多牛科技(01961) - 2023 - 中期财报

Financial Performance - Revenue for the first half of 2023 reached RMB 142.8 million, a significant increase of 230.5% compared to RMB 43.2 million in the same period of 2022[45]. - Gross profit surged to RMB 23.6 million, reflecting a remarkable growth of 2,611.8% from RMB 872,000 year-on-year[45]. - The company's loss narrowed to approximately RMB 10.5 million, down 70.0% from a loss of RMB 35.2 million in the first half of 2022[45]. - The company reported a pre-tax loss from operating activities of RMB (10,193) thousand for the six months ended June 30, 2023, an improvement from a loss of RMB (35,090) thousand for the same period in 2022[20]. - The group reported a loss of approximately RMB 10.5 million in the first half of 2023, compared to a loss of approximately RMB 35.2 million in the first half of 2022[94]. - The total comprehensive loss for the period was RMB 7,355 thousand, a substantial decrease from RMB 37,443 thousand in the previous year[197]. - The loss attributable to the parent company was RMB 7,227 thousand, down from RMB 35,920 thousand year-over-year[197]. Assets and Liabilities - As of June 30, 2023, the company's total assets amounted to RMB 228,366 thousand, compared to RMB 115,679 thousand as of December 31, 2022, reflecting an increase of 97.2%[19]. - The company's cash and cash equivalents increased to RMB 52,472 thousand as of June 30, 2023, up from RMB 20,715 thousand as of December 31, 2022, representing a growth of 153.5%[19]. - The company's asset-liability ratio decreased to 7.0% as of June 30, 2023, down from 14.3% as of December 31, 2022, indicating improved financial stability[10]. - Total assets grew by 97.4%, from RMB 115.7 million in 2022 to RMB 228.4 million in 2023[69]. - The company's total equity as of June 30, 2023, was RMB 135,171 thousand, reflecting an increase from RMB 101,070 thousand at the end of 2022[197]. - Non-current liabilities decreased to RMB 11,877 thousand from RMB 18,823 thousand, representing a reduction of approximately 37.5%[200]. - Total equity reached RMB 135,171 thousand, up from RMB 54,347 thousand, showing a growth of approximately 148.5%[200]. Revenue Streams - Revenue from digital media content distribution increased from approximately RMB 2.9 million in the first half of 2022 to approximately RMB 41.5 million in the first half of 2023, representing a growth of 1,312.4%[85]. - Revenue from game product supply was approximately RMB 39.6 million in the first half of 2023, a new business segment launched in the second half of 2022[110]. - Total revenue from customer contracts was approximately RMB 142.8 million in the first half of 2023, compared to approximately RMB 43.2 million in the first half of 2022[109]. User Metrics - The number of paying players increased to 680,000, representing an increase of 821.4% from 73,800 in the previous year[58]. - Average monthly paying users rose to 113,300, up 821.1% from 12,300 in the same period last year[58]. - The average revenue per paying user decreased to RMB 114.9, down 76.7% from RMB 493.0 year-on-year[58]. - The average revenue per paying user in the gaming business decreased from approximately RMB 493.0 in the first half of 2022 to approximately RMB 114.9 in the first half of 2023, primarily due to a larger base of paying users and lower average revenue from overseas paying users[59]. - The number of average monthly paying users in the gaming business increased from approximately 12.3 thousand in the first half of 2022 to approximately 113.3 thousand in the first half of 2023[81]. Research and Development - The company's R&D expenses increased by 121.8%, from approximately RMB 5.5 million in the first half of 2022 to approximately RMB 12.2 million in the first half of 2023, driven by increased investment in multiplayer mobile game projects and AIGC product development[66]. - Research and development expenses increased to RMB 12.19 million in the first half of 2023, compared to RMB 5.50 million in the same period of 2022, reflecting a growth of 121.5%[168]. - The company plans to utilize the remaining proceeds for research and development of gaming and AI products, with an expected timeline for utilization by June 30, 2024[161]. Corporate Governance and Compliance - The company has established corporate governance measures to avoid conflicts of interest among directors, ensuring operational independence from related entities[156]. - The company has maintained compliance with corporate governance codes and regulations throughout the reporting period[192]. - The company is currently not in compliance with the minimum number of independent non-executive directors required by listing rules[134]. Strategic Initiatives - The company entered into a cooperation agreement with Infinities Technology (Cayman) Holding Limited to establish a joint venture aimed at expanding advertising distribution services in the People's Republic of China[1]. - The company plans to further develop new products and technologies in collaboration with Infinities Cayman, focusing on advertising traffic supply agreements[1]. - The company plans to enhance its market competitiveness by increasing investment in game engine development and operations[39]. - The company aims to explore new business models and integrate AIGC technology into its operations for future growth[39]. - The company plans to continue expanding its mobile game development and operations, digital media content distribution, and game product supply businesses in the second half of 2023[75]. - The company aims to enhance its revenue-generating capabilities by further exploring market demands and accelerating the expansion of its game product supply market, particularly in overseas markets[75]. Risks and Challenges - The group faced major risks including external disruptions such as system interruptions on distribution platforms and potential cybersecurity threats[102]. - Key challenges include reliance on distribution channel providers and potential delays or defaults in payments from settlement agents, which could adversely affect cash flow and financial performance[123]. - The group is facing difficulties related to the quality of game products sourced from suppliers and potential losses during transportation[146]. - The group relies on a single customer, which poses a risk to its operations[146]. - The group is exposed to foreign exchange fluctuations that may negatively impact cash flow or financial performance[146]. Other Financial Information - The company does not plan to declare an interim dividend for the first half of 2023, consistent with the previous year[142]. - The company has not issued any share options since the adoption of the share option scheme on February 21, 2020, and there are no unexercised options as of June 30, 2023[163]. - The company issued 582 thousand shares during the reporting period, raising RMB 87,597 thousand[197]. - The company's accumulated losses as of June 30, 2023, stood at RMB 107,781 thousand, compared to RMB 48,567 thousand at the end of 2022[197].