多牛科技(01961) - 2024 - 年度业绩

Financial Performance - Revenue for the fiscal year ending December 31, 2024, decreased by 2.0% to approximately RMB 258.5 million from RMB 263.9 million in the previous fiscal year[8]. - Gross profit for the same period fell by 14.4% to approximately RMB 32.7 million, down from RMB 38.2 million[8]. - The net loss for the fiscal year 2024 was approximately RMB 50.9 million, an improvement from a net loss of RMB 53.8 million in fiscal year 2023, narrowing the loss by 5.4%[9]. - Other income and gains increased significantly by 472.5%, from RMB 2,300 thousand to RMB 13,168 thousand[15]. - Research and development expenses decreased by 30.5%, from RMB 25,863 thousand to RMB 17,967 thousand[15]. - The gross profit margin decreased by 14.4%, from RMB 38,197 thousand to RMB 32,679 thousand[15]. - The company reported a foreign exchange gain of CNY 3,496,000 for the year, compared to CNY 2,837,000 in the previous year, an increase of about 23.2%[39]. - The total revenue for the year ended December 31, 2023, was RMB 13,168 million, compared to RMB 2,300 million in the previous year, representing a significant increase[60]. - The group reported a gross profit of RMB 10,339 million for the year, with a cost of sales amounting to RMB 225,799 million[61]. - The net loss attributable to ordinary equity holders of the parent company for the year was RMB 51,015,000, compared to RMB 53,320,000 in the previous year[65]. Revenue Breakdown - The decrease in revenue was primarily due to a reduction of approximately RMB 70.5 million from mobile gaming, while digital media revenue increased by approximately RMB 88.8 million[8]. - Mobile gaming revenue decreased by approximately RMB 70.5 million or 48.3% to approximately RMB 75.5 million for the year ending December 31, 2024, primarily due to intense competition and insufficient promotional effectiveness[16]. - Digital media revenue increased by approximately RMB 88.8 million or 134.2% to approximately RMB 155.0 million for the year ending December 31, 2024, driven by business restructuring and new AI application development[19]. - Revenue from external customers in Mainland China reached RMB 118,099,000 in 2024, compared to RMB 159,414,000 in 2023, indicating a decline of approximately 26%[54]. - Major customer revenue from gaming products amounted to RMB 27,974,000 in 2024, down from RMB 45,612,000 in 2023, representing a decline of approximately 39%[55]. - Revenue from key customers contributing over 10% of total revenue included Customer A with RMB 48,659,000 in 2024, down from RMB 70,285,000 in 2023, a decrease of about 31%[56]. - Revenue from advertising services decreased from RMB 111,547,000 in 2023 to RMB 38,579,000 in 2024, a decline of about 65%[59]. Cost and Expenses - Sales cost increased by approximately RMB 0.1 million or 0.1% to approximately RMB 225.8 million for the year ending December 31, 2024, with sales cost accounting for about 87.4% of total revenue[17]. - Sales and distribution expenses increased by approximately RMB 0.5 million or 6.5% to approximately RMB 7.9 million for the year ending December 31, 2024, mainly due to increased employee benefits[18]. - Administrative expenses increased by approximately RMB 8.7 million or 23.2% to approximately RMB 46.3 million for the year ending December 31, 2024, primarily due to increased employee benefits and professional fees[20]. - The total employee cost for the year ending December 31, 2024, is approximately RMB 26.6 million, with the workforce increasing to 115 employees from 51 employees as of December 31, 2023[34]. - Employee benefits expenses increased to RMB 23,666 million from RMB 16,715 million year-on-year, indicating a rise in personnel costs[61]. Strategic Initiatives - The company plans to increase investment in mobile game development, digital media development, AI technology development, and overseas market expansion[11]. - The company aims to integrate AI technology into its business to enhance product iteration and user engagement[7]. - The company has expanded into AI application development and related services, providing superior AI products and services to partners[7]. - The company will continue to optimize its existing business structure to ensure stable growth[7]. - The company will enhance its advertising sales services, offering more integrated marketing solutions to clients[11]. - The company will continue to deepen its focus on artificial intelligence technology, enhancing product application and user experience[12]. - The company plans to strengthen mobile game development and actively expand into overseas markets through partnerships with well-known intellectual property and gaming companies[12]. - The company plans to enhance its product offerings and expand into new markets, focusing on innovative technologies and strategic partnerships[58]. Financial Position and Liquidity - Cash and cash equivalents as of December 31, 2024, total approximately RMB 3.9 million, down from RMB 37.2 million as of December 31, 2023, due to a decline in business cash recovery ability[28]. - As of December 31, 2024, the company has bank borrowings of RMB 3 million, compared to none as of December 31, 2023, resulting in a debt-to-asset ratio of 1.1%[29]. - The group reported a net cash outflow from operating activities of RMB 55 million for the year ending December 31, 2024[74]. - The group has secured a long-term loan of HKD 250 million from an entity whose controlling shareholder has been appointed as a non-executive director of the company, effective March 28, 2025[51]. - The board is implementing multiple plans and measures to improve the group's liquidity and financial position, including a cash flow forecast covering at least the next 12 months[49]. - There is significant uncertainty regarding the group's ability to continue as a going concern, dependent on timely funding and the appropriateness of cash flow forecasts[50]. - The board believes that, considering the plans and measures in place, the group will have sufficient operating funds to meet its financial obligations over the next 12 months[49]. Acquisitions and Investments - The company completed the acquisition of Infinities Wonder Limited for HKD 134.82 million on April 24, 2024, which has become a wholly-owned subsidiary[31]. - The identifiable net assets of IWL at the acquisition date were valued at RMB 39,137,000, with goodwill recognized at RMB 61,279,000[71]. - The group acquired 100% of Infinities Wonder Limited (IWL) for RMB 84,761,000, enhancing product diversification and business portfolio[70]. Governance and Compliance - The audit committee has been established in accordance with listing rules and is responsible for reviewing the financial reporting system and internal controls[80]. - The audit committee consists of three members, all independent non-executive directors, ensuring appropriate professional qualifications in accounting or financial management[80]. - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[73]. - The company has adhered to all applicable corporate governance rules during the period from January 1, 2024, to March 27, 2025, except for the requirement regarding board gender diversity, which was addressed by appointing a female director on March 28, 2025[84].