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花房集团(03611) - 2024 - 中期业绩
HUAFANG GROUPHUAFANG GROUP(HK:03611)2024-08-26 13:30

Financial Performance - Revenue for the six months ended June 30, 2024, was approximately RMB 965.3 million, a decrease of about 40.6% compared to RMB 1,626.1 million for the same period in 2023[1]. - Profit for the relevant period was approximately RMB 34.5 million, reversing a loss of approximately RMB 688.7 million in the same period last year[1]. - Adjusted net profit, not in accordance with international financial reporting standards, was approximately RMB 51.8 million, down about 7.9% from approximately RMB 56.3 million in the previous year[1]. - Gross profit for the six months ended June 30, 2024, was RMB 239.9 million, compared to RMB 453.6 million in the same period of 2023[2]. - Operating profit for the relevant period was RMB 32.9 million, compared to an operating loss of RMB 677.4 million in the same period last year[2]. - Total comprehensive income for the period was RMB 25.4 million, compared to a total comprehensive loss of RMB 764.7 million in the same period of 2023[3]. - The group's total revenue decreased by approximately 40.6% from about RMB 1,626.1 million in the same period last year to approximately RMB 965.3 million[51]. - The group reported a net profit of approximately RMB 34.5 million for the period, compared to a loss of approximately RMB 688.7 million in the same period last year[61]. Revenue Breakdown - Live streaming services generated RMB 813,046 thousand in revenue, down 45.2% from RMB 1,486,440 thousand in the previous year[7]. - Social networking services revenue increased to RMB 138,458 thousand, up 9.5% from RMB 126,090 thousand in the same period last year[7]. - Revenue from live streaming and audio social networking services decreased by about 45.3% to approximately RMB 813.0 million, primarily due to a challenging external environment and a more cautious business strategy[51]. - Revenue from overseas social networking services increased by approximately 9.8% to about RMB 138.5 million, driven by user growth in core markets like North America[51]. - The majority of revenue for the six months ended June 30, 2024, came from China, amounting to RMB 815,679 thousand, down from RMB 1,499,078 thousand in the previous year[13]. - The overseas revenue for the six months ended June 30, 2024, was RMB 149,598 thousand, an increase from RMB 127,061 thousand in the same period of 2023[13]. Cost and Expenses - The cost of hosts for the six months ended June 30, 2024, was RMB 620,929 thousand, representing a decrease of 40.7% from RMB 1,047,112 thousand in the same period of 2023[10]. - Advertising and promotion expenses for the six months ended June 30, 2024, totaled RMB 59,464 thousand, a decrease of 38.5% compared to RMB 96,000 thousand in the previous year[10]. - Employee costs (excluding share-based payment expenses) for the six months ended June 30, 2024, were RMB 115,856 thousand, down 39.9% from RMB 192,675 thousand in the same period of 2023[10]. - Sales and marketing expenses decreased by approximately 69.1% from about RMB 219.2 million to about RMB 67.7 million, primarily due to reduced marketing and promotion costs[54]. - General and administrative expenses decreased by approximately 34.6% from about RMB 143.8 million to about RMB 94.1 million, mainly due to a reduction in share-based compensation expenses[55]. - Research and development expenses decreased by approximately 43.6% from about RMB 116.1 million to about RMB 65.5 million[56]. Assets and Liabilities - Total assets less current liabilities amounted to RMB 2,123.96 million as of June 30, 2024, compared to RMB 2,086.96 million as of December 31, 2023[4]. - The company's net asset value was RMB 2,102.47 million as of June 30, 2024, compared to RMB 2,059.64 million as of December 31, 2023[4]. - As of June 30, 2024, the group's total assets were approximately RMB 2,516.0 million, up from RMB 2,466.0 million as of December 31, 2023[64]. - Trade payables as of June 30, 2024, amounted to RMB 67,119,000, an increase from RMB 64,010,000 as of December 31, 2023[37]. - Accrued expenses and other payables totaled RMB 78,743,000 as of June 30, 2024, compared to RMB 69,830,000 as of December 31, 2023[40]. Shareholder Information - Basic and diluted earnings per share for the period were RMB 0.03, compared to a loss per share of RMB 0.69 in the same period last year[2]. - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024, and 2023[22]. - The basic earnings per share for the six months ended June 30, 2024, was RMB 0.034, while the basic loss per share for the same period in 2023 was RMB 0.689[23]. - The weighted average number of ordinary shares for the six months ended June 30, 2024, was 1,063,745,000, compared to 1,044,345,000 for the same period in 2023[24]. Strategic Initiatives - The group focused on enhancing user experience through product simplification and comprehensive technical upgrades, improving operational efficiency[44]. - The group actively supported content creators through various platform activities and flexible operational policies, enhancing the quality of live streaming content[44]. - The group is focusing on enhancing user experience and optimizing live streaming products to strengthen user engagement and retention[48]. - The "Flower House Lab" initiative aims to integrate new technologies and innovative models, fostering multiple new projects to inject new growth momentum into the business[46]. - The group plans to expand resource investment in overseas markets, particularly in North America, Europe, Southeast Asia, and the Middle East, to maintain growth momentum[49]. - The group aims to improve the quality of content creators and enhance the ecosystem of the platform to drive continuous and strong business growth[48]. - The group will continue to invest in high-growth potential projects to maintain its vitality and competitiveness in a changing market[50]. - The group is committed to creating long-term value for shareholders, employees, users, and society through its mission and vision in the online social entertainment ecosystem[50]. Compliance and Governance - The company has adopted the corporate governance code as per the listing rules and has engaged an independent internal control consultant for a review[76]. - The company has not utilized any proceeds from its global offering, which netted approximately HKD 72.4 million[74]. - The board has decided not to declare any interim dividends for the period ending June 30, 2023[75]. - The company has suspended trading of its shares since April 3, 2023, until the audited annual results for the year ending December 31, 2022, are published[83]. - The company will provide updates on compliance with resumption guidance on a quarterly basis as per Listing Rule 13.24A[83]. - There were no significant events requiring disclosure after June 30, 2024, up to the announcement date[79].