博雅互动(00434) - 2024 - 中期财报

Revenue and Profit Performance - Revenue for the first half of 2024 was approximately RMB 213.4 million, a year-on-year increase of 9.8%, driven by online operations and cryptocurrency gains[7] - Q2 2024 revenue was approximately RMB 104.8 million, a year-on-year increase of 5.8%, primarily due to cryptocurrency gains[7] - Q2 2024 revenue decreased by 3.4% compared to Q1 2024, mainly due to cyclical promotional activities and a decline in online game revenue[7] - Unaudited non-IFRS adjusted net profit for H1 2024 was approximately RMB 288.2 million, a year-on-year increase of 405.5%, driven by revenue growth and cryptocurrency gains[8] - Q2 2024 unaudited non-IFRS adjusted net loss was approximately RMB 64.0 million, compared to a profit of RMB 27.5 million in Q2 2023, due to reduced cryptocurrency gains[8] - Excluding cryptocurrency and equity investment gains, H1 2024 unaudited non-IFRS adjusted net profit increased by 6.1% year-on-year[8] - Q2 2024 unaudited non-IFRS adjusted net profit increased by 5.2% year-on-year, excluding cryptocurrency and equity investment gains, due to revenue growth and cost control[8] - Q2 2024 unaudited non-IFRS adjusted net profit decreased by 12.0% compared to Q1 2024, excluding cryptocurrency and equity investment gains, due to reduced revenue and interest income[8] - Revenue increased by 5.8% YoY to RMB 104.8 million in Q2 2024, driven by digital asset appreciation[12] - Revenue for the six months ended June 30, 2024 increased by 9.8% year-over-year to approximately RMB 213.4 million, driven by online operations, game optimization, and digital asset appreciation[26] - Revenue for the three months ended June 30, 2024, increased to RMB 104,845 thousand, up 5.8% from RMB 99,056 thousand in the same period in 2023[120] - Revenue for the six months ended June 30, 2024, increased by 9.8% to RMB 213,367 thousand compared to RMB 194,285 thousand in the same period last year[186] - Revenue for the quarter ending June 30, 2024, was RMB 104,845 thousand, a 5.8% year-over-year increase but a 3.4% decrease quarter-over-quarter[188] User Metrics - Paid players decreased by 6.3% from 0.22 million in Q1 2024 to 0.21 million in Q2 2024[10] - Daily active users (DAU) decreased by 2.4% from 1.15 million in Q1 2024 to 1.12 million in Q2 2024[10] - Monthly active users (MAU) decreased by 1.9% from 4.2 million in Q1 2024 to 4.1 million in Q2 2024[10] Gross Profit and Margins - Gross profit increased by 12.3% YoY to RMB 74.5 million in Q2 2024, with a gross margin of 71.1%[15] - Gross profit for the six months ended June 30, 2024 increased by 16.9% year-over-year to approximately RMB 151.7 million, with gross margin improving from 66.7% to 71.1%[29] - Gross profit for the six months ended June 30, 2024, rose to RMB 151,653 thousand, a 16.9% increase from RMB 129,674 thousand in the same period in 2023[120] - Gross profit rose by 16.9% to RMB 151,653 thousand from RMB 129,674 thousand year-over-year[186] - Gross profit for the quarter was RMB 74,541 thousand, up 12.3% year-over-year but down 3.3% quarter-over-quarter[188] Expenses - Sales and marketing expenses decreased by 18.8% YoY to RMB 10.7 million in Q2 2024[16] - Administrative expenses increased by 15.4% YoY to RMB 27.0 million in Q2 2024 due to higher employee compensation[17] - Sales and marketing expenses for the six months ended June 30, 2024 decreased by 23.3% year-over-year to approximately RMB 18.1 million, mainly due to reduced advertising and promotional activities[30] - Administrative expenses for the six months ended June 30, 2024 increased by 15.5% year-over-year to approximately RMB 54.0 million, primarily due to higher employee compensation and benefits[31] - Sales and marketing expenses increased by 46.7% quarter-over-quarter to RMB 10,741 thousand[188] - Administrative expenses rose by 15.4% year-over-year to RMB 27,034 thousand[188] Digital Assets and Cryptocurrency - Other losses increased significantly to RMB 121.8 million in Q2 2024, primarily due to digital asset fair value changes[18] - Financial income decreased to RMB 3.2 million in Q2 2024, down from RMB 14.3 million in Q2 2023, due to reduced bank deposits from cryptocurrency purchases[20] - Other income net for the six months ended June 30, 2024 was approximately RMB 240.7 million, compared to a net loss of RMB 21.1 million in the same period of 2023, mainly due to an increase in the fair value of cryptocurrencies[32] - The fair value of digital assets as of June 30, 2024, was approximately RMB 1,688.4 million, a significant increase from RMB 78.6 million at the end of 2023, with a fair value gain of RMB 245.7 million in the first half of 2024[43] - As of June 30, 2024, the company held approximately 2,079 Bitcoin with an average cost of $51,299 per Bitcoin and 15,279 Ethereum with an average cost of$2,756 per Ethereum[45] - The company's cash and cash equivalents decreased to RMB 61.6 million as of June 30, 2024, from RMB 744.3 million at the end of 2023, primarily due to cryptocurrency purchases[47] - Digital assets surged to RMB 1,688,439 thousand as of June 30, 2024, compared to RMB 78,598 thousand as of December 31, 2023[122] - The company invested RMB 1,351,936 thousand in digital assets during the six months ended June 30, 2024[129] - Digital assets, including cryptocurrencies and stablecoins, increased significantly to RMB 1,688,439,000 as of June 30, 2024, from RMB 78,598,000 as of December 31, 2023[166] Financial Performance and Metrics - The company recorded a loss attributable to owners of approximately RMB 67.4 million for the three months ended June 30, 2024, compared to a profit of RMB 26.9 million in the same period of 2023, mainly due to a decrease in the fair value of digital assets[23] - Non-IFRS adjusted loss for the three months ended June 30, 2024 was approximately RMB 64.0 million, compared to a profit of RMB 27.5 million in the same period of 2023, excluding share-based compensation expenses[25] - Profit attributable to owners for the six months ended June 30, 2024 increased by 411.7% year-over-year to approximately RMB 284.4 million, driven by an increase in the fair value of digital assets[37] - Adjusted net profit for the six months ended June 30, 2024, was approximately RMB 288.2 million, compared to RMB 57.0 million in the same period in 2023, representing an increase of 6.1% year-over-year[38][40] - Basic earnings per share for the six months ended June 30, 2024, were RMB 42.89, a significant increase from RMB 8.43 in the same period in 2023[120] - Net profit for the period increased by 411.7% to RMB 284,379 thousand from RMB 55,580 thousand year-over-year[186] - Non-IFRS adjusted net profit grew by 405.5% to RMB 288,245 thousand compared to RMB 57,017 thousand in the same period last year[186] - Net loss for the quarter was RMB 67,412 thousand, compared to a net profit of RMB 351,791 thousand in the previous quarter[188] - Non-IFRS adjusted net loss was RMB 63,982 thousand, compared to an adjusted net profit of RMB 352,227 thousand in the previous quarter[188] Shareholder and Equity Information - Dai Zhikang holds 36,500,000 shares in the company, representing 5.14% of the total issued shares[79][80] - Tao Ying holds 335,000 shares in the company, representing 0.05% of the total issued shares[79][80] - The company has a total of 709,576,301 issued shares as of June 30, 2024[80] - Zhang Wei holds 246,237,474 shares in the company through Chunlei Investment, representing 34.70% of the total issued shares[83][84] - Cantrust (Far East) Limited holds 282,737,474 shares in the company, representing 39.85% of the total issued shares[83] - Boyaa Global Limited holds 176,572,474 shares in the company, representing 24.88% of the total issued shares[83] - Emily Technology Limited holds 69,665,000 shares in the company, representing 9.82% of the total issued shares[83] - Visioncode Holdings Limited holds 36,500,000 shares in the company, representing 5.14% of the total issued shares[83] - Core Administration RSU Limited holds 48,710,660 shares in the company, representing 6.86% of the total issued shares[83][85] - The Core Admin Boyaa Option Limited holds 4,725 shares in the company, representing a negligible percentage of the total issued shares[85] Share Options and Restricted Share Units - The company's Post-IPO Share Option Plan expired on June 30, 2024, with no further options to be granted, but previously granted options remain exercisable for approximately one year and three months[87] - No share options were granted under the Post-IPO Share Option Plan during the six months ended June 30, 2024[87] - The Pre-IPO Share Option Plan expired on June 30, 2024, with no outstanding options remaining unexercised[89] - The 2024 Share Option Plan was approved on April 19, 2024, with a validity period of 10 years, and no options were granted under this plan as of June 30, 2024[90] - The maximum number of options available for grant under the 2024 Share Option Plan was 70,957,630 shares as of June 30, 2024[90] - Under the 2021 Restricted Share Unit Plan, 3,652,084 restricted share units vested, and 404,166 units lapsed during the six months ended June 30, 2024[92] - The 2024 Restricted Share Unit Plan was adopted on March 28, 2024, with a validity period of eight years, and it will only use existing shares held by its trustee[92] - All restricted share units granted under the 2013 Restricted Share Unit Plan had vested by January 1, 2024[92] - No restricted share units were granted to employees under the 2021 Restricted Share Unit Plan during the six months ended June 30, 2024[92] - The 2021 Restricted Share Unit Plan was terminated on March 28, 2024, but rights and obligations related to previously granted units remain valid[92] - 1,900,000 restricted share units were granted and immediately vested under the 2024 Restricted Share Unit Plan during the six months ended June 30, 2024[93] - 37,390,494 shares were held by Core Administration RSU Limited under the 2021 Restricted Share Unit Plan as of January 1, 2024, with zero shares remaining as of June 30, 2024[93] - 35,894,660 shares were held by Core Administration RSU Limited under the 2024 Restricted Share Unit Plan as of June 30, 2024[93] - 48,184,079 unvested shares held by Core Administration RSU Limited were subject to voting waiver at the 2024 Annual General Meeting[93] - 85,000 share options under the Post-IPO Share Option Plan remained unexercised as of June 30, 2024[95] - 200,000 restricted share units were granted under the 2024 Restricted Share Unit Plan on June 19, 2024[95] - 4,787,429 share options under the Post-IPO Share Option Plan remained unexercised as of June 30, 2024[95] - 1,700,000 restricted share units were granted under the 2024 Restricted Share Unit Plan on June 19, 2024[95] - 8,226,000 restricted share units remained unexercised under the 2022 Restricted Share Unit Plan as of June 30, 2024[95] - 17,688,429 total share options and restricted share units remained unexercised as of June 30, 2024[95] - 1,775,000 restricted share units granted on August 27, 2021, were unvested as of January 1, 2024, with 527,084 units vested during the six months ended June 30, 2024, at a weighted average market price of HK$0.76 per share[97] - 9,075,000 restricted share units granted on April 15, 2022, were unvested as of January 1, 2024, with 3,125,000 units vested during the six months ended June 30, 2024, at a weighted average market price of HK$2.28 per share[97] - 1,900,000 restricted share units granted on June 19, 2024, were fully vested immediately upon grant, with a weighted average market price of HK$1.96 per share and a fair value of HK$1.89 per share[97] - 50,000 shares were transferred to Ms. Tao Ying during the six months ended June 30, 2024, under the 2013 Restricted Share Unit Plan[98] - The exercise price for options granted under the Post-IPO Share Option Plan is HK$1.00 per option, with a 10-year exercise period[100] - Options granted under the Pre-IPO Share Option Plan have no exercise price and an 8-year exercise period[100] - Restricted share units granted before March 4, 2013, have the same vesting schedule as the Pre-IPO Share Option Plan[102] - Restricted share units granted on August 27, 2021, will expire on August 26, 2029[103] - Restricted stock units granted on April 15, 2022, will vest in portions: 25% after 12 months, 25% after 24 months, 12.5% after 30 months, 12.5% after 36 months, and the remaining 25% in 12 equal monthly installments starting from the 37th month, with an expiration date of April 14, 2030[105] Corporate Governance and Compliance - The company has complied with the Corporate Governance Code during the six months ended June 30, 2024, and maintains a high level of corporate governance with a board consisting of two executive directors and three independent non-executive directors[109] - The audit committee reviewed the unaudited interim financial statements and interim report for the six months ended June 30, 2024, with no disagreements on accounting treatments between the board and the audit committee[113] - The company has adopted the standard code for securities transactions by directors, and all directors confirmed compliance during the six months ended June 30, 2024[111] - The independent review of the interim financial information for the six months ended June 30, 2024, found no material misstatements and confirmed compliance with International Accounting Standard 34[118] Investments and Assets - The company's asset-liability ratio as of June 30, 2024, was 17.0%, slightly down from 17.1% at the end of 2023[42] - The company's fixed deposits as of June 30, 2024, amounted to RMB 252.2 million, with an actual interest rate of approximately 2.6% during the first half of 2024[46] - The company's equity investments measured at fair value through other comprehensive income were valued at RMB 0.01 million as of June 30, 2024, down from RMB 10.5 million at the end of 2023[49] - The fair value of investments measured at fair value through profit or loss was approximately RMB 104.3 million as of June 30, 2024, compared to RMB 208.5 million as of December 31, 2023[50] - The fair value loss on investments measured at fair value through profit or loss was approximately RMB 14.9 million for the six months ended June 30, 2024, compared to RMB 24.0 million for the same period in 2023[50] - The company invested RMB 300.0 million in Jiaxing Boya, representing 99.0% of the total capital contribution, with a fair value of approximately RMB 3.1 million as of June 30, 2024, accounting for less than 5.0% of total assets[52] - The company had no short-term or long-term bank borrowings as of June 30, 2024[53] - Capital expenditures for the six months ended June 30, 2024, totaled approximately RMB 0.5 million, compared to RMB 9.8 million for the same period in 2023[54] - The company had no significant contingent liabilities, guarantees, or litigation as of June 30, 2024[55] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2024[56]