Financial Performance - For the six months ended June 30, 2025, the Company reported revenue of RMB 32,425,000, a significant increase from RMB 5,333,000 in the same period of 2024, representing a growth of 508%[21]. - Revenue from online interactive entertainment services reached RMB 28,776,000, up from RMB 3,291,000, indicating an increase of 775%[21]. - The gross profit for the period was RMB 10,936,000, compared to RMB 4,146,000 in 2024, resulting in a gross profit margin of 33.7%, down from 77.7%[21]. - The Company reported a net loss of RMB 24,647,000 for the period, contrasting with a net profit of RMB 43,987,000 in the previous year[21]. - The adjusted net loss was RMB 24,333,000, compared to an adjusted net profit of RMB 44,127,000 in 2024, reflecting a significant decline in profitability[21]. - The adjusted net profit margin for the period was -75.0%, compared to 827.4% in the same period last year[21]. - Basic and diluted losses per share were both RMB -0.019, compared to earnings per share of RMB 0.038 in 2024[21]. Strategic Initiatives - The Company has expanded its operations into overseas markets, including Indonesia and the Middle East, which are becoming key growth drivers for its online interactive entertainment business[6]. - The Company continues to focus on enhancing its live streaming mobile applications to capture the growing demand for mobile entertainment globally[6]. - The Group's strategic investment in the "Sila Chat" platform and the growth in game marketing and operation business were key factors driving losses[30]. - The Group formed a dedicated online gaming team and partnered with renowned developers to enhance user engagement and activity levels in online gaming[38]. - The Group's strategy includes "multiple-point incubation and selective consolidation" to identify high-performing products with significant user and revenue growth potential[33]. - The company plans to deepen its focus on online interactive entertainment and embrace AI-driven transformation to enhance product innovation and operational efficiency[44]. User Metrics - For the three months ended June 30, 2025, the total number of monthly active users (MAUs) was approximately 55,000, a decrease of 48.1% year-on-year and 12.7% quarter-on-quarter[50]. - Quarterly paying users (QPUs) increased to approximately 8,000, representing a 100.0% year-on-year increase and remaining stable compared to the previous quarter[57]. - The quarterly average revenue per user was RMB2,648, reflecting a 743.3% increase year-on-year and a 475.7% increase quarter-on-quarter[57]. Expenses and Costs - The cost of revenue surged by 1,710.4% year-on-year to RMB21.5 million, primarily due to the integration of the "Sila Chat" platform[58]. - Selling and marketing expenses increased by 158.0% year-on-year to RMB11.1 million, linked to the growth in game marketing and operations[60]. - Research and development expenses rose by 175.6% year-on-year to RMB10.5 million, reflecting the company's commitment to core business development[62]. Financial Position - Cash and cash equivalents amounted to RMB428.3 million as of June 30, 2025, down from RMB467.0 million as of December 31, 2024[90][92]. - Financial assets at fair value through profit or loss (FVTPL) increased by 3.1% to RMB1,811.9 million as of June 30, 2025, compared to RMB1,757.2 million as of December 31, 2024, mainly due to increases in other financial instruments and listed equity securities[95]. - The fair value of financial assets measured at fair value through profit or loss increased by 3.1% to RMB1,811.9 million as of June 30, 2025, compared to RMB1,757.2 million as of December 31, 2024[96]. - The fair value of other financial instruments rose by 7.3% to RMB1,054.2 million as of June 30, 2025, from RMB982.8 million as of December 31, 2024[99]. - Fund investments decreased by 3.7% to RMB461.8 million as of June 30, 2025, down from RMB479.6 million as of December 31, 2024[102]. - The fair value of listed equity securities increased by 24.5% to RMB75.6 million as of June 30, 2025, compared to RMB60.7 million as of December 31, 2024[112]. - The fair value of structured notes decreased by 30.0% to RMB11.3 million as of June 30, 2025, compared to RMB16.1 million as of December 31, 2024[118]. Corporate Governance - The Group's corporate governance practices comply with the Corporate Governance Code and the Listing Rules, with ongoing reviews to ensure compliance[150]. - The Audit Committee, consisting of three independent non-executive Directors, reviewed the accounting principles and practices adopted by the Group during the Reporting Period[163]. - The company complied with the Model Code for Securities Transactions by Directors during the Reporting Period, confirming adherence from all Directors[157]. - The Group maintained a good working relationship with its employees, with no significant labor disputes reported during the reporting period[144]. Shareholder Information - The company declared an interim dividend of HK$0.01 per share for the Reporting Period, consistent with the previous year[158]. - A total of 13,700,000 shares were repurchased during the Reporting Period at an aggregate amount of HK$7,723,840, with all repurchased shares cancelled[173]. - As of June 30, 2025, Mr. Fu Zhengjun holds 330,695,000 shares, representing approximately 29.72% of the company's ordinary shares[179]. - UBS Trustees (B.V.I) Limited, as a trustee, also holds 330,695,000 shares, equating to 29.72% of the company's shares[186]. - The Core Trust Company Limited holds 68,302,002 shares, representing 6.14% of the company's shares[186]. - The company has not engaged in the purchase, redemption, or sale of its listed securities during the reporting period[175].
天鸽互动(01980) - 2025 - 中期财报