青瓷游戏(06633) - 2022 - 中期财报

Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 268.1 million, a decrease of 64.9% compared to RMB 762.9 million for the same period in 2021[9]. - Gross profit for the same period was RMB 166.0 million, down 71.1% from RMB 574.5 million in 2021[9]. - The loss attributable to equity holders of the company was RMB 75.7 million, a 19.3% improvement from a loss of RMB 93.8 million in the previous year[9]. - The adjusted net loss for the period was RMB 86.9 million, a significant decline from a profit of RMB 313.7 million in the same period of 2021, representing a 127.7% change[9]. - The net loss for the reporting period decreased by 7.4% from RMB 93.8 million for the six months ended June 30, 2021, to RMB 86.9 million for the six months ended June 30, 2022, attributed to several factors including the maturity of flagship games and increased marketing expenses for new game launches[36]. - The total comprehensive loss for the period was RMB 30,072 thousand, compared to a total comprehensive loss of RMB 86,872 thousand in the previous period, showing an improvement in overall performance[78]. User Engagement - Average Monthly Active Users (MAU) decreased by 23.4% to 2.35 million from 3.06 million in the prior year[10]. - Average Monthly Paying Users (MPU) fell by 50.6% to 284,000 compared to 575,000 in the same period last year[10]. - Cumulative registered players increased by 12.0% to 76.16 million from 67.98 million in the previous year[10]. - The average monthly active users (MAU) for the first half of 2022 was approximately 2.35 million, with an ARPPU of RMB 209[11]. - The player retention rate for "The Strongest Snail" exceeded 26.1% since its launch, while "Lantern and Underground City" had a retention rate of 32.68%[12][13]. Game Development and Strategy - The company is focusing on new product development and market expansion strategies to improve future performance[9]. - The company aims to continue expanding its game offerings and enhance its competitive edge through a robust research and development model[15]. - The company has 13 mobile game projects in development, including RPG, SLG, and ACT RPG genres, with expected launch dates ranging from 2022 to 2024[16]. - The company has made significant progress in its game pipeline, including the introduction of new games such as "New Sword and Fairy: The Sword Questioning Love" and "Code: Key"[15]. - The company is preparing to launch "The Strong Snail" in Thailand and North America, along with an H5 version for broader access[17]. Revenue Breakdown - Revenue from game operations decreased by 66.0% to RMB 248.3 million for the six months ended June 30, 2022, primarily due to the maturity of "The Strong Snail" in the Chinese market[21]. - Revenue from self-developed games fell by 54.6% to RMB 225.2 million during the same period, attributed to the same maturity issue[21]. - Revenue from licensed games dropped by 90.1% to RMB 23.1 million, mainly due to the maturity of "Lantern and Underground City"[22]. - Revenue from service transferred over time was RMB 119,905 thousand, down from RMB 389,478 thousand, indicating a decrease of 69.1%[105]. - Revenue from mainland China was RMB 233,522 thousand, a decrease of 68.5% from RMB 742,945 thousand in 2021[106]. Expenses and Costs - Research and development expenses increased by 208.4% from RMB 18.0 million to RMB 55.6 million, mainly due to an increase in the number of employees and average salaries[30]. - Sales and marketing expenses decreased by 38.1% from RMB 245.1 million to RMB 151.7 million, attributed to the maturity of certain games[29]. - Employee benefits expenses increased significantly to RMB 113,966 thousand from RMB 36,074 thousand, reflecting a rise of 215.5%[107]. - Commission from distribution and payment channels decreased by 48.4% to RMB 67.995 million, primarily due to a decline in gaming operation revenue[27]. - Revenue cost decreased by 45.8% from RMB 188.4 million for the six months ended June 30, 2021, to RMB 102.1 million for the six months ended June 30, 2022[25]. Financial Position - The total cash and cash equivalents decreased by 31.3% from RMB 1,168.1 million as of December 31, 2021, to RMB 802.6 million as of June 30, 2022, primarily due to the use of funds raised from global offerings and short-term investments[40]. - The current ratio as of June 30, 2022, was 527.7%, compared to 438.5% as of June 30, 2021, indicating improved liquidity[40]. - The debt-to-asset ratio as of June 30, 2022, was 17.5%, down from 192.6% as of June 30, 2021, reflecting a significant reduction in liabilities[40]. - The company held investment funds and financial products with a fair value of approximately RMB 355.3 million as of December 31, 2021, with specific investments representing over 5% of total assets[41]. - The total liabilities increased to RMB 335,753 thousand from RMB 222,568 thousand, marking a rise of approximately 50.8%[75]. Shareholder Information - The total number of issued shares as of June 30, 2022, was 691,330,500[49]. - The ownership structure shows that Mr. Yang holds 29.81% of the shares through Keiskei Holding Ltd.[49]. - The board did not recommend the payment of an interim dividend for the six months ended June 30, 2022[48]. - The company declared a dividend distribution of RMB 89,320 thousand for the period ending June 30, 2022, compared to RMB 180,000 thousand for the year ending December 31, 2021[196]. - The company raised approximately HKD 71 million (equivalent to RMB 58 million) by issuing 6,330,500 new ordinary shares at HKD 11.20 per share on January 12, 2022[171]. Taxation and Compliance - The income tax expense increased by 240.4% from RMB 9.5 million for the six months ended June 30, 2021, to RMB 13.4 million for the six months ended June 30, 2022, primarily due to an increase in the applicable tax rate for a profitable subsidiary[35]. - The total tax expense for the six months ended June 30, 2022, was RMB 13,373,000, compared to a tax benefit of RMB 9,528,000 for the same period in 2021[116]. - The company has complied with all corporate governance codes during the reporting period[64]. - The company has not recognized deferred tax assets for tax losses, resulting in a tax expense of RMB 13,373,000 for the reporting period[118]. - The group has claimed an excess deduction of 175% on R&D expenses, impacting the taxable profit calculation[114].