Financial Performance - The company reported revenue of RMB 116.4 million for the first half of 2021, a decrease of 37.1% compared to RMB 185.1 million in the same period of 2020[15]. - Revenue from online interactive entertainment services decreased by 38.4% to RMB 113.4 million[15]. - The net profit attributable to owners of the company increased by 272.5% to RMB 123.2 million, while net profit from continuing operations rose by 289.0% to RMB 122.1 million[20]. - Adjusted net profit decreased by 29.0% to RMB 34.5 million, and adjusted EBITDA fell by 22.4% to RMB 49.3 million[20]. - The gross profit margin was 90.4%, slightly down from 92.4% in the previous year[15]. - The total comprehensive income for the six months ended June 30, 2021, was RMB 153.6 million, compared to RMB 55.9 million in the same period of 2020[51]. - The company reported a profit of RMB 171,927 thousand for the six months ended June 30, 2021, compared to RMB 35,914 thousand for the same period in 2020, indicating a significant increase of approximately 378%[180]. - The company reported a significant increase in other income to RMB 167,316 thousand, compared to RMB 7,728 thousand in the previous year, marking a growth of 2,067.5%[169]. User Metrics - The total number of monthly active users as of June 30, 2021, was approximately 4.79 million, a decrease of 44.3% compared to March 31, 2021, and a decrease of 67.7% compared to June 30, 2020[30]. - The number of quarterly paying users was approximately 217,000, down 17.5% from the previous quarter and down 46.7% year-over-year[30]. - The average revenue per user for the quarter was RMB 247, an increase of 10.8% from the previous quarter and an increase of 15.4% year-over-year[32]. - The number of registered users reached 466 million as of June 30, 2021, compared to 459 million as of June 30, 2020[35]. Investment and Financial Assets - The company achieved investment income of RMB 47 million from structured note investments in the first half of 2021[24]. - The company reported significant investment income of RMB 110 million from venture capital and private equity funds in the first half of 2021[25]. - Financial assets measured at fair value through profit or loss increased by 56.8% to RMB 2,386.7 million as of June 30, 2021, from RMB 1,521.7 million at the end of 2020[66]. - The fair value of structured notes increased by 48.0% to RMB 742.7 million as of June 30, 2021, primarily due to new acquisitions and net fair value gains of RMB 47.0 million during the reporting period[68]. - The fair value of other financial instruments surged by 245.6% to RMB 582.9 million, with a recognized fair value gain of RMB 17.6 million in the first half of 2021[70]. - Fund investments increased by 31.5% to RMB 576.9 million, driven by new investments of RMB 54.0 million and net fair value gains of RMB 110.1 million[72]. Operational Strategy - The company is focusing on optimizing and developing its core platform to enhance user experience and interaction, including upgrades to features like "host duels" and "one-on-one voice/video chat"[21]. - The company aims to expand its overseas market presence while adhering to its core business amidst regulatory challenges in the Chinese mobile internet sector[19]. - The company continues to focus on enhancing its operational performance and exploring new strategies for market expansion and product development[54]. - The company plans to leverage the development of 5G and VR technologies to enhance its live streaming business and improve user experience[26]. Corporate Governance and Shareholder Information - The board did not declare any interim dividend for the six months ended June 30, 2021[101]. - The audit committee reviewed the financial reporting process and internal controls for the six months ended June 30, 2021[102]. - The company adhered to all applicable provisions of the corporate governance code during the reporting period[99]. - As of June 30, 2021, Mr. Fu Zhengjun held 330,695,000 shares, representing approximately 26.10% of the company's equity[108]. - The company has a stock incentive plan to reward directors and senior management, adopted on December 9, 2008, with revisions made on March 30, 2021[122]. Cash Flow and Financial Position - Cash and cash equivalents as of June 30, 2021, were RMB 814.7 million, compared to RMB 973.3 million as of December 31, 2020[65]. - The company's cash flow statement for the six months ended June 30, 2021, indicates a positive cash flow from operating activities, contributing to the overall financial health[185]. - Operating cash flow for the six months ended June 30, 2021, was RMB (87,302) thousand, a significant decrease from RMB (3,885) thousand in the same period of 2020[186]. - The company reported a significant increase in cash received from the sale of financial assets at fair value through profit or loss, amounting to RMB 1,882,330 thousand, compared to RMB 1,299,834 thousand in the same period of 2020[186]. - The company incurred a payment of RMB (2,615,822) thousand for financial assets at fair value through profit or loss, compared to RMB (1,134,781) thousand in the same period of 2020[186].
天鸽互动(01980) - 2021 - 中期财报