飞鱼科技(01022) - 2024 - 中期财报

Financial Performance - For the first half of 2024, the company reported total revenue of RMB 101.8 million, a decrease of 5.7% compared to RMB 107.9 million in the same period last year[7]. - The gross profit for the first half of 2024 was RMB 85.6 million, down 9.8% from RMB 94.9 million year-on-year[7]. - The company recorded a loss attributable to equity holders of RMB 1.6 million, primarily due to an investment loss of RMB 11.6 million from a non-listed limited partnership[9]. - Game operation revenue for the first half of 2024 was approximately RMB 833.12 million, a decrease of about 8.6% compared to RMB 912.84 million in the same period of 2023[17]. - Total revenue decreased by 5.7% from approximately RMB 107.9 million to RMB 101.8 million for the six months ending June 30, 2024[22]. - Other income and gains dropped by approximately 52.0% from RMB 17.9 million to RMB 8.6 million, mainly due to a significant decrease in investment income[27]. - The company recorded a loss of approximately RMB 2.0 million for the six months ending June 30, 2024, compared to a profit of RMB 40.9 million for the same period in 2023[34]. - The company incurred a net loss of RMB 1,964 thousand for the six months ended June 30, 2024, compared to a profit of RMB 40,866 thousand in the prior year[80]. - Total comprehensive income for the period was RMB 3,620,000, down from RMB 46,164,000 in the previous year, indicating a decrease of approximately 92.16%[81]. Assets and Liabilities - Non-current assets increased by 9.1% to RMB 521.4 million from RMB 477.7 million as of December 31, 2023[8]. - Current assets decreased by 31.8% to RMB 152.9 million from RMB 224.3 million as of December 31, 2023[8]. - Total assets decreased by 3.9% to RMB 674.3 million from RMB 701.9 million as of December 31, 2023[8]. - The total liabilities decreased by 17.8% to RMB 144.7 million from RMB 176.0 million as of December 31, 2023[8]. - Cash and cash equivalents decreased by approximately 42.2% to RMB 92.9 million as of June 30, 2024, from RMB 160.7 million as of December 31, 2023[36]. - The company had total bank loans of approximately RMB 92.5 million as of June 30, 2024, down from RMB 95.5 million as of December 31, 2023[37]. - The company's debt-to-asset ratio as of June 30, 2024, was 21.5%, down from 25.1% as of December 31, 2023[53]. - Total liabilities decreased to RMB 54,426,000 from RMB 80,841,000, a reduction of approximately 32.5%[84]. User Engagement and Market Trends - As of June 30, 2024, the company had approximately 235.3 million registered users for its RPG mobile and online games, with 173.3 million for online games and 62.0 million for mobile games[18]. - The average Monthly Active Users (MAU) for RPG mobile games decreased by 80.8% to approximately 60,000 from 313,000 in the previous year[19]. - The online gaming market in China saw a slight revenue increase of 2.08% year-on-year, with HTML5 games experiencing a significant growth of 60.5%[9]. - The average Revenue Per Paying User (ARPPU) for mobile RPG games increased by 452.1% to RMB 104.9 from RMB 19.0 in the previous year[19]. - The company is focusing on long-term operations of its popular IP portfolio, including "Defend the Carrot" and "Gods and Demons," to lay a solid foundation for potential sequels[15]. Strategic Initiatives - The company is focusing on developing new HTML5 games, which are expected to enhance user experience despite short-term financial impacts[9]. - The company aims to launch 8 new HTML5 games in the second half of 2024, leveraging its diverse game themes and licenses[14]. - The company has partnered with Beijing Oriental Garden Environment Co., Ltd. to develop a physical theme park based on the "Defend the Carrot" IP, expected to open in the first half of 2025[10]. - The company plans to build and operate the first "Defend the Carrot" themed park in Yunnan Province, with expectations to expand to multiple cities nationwide[14]. - The company is adopting the latest technologies, including AI-generated content, to improve operational efficiency[13]. Expenses and Costs - Sales and distribution expenses surged by approximately 102.9% from RMB 17.8 million to RMB 36.2 million, attributed to the transition of "Gods and Immortals 3" from third-party operation to self-operation[28]. - Administrative expenses decreased by approximately 9.6% to RMB 19.7 million for the six months ending June 30, 2024, from RMB 21.8 million for the same period in 2023[29]. - R&D costs for the six months ending June 30, 2024, were approximately RMB 27.2 million, a decrease of about 1.7% from RMB 27.6 million for the same period in 2023[30]. - Financing costs increased by approximately 24.1% to RMB 2.2 million for the six months ending June 30, 2024, from RMB 1.7 million for the same period in 2023[31]. Shareholder Information - The total number of issued shares as of June 30, 2024, is 1,749,442,062[3]. - The 2024 share option plan allows for a total of 174,944,206 shares to be issued, which is 10% of the total issued shares as of May 24, 2024[65]. - The exercise price for the share options is set at HKD 1.256, with the closing price at HKD 1.24[63]. - The company has approved a new stock option plan effective May 24, 2024, allowing for a maximum of 174,944,206 shares to be granted under the plan, which is 10% of the company's issued shares at the time of adoption[129]. - The company has a policy requiring independent non-executive director approval for granting options to directors or major shareholders[129]. Governance and Compliance - The board of directors remains unchanged with seven members, including four executive directors and three independent non-executive directors[75]. - The company continues to adhere to high standards of corporate governance and has not identified any violations of the trading code by employees during the reporting period[75]. - The independent auditor, Ernst & Young, has reviewed the interim financial information and found no issues that would lead to a belief that the financial data is not prepared in accordance with International Accounting Standard 34[79].