金山软件(03888) - 2022 - 中期财报

Financial Performance - Total revenue for the first half of 2022 was RMB 3,687.2 million, representing a year-on-year growth of 21%[13]. - The net profit for the first half of 2022 was RMB 338,239 thousand, down from RMB 452,554 thousand in the same period last year[12]. - Operating profit for the first half of 2022 was RMB 918,179 thousand, an increase from RMB 741,885 thousand in the first half of 2021[12]. - Gross profit for the first half of 2022 was RMB 2,969,986 thousand, compared to RMB 2,523,732 thousand in the previous year[12]. - The company reported a basic loss per share of RMB (0.03) for the six months ended June 30, 2022, compared to earnings of RMB 0.12 per share in the same period of 2021[72]. - The total comprehensive income for the six months ended June 30, 2022, was RMB 634,178 thousand, compared to RMB 405,344 thousand in the same period of 2021, representing an increase of approximately 56.5%[73]. Revenue Breakdown - Revenue from office software and services for the six months ended June 30, 2022, was RMB 1,795,694 thousand, up from RMB 1,557,210 thousand in the same period last year[12]. - Revenue from online games and others for the same period was RMB 1,891,473 thousand, compared to RMB 1,481,923 thousand in the previous year[12]. - Revenue from office software and services in Q2 2022 was RMB 924.6 million, an 18% increase year-on-year, driven by growth in personal and institutional subscription services[15]. - Revenue from online games and other businesses in Q2 2022 was RMB 909.6 million, a 31% increase year-on-year, primarily due to contributions from mobile games launched in Q4 2021[15]. - For the six months ended June 30, 2022, revenue was RMB 3,687.2 million, an increase of 21% year-on-year, with office software and services and online games contributing 49% and 51% to total revenue, respectively[26]. Research and Development - The company incurred research and development costs of RMB 1,250,532 thousand for the first half of 2022, compared to RMB 1,022,913 thousand in the previous year[12]. - R&D expenses in Q2 2022 were RMB 642.3 million, a 21% increase year-on-year, reflecting increased employee-related costs[17]. - Research and development costs for the first half of 2022 were RMB 1,250.5 million, a 22% increase year-on-year, mainly due to an increase in employee numbers and related expenses[28]. User Metrics - The number of monthly active devices for key products reached 570 million, a 14% increase year-over-year[10]. - Cumulative paying users increased to 28.56 million, representing a 31% year-over-year growth[10]. - The company continues to focus on enhancing user experience in cloud office applications, leading to a sustained increase in paid user numbers[13]. Shareholder Information - As of June 30, 2022, the group held cash and bank deposits totaling RMB 14,204.6 million, representing 38% of total assets[34]. - The company repurchased a total of 3,288,200 shares of its own ordinary shares at a total cost of approximately HKD 77.93 million during the six months ended June 30, 2022, enhancing shareholder value[60]. - Major shareholders include Color Link Management with 15.37% ownership (210,116,248 shares) and Tencent Holdings with 7.81% ownership (106,784,515 shares) as of June 30, 2022[57]. Losses and Expenses - The net cash used in investing activities for the six months ended June 30, 2022, was RMB (456,902) thousand, compared to RMB (108,969) thousand in the same period of 2021, reflecting a significant increase in cash outflow[80]. - The company recorded a share of losses from associates of RMB 692.4 million for the first half of 2022, compared to RMB 435.7 million for the same period in 2021[31]. - The company reported a loss from joint ventures of RMB 692,357 thousand for the six months ended June 30, 2022, compared to a loss of RMB 435,697 thousand in the same period of 2021, indicating a worsening performance[79]. Market Strategy - The company plans to continue expanding its market presence and investing in new product development[11]. - The company is actively reducing the number of advertising placements and push frequency to improve click quality and minimize user disruption[13]. - The company continues to seek new business opportunities to supplement and enhance its existing operations and expand into new markets[39]. Financial Position - As of June 30, 2022, the company had total liabilities of RMB 3,972,143,000, down 3.05% from RMB 4,096,184,000 as of December 31, 2021[75]. - The debt-to-asset ratio was 21% as of June 30, 2022, unchanged from December 31, 2021[67]. - The company held cash and bank deposits totaling RMB 14,204,579,000 as of June 30, 2022, compared to RMB 16,190,138,000 as of December 31, 2021[109]. Investments - The fair value of the investment in Kingsoft Cloud as of June 30, 2022, was approximately RMB 2,833.8 million, down from RMB 9,527.9 million as of December 31, 2021[38]. - Kingsoft Cloud reported a net loss of RMB 1,609.7 million for the first half of 2022, compared to a net loss of RMB 841.4 million in the first half of 2021, representing an increase in losses of approximately 91.1%[200]. - The investment in Kingsoft Cloud accounted for 8% of the total assets of the company as of June 30, 2022[200].