多牛科技(01961) - 2025 - 中期财报

Financial Performance - The company's revenue decreased from approximately RMB 133.9 million in the first half of 2024 to approximately RMB 19.0 million in the first half of 2025, representing a decline of 85.8%[8] - Gross profit fell from approximately RMB 21.1 million in the first half of 2024 to approximately RMB 3.0 million in the first half of 2025, a decrease of 85.9%[8] - The company's 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 first half of 2024[18] - Gross profit fell by approximately RMB 18.1 million or 85.9% to about RMB 3.0 million in the first half of 2025 from RMB 21.1 million in the first half of 2024[18] - The pre-tax loss increased by 79.8% to RMB 34.7 million in the first half of 2025 from RMB 19.3 million in the first half of 2024[22] - The net loss for the first half of 2025 was approximately RMB 33.8 million, compared to a net loss of approximately RMB 19.5 million in the first half of 2024[33] - The company reported a net loss of RMB 34 million for the six months ended June 30, 2025, with a net cash outflow from operating activities of RMB 15 million[78] - The total comprehensive loss for the period was RMB 34.608 million, which includes a loss of RMB 31.438 million from operations[78] Revenue Breakdown - The decline in revenue was primarily due to a reduction of approximately RMB 45.7 million from mobile gaming, RMB 62.4 million from digital media, and RMB 6.8 million from game product supply[8] - Mobile game revenue dropped by approximately RMB 45.7 million or 97.4% from about RMB 46.9 million in the first half of 2024 to about RMB 1.2 million in the first half of 2025[23] - Digital media content distribution revenue fell by approximately RMB 62.4 million or 79.5% from about RMB 78.5 million in the first half of 2024 to about RMB 16.1 million in the first half of 2025[23] - Revenue from game product supply to subsidiaries was RMB 1,687,000 for the six months ended June 30, 2025, down from RMB 8,498,000 in the same period of 2024, indicating a decline[107] Assets and Liabilities - The total assets decreased by 41.8% from RMB 550.6 million as of December 31, 2024, to RMB 320.5 million as of June 30, 2025[16] - The total equity decreased by 20.6% from RMB 179.3 million to RMB 142.3 million during the same period[16] - Total current assets decreased to RMB 199,743,000 from RMB 416,206,000, reflecting a decline of 52%[72] - The company's total assets less current liabilities decreased to RMB 167,114,000 from RMB 196,651,000, a decline of 15%[73] - The total equity attributable to the owners of the parent company decreased to RMB 123,336,000 from RMB 157,944,000, a decline of 22%[73] User Metrics - The number of paying players dropped to 0.08 thousand from 211.3 thousand, representing a 100% decrease[21] - Average monthly paying users also fell to 0.08 thousand from 35.2 thousand, marking a 100% decrease[21] - The company reported a significant increase in monthly paying users, reaching a total of 1 million, representing a growth of 25% year-over-year[118] Strategic Initiatives - The company aims to strengthen investments in mobile game development, digital media content production, AI technology research, and overseas market expansion[10] - The company plans to explore deeper integration of AI technology with its business to enhance product offerings and user experiences[11] - The company plans to strengthen investments in mobile game development, digital media content production, AI technology research, and overseas market expansion in the second half of 2025[19] - The company aims to explore deeper integration of AI with its business to uncover new product scenarios and enhance resource integration and innovation[19] - The company will continue to collaborate with technology service companies and well-known game companies to create high-quality games and enhance its digital media marketing capabilities[19] Governance and Compliance - The audit committee consists of three members, including two independent non-executive directors, and has reviewed the interim financial results for the first half of 2025[66] - The company has complied with all applicable corporate governance codes, except for the separation of the roles of chairman and CEO[63] - A female non-executive director was appointed on March 28, 2025, to enhance board diversity[65] - The company has established governance measures to avoid conflicts of interest among directors[53] Market Challenges - The company faces significant risks in the mobile gaming market in China, including reliance on distribution channels and potential delays in payment from settlement agents, which could adversely affect cash flow and financial performance[42] - The company is expanding into AI application development and AIGC mobile applications, facing compliance risks due to evolving regulations and uncertainty regarding user willingness to pay for AIGC applications[42] - The company relies on overseas suppliers for game product procurement, facing challenges related to product quality and transportation losses[43] - The company has established a significant presence in the digital media content sector but faces external disruptions such as system outages and hacking incidents[42] Shareholder Information - As of June 30, 2025, Mr. Wang Le holds 447,974,711 shares, representing 61.00% of the company's equity, through Infinities Global[45] - Ms. An Fenghua also holds 447,974,711 shares, representing 61.00% of the company's equity, through controlled entities[49] - The company did not recommend any interim dividend for the first half of 2025, consistent with the previous year[54] - The company has not disclosed any arrangements allowing directors to benefit from purchasing shares or debt securities of the company or other entities[47] Future Outlook - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by the end of 2025[118] - New product launches are expected to contribute an additional HKD 100 million in revenue over the next fiscal year[118] - The company is investing HKD 50 million in research and development for new technologies aimed at enhancing user experience[118] - The company has set a performance guidance of 20% revenue growth for the upcoming fiscal year[118]