百奥家庭互动(02100) - 2024 - 年度业绩

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 545,294,000, a decrease of 30.3% compared to RMB 782,764,000 in 2023[4] - Gross profit for the same period was RMB 252,062,000, down 20.7% from RMB 318,054,000 in the previous year[4] - Adjusted net loss increased by 109.3% to RMB 21,102,000 from RMB 10,081,000 year-on-year[4] - Adjusted EBITDA showed a loss of RMB 23,070,000, an increase of 87.9% compared to RMB 12,279,000 in 2023[4] - The company's revenue for the fiscal year ending December 31, 2024, was RMB 545.3 million, a decrease of 30.3% compared to RMB 782.8 million for the fiscal year ending December 31, 2023[17] - The average quarterly active accounts decreased to 6.3 million in 2024, down 13.7% from 7.3 million in 2023[14] - The average quarterly paying accounts fell to 0.8 million in 2024, a decline of 27.3% from 1.1 million in 2023[14] - The average revenue per paying account was RMB 163.0 in 2024, down 7.4% from RMB 176.1 in 2023[14] - The gross profit for the fiscal year ending December 31, 2024, was RMB 252.1 million, compared to RMB 318.1 million in 2023, with a gross margin of 46.2% in 2024, up from 40.6% in 2023[21] - The company's operating loss for the fiscal year ending December 31, 2024, was RMB 42.8 million, compared to an operating loss of RMB 55.1 million in 2023[15] - The company reported a net loss of RMB 27.96 million for the fiscal year ending December 31, 2024, compared to a net loss of RMB 31.4 million in 2023[16] - The net loss for the year ended December 31, 2024, was RMB 28.0 million, compared to a net loss of RMB 31.4 million for the year ended December 31, 2023, reflecting an improvement[33] - The adjusted net loss for the year ended December 31, 2024, was RMB 21.1 million, an increase of 109.3% from RMB 10.1 million for the year ended December 31, 2023[34] Assets and Liabilities - Non-current assets rose to RMB 819,906,000 in 2024 from RMB 585,242,000 in 2023, indicating a significant increase[5] - Total assets decreased to RMB 1,875,051,000 in 2024 from RMB 1,920,099,000 in 2023[5] - Total liabilities as of December 31, 2024, were RMB 275.966 million, compared to RMB 269.064 million as of December 31, 2023, resulting in a debt-to-asset ratio of 15%[35] - Cash and cash equivalents as of December 31, 2024, were RMB 495.7 million, a decrease from RMB 966.0 million as of December 31, 2023[36] - The company had no bank loans or other borrowings as of December 31, 2024[38] - Current liabilities increased from RMB 239,218,000 to RMB 264,636,000, an increase of approximately 10.6%[52] - Total liabilities increased slightly from RMB 269,064,000 to RMB 275,966,000, an increase of approximately 2.7%[52] - The company reported a total equity of RMB 1,599,085,000, down from RMB 1,651,035,000, a decrease of about 3.2%[52] Revenue Breakdown - Revenue from mainland China was RMB 509,892,000, down 32.5% from RMB 755,855,000 in 2023, while revenue from regions outside mainland China increased to RMB 35,402,000 from RMB 26,909,000[60] - The online entertainment business contributed 71.5% of total revenue in 2024, down from 82.6% in 2023[61] - The top three virtual worlds contributing to revenue were: Aobi Island mobile game (27.9%), Aoqi Legend (24.6%), and Aoqi Legend mobile game (19.0%) for the year ended December 31, 2024[62] Expenses - Sales and marketing expenses for the year ended December 31, 2024, were RMB 57.5 million, a decrease of 9.7% from RMB 63.7 million for the year ended December 31, 2023, primarily due to reduced employee benefits expenses[22] - Administrative expenses for the year ended December 31, 2024, were RMB 57.8 million, a decrease of 24.1% from RMB 76.2 million for the year ended December 31, 2023, mainly due to reduced employee benefits related to restricted share units[23] - Research and development expenses for the year ended December 31, 2024, were RMB 177.0 million, a decrease of 23.4% from RMB 231.1 million for the year ended December 31, 2023, primarily due to reduced employee benefits expenses[24] - The total administrative and R&D expenses amounted to RMB 585,544,000 in 2024, down from RMB 835,762,000 in 2023, indicating a reduction of 30.0%[63] Employee and Shareholder Information - Employee costs for the year ended December 31, 2024, amounted to approximately RMB 281.0 million, representing 51.5% of the company's revenue, compared to RMB 359.4 million and 45.9% in 2023[45] - The company has 644 full-time employees as of December 31, 2024, with 51.2% in research and development roles[45] - The board has proposed a special dividend of HKD 0.012 per share for the year ended December 31, 2023, subject to shareholder approval[47] - A special dividend of HKD 0.012 per share has been proposed for the fiscal year ending December 31, 2024, subject to shareholder approval[91] Future Plans and Strategies - The company plans to enhance product competitiveness by focusing on game segments and integrating traditional Chinese culture into core IPs[12] - The company is actively preparing multiple products for future release and aims to strengthen its overseas presence[12] - There are currently no major investment or acquisition plans, but the company will continue to seek new business development opportunities[44] Tax and Compliance - The company has recognized a deferred tax liability for Chinese withholding tax on undistributed profits amounting to approximately RMB 1,224,512,000 as of December 31, 2024, compared to RMB 1,197,103,000 for the previous year[73] - Guangzhou Baitian and Guangzhou Tianti, both recognized as "high-tech enterprises," are eligible for a preferential income tax rate of 15% for the year ended December 31, 2024[68][69] - The company has applied for super deductions for qualified R&D expenses, allowing a deduction of 175% for tax purposes, which may impact future taxable profits[72] - The company’s income tax provision in Hong Kong for the year ended December 31, 2024, was calculated based on a two-tiered profits tax system, with the first RMB 2 million of profits taxed at 8.25% and profits above that taxed at 16.5%[72] Governance and Compliance - The company has adopted the corporate governance code and confirmed compliance with all provisions, except for the separation of the roles of Chairman and CEO[87][88] - The company has established written guidelines for employee securities trading, ensuring no violations were detected during the fiscal year ending December 31, 2024[86] - The annual general meeting is scheduled for June 27, 2025, with a suspension of share transfer registration from June 24 to June 27, 2025[90] - The company’s annual report for the fiscal year ending December 31, 2024, will be available on its website and the Hong Kong Stock Exchange website[92]