多牛科技(01961) - 2021 - 中期财报

Financial Performance - The company's revenue for the first half of 2021 was approximately RMB 31.2 million, a decrease of RMB 68.6 million or 68.7% compared to RMB 99.8 million in the first half of 2020[9]. - Gross profit for the first half of 2021 was RMB 8.3 million, down 73.0% from RMB 30.9 million in the same period last year[9]. - The company recorded a loss of approximately RMB 17.1 million in the first half of 2021, a decline of RMB 24.3 million or 337.5% compared to a profit of RMB 7.2 million in the first half of 2020[15]. - The company's revenue decreased from approximately RMB 998 million in the first half of 2020 to approximately RMB 312 million in the first half of 2021, a decline of about 68.7%[23]. - Gross profit fell from approximately RMB 309 million in the first half of 2020 to approximately RMB 83 million in the first half of 2021, a decrease of about 73.0%[23]. - The company recorded a loss of approximately RMB 171 million in the first half of 2021, compared to a profit of approximately RMB 72 million in the first half of 2020, a decline of about 337.5%[24]. - The net loss for the first half of 2021 was approximately RMB 17.1 million, compared to a profit of approximately RMB 7.2 million in the first half of 2020[50]. - The total comprehensive loss for the period amounted to RMB (18,183) thousand, compared to a gain of RMB 8,459 thousand in the same period of 2020[124]. Assets and Liabilities - Non-current assets as of June 30, 2021, were RMB 70.3 million, a decrease of 5.2% from RMB 74.2 million as of December 31, 2020[10]. - Total assets decreased by 7.7% to RMB 235.5 million as of June 30, 2021, compared to RMB 255.2 million at the end of 2020[10]. - Cash and cash equivalents decreased from approximately RMB 47.2 million as of December 31, 2020, to approximately RMB 15.5 million as of June 30, 2021[52]. - Total liabilities decreased to RMB 20,995,000 from RMB 26,743,000, a reduction of 21.6%[127]. - Net assets decreased to RMB 211,379,000 from RMB 226,262,000, a decrease of 6.6%[130]. - The company’s equity attributable to owners decreased to RMB 196,746,000 from RMB 215,195,000, a decline of 8.5%[130]. Revenue Sources - Revenue from mobile games dropped from approximately RMB 90.5 million in the first half of 2020 to approximately RMB 24.9 million in the first half of 2021, a decrease of about RMB 65.6 million or 72.5%[35]. - Digital media content distribution revenue fell from approximately RMB 9.3 million in the first half of 2020 to approximately RMB 6.3 million in the first half of 2021, a decline of about RMB 3.0 million or 32.2%[36]. - Revenue from mobile game development and operation was RMB 24,875,000, down 72.5% from RMB 90,329,000 in the previous year[158]. User Engagement - The number of paying players dropped significantly from 1,681,000 in the first half of 2020 to 41,400 in the first half of 2021, a decrease of 97.5%[28]. - Average monthly paying users decreased from approximately 280,200 in the first half of 2020 to 6,900 in the first half of 2021, also a decline of 97.5%[28]. - Average revenue per paying user (ARPPU) increased from approximately RMB 60.07 in the first half of 2020 to RMB 542.29 in the first half of 2021, an increase of 802.8%[29]. Operational Challenges - The company faced operational disruptions due to the COVID-19 pandemic, delaying the launch of a new multiplayer mobile game until June 2021[16]. - The decline in revenue was primarily due to a significant drop in earnings from mobile game development and operations, which decreased by approximately RMB 655 million[23]. - The company faced risks including new policies affecting the mobile gaming industry and reliance on distribution channels, which could adversely impact operations and financial performance[68]. Strategic Initiatives - The company aims to become a leading digital entertainment content provider, with the mobile gaming market in China projected to grow from RMB 239.6 billion in 2020 to RMB 432.1 billion by 2025, representing a CAGR of 12.5%[16]. - The company plans to actively seek collaborative opportunities to stabilize and diversify revenue streams in response to increasing industry competition and regulatory changes[16]. - The company plans to accelerate the development and launch of new multiplayer mobile games, with three additional titles expected to be released in 2021[23]. - The company aims to enhance its competitiveness in the multiplayer mobile gaming sector by launching new titles and adapting to changing player preferences[23]. Research and Development - Research and development expenses increased by approximately RMB 102 million in the first half of 2021 compared to the same period in 2020, reflecting a rise of 369.9%[32]. - Research and development expenses increased significantly to RMB 12,980 thousand, compared to RMB 2,762 thousand in the same period last year, reflecting a focus on new product development[110]. Shareholder Information - As of June 30, 2021, major shareholders held 61.85% of the company's shares, indicating significant insider ownership[71]. - The major shareholders collectively own 86.02% of the capital contribution in Guangzhou Jiuzun, as per the second confirmation letter of concerted action[78]. - The board is unaware of any arrangements that may lead to a change in control of the company in the future[87].