禅游科技(02660) - 2025 - 中期财报

Company Information This section provides an overview of the company's governance structure, key personnel, legal and auditing information, and banking relationships Board of Directors and Committees The company's board comprises executive directors Mr. Ye Sheng (Chairman and CEO), Mr. Yang Min (Vice Chairman and CTO), Ms. Xiong Mi, and independent non-executive directors Mr. Jin Shuhui, Mr. Mao Zhonghua, and Mr. Yang Yi, with changes in the Nomination Committee on June 5, 2025 - The Board of Directors includes 3 executive directors and 3 independent non-executive directors[5] - The Nomination Committee saw changes on June 5, 2025, with Ms. Xiong Mi and Mr. Jin Shuhui appointed[5] Company Secretary and Authorized Representatives Ms. Chan Ching Nga was appointed as Company Secretary and Authorized Representative from January 21, 2025, succeeding Ms. Tam Sze Wai - Ms. Chan Ching Nga has served as Company Secretary and Authorized Representative since January 21, 2025[5][7] Legal Counsel, Auditor, and Offices The company's Hong Kong legal counsel is Morgan Lewis, auditor is Ernst & Young, with registered office in Cayman Islands, headquarters in Shenzhen, and Hong Kong office in San Po Kong - Hong Kong legal counsel is Morgan Lewis, and the auditor is Ernst & Young[5] - The company's headquarters and principal place of business in China are located in Nanshan District, Shenzhen Science Park[5] Share Registrar and Principal Bankers The company's principal share registrar is in the Cayman Islands, Hong Kong share registrar is Tricor Investor Services Limited, and principal bankers include China Merchants Bank, Ping An Bank, China Everbright Bank, and JPMorgan Chase Bank - The Hong Kong share registrar is Tricor Investor Services Limited[8] - Principal bankers include China Merchants Bank, Ping An Bank, China Everbright Bank, and JPMorgan Chase Bank[8] Financial Highlights This section presents a concise overview of the company's key financial performance indicators for the six months ended June 30, 2025 Financial Performance for the Six Months Ended June 30, 2025 For the six months ended June 30, 2025, the company experienced significant declines in revenue, gross profit, profit for the period, and EPS, with revenue decreasing by 24.1% and profit for the period by 41.0% year-on-year, and non-HKFRS adjusted net profit also falling by 36.9% Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 709,141 | 934,315 | (24.1) | | Gross Profit | 364,065 | 492,901 | (26.1) | | Gross Margin (%) | 51.3 | 52.8 | — | | Profit for the Period | 182,763 | 309,844 | (41.0) | | Profit Margin (%) | 25.8 | 33.2 | — | | Non-HKFRS Adjusted Net Profit | 204,900 | 324,733 | (36.9) | | Earnings Per Share (RMB) | 0.18 | 0.31 | (41.5) | - Non-HKFRS adjusted net profit excludes share-based payments[10] Management Discussion and Analysis This section provides a comprehensive review of the company's business operations, financial performance, liquidity, capital resources, and future outlook for the reporting period Business Review In H1 2025, the company focused on iterating board and casual games, enhancing premium game output, and accelerating AI application across R&D, publishing, operations, and management amidst intense competition, with flagship products performing well despite overall revenue decline due to fewer paying users and lower ARPPU - The gaming industry faces intense competition, with the company focusing on iterating board and casual games and accelerating AI technology application in R&D, publishing, operations, and enterprise management[11][14] - The flagship product "Zhi Jian Sichuan Mahjong" consistently ranked among the top five best-selling iOS desktop games in China, launching new "Journey to the West" gameplay and summer celebration events[12] - Casual game "Fishing Master" significantly boosted user activity and revenue through frequent version iterations and content updates[13] Key Operating Highlights (For the six months ended June 30) | Indicator | 2025 (thousand) | 2024 (thousand) | Year ended December 31, 2024 (thousand) | | :--- | :--- | :--- | :--- | | Monthly Active Users (MAU) | 20,756 | 25,207 | 23,636 | | Daily Active Users (DAU) | 3,814 | 4,468 | 4,316 | | Monthly Paying Users (MPU) | 450 | 525 | 502 | | Virtual Items ARPPU (RMB) | 253 | 271 | 256 | - As of June 30, 2025, the Group owned 50 self-developed games and 6 third-party games, comprising 43 board games and 13 casual games[15] - Overall revenue decreased by 24.1% to RMB709.1 million, primarily due to a reduction in paying users for board games and a decrease in ARPPU[16] - Cost of sales decreased by 21.8% to RMB345.1 million, mainly influenced by lower revenue and reduced channel and new media costs, though information service costs increased[16] - Net profit decreased by 41.0% to RMB182.8 million, with adjusted net profit decreasing by 36.9% to RMB204.9 million[16] - The company prioritizes game operation compliance, establishing strict review systems including user rights protection, anti-addiction measures (such as minor restrictions and facial recognition), and user information security protection[17] Future Prospects The Group plans to continue its long-term operation strategy for premium games, deepen AI talent development and technology application, build an AI-powered game R&D and operation system, and accelerate overseas business expansion for new growth opportunities in H2 2025 - The Group will adhere to its long-term strategy of operating premium games to enhance product vitality[19] - The Group plans to deepen AI talent development and build an AI-powered system across game R&D and operations to improve business and enterprise management efficiency[19] - The Group will leverage its domestic board and casual game business to accelerate overseas expansion and continuously seek new growth opportunities[19] Financial Review This section provides a detailed review of the company's H1 2025 financial metrics, including changes in revenue, costs, gross profit, expenses, and net profit, along with the calculation of non-HKFRS adjusted net profit Revenue For the six months ended June 30, 2025, total revenue decreased by 24.1% year-on-year to RMB709.1 million, primarily due to fewer paying users and lower ARPPU, with virtual item sales down 24.4%, in-game information services down 17.1%, board games down 32.3%, and casual games up 162.0% due to 'Fishing Master' Revenue by Business Model (For the six months ended June 30) | Business Model | 2025 (RMB '000) | % | 2024 (RMB '000) | % | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Sales of virtual items | 676,048 | 95.3 | 894,395 | 95.7 | (24.4) | | — Self-developed games | 673,282 | 94.9 | 889,134 | 95.2 | (24.3) | | — Third-party games | 2,766 | 0.4 | 5,261 | 0.5 | (47.4) | | In-game information services | 33,093 | 4.7 | 39,920 | 4.3 | (17.1) | | Total | 709,141 | 100.0 | 934,315 | 100.0 | (24.1) | Revenue by Game Category (For the six months ended June 30) | Game Category | 2025 (RMB '000) | % | 2024 (RMB '000) | % | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Board games | 606,31