创梦天地(01119) - 2024 - 年度业绩

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 1,513,644, a decrease of 21% compared to RMB 1,916,473 in 2023[3] - Gross profit for the same period was RMB 426,789, down 37% from RMB 673,461 in 2023[3] - The adjusted annual loss was RMB 30,322, a significant decline from a profit of RMB 139,597 in 2023[3] - Revenue for the year ended December 31, 2024, decreased by 21.0% to approximately RMB 1,513.6 million, down from RMB 1,916.5 million in 2023[16] - Game revenue contributed 96.2% of total revenue in 2024, down from 96.5% in 2023, with a decline from RMB 1,849.1 million to RMB 1,455.9 million, a decrease of 21.3%[17] - The annual loss increased from RMB 456.8 million in 2023 to RMB 544.6 million in 2024, with adjusted annual loss reported at RMB 30.3 million for 2024 compared to a profit of RMB 139.6 million in 2023[30] - Adjusted EBITDA for 2024 was RMB 56.4 million, a decrease from RMB 308.8 million in 2023, indicating a significant decline in operational performance[32] Game Development and Launches - The game "Subway Surfers" maintained a top ten position in revenue rankings, with a 40% increase in version payment rate, reaching a five-year high[6] - The newly launched game "Mecha Squad" achieved a cumulative global revenue of USD 1 billion, ranking in the top five for revenue in the mech shooting game category in China[6] - The self-developed game "Kara Bichu" was successfully launched globally on November 22, 2024, topping Steam's "New Releases" and "Top Free Games" charts within two hours[9] - The game "Delta Action," co-developed with Tencent, surpassed 40 million registered users across PC and mobile platforms[10] - The upcoming game "Chong Chong Qi Bing," set to launch in 2025, is expected to provide sustained profit returns due to its strong product quality and positive reputation[7] - The company plans to launch the mobile and console versions of its games globally in 2025, currently in the final testing phase[9] Financial Position and Liabilities - Total assets decreased to RMB 3,590,220,000 in 2024 from RMB 3,707,673,000 in 2023, reflecting a decline of approximately 3.2%[56] - The company’s total liabilities rose to RMB 2,134,852,000 in 2024, up from RMB 1,964,446,000 in 2023, indicating a growth of approximately 8.6%[57] - Total borrowings amounted to approximately RMB 1,070.1 million as of December 31, 2024, up from RMB 966.4 million in 2023, with secured bank borrowings increasing from RMB 876.4 million to RMB 1,055.1 million[38][40] - The current ratio decreased to 0.90 as of December 31, 2024, compared to 1.07 as of December 31, 2023, indicating a decline in liquidity[40] - The debt ratio increased to 59.5% as of December 31, 2024, from 53.0% in 2023, reflecting a higher proportion of debt in the capital structure[40] Operational Efficiency and Cost Management - Total cost of revenue for the year ended December 31, 2024, was RMB 1,086.9 million, a decrease of 12.6% from RMB 1,243.0 million in 2023, but the cost as a percentage of revenue increased from 64.9% to 71.8%[20] - Sales and marketing expenses decreased by 14.8% to RMB 196.5 million in 2024 from RMB 230.6 million in 2023, attributed to improved customer acquisition efficiency[21] - Research and development expenses decreased from RMB 240.0 million in 2023 to RMB 165.2 million in 2024, representing 10.9% of revenue, down from 12.5%[23] - The company achieved over 30% improvement in overall R&D efficiency by integrating AI into game development processes[12] - The company plans to improve operational efficiency and maintain cash inflow through strategies such as cultivating a loyal user base and launching multiple game iterations in 2025[62] Impairment and Financial Losses - The net impairment loss of financial assets for the year ended December 31, 2024, was RMB 185.7 million, a decrease from RMB 232.3 million in 2023[25] - Fair value losses on financial assets measured at fair value through profit or loss increased from RMB 27.9 million in 2023 to RMB 81.4 million in 2024, primarily due to operational underperformance of certain investees and market volatility[26] - The impairment of investments in associates accounted for using the equity method rose significantly from RMB 19.4 million in 2023 to RMB 105.5 million in 2024, attributed to insufficient cash flow generation from existing businesses[27] - The company recognized a total impairment loss of RMB 185.7 million on financial assets, down from RMB 232.3 million in the previous year[35] - The impairment provision for prepaid revenue share decreased to RMB 98,980,000 in 2024 from RMB 199,656,000 in 2023, a reduction of approximately 50.4%[100] Shareholder Returns and Dividends - The company did not recommend the payment of a final dividend for the year ended December 31, 2024, consistent with no dividend in 2023[47] - The board of directors decided not to declare any dividends for the years ended December 31, 2024, and 2023[77] Future Plans and Strategic Focus - The company plans to maintain a long-term focus on core gaming business and continue delivering high-quality game products to enhance shareholder value[15] - The company aims to strengthen partnerships to expand its existing game portfolio and introduce new games to overseas markets[62] - The company plans to continue optimizing its product portfolio and gradually terminate products that do not align with its future gaming business strategy[83]