Financial Performance - Revenue for 2024 was RMB 995,347 thousand, a decrease of 20.0% compared to RMB 1,244,723 thousand in 2023[11] - Gross profit for 2024 was RMB 200,036 thousand, down 52.5% from RMB 420,717 thousand in 2023[11] - The company reported a loss before tax of RMB 44,846 thousand in 2024, compared to a profit of RMB 271,671 thousand in 2023, representing a decline of 116.5%[11] - The net loss for the year was RMB 43,703 thousand, a significant drop from a profit of RMB 263,935 thousand in 2023, marking a 116.6% decrease[11] - Revenue from integrated marketing business reached RMB 179.5 million for the fiscal year ending December 31, 2024[46] - Revenue from AR and VR marketing services dropped by 32.2%, from RMB 845.1 million in 2023 to RMB 573.1 million in 2024, influenced by lower demand and a concentration of advertising platforms[62] - Revenue from AR and VR content reached RMB 211.3 million, a decrease of 36.7% year-on-year, with project numbers dropping from 170 to 115[32] - Revenue from the e-commerce sector fell significantly from RMB 84.0 million in 2023 to RMB 27.4 million in 2024 due to a reduction in advertising spending by major clients[63] - The company's revenue decreased by 20.0% from RMB 1,244.7 million in the year ending December 31, 2023, to RMB 995.3 million in the year ending December 31, 2024, primarily due to a decline in AR and VR marketing services and content revenue[60] Assets and Liabilities - Non-current assets decreased to RMB 202,255 thousand in 2024 from RMB 228,621 thousand in 2023[12] - Current assets increased to RMB 1,568,254 thousand in 2024, up from RMB 1,492,653 thousand in 2023[12] - Trade receivables increased from RMB 561.5 million as of December 31, 2023, to RMB 641.9 million as of December 31, 2024, due to longer payment cycles from customers[97] - Prepayments rose from RMB 594.0 million as of December 31, 2023, to RMB 755.4 million as of December 31, 2024, primarily due to increased prepayments for advertising traffic related to AR and VR marketing services[98] - Trade and other payables increased from RMB 148.1 million as of December 31, 2023, to RMB 253.6 million as of December 31, 2024, driven by higher procurement amounts and extended payment terms from suppliers[99] - Contract liabilities increased from RMB 13.1 million as of December 31, 2023, to RMB 29.1 million as of December 31, 2024, with revenue of RMB 13.1 million recognized related to the beginning balance of contract liabilities[100] Market and Industry Trends - The company aims to leverage technological advantages and innovative capabilities to capture the growing demand for 3D content driven by the younger generation's acceptance of virtual and real experiences[15] - The launch of products like Apple Vision Pro and Meta Quest series signifies the beginning of the "spatial computing era," creating a golden opportunity for the 3D content industry[16] - The Chinese government's focus on accelerating the development of new productive forces is expected to drive explosive growth in AR and VR/MR technology applications[14] - The company is positioned to take advantage of the increasing demand for high-precision modeling and low-latency interaction in the next generation of internet applications[15] Client and Revenue Dynamics - Domestic revenue from AR and VR marketing services decreased to RMB 428.7 million, down 42.5% from RMB 745.6 million in the previous year[28] - Overseas revenue from AR and VR marketing services increased to RMB 144.4 million, a growth of 45.0% compared to RMB 99.6 million in the previous year[28] - The number of advertising clients in the domestic market fell to 16 from 24, while the average monthly promotions per advertising product decreased from 69 to 51[29] - The number of clients decreased by 57.3% from 75 to 32, and the number of projects decreased by 32.4% from 170 to 115[33] - The company’s largest customer contributed 9.06% of total revenue for the year ended December 31, 2024, compared to 6.88% in 2023[154] Research and Development - R&D expenses increased by 64.7% from RMB 51.2 million in 2023 to RMB 84.3 million in 2024, driven by outsourced development costs related to the Flying Sky Metaverse platform[87] - The company plans to enhance product competitiveness and user experience by integrating cutting-edge technologies and exploring new application scenarios[17] Employee and Management - The company reported employee compensation totaling RMB 54.43 million for the fiscal year ending December 31, 2024, which includes salaries, bonuses, and other benefits[120] - The company has 124 full-time employees as of December 31, 2024, all located in China[120] - The group has a strong management team with extensive experience in various sectors, including technology and finance[135] - The group aims to enhance its organizational and talent management strategies under the leadership of the newly appointed Chief Human Resources Officer[135] Strategic Initiatives - The company aims to build a metaverse ecosystem through business and technology collaborations, focusing on international market expansion[17] - The company showcased its metaverse solutions at international exhibitions, attracting cooperation intentions from multiple European enterprises[21] - The company is actively participating in the standardization of the metaverse industry, contributing to national-level standard documents[24] - The company plans to enhance global market penetration and strengthen the competitiveness of AR and VR content and services through technological upgrades and content quality improvements[56] Financial Management - The company maintains a prudent treasury policy to manage its financial resources, ensuring high liquidity for future growth opportunities[113] - As of December 31, 2024, the company has no significant foreign currency risk exposure due to its operations primarily in RMB[111] - The company has no significant disputes with employees, customers, or suppliers during the reporting period[156] Shareholder Information - The total number of shares available for issuance under the post-IPO share option plan is capped at 181,000,000 shares, representing 10% of the total shares issued as of the report date[165] - The number of share options available for grant under the post-IPO share option plan as of December 31, 2024, is 108,503,000 options[165] - Mr. Wang holds 769,856,301 shares, representing 42.53% of the company, through Brainstorming Cafe Limited[184] - Both Ms. Xu and Mr. Li each hold 1,800,000 shares, representing 0.10% of the company[184] Risks and Compliance - The group has identified several key risks, including uncertainties in the Chinese SaaS industry and potential failure to improve product features to meet changing customer demands[194] - The group is committed to complying with Chinese privacy and data protection laws, although uncertainties remain[194] - The group faces intense market competition, which may hinder its ability to compete successfully with existing and future competitors[194]

Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 995.3 million, a decrease of 20.0% compared to RMB 1,244.7 million in 2023[4] - Gross profit for the same period was RMB 200.0 million, down 52.5% from RMB 420.7 million in the previous year[4] - The company reported a loss before tax of RMB 44.8 million, a decline of 116.5% compared to a profit of RMB 271.7 million in 2023[4] - The company reported a net loss of RMB 43.7 million for the year ended December 31, 2024, compared to a profit of RMB 263.9 million in 2023[86] - Revenue from AR and VR marketing services dropped by 32.2% from RMB 845.1 million in 2023 to RMB 573.1 million in 2024, influenced by lower demand and a concentration of advertising platforms[40] - Revenue from AR and VR content reached RMB 211.3 million, a year-on-year decrease of 36.7%, with the number of projects dropping from 170 to 115[14] - Revenue from AR and VR SaaS services was RMB 22.2 million, down 61.5%, primarily due to a reduction in paid subscription users and custom project numbers[29] - The company's revenue decreased by 20.0% from RMB 1,244.7 million in 2023 to RMB 995.3 million in 2024, primarily due to a decline in AR and VR content and marketing services revenue[39] Client and Project Metrics - Domestic revenue from AR and VR marketing services was RMB 428.7 million, a decrease of 42.5% from RMB 745.6 million in the previous year[11] - The number of advertising clients in the domestic market decreased to 16 from 24, while the number of overseas advertising clients increased to 6 from 4[12] - Customer count decreased by 57.3% from 75 to 32, and project count decreased by 32.4% from 170 to 115[15] - The number of clients in the AR and VR content business decreased from 75 in 2023 to 32 in 2024, leading to a 36.7% revenue decline from RMB 334.0 million to RMB 211.3 million[42] Cost and Expenses - Total cost of revenue decreased by 3.5% from RMB 824.0 million for the year ending December 31, 2023, to RMB 795.3 million for the year ending December 31, 2024[47] - Distribution and selling expenses increased by 356.5% from RMB 19.3 million in 2023 to RMB 88.2 million in 2024, driven by higher employee costs and increased promotional expenses[57] - Administrative expenses rose by 3.5% from RMB 49.6 million in 2023 to RMB 51.3 million in 2024, mainly due to increased employee costs and additional office space rental[58] - R&D expenses increased by 64.7% from RMB 51.2 million in 2023 to RMB 84.3 million in 2024, primarily due to outsourced R&D costs related to the development of the Flying Sky Metaverse platform[59] - Financing costs rose by 32.8% from RMB 4.8 million in 2023 to RMB 6.4 million in 2024, reflecting increased interest expenses from bank borrowings[60] Assets and Liabilities - Total assets decreased from RMB 1,492.7 million as of December 31, 2023, to RMB 1,568.3 million as of December 31, 2024, while total liabilities increased from RMB 268.1 million to RMB 373.5 million[87] - Trade receivables rose from RMB 561.5 million in 2023 to RMB 641.9 million in 2024, attributed to longer payment cycles from customers due to macroeconomic conditions[70] - Prepayments increased from RMB 594.0 million in 2023 to RMB 755.4 million in 2024, driven by higher prepayments for advertising traffic and integrated marketing services related to AR and VR[71] - Trade and other payables increased from RMB 148.1 million as of December 31, 2023, to RMB 253.6 million as of December 31, 2024, primarily due to increased procurement from suppliers and extended payment terms[72] Strategic Initiatives and Developments - The company launched the intelligent broadcasting control product "FT live" to enhance the virtual idol MCN brand image[5] - The company participated in international exhibitions, showcasing metaverse solutions and attracting cooperation intentions from several European enterprises[6] - The company was recognized as a "2024 Beijing Intellectual Property Pilot Unit," reflecting its leading position in technology innovation and intellectual property protection[8] - The company is actively involved in the Ministry of Industry and Information Technology's metaverse standardization working group, contributing to national standard documents[8] - The company successfully implemented multiple benchmark projects across various industries, including cultural heritage digitization and urban digital twin solutions[14] - The company developed a cross-dimensional astrophysical visualization engine, enhancing educational experiences without the need for wearable devices[14] - A new immersive exhibition themed "Rainforest Secret Realm" was created to engage audiences with biodiversity and the relationship between humans and nature[18] - The company established a media metaverse space to enhance the international dissemination of Chinese culture through a multi-dimensional virtual platform[24] Market and Growth Prospects - Monthly revenue growth for virtual IP commercialization exceeded 25%, with over 100 virtual hosts signed, indicating strong market demand[33] - The company aims to incubate over 30 ecological partners through global XR studio acquisitions, targeting a billion-level industry cluster[37] - The company is focusing on creating a comprehensive virtual MCN organization that integrates content creation, virtual live streaming, and fan economy[36] - The XR gaming business expanded its product line to include fighting, racing, and board games, enhancing the immersive experience for global users[34] - The company plans to deepen global market penetration and strengthen the competitiveness of AR and VR content and services through technological upgrades[35] - The integration of AI and XR technologies is expected to redefine the connection between people, the digital world, and physical spaces, positioning the company as a core content service provider in the "Spatial Internet" era[38] Governance and Compliance - The company has complied with all applicable principles and code provisions of corporate governance during the reporting period[111] - The company has adopted a standard code to regulate the conduct of directors and relevant employees in securities trading[112] - The audit committee has reviewed and recommended the approval of the consolidated financial statements for the year ending December 31, 2024, confirming compliance with applicable accounting standards and regulations[113] - The board consists of executive and independent non-executive directors, ensuring a diverse governance structure[123] Employee and Shareholder Matters - The company had a total of 124 full-time employees as of December 31, 2024, all located in China[105] - The company has adopted an employee stock option plan to link employee compensation with overall performance[105] - The company emphasizes training for employees to enhance professional skills and customer service quality[106] - The company did not declare any dividends for 2024, consistent with 2023[98] - The company does not recommend a final dividend for the year ending December 31, 2024[109] Future Plans and Investments - The planned use of the net proceeds includes enhancing R&D capabilities (10% or HKD 53.2 million), upgrading AR and VR development engines (8% or HKD 42.6 million), and improving operational capabilities (7% or HKD 37.2 million)[107] - The company plans to allocate HKD 79.8 million (15% of net proceeds) for selected mergers, acquisitions, and strategic investments by the end of 2025[107] - The company plans to explore opportunities in AR and VR services for Yichen Group's production and R&D processes[102]

Financial Performance - The company reported a revenue of RMB 448.0 million for the first half of 2024, a decrease of 25.2% compared to RMB 598.9 million in the same period last year[21]. - Gross profit was RMB 125.2 million, down 36.1% year-on-year, resulting in a gross margin of 28.0%[21]. - The net profit for the period was RMB 63.5 million, reflecting a decline of 45.4% from RMB 116.3 million in the previous year[21]. - Total revenue for the six months ended June 30, 2024, was RMB 322,850 thousand, a decrease from RMB 424,794 thousand for the same period in 2023, representing a decline of approximately 24%[45]. - Revenue for the six months ended June 30, 2024, was RMB 448,013 thousand, a decrease of 25.2% compared to RMB 598,956 thousand for the same period in 2023[121]. - Total comprehensive income for the period was RMB 45,054 thousand, a decrease of 46.4% compared to RMB 84,213 thousand in 2023[122]. - Basic earnings per share for the period was RMB 3.5, down from RMB 6.4 in the same period last year[122]. - The company reported a net loss of RMB (5,211) thousand for the six months ended June 30, 2024, compared to a profit of RMB 116,316 thousand for the same period in 2023[126]. Revenue Breakdown - The AR/VR marketing services segment generated revenue of RMB 322.9 million, a decrease of 24.0% year-on-year[24]. - Revenue from AR/VR marketing services decreased by 24.0% from RMB 424.8 million in the first half of 2023 to RMB 322.9 million in the first half of 2024[44]. - The AR/VR content services segment reported revenue of RMB 106.5 million, down 27.3%, despite an increase in project numbers from 73 to 86[27]. - Revenue from AR/VR content decreased by 27.3% from RMB 146.6 million in the first half of 2023 to RMB 106.5 million in the first half of 2024, primarily due to increased market competition and a reduction in customer numbers[46]. - Revenue from AR/VR SaaS business decreased by 46.9% from RMB 26.9 million in the first half of 2023 to RMB 14.3 million in the first half of 2024, due to a decline in the number of paying subscribers and custom projects[48]. - Revenue from other businesses increased by 623.9% from RMB 0.6 million in the first half of 2023 to RMB 4.3 million in the first half of 2024, attributed to new business explorations and revenue recognition from digital human development and operation services[49]. User Metrics - The number of registered users dropped by 8.2% from 8,778 in the first half of 2023 to 8,062 in the first half of 2024[30]. - The number of paying subscribers fell by 58.4% from 3,030 in the first half of 2023 to 1,259 in the first half of 2024[30]. - The average daily active users increased by 5.0% from 2,360 in the first half of 2023 to 2,479 in the first half of 2024[30]. - The number of advertising clients decreased by 33.3% to 16, while the average monthly promotion quantity per advertising product increased by 53.8% to 143[26]. Cost and Expenses - Total cost of revenue decreased by 19.9% from RMB 402.9 million in the first half of 2023 to RMB 322.8 million in the first half of 2024, mainly due to reduced traffic acquisition costs and lower subcontracting and development costs related to AR/VR content[51]. - Distribution and selling expenses increased by 49.6% from RMB 5.8 million in the first half of 2023 to RMB 8.7 million in the first half of 2024, mainly due to recognized option expenses[67]. - Administrative expenses rose by 41.5% from RMB 19.6 million in the first half of 2023 to RMB 27.7 million in the first half of 2024, also attributed to recognized option expenses[68]. - R&D expenses decreased by 49.2% from RMB 28.2 million in the first half of 2023 to RMB 14.4 million in the first half of 2024, primarily due to the progress of project delivery[69]. Strategic Initiatives - The company plans to expand its overseas market presence, particularly in Europe and the Middle East, by participating in multiple professional exhibitions in the third quarter[38]. - The company aims to enhance its 3D digital asset production efficiency using AIGC technology and invest in outstanding companies in the AIGC and XR content sectors[40]. - The company is developing a virtual human live streaming platform, "FT Live," to lower hardware costs and meet market demand[32]. - The company will continue to focus on AR/VR content and services, aiming to improve content quality and expand market share[37]. - The company is actively exploring new applications and technologies in the MR content sector, including XR games and VR large spaces[41]. Corporate Governance and Shareholder Information - The company has committed to high standards of corporate governance to protect shareholder interests and enhance transparency[115]. - The board has complied with all applicable principles and code provisions of the corporate governance code during the reporting period[115]. - The company has established an audit committee to review and supervise financial reporting procedures and risk management systems[113]. - The audit committee consists of three independent non-executive directors, ensuring strong independence in decision-making[113]. - The company has not entered into any arrangements that would allow directors to benefit from purchasing shares or debt securities of the company[105]. Future Outlook - The company plans to continue expanding its AR/VR marketing services and content offerings to drive future growth[130]. - New product development efforts are focused on enhancing AR/VR capabilities and integrating SaaS solutions[130]. - The company is exploring opportunities in virtual live streaming to enhance its service offerings and attract new users[163]. - The management has provided guidance for a 12% growth in net income for the upcoming fiscal year[163].

Financial Performance - The company reported a revenue of RMB 448.0 million for the first half of 2024, a decrease of 25.2% compared to RMB 598.9 million in the same period last year[2]. - Gross profit was RMB 125.2 million, down 36.1% year-on-year, resulting in a gross margin of 28.0%[3]. - The net profit for the period was RMB 63.5 million, reflecting a decline of 45.4% from RMB 116.3 million in the previous year[2]. - Total revenue for the six months ended June 30, 2024, was RMB 448.0 million, a decrease of 25.2% from RMB 599.0 million for the same period in 2023[60]. - Profit decreased by 45.4% from RMB 116.3 million in the first half of 2023 to RMB 63.5 million in the first half of 2024, with a net profit margin dropping from 19.4% to 14.2%[46]. - Basic earnings per share for the six months ended June 30, 2024, were RMB 3.5, down from RMB 6.4 in the prior year[61]. Revenue Breakdown - The AR/VR marketing services segment generated revenue of RMB 322.9 million, a decrease of 24.0% year-on-year, with domestic revenue falling by 33.6% to RMB 253.8 million[4]. - Revenue from AR/VR marketing services fell by 24.0% from RMB 424.8 million to RMB 322.9 million during the same period, primarily due to a reduction in advertising clients[21]. - The AR/VR content services segment achieved revenue of RMB 106.5 million, down 27.3%, despite an increase in project numbers from 73 to 86[6]. - Revenue from AR/VR content decreased by 27.3% from RMB 146.6 million to RMB 106.5 million, attributed to intensified market competition[23]. - Revenue from AR/VR SaaS business decreased by 46.9% to RMB 14.3 million for the six months ended June 30, 2024, down from RMB 26.9 million for the same period in 2023, primarily due to a reduction in paid subscription users[25]. - Revenue from other businesses increased by 623.9% to RMB 4.3 million for the six months ended June 30, 2024, compared to RMB 0.6 million for the same period in 2023, driven by new business explorations[26]. User and Client Metrics - The number of advertising clients decreased by 33.3% to 16, while the average monthly promotion per advertising product increased by 53.8% to 143[5]. - The number of registered users for AR/VR SaaS services decreased by 8.2% to 8,062, while paying subscribers dropped by 58.4% to 1,259[9]. - The number of AR/VR content projects increased from 73 in the first half of 2023 to 86 in the first half of 2024, driven by rising demand in various scenarios such as social functions and VR gaming[23]. Cost and Expenses - Cost of revenue decreased by 19.9% to RMB 322.8 million for the six months ended June 30, 2024, from RMB 402.9 million for the same period in 2023, mainly due to reduced traffic acquisition costs[27]. - Distribution and selling expenses increased by 49.6% from RMB 58.0 million in the first half of 2023 to RMB 87.0 million in the first half of 2024, mainly due to recognized option expenses[41]. - Administrative expenses rose by 41.5% from RMB 196.0 million in the first half of 2023 to RMB 277.0 million in the first half of 2024, primarily due to recognized option expenses[42]. - R&D expenses decreased by 49.2% from RMB 282.0 million in the first half of 2023 to RMB 144.0 million in the first half of 2024, mainly due to the progress of the outsourced R&D project[43]. Strategic Initiatives - The company launched a new "mission, vision, and values" initiative to enhance team cohesion and adapt to competitive pressures[3]. - The company is actively developing XR and AI technologies for digital tourism and exhibition applications, aiming to provide immersive experiences for visitors[10]. - The company plans to significantly increase the number of virtual anchors in its virtual human live streaming guild by the end of 2024[11]. - The company is developing a virtual human digital asset trading platform to integrate virtual anchor resources and provide free creative tools for users[11]. - The company is actively exploring new business opportunities, including digital human development and short drama production services, contributing to revenue growth in other business segments[26]. Market Expansion and Future Outlook - The company aims to expand its overseas business, particularly in Europe and the Middle East, by participating in multiple professional exhibitions in the third quarter[14]. - The company plans to explore business opportunities related to AR/VR applications in collaboration with Yicheng, focusing on prototype development and digitalization of production lines[89]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2025[103]. - The company projects a revenue guidance of 2.5 billion USD for the full year 2024, reflecting an expected growth of 20%[105]. Corporate Governance and Compliance - The company emphasizes high standards of corporate governance to protect shareholder interests and enhance transparency[95]. - The audit committee has reviewed the interim results and confirmed compliance with applicable accounting standards and regulations[98].

各位投资者大家上午好我是德邦证券全面互联网海外的首席马校今天我们特别荣幸和乐远中一起邀请到飞天云中的领导给大家做一个分享和交流那本次电话会议线上交流我们分两个环节首先是公司领导介绍公司的情况第二部分的话我们有一个互动交流环节那首先我们把时间交给公司领导有请 各位同学大家好上午好然后我这边就是我们这边的这个BP然后给各位领导分享一下我们公司经济的一些情况和公司这些基本面的信息 然后从整个行业上来讲就是今年整个最重大的一个事件还是苹果M2头显的一个发布那么整个头显的发布我们是从计算平台的迭代跟升迁的角度来看待的那么从PC到智能手机再到智能头显整个硬件的一个迭代跟改变也就意味着整个计算平台的一个升级 那么从这个市场空间来看,根据去年德勤出去的这个报告,那么到2035年,预期整个XR的内容体金融产业规模全球会达到3万亿美金,那么收益最大的地区还是来自亚洲地区,这个对GDP的这个贡献值也往达到1.4万亿美金。 然后从整个行业的发展的历史及未来的展望来看其实在今年会是一个比较明显的一个分水岭那么在2014年到2023年在过去的10年整个产业经历了一个比较大的波动虽然在资本技术上有这么大的一个波动但是产业方面其实在过去10 ...

各位投资者大家上午好我是德邦证券全面互联网海外的首席马校今天我们特别荣幸和乐远中一起邀请到飞天云中的领导给大家做一个分享和交流那本次电话会议线上交流我们分两个环节首先是公司领导介绍公司的情况第二部分的话我们有一个互动交流环节那首先我们把时间交给公司领导有请 各位同学大家好上午好然后我这边就是我们这边的这个VP然后给各位领导分享一下我们公司近期的一些情况和公司这些基本面的信息 然后从整个行业上来讲今年整个最重大的一个事件还是苹果M2头衔的发布那么整个头衔的发布我们是从计算平台的迭代跟升迁的角度来看待的那么从PC到智能手机再到智能头衔整个硬件的迭代跟改变也意味着整个计算平台的升级 那么从这个市场空间来看,根据去年德勤出去的这个报告,那么到2035年,预期整个XR的内容体金融产业规模全球会达到3万亿美金。那么收益最大的地区还是来自亚洲地区,整个对GDP的这个贡献值以往达到1.4万亿美金。 然后从整个行业的发展的历史及未来的展望来看其实在今年会是一个比较明显的一个分水岭那么在2014年到2023年在过去的十年整个产业经历了一个比较大的波动虽然在资本市场有这么大的一个波动但是产业方面其实在过去十年 发展的还是比较扎实的 ...

动态调整我们也是从更加理性的更加切实的一个变现渠道来推出我们的整个内容的一个适配的一个终端的一个端口所以说可以看到其实像我们目前主要的三大业务 无论是SaaS也好还是营销也好还是内容也好其实我们更多的是和手机是和电脑端进行一个内容的输出同时我们会根据一些新开发的一些头衔我们会进行适配所以说并不是完全只针对X而头衔而是根据整个行业的发展的一个节奏 然后我们来动态的去适配内容输出的一个端口然后从这个技术和这个变现的一个角度来看其实公司的一个底层的一个核心技术是我们自研的一个3D的一个开发引擎那么这款3D开发引擎它的可能的一个技术特点 主要是集中在中轻度的这种开发环境和算理平台上所以它跟unity和虚幻这样中度和重度的开发引擎是形成了一个差异化的一个打法和市场所以这个也是我们在技术方面所一直持续在迭代的一个底层的一个技术然后从B端的业务来看我们 嗯这个嗯报表上就是根据报表的这个分类啊我们是分为三大块业务啊那么第一块业务呢就是这个VRAR的这个营销服务啊然后这块业务呢我们去年大概实现了8.45亿的一个营收啊然后同比增长这个收入幅度达到这个24%左右啊然后第二个呢就是这个VRAR内容啊然后这块就是比较 呃典型的这个呃3 ...

Financial Performance - Revenue for 2023 reached RMB 1,244,723 thousand, representing a 16.7% increase from RMB 1,066,157 thousand in 2022[26] - Adjusted net profit for 2023 was RMB 273,971 thousand, up 6.3% from RMB 257,711 thousand in 2022[26] - Gross profit for the year was RMB 420,717 thousand, reflecting a 12.5% increase compared to RMB 373,995 thousand in the previous year[26] - The net profit for 2023 reached RMB 263.9 million, reflecting an 11.6% year-on-year growth[33] - The company's revenue increased by 16.7% from RMB 1,066.2 million in 2022 to RMB 1,244.7 million in 2023, primarily driven by growth in AR/VR marketing services[50] - Revenue from AR/VR marketing services rose by 24.0% from RMB 681.8 million in 2022 to RMB 845.1 million in 2023, despite a slight decline in the number of advertising clients[52] - Revenue from the tourism industry grew from RMB 109.5 million in 2022 to RMB 132.2 million in 2023, while e-commerce revenue increased from RMB 77.1 million to RMB 84.0 million[54] - Revenue from AR/VR content slightly decreased by 0.6% from RMB 336.2 million in 2022 to RMB 334.0 million in 2023, attributed to a decline in average project prices[55] - Revenue from AR/VR SaaS services increased by 31.7% from RMB 43.7 million in 2022 to RMB 57.6 million in 2023, due to a rise in the number of clients subscribing to customized projects[57] - Other business revenue surged by 80.1% from RMB 4.5 million in 2022 to RMB 8.0 million in 2023, driven by new business explorations[58] Business Expansion and Strategy - The company expanded its business into overseas markets, marking the first step in its international strategy[30] - The company aims to strengthen its core AR/VR content and services while exploring new business directions and overseas markets[30] - The company expanded its AR/VR marketing services to overseas markets, generating RMB 99.6 million in revenue from 4 overseas advertising agencies[36] - In 2023, the company expanded into digital human development and operation services, accumulating nearly 5 million fans and over 20 million likes across its digital human virtual image matrix[44] - The company plans to leverage new hardware platforms to enhance C-end content demand, focusing on high-quality digital human live streaming solutions[47] - The company aims to explore the Web3.0 domain through investments in various sectors, including public chains and decentralized finance[49] - The company plans to establish a metaverse industry fund in collaboration with local governments and other listed companies to invest in promising early-stage enterprises in the AR/VR content and service sectors[49] Research and Development - The company increased its R&D investment, focusing on the application of AI technologies in digital content production[30] - The company will continue to develop its AI capabilities, utilizing generative AI models to enhance content production efficiency and reduce costs[47] - R&D expenses rose by 5.6% from RMB 48.5 million for the year ended December 31, 2022, to RMB 51.2 million for the year ended December 31, 2023, driven by higher employee costs and outsourced R&D expenses related to the development of the Flying Sky Metaverse platform[75] Assets and Liabilities - Non-current assets decreased to RMB 228,621 thousand from RMB 248,823 thousand in 2022[29] - Current assets rose to RMB 1,492,653 thousand, up from RMB 1,278,627 thousand in the previous year[29] - The net asset value increased to RMB 1,452,232 thousand from RMB 1,225,405 thousand in 2022[29] - Trade receivables rose from RMB 375.5 million as of December 31, 2022, to RMB 561.5 million as of December 31, 2023, in line with business growth[85] - Prepayments increased from RMB 485.5 million as of December 31, 2022, to RMB 594.0 million as of December 31, 2023, primarily due to higher prepayments for advertising traffic related to AR/VR marketing services[87] - Bank borrowings rose from RMB 80.0 million as of December 31, 2022, to RMB 95.0 million as of December 31, 2023, driven by operational funding needs due to business expansion[92] Employee and Management - As of December 31, 2023, the group has 142 full-time employees, all located in China[102] - The group emphasizes competitive compensation and a supportive environment to attract and retain qualified personnel[102] - Employee compensation includes base salary, bonuses, and performance-related incentives, with regular reviews based on qualifications and market conditions[102] - The executive team includes experienced individuals with over 18 years in internet technology and software engineering[103][104] - The group has adopted an employee stock option plan to align employee compensation with overall performance[102] Corporate Governance - The company is committed to high standards of corporate governance to ensure sustainable returns for shareholders[198] - The board has adopted principles and provisions of the corporate governance code as the foundation of its governance practices[198] - The board consists of a balanced mix of executive and independent non-executive directors, ensuring strong independent judgment[200] - The governance framework is designed to enhance transparency and accountability within the company[198] Risks and Compliance - The company has identified several key risks, including the ability to maintain operational performance and manage growth effectively[157] - The company faces uncertainties related to compliance with privacy and data protection laws in China[157] - The company has established a family trust for estate planning purposes, with Vistra Trust (Singapore) Pte. Limited acting as the trustee[155] - The company believes that the contractual arrangements are crucial for its legal structure and business operations[172] Shareholder Information - The company reported no final dividend for the fiscal year ending December 31, 2023[114] - The company has maintained at least 25% of its shares held by the public, complying with the minimum public holding requirement[188] - The total number of shares available for issuance under the post-IPO share option plan is capped at 181,000,000 shares, representing 10% of the total shares issued as of the report date[133]

] y r t s u d n I _ e l b a T [ [ 飞Ta 天bl 云e_ 动T （itl 0e 6] 6 10.HK）动态点评 公 司 研 业绩持续增长，外扩商业版图 究 挖掘价值 投资成长 / 互 [Table_Rank] 增持 联 （维持） 网 2024 年 04 月 08 日 / 证 券 研 [东Ta方bl财e_富Au证th券or研] 究所 究 [【Tab事le_项Sum】ma ry] 证券分析师：高博文 报 告 证书编号：S1160521080001 证券分析师：陈子怡  公司于 3 月 28 日发布 2023 年业绩公告。2023 年公司实现营业收入 证书编号：S1160522070002 12.45亿元（yoy+16.7%），实现归母净利润2.64亿元（yoy+11.5%）。 联系人：潘琪 电话：021-23586487 【评论】 [相Ta对b指le数_P表ic现Qu ote]  主线业务全面发展。2023年公司AR/VR营销服务实现收入8.45亿元 1.45% -14.94% （yoy+24.0%），其中国内营销业务实现收入7.46亿元（yoy+9.4%）； -31.34% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated steady revenue growth, achieving an operating income of 1.245 billion HKD in 2023, a year-on-year increase of 16.7%, and a net profit of 264 million HKD, up 11.5% year-on-year. The growth is driven by the expansion of AR/VR marketing services and the increase in average spending by advertisers [5] - The company is focusing on the development of C-end digital humans and XR content, which is expected to drive future growth. The digital human matrix has accumulated over 5 million fans, indicating potential for monetization through various channels [6] - The collaboration with Lanting Digital to produce XR content and the development of AI models are expected to create a second growth curve for the company, particularly with the anticipated demand for MR content in the C-end market [7] Summary by Relevant Sections Financial Performance - In 2023, the company reported an operating income of 1.245 billion HKD, with a year-on-year growth of 16.7%. The net profit was 264 million HKD, reflecting an 11.5% increase. The AR/VR marketing services revenue reached 845 million HKD, up 24% year-on-year, while AR/VR content revenue slightly decreased by 0.65% to 334 million HKD. The AR/VR SaaS service revenue grew by 31.7% to 58 million HKD, driven by a 103% increase in paid users [5][8] - The projected net profits for 2024, 2025, and 2026 are estimated at 332 million HKD, 397 million HKD, and 464 million HKD respectively, with corresponding EPS of 0.18, 0.22, and 0.26 HKD [5] Business Development - The company has expanded its digital human development and operation services, creating virtual personas and providing comprehensive solutions to various industry clients. This initiative has led to a significant fan base, which is expected to facilitate monetization through fan economy and commercial partnerships [6] - The partnership with Lanting Digital for the XR version of a popular concert and the ongoing development of AI models are anticipated to enhance operational efficiency and drive growth in XR content [7]