2024-09-12 10:00Financial Performance - Net revenue for the six months ended June 30, 2024, was RMB 11,791,744, representing a 13.7% increase from RMB 10,373,810 in the same period of 2023[5]. - Gross profit for the same period increased by 47.5% to RMB 3,438,561, up from RMB 2,331,466[5]. - The adjusted net loss for the six months ended June 30, 2024, was RMB 726,872, a significant reduction of 63.6% compared to RMB 1,994,852 in 2023[5]. - The company reported a net loss of RMB 1,372,780 for the six months ended June 30, 2024, compared to a net loss of RMB 2,177,777 in the same period of 2023, reflecting a 37.0% improvement[5]. - Adjusted operating loss for the six months ended June 30, 2024, was RMB 796,114, down from RMB 1,994,494 in 2023, indicating a positive trend in operational efficiency[9]. - Total net revenue for the first half of 2024 reached RMB 11.79 billion, representing a year-on-year growth of 14%[11]. - Gross profit increased by 47% year-on-year, with the gross margin rising from 22.5% in the same period last year to 29.2%[12]. - Adjusted operating loss and adjusted net loss narrowed significantly by 60% and 64% year-on-year, respectively[12]. - Operating loss narrowed to RMB 1.40 billion for the first half of 2024, a 47% improvement from RMB 2.65 billion in the same period of 2023[41]. - The total comprehensive loss for the first half of 2024 was RMB 1,354,605, down from RMB 1,957,835 in the first half of 2023, representing a 30.8% reduction[132]. User Engagement - Daily active users exceeded 102.3 million, while monthly active users averaged 338.6 million, reflecting year-on-year growth of 8% and 6%[12]. - Average daily usage time per active user increased to 102 minutes, up from 95 minutes in the same period last year[16]. - The number of paid members exceeded 22.3 million, reflecting a year-on-year growth of 9%[18]. - Daily average video views increased by 20% year-on-year to over 4.9 billion, showcasing robust content engagement[13]. Revenue Streams - Revenue from value-added services grew by 14% year-on-year to RMB 5.09 billion, with a focus on enhancing live streaming content[18]. - Advertising revenue reached RMB 3.71 billion, marking a 30% year-on-year increase, driven by effective advertising strategies[20]. - Advertising revenue for the first half of 2024 was RMB 3.71 billion, a 30% increase from RMB 2.84 billion in the same period of 2023[31]. - Value-added services revenue for the first half of 2024 was RMB 5.09 billion, a 14% increase from RMB 4.46 billion in the same period of 2023[30]. - Mobile game revenue for the first half of the year totaled RMB 1.99 billion, a decrease of 2% year-on-year[22]. Assets and Liabilities - Total assets decreased by 5.6% from RMB 33,159,067 as of December 31, 2023, to RMB 31,318,493 as of June 30, 2024[5]. - Total liabilities also decreased by 5.4% from RMB 18,754,800 to RMB 17,736,790 during the same period[5]. - The total equity attributable to shareholders decreased by 5.7% from RMB 14,404,267 to RMB 13,581,703[5]. - Cash and cash equivalents as of June 30, 2024, were RMB 3,732,504, down from RMB 7,191,821 as of December 31, 2023[125]. - The company’s total cash and cash equivalents as of June 30, 2024, were not disclosed but are critical for assessing liquidity and operational flexibility[197]. Corporate Governance - The company has adopted a corporate governance code and has complied with all applicable provisions during the reporting period, except for the separation of the roles of Chairman and CEO, which are held by the same individual, Chen Rui[67]. - The Audit Committee, consisting of three independent directors, has reviewed the company's unaudited interim results for the six months ended June 30, 2024[73]. - The company has established a Compensation Committee, along with the Audit and Nomination Committees, to ensure effective governance practices[80]. - The company has committed to maintaining effective and ongoing communication with shareholders, particularly regarding compliance with listing rules[81]. Future Outlook - The management remains optimistic about future growth prospects, emphasizing ongoing investments in new products and technology development[5]. - Future outlook includes potential market expansion and new product development strategies, although specific figures were not provided in the report[197].