望尘科技控股(02458) - 2025 - 中期财报

Here is the professionally structured report outline in Markdown format, with all requirements applied: Company Information This section provides essential corporate details, including board composition, contact information, and registration specifics. Board of Directors and Committee Composition The company's board comprises executive and independent non-executive directors, with Ms. Jiang Xueying appointed as Audit Committee Chair on June 20, 2025. - Executive directors include Jia Xiaodong (Chairman and CEO), Huang Xiang, and Li Xin[3] - Independent non-executive director Ms. Jiang Xueying was appointed on June 20, 2025, as Audit Committee Chair, succeeding Mr. Liang Mingxu[3] Company Contact and Registration Information The company's registered office is in the Cayman Islands, with primary business locations in Hong Kong and Shenzhen, and stock code 02458. - The company's registered office is in the Cayman Islands, with its principal place of business in Hong Kong at 31/F, 148 Electric Road, North Point[4] - Its headquarters and principal place of business in China are in Shenzhen Qianhai, with the company website at www.galasports.com[5](index=5&type=chunk) - The company's stock code is 02458[5] Financial Performance Summary This section outlines the group's key financial results for the reporting period, highlighting significant revenue, profit, and margin changes. Group Performance Overview For the six months ended June 30, 2025, group revenue grew 48.9% to RMB 469.7 million, gross profit increased 38.6% to RMB 237.6 million, and profit for the period surged 110.3% to RMB 53.7 million. Summary of Financial Performance for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2025 (%) | 2024 (RMB thousands) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 469,681 | 100.0 | 315,379 | 100.0 | | Cost of Revenue | (232,122) | (49.4) | (143,976) | (45.7) | | Gross profit | 237,559 | 50.6 | 171,403 | 54.3 | | Other (losses)/gains, net | (6,072) | (1.3) | 535 | 0.2 | | Other income | 4,597 | 1.0 | 4,315 | 1.4 | | Selling and marketing expenses | (68,170) | (14.5) | (68,401) | (21.7) | | General and administrative expenses | (22,954) | (4.9) | (21,531) | (6.8) | | Research and development expenses | (84,317) | (18.0) | (58,899) | (18.7) | | Operating profit | 60,418 | 12.9 | 27,401 | 8.7 | | Profit before income tax | 58,303 | 12.4 | 25,589 | 8.1 | | Profit for the period | 53,710 | 11.4 | 25,539 | 8.1 | - Revenue increased year-on-year by 48.9%, gross profit by 38.6%, and net profit by 110.3%[12] Management Discussion and Analysis This section provides an in-depth review of the group's operational performance, strategic initiatives, and financial position. Business Overview The group, a leading technology-driven mobile sports game company in China, achieved outstanding performance in a complex global competitive environment, driven by its "Technology + IP + Regionalized Operations" strategy. - The Group is a leading technology-driven mobile sports game company in China, adhering to the principle of "Technology makes sports more fun"[7] - In the first half, the core business achieved full-chain value breakthroughs, benefiting from the "Technology + IP + Regionalized Operations" strategy[7] - Self-developed AIGC technology Arena 4D built a technological barrier, driving the synergistic leap in user scale and commercial performance across multiple product categories including football, basketball, and baseball[8] - Basketball game cumulative revenue exceeded RMB 200 million, baseball game monthly revenue exceeded HKD 9 million, and the football category maintained revenue growth during a "minor year" cycle[8] Football Game Product Line Performance This subsection details the performance and strategic achievements of the group's football game products. - Football Master 2 continued to show strong vitality five years after its launch, achieving steady expansion of its user base through user growth strategy adjustments[9] - Football Club achieved a resonance of product power and commercial value in the first half, enhancing experience standards based on neural network AI algorithms and the Motion Matching motion engine, with IP investment return rate over 300%[10] - Football Club successfully renewed its contract with the German national team, added multiple Ballon d'Or level legendary players, and historically obtained full authorization for the Russian Premier League[10] Basketball Game Product Line Performance This subsection highlights the market impact and user growth of the group's basketball game products. - NBA Clash quickly established market influence since its launch in August 2024, topping the Apple App Store free download chart within three days of its debut[11] - As of June 30, 2025, the cumulative revenue scale in the Chinese mainland market surpassed a significant threshold, and total registered users exceeded 6 million[11] - Brand building achieved breakthroughs, signing international top basketball player Butler as endorser and deeply participating in the Huawei Game Festival[11] Baseball Game Product Line Performance This subsection details the significant growth and market positioning of the group's baseball game products. - Baseball Master achieved a historic turning point in the first half, realizing double growth in user scale and revenue, with 750 thousand new users and monthly active users increased year-on-year by 46%[12] - In June 2025, game revenue exceeded HKD 9 million, achieving monthly profitability for the first time[12] - North American market payment rate increased year-on-year by 15.6%, and monthly new users maintained 8% steady growth, consolidating Top 2 position in North American MLB licensed category[12] 2025 Second Half Outlook The company will continue its technology-driven and global deep cultivation strategy in the second half, focusing on product experience iteration, emerging market breakthroughs, and event resource integration. - The second half will continue the technology-driven and global deep cultivation strategy, focusing on product experience iteration, emerging market breakthroughs, and event resource integration[14] - The football product line will optimize its product structure, focus on layout in Southeast Asia, and accelerate commercialization preparations for the mini-game 'Fantasy Manager'[14] - The baseball and basketball sectors will focus on in-depth development of the event economy, such as Baseball Master integrating with MLB postseason data, and NBA Clash launching independent distribution in Hong Kong, Macau, and Taiwan[15] - The company will build a multi-layered growth engine with technology refinement, regionalized operations, and ecological distribution as its strategic triangle[15] Financial Review This section provides a detailed review of the group's financial indicators for the six months ended June 30, 2025, including changes in revenue, cost of revenue, gross profit, various expenses, and finance costs, along with their primary reasons. Revenue This subsection details the group's revenue performance and its contributing factors. Revenue by Distribution Model | | 2025 (RMB thousands) | 2025 (%) | 2024 (RMB thousands) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Self-published games | 469,070 | 99.9 | 314,563 | 99.7 | | Third-party published games | 611 | 0.1 | 816 | 0.3 | | Total | 469,681 | 100 | 315,379 | 100 | - Revenue increased year-on-year by 48.9% to RMB 469.7 million, primarily due to the comprehensive upgrade of Football Club and the strong performance of the new game NBA Clash[17] Cost of Revenue This subsection analyzes the components and changes in the group's cost of revenue. Cost of Revenue Details | | 2