多牛科技(01961) - 2020 - 年度财报

Financial Performance - For the year ended December 31, 2020, the company reported revenue of RMB 170,179,000, a decrease of 22.4% from RMB 219,194,000 in 2019[9] - Gross profit for 2020 was RMB 55,638,000, down 30.1% from RMB 79,572,000 in the previous year[9] - The net profit for the year was RMB 1,023,000, a significant decline from RMB 41,208,000 in 2019, representing a decrease of 97.5%[9] - Adjusted net profit, excluding listing expenses and trade receivables impairment, was RMB 15,089,000, down 69.6% from RMB 49,552,000 in 2019[9] - The group's revenue decreased from approximately RMB 2,192 million for the year ended December 31, 2019, to approximately RMB 1,702 million for the year ended December 31, 2020, a decline of RMB 490 million or 22.4%[19] - Gross profit fell from approximately RMB 796 million for the year ended December 31, 2019, to approximately RMB 556 million for the year ended December 31, 2020, a decrease of RMB 240 million or 30.1%[19] - Revenue from single-player mobile games dropped significantly by approximately 83.3% in the fiscal year 2020, primarily due to the impact of COVID-19 and subsequent quarantine measures[19] - Revenue from multiplayer mobile games increased by approximately RMB 648 million, representing a growth of about 103.8% compared to the same business line in the previous year[19] Assets and Equity - Total assets increased to RMB 255,169,000 in 2020, up from RMB 191,552,000 in 2019, reflecting a growth of 33.2%[13] - Total equity rose to RMB 226,262,000, a 80.5% increase from RMB 125,396,000 in the previous year[13] - Non-current assets significantly increased to RMB 74,162,000 from RMB 6,196,000 in 2019, indicating a growth of 1,194.5%[13] Strategic Plans and Market Focus - The company plans to continue investing in research and development for mobile games, adapting to changing customer preferences due to the COVID-19 pandemic[18] - The company has expanded its product offerings to include a diverse range of digital media content, including mobile games and electronic magazines[17] - The company aims to enhance its market presence through the development of high-quality mobile games and multiplayer gaming experiences[17] - The company plans to shift its focus from single-player mobile game development to multiplayer mobile game development and operations in 2021 due to changing player preferences[23] Shareholder and Governance Structure - Mr. Liang holds 126,632,022 shares in JLCY SAGA, representing approximately 23.19% of the company's equity after the completion of the global offering[72] - Mr. Lu and Ms. He hold 99.90% and 0.10% of LIHIH SAGA, respectively, with the company expected to hold 105,527,993 shares, accounting for about 19.33% of the company's equity post-offering[73] - The major shareholders collectively hold 86.02% of the capital injection in Guangzhou Jiuzun, indicating significant control over the entity[66] - The company JLCY SAGA is controlled by Mr. Liang, who is recognized as having beneficial ownership of 86,022 shares, which is 86.02% of the total[71] - The total number of shares held by JLCY SAGA after the global offering is projected to be 337,688,008, representing 61.85% of the equity[71] - The company has a significant number of shares under controlled entities, with various shareholders holding substantial percentages, ensuring a strong governance structure[71] Compliance and Legal Matters - The company is closely monitoring developments in Chinese laws and regulations to ensure compliance and maintain control by Chinese investors[145] - The group may face increased tax liabilities due to changes in tax policies, which could reduce net profit margins[152] - The company has several subsidiaries that qualify for preferential tax rates under Chinese tax laws, which may help mitigate tax expenses[153] - There are risks associated with contractual arrangements that may not provide effective operational control compared to direct ownership[132] - The company is taking measures to ensure that its business structure complies with applicable Chinese laws to avoid potential legal issues[145] Shareholder Agreements and Rights - The irrevocable share purchase agreement grants the foreign-invested enterprise exclusive rights to purchase all or part of Guangzhou Jiuzun's shares, with the ability to transfer this purchase right to third parties without consent[98] - The equity pledge agreement ensures that shareholders pledge all their shares in Guangzhou Jiuzun as collateral for the management fees owed to the foreign-invested enterprise[107] - The exclusive licensing agreement for intellectual property is valid for 10 years, with a requirement for renewal upon expiration[117] - The shareholders' voting rights entrustment agreement allows the foreign-invested enterprise to act as the exclusive agent for exercising shareholder rights without needing consent from the shareholders[118] Stock Options and Customer Base - The stock option plan allows for a maximum of 54,600,000 shares to be granted, which is 10% of the total issued shares as of the report date[193] - Each participant in the stock option plan is limited to a maximum of 1% of the issued shares within any 12-month period[194] - The company does not rely on any single customer, ensuring a diversified customer base[200]