祖龙娱乐(09990) - 2024 - 中期财报

Financial Performance - Archosaur Games reported a revenue of approximately $50 million for the first half of 2024, representing a year-over-year increase of 25%[1]. - Revenue for the six months ended June 30, 2024, was RMB 439.4 million, representing a 9.2% increase from RMB 402.3 million in the same period of 2023[17]. - Gross profit increased to RMB 321.7 million, up 8.1% from RMB 297.7 million year-on-year[17]. - Operating loss improved to RMB 154.0 million, a 36.3% reduction compared to RMB 241.9 million in the prior year[17]. - Net loss for the period was RMB 134.0 million, down 42.5% from RMB 233.0 million in the same period of 2023[17]. - Adjusted net loss for the six months ended June 30, 2024, was RMB 120.4 million, a decrease from RMB 214.9 million in the same period of 2023, reflecting improved total revenue and controlled R&D costs[42]. - The company reported a total comprehensive loss for the six months ended June 30, 2024, was RMB 116,623 thousand, compared to RMB 163,798 thousand for the same period in 2023, showing an improvement of approximately 29%[99]. User Growth and Market Expansion - The company achieved a user base growth of 15%, reaching 10 million active users across its gaming platforms[1]. - Archosaur Games plans to expand its market presence in Southeast Asia, targeting a 30% increase in user acquisition in that region by the end of 2024[1]. - As of June 30, 2024, the global cumulative user count for "In the Name of the Shining" exceeded 16 million[21]. Game Development and Launches - Archosaur Games is actively developing two new titles expected to launch in Q4 2024, which are projected to contribute an additional $10 million in revenue[1]. - The company plans to launch two new games, "Dragon Tribe: Castle Gate" and "Step Wind," in September 2024, aiming to enhance its product matrix and growth opportunities[19]. - The company plans to launch seven new game products globally from the second half of 2024 to 2026, including "Dragon Tribe: Kassel Gate" and "Treading Wind" in 2024[23]. - The game "Dragon Tribe: Kassel Gate" launched on September 12, 2024, topped the iOS App Store free game chart on its first day and remained in the top ten for several days[25]. Financial Management and Cost Control - The company reported a gross margin of 60% for the first half of 2024, indicating strong cost management and operational efficiency[1]. - Research and development expenses decreased by 11.7% to RMB 264.1 million from RMB 299.2 million in the previous year[17]. - Sales and marketing expenses increased by 5.0% to RMB 172.7 million, compared to RMB 164.4 million in the same period of 2023[35]. - The total expenses for the six months ended June 30, 2024, were RMB 598,955,000, a decrease from RMB 620,571,000 in 2023, indicating a reduction of 3.5%[136]. Strategic Initiatives - The company has allocated $5 million for research and development of new gaming technologies, focusing on enhancing user experience and engagement[1]. - Archosaur Games is exploring potential acquisition opportunities to bolster its portfolio and expand its market share in the gaming industry[1]. - The company is committed to sustainability initiatives, aiming to reduce its carbon footprint by 10% by the end of 2024 through various operational improvements[1]. Shareholder Information and Corporate Governance - The company’s major shareholders include Mr. Li Qing, holding 35.35% of the issued share capital, and Mr. Bai Wei, holding 1.93%[60]. - The company has complied with all applicable corporate governance code provisions, except for the separation of the roles of chairman and CEO[78]. - The audit committee consists of three members, including independent directors, ensuring oversight of financial reporting[89]. Cash Flow and Financial Position - Cash used in operating activities for the six months ended June 30, 2024, was RMB 68.3 million, down 57.5% from RMB 160.6 million in the same period of 2023, primarily due to increased cash inflows from gaming operations[45]. - Cash generated from investing activities for the six months ended June 30, 2024, was RMB 112.7 million, compared to cash used of RMB 336.5 million in the same period of 2023, mainly due to the maturity of previously purchased financial assets[46]. - The company’s total liabilities increased to RMB 5,359,684 thousand as of June 30, 2024, compared to RMB 5,200,000 thousand as of January 1, 2024, reflecting an increase of approximately 3.1%[98]. Employee and Compensation Information - The company employed approximately 1,017 full-time employees as of June 30, 2024, with about 77.58% being R&D personnel[53]. - The total employee compensation and benefits cost for the six months ended June 30, 2024, was approximately RMB 274.6 million, down from RMB 303.2 million in the same period of 2023[53]. - Total remuneration for key management personnel for the six months ended June 30, 2024, was RMB 11,272 thousand, a decrease of 23.0% from RMB 14,785 thousand in the same period of 2023[194]. Financial Risks and Management - The group faces various financial risks, including market risk, credit risk, and liquidity risk, which should be considered alongside the 2023 financial statements[110]. - The management team is closely monitoring foreign exchange risk exposure and will take prudent measures as necessary[54]. - The company has not incurred any significant foreign exchange losses, indicating effective management of currency risk[54].