多牛科技(01961) - 2024 - 中期业绩

Financial Performance - Revenue for the first half of 2024 decreased by 6.2% to approximately RMB 133.9 million from RMB 142.8 million in the same period of 2023[1] - Gross profit fell by 10.6% to approximately RMB 21.2 million, down from RMB 23.7 million in the previous year[1] - The company reported a loss of RMB 19.5 million for the first half of 2024, an increase of 84.5% compared to a loss of RMB 10.5 million in the same period of 2023[1] - Total revenue decreased by 6.2% from approximately RMB 142.8 million in H1 2023 to about RMB 133.9 million in H1 2024[9] - Gross profit declined by 10.6% from RMB 23.6 million in H1 2023 to RMB 21.1 million in H1 2024[9] - The net loss for the first half of 2024 was approximately RMB 19.5 million, compared to a net loss of about RMB 10.5 million in the first half of 2023[22] - The group reported a revenue of RMB 133,899 thousand with a gross profit of RMB 21,147 thousand for the first half of 2024, compared to RMB 142,787 thousand and RMB 23,647 thousand respectively for the same period in 2023[30] - The group experienced a net loss of RMB 19,458 thousand for the first half of 2024, which is an increase from a net loss of RMB 10,544 thousand in the same period of 2023[31] - The group reported a basic and diluted loss per share of RMB 3.3 cents for the first half of 2024, compared to RMB 1.8 cents for the same period in 2023[30] Revenue Breakdown - The decline in revenue was primarily due to a decrease of approximately RMB 9.3 million from mobile gaming, while digital media revenue increased by approximately RMB 31.4 million[4] - Revenue from mobile games development and operation decreased by 16.5% from RMB 56.2 million in H1 2023 to RMB 46.9 million in H1 2024[10] - Revenue from digital media content sales increased by 66.8% from RMB 47.1 million in H1 2023 to RMB 78.5 million in H1 2024[11] - Revenue from game product supply decreased by 78.5% from RMB 39.6 million in H1 2023 to RMB 8.5 million in H1 2024[12] - Revenue from customer contracts for the six months ended June 30, 2024, was RMB 133,899,000, a decrease from RMB 142,787,000 for the same period in 2023, representing a decline of approximately 6.5%[43] - Revenue from mobile game development and operation for the six months ended June 30, 2024, was RMB 46,760,000, compared to RMB 54,833,000 in 2023, reflecting a decrease of about 14.5%[43] - Revenue from Mainland China was RMB 78,716,000, down from RMB 81,643,000, reflecting a decline of 3.6%[40] - Revenue from other countries/regions was RMB 55,183,000, a decrease of 9.7% from RMB 61,144,000[40] Expenses and Costs - Selling costs decreased by 5.4% from RMB 119.1 million in H1 2023 to RMB 112.8 million in H1 2024[13] - Selling costs as a percentage of total revenue increased to approximately 84.2% in H1 2024 from 83.4% in H1 2023[13] - Administrative expenses increased by approximately RMB 7.3 million or 49.8% from about RMB 14.5 million in the first half of 2023 to about RMB 21.8 million in the first half of 2024, mainly due to increased office space and staff costs, as well as professional service fees from the acquisition of Beijing Wonder Game Technology Co., Ltd.[15] - Research and development expenses rose by approximately RMB 3.8 million or 31.6% from about RMB 12.2 million in the first half of 2023 to about RMB 16.0 million in the first half of 2024, driven by increased investment in multiplayer mobile game development projects[16] - The cost of sales for the six months ended June 30, 2024, was RMB 112,752,000, down from RMB 119,140,000 in 2023, showing a reduction of approximately 5.5%[46] - The company’s employee benefits expenses, including salaries and bonuses, amounted to RMB 8,966,000 for the six months ended June 30, 2024, down from RMB 10,034,000 in 2023, representing a decrease of approximately 10.7%[46] Cash Flow and Assets - Cash and cash equivalents decreased from approximately RMB 37.2 million as of December 31, 2023, to about RMB 15.3 million as of June 30, 2024, due to increased investment in multiplayer mobile game development[23] - The total assets of the group as of June 30, 2024, amounted to RMB 238,683 thousand, significantly higher than RMB 123,640 thousand as of December 31, 2023[33] - The group’s trade receivables increased to RMB 133,629 thousand as of June 30, 2024, compared to RMB 84,753 thousand at the end of 2023[32] - The group’s non-current assets, including property, plant, and equipment, decreased to RMB 5,798 thousand as of June 30, 2024, from RMB 6,893 thousand at the end of 2023[32] - The group’s equity attributable to the parent company increased to RMB 225,491 thousand as of June 30, 2024, compared to RMB 111,159 thousand at the end of 2023[33] - Trade payables amounted to RMB 112,295,000 as of June 30, 2024, compared to RMB 59,275,000 as of December 31, 2023[54] Strategic Initiatives - The company plans to enhance its artificial intelligence (AI) technology development and product application in the second half of 2024[6] - The company aims to strengthen mobile game development and actively expand into overseas markets through collaborations with well-known IP and gaming companies[6] - The integration of AI technology is expected to enrich and improve the performance and user experience of digital entertainment services[5] - The company will continue to optimize its existing business structure to ensure stable development while exploring new product scenarios and resource integration[5] - The group aims to enhance product diversification and expand its business portfolio through strategic acquisitions like IWL[55] Corporate Governance - The Audit Committee consists of three members, ensuring compliance with relevant accounting standards and regulations[61] - The company’s interim financial performance for the six months ending June 30, 2024, was deemed compliant with applicable accounting standards[61] - The company is committed to maintaining high corporate governance standards and will appoint at least one female director by December 31, 2024, to meet diversity requirements[62] - The company has adhered to the corporate governance code during the first half of 2024[62] - All directors confirmed compliance with the standards governing securities trading during the first half of 2024[62] Dividends and Share Placements - No interim dividend will be declared for the first half of 2024, consistent with the previous year[2] - The net proceeds from the first placement of new shares amounted to approximately RMB 88.18 million, fully utilized by June 30, 2024[58] - 30% of the first placement proceeds (RMB 26.45 million) was allocated for the development of gaming and AI products[58] - The net proceeds from the second placement of new shares were approximately RMB 25.32 million, fully utilized by June 30, 2024[59] - 30% of the second placement proceeds (RMB 7.60 million) was designated for the development of gaming products and AI[59] - The net proceeds from the third placement of new shares were approximately RMB 12.96 million, with RMB 3.10 million remaining unutilized as of June 30, 2024[60] - 30% of the third placement proceeds (RMB 3.89 million) was allocated for the development of gaming and AI products, with a portion already utilized[60] Risks and Challenges - The group faced significant risks in the mobile gaming market in China, including potential policy changes and reliance on distribution channels[29] - The group faced challenges in sourcing quality gaming products and potential foreign exchange fluctuations impacting cash flow[29] - The group has implemented strict controls on trade receivables to minimize credit risk, with overdue balances reviewed regularly by senior management[52]