多牛科技(01961) - 2022 - 中期财报

Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 43,197,000, representing a 38.4% increase compared to RMB 31,201,000 in the same period of 2021[9]. - The company reported a net loss of RMB 35,187,000, which is a 105.4% increase in losses compared to RMB 17,132,000 in the previous year[9]. - Gross profit decreased significantly to RMB 872,000, down 89.5% from RMB 8,339,000 year-on-year[9]. - The group recorded a loss of approximately RMB 35.2 million in the first half of 2022, compared to a loss of approximately RMB 17.1 million in the first half of 2021, an increase of approximately RMB 18.1 million[24]. - The company incurred a loss before tax of RMB 35,090,000, compared to a loss of RMB 17,026,000 in the previous year, reflecting an increase in losses of approximately 106.5%[98]. - The net loss for the period was RMB 35,187,000, which is more than double the loss of RMB 17,132,000 reported in the same period last year, marking an increase of approximately 105.9%[101]. - The group reported a basic loss attributable to equity holders of the parent of RMB 33,664,000 for the six months ended June 30, 2022, compared to RMB 17,398,000 for the same period in 2021[155]. Assets and Liabilities - Total assets as of June 30, 2022, were RMB 132,111,000, a decrease of 24.0% from RMB 173,922,000 as of December 31, 2021[10]. - Current assets fell by 28.2% to RMB 83,923,000 from RMB 116,809,000 year-on-year[10]. - Total equity decreased by 27.0% to RMB 101,070,000 from RMB 138,513,000 as of December 31, 2021[10]. - Non-current liabilities were RMB 2,558,000, down 10.0% from RMB 2,841,000 year-on-year[10]. - Trade receivables as of June 30, 2022, amounted to RMB 57,668,000, a decrease from RMB 60,351,000 as of December 31, 2021[160]. - Total liabilities decreased from RMB 32,568,000 to RMB 28,483,000, a decline of around 12.5%[104]. - The total equity attributable to owners of the parent decreased from RMB 129,212,000 to RMB 93,292,000, a decline of approximately 27.8%[107]. Revenue Sources - The majority of revenue is derived from the sale of virtual items in multiplayer mobile games, consistent with the business strategy disclosed in the 2021 annual report[14]. - Mobile game revenue rose from approximately RMB 24.9 million in the first half of 2021 to approximately RMB 40.3 million in the first half of 2022, an increase of 61.8%[35]. - Revenue from mobile game development and operation reached RMB 40,017 thousand, up from RMB 24,875 thousand, representing a growth of 60.7% year-over-year[140]. User Metrics - The number of paying users increased by 78.3% from 41.4 thousand in the first half of 2021 to 73.8 thousand in the first half of 2022[28]. - Average monthly paying users rose from approximately 6.9 thousand in the first half of 2021 to approximately 12.3 thousand in the first half of 2022, also an increase of 78.3%[28]. - Average revenue per paying user (ARPPU) decreased by 9.1% from RMB 542.3 in the first half of 2021 to RMB 493.0 in the first half of 2022[29]. Expenses and Costs - Sales cost increased to approximately 98.0% of total revenue in the first half of 2022, up from 73.3% in the first half of 2021, due to intensified competition in the gaming industry[37]. - Research and development expenses decreased from approximately RMB 13.0 million in the first half of 2021 to approximately RMB 5.5 million in the first half of 2022, a reduction of 57.7%[42]. - The cost of sales for the six months ended June 30, 2022, was RMB 42,325 thousand, which is an increase of 85.0% compared to RMB 22,862 thousand in 2021[149]. Cash Flow and Financial Position - Cash and cash equivalents were approximately RMB 11.5 million as of June 30, 2022, compared to RMB 12.1 million as of December 31, 2021, remaining relatively stable[51]. - Cash used in operating activities amounted to RMB 6,877,000, a significant improvement from RMB 32,219,000 in the previous year, reflecting a reduction in cash outflow of approximately 78.7%[116]. - The net cash flow from financing activities was RMB 4,718,000, up from RMB 3,209,000 in the prior year, representing an increase of about 46.9%[116]. - The company recorded a decrease in cash and cash equivalents of RMB 1,808,000, a notable improvement compared to a decrease of RMB 30,908,000 in the same period last year[116]. Corporate Governance and Compliance - The company maintained compliance with corporate governance codes throughout the reporting period[92]. - The company has not engaged in any share buybacks or repurchases during the first half of 2022[85]. - The company did not recommend any interim dividend for the first half of 2022, consistent with the previous year[93]. Market and Strategic Focus - The company continues to focus on providing a diverse content portfolio, primarily through mobile games and electronic magazines[14]. - The company plans to expand its multiplayer mobile game development and operations while also entering overseas markets, focusing on casual games and social software[19]. - The domestic mobile game market is expected to gradually return to a growth phase following the normalization of regulations and issuance of game licenses[19]. - The group anticipates significant development opportunities in the overseas market, with potential for increased revenue from self-developed games[19]. Related Party Transactions - The company is subject to ongoing related party transactions due to its agreement with Chengdu Bus, which exceeds 25% in applicable percentage ratios[64]. - The group recognized a deferred tax asset related to tax losses carried forward, amounting to RMB 16,853,000 as of June 30, 2022[165].