QINGCI GAMES(06633)2025-03-27 09:33Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 627.96 million, a decrease of 31% compared to RMB 905.74 million in 2023[3] - Gross profit for the same period was RMB 363.12 million, reflecting a decline of 35% from RMB 557.88 million in the previous year[3] - The company achieved a net profit attributable to equity holders of RMB 51.12 million, reversing a loss of RMB 37.37 million in 2023, marking a significant improvement of 237%[3] - The company's revenue for the year ending December 31, 2024, is approximately RMB 628.0 million, a decrease of 30.7% compared to RMB 905.7 million for the year ending December 31, 2023[21] - Total revenue for the year ended December 31, 2024, was RMB 3,627.962 million, compared to RMB 905.737 million for the year ended December 31, 2023, representing a significant increase[51] - The net profit for the year ended December 31, 2024, was RMB 47.128 million, a turnaround from a loss of RMB 37.600 million in the previous year[53] - Total comprehensive income for the year ended December 31, 2024, was RMB 63.961 million, compared to a loss of RMB 16.277 million in the previous year[53] User Metrics - The average monthly active users (MAU) decreased by 5% to 2.36 million from 2.48 million in the previous year[4] - The average monthly paying users (MPU) saw a significant drop of 43% to 228,000 from 401,000 in 2023[4] - The cumulative registered players increased by 11% to 98.28 million, up from 88.34 million in the previous year[8] - The player community, 青瓷铁粉, grew by 18.59% year-on-year, reaching 15.84 million members[17] Game Performance - The flagship self-developed game "The Strongest Snail" generated cumulative revenue of approximately RMB 3.63 billion as of December 31, 2024[7] - The game "T灯与地下城" generated approximately RMB 13.59 million in revenue during the reporting period[11] - "新仙剑奇侠传之挥剑问情" achieved revenue of about RMB 97.60 million and ranked first in the iOS free game chart after its launch[11] - "魔卡少女樱：回忆钥匙" recorded revenue of approximately RMB 22.99 million and topped the iOS free game chart in multiple regions[12] - "肥鹅健身房" launched in Japan and earned around RMB 59.74 million, reaching the top of both iOS and Google Play free game charts[13] - "迷途之光" generated revenue of about RMB 8.51 million during its reporting period[13] - Cumulative registered players for "不思议迷宫" exceeded 25 million as of December 31, 2024, with revenue of approximately RMB 7.44 million[14] - The group’s games generated a total revenue of approximately RMB 26.02 million from several titles during the reporting period[15] - The group’s mini-program games, including "最强蜗牛," recorded revenue of about RMB 21.52 million[16] Revenue Breakdown - Revenue from self-developed games decreased by 28.1% to approximately RMB 365.2 million, primarily due to declines in revenue from "The Strong Snail" and "Magic Plan" in various regions[26] - Revenue from licensed games decreased by 37.6% to approximately RMB 228.3 million, mainly due to declines from "New Sword and Fairy" and "Cardcaptor Sakura"[26] - Information services revenue increased by 66.8% to approximately RMB 16.3 million, driven by increased ad views or clicks within games[25] - Other services and sales revenue increased by 99.9% to approximately RMB 7.2 million, primarily due to increased sales of peripheral products and marketing through third-party platforms[27] - The proportion of revenue from mainland China decreased to 56.1% in 2024 from 71.5% in 2023, while revenue from other regions increased to 43.9% from 28.5%[21] Expenses and Costs - The cost of revenue decreased by 23.9% to approximately RMB 264.8 million, down from RMB 347.9 million in the previous year[28] - Sales and marketing expenses decreased by 49.7% from approximately RMB 429.2 million for the year ended December 31, 2023, to approximately RMB 216.0 million for the year ended December 31, 2024[34] - Research and development expenses increased by 0.6% from approximately RMB 105.5 million for the year ended December 31, 2023, to approximately RMB 106.1 million for the year ended December 31, 2024[35] - General and administrative expenses rose by 24.6% from approximately RMB 49.0 million for the year ended December 31, 2023, to approximately RMB 61.0 million for the year ended December 31, 2024[36] Financial Position - Total cash and cash equivalents decreased by 16.4% from approximately RMB 538.0 million as of December 31, 2023, to approximately RMB 450.0 million as of December 31, 2024[43] - The company had borrowings of RMB 20.0 million as of December 31, 2024, with an unused bank credit facility of RMB 70 million[43] - As of December 31, 2024, the group's current assets were approximately RMB 1,686.9 million, while current liabilities were approximately RMB 165.5 million, resulting in a current ratio of 1,019%[44] - The asset-liability ratio as of December 31, 2024, was 9%, down from 13% as of December 31, 2023, indicating improved financial stability[44] - Total liabilities as of December 31, 2024, amounted to RMB 174,232 thousand, a decrease from RMB 255,968 thousand in 2023[68] Future Plans and Developments - The company is focusing on enhancing product quality and operational efficiency to adapt to the evolving gaming industry landscape[5] - The upcoming game "Project E" is expected to undergo expanded testing in 2025, aiming to establish a new milestone for the company's self-developed game portfolio[7] - The company plans to continue launching new games and global releases to mitigate revenue declines from mature titles[24] - The company plans to enhance its game development capabilities and expand its overseas market presence by utilizing the proceeds from its global offering[85] - The group plans to launch multiple mobile games across various genres, with several titles expected to be released between 2025 and 2026[19] Governance and Compliance - The company has adopted the corporate governance code as its own and has complied with all provisions during the reporting period[86] - The audit committee, consisting of three independent non-executive directors, has reviewed the group's performance for the year ending December 31, 2024[89] - The new auditor, Hong Kong Lixin Dehao CPA Limited, will take effect from November 29, 2024, following the resignation of PwC[90] - The company maintains the minimum public float as required by the listing rules[88] Shareholder Information - The company will not recommend any final dividend for the year ending December 31, 2024[93] - The annual general meeting is scheduled for June 6, 2025, with a notice to be published in April 2025[92] - The company will suspend share transfer registration from June 3 to June 6, 2025, to determine shareholder attendance at the AGM[94] - The annual report for the year ending December 31, 2024, will be published in April 2025[95] - The company expresses sincere gratitude to shareholders, business partners, and employees for their continued support and efforts[100]