云游控股(00484) - 2020 - 年度财报

Financial Performance - Revenue for the year ended December 31, 2020, was RMB 60,440,000, a decrease from RMB 98,283,000 in 2019, representing a decline of approximately 38.6%[17] - Gross profit for 2020 was RMB 19,840,000, down from RMB 74,445,000 in 2019, indicating a decrease of about 73.3%[17] - The company reported a loss for the year of RMB 51,278,000, compared to a loss of RMB 95,932,000 in 2019, showing an improvement in loss margin[17] - EBITDA for the year was (RMB 49,254,000), compared to (RMB 99,142,000) in 2019, reflecting a reduction in operational losses[17] - Adjusted EBITDA for 2020 was (RMB 49,279,000), compared to (RMB 74,281,000) in 2019, indicating a significant improvement[17] - The Group reduced its losses for the year ended 31 December 2020 to approximately RMB 55.1 million from approximately RMB 260.3 million for the year ended 31 December 2019[28] Assets and Equity - Total assets as of 31 December 2020 amounted to RMB 678.2 million, a decrease from RMB 813.4 million in 2019[24] - Total equity as of 31 December 2020 was RMB 612.0 million, down from RMB 664.0 million in 2019[24] - Non-current assets decreased to RMB 122.8 million in 2020 from RMB 149.8 million in 2019[24] - Current assets were RMB 555.4 million as of 31 December 2020, down from RMB 663.6 million in 2019[24] Corporate Governance and Strategy - The Group established a corporate governance committee and an investment committee to enhance governance and strategic execution[27] - The company is focusing on restructuring and improving operational efficiency to enhance future profitability[21] - There are ongoing efforts to explore new market opportunities and potential acquisitions to drive growth[21] - The management is committed to developing new products and technologies to strengthen the company's competitive position in the market[21] Market Outlook - The outlook for 2021 indicates a focus on business upgrades and expansions in internet technology, online gaming, and financial technology[34] - The Group aims to integrate internal and external resources to drive business development and create returns for shareholders[34] - The global economy contracted by an estimated -3.5% in 2020 due to the COVID-19 pandemic, impacting various industries[26] Dividends and Reserves - The Group did not recommend the payment of any final dividend for the year ended December 31, 2020, consistent with the previous year where no dividend was paid[49] - As of December 31, 2020, the Company had distributable reserves of approximately RMB612.0 million, down from RMB664.0 million as of December 31, 2019[54] Shareholding Structure - As of December 31, 2020, Managecorp Limited holds 29,437,335 ordinary shares, representing approximately 18.47% of the total shareholding[86] - Foga Group is a beneficial owner of 21,673,338 ordinary shares, accounting for about 13.60% of the total shareholding[86] - Wang Dongfeng, as the founder of a discretionary trust, has an interest in 21,673,338 ordinary shares, which is also 13.60% of the total shareholding[86] - Yang Tao holds 7,785,700 shares, representing approximately 4.89% of the total shareholding[88] - KongZhong Corporation is a beneficial owner of 10,202,168 shares, accounting for 6.40% of the total shareholding[88] Contractual Arrangements and Regulatory Compliance - As of December 31, 2020, the company has established Feidong Contractual Arrangements to control its PRC Operational Entities, allowing consolidation of their financial results as if they were wholly-owned subsidiaries[115] - The exclusive business cooperation agreements stipulate that the monthly service fee is equal to 100% of the net income of the Feidong PRC Operational Entities, which may also include accumulated earnings from previous financial years[124] - Foreign investors are restricted from holding more than 50% equity in companies providing value-added telecommunications services in China, impacting the company's operational structure[110] - The company has implemented risk mitigation actions in response to potential non-compliance with PRC laws regarding the Contractual Arrangements[165] Impairment and Financial Risks - The company made a full impairment loss of RMB 15,750,000 for the year ended December 31, 2020[100] - The outstanding principal and accumulated interest owed by Beijing Xigua and Tianjin Wanke to Yunke amounted to RMB 15,750,000, which was considered fully impaired[100] - The Company may face severe penalties or be forced to relinquish interests in operations if the underlying agreements of the Contractual Arrangements are found non-compliant with PRC laws[165] Business Operations - The Group's business activities include the development of webgames and mobile games, which are critical for its revenue generation[154] - The Feidong PRC Operational Entities hold essential licenses for the Group's operations, including the ICP Licence and the Internet Publication Licence[154] - The Group's operations in internet micro-credit are supported by the relevant licenses held by the Feidong PRC Operational Entities[154]