Revenue Performance - The company reported total revenue of RMB 5.3 million for the six months ended June 30, 2024, a decrease of 87.0% compared to RMB 40.9 million in the same period of 2023[3]. - Revenue from online interactive entertainment services dropped 91.7% to RMB 3.3 million, down from RMB 39.5 million year-on-year, primarily due to the suspension of domestic live streaming operations[3]. - For the six months ended June 30, 2024, total revenue was RMB 5,333 million, a significant decrease of 87% compared to RMB 40,906 million for the same period in 2023[48]. - The revenue from the real-time social video platform was RMB 3,228 million, down from RMB 37,308 million in the previous year, representing a decline of approximately 91%[49]. Profitability - The net profit attributable to the company's owners was RMB 44.1 million, with a net profit margin of 824.8%, compared to RMB 7.6 million and a margin of 18.5% in the previous year[1]. - The company achieved adjusted net profit of RMB 44.1 million, significantly up from RMB 7.6 million in the same period last year, resulting in an adjusted net profit margin of 827.4%[1]. - The net profit for the period was RMB 43,987 thousand, a substantial increase of 480.5% from RMB 7,580 thousand in the prior year[39]. - The total comprehensive income for the period was RMB 60,042 thousand, compared to RMB 72,084 thousand in the same period last year, indicating a decrease of 16.5%[39]. Cost Management - Cost of revenue decreased by 77.2% year-over-year to RMB 1.2 million, with a gross margin of 77.7% compared to 87.3% in the same period last year[13]. - Selling and marketing expenses decreased by 79.6% year-over-year to RMB 4.3 million due to challenges from the suspension of domestic operations[14]. - Administrative expenses decreased by 19.6% year-over-year to RMB 28.0 million, reflecting efforts to streamline management costs[15]. - Research and development expenses decreased by 68.1% year-over-year to RMB 3.8 million, primarily due to strategic adjustments following the suspension of domestic operations[16]. Strategic Adjustments - The company implemented a strategic adjustment to suspend domestic live streaming operations in response to regulatory challenges, leading to a labor cost saving of RMB 18.1 million and a 41.6% reduction in employee numbers[6]. - The company is focusing on expanding its overseas live streaming services and has successfully launched a localized platform "KiWi Live" in Indonesia, which is gaining popularity and increasing market share[4]. - The company plans to establish a professional operational team for its overseas business and tailor live streaming strategies to meet cultural and consumer preferences in target markets[8]. - The company aims to optimize its financial asset portfolio to support strategic expansion and improve capital utilization efficiency while managing investment risks[8]. Financial Assets and Investments - The fair value of the company's venture capital and private equity funds reached RMB 553.1 million, with fair value gains of RMB 21.9 million during the reporting period, compared to RMB 4.6 million in the same period of 2023[7]. - As of June 30, 2024, the financial assets measured at fair value through profit or loss amounted to RMB 1,658.7 million, an increase of 6.3% from RMB 1,560.4 million as of December 31, 2023[23]. - The fair value of other financial instruments increased by 7.4% to RMB 887.0 million, with a fair value gain of RMB 31.2 million reported during the period[24]. - The fair value of fund investments rose by 3.1% to RMB 553.1 million, with a fair value gain of RMB 21.9 million recognized during the reporting period[25]. User Metrics - As of June 30, 2024, the total monthly active users decreased to approximately 106,000, representing a decline of 88.5% year-over-year and a decrease of 15.2% quarter-over-quarter[10]. - The number of quarterly paying users was approximately 4,000, down 95.9% year-over-year and down 20.0% quarter-over-quarter[10]. - The average revenue per user for the quarter was RMB 314, an increase of 68.8% year-over-year but a decrease of 9.2% quarter-over-quarter[10]. Employee and Operational Metrics - The company had 111 full-time employees as of June 30, 2024, with employee costs amounting to RMB 18.5 million, down from RMB 36.6 million for the six months ended June 30, 2023[36]. - The company completed the sale of Hangzhou Hantang Cultural Communication Co., Ltd. for RMB 20.0 million, receiving RMB 17.0 million during the reporting period[34]. - The company adopted a new share option and restricted share unit plan, which is expected to incentivize employee contributions and align interests with shareholders[37]. Debt and Liabilities - The asset-liability ratio improved to 5.6% as of June 30, 2024, down from 6.0% as of December 31, 2023, due to a reduction in borrowings[32]. - Total borrowings decreased from RMB 135.1 million as of December 31, 2023, to RMB 128.3 million as of June 30, 2024[32]. - The company has no significant contingent liabilities or asset pledges as of June 30, 2024[35]. Shareholder Information - The board approved an interim dividend of HKD 0.01 per share for the reporting period, consistent with the dividend declared in 2023[72]. - The company will suspend share transfer registration from September 26 to September 27, 2024, to determine shareholders eligible for the interim dividend[73].

Financial Performance - For the year ended December 31, 2023, the Group recorded total revenue of RMB67.6 million, a decrease of 52.4% from RMB142.1 million for the same period in 2022[20]. - Revenue from online interactive entertainment services decreased by 51.6% to RMB66.4 million for the year ended December 31, 2023, compared to RMB137.2 million for the same period in 2022[20]. - The loss attributable to owners of the Company was RMB134.7 million, with a net loss of RMB135.1 million and an adjusted net loss of RMB132.8 million for the year ended December 31, 2023[20]. - Revenue for the year ended December 31, 2023, was RMB 67,621,000, a decrease of approximately 52.5% from RMB 142,073,000 in 2022[36]. - The net loss for 2023 was RMB (135,052,000), significantly improved from a net loss of RMB (533,440,000) in 2022[36]. - The adjusted LBITDA for the year ended December 31, 2023, was RMB120.6 million[20]. - For the year ended December 31, 2023, the Group recorded net other losses totaling RMB62.1 million, a significant decrease from RMB405.8 million in 2022, primarily due to fair value losses on various investments[122][124]. - The Group's finance income, net was RMB3.0 million for the year ended December 31, 2023, compared to finance costs of RMB7.5 million in 2022, attributed to increased interest income on cash and cash equivalents[124][126]. Operational Changes - The strategic adjustment to suspend domestic online live streaming business reflects the Company's commitment to long-term development strategy[22]. - The Group plans to adjust the proportion of its domestic and overseas live streaming business to mitigate operational risks and maintain competitiveness[29]. - The Group will continue to explore new social networking tools and investment opportunities to diversify income sources and expand into the global market[31]. - The latest live streaming platform "KiWi live" in Indonesia commenced operations in 2023, marking a key step in the Group's international expansion strategy[47]. - The total number of suspended live streaming platforms was 0 as of December 31, 2023, compared to 1,255 in the same period of 2022, indicating a complete halt in domestic operations[83]. User Metrics - Monthly active users (MAUs) as of December 31, 2023, totaled approximately 166,000, representing a decrease of about 86.8% year-over-year due to the suspension of the domestic live streaming business[57]. - The number of quarterly paying users (QPUs) for the same period was approximately 6,000, reflecting a decrease of approximately 93.1% from the previous quarter and a decrease of approximately 93.8% year-on-year, primarily due to the suspension of domestic live streaming platforms[87]. - Mobile monthly active users accounted for 100.0% of total monthly active users as of December 31, 2023, up from 92.0% and 90.4% in the previous quarters[85]. Cost Management - For the year ended December 31, 2023, the Group's selling and marketing expenses decreased by 46.5% year-on-year to RMB 34.9 million, attributed to a decline in domestic marketing fees and labor costs[68]. - Administrative expenses for the same year decreased by 38.3% year-on-year to RMB 76.8 million, mainly due to an impairment provision of RMB 27.7 million in the previous year and a strategic reduction in domestic operations[69]. - Research and development expenses decreased by 57.5% year-on-year to RMB 17.6 million, resulting from a strategic restructuring of the domestic R&D workforce and plans to utilize overseas R&D outsourcing[70]. - The Group's cost of revenue decreased by 71.2% year-on-year to RMB 8.8 million for the year ended December 31, 2023, attributed to reduced internet bandwidth and server custody fees, as well as the suspension of the domestic live streaming business[92]. Investment and Assets - The Company held venture capital and private equity funds with a total value of RMB536.4 million as of December 31, 2023, with a fair value loss of RMB42.0 million during the year[26]. - The investment return from venture capital and private equity funds reached RMB49.0 million in 2023, significantly up from RMB2.6 million in the previous year[29]. - Total assets as of December 31, 2023, were RMB 2,560,083,000, down from RMB 2,905,059,000 in 2022[36]. - Total liabilities decreased to RMB 307,099,000 in 2023 from RMB 532,958,000 in 2022[36]. Risk Management - The board is committed to annually reviewing the effectiveness of risk management and internal control systems, which are designed to manage risks rather than eliminate them[196]. - The company emphasizes the importance of risk management for investment projects, implementing various procedures to track and mitigate potential risks[199]. - The monitoring architecture for risk management is divided into three levels, covering risk identification, assessment, and management measures[199]. - The board takes overall responsibility for assessing the nature and extent of risks the company is willing to take in achieving its strategic objectives[196]. Compliance and Governance - The company has established a track record of compliance with the qualification requirements despite a lack of clear guidance[163]. - The company confirmed that there were no related party transactions that required disclosure under the listing rules during the reporting period[160]. - Shareholders of the PRC Operating Entities may have conflicts of interest, and they have undertaken not to engage in competing businesses without prior written consent[178]. - The company has not entered into any contracts that have been terminated as of the reporting date[166].

Revenue Performance - Revenue from the real-time social video platform for the year ended December 31, 2023, was RMB 63,249,000, a decrease from RMB 125,282,000 in 2022, representing a decline of approximately 49.6%[2] - Total revenue for the year ended December 31, 2023, was RMB 67,621,000, down from RMB 142,073,000 in 2022, indicating a decrease of about 52.4%[2] - Revenue from online interactive entertainment services decreased by 51.6% to RMB 66.4 million from RMB 137.2 million in the previous year[189] - The company's revenue from online interactive entertainment services was RMB 66.4 million for the year ended December 31, 2023, down 51.6% from RMB 137.2 million in the previous year[189] Financial Performance - The net loss from financial assets at fair value through profit or loss was RMB 62,113,000 for the year ended December 31, 2023, compared to a loss of RMB 405,801,000 in 2022, showing an improvement[14] - The net loss for the year was RMB 135.1 million, an improvement from a net loss of RMB 533.4 million in the previous year[162] - Adjusted net loss amounted to RMB 132.8 million, compared to RMB 501.1 million in 2022[162] - Other net losses totaled RMB 62.1 million, significantly reduced from RMB 405.8 million in the previous year, with major losses from various investments offset by gains from other financial instruments[198] Asset Management - Non-current assets in mainland China (excluding Hong Kong) decreased to RMB 184,037,000 in 2023 from RMB 222,424,000 in 2022, reflecting a decline of approximately 17.3%[9] - The company's total non-current assets decreased to RMB 259,085,000 in 2023 from RMB 301,611,000 in 2022, reflecting a decline of about 14.1%[9] - The total assets of the company as of December 31, 2023, were RMB 2,560.1 million, down from RMB 2,905.1 million in 2022[162] Expenses and Cost Management - Employee benefits expenses, including share-based payment expenses, were RMB 68,445,000 for the year ended December 31, 2023, down from RMB 91,285,000 in 2022, a reduction of about 25.0%[10] - Advertising and promotional expenses decreased significantly to RMB 15,512,000 in 2023 from RMB 34,145,000 in 2022, a decline of approximately 54.6%[10] - Total expenses for revenue costs, sales and marketing, administrative, and R&D for the year ended December 31, 2023, were RMB 138,007,000, down from RMB 261,396,000 in 2022, a decrease of approximately 47.3%[10] - Sales and marketing expenses decreased by 46.5% year-on-year to RMB 34.9 million, primarily due to reduced domestic marketing costs and labor costs, while increasing investment in overseas markets[193] - Administrative expenses decreased by 38.3% year-on-year to RMB 76.8 million, mainly due to a reduction in employee costs and office rental expenses following a strategic contraction in domestic operations[194] - Research and development expenses decreased by 57.5% year-on-year to RMB 17.6 million, attributed to a strategic restructuring of domestic R&D personnel and plans to utilize overseas outsourcing for R&D services[195] Taxation and Government Grants - The effective corporate income tax rate for Hangzhou Tiange and Zhejiang Tiange is 15% for the year 2023, down from the standard rate of 25%[20] - The company reported a tax expense of RMB 11.3 million for the year ended December 31, 2023, compared to RMB 6.2 million in 2022[23] - The company received government grants totaling RMB 6,227,000 in 2023, a substantial increase from RMB 240,000 in 2022, indicating a growth of over 2,500%[14] Investment and Financial Instruments - The total fair value of financial assets decreased to RMB 1,560,403,000 from RMB 1,926,253,000, a decline of 18.9%[68] - Other financial instruments reported a fair value gain of RMB 24,661,000 compared to a loss of RMB 178,362,000 in the previous year[76] - The company reported a fair value gain of RMB 3,834,000 from ETF investments in 2023, compared to a fair value loss of RMB 176,582,000 in 2022[78] - The company confirmed a fair value loss of RMB 27.2 million on its equity securities investment for the year ended December 31, 2023[155] Shareholder Information - The total number of shares repurchased in the year ended December 31, 2023, was 4,722,000, with a total cash consideration of approximately RMB 1,648,000[96] - The company declared a dividend of RMB 10,824,000 for 2023, with a per share payment of HKD 0.01[97] - The company proposed a final dividend of HKD 0.01 per share for the year ended December 31, 2023, compared to no dividend in 2022[145] Strategic Initiatives - The new live streaming platform "KiWi live" was launched in Indonesia in 2023, marking a significant step in the company's international expansion strategy[30] - The company is focusing on developing new live streaming products and enhancing user experience through market research and technology development[28] - The company aims to replicate successful domestic business models in overseas markets as part of its growth strategy[28] - The company is expanding into the international social networking market and repositioning its core business to mitigate operational risks in the domestic market[166] User Engagement - Monthly active users decreased by 86.8% year-over-year to approximately 166,000 for the three months ended December 31, 2023, primarily due to the suspension of the domestic live streaming platform[185] - The average revenue per user for the online interactive entertainment service increased by 52.3% year-over-year to RMB 390 for the three months ended December 31, 2023[186]

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]

Financial Performance - The company reported revenue of RMB 116.4 million for the first half of 2021, a decrease of 37.1% compared to RMB 185.1 million in the same period of 2020[15]. - Revenue from online interactive entertainment services decreased by 38.4% to RMB 113.4 million[15]. - The net profit attributable to owners of the company increased by 272.5% to RMB 123.2 million, while net profit from continuing operations rose by 289.0% to RMB 122.1 million[20]. - Adjusted net profit decreased by 29.0% to RMB 34.5 million, and adjusted EBITDA fell by 22.4% to RMB 49.3 million[20]. - The gross profit margin was 90.4%, slightly down from 92.4% in the previous year[15]. - The total comprehensive income for the six months ended June 30, 2021, was RMB 153.6 million, compared to RMB 55.9 million in the same period of 2020[51]. - The company reported a profit of RMB 171,927 thousand for the six months ended June 30, 2021, compared to RMB 35,914 thousand for the same period in 2020, indicating a significant increase of approximately 378%[180]. - The company reported a significant increase in other income to RMB 167,316 thousand, compared to RMB 7,728 thousand in the previous year, marking a growth of 2,067.5%[169]. User Metrics - The total number of monthly active users as of June 30, 2021, was approximately 4.79 million, a decrease of 44.3% compared to March 31, 2021, and a decrease of 67.7% compared to June 30, 2020[30]. - The number of quarterly paying users was approximately 217,000, down 17.5% from the previous quarter and down 46.7% year-over-year[30]. - The average revenue per user for the quarter was RMB 247, an increase of 10.8% from the previous quarter and an increase of 15.4% year-over-year[32]. - The number of registered users reached 466 million as of June 30, 2021, compared to 459 million as of June 30, 2020[35]. Investment and Financial Assets - The company achieved investment income of RMB 47 million from structured note investments in the first half of 2021[24]. - The company reported significant investment income of RMB 110 million from venture capital and private equity funds in the first half of 2021[25]. - Financial assets measured at fair value through profit or loss increased by 56.8% to RMB 2,386.7 million as of June 30, 2021, from RMB 1,521.7 million at the end of 2020[66]. - The fair value of structured notes increased by 48.0% to RMB 742.7 million as of June 30, 2021, primarily due to new acquisitions and net fair value gains of RMB 47.0 million during the reporting period[68]. - The fair value of other financial instruments surged by 245.6% to RMB 582.9 million, with a recognized fair value gain of RMB 17.6 million in the first half of 2021[70]. - Fund investments increased by 31.5% to RMB 576.9 million, driven by new investments of RMB 54.0 million and net fair value gains of RMB 110.1 million[72]. Operational Strategy - The company is focusing on optimizing and developing its core platform to enhance user experience and interaction, including upgrades to features like "host duels" and "one-on-one voice/video chat"[21]. - The company aims to expand its overseas market presence while adhering to its core business amidst regulatory challenges in the Chinese mobile internet sector[19]. - The company continues to focus on enhancing its operational performance and exploring new strategies for market expansion and product development[54]. - The company plans to leverage the development of 5G and VR technologies to enhance its live streaming business and improve user experience[26]. Corporate Governance and Shareholder Information - The board did not declare any interim dividend for the six months ended June 30, 2021[101]. - The audit committee reviewed the financial reporting process and internal controls for the six months ended June 30, 2021[102]. - The company adhered to all applicable provisions of the corporate governance code during the reporting period[99]. - As of June 30, 2021, Mr. Fu Zhengjun held 330,695,000 shares, representing approximately 26.10% of the company's equity[108]. - The company has a stock incentive plan to reward directors and senior management, adopted on December 9, 2008, with revisions made on March 30, 2021[122]. Cash Flow and Financial Position - Cash and cash equivalents as of June 30, 2021, were RMB 814.7 million, compared to RMB 973.3 million as of December 31, 2020[65]. - The company's cash flow statement for the six months ended June 30, 2021, indicates a positive cash flow from operating activities, contributing to the overall financial health[185]. - Operating cash flow for the six months ended June 30, 2021, was RMB (87,302) thousand, a significant decrease from RMB (3,885) thousand in the same period of 2020[186]. - The company reported a significant increase in cash received from the sale of financial assets at fair value through profit or loss, amounting to RMB 1,882,330 thousand, compared to RMB 1,299,834 thousand in the same period of 2020[186]. - The company incurred a payment of RMB (2,615,822) thousand for financial assets at fair value through profit or loss, compared to RMB (1,134,781) thousand in the same period of 2020[186].