创梦天地(01119) - 2024 - 中期业绩

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 845,223 thousand, a decrease of 23.8% compared to RMB 1,109,811 thousand in the same period of 2023[2] - Gross profit for the same period was RMB 291,786 thousand, down 42% from RMB 502,066 thousand year-on-year[2] - The adjusted profit for the period was RMB 3,297 thousand, a significant decline from RMB 199,150 thousand in the previous year[2] - Game revenue contributed 97.3% of total revenue, amounting to RMB 822.2 million, down from RMB 1,065.1 million, reflecting a year-on-year decline of 22.8%[11] - Information services revenue fell to RMB 17.6 million, a decrease from RMB 40.5 million, primarily due to a strategic reduction in in-app advertising[12] - The company recorded a loss of RMB 109.3 million for the six months ended June 30, 2024, compared to a profit of RMB 40.6 million for the same period in 2023[18] - EBITDA for the six months ended June 30, 2024, was RMB 11.7 million, significantly lower than RMB 150.6 million for the same period in 2023[19] - Adjusted EBITDA decreased to RMB 100.1 million for the six months ended June 30, 2024, from RMB 268.4 million for the same period in 2023[23] - The company reported a net loss attributable to equity holders of RMB (109,817) thousand for the six months ended June 30, 2024, compared to a profit of RMB 52,698 thousand in the same period of 2023[55] User Growth and Game Performance - The user base for the "Dream Series" games grew steadily, with "Dream Garden" revenue increasing by 14% year-on-year, and total registered users in China exceeding 200 million[3] - "Subway Surfers" maintained its popularity after 11 years, launching 8 new versions in 2024 and achieving over 200 million total exposure across platforms[3] - "Mecha Squad" ranked TOP 6 in the shooting category on mainstream Android channels and received over 20 premium recommendations on iOS since its launch in January 2024[4] - "Kara Bichu," a multi-platform anime competitive shooting game, is set for global release in Q4 2024, with positive feedback from closed beta testing[5] - "Honor of All Stars" continues to generate revenue after three years, consistently ranking among the top in the action RPG mobile game category[5] - The cross-platform tactical shooting game "Delta Action," co-developed with Tencent, has surpassed 30 million pre-registrations ahead of its September 2024 launch[5] - The user base for the Dream series community expanded significantly, with revenue from Fanbook increasing by over 60% compared to the second half of 2023[6] Expenses and Cost Management - Cost of revenue decreased by 8.9% to RMB 553.4 million, but as a percentage of revenue, it increased from 54.8% to 65.5%[13] - Sales and marketing expenses decreased by 23.4% to RMB 77.8 million, maintaining a stable percentage of revenue at 9.2%[14] - General and administrative expenses rose by 20.0% to RMB 50.4 million, increasing as a percentage of revenue from 3.8% to 6.0%[15] - Research and development expenses increased by 8.7% to RMB 153.3 million, representing 18.1% of revenue, up from 12.7%[16] - Total expenses, including cost of revenue, selling and marketing expenses, general and administrative expenses, R&D expenses, and impairment losses on intangible assets, amounted to RMB 834,870 thousand, compared to RMB 893,279 thousand in the previous year[49] Financial Position and Liquidity - Cash and cash equivalents increased by 42.9% to approximately RMB 272.2 million as of June 30, 2024, from approximately RMB 190.4 million as of December 31, 2023[24] - Total borrowings amounted to approximately RMB 1,240.7 million as of June 30, 2024, compared to RMB 966.4 million as of December 31, 2023[25] - The current ratio as of June 30, 2024, was 0.99, down from 1.07 on December 31, 2023, indicating a decrease in liquidity[26] - The debt ratio increased to 56.8% as of June 30, 2024, compared to 53.0% on December 31, 2023, reflecting a higher proportion of debt in the company's capital structure[26] - Current liabilities increased to RMB 1,776,439 thousand as of June 30, 2024, compared to RMB 1,594,084 thousand as of December 31, 2023[39] Strategic Initiatives and Future Outlook - The company is focusing on high-quality games, with the self-developed game "Honor of Kings" maintaining stable revenue growth despite overall revenue decline[11] - Future outlook includes plans for new product launches and technological advancements to enhance user engagement[83] - The company aims to strengthen its market presence through strategic acquisitions and partnerships[83] - Revenue growth is projected at a rate of 15% year-over-year, driven by increased user activity and new offerings[83] - Investment in research and development is expected to increase by 25% to support innovation[83] - The company plans to enhance its operational efficiency, targeting a reduction in costs by 10% over the next fiscal year[83] - The board has approved a new strategy focusing on digital transformation and market expansion initiatives[84] Compliance and Reporting - The company is committed to maintaining compliance with international financial reporting standards to ensure transparency[84] - The company has adopted new and revised standards effective from January 1, 2024, which are not expected to have a significant impact on the interim financial information[42]