Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 3,225,776 thousand, a decrease of 5.1% compared to RMB 3,400,091 thousand for the same period in 2023[9] - Gross profit for the same period was RMB 2,364,169 thousand, an increase of 3.0% from RMB 2,294,078 thousand in 2023[9] - The company reported a loss before tax of RMB 416,350 thousand, compared to a profit of RMB 442,654 thousand in the previous year[9] - The net loss for the six months ended June 30, 2024, was RMB 385.0 million, compared to a net profit of RMB 300.3 million for the same period in 2023[36] - Basic and diluted loss per share for the period was RMB (0.74), compared to earnings of RMB 0.55 per share in the previous year[76] - Total operating expenses increased to RMB 2,288,845 thousand from RMB 1,953,214 thousand, reflecting a rise of 17.2%[76] - The company did not recommend the distribution of an interim dividend for the six months ended June 30, 2024[72] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 6,245,898 thousand, down from RMB 7,268,210 thousand as of December 31, 2023[10] - Non-current assets decreased to RMB 2,535,951 thousand from RMB 3,204,232 thousand at the end of 2023[10] - Current liabilities decreased to RMB 4,196,424 thousand from RMB 4,836,197 thousand at the end of 2023[10] - The net asset value as of June 30, 2024, was RMB 1,902,261,000, down from RMB 2,275,785,000, a decline of around 16.5%[83] - Trade receivables as of June 30, 2024, totaled RMB 286,485,000, a decrease from RMB 310,696,000 as of December 31, 2023[109] - The company’s notes payable as of June 30, 2024, were RMB 2,334,580,000, down from RMB 2,806,551,000 as of December 31, 2023[114] Revenue Streams - Revenue from self-operated games reached RMB 2,481.6 million, an increase of 17.1% from RMB 2,118.9 million in the same period of 2023, driven by new game launches[22] - Revenue from co-operated games decreased by 39.5% to RMB 668.5 million, primarily due to the lifecycle stage of existing games[22] - Revenue from other marketing operations decreased by 60.9% to RMB 19.3 million for the six months ended June 30, 2024, compared to RMB 49.3 million for the same period in 2023[23] - Revenue from consumer products dropped by 55.5% to RMB 56.4 million for the six months ended June 30, 2024, down from RMB 126.8 million in the prior year[24] - Revenue from mainland China was RMB 2,938,751, down 10.1% from RMB 3,268,089 in the previous year[100] - Revenue from Hong Kong increased significantly to RMB 284,634, compared to RMB 132,002 in the prior year, representing a growth of 115.5%[96] Operational Highlights - The company plans to launch new games including "斗罗大陆：誅邪傳說" and "虎衛戰神" in the second half of 2024[6] - The company has successfully launched over 30 multilingual games in various overseas markets, with dozens more in preparation[6] - The company launched 29 new games in the first half of 2024, expanding its portfolio to over 380 games[12] - The company signed strategic cooperation agreements with major cloud service providers to enhance game development and operational efficiency[15] - The company is actively pursuing a global strategy, having published and operated over 30 multilingual games in international markets by June 30, 2024[17] Research and Development - A new AI-focused subsidiary has been established to enhance the application of AI technology in the gaming industry[6] - The company emphasizes a strategy of "self-research + cooperation + investment" for its R&D efforts moving forward[6] - The average revenue per paying user (ARPPU) for all games was RMB 476.8[12] - The company is developing new games, including "Codename 20" and "Codename HB," to diversify its product matrix[17] Cash Flow and Financial Position - Cash and cash equivalents increased to RMB 541.0 million as of June 30, 2024, from RMB 486.9 million as of December 31, 2023[41] - The company reported a net cash flow from operating activities of RMB (864,068,000) for the six months ended June 30, 2024, compared to RMB (408,833,000) for the same period in 2023, indicating a significant increase in cash outflow[86] - The net cash flow from investing activities was RMB 1,166,123,000 for the six months ended June 30, 2024, compared to RMB 1,009,393,000 in the previous year, showing an increase in cash inflow from investments[89] Corporate Governance - The company has maintained high corporate governance standards, with compliance to the corporate governance code, except for the separation of the roles of Chairman and CEO during the reporting period[69] - The company plans to separate the roles of Chairman and CEO, appointing Ms. Liang as CEO effective August 30, 2024[70] - The company has adopted a standard code for securities trading by directors, confirming compliance with the code by all directors as of June 30, 2024[68] Employee and Management Information - The group employed 1,247 employees as of June 30, 2024, down from 1,305 employees on December 31, 2023[48] - The total remuneration for key management personnel for the six months ended June 30, 2024, was RMB 20,572,000, a decrease from RMB 25,865,000 in the same period of 2023[122]
中旭未来(09890) - 2024 - 中期财报