鲁大师(03601) - 2025 - 中期业绩

Performance Highlights The Group experienced significant declines in revenue and profit for the first half of 2025, reflecting a challenging market 2025 Half-Year Key Financial Data (RMB thousand) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 522,592 | 742,125 | (29.6) | | Gross Profit | 56,691 | 86,481 | (34.4) | | Profit Before Tax | 16,503 | 26,141 | (36.9) | | Profit for the Period | 11,932 | 21,884 | (45.5) | | Profit for the Period Attributable to Owners of the Company | 13,612 | 20,228 | (32.7) | | Earnings Per Share (RMB cents) | 5.06 | 7.52 | (32.7) | Condensed Consolidated Financial Statements This section presents the Group's financial position and performance via condensed statements and explanatory notes Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Revenue decreased by 29.6% to RMB 522.6 million, with profit for the period down 45.5% to RMB 11.9 million Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousand) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 522,592 | 742,125 | | Cost of Sales and Services | (465,901) | (655,644) | | Gross Profit | 56,691 | 86,481 | | Other Income | 8,288 | 3,337 | | Other Gains and Losses | (446) | (3,489) | | Selling and Distribution Expenses | (10,217) | (13,567) | | Administrative Expenses | (19,130) | (19,787) | | Research and Development Expenses | (17,468) | (26,382) | | Profit Before Tax | 16,503 | 26,141 | | Taxation | (4,571) | (4,257) | | Profit and Total Comprehensive Income for the Period | 11,932 | 21,884 | | Profit for the Period Attributable to Owners of the Company | 13,612 | 20,228 | | Non-controlling Interests | (1,680) | 1,656 | | Basic and Diluted Earnings Per Share (RMB cents) | 5.06 | 7.52 | Condensed Consolidated Statement of Financial Position Total assets less current liabilities were RMB 664.9 million, with stable cash and cash equivalents at RMB 441.1 million Condensed Consolidated Statement of Financial Position (RMB thousand) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 59,486 | 60,102 | | Current Assets | 724,397 | 694,552 | | Current Liabilities | 105,390 | 89,114 | | Net Current Assets | 605,438 | 619,007 | | Total Assets Less Current Liabilities | 664,924 | 679,109 | | Equity Attributable to Owners of the Company | 665,078 | 676,111 | | Total Equity | 676,757 | 664,044 | | Non-current Liabilities | 880 | 2,352 | - Trade receivables increased from RMB 157.2 million as of December 31, 2024, to RMB 186.2 million as of June 30, 2025, primarily due to an increase in third-party receivables[8] - Cash and cash equivalents remained stable, slightly decreasing from RMB 442.3 million as of December 31, 2024, to RMB 441.1 million as of June 30, 2025[8] Notes to the Condensed Consolidated Financial Statements This section details the basis of preparation, accounting policies, revenue, segment information, and specific accounts 1. Basis of Preparation The condensed consolidated financial statements are prepared in accordance with HKAS 34 and applicable Listing Rules - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[9] - These statements should be read in conjunction with the Group's annual consolidated financial statements for the year ended December 31, 2024[9] 2. Significant Accounting Policies Financial statements are prepared on a historical cost basis, with consistent accounting policies applied from the 2024 annual report - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[10] - The accounting policies adopted in the current period are consistent with those in the 2024 annual report, and the adoption of new and revised Hong Kong Financial Reporting Standards has not resulted in significant changes[10][11] 3. Revenue and Segment Information The Group's primary operations include online advertising, gaming platforms, smart accessories, and mobile e-commerce - The Group is principally engaged in providing online advertising services, online game platforms, operating exclusively licensed online game businesses, and selling smart accessories in China[12] - Since 2024, the Group has developed a mobile e-commerce business, providing online traffic acquisition services and acting as a principal[13] Revenue by Business Line (RMB thousand) | Business Line | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Online Advertising Services | 334,301 | 279,782 | | Online Game Platform | 15,787 | 16,988 | | Operating Exclusively Licensed Online Game Business | 171,272 | 445,343 | | Sales of Smart Accessories | 1,232 | 12 | | Total | 522,592 | 742,125 | Revenue by Geographical Region (RMB thousand) | Region | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | China | 409,574 | 713,439 | | Overseas | 113,018 | 28,686 | | Total | 522,592 | 742,125 | 4. Other Income Other income significantly increased to RMB 8.3 million, primarily driven by a substantial rise in government grants Other Income Details (RMB thousand) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Government Grants | 5,304 | 94 | | Interest Income from Bank Deposits | 2,248 | 2,885 | | Interest Income from Financial Assets at FVTPL | 502 | 358 | | Others | 234 | – | | Total | 8,288 | 3,337 | - Government grants significantly increased, mainly from high-tech and new development subsidies provided by local government authorities[20] 5. Other Gains and Losses Other gains and losses reduced to a RMB 0.4 million loss, mainly due to the absence of prior year's non-listed equity investment losses Other Gains and Losses Details (RMB thousand) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Fair Value Gains/(Losses) on Financial Assets at FVTPL | 23 | (3,000) | | Impairment Losses under ECL Model (net of reversal) | (245) | (195) | | Net Exchange Losses | (120) | (215) | | Provision for Compensation | – | (200) | | Others | (104) | 121 | | Total | (446) | (3,489) | - Other gains and losses decreased from a loss of RMB 3.5 million in the same period of 2024 to a loss of RMB 0.4 million in the same period of 2025, primarily due to the absence of non-listed equity investment losses recognized in the first half of 2024[22] 6. Taxation Total taxation increased to RMB 4.6 million, primarily due to withholding tax provisions on dividends from Chinese subsidiaries Taxation Details (RMB thousand) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | China Corporate Income Tax | 1,119 | 3,309 | | Hong Kong Tax | 69 | – | | Singapore Tax | 204 | – | | Dividend Withholding Tax | 2,900 | – | | Deferred Tax | 279 | 948 | | Total | 4,571 | 4,257 | - Total taxation increased from RMB 4.3 million in the same period of 2024 to RMB 4.6 million in the same period of 2025, mainly due to the Group making a withholding tax provision at a 5% rate on dividends from its Chinese subsidiaries[24] 7. Earnings Per Share Basic and diluted earnings per share decreased to RMB 5.06 cents, reflecting the decline in profit attributable to owners Earnings Per Share Calculation (RMB thousand) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company | 13,612 | 20,228 | | Weighted Average Number of Ordinary Shares | 269,000 | 269,000 | | Basic and Diluted Earnings Per Share (RMB cents) | 5.06 | 7.52 | - No diluted earnings per share are presented as there were no potential ordinary shares outstanding for both periods[25] 8. Trade Receivables Total trade receivables increased to RMB 186.2 million, primarily driven by an increase in third-party receivables Trade Receivables Details (RMB thousand) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Related Parties | 9,068 | 8,572 | | Third Parties | 184,786 | 156,159 | | Less: Provision for Credit Losses | (7,691) | (7,500) | | Total | 186,163 | 157,231 | Ageing Analysis of Trade Receivables (RMB thousand) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 90 days | 153,809 | 135,587 | | 91 to 180 days | 29,690 | 20,098 | | Over 180 days | 2,664 | 1,546 | | Total | 186,163 | 157,231 | - Total trade receivables increased from RMB 157.2 million as of December 31, 2024, to RMB 186.2 million as of June 30, 2025, with the main growth coming from third-party receivables[26] 9. Other Receivables, Deposits and Prepayments Total other receivables, deposits, and prepayments decreased to RMB 81.6 million, mainly due to reduced prepayments for online traffic services Other Receivables, Deposits and Prepayments Details (RMB thousand) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Prepayments for Game Development and Licensing (Non-current) | 14,873 | 14,873 | | Other Receivables (Current) | 15,283 | 14,567 | | Prepayments and Deferred Expenses (Current) | 32,712 | 42,280 | | Amounts Due from Associates (Current) | 14,300 | 14,300 | | Online Payment Platforms (Current) | 3,739 | 7,821 | | Total | 81,599 | 95,702 | - Prepayments and deferred expenses (primarily prepayments for online traffic acquisition services) decreased from RMB 42.3 million as of December 31, 2024, to RMB 32.7 million as of June 30, 2025, with RMB 23.5 million fully utilized by July 2025[29][31] 10. Trade and Other Payables Total trade and other payables decreased to RMB 69.6 million, primarily due to reductions in trade payables, staff costs, and other tax payables Trade and Other Payables Details (RMB thousand) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables (Third Parties) | 49,333 | 53,534 | | Other Payables | 5,231 | 8,025 | | Accrued Staff Costs | 7,780 | 13,945 | | Other Tax Payables | 4,137 | 8,930 | | Total | 69,556 | 86,223 | - Total trade and other payables decreased from RMB 86.2 million as of December 31, 2024, to RMB 69.6 million as of June 30, 2025, mainly due to a reduction in trade payables, accrued staff costs, and other tax payables[30] Business Review The Group focused on online traffic monetization, product iteration, and exploring overseas mobile e-commerce amidst a challenging internet industry - In the first half of 2025, the Chinese internet industry experienced shrinking profitability, intense competition in online advertising, and conservative advertising spending due to changing user consumption patterns[32] - The Group continued to prioritize online traffic monetization, including iterating online advertising products, developing new products, and exploring overseas mobile e-commerce businesses[33] - The PC version of "Lu Da Master Software" actively adapted to market changes by collaborating with promotion platforms to expand its user base and utilizing AI to optimize evaluation methods, introducing paid subscription features[35] - For online game business, the Group acquired new players through marketing, optimized player services, and actively advanced new online game development, with "Kung Fu Panda: Dragon Warrior" expected to launch in Q4 2025[33][37][38] - The Group continued to invest in overseas mobile product R&D, particularly seeing growth in health management tools, and plans to increase investment in mobile AI application fields[38] - The jointly launched "Lu Da Master AiNAS" product adopted a "live streaming hardware sales + value-added paid services" model, with plans for market launch in the second half of 2025 and future expansion into online, offline, and overseas markets[39] Outlook The Group is confident in existing businesses and committed to new developments, including expanding product matrices and seeking new online games - The Group is confident in its existing businesses and committed to developing new ventures, including enriching its domestic PC and overseas mobile product matrix, expanding mobile e-commerce, and seeking suitable exclusively licensed online games[41] - Future strategies include continuous updates to "Lu Da Master Software" PC version, developing PC-side utility products, publishing and operating exclusively licensed online games in China and overseas, enhancing precise targeting capabilities for mobile e-commerce, and expanding overseas markets[41][43] - The Group will increase investment in mobile AI application scenarios, acquire users through R&D and promotion of richer utility products, and solidify its brand image as a reliable hardware expert[43] Management Discussion and Analysis This section provides an in-depth analysis of the Group's financial performance, liquidity, and operational highlights Revenue Group revenue decreased by 29.6% to RMB 522.6 million, primarily due to the maturity of key licensed online games Online Traffic Monetization Online advertising services revenue grew by 19.5%, while revenue from operating exclusively licensed online games significantly declined Revenue by Business Line (RMB thousand) | Business Line | 2025 (RMB thousand) | 2024 (RMB thousand) | Proportion (2025) | Proportion (2024) | | :--- | :--- | :--- | :--- | :--- | | Online Advertising Services | 334,301 | 279,782 | 64.0% | 37.6% | | Online Game Platform | 15,787 | 16,988 | 3.0% | 2.3% | | Operating Exclusively Licensed Online Game Business | 171,272 | 445,343 | 32.8% | 60.0% | | Sales of Smart Accessories | 1,232 | 12 | 0.2% | 0.1% | | Total | 522,592 | 742,125 | 100.0% | 100.0% | - Online advertising services revenue increased by 19.5% to RMB 334.3 million, mainly driven by the recovering momentum of the mobile e-commerce business launched in early 2024[45] - Revenue from operating exclusively licensed online game business significantly decreased by 61.5% to RMB 171.3 million, primarily because the games have been online for a longer period, leading to reduced user activity and willingness to pay[47] Sales of Electronic Devices Revenue from sales of electronic devices increased significantly to RMB 1.2 million, driven by increased sales or lending of hardware products - Revenue from sales of electronic devices increased by over 100.0% to RMB 1.2 million, mainly due to increased revenue from the sale or lending of electronic hardware products[48] Trade Receivables Approximately 75.5% of trade receivables as of June 30, 2025, were related to mobile e-commerce business, with a high probability of timely collection - As of June 30, 2025, approximately 75.5% of trade receivables were related to the mobile e-commerce business, which the Group believes has a very high probability of timely collection[49] Cost of Sales and Services Cost of sales and services decreased by 29.2% to RMB 465.9 million, primarily due to reduced costs in operating exclusively licensed online games Online Traffic Monetization Costs Online traffic monetization costs decreased by 29.2% to RMB 463.8 million, mainly due to lower costs for operating licensed online games Cost of Sales and Services Details (RMB thousand) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Proportion (2025) | Proportion (2024) | | :--- | :--- | :--- | :--- | :--- | | Advertising and Promotion | 458,918 | 650,884 | 98.5% | 99.3% | | Server Rental | 4,919 | 4,653 | 1.1% | 0.6% | | Sales of Smart Accessories | 2,064 | 107 | 0.4% | 0.1% | | Total | 465,901 | 655,644 | 100.0% | 100.0% | - Online traffic monetization business costs decreased by 29.2% to RMB 463.8 million, primarily attributable to a reduction in costs for operating exclusively licensed online game businesses[51] Cost of Sales of Electronic Devices Cost of sales of electronic devices increased significantly to RMB 2.1 million, driven by higher costs associated with selling or leasing hardware - Cost of sales of electronic devices increased by over 100.0% to RMB 2.1 million, mainly due to increased costs associated with the sale or rental of electronic hardware products[52] Gross Profit Gross profit decreased by 34.4% to RMB 56.7 million, with the margin declining to 10.8% due to increased lower-margin business Gross Profit and Gross Profit Margin (RMB thousand) | Business Line | 2025 Gross Profit (RMB thousand) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (RMB thousand) | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Online Traffic Monetization | 57,523 | 11.0 | 86,576 | 11.7 | | Sales of Electronic Devices | (832) | (67.5) | (95) | (791.7) | | Total Gross Profit and Gross Profit Margin | 56,691 | 10.8 | 86,481 | 11.7 | Other Income Other income more than doubled to RMB 8.3 million, primarily attributable to an increase in government grants - Other income increased from approximately RMB 3.3 million in the same period of 2024 to approximately RMB 8.3 million in the same period of 2025[54] Other Gains and Losses Other gains and losses significantly reduced from a loss of RMB 3.5 million in 2024 to a loss of RMB 0.4 million in 2025 - Other gains and losses decreased from a loss of approximately RMB 3.5 million in the same period of 2024 to a loss of approximately RMB 0.4 million in the same period of 2025[55] Administrative Expenses Administrative expenses slightly decreased by 3.3% to RMB 19.1 million, remaining largely consistent with the prior period - Administrative expenses decreased from approximately RMB 19.8 million in the same period of 2024 to approximately RMB 19.1 million in the same period of 2025[56] Research and Development Expenses Research and development expenses decreased by 33.8% to RMB 17.5 million, primarily due to a reduction in R&D employees - Research and development expenses decreased from approximately RMB 26.4 million in the same period of 2024 to approximately RMB 17.5 million in the same period of 2025[57] Selling and Distribution Expenses Selling and distribution expenses decreased by 24.7% to RMB 10.2 million, mainly due to lower marketing costs and reduced staff remuneration - Selling and distribution expenses decreased from approximately RMB 13.6 million in the same period of 2024 to approximately RMB 10.2 million in the same period of 2025[58] Taxation Taxation increased by 7.4% to RMB 4.6 million, primarily due to significant withholding tax provisions on dividends from mainland Chinese subsidiaries - Taxation increased from approximately RMB 4.3 million in the same period of 2024 to approximately RMB 4.6 million in the same period of 2025[59] Profit and Total Comprehensive Income for the Period Profit and total comprehensive income for the period significantly decreased by 45.5% to RMB 11.9 million, impacted by declining revenue - Profit and total comprehensive income for the period decreased from approximately RMB 21.9 million in the same period of 2024 to approximately RMB 11.9 million in the same period of 2025[60] Liquidity, Financial Resources and Gearing Ratio The Group maintains sufficient liquidity with RMB 441.1 million in cash and no bank borrowings, thus no gearing ratio is presented - As of June 30, 2025, bank balances and cash were approximately RMB 441.1 million, a slight decrease from approximately RMB 442.3 million as of December 31, 2024[61] - The Group faces limited and controllable foreign currency risk and will continue to monitor exchange rate fluctuations[62] - As of June 30, 2025, the Group had no bank borrowings[63] Capital Expenditure Capital expenditure for the six months ended June 30, 2025, was RMB 123 thousand, primarily for property and equipment purchases Capital Expenditure (RMB thousand) | Item | Six Months Ended June 30, 2025 (RMB thousand) | Year Ended December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Purchase of Property and Equipment | 123 | 531 | Material Investments Held The Group invested RMB 95 million in principal-protected structured deposit products with China Merchants Bank, all of which matured and yielded interest within the reporting period - The Group subscribed to two principal-protected structured deposit products offered by China Merchants Bank, totaling RMB 95 million, with expected annualized interest rates ranging from 1.85% to 2.31%[67][68] - These products involved minimal risk, offered returns higher than general deposit rates, and had short maturities, thus not impacting operational liquidity[66] - As of June 30, 2025, all structured deposit products had matured, with actual interest received totaling RMB 170,876.71 and RMB 199,356.16 respectively, and no unredeemed products remained[69] Material Acquisitions and Disposals The Group did not undertake any material acquisitions or disposals during the reporting period - During the reporting period, the Group did not make any material acquisitions or disposals[70] Future Plans for Material Investments or Capital Assets As of June 30, 2025, the Group had no future plans for material investments or capital assets - As of June 30, 2025, the Group had no future plans for material investments or capital assets[71] Employees and Remuneration Policy The Group employed 208 full-time staff as of June 30, 2025, primarily in China, offering competitive remuneration, performance bonuses, and continuous training - As of June 30, 2025, the Group had 208 full-time employees, with 89 responsible for sales and marketing and 91 for research and development[72] - The company offers competitive remuneration, performance bonuses, and incentives, emphasizing employee training and development, including internal and external professional training programs[72] Pledged Assets As of June 30, 2025, the Group had no pledged assets - As of June 30, 2025, the Group had no pledged assets[73] Contingent Liabilities and Guarantees As of June 30, 2025, the Group had no material contingent liabilities, guarantees, or litigation - As of June 30, 2025, the Group had no material contingent liabilities, guarantees, or any litigation[74] Events After Reporting Period The Group had no significant disclosable events after June 30, 2025, up to the date of this announcement - The Group had no significant disclosable events after June 30, 2025, and up to the date of this announcement[75] Interim Dividend The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board of Directors has resolved not to declare an interim dividend for the six months ended June 30, 2025[76] Other Information This section covers the company's compliance with corporate governance codes, securities trading standards, and reporting procedures Compliance with Corporate Governance Code The Company complied with all applicable code provisions of the Corporate Governance Code, except for the combined roles of Chairman and CEO - The Company has complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules, except for code provision C.2.1[77] - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Tian Ye, which the Board believes ensures unified leadership and enhances strategic planning efficiency within the Group[77] Standard Code for Securities Transactions The Company adopted the Standard Code for securities transactions by directors, with all directors confirming strict compliance during the reporting period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as its own code of conduct regarding securities transactions by the Directors[78] - All Directors have confirmed that they have strictly complied with the required standards set out in the Standard Code throughout the reporting period[78] Purchase, Sale or Redemption of Listed Securities Neither the Company nor its subsidiaries purchased, sold, or redeemed any of its listed securities during the reporting period, holding no treasury shares - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities on the Stock Exchange[79] - As of June 30, 2025, the Company did not hold any treasury shares[79] Audit Committee and Review of Interim Results The Audit Committee reviewed the unaudited interim results, and the Company's auditor reviewed the condensed consolidated financial statements - The Audit Committee has reviewed the unaudited interim results of the Group for the six months ended June 30, 2025[81] - The Company's auditor has reviewed the condensed consolidated financial statements in accordance with Hong Kong Standard on Review Engagements 2410[81] Publication of Interim Results and Interim Report This interim results announcement is published on the HKEX and Company websites, with the full interim report to be dispatched to shareholders and published later - This interim results announcement is published on the website of the Stock Exchange (www.hkexnews.hk) and the Company's website (www.ludashi.com)[82](index=82&type=chunk) - The 2025 interim report, containing all information required by the Listing Rules, will be dispatched to shareholders who request a printed copy and published on the Stock Exchange's website and the Company's website in due course[82] Definitions This section provides definitions for key terms used throughout the announcement, ensuring clarity and consistency - This section provides definitions for key terms used in the announcement, including "AI", "Audit Committee", "PRC Operating Entities", "Lu Da Master Software", and "Monthly Active Users"[83][84][85][86][88]