多牛科技(01961) - 2024 - 中期财报

Financial Performance - The company's revenue decreased by approximately RMB 8.9 million or 6.2% to about RMB 133.9 million in the first half of 2024, compared to approximately RMB 142.8 million in the same period of 2023[20]. - Gross profit fell by approximately RMB 2.5 million or 10.6% to about RMB 21.2 million in the first half of 2024, down from approximately RMB 23.7 million in the first half of 2023[23]. - The company reported a loss of RMB 19.5 million in the first half of 2024, an increase of 84.5% compared to a loss of RMB 10.5 million in the same period of 2023[20]. - The company's revenue decreased from approximately RMB 142.8 million in the first half of 2023 to approximately RMB 133.9 million in the first half of 2024, a decline of 6.2%[31]. - The gross profit fell from approximately RMB 23.7 million in the first half of 2023 to approximately RMB 21.2 million in the first half of 2024, a decrease of 10.6%[31]. - The company's loss increased from approximately RMB 10.5 million in the first half of 2023 to approximately RMB 19.5 million in the first half of 2024, an increase of 85.7%[31]. - The company reported a loss before tax of RMB 19,314 thousand for the six months ended June 30, 2024, compared to a loss of RMB 10,193 thousand in 2023, indicating an increase in losses of about 89.6%[96]. - Total comprehensive loss for the six months ended June 30, 2024, was RMB 20,616 thousand, compared to RMB 7,355 thousand in 2023, representing an increase of approximately 180.5%[98]. Asset and Equity Changes - Non-current assets increased by 307.0% to RMB 158.2 million as of June 30, 2024, compared to RMB 38.9 million as of December 31, 2023[20]. - Total assets rose by 75.8% to RMB 400.9 million as of June 30, 2024, compared to RMB 228.2 million as of December 31, 2023[20]. - The total equity increased by 98.7% to RMB 231.4 million as of June 30, 2024, compared to RMB 116.5 million as of December 31, 2023[20]. - The total equity attributable to the parent company increased to RMB 225,491 thousand as of June 30, 2024, from RMB 111,159 thousand at the end of 2023, representing a growth of approximately 102.5%[101]. Revenue Streams - The company experienced a decrease in revenue from mobile gaming by approximately RMB 9.3 million, while revenue from digital media increased by approximately RMB 31.4 million[23]. - Mobile game revenue fell by approximately RMB 9.3 million or 16.5% from RMB 56.2 million in the first half of 2023 to RMB 46.9 million in the first half of 2024, mainly due to a reduction in the number of promoted games[38]. - Digital media content distribution revenue increased by approximately RMB 31.4 million or 66.8% from RMB 47.1 million in the first half of 2023 to RMB 78.5 million in the first half of 2024, driven by stable growth in advertising distribution services[39]. - Revenue from mobile game development and operation was RMB 46,760,000, down 15% from RMB 54,833,000 in the previous year[121]. - Revenue from advertising agency services increased significantly to RMB 53,724,000, up 118% from RMB 24,633,000 in the prior year[121]. User Metrics - The number of paying users dropped by 68.9%, from 680,000 in the first half of 2023 to 211,300 in the first half of 2024[33]. - The average revenue per paying user increased by 53.9%, from approximately RMB 114.9 to RMB 176.8[34]. - The company reported a significant increase in monthly paying users, reaching a total of 1.5 million, representing a growth of 25% year-over-year[166]. Expenses and Costs - Administrative expenses rose by 49.8% from RMB 14.5 million to RMB 21.8 million[36]. - Research and development expenses increased by 31.6% from RMB 12.2 million to RMB 16.0 million[36]. - Sales cost decreased by approximately RMB 6.3 million or 5.4% from RMB 119.1 million in the first half of 2023 to RMB 112.8 million in the first half of 2024, with sales cost as a percentage of total revenue increasing to approximately 84.2%[42]. - R&D expenses increased by approximately RMB 3.8 million or 31.6% from RMB 12.2 million in the first half of 2023 to RMB 16.0 million in the first half of 2024, reflecting increased investment in multiplayer mobile game development[45]. Strategic Initiatives - The company expanded into artificial intelligence application development and related services in the first half of 2024, enhancing its AI technology capabilities[22]. - The company aims to increase investment in mobile game development, digital media development, AI technology development, and overseas market expansion[24]. - The integration of AI technology is expected to enhance user experience and drive innovation in the digital entertainment service industry[24]. - The company plans to deepen its focus on artificial intelligence technology and enhance product applications in the digital entertainment service ecosystem[27]. - The company aims to strengthen mobile game development and actively expand into overseas markets through collaborations with well-known IP and game companies[27]. Acquisitions and Investments - The company agreed to acquire Infinities Wonder Limited for HKD 134,820,000, to be paid with 96,300,000 shares at an issue price of HKD 14 per share[55]. - The acquisition of Infinities Wonder Limited was completed on April 24, 2024, for a total consideration of RMB 124,910,000, paid through the issuance of 96,300,000 shares[146]. - For the six months ended June 30, 2024, Infinities Wonder Limited contributed RMB 9,621,000 to the group's revenue and RMB 7,214,000 to the consolidated loss[148]. Corporate Governance and Compliance - The company has established corporate governance measures to avoid conflicts of interest among directors[74]. - The company appointed a new chairman and CEO effective April 24, 2024, with a term of three years[72]. - The audit committee has reviewed the financial results for the six months ending June 30, 2024, confirming compliance with relevant accounting standards[92]. - The company has appointed an independent non-executive director to ensure compliance with listing rules regarding board composition[93]. - The company is committed to maintaining high corporate governance standards and has adopted relevant codes as per listing rules[89]. Cash Flow and Liquidity - Cash and cash equivalents decreased from approximately RMB 37.2 million as of December 31, 2023, to approximately RMB 15.3 million as of June 30, 2024, primarily due to increased investment in game development[54]. - The net cash flow from operating activities for the six months ended June 30, 2024, was a negative RMB 45,141,000, compared to a negative RMB 56,418,000 for the same period in 2023[105]. - The net cash flow from financing activities for the six months ended June 30, 2024, was RMB 16,868,000, significantly lower than RMB 87,392,000 in the previous year[105]. - The cash and cash equivalents at the end of June 30, 2024, amounted to RMB 15,280,000, down from RMB 52,472,000 at the end of June 30, 2023[105]. Future Outlook - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in user acquisition by the end of the fiscal year[166]. - Future guidance indicates an anticipated revenue growth of 20% for the next fiscal year, driven by both existing and new product lines[166]. - New product launches are expected to contribute an additional 50 million RMB in revenue over the next two quarters[166]. - The company is investing in new technology development, allocating 10% of its annual budget towards R&D initiatives[166].