User Growth and Engagement - For the year ended December 31, 2024, the cumulative number of registered users of the Changyou Platform reached approximately 251.8 million, an increase of approximately 48.1 million or 24% compared to 203.7 million as of December 31, 2023[24] - The total number of registered users increased from approximately 203.7 million as of December 31, 2023, to approximately 251.8 million as of December 31, 2024, indicating a significant user growth[27][41] - The Changyou Platform has undergone rapid development, offering more diversified products and services while expanding its user base and consumption scenarios[24] - The Group has explored social and gaming applications to enhance user retention and engagement, ensuring greater loyalty among specific user segments[43] - The Group has established a dedicated reward points alliance product section to facilitate mutual point redemption among alliance members, enhancing user attraction through effective traffic redirection[44] Financial Performance - The gross profit for the year ended December 31, 2024, was approximately RMB 39.3 million, with a gross profit margin of approximately 21.7%, up from 17.3% in the previous year[28][30] - The Group recorded a consolidated revenue of approximately RMB180.7 million for 2024, representing a decrease of approximately 20.3% compared to RMB226.8 million in 2023[50][53] - Other income decreased to approximately RMB0.6 million in 2024 from RMB2.6 million in 2023[52][55] - Selling and distribution expenses decreased by approximately 26.3% to RMB3.9 million in 2024, down from RMB5.3 million in 2023[57][63] - Administrative expenses increased by approximately 1.0% to RMB31.0 million in 2024, compared to RMB30.7 million in 2023[58][64] - Research and development costs decreased by approximately 22.1% to RMB7.6 million in 2024, down from RMB9.7 million in 2023[59][65] - Finance costs decreased significantly by approximately 39.4% to RMB20.8 million in 2024, compared to RMB34.4 million in 2023[60][66] Cash Flow and Liquidity - As of December 31, 2024, cash and cash equivalents were approximately RMB8.2 million, a decrease of approximately RMB17.2 million from RMB25.4 million in 2023[68] - The Group experienced a net cash outflow from operating activities of approximately RMB18.4 million in 2024, compared to a net cash inflow of approximately RMB6.9 million in 2023[68] - As of December 31, 2024, the Group's net current liabilities amounted to approximately RMB 54.0 million, a decrease from approximately RMB 155.6 million as of December 31, 2023[79] - The current ratio as of December 31, 2024, was approximately 0.71, improving from approximately 0.48 as of December 31, 2023[79] Strategic Initiatives and Collaborations - The Group has formed a joint venture with CCB International, UnionPay Merchant, Bank of China, China Mobile, and China Eastern Airlines to develop the Changyou Platform, focusing on a sustainable digital points ecosystem[4] - The Group's collaboration with major financial and telecommunications institutions enhances the strategic advantages of the Changyou Platform[4] - The Changyou Platform aims to integrate digital membership points and resources from business partners to maximize the value of digital points as virtual assets[23] - The Group plans to explore cross-border travel scenarios in 2025, leveraging partnerships to tap into overseas business resources[120] Future Outlook and Development Plans - The Group aims to provide a high-efficiency, secure, and low-cost asset trading experience through the Changyou Platform[15] - The Changyou Platform is expected to play a significant role in the future of financial industry ecosystems by facilitating the circulation and settlement of virtual assets[15] - In 2025, the Group aims to maintain the stability of its SaaS digital points services while expanding business collaborations and enhancing point redemption and benefits promotion[119] - The Group will continue to invest significant resources in research and development to improve existing systems and enhance technology infrastructure[111] Governance and Management - The company has a diverse board with members holding qualifications from prestigious institutions, enhancing governance and oversight[139] - The management team has extensive backgrounds in technology and finance, positioning the company for future growth and innovation[141] - The appointment of Mr. Ip and Mr. Yeung reflects the company's commitment to strengthening its governance and financial management practices[143][145] - The diverse expertise of the management team supports the company's objectives in market expansion and financial performance improvement[145][146] Environmental and Social Responsibility - The Group's environmental policies and performance are discussed in the 2024 Environmental, Social and Governance Report[155]
畅由联盟(01039) - 2024 - 年度财报