SINO-ENTERTAIN(HK:06933)2025-04-11 08:41Financial Performance - The total revenue for the year was approximately RMB 44,664,000, representing an increase of about 396.4% compared to approximately RMB 8,998,000 for the year ended December 31, 2023[16]. - The loss attributable to the owners of the company for the year was approximately RMB 27,891,000, a decrease of about 73.0% from approximately RMB 103,378,000 for the year ended December 31, 2023[8]. - Gross profit for the year was approximately RMB 1,791,000, a significant improvement from a gross loss of RMB 14,374,000 for the year ending December 31, 2023[21]. - Other income decreased by approximately 8.39% to RMB 3,176,000, down from RMB 3,467,000 for the year ending December 31, 2023, mainly due to reduced government subsidies and interest income[22]. - The company reported a net loss attributable to shareholders of approximately RMB 27,891,000 this year, a decrease from RMB 103,378,000 for the year ending December 31, 2023[30]. - As of December 31, 2024, the company's current assets net value was approximately RMB 69,482,000, down from RMB 86,647,000 as of December 31, 2023[31]. - The company's debt-to-equity ratio as of December 31, 2024, was approximately 10.74%, a decrease from 32.2% as of December 31, 2023[32]. Business Development - The company entered into a subscription agreement in September 2024, acquiring a 51% stake in a subsidiary focused on developing social finance mobile applications using blockchain technology[7]. - The core source code for the framework module of the social finance mobile application has been developed as of the date of the earnings announcement[14]. - The company aims to launch the social finance mobile application by the third quarter of 2025[9]. - The increase in revenue was primarily due to higher earnings from the joint publishing of third-party games and the development and sale of games[14]. - The company has submitted approval applications for two game titles to the National Press and Publication Administration, indicating potential future game licenses[15]. - The gaming industry is recovering as the National Press and Publication Administration has resumed issuing new game licenses since April 2022[9]. - The company has not recorded any revenue from self-developed games during the year[17]. - The company served as a co-publisher for 24 third-party games this year, generating revenue of approximately RMB 30,513,000, compared to RMB 8,015,000 for the year ending December 31, 2023[18]. - Revenue from self-developed and sold games reached approximately RMB 14,151,000 this year, up from RMB 896,000 for the year ending December 31, 2023[19]. Employee and Administrative Expenses - Employee costs for the year were approximately RMB 18,210,000, an increase from RMB 13,698,000 for the year ending December 31, 2023, primarily due to increased share-based payment expenses[24]. - Administrative expenses increased to approximately RMB 35,518,000 this year, compared to RMB 28,273,000 for the year ending December 31, 2023, mainly due to increased share-based payment expenses[28]. - The company employed 27 staff members as of December 31, 2024, down from 28 in 2023[41]. - The group recognized share-based payment expenses of approximately RMB 13,946,000 for the year, compared to RMB 9,342,000 in the previous year[66]. - The company has not made any charitable donations during the year, similar to 2023[48]. Corporate Governance - The board of directors does not recommend any final dividend for the year, consistent with 2023[46]. - The company has not engaged in any significant transactions involving directors or related entities during the year[54]. - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors, complying with listing rules regarding board composition[110]. - The roles of the chairman and the CEO are separated, with Sui Jiaheng serving as chairman and Li Tao as CEO, ensuring effective governance and management[115]. - The board believes all directors have dedicated sufficient time and attention to their duties and the company's affairs[120]. - The company has established a written guideline for employees regarding securities trading to prevent insider trading violations[106]. - The company has established a dividend policy that allows for the recommendation, declaration, and distribution of dividends to shareholders, subject to board discretion and various factors including economic conditions and financial results[149]. Risk Management and Compliance - The board is responsible for maintaining an effective risk management and internal control system, with a focus on minimizing risks rather than eliminating them entirely[153]. - The company has engaged an independent internal control consultant to review its internal control systems and risk management processes, with findings submitted to the board[154]. - The board and audit committee have reviewed the effectiveness of the risk management and internal control systems and deemed them sufficient and effective[155]. - The company encourages stakeholders to report concerns through its designated channels, ensuring confidentiality and protection for whistleblowers[157]. - The company is not aware of any tax relief or exemption provided to shareholders for holding its securities[94]. - The company has complied with the disclosure requirements under the listing rules regarding related party transactions, confirming no transactions constituted related party transactions[74]. Environmental, Social, and Governance (ESG) Performance - The report covers the environmental, social, and governance (ESG) performance of the company and its subsidiaries for the period from January 1, 2024, to December 31, 2024[167]. - The company emphasizes the importance of ESG management and has established a framework for identifying and addressing ESG-related risks and opportunities[168]. - The company is committed to environmental management and has established a system for monitoring greenhouse gas emissions and energy consumption[173]. - Total greenhouse gas emissions for 2024 amounted to 32.77 tons, with a per capita emission of 1.21 tons per person[176]. - The company generated 33.47 kg of non-hazardous waste, resulting in a waste disposal density of 1.24 kg per person for 2024[181]. - Total energy consumption for 2024 was recorded at 6.59 MWh, with a consumption density of 0.24 MWh per person[188]. - Total water consumption for 2024 reached 357.33 cubic meters, with a water consumption density of 13.23 cubic meters per person[190]. - The company adheres to environmental regulations and has not reported any significant violations related to environmental protection during the reporting period[176]. Employee Relations and Development - The workforce consists of 27 employees, with a gender distribution of 48% male (13) and 52% female (14)[193]. - Employee turnover rate analysis shows a 100% turnover for employees over 31 years old, with no turnover for those under 31[193]. - The company emphasizes employee health and safety, implementing measures such as a smoke-free office and emergency response procedures[197]. - The company has a performance management policy to guide, assess, and reward employee performance systematically[196]. - The company provides various types of leave, including sick leave, maternity leave, and annual leave, to support work-life balance[200]. - 100% of employees received training, with an average training duration of 11.82 hours, including 6 training sessions during the reporting period[199]. - The company has established a transparent recruitment system, ensuring equal opportunities for internal and external candidates[195]. - The company adheres strictly to labor laws preventing child labor and forced labor, ensuring all applicants provide accurate personal information for background checks[200].