多牛科技(01961) - 2025 - 中期业绩

Financial Performance - Revenue for the first half of 2025 decreased by approximately RMB 114.9 million or 85.8% to about RMB 19.0 million compared to RMB 133.9 million in the same period of 2024[7] - Gross profit for the first half of 2025 decreased by approximately RMB 18.1 million or 85.9% to about RMB 3.0 million compared to RMB 21.1 million in the same period of 2024[7] - The company reported a loss of RMB 33.8 million for the first half of 2025, an increase of 73.5% compared to a loss of RMB 19.5 million in the same period of 2024[4] - Revenue decreased by approximately RMB 114.9 million or 85.8% from RMB 133.9 million in the first half of 2024 to approximately RMB 19.0 million in the first half of 2025[15] - The group reported a loss of approximately RMB 33.8 million in H1 2025, compared to a loss of about RMB 19.5 million in H1 2024[26] - The group reported a pre-tax loss of RMB 34,724,000 for the current period, compared to a loss of RMB 19,314,000 in the previous year, indicating worsening financial performance[36] - The net loss attributable to equity holders of the parent company was RMB 31,438,000 for the current period, compared to RMB 22,380,000 in the previous year, highlighting increased losses[36] - The group reported a total comprehensive loss of RMB 36,935,000 for the current period, compared to RMB 20,616,000 in the previous year, indicating a substantial increase in overall losses[38] Revenue Breakdown - The decline in revenue was primarily due to a decrease of approximately RMB 45.7 million from mobile gaming, RMB 62.4 million from digital media, and RMB 6.8 million from gaming product supply[7] - The gaming business generated revenue of approximately RMB 1.2 million in the first half of 2025, down 97.4% from RMB 46.9 million in the first half of 2024[15] - Digital media content sales revenue decreased by approximately RMB 62.4 million or 79.5% from RMB 78.5 million in the first half of 2024 to approximately RMB 16.1 million in the first half of 2025[15] - Revenue from mobile game development and operation was 1,213 thousand RMB for the six months ending June 30, 2025, compared to 46,760 thousand RMB in the same period of 2024, reflecting a substantial drop[54] - Revenue from AI-related applications and services reached 9,193 thousand RMB for the six months ending June 30, 2025, down from 22,649 thousand RMB in the same period of 2024[54] - Revenue from a single customer accounted for approximately RMB 1,687,000 for the six months ended June 30, 2025, compared to RMB 8,498,000 for the same period in 2024[52] Cost and Expenses - Sales cost decreased from approximately RMB 112.8 million in H1 2024 to about RMB 16.0 million in H1 2025, a reduction of approximately RMB 96.8 million or 85.8%[17] - Research and development expenses decreased by 34.5% from RMB 16.0 million in the first half of 2024 to RMB 10.5 million in the first half of 2025[14] - Administrative expenses decreased by 11.5% from RMB 21.8 million in the first half of 2024 to RMB 19.3 million in the first half of 2025[14] - Selling and distribution expenses increased from approximately RMB 3.8 million in H1 2024 to about RMB 4.0 million in H1 2025, an increase of approximately RMB 0.2 million or 7.0%[18] - Other income and gains decreased from approximately RMB 6.0 million in H1 2024 to about RMB 0.035 million in H1 2025[21] - The group incurred a total cost of sales of RMB 16,006,000 for the six months ended June 30, 2025, compared to RMB 112,752,000 for the same period in 2024, indicating a significant reduction[60] Assets and Liabilities - Cash and cash equivalents decreased from approximately RMB 3.9 million as of December 31, 2024, to about RMB 1.5 million as of June 30, 2025[28] - The group had a debt-to-asset ratio of 6.4% as of June 30, 2025, compared to 1.1% as of December 31, 2024[29] - Non-current assets decreased from RMB 134,417,000 to RMB 120,746,000, a decline of approximately 10.1%[40] - Current assets decreased from RMB 416,206,000 to RMB 199,743,000, a decline of approximately 52.0%[40] - Total liabilities decreased from RMB 353,972,000 to RMB 153,375,000, a decline of approximately 56.7%[40] - Total equity decreased from RMB 179,254,000 to RMB 142,319,000, a decline of approximately 20.6%[41] - The company reported a cash and cash equivalents balance of RMB 1,470,000, down from RMB 3,863,000, a decrease of approximately 61.9%[40] Strategic Focus and Future Outlook - The company will focus on strengthening investments in mobile game development, digital media content production, AI technology research, and overseas market expansion[10] - The government’s policy on AI development is expected to create significant growth and investment opportunities in the AI industry, particularly in software and technology services[8] - The company aims to enhance the integration of AI technology with its digital media services to provide more emotionally engaging and interactive products[11] - The digital entertainment and media industry is expected to see multiple development opportunities in the second half of 2025 due to AI technology upgrades and market recovery[9] - The company plans to explore new product landing scenarios and integrate resources to drive innovation and create a more diverse product portfolio[10] Governance and Compliance - The company has not declared any interim dividends for the six months ended June 30, 2025, consistent with the previous year[59] - The audit committee has confirmed that the interim financial results for the six months ending June 30, 2025, comply with relevant accounting standards[68] - The company is actively seeking suitable candidates to fill the vacancy of independent non-executive director following a resignation[69] - The company appointed a female non-executive director on March 28, 2025, to comply with diversity policies[70] - All directors confirmed adherence to the standards governing securities trading during the first half of 2025[71] - The interim results announcement and report will be published on the Hong Kong Stock Exchange and the company's website[73] - The board expressed gratitude to shareholders, management, employees, business partners, and customers for their ongoing support[74] - The board of directors includes two executive directors and three non-executive directors as of the announcement date[76]