Financial Performance - Revenue for the year ended December 31, 2024, was RMB 2,627,271 thousand, representing a 25.2% increase from RMB 2,098,220 thousand in 2023[3] - Gross profit increased to RMB 234,038 thousand, up 4.8% from RMB 223,268 thousand in the previous year[3] - Adjusted EBITDA for 2024 was RMB 68,043 thousand, reflecting a 3.7% growth compared to RMB 65,626 thousand in 2023[3] - The adjusted net profit for 2024 was RMB 33,609 thousand, a 3.4% increase from RMB 32,506 thousand in 2023[3] - The company reported a net profit of RMB 7,592 thousand for the year, down from RMB 21,996 thousand in 2023[9] - Basic earnings per share for 2024 were RMB 0.15, a decrease from RMB 1.04 in the previous year[8] - The company achieved a net profit attributable to ordinary equity holders of RMB 2,267,000 in 2024, a decrease of 85.3% compared to RMB 15,488,000 in 2023[37] - Net profit for 2024 was RMB 7.6 million, down from RMB 22.0 million in 2023, reflecting a decline of 65.5%[72] Assets and Liabilities - Total assets rose to RMB 2,328,038 thousand, an 18.0% increase from RMB 1,973,730 thousand in 2023[3] - Total liabilities increased significantly by 61.1% to RMB 916,243 thousand from RMB 568,754 thousand in the prior year[3] - The company’s total equity as of December 31, 2024, was RMB 1,411,795 thousand, slightly up by 0.5% from RMB 1,404,976 thousand in 2023[10] - The company’s bank borrowings amounted to RMB 567,670,000 as of December 31, 2024, compared to RMB 303,500,000 in 2023, indicating a significant increase[42] - The debt-to-asset ratio increased from 28.8% in 2023 to 39.4% in 2024, reflecting a rise in total liabilities[84] Cash Flow and Investments - Cash and cash equivalents increased to RMB 591,487 thousand from RMB 521,874 thousand in 2023[10] - The cash flow from operating activities for the year ended December 31, 2024, was a net outflow of RMB 165,346,000, compared to a net outflow of RMB 65,314,000 in 2023[19] - The company reported a significant increase in bank loans, with cash inflow from financing activities amounting to RMB 234,413,000 in 2024, up from RMB 76,670,000 in 2023[20] - The company engaged in various investment activities, resulting in a net cash outflow of RMB 3,793,000 in 2024, compared to RMB 29,854,000 in 2023[20] - Cash and bank balances increased to RMB 602,813,000 in 2024 from RMB 534,899,000 in 2023, primarily due to financing activities[77] Revenue Breakdown - Mobile advertising service revenue reached RMB 2,563,730,000, up 28.2% from RMB 1,997,751,000 in the previous year[26] - Mobile game distribution revenue increased from RMB 1,976.6 million in 2023 to RMB 2,478.1 million in 2024, representing a growth of 25.4%[55] - Mobile application distribution revenue rose from RMB 21.2 million in 2023 to RMB 85.6 million in 2024, a significant increase of 304.1%[55] - The total revenue from mainland China accounted for 99.00% of total revenue, slightly down from 99.99% in 2023[27] Costs and Expenses - The cost of services increased to RMB 2,393,233,000 in 2024 from RMB 1,874,952,000 in 2023, marking a rise of 27.8%[30] - Sales cost increased by 27.6% from RMB 1,875.0 million in 2023 to RMB 2,393.2 million in 2024, aligned with revenue growth[58] - Financial costs rose to RMB 14,561,000 in 2024 from RMB 10,009,000 in 2023, an increase of 45.6%[31] - Research and development expenses increased by 15.2% from RMB 80.7 million in 2023 to RMB 92.9 million in 2024[63] Corporate Governance and Compliance - The company has maintained compliance with the corporate governance code as outlined in the listing rules[97] - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2024, and confirmed they were prepared in accordance with applicable accounting standards[100] - The company emphasized its commitment to maintaining high standards of corporate governance and transparency[96] Future Outlook and Strategy - The company plans to expand its global business in the Apple iOS ecosystem and strengthen cooperation with Huawei's HarmonyOS[47] - The company aims to leverage the potential of fast applications in gaming, short dramas, and novel reading for scalable growth[47] - The company deepened partnerships with major smartphone manufacturers, including Huawei, Xiaomi, OPPO, vivo, Honor, and Apple, enhancing its market position[46] Shareholder Returns - The company has not declared any dividends for the year ending December 31, 2024, consistent with 2023[35] - The board of directors did not recommend a final dividend for the year ending December 31, 2024, similar to the previous year[94]
万咖壹联(01762) - 2024 - 年度业绩