Financial Performance - Revenue for the six months ended June 30, 2024, was $15,916,225, a decrease of 25.5% compared to $21,188,346 for the same period in 2023[1] - Gross profit for the period was $8,452,034, down 13.3% from $9,751,878 in the previous year[1] - Operating profit decreased to $305,353, a decline of 47.5% from $582,010 in the prior year[2] - Profit before tax was $202,774, down 46.5% from $376,785 in the same period last year[2] - Net profit after tax was $174,141, a decrease of 39.7% compared to $289,120 in the previous year[2] - Total revenue for the six months ended June 30, 2024, was $15,916,225, down 25.0% from $21,188,346 in the same period of 2023[11] - Sales of products decreased to $13,917,637, a decline of 30.7% from $20,083,473 in the previous year[11] - The group reported a net profit attributable to equity holders of $174,141 for the six months ended June 30, 2024, compared to $286,982 in the same period of 2023, representing a decrease of 39.2%[14] - Basic earnings per share for the six months ended June 30, 2024, was $0.00009, down from $0.00016 in the same period of 2023[14] Assets and Liabilities - Total assets increased to $39,720,522 as of June 30, 2024, compared to $37,305,721 at the end of 2023[3] - Non-current assets rose to $28,497,630 from $28,776,392 at the end of 2023[3] - Current assets increased to $11,222,891, up from $8,529,329 at the end of 2023[3] - Total liabilities amounted to $18,776,884, an increase from $17,944,904 at the end of 2023[4] - Total equity reached $20,943,638, up from $19,360,817 at the end of 2023[4] - Total bank borrowings as of June 30, 2024, were approximately $4.4 million, down from about $5.8 million as of December 31, 2023[33] - The company's debt structure included short-term and long-term bank borrowings of approximately $2.8 million and $1.7 million, respectively, as of June 30, 2024[41] - The debt-to-asset ratio was approximately 49.0% as of June 30, 2024, compared to 48.1% as of December 31, 2023[41] Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2024, was $2,585,480, a decrease of 42.5% compared to $4,527,069 for the same period in 2023[6] - Cash and cash equivalents decreased by $1,254,189, ending at $1,925,054 as of June 30, 2024, compared to $4,083,221 at the end of the same period in 2023[6] - As of June 30, 2024, the total cash and cash equivalents were approximately $2.1 million, down from $3.4 million as of December 31, 2023[34] Expenses - The cost of goods sold was $4,752,893, down 42.4% from $8,208,838 in the prior year[12] - Sales and distribution expenses decreased from approximately $3.4 million for the six months ended June 30, 2023, to about $2.1 million for the six months ended June 30, 2024, mainly due to a reduction in merchant account fees[31] - The total employee costs for the six months ended June 30, 2024, were approximately $1.6 million, compared to $2.3 million for the same period in 2023[38] Other Income and Expenditures - Other income decreased from $20,719 for the six months ended June 30, 2023, to $13,276 for the six months ended June 30, 2024, primarily due to a reduction in patent income[30] - The group incurred capital expenditures of approximately $2.4 million for property, plant, and equipment during the six months ended June 30, 2024, compared to $2.0 million in the same period of 2023[16] Strategic Initiatives - The company launched four crowdfunding games in the six months ended June 30, 2024, as part of its strategy to attract new players and enhance revenue[26] - The company aims to expand into Asian markets and enhance game design capabilities to achieve long-term growth[26] - The company has no significant investment plans but intends to acquire more quality games to increase market share[40] Dividends and Shareholder Information - The group did not declare any interim dividends for the six months ended June 30, 2024, consistent with the same period in 2023[15] - The board did not declare any interim dividends for the six months ended June 30, 2024[44] - The interim report for the six months ending June 30, 2024, will be sent to shareholders and published on the company's website and the designated exchange website[51] Governance and Compliance - The audit committee consists of three independent non-executive directors: Mr. Wang Yushan (Chairman), Mr. Cai Min, and Mr. Liang Yuxiong[50] - The executive directors include Mr. Huang Cheng'an, Mr. Jian Bang, Mr. David Preti, and Mr. Xu Zhengkai, while the non-executive director is Mr. Cai Wanjian[52] - The company has no significant contingent liabilities as of June 30, 2024[43] - The company has no foreign currency hedging policy but will continue to monitor foreign exchange risks[42] - The company expects that the newly issued accounting standards will not have a significant impact on its financial statements[9] Contractual Obligations - Contract liabilities increased from approximately $6.7 million as of December 31, 2023, to about $9.1 million as of June 30, 2024[23] - There were no major investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2024[37]
CMON(01792) - 2024 - 中期业绩