Awards and Recognitions - Wanka Huanju, a subsidiary of the Group, was awarded the High-growth Enterprise under the 3rd "Phoenix Program" in Chaoyang District[17]. - Huanju Times, a subsidiary of the Group, was selected as one of the "Top 100 Private Cultural Enterprises in Beijing" and ranked 48th[43]. - Huanju Times was certified as an "innovative" SME in Beijing[46]. - Huanju Times was certified as a "specialized, high-end and innovation-driven" SME in Beijing[49]. - The Group was certified as "2025 Elite Service Provider under the Petal Ads Initiative" by Huawei[57]. - The Group was selected as one of the "Top 10 Innovative Listed Enterprises in 2024" by the 8th Boao Enterprise Forum[60]. - The Group received the 2024 Effie Performance Marketing Awards[63]. Financial Performance - In 2024, the Group's revenue reached RMB2,627.3 million, a year-on-year increase of 25.2%[75]. - Gross profit for 2024 was RMB234.0 million, reflecting a year-on-year growth of 4.8%[75]. - Adjusted EBITDA amounted to RMB68.0 million, representing a year-on-year increase of 3.7%[75]. - Adjusted net profit for the year was RMB33.6 million, showing a year-on-year increase of 3.4%[75]. - Total assets increased to RMB2,328.0 million, up 18.0% year-on-year[75]. - Total revenue for 2024 reached RMB2,627.3 million, a significant increase from RMB2,098.2 million in 2023[102]. - Mobile advertising accounted for 97.6% of total revenue in 2024, up from 95.2% in 2023[102]. - Profit for the year decreased to RMB7.6 million in 2024 from RMB22.0 million in 2023[139]. - Adjusted net profit for 2024 was RMB33.6 million, compared to RMB32.5 million in 2023[151]. Revenue Breakdown - Mobile advertising revenue reached RMB2,563.7 million, marking a 28.3% year-on-year increase[81]. - Revenue from mobile advertising services increased by 28.3% from RMB1,997.8 million in 2023 to RMB2,563.7 million in 2024, driven by partnerships with top-tier smartphone manufacturers[99]. - Mobile advertising revenue from mobile game distribution increased from RMB1,976.6 million in 2023 to RMB2,478.1 million in 2024, representing a growth of 25.4%[106]. - Revenue from mobile app distribution rose from RMB21.2 million in 2023 to RMB85.6 million in 2024, marking an increase of 304.1%[106]. - Revenue from online-video distribution services decreased by RMB36.5 million, or 64.5%, from RMB56.6 million in 2023 to RMB20.1 million in 2024[109]. - Game co-publishing services revenue increased by 51.3% from RMB4.3 million in 2023 to RMB6.5 million in 2024[111]. Expenses and Costs - Cost of sales rose by 27.6% from RMB1,875.0 million in 2023 to RMB2,393.2 million in 2024[115]. - Selling and distribution expenses increased by 24.7% from RMB25.8 million in 2023 to RMB32.1 million in 2024[118]. - Research and development expenses rose by 15.2% from RMB80.7 million in 2023 to RMB92.9 million in 2024[123]. - Impairment loss on goodwill related to the acquisition of Shanghai ChiLe increased to approximately RMB26.0 million in 2024 from RMB2.4 million in 2023[125]. - Other expenses and losses increased from RMB6.0 million in 2023 to RMB9.9 million in 2024, primarily due to foreign exchange losses[127]. - Finance costs rose from RMB10.0 million in 2023 to RMB14.6 million in 2024, mainly due to increased bank borrowings[136]. - Administrative expenses remained stable at RMB51.2 million in 2024, up from RMB50.4 million in 2023[132]. Assets and Equity - Total assets as of December 31, 2023, were RMB1,973.7 million, with a projected increase to RMB2,328.0 million by the end of 2024[98]. - Total equity as of December 31, 2023, was RMB1,405.0 million, with a slight increase to RMB1,411.8 million expected in 2024[98]. - Cash and bank balances increased to RMB602.8 million as of December 31, 2024, from RMB534.9 million in 2023[154]. - Bank borrowings increased to RMB567.7 million as of December 31, 2024, from RMB303.5 million as of December 31, 2023, primarily due to external loans for business expansion[155][157]. - Net current assets increased to RMB1,313.0 million as of December 31, 2024, from RMB1,231.7 million as of December 31, 2023, driven by higher accounts receivables and prepayments[159][161]. - Total equity was RMB1,411.8 million as of December 31, 2024, slightly up from RMB1,405.0 million as of December 31, 2023, mainly due to net profit achieved during 2024[160][162]. Management and Strategy - Mr. Gao Dinan, the founder and chairman, has 20 years of experience in the technology industry[194]. - Mr. Gao served as the CEO from March 2014 to December 2022, overseeing overall business management and strategy[194]. - Mr. Nie Xin joined the Group in March 2019 as senior vice president, responsible for operating management, with over 15 years of experience[196]. - The Group's leadership team has significant experience in operations and management within the technology sector[198]. - The company is focused on corporate development and strategic investments to enhance its market position[194]. - The Group aims to leverage its leadership's expertise to drive future growth and innovation[198].
万咖壹联(01762) - 2024 - 年度财报