2025-03-26 08:30Financial Performance - Total revenue for Q4 2024 was RMB 859.2 million (USD 117.7 million), down from RMB 1,138.3 million in Q4 2023[12] - Total revenue for the fiscal year 2024 was RMB 3,598.9 million (USD 493.0 million), down from RMB 4,198.9 million in 2023[12] - Total revenue for FY 2024 was RMB 3,598.9 million (USD 493.0 million), down from RMB 4,198.9 million in 2023[17] - Total revenue for the three months ended December 31, 2023, was RMB 1,138,297 thousand, a decrease of 24.5% compared to RMB 1,652,992 thousand for the same period in 2022[31] Profitability - Net profit for Q4 2024 was RMB 86.4 million (USD 11.8 million), compared to a net loss of RMB 103.1 million in Q4 2023[12] - Net loss for the fiscal year 2024 narrowed to RMB 169.0 million (USD 23.1 million), a reduction of 79.9% compared to 2023[12] - Adjusted net loss for the fiscal year 2024 was RMB 96.3 million (USD 13.2 million), a decrease of 85.4% from 2023[12] - Net profit was RMB 86.4 million (USD 11.8 million), a turnaround from a net loss of RMB 103.1 million in the same period of 2023[15] - The company reported a net loss of RMB 103,105 for the three months ending December 31, 2023, compared to a net loss of RMB 839,528 for the full year 2023[38] Operating Expenses - Total operating expenses decreased by 37.9% to RMB 528.8 million (USD 72.4 million) in Q4 2024 compared to RMB 851.3 million in Q4 2023[14] - Total operating expenses decreased by 21.0% from RMB 3,368.1 million to RMB 2,661.9 million (USD 364.7 million) compared to 2023[18] - The total operating expenses for the three months ended December 31, 2023, were RMB 851,258 thousand, a decrease of 24.5% from RMB 3,368,073 thousand for the full year 2023[31] User Engagement - Average monthly active users (MAUs) reached 81.4 million in Q4 2024[12] - The company expects to continue focusing on expanding its paid membership services and enhancing user engagement in the upcoming quarters[28] Revenue Streams - Marketing services revenue for Q4 2024 was RMB 315.9 million (USD 43.3 million), down from RMB 465.2 million in Q4 2023[13] - Paid membership revenue for Q4 2024 was RMB 420.2 million (USD 57.6 million), slightly down from RMB 455.9 million in Q4 2023[13] - Paid membership revenue was RMB 1,762.0 million (USD 241.4 million), a slight decrease from RMB 1,826.6 million in 2023, mainly due to a slight decline in average revenue per subscriber[17] Research and Development - R&D expenses decreased by 37.0% from RMB 232.6 million to RMB 146.6 million (USD 20.1 million) compared to the same period in 2023, primarily due to improved efficiency in technology innovation spending and reduced personnel-related expenses[15] - Research and development expenses for the three months ended December 31, 2023, were RMB 232,585 thousand, a decrease of 25.5% from RMB 901,452 thousand for the full year 2023[31] Cash and Assets - Cash and cash equivalents, including short-term investments, totaled RMB 4,859.0 million (USD 665.7 million) as of December 31, 2024, down from RMB 5,462.9 million as of December 31, 2023[16] - Cash and cash equivalents increased to RMB 2,106,639 as of December 31, 2023, compared to RMB 3,999,160 in 2024[35] - As of December 31, 2023, total assets amounted to RMB 6,795,272, a decrease from RMB 5,732,952 in 2024[35] Shareholder Actions - The company repurchased 31.1 million Class A ordinary shares for a total of USD 66.5 million under its existing share repurchase plan[20] Strategic Focus - The company reported a significant decrease in accounts receivable, which fell to RMB 664,615 as of December 31, 2023, from RMB 420,636 in 2024[35] - The company plans to focus on new product development and market expansion strategies in the upcoming fiscal year[36] - The financial results reflect the impact of strategic adjustments and cost management initiatives implemented by the company[28]