User Growth - As of June 30, 2023, the total number of registered users on the Changyou Platform reached approximately 182.8 million, an increase of about 32.6 million users compared to December 31, 2022[19]. - The number of registered users on the Changyou platform reached approximately 182.8 million as of June 30, 2023, an increase of approximately 32.6 million from December 31, 2022[25]. Financial Performance - The Group recorded a consolidated revenue of approximately RMB144.9 million for the six months ended June 30, 2023, representing an increase of approximately 37.4% compared to RMB105.4 million for the same period in 2022[36][39]. - The group's revenue for the six months ended June 30, 2023, was RMB 144,920,000, representing a 37.5% increase from RMB 105,446,000 in the same period of 2022[112]. - Gross profit for the same period amounted to approximately RMB25.8 million, with a gross profit margin of approximately 17.8%, up from 14.6% in the previous year[37][40]. - Gross profit for the same period was RMB 25,828,000, up from RMB 15,441,000, indicating a significant improvement in profitability[112]. - The operating profit for the first half of 2023 was RMB 3,330,000, compared to an operating loss of RMB 7,612,000 in the previous year[112]. - The loss before taxation decreased to RMB 14,472,000 from RMB 22,702,000 year-on-year, showing a reduction in overall losses[112]. - For the six months ended June 30, 2023, the company reported a loss of RMB 17,563,000, compared to a loss of RMB 15,393,000 for the same period in 2022, indicating an increase in losses of approximately 7.6%[124]. - Total comprehensive income for the six months ended June 30, 2023, was RMB (22,256,000), which includes other comprehensive losses of RMB 4,693,000[124]. Expenses and Costs - Research and development costs decreased to approximately RMB5.3 million, representing a decrease of approximately 14.5% compared to RMB6.2 million for the same period in 2022[45]. - Selling and distribution expenses increased to approximately RMB3.3 million, reflecting a 9.5% increase compared to RMB3.0 million in the previous year[43]. - Administrative expenses decreased to approximately RMB14.1 million, down approximately 4.2% from RMB14.7 million for the same period in 2022[44]. - Total staff costs for the six months ended June 30, 2023, were approximately RMB 13.5 million, with 62 employees as of the same date[88]. - Staff costs decreased slightly to RMB 13,496,000 in 2023 from RMB 14,029,000 in 2022, a reduction of 3.8%[172]. Cash Flow and Liquidity - As of 30 June 2023, the Group's cash and cash equivalents amounted to approximately RMB23.6 million, a decrease of approximately RMB9.4 million from RMB33.0 million as of 31 December 2022[55]. - The company's cash and cash equivalents decreased by RMB 9,553,000 from RMB 32,974,000 at the beginning of the year to RMB 23,562,000 at June 30, 2023[128]. - The Group's net current liabilities amounted to approximately RMB86.1 million as of 30 June 2023, down from approximately RMB119.0 million as of 31 December 2022[57]. - The company's net current liabilities improved to RMB 86,081,000 from RMB 118,980,000, indicating better liquidity management[118]. - The Group had net liabilities of RMB 134,969,000, indicating potential liquidity issues[143]. Assets and Liabilities - The total assets of the Group were approximately RMB146.2 million as of 30 June 2023, compared to approximately RMB154.4 million as of 31 December 2022[58]. - The total borrowings of the Group were approximately RMB159.0 million as of 30 June 2023, an increase from approximately RMB140.6 million as of 31 December 2022[59]. - The debt ratio as of 30 June 2023 was approximately 1.92, compared to approximately 1.75 as of 31 December 2022[58]. - The total equity attributable to equity shareholders decreased to RMB 249,295,000 from RMB 271,551,000, reflecting ongoing financial challenges[118]. Business Development and Strategy - The Group is focusing on introducing new technology capabilities such as artificial intelligence and blockchain to diversify its revenue streams from corporate services[31][33]. - The Group plans to strengthen data marketing and joint marketing of privacy computing with technology platforms, aiming for the launch of the New International Changyou Platform in 2023[107]. - The Group aims to expand cooperation globally and develop international businesses to increase user numbers and diversify products and services[108]. - The Group is in discussions with its holding company, CIH, for financial support, including a drawdown of unused loan facilities amounting to HK$ 54,920,000 (approximately RMB 50,635,000) that will expire in July and September 2024[146]. Accounting and Compliance - The Group's financial report is prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with applicable disclosure requirements[141]. - The Group's accounting policies remain consistent with those adopted in the 2022 annual financial statements, except for expected changes disclosed in the report[138]. - The Group has not applied any new accounting standards that are not yet effective for the current accounting period, and the changes in accounting policies have not materially affected the financial results[152][155]. - Revenue disaggregation from contracts with customers has not been detailed, as the Group considers its electronic trading platform as its only business[165]. Other Financial Information - The Group's revenue is primarily derived from facilitating the exchange of loyalty program rewards for various commercial transactions[164]. - Interest income rose to RMB 58,000 in the first half of 2023, up from RMB 29,000 in 2022, marking a 100% increase[170]. - Total finance charges on convertible bonds increased to RMB 15,297,000 in 2023 from RMB 10,896,000 in 2022, reflecting an increase of 40.5%[170]. - The Group's total other income decreased to RMB 215,000 in 2023 from RMB 412,000 in 2022, a decline of 47.8%[169].
畅由联盟(01039) - 2023 - 中期财报