Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's social business revenue for 2023 grew by 16.2% year-on-year to RMB 2.97 billion, with a gross margin increase of 14.6 percentage points to 48.1%, driven by product upgrades and improved content quality [1] - The innovative business segment saw a revenue increase of 38.6% year-on-year to RMB 340 million, with a gross margin rise of 4.1 percentage points to 87.2%, attributed to the successful launch of new products like Sudoku games [1][2] - The company launched a hit game "Alice's Dream: Merge Island" in 2023, achieving high rankings in global charts and generating significant overseas revenue [2] - The social business strategy of "multiple products, multiple markets" has shown success, with several products entering top revenue rankings [12] Financial Summary - For 2023, the company reported total revenue of RMB 3.31 billion, an 18.1% increase year-on-year, with a net profit of RMB 512.85 million, reflecting a 294.2% year-on-year growth [11] - The forecast for net profit is adjusted to RMB 4.5 billion for 2024 and RMB 5.2 billion for 2025, with an expected net profit of RMB 6.0 billion in 2026 [13] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 6 for 2024, 5 for 2025, and 4 for 2026, indicating strong growth potential [13]

截至2023年12月31日止年度之年度業績公告 1 (2) 於2020年5月、2021年3月及2023年3月，董事會批准根據受限制股份單位計劃向若干 僱員及管理層分別授予合共55,227,573份受限制股份單位、957,333份受限制股份單位及 2,441,170份受限制股份單位。以股份為基礎的報酬開支根據受限制股份單位計劃的歸屬期 確認，截至2023年12月31日止年度約為人民幣5,315,000元，相當於若干僱員及管理層自 本公司取得的經濟利益。進一步詳情，請參閱本公司日期為2020年5月28日、2021年3月 24日及2023年3月24日的公告。截至2023年12月31日止年度，本公司一間附屬公司確認 以股份為基礎的報酬開支約為人民幣23,611,000元。 收入達33.1億元 同比增長18.1% +K 單位：人民幣 自2013年開始，我們已經在全球化的道路上前行了十年。十年間，我們的腳步遍 及一百多個國家和地區，堅持為全球用戶創造美好情緒價值。 未來，我們將堅定發力泛人群社交業務這一核心業務，同時積極發展多元人群社 交業務及精品遊戲業務；我們將堅定押注中東北非市場，同步積極開拓東南亞、 日韓、北美等多 ...

赤子城科技有限公司 二零二三年中期報告 截至6月30日止六個月 下表載列我們於所示期間的毛利及毛利率： 赤子城科技有限公司 二零二三年中期報告 管理層討論及分析 截至2023年6月30日止六個月的銷售及市場推廣開支為人民幣246.6百萬元，較截至2022年6月30日止 六個月的人民幣198.8百萬元增加24.0%，此乃主要由於加大力度推廣我們的創新業務。 經營利潤 財務成本╱（收入）淨額 所得稅開支╱（抵免） 赤子城科技有限公司 二零二三年中期報告 截至6月30日止六個月 為補充我們根據《國際財務報告準則》呈列的合併綜合收益表，我們亦採納並非《國際財務報告準則》規 定或並非按《國際財務報告準則》呈列的經調整EBITDA作為額外財務計量指標。我們認為該非國際財務 報告準則計量指標有助於投資者識別我們業務中的潛在趨勢，該等非國際財務報告準則計量指標通過消 除我們管理層認為不能反映我們經營業績的項目的潛在影響，為投資者在了解及評估我們經營業績時提 供了有用信息，這與我們的管理層在比較會計期間的財務業績時採取的方式相同。我們亦認為，該非國 際財務報告準則計量指標就我們的經營業績提供了有用信息，增強了對我們過往業績及未 ...

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，並明確表示概不會就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 截至2023年6月30日止六個月之中期業績公告 在本公告中，「我們」及「我們的」指本公司及本集團（視乎文義所指）。 1 附註： 於2021年8月30日，董事會向32名合資格人士授出合共80,000,000份購股權。授予包括授 予承授人的與績效掛鈎的購股權，一般歸屬期限在10年內。各承授人的購股權將分四期歸 屬，惟須待與本公司有關的若干績效目標獲達成後，方可作實。績效目標由董事會釐定。 就該等獎勵而言，評估於2022年6月30日進行，以評估達到績效目標的可能性。截至2022 年6月30日止六個月，以股份為基礎的報酬開支確認為人民幣17,524,000元。 於2021年8月30日，董事會向32名合資格人士授出合共80,000,000份購股權。授予包括授 予承授人的與績效掛鈎的購股權，一般歸屬期限在10年內。各承授人的購股權將分四期歸 屬，惟須待與本公司有關的若干績效目標獲達成後，方可作實。績效目標由董事會釐 ...

Revenue and Profit Growth - Revenue reached RMB 2.8 billion, a year-on-year increase of 18.6%[33] - Social business revenue reached RMB 2.56 billion, a year-on-year increase of 22.0%[33] - Profit attributable to the company's owners reached RMB 130 million, a year-on-year increase of 145.5%[33] - Customer contract revenue reached 2,799,698 thousand RMB in 2022, an increase of 18.6% compared to 2,359,816 thousand RMB in 2021[35] - Gross profit was 1,057,907 thousand RMB in 2022, up 5.4% from 1,003,320 thousand RMB in 2021[35] - Net profit for the year was 287,335 thousand RMB in 2022, a significant turnaround from a loss of 387,125 thousand RMB in 2021[35] - Adjusted EBITDA increased to 374,688 thousand RMB in 2022, up 4.9% from 357,067 thousand RMB in 2021[35] - Total revenue for 2022 reached RMB 2,799.7 million, a year-on-year increase of 18.6%[76] - Social business revenue increased by 22.0% to RMB 2,557.4 million in 2022, driven by a diversified product matrix and localized operations[76] - The company's net profit for 2022 was RMB 287.3 million, a year-on-year increase of 174.2%[64] - Gross profit increased by 5.4% to RMB 1,057.9 million in 2022, with social business gross profit rising to RMB 856.6 million[96] - Operating profit for 2022 was RMB 269.3 million, a significant improvement from an operating loss of RMB 390.1 million in 2021, driven by reduced share-based compensation expenses and increased gross profit[120] User Growth and Engagement - Average monthly active users of social products reached 22.9 million, a year-on-year increase of 20.0%[22] - YoHo's paying users increased by 40% year-on-year[33] - Overseas users account for 40% of the total user base, with significant growth potential in overseas social business[9] - YoHo's paying users grew by 40% year-on-year, entering the top 10 social app charts in the US, France, and Italy[61] - Yumy achieved over 50 million downloads with a Google Play rating of 4.9, turning profitable monthly with improving gross margins[61] - TopTop, a new social gaming platform, saw a revenue increase of over 30% in Q4 2022 compared to Q3, with average daily user engagement of 60 minutes[61] - MICO entered the top 15 social app charts in the US and Japan, expanding its presence in developed markets[61] R&D and Innovation - The company has 522 R&D personnel, accounting for 62% of the total workforce, with a year-on-year increase of 55%[33] - R&D investment reached 210 million RMB in 2022, a 62.1% increase year-over-year[40] - R&D expenses increased by 62.1% to RMB 212.1 million in 2022, mainly due to higher employee benefit costs[97] - The company plans to explore innovative fields such as AIGC and the metaverse to diversify its business and meet varied social entertainment needs[74] - The company is paying attention to the needs of the Z generation and exploring new product forms to cater to this demographic[95] Social and Gaming Business Performance - The company's self-developed game "Mergeland-Alice's Adventure" achieved monthly revenue exceeding $1 million[11] - The company's social business achieved stable growth, with social products' commercial value continuously improving[40] - The company's game "Mergeland" series saw rapid growth in downloads and revenue, entering the top 10 puzzle game charts in 25 countries/regions on Google Play[51] - The company entered the global LGBTQ social entertainment market through its investment in BlueCity, a market expected to grow from 5 billion USD in 2020 to nearly 10 billion USD by 2025[47][54] - The company's synthetic puzzle games have accumulated nearly 1.5 billion USD in global revenue since 2017, with 400 million downloads by Q2 2022[44] - The company plans to focus on core social business and improve operational efficiency to achieve high-quality growth in 2023[57] - The company plans to explore the integration of gaming and social businesses to provide more diversified services and generate additional profit and cash flow[87] Financial and Operational Costs - Total assets amounted to RMB 1.72 billion, with non-current assets increasing to RMB 743.6 million[21] - Revenue cost for 2022 was RMB 1,741.8 million, a 28.4% increase from RMB 1,356.5 million in 2021[78] - Social business revenue cost increased by 28.9% to RMB 1,700.8 million in 2022, driven by higher host sharing, employee benefits, and payment processing fees[80] - Gross margin decreased from 42.5% in 2021 to 37.8% in 2022, with social business gross margin dropping from 37.0% to 33.5% due to increased host sharing costs[84] - Sales and marketing expenses decreased by 4.1% to RMB 484.1 million in 2022, primarily due to the iteration of the traffic monetization business[91] - General and administrative expenses decreased by 84.7% to RMB 111.8 million in 2022, largely due to a reduction in share-based compensation expenses[97] - Revenue from innovative business reached RMB 41.0 million in 2022, a 9.9% increase compared to RMB 37.3 million in 2021, primarily due to increased payment fees from premium game business[117] - Gross profit for social business was RMB 856.6 million, with a gross margin of 33.5%, representing a 10.3% year-on-year increase[118] - Gross profit for innovative business was RMB 201.3 million, with a gross margin of 83.1%, showing an 11.3% year-on-year decline[118] - Total gross profit for 2022 was RMB 1,057.9 million, with a gross margin of 37.8%, a 5.4% increase compared to 2021[118] Corporate Governance and Compliance - The company completed the registration process for equity pledges in accordance with Chinese laws and regulations[144] - The company applied for 22 trademarks in Hong Kong[145] - The company maintained a public float of at least 25% of its issued shares, complying with listing rules[150] - No significant legal proceedings were reported that could materially affect the company's business, financial condition, or operating results[147] - The board of directors consists of four executive directors and three independent non-executive directors, complying with regulatory requirements[161] - All directors attended all five board meetings held during the year, demonstrating full participation[170] - The company held two shareholder meetings in 2022: an extraordinary general meeting on March 31 and an annual general meeting on May 23[182] - The company maintains strict corporate governance policies, emphasizing transparency, accountability, and compliance with legal and regulatory requirements[176] - The board retains decision-making authority over major matters, including strategic planning, budget approval, and significant transactions[173] - The company provides comprehensive induction and ongoing professional development for directors, including training courses and access to relevant materials[164] - The company's corporate governance practices comply with the principles and code provisions of the Corporate Governance Code[177] - The Board of Directors held five meetings in 2022 to discuss and approve the company's overall strategy and policies, including the establishment of funds, share placements, share repurchases, and the approval of annual and interim reports[188] - All directors attended 2 out of 2 shareholder meetings in 2022, demonstrating full attendance[190] - The company has complied with the relevant corporate governance code provisions from the listing date to December 31, 2022[192] - The Audit Committee's main responsibilities include reviewing and supervising the financial reporting process, risk management, and internal control systems, and providing independent opinions on their effectiveness[195] - The Nomination Committee is responsible for reviewing the Board's structure, size, and composition, and recommending changes to align with the company's strategy[196] - The Nomination Committee evaluates the independence of independent non-executive directors and recommends candidates for director appointments and removals[199] - The company has complied with the requirement to appoint independent non-executive directors constituting at least one-third of the Board members[200] Budget Allocation and Utilization - The company allocated a total budget of HKD 347.1 million for business development, social business enhancement, and innovation monetization, with the entire amount utilized by December 31, 2022[160] - The company spent HKD 173.6 million on boosting social business and innovation monetization capabilities, fully utilizing the budget by December 31, 2022[160] - HKD 173.5 million was used for strategic alliances, investments, and acquisitions, with the budget fully utilized by December 31, 2022[160] Market Expansion and Strategic Focus - The company entered the top 3 of the social app bestseller list in the "Gulf Six Countries" with average daily usage time of active users reaching 60 minutes[33] - The company plans to increase investment in the Middle East and North Africa to consolidate its leading position in core markets[63] - The company will focus on developing new social products and expanding its global user base, particularly in LGBTQ and other niche markets[72] - The company will continue to strengthen brand building and focus on connecting resources globally to enhance its global brand influence[86] - The company monetized several Google Play and Apple App Store applications through mobile advertising and received payments from advertising agents[116]

5 按性質劃分的開支 截至 2022 年 1 2 月 3 1 日止年度，每股攤薄盈利乃按本公司擁有人應佔利潤人民幣 129,942,000元除以期內已發行普通股加權平均數（假設潛在攤薄普通股全部獲轉換，包括 本公司一間附屬公司發行的受限制股份單位）1,155,191,000股計算。截至2021年12月31日 止年度，由於本集團產生虧損，故潛在普通股並無納入每股攤薄虧損中計算，原因是將彼 等納入每股攤薄虧損會產生反攤薄。 於本公告，除非文義另有所指，否則下列詞語具有以下涵義： 「招股章程」 指 日期為2019年12月17日的本公司招股章程 NEWBORN TOWN INC. 赤子城科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9911） | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

市子城 newborntown 赤子城科技有限公司 Newborn Town Inc. 股票代號: 9911 (於開曼群島註冊成立的有限公司) 2022 中期報告 目錄 | --- | --- | |-------|--------------------------| | | | | 2 | 公司資料 | | 4 | 財務摘要 | | 6 | 業務概要 | | 7 | 主席報告 | | 12 | 管理層討論及分析 | | 20 | 其他資料 | | 34 | 中期財務資料的審閱報告 | | 35 | 中期簡明合併綜合收益表 | | 36 | 中期簡明合併資產負債表 | | 38 | 中期簡明合併權益變動表 | | 39 | 中期簡明合併現金流量表 | | 40 | 簡明合併中期財務資料附註 | | 69 | 釋義 | 公司資料 | --- | --- | |------------------------------------------|--------------------------------------------------------------------------| | | | | ...

赤子城 newborntown 赤子城科技有限公司 Newborn Town Inc. 股票代號: 9911 (於開曼群島註冊成立的有限公司) 2021 年報 目錄 | --- | --- | |-------|----------------------| | | | | 2 | 公司資料 | | 4 | 業務概要 | | 5 | 五年財務概要 | | 6 | 主席報告 | | 11 | 管理層討論分析 | | 20 | 董事及高級管理層履歷 | | 23 | 董事會報告 | | 46 | 企業管治報告 | | 60 | 環境、社會及管治報告 | | 96 | 獨立核數師報告 | | 101 | 合併綜合收益表 | | 103 | 合併資產負債表 | | 105 | 合併權益變動表 | | 107 | 合併現金流量表 | | 108 | 合併財務報表附註 | | | | 197 釋義 公司資料 | --- | --- | |--------------------------------------------------------------------------------------------- ...

赤子城 newborntown 赤子城科技有限公司 Newborn Town Inc. 股票代號: 9911 (於開曼群島註冊成立的有限公司) 2021 中報 MICO 目錄 | --- | --- | |-------|--------------------------| | | | | 2 | 公司資料 | | 4 | 財務摘要 | | 5 | 業務概要 | | 6 | 主席報告 | | 10 | 管理層討論及分析 | | 19 | 其他資料 | | 26 | 中期財務資料的審閱報告 | | 27 | 中期簡明合併綜合收益表 | | 29 | 中期簡明合併資產負債表 | | 31 | 中期簡明合併權益變動表 | | 32 | 中期簡明合併現金流量表 | | 33 | 簡明合併中期財務資料附註 | | | | 54 釋義 公司資料 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------- ...

赤子城 newborntown 赤子城科技有限公司 Newborn Town Inc. 股票代號: 9911 (於開曼群島註冊成立的有限公司) 2020年報 MICO 目錄 | --- | --- | |-------|----------------------| | | | | 2 | 公司資料 | | 4 | 業務概要 | | 5 | 五年財務概要 | | 6 | 主席報告 | | 10 | 管理層討論分析 | | 19 | 董事及高級管理層履歷 | | 22 | 董事會報告 | | 41 | 企業管治報告 | | 55 | 環境、社會及管治報告 | | 80 | 獨立核數師報告 | | 87 | 合併綜合收益表 | | 89 | 合併資產負債表 | | 91 | 合併權益變動表 | | 93 | 合併現金流量表 | | 94 | 合併財務報表附註 | | | | 181 釋義 公司資料 | --- | --- | |-----------------------------------------------------------------------------------|---------- ...