KEEP(03650) - 2023 - 中期业绩

Financial Performance - Total revenue for the six months ended June 30, 2023, was RMB 984.7 million, a decrease of 2.7% compared to RMB 1,011.7 million in the same period of 2022[2] - Gross profit increased to RMB 423.7 million, with a gross margin of 43.0%, up from 40.9% in the previous year, representing an increase of 2.1 percentage points[2] - Net profit for the period was RMB 1,195.1 million, a significant increase of 356.8% compared to RMB 261.6 million in the same period of 2022[2] - Adjusted net loss decreased by 29.7% to RMB 223.1 million from RMB 317.4 million year-on-year, with an adjusted net loss margin of (22.7%), improving from (31.4%)[2] - Revenue from proprietary sports products was RMB 466.4 million, down 9.5% from RMB 515.4 million in the same period last year[13] - Revenue from membership subscriptions and online paid content increased by 10% to RMB 448.9 million compared to RMB 408.0 million in the previous year[14] - Advertising and other revenue for the six months ended June 30, 2023, was RMB 69.4 million, a decrease of 21.4% from RMB 88.3 million for the same period in 2022, mainly due to the negative impact of COVID-19 on advertising clients[15] - Basic earnings per share for the six months ended June 30, 2023, were RMB 8.64, compared to RMB 1.89 for the same period in 2022, representing a substantial increase[55] - The net profit attributable to the company's owners for the six months ended June 30, 2023, was RMB 1,195,124 thousand, compared to RMB 261,619 thousand in the previous year[55] User Engagement and Membership - Average monthly active users (MAUs) decreased to 29.5 million from 37.7 million in the same period of 2022[5] - Average monthly revenue per MAU increased by 24.1% to RMB 5.6 from RMB 4.5 year-on-year[5] - Average monthly subscription members decreased to 3.0 million from 3.7 million in the same period of 2022[5] - Membership penetration rate improved to 10.2% from 9.7% year-on-year[5] - The total number of recorded courses offered to paid members increased from 1,391 as of June 30, 2022, to 2,464 as of June 30, 2023, representing a growth of approximately 77%[7] - The number of workout sessions by members increased by over 200% in the first half of 2023 compared to the same period in 2022[7] Operational Efficiency - The company focused on optimizing operations and managing costs to enhance operational efficiency during the recovery period post-COVID-19[6] - Operating costs decreased by 6.2% to RMB 561.0 million for the six months ended June 30, 2023, from RMB 598.3 million for the same period in 2022, consistent with the decline in total revenue[16] - Research and development expenses decreased by 2.1% to RMB 243.4 million for the six months ended June 30, 2023, from RMB 248.6 million for the same period in 2022[22] - Sales and marketing expenses decreased by 15.4% to RMB 257.1 million for the six months ended June 30, 2023, from RMB 304.0 million for the same period in 2022, mainly due to reduced promotional and advertising expenses[20] - Administrative expenses decreased by 6.8% to RMB 112.0 million for the six months ended June 30, 2023, from RMB 120.2 million for the same period in 2022, primarily due to a reduction in administrative personnel costs[21] Assets and Liabilities - Cash and cash equivalents as of June 30, 2023, amounted to RMB 1,500 million, down from RMB 1,700 million as of December 31, 2022, primarily due to cash used in operating activities[30] - The company's total assets as of June 30, 2023, were RMB 2,393,527 thousand, down from RMB 2,633,541 thousand as of December 31, 2022[38] - The company's debt-to-asset ratio as of June 30, 2023, was 3.81, slightly improved from 3.85 as of December 31, 2022[32] - Total liabilities amounted to RMB 9,129,447 thousand as of June 30, 2023, down from RMB 10,143,704 thousand at the end of 2022, indicating a decrease of about 10%[39] - Non-current liabilities decreased to RMB 8,471,295 thousand as of June 30, 2023, from RMB 9,476,589 thousand as of December 31, 2022, a reduction of approximately 10.6%[39] Corporate Governance and Compliance - The company has adhered to the corporate governance code since its listing date, ensuring the protection of shareholder rights[70] - The audit committee, consisting of three members, has reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2023[73] - The company plans to continue reviewing and monitoring its corporate governance practices to maintain high standards[70] - The roles of the chairman and CEO are currently held by the same individual, which the board believes enhances strategic planning efficiency[70] - The company has confirmed compliance with the standard code for securities transactions by directors since the listing date[72] Initial Public Offering - The company completed its initial public offering on July 12, 2023, issuing 10,838,600 shares at a price of HKD 28.92 per share[69] - The net proceeds from the global offering, after deducting underwriting commissions and expenses, amount to approximately HKD 192.0 million, which will be used as outlined in the prospectus[75] Miscellaneous - The company did not declare or pay any dividends for the six months ended June 30, 2023[65] - No significant events affecting the group have been reported since June 30, 2023, up to the date of this announcement[74]