家乡互动(03798) - 2024 - 中期业绩

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 835,659,000, a decrease of 12.4% compared to RMB 953,477,000 in the same period last year[2] - Gross profit for the same period was RMB 412,968,000, down 35.6% from RMB 640,840,000 year-on-year[2] - Adjusted net profit attributable to the company was RMB 42,002,000, a significant decline of 90.6% from RMB 445,611,000 in the previous year[2] - Revenue from self-developed mobile games was RMB 761,849,000, a decrease of 6.9% compared to RMB 818,662,000 last year[3] - Revenue from third-party mobile games was RMB 53,549,000, showing a substantial decline of 43.4% from RMB 94,635,000 year-on-year[3] - Advertising revenue for the period was RMB 20,261,000, a significant increase of 49.6% compared to RMB 40,180,000 last year[3] - The company's revenue for the six months ended June 30, 2024, was approximately RMB 835.7 million, a decrease of 12.4% compared to RMB 953.5 million for the same period in 2023[11] - The number of paying users increased by 70.0% year-on-year, but the overall revenue decline was attributed to a reduction in ARPPU due to adjustments in commercialization strategies[11] - Profit before tax decreased by approximately 91.0% from RMB 449.5 million for the six months ended June 30, 2023, to RMB 40.3 million for the six months ended June 30, 2024, with the profit margin dropping from 47.1% to 4.8%[20] - Profit attributable to owners of the company decreased by approximately 92.9% from RMB 395.3 million for the six months ended June 30, 2023, to RMB 28.0 million for the same period in 2024[22] User Engagement - The number of paying users reached 15,691,516, representing a 70.0% increase year-on-year[5] - The company has introduced new game features and upgraded graphics, enhancing user experience and engagement[5] Market Strategy - The company plans to explore overseas gaming markets in Southeast Asia, Japan, North America, and the Middle East in the second half of 2024[6] - The company plans to enhance its game portfolio and increase market penetration in underdeveloped regions, particularly in central, northwest, and southeast provinces of China[8] - The company will continue to explore new marketing channels and collaborate with MCNs and streamers to reduce customer acquisition costs[8] - Increased R&D investment is planned to prepare for the testing and launch of new products in both domestic and overseas markets[9] - The company aims to identify potential business opportunities through strategic partnerships and may consider incubation, investment, and acquisitions[10] Expenses and Costs - Sales cost increased by approximately 35.2% to RMB 422.7 million for the six months ended June 30, 2024, primarily due to increased commissions paid to third-party distribution channels and payment providers[12][13] - Sales and marketing expenses rose by approximately 101.4% to RMB 261.1 million, driven by increased advertising and marketing expenditures[18] - Administrative and other expenses decreased by approximately 15.4% from RMB 146.4 million for the six months ended June 30, 2023, to RMB 123.9 million for the six months ended June 30, 2024, primarily due to a reduction in employee costs of RMB 22.4 million and a decrease in share-based payment expenses of RMB 13.9 million[19] Cash Flow and Assets - As of June 30, 2024, the company had cash and cash equivalents of approximately RMB 1,028.7 million, down from RMB 1,340.9 million as of December 31, 2023[27] - The company had no short-term or long-term bank borrowings as of June 30, 2024, and the total liabilities to assets ratio was zero[28][29] - Capital expenditures for the six months ended June 30, 2024, were approximately RMB 261.3 million, significantly higher than RMB 71.2 million for the same period in 2023, primarily due to increased investments in financial assets and joint ventures[30] - The total cash and cash equivalents at the end of June 30, 2024, were RMB 1,028,691,000, down from RMB 1,155,952,000 at the end of June 30, 2023[46] Shareholder Information - The company confirmed dividend distributions amounting to RMB 117,226,000 during the period[41] - The company repurchased a total of 5,164,000 shares at a total cost of RMB 10,893,569 (approximately HKD 11,982,260) during the six months ended June 30, 2024[43] - No interim dividend was declared for the six months ending June 30, 2024, consistent with the previous period[73] Compliance and Governance - The company has complied with the corporate governance code throughout the reporting period[74] - The audit committee has reviewed the unaudited interim results and confirmed compliance with applicable accounting principles[76] - There was a change in the board of directors, with Mr. Su Bo appointed as an executive director on April 5, 2024[77] Financial Reporting - The financial statements are prepared in accordance with International Financial Reporting Standards and reflect the company's financial position and performance accurately[48] - The company has adopted new and revised International Financial Reporting Standards effective from January 1, 2024, with no significant impact on the financial statements[51]