蓝港互动(08267) - 2022 - 中期财报

Game Development and Releases - The company has completed the launch of the game "Dream Mansion" and initiated internal technical testing for several products including "Primitive Era" and "Ys VIII" [17] - The MMORPG mobile game "Primitive Era" is set to launch in Thailand within the year, having signed a local publisher [19] - The company has secured exclusive adaptation and global publishing rights for the mobile version of the renowned ARPG "Ys VIII," which is currently in the final optimization stage [20] - The company is focusing on enhancing its game development capabilities while acquiring quality IPs to drive industry development and cultural dissemination [18] - The company aims to enhance the quality of game development and launch competitive games to address the decline in game revenue [28] - The company plans to continue developing self-researched businesses focused on IP, female-oriented content, and casual games while actively exploring overseas markets [23] Financial Performance - The company's revenue decreased by approximately 8.2% from about RMB 48.7 million in the six months ended June 30, 2021, to about RMB 44.7 million in the same period of 2022 [26] - Game business revenue contributed approximately RMB 37.2 million, a decrease of about 5.1% or RMB 2.0 million compared to the same period last year [28] - The film and television business revenue significantly dropped by approximately 95.7%, from about RMB 9.4 million to approximately RMB 0.4 million [29] - The gross profit for the six months ended June 30, 2022, was about RMB 13.7 million, a decrease of approximately 31.8% from RMB 20.1 million in the same period of 2021 [32] - The gross margin fell to approximately 30.6%, down about 10.7 percentage points from 41.3% in the previous year [32] - The operating loss for the six months ended June 30, 2022, was approximately RMB 24.5 million, compared to an operating loss of RMB 14.9 million for the same period in 2021, representing an increase of 64.3% [39] - The adjusted net loss for the six months ended June 30, 2022, was approximately RMB 22.3 million, compared to RMB 14.8 million for the same period in 2021, reflecting an increase of 50.2% [43] Expenses and Investments - Research and development expenses increased by approximately 28.1%, from about RMB 9.6 million to RMB 12.3 million, due to increased investment in independent research and development [36] - Sales and marketing expenses rose by approximately 34.0%, from about RMB 9.4 million to RMB 12.6 million, primarily due to employee benefits and promotional expenses related to the gaming business [34] - Capital expenditures for the six months ended June 30, 2022, totaled approximately RMB 42.6 million, significantly higher than RMB 11.2 million for the same period in 2021, with major investments in film and television rights [48] - The company has increased its investment in R&D, which has contributed to the rise in operating losses [39] Market Presence and Strategy - The company aims to strengthen its overseas market presence, particularly in Korea and Japan, with ongoing operations for "The Road to the Ocean" and the upcoming "Ys VIII Mobile" [19] - The company is enhancing its publishing strategy in overseas markets, including Korea, Japan, and North America [17] - The company is committed to increasing investment in self-developed games and film and television projects to ensure long-term growth [17] Shareholding and Corporate Governance - Mr. Wang Feng holds 66,576,160 shares, representing 21.53% of the total equity [67] - Ms. Liao Mingxiang owns 12,168,720 shares, accounting for 5.38% of the total equity [67] - The company has a total of 367,974,964 issued shares as of June 30, 2022 [70] - Major shareholders include Zhu Li with 21.53% (79,216,540 shares) and Wangfeng Management Limited with 18.09% (66,576,160 shares) [76] - The company has complied with the corporate governance code as per GEM Listing Rules during the reporting period [106] Employee Compensation and Incentives - The company has provided various training programs for employees to enhance their knowledge in game development and operations [53] - The company adopted a share option scheme in November 2014 to align the interests of eligible individuals with the company's value [91] - The stock option program is designed to align employee interests with company performance over time [98] Cash Flow and Assets - Cash and cash equivalents as of June 30, 2022, were approximately RMB 98.4 million, down from RMB 132.2 million as of December 31, 2021 [46] - The total assets as of June 30, 2022, amounted to RMB 446,480,000, a slight decrease from RMB 448,886,000 as of December 31, 2021 [110] - The total liabilities as of June 30, 2022, were RMB 163,439,000, compared to RMB 144,896,000 as of December 31, 2021, indicating an increase in liabilities [111] Impact of COVID-19 - The impact of COVID-19 on the company's operations has been minimal, with no significant effects reported during the period [102] - The company continues to monitor the financial and operational impacts of the COVID-19 pandemic [102]