Asian market[65]. - The Group provided technical support services to "Boomlive," a local live-streaming platform in Indonesia, generating stable income during the reporting period[65]. - The overseas live streaming platform Mlive has gained significant recognition in the Southeast Asian market, contributing to stable revenue for the company[68]. - The company has been strategically investing in overseas markets since 2016, expecting its overseas social video live streaming business to become a core revenue driver in the future[68]. - The company is exploring new market expansion strategies to enhance revenue streams and improve overall financial performance[196]. - Future outlook includes potential new product launches and technology developments aimed at increasing user engagement and market share[196]. Financial Stability and Assets - As of June 30, 2023, the Company held ETFs valued at RMB88.2 million, with a fair value gain of RMB15.6 million during the reporting period[55]. - The Group's venture capital and private equity funds had a total value of RMB590.0 million, realizing a fair value gain of RMB4.6 million during the reporting period[58]. - As of June 30, 2023, the total value of the company's venture capital and private equity funds was RMB590.0 million, with a fair value gain of RMB4.6 million during the reporting period[73]. - The company received cash returns of RMB42.5 million from certain venture capital and private equity funds, compared to RMB1.9 million in the same period of 2022[73]. - Total liabilities decreased to RMB299,862,000 as of June 30, 2023, down from RMB532,958,000 as of December 31, 2022, indicating improved financial stability[118]. - Net assets increased to RMB2,444,185,000 as of June 30, 2023, compared to RMB2,372,101,000 at the end of 2022, reflecting a positive growth trend[118]. - The Group's borrowings significantly reduced to RMB116,983,000 from RMB318,613,000, indicating a decrease in leverage[118]. Risk Management and Compliance - The Company has not adopted any new standards that are expected to have a significant effect on its financial information for the current reporting period[115]. - There have been no changes in the risk management department or policies since December 31, 2022, maintaining consistency in risk oversight[128]. - The Audit Committee reviewed the interim results for the six months ended June 30, 2023, ensuring compliance with accounting principles and practices[114]. - The audit committee, consisting of three independent non-executive directors, oversees the financial reporting process and internal controls of the Company[168].

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 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的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Tian Ge Interactive Holdings Limited 天 ...

Financial Performance - The net loss from continuing operations for the year ended December 31, 2022, was RMB 533.4 million, compared to a profit of RMB 78.97 million in 2021, indicating a significant decline[21]. - The adjusted net loss for the same period was RMB 501.1 million, a decrease from a profit of RMB 96.5 million in 2021[21]. - The company's total revenue for the year ended December 31, 2022, was RMB 142.1 million, a decline from RMB 210.5 million in 2021[66]. - Revenue for the year ended December 31, 2022, was RMB 142.1 million, a decrease of 32.5% from RMB 210.5 million in 2021[166]. - Gross profit for the same period was RMB 111.6 million, with a gross margin of 78.6%, up from 76.3% in the previous year[166]. - The net loss attributable to owners of the company was RMB 533.4 million, compared to a profit of RMB 79.0 million in 2021, resulting in a net loss margin of (375.5%) [166]. - Adjusted net loss for the year was RMB 501.1 million, with an adjusted net loss margin of (352.7%) [166]. - The company recorded a loss of RMB 24.6 million from venture capital and private equity fund investments for the year ended December 31, 2022, compared to a gain of RMB 144.6 million in 2021[174]. Assets and Liabilities - Total current assets increased to 2,372,878 million, up from 1,583,997 million, representing a growth of approximately 49.9%[1]. - Total assets reached 3,545,968 million, a rise from 3,156,540 million, indicating an increase of about 12.3%[1]. - Total equity attributable to shareholders was 2,831,408 million, compared to 2,372,126 million, reflecting a growth of approximately 19.3%[3]. - Total liabilities decreased to 312,370 million from 638,021 million, showing a reduction of about 51.0%[3]. - Non-current liabilities were reported at 112,599 million, a slight increase from 26,234 million, indicating a growth of approximately 328.5%[3]. - Current liabilities decreased significantly to 199,771 million from 519,354 million, a reduction of approximately 61.6%[3]. - The overall total of equity and liabilities was 3,156,540 million, compared to 2,905,059 million, indicating an increase of about 8.6%[3]. Investments and Financial Instruments - The fair value of financial assets measured at fair value through profit or loss decreased by 20.1% to RMB 1,926.3 million as of December 31, 2022, from RMB 2,409.5 million in 2021[24]. - The fair value of other financial instruments increased by 56.5% to RMB 990.3 million as of December 31, 2022, compared to RMB 632.7 million in 2021[25]. - Fund investments increased by 5.6% to RMB 611.9 million as of December 31, 2022, from RMB 579.4 million in 2021, primarily due to new subscriptions during the year[26]. - Private investments saw a significant decrease of 53.3%, dropping to RMB 139.7 million from RMB 298.7 million in 2021[24]. - The fair value of convertible promissory notes held by the group decreased by 45.5% to RMB 12.0 million from RMB 22.0 million as of December 31, 2021[40]. - The fair value of structured notes held by the group plummeted by 98.9% to RMB 6.5 million from RMB 617.9 million as of December 31, 2021, due to significant losses exceeding the predetermined safety buffer[41]. Operational Highlights - The company focused on diversifying its core business and expanding into overseas social networking markets during the reporting period[169]. - The flagship product "Mlive," an overseas version of "喵播," continued to receive high recognition from users in Southeast Asia[172]. - The company upgraded features on its live streaming platform to enhance user experience and interaction, including "主播對壘" and "交友派對" functionalities[171]. - The company provided technical support services for "Boomlive," a local live streaming platform in the Indian market[172]. - The company plans to develop comprehensive financial services over the next three to five years to support its core business and enhance shareholder returns[175]. User Metrics - The number of monthly active users decreased by approximately 23.5% year-on-year to 1,255,000 as of December 31, 2022, compared to 1,641,000 in 2021[193]. - The number of quarterly paying users dropped by 39.8% year-on-year to 97,000 from 161,000 in the same period of 2021[193]. - The number of monthly active users decreased by 62.6% year-over-year to 1,552,000 as of December 31, 2022[195]. - The number of quarterly paying users decreased by 28.3% year-over-year to 145,000[195]. - The percentage of mobile quarterly paying users accounted for 73.3% of total quarterly paying users as of December 31, 2022, down from 77.2% and 81.3% in the previous two years[194]. Regulatory and Compliance Issues - The group is subject to various regulations from multiple government departments in China, which restrict its business operations[72]. - The group must maintain sufficient cash reserves to meet operational funding needs and future business growth[86]. - The group is required to obtain a network culture business operating license from the Ministry of Culture for any internet cultural products offered for profit[74]. - The group faces potential penalties for non-compliance with regulations regarding virtual currency in online gaming[78]. - The group’s business operations are heavily regulated, with foreign investment in certain sectors being prohibited[76]. Corporate Governance - The board of directors has the authority to declare and distribute dividends to shareholders based on applicable laws and regulations[114]. - The board of directors confirmed the independence of all independent non-executive directors as per the listing rules[142]. - The board of directors has received annual independence confirmations from all independent non-executive directors[142]. - The company has not established any stock-linked agreements during the reporting period, except for the disclosed share incentive plan[124]. - There were no significant contracts involving the controlling shareholder or its subsidiaries during the year ended December 31, 2022[135]. Social Responsibility and Sustainability - The company is committed to corporate social responsibility and sustainable development, focusing on energy conservation and waste reduction initiatives[112]. - The company did not make any charitable donations or other contributions during the year ended December 31, 2022, consistent with 2021[129].

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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Tian Ge Interactive Holdings Limited 天 鴿 互 動 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1980） 截至2022年12月31日止年度的年度業績公告 財務摘要 （以下財務資料，除資產總值及負債總額外，均來自持續經營業務） 截至12月31日止年度 （以人民幣千元計） 2022年 2021年 收益 142,073 210,530 －在線互動娛樂服務 137,155 203,497 －其他 4,918 7,033 毛利 111,622 160,695 毛利率 78.6% 76.3% （虧損）淨額╱純利 (533,440) 78,972 （淨虧損率）╱純利率 (375.5%) 37.5% ...

Financial Performance - The company reported revenue of RMB 84.8 million for the six months ended June 30, 2022, a decrease of 27.1% compared to the same period in 2021[13]. - Revenue from online interactive entertainment services decreased by 27.7% to RMB 82.0 million[18]. - The company recorded a net loss attributable to owners of RMB 313.2 million, with an adjusted net loss of RMB 289.9 million[18]. - The gross profit was RMB 67.6 million, with a gross margin of 79.7%, down from 90.4% in the previous year[13]. - The adjusted EBITDA loss was RMB 279.4 million, reflecting a significant decline compared to the previous year[13]. - For the six months ended June 30, 2022, the company reported total revenue of RMB 84.8 million, a decrease of 37.2% compared to RMB 134.0 million for the same period in 2021[47]. - The adjusted EBITDA for the reporting period recorded a loss of RMB 279.4 million, compared to a profit of RMB 153.4 million in the same period of 2021[50]. - The adjusted net loss for the period was RMB 289.9 million, a significant decline from a profit of RMB 130.6 million in the prior year[55]. - The company recorded a total loss of RMB 313.2 million attributable to shareholders, compared to a profit of RMB 171.9 million in the same period of 2021, mainly due to significant fair value losses on financial assets[43]. - The company reported a total comprehensive loss of RMB 213.3 million for the period, compared to a comprehensive income of RMB 101.9 million in the prior year[47]. User Metrics - Monthly active users totaled approximately 1.84 million as of June 30, 2022, representing a 20.0% increase from the previous quarter but a 61.6% decrease year-over-year[29]. - Quarterly paying users reached approximately 167,000, an 8.4% increase from the previous quarter but a 23.0% decrease year-over-year[30]. Business Strategy and Operations - The company plans to adjust the balance between domestic and overseas business operations due to increasing operational costs and regulatory measures[17]. - The company continues to optimize and develop its live streaming platform, enhancing user experience and interactivity[19]. - The overseas business showed positive growth, with the flagship product "Mlive" receiving high recognition in Southeast Asian markets[20]. - The company aims to diversify its main business and expand into overseas social networking markets[17]. - The company plans to expand its business coverage, including a new social model that integrates online and offline services, and aims to explore new investment opportunities in social networking[24]. - The company anticipates a recovery in the global financial market over the medium to long term and plans to develop comprehensive financial services over the next two to three years[24]. Financial Assets and Investments - The company reported a fair value loss of RMB 108.1 million from overseas structured note investments in the first half of 2022, compared to a fair value gain of RMB 47.0 million in the same period of 2021, primarily due to significant market corrections and geopolitical factors[22]. - The investment loss from venture capital and private equity funds was RMB 3.4 million in the first half of 2022, a sharp decline from a significant gain of RMB 110.1 million in the same period of 2021, attributed to long-term investments in new technology sectors[23]. - The fair value of financial assets measured at fair value through profit or loss decreased by 4.0% to RMB 2,311.9 million from RMB 2,409.5 million as of December 31, 2021[61]. - The fair value of other financial instruments increased by 29.9% to RMB 822.0 million from RMB 632.7 million as of December 31, 2021, despite a fair value loss of RMB 70.3 million during the reporting period[62]. - Fund investments increased by 6.2% to RMB 615.5 million from RMB 579.4 million as of December 31, 2021, primarily due to new subscriptions during the reporting period[67]. - The fair value of structured notes decreased by 44.9% to RMB 340.5 million from RMB 617.9 million as of December 31, 2021, with a fair value loss of RMB 108.1 million recognized during the reporting period[68]. - Investment in wealth management products decreased by 26.2% to RMB 131.4 million from RMB 178.1 million as of December 31, 2021[73]. Financial Position - Cash and cash equivalents as of June 30, 2022, amounted to RMB 669.5 million, an increase from RMB 593.3 million as of December 31, 2021[58]. - The company's debt increased from RMB 287.2 million as of December 31, 2021, to RMB 436.6 million as of June 30, 2022, resulting in a debt-to-asset ratio of 15.4%[76]. - Total assets as of June 30, 2022, amounted to RMB 3,465,257 thousand, a decrease of 1.74% from RMB 3,526,890 thousand as of December 31, 2021[168]. - Total liabilities increased to RMB 634,696 thousand from RMB 463,194 thousand, with current liabilities rising significantly from RMB 287,165 thousand to RMB 436,638 thousand[168]. - The company's equity attributable to owners decreased to RMB 2,830,561 thousand from RMB 3,063,696 thousand, reflecting a loss of RMB 313,167 thousand for the six months ended June 30, 2022[170]. - Cash and cash equivalents increased to RMB 669,452 thousand from RMB 593,319 thousand, indicating improved liquidity[168]. Expenses and Costs - Administrative expenses included a goodwill impairment provision of RMB 21.3 million due to changes in domestic business strategy[37]. - The company incurred operating losses of RMB 315.3 million for the six months ended June 30, 2022, compared to an operating profit of RMB 134.5 million in the same period of 2021[52]. - Research and development expenses decreased to RMB 19.2 million from RMB 37.1 million in the same period of 2021, indicating a reduction in investment in this area[47]. - The company’s administrative expenses increased to RMB 69.0 million from RMB 46.7 million in the same period of 2021, reflecting higher operational costs[47]. - The company’s financial costs rose to RMB 2.8 million from RMB 2.3 million in the previous year, indicating increased borrowing costs[47]. - Selling and marketing expenses were RMB 37,202 thousand, down 32.7% from RMB 55,244 thousand in the previous year[163]. - Employee costs for the reporting period amounted to RMB 49.3 million, a decrease of 25% compared to RMB 65.7 million for the same period in 2021[4]. - Share-based compensation expenses were RMB 1.7 million during the reporting period, down from RMB 8.1 million in the same period last year, representing a 79% decrease[90]. Shareholder Information - The company declared an interim dividend of HKD 0.28 per share for the six months ended June 30, 2022, compared to no dividend in 2021[95]. - As of June 30, 2022, Mr. Fu holds 330,695,000 shares, representing 26.08% of the company's ordinary shares[105]. - Mr. Ma holds 4,050,000 shares, representing 0.32% of the company's ordinary shares[105]. - Mr. Zhao holds 1,009,000 shares, representing 0.08% of the company's ordinary shares[105]. - The total shares held by UBS Trustees (B.V.I) Limited is 330,695,000, also representing 26.08%[112]. - Sina Hong Kong Limited holds 300,000,000 shares, representing 23.66%[112]. - Ho Chi Sing and Zhou Quan each hold 110,000,000 shares, representing 8.68%[112]. - IDG-Accel China Growth Fund II L.P. holds 102,146,200 shares, representing 8.06%[112]. - The company has a total of 96,203 restricted shares held by CEO Mr. Zhao[108]. - The exercise price for stock options held by Mr. Zhao is $0.35[108]. Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the financial reporting processes and internal controls for the six months ended June 30, 2022[99]. - The company has complied with all applicable corporate governance codes and listing rules during the reporting period, ensuring accountability and shareholder protection[93]. - The company has adopted various stock option plans to reward participants for their contributions, encouraging continued efforts towards the company's success[89]. - The company has appointed trustees to manage the share option plans, ensuring compliance with the plan regulations[128]. - The company’s governance practices include detailed disclosures regarding share options and incentive plans to ensure transparency[119]. Financial Risks - The group faces multiple financial risks, including market risk (foreign exchange, interest rate, and price risks), credit risk, and liquidity risk[191]. - The group has not made any changes to its risk management policies since the year ended December 31, 2021[192]. - The financial risk management disclosures in the interim consolidated financial information are not comprehensive and should be read in conjunction with the annual financial statements[191].

Financial Performance - Total revenue for 2021 was RMB 210.53 million, a decrease of 36.1% compared to RMB 329.64 million in 2020[14] - Online interactive entertainment service revenue dropped by 37.9% to RMB 203.50 million from RMB 327.88 million[14] - Gross profit decreased by 46.9% to RMB 160.70 million, with a gross margin of 76.3% compared to 91.8% in the previous year[14] - Net profit increased by 16.2% to RMB 78.97 million, resulting in a net profit margin of 37.5%[14] - Adjusted net profit rose by 11.6% to RMB 96.50 million, with an adjusted net profit margin of 45.8%[14] - Adjusted EBITDA increased by 31.4% to RMB 120.02 million, with an adjusted EBITDA margin of 57.0%[14] - For the year ended December 31, 2021, the company recorded revenue of RMB 210.5 million, a decrease of 36.1% compared to RMB 329.6 million in the same period of 2020[19] - Adjusted net profit increased by 11.6% year-over-year to RMB 96.5 million, while adjusted EBITDA rose by 31.4% to RMB 120.0 million[19] - The operating profit for the year ended December 31, 2021, was RMB 80,675 thousand, up from RMB 52,360 thousand in 2020[56] - Profit before tax was RMB 88.36 million, an increase of 49.2% from RMB 59.21 million in 2020[103] - Net profit for the year was RMB 130.61 million, up 54.7% from RMB 84.47 million in 2020[104] Assets and Liabilities - The total assets as of December 31, 2021, were RMB 3.53 billion, a slight decrease of 0.5% from the previous year[14] - Total liabilities decreased by 26.8% to RMB 463.19 million from RMB 633.13 million in 2020[14] - Cash and cash equivalents as of December 31, 2021, were RMB 593.3 million, down from RMB 973.3 million as of December 31, 2020[61] - Financial assets measured at fair value through profit or loss increased by 58.3% to RMB 2,409.5 million as of December 31, 2021, compared to RMB 1,521.7 million in 2020[64] - The fair value of other financial instruments increased by 275.1% to RMB 632.7 million as of December 31, 2021, from RMB 168.7 million in 2020[65] - The fair value of structured notes rose by 23.2% to RMB 617.9 million as of December 31, 2021, compared to RMB 501.7 million in 2020[67] - The asset-liability ratio increased to 9.4% as of December 31, 2021, from 4.9% as of December 31, 2020, with borrowings rising from RMB 141.4 million to RMB 287.2 million[87] User Metrics - Monthly active users decreased by 82.7% year-over-year to approximately 1.64 million as of December 31, 2021, down from 9.48 million in 2020[28] - Quarterly paying users were approximately 161,000, a decrease of 35.1% compared to 248,000 in the same period of 2020[28] - The average revenue per user for the quarter was RMB 231, a decrease of 14.8% compared to RMB 271 in the same period of 2020[30] - The number of virtual chat rooms decreased by 53.1% year-over-year to 18,265 as of December 31, 2021[32] Business Strategy and Development - The company aims to diversify its core business and continue optimizing content to expand overseas markets[18] - The company is focusing on sustainable development amidst regulatory challenges and intense competition in the online live streaming industry[18] - The company plans to leverage 5G and VR technology to enhance its live streaming business and improve user experience[25] - The company is optimistic about the development of overseas financial markets and aims to identify high-value investment projects[25] - The company plans to continue its strategy of market expansion and product development to enhance future growth prospects[100] Compliance and Regulatory Environment - The company strictly adheres to Chinese laws and regulations, implementing a robust content monitoring system to filter inappropriate content[138] - The company is subject to foreign investment restrictions, with foreign investors' equity not exceeding 50% in value-added telecommunications services[140] - The company must obtain a network culture business license to engage in internet cultural products and services[142] - The company is required to have a registered capital of at least RMB 10 million to operate online games[148] - The company is prohibited from allowing foreign investment in internet publishing services[145] - The company faces penalties for any online game operators that do not submit the required applications for virtual currency management[149] Shareholder Information - The total number of unexercised share options as of December 31, 2021, was 7,147,895 shares, which could dilute shareholders' equity by approximately 0.56%[99] - The company granted a total of 25,200,000 restricted shares, representing about 1.99% of the total ordinary shares as of December 31, 2021[99] - The total number of restricted shares under both pre-IPO and post-IPO plans accounted for approximately 4.19% of the total ordinary shares[99] - The total number of shares held by major shareholders indicates a concentrated ownership structure, with the top five shareholders holding over 75% of the total shares[196] - The company has a significant number of restricted shares and stock options granted to executives, indicating a focus on aligning management incentives with shareholder interests[192] Environmental and Technological Adaptation - The company is committed to environmental sustainability and has implemented a paperless operation in its real-time social video platform in China[163] - The company emphasizes the importance of adapting to rapid technological changes and the ability to innovate in product and service offerings for future success[158] - The company recognizes the need to identify and respond to market trends, particularly the shift from personal computers to mobile devices, and has invested more resources in mobile product development[156] Risks and Challenges - The company may face legal liabilities due to user-generated content on its platform, which could lead to regulatory sanctions[157] - The company has not hedged against foreign currency fluctuations, exposing it to potential financial risks[162] - The company’s growth is influenced by various factors, including economic conditions and consumer confidence, which may negatively impact performance if the Chinese economy declines significantly[154]

天鸽 tiange Tian Ge Interactive Holdings Limited 天 鴿 互 動 控 股 有 限 公 司 (於開曼群島註冊成立之股份有限公司) 股份代號：1980 202 中期幸 目錄 頁次 2 公司概覽 3 公司資料 5 財務摘要 6 主席報告 8 管理層討論與分析 20 企業管治╱其他資料 31 詞彙 32 獨立核數師報告 33 簡明綜合全面收益表 35 簡明綜合資產負債表 37 簡明綜合權益變動表 39 簡明綜合現金流量表 41 簡明綜合財務資料附註 公司概覽 關於天鴿 天鴿互動控股有限公司（「本公司」、「我們」或「天鴿」）於2008年於中國杭州市成立，其股份於2014年7月9日（「上市日 期」）在香港聯合交易所有限公司（「聯交所」）上市（「上市」）。於2015年3月，天鴿被納入恒生綜合指數系列（包括恒生 綜合指數、行業指數－資訊科技業及小型股指數）。 本公司及其附屬公司（統稱「本集團」）經營多個享有盛譽的「多對多」及「一對多」實時社交視頻社區。憑藉其行業領先 地位，天鴿推出一系列手機在線直播應用程式，並已打進海外市場（包括泰國及越南）。手機在線直播應用程式大受歡 迎，從而令 ...

Financial Performance - Revenue for 2020 was RMB 329,639 thousand, a decrease of 31.8% compared to RMB 483,498 thousand in 2019[12] - Gross profit for 2020 was RMB 302,711 thousand, down 31.3% from RMB 440,538 thousand in 2019[12] - Net profit decreased by 14.8% to RMB 67,985 thousand, compared to RMB 79,826 thousand in the previous year[12] - Adjusted net profit was RMB 113,522 thousand, a decline of 27.2% from RMB 155,880 thousand in 2019[12] - Total revenue for the year ended December 31, 2020, was RMB 380,299 thousand, down from RMB 539,329 thousand in 2019, representing a decline of approximately 29.5%[61] - Operating profit for the year ended December 31, 2020, was RMB 52,360 thousand, a significant decrease from RMB 224,858 thousand in 2019, reflecting a decline of about 76.7%[61] - The company reported a net profit attributable to owners of the company of RMB 72.2 million, a decrease of 10.1% compared to the previous year[58] - The comprehensive loss for the year ended December 31, 2020, was RMB 62.6 million, compared to a comprehensive income of RMB 95.2 million in the previous year[57] - The company incurred a loss from investments of RMB 46,737 thousand in 2020, compared to a loss of RMB 6,472 thousand in 2019, highlighting a significant increase in investment losses[67] User Metrics - The number of monthly active users decreased by 39.2% year-on-year to approximately 9.5 million as of December 31, 2020[32] - The number of quarterly paying users was approximately 248,000, down 47.6% year-on-year[32] - Monthly active users decreased by 32.9% to 12,352 thousand from 18,406 thousand in the previous year[38] - As of December 31, 2020, the total registered users reached 456 million, up from 422.5 million on December 31, 2019, representing an increase of 7.9%[37] Assets and Liabilities - Total assets increased by 1.2% to RMB 3,545,968 thousand from RMB 3,502,764 thousand[12] - Total liabilities for 2020 were RMB 633,130,000, a slight decrease from RMB 638,021,000 in 2019[126] - The company's total borrowings as of December 31, 2020, were RMB 141.4 million, with a total financing amount of USD 141.0 million from several international financial institutions[106] - The asset-liability ratio as of December 31, 2020, was 4.9%, compared to zero on December 31, 2019[107] Investments and Financial Instruments - The company has authorized investments totaling RMB 1.01 billion in international financial instruments, expecting stable returns[26] - Investment in structured notes increased by 2,935.8% to RMB 501.7 million, primarily due to new purchases during the year[86] - Fund investments increased by 11.3% to RMB 438.7 million, with a net fair value gain of RMB 60.1 million for the year[89] - Private investments decreased by 47.0% to RMB 260.5 million, reflecting a decline in the fair value of certain investments[84] - Other financial instruments saw a significant increase of 259.1% to RMB 168.7 million, with a fair value gain of RMB 4.2 million for the year[92] Operational Strategy - The company plans to accelerate overseas business expansion, particularly in Southeast Asia, where its live streaming products received positive user feedback[22] - The company will continue to focus on optimizing its user platform and diversifying content to enhance user experience and retention[27] - The company plans to focus on market expansion and new product development in the upcoming year[128] - The management team emphasized the importance of strategic planning and operational efficiency to navigate market challenges[128] Compliance and Regulations - The group adheres strictly to Chinese laws and regulations, implementing a robust content monitoring system to filter inappropriate content[161] - The company has developed self-detection technology to identify potential violations of service terms based on user characteristics[161] - The company is required to have a minimum registered capital of RMB 10 million to operate online games and must obtain a network culture business license[171] - Foreign investors are prohibited from directly investing in online game operations or internet publishing businesses in China[168] - The company is facing potential penalties for any non-compliance with the regulations regarding virtual currency management[172] Corporate Social Responsibility - The company has made donations, reflecting its commitment to corporate social responsibility[199] - The company is committed to environmental sustainability and has implemented a paperless operation in its real-time social video platform in China[189] Employee Relations - The company has not experienced any significant labor disputes during the year ended December 31, 2020, and maintains good relationships with employees[119] - The company recognizes the importance of its team and strives to create a vibrant work environment with competitive compensation and training opportunities[189]

天鸽 tiange Tian Ge Interactive Holdings Limited 天 鴿 互 動 控 股 有 限 公 司 (於関曼群島註冊成立之股份有限公司) 股份代號：1980 中 期 報 告 # 目錄 頁次 2 公司概覽 3 公司資料 5 財務摘要 6 主席報告 9 管理層討論與分析 21 企業管治╱其他資料 32 詞彙 33 獨立核數師報告 34 簡明綜合全面收益表 36 簡明綜合資產負債表 38 簡明綜合權益變動表 40 簡明綜合現金流量表 42 簡明綜合財務資料附註 公司概覽 關於天鴿 天鴿互動控股有限公司（「本公司」、「我們」或「天鴿」）於2008年於中國杭州市成立，其股份於2014年7月9日（「上市日 期」）在香港聯合交易所有限公司（「聯交所」）上市（「上市」）。於2015年3月，天鴿被納入恆生綜合指數系列（包括恆生 綜合指數、行業指數－資訊科技業及小型股指數）。 本公司及其附屬公司（統稱「本集團」）經營多個享有盛譽的「多對多」及「一對多」實時社交視頻社區及中國最受歡迎的 美顏相機應用程式之一－無他相機應用程式（「無他相機」）。憑藉其行業領先地位，天鴿推出一系列手機在線直播應用 程式 ...

Financial Performance - Revenue for 2019 decreased by 28.3% to RMB 539.3 million, down from RMB 751.9 million in 2018[16] - Net profit for 2019 fell by 53.6% to RMB 100.1 million, compared to RMB 215.7 million in 2018[16] - Adjusted EBITDA decreased by 31.3% to RMB 298.9 million, down from RMB 434.8 million in 2018[16] - Online interactive entertainment service revenue dropped by 30.2% to RMB 442.8 million, down from RMB 634.2 million in 2018[16] - Advertising service revenue grew by 12.2% to RMB 72.1 million, compared to RMB 64.3 million in 2018[16] - The profit attributable to equity holders decreased by 57.0% year-on-year to RMB 93.8 million, while net profit decreased by 53.6% to RMB 100.1 million[25] - Adjusted net profit decreased by 47.1% year-on-year to RMB 181.2 million, while adjusted EBITDA decreased by 31.3% to RMB 298.9 million[25] - Gross profit for the same period was RMB 474.8 million, down 30.9% from RMB 686.6 million in 2018[110] - The net profit attributable to shareholders for the year ended December 31, 2019, decreased by 57.0% to RMB 93.8 million compared to the same period in 2018[59] User Engagement - Monthly active users at the end of 2019 declined by 18.9% to 45.7 million, compared to 56.3 million at the end of 2018[19] - The average monthly active users of the "Noah Camera" reached approximately 30.1 million by the end of 2019, with stable advertising revenue[27] - The number of quarterly paying users was 473 thousand, down 31.9% from 695 thousand in the same period of 2018[35] - The mobile monthly active users accounted for 97.0% of total monthly active users as of December 31, 2019, up from 89.3% a year earlier[36] - The company reported a significant increase in user engagement, with a year-over-year growth of 25% in active users[118] Market Expansion and Strategy - The company aims to expand into international markets, particularly in Southeast Asia, amidst challenges in the domestic market[19] - The company expanded its overseas operations significantly in 2019, particularly in Vietnam and Thailand, with positive progress in user growth and business development[28] - The company plans to leverage 5G technology to enhance user experience and explore new interactive scenarios such as VR live streaming[30] - The company aims to expand its market presence in Southeast Asia by replicating successful domestic business models[30] - The company plans to continue leveraging its strengths in product innovation and overseas market expansion to achieve globalization[21] - The live streaming and camera applications are identified as the three main drivers of the company's growth strategy moving forward[24] Financial Position - Total assets increased by 11.0% to RMB 3,502.8 million, up from RMB 3,156.5 million in 2018[16] - Total liabilities rose by 104.3% to RMB 638.0 million, compared to RMB 312.4 million in 2018[16] - Cash and cash equivalents increased to RMB 1,033.0 million as of December 31, 2019, compared to RMB 432.6 million as of December 31, 2018[72] - The company reported a net deferred tax liability of RMB 94.5 million as of December 31, 2019, reflecting a 32.0% increase from the previous year[91] - The asset-liability ratio remained at 0% for both December 31, 2019, and December 31, 2018[95] Cost Management - Sales and marketing expenses for the year ended December 31, 2019, decreased by 27.7% to RMB 119.1 million compared to the same period in 2018[49] - Administrative expenses for the year ended December 31, 2019, decreased by 12.0% to RMB 96.9 million compared to the same period in 2018[50] - Research and development expenses for the year ended December 31, 2019, decreased by 25.2% to RMB 71.8 million compared to the same period in 2018[51] - The management team emphasized the importance of maintaining operational efficiency, aiming for a 5% reduction in operational costs[118] Shareholder Information - The company has not declared a final dividend for the year ended December 31, 2019, consistent with the previous year[159] - The board of directors retains the authority to declare dividends based on various financial and operational factors, including cash reserves and future growth plans[160] - As of December 31, 2019, the company's distributable reserves were approximately RMB 800 million, unchanged from the previous year[165] Regulatory Compliance - The company is subject to the Telecommunications Regulations and must obtain an ICP license to operate as an Internet Content Provider in China[140] - The company has been in compliance with the Internet Information Service Management Measures since their promulgation in 2000, which classify internet services into operating and non-operating categories[140] - The company operates real-time social video platforms in China through local entities to comply with foreign ownership restrictions, with foreign investors' equity capped at 50%[141] - The company holds necessary licenses, including ICP and network culture operation permits, to engage in internet cultural activities[144] Investment and Financial Products - The company has obtained a financial license in Hong Kong to improve asset yield on idle capital[29] - The company completed the sale of a 36% stake in Jinhua Rui'an Investment Management Co., Ltd. for approximately RMB 292.6 million, with the transaction finalized on July 5, 2019[92] - The company recognized a fair value gain of RMB 2.8 million on the remaining 22.5% stake in Yibo for the year ended December 31, 2019[84] - The total historical investment in nine venture capital funds amounted to RMB 272.6 million, with a fair value increase of 10.6% to RMB 394.2 million as of December 31, 2019[86] Employee and Management Information - Employee costs for the year amounted to RMB 146.4 million, a decrease from RMB 151.6 million in 2018[107] - The company’s management team has extensive experience in telecommunications and technology, with key personnel holding significant positions in various related companies[128][130] - The executive directors have signed three-year service agreements, which can be terminated under certain conditions[170] Risks and Challenges - The company faces foreign exchange risks as most of its subsidiaries operate in RMB, with significant exposure to foreign currency fluctuations[157] - The company's potential growth is constrained by various factors, including economic conditions and consumer confidence, which may negatively impact performance due to uncertainties in China's economic outlook[151] - The company acknowledges the potential negative impact on business and financial performance if it fails to identify and respond to market trends[152]