创梦天地(01119) - 2022 - 年度业绩

Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 2,734,124,000, a slight increase from RMB 2,637,637,000 in 2021, representing a growth of approximately 3.7%[3] - The adjusted annual loss for 2022 was RMB 642,906,000, compared to an adjusted profit of RMB 110,799,000 in 2021, indicating a significant decline in profitability[3] - In 2022, the company's total revenue increased by 3.7% year-on-year to approximately RMB 2,734.1 million, compared to RMB 2,637.6 million in 2021[12] - Revenue from the gaming and information services business accounted for 94.9% of total revenue in 2022, up from 88.3% in 2021, while IP derivative business revenue rose to 5.1% from 1.4%[12] - The gaming revenue increased by 10.2% from RMB 2,297.9 million in 2021 to RMB 2,531.3 million in 2022, driven by strong performance of core operational games[14] - The company reported a total comprehensive loss of RMB 2.534 billion for the year ended December 31, 2022, compared to a loss of RMB 167.42 million in 2021[54] - The company reported a net loss attributable to shareholders of RMB 2,492,293 thousand, compared to a loss of RMB 157,478 thousand in the previous year, resulting in a basic loss per share of RMB (1.80)[77] User Engagement - Daily active users for "Subway Surfers" exceeded 10 million during the 2023 Spring Festival, with monthly active users surpassing 100 million, showcasing strong user engagement[5] - "Honor of Kings" generated over RMB 1 billion in revenue during 2022, maintaining its position as the top-ranked game in the action RPG category[6] - Fanbook, a user community management tool, achieved over 10 million users and 1 million daily active users, marking a significant milestone for the company[7] - Average monthly active users decreased from 128.0 million in 2021 to 124.0 million in 2022, attributed to the gradual termination of non-core products[15] - Average monthly paying users increased from 5.5 million in 2021 to 5.9 million in 2022, mainly due to the strong performance of "Subway Surfers" during the summer[15] Cost and Expenses - Total revenue cost rose by 50.7% year-on-year to RMB 2,312.9 million for the year ended December 31, 2022, with the percentage of revenue cost increasing from 58.2% in 2021 to 84.6% in 2022[19] - Sales and marketing expenses surged by 123.4% year-on-year to RMB 1,138.7 million for the year ended December 31, 2022, accounting for 41.6% of revenue, up from 19.3% in 2021[20][21] - General and administrative expenses decreased by 51.0% year-on-year to RMB 122.5 million for the year ended December 31, 2022, representing 4.5% of revenue, down from 9.5% in 2021[22] - R&D expenses remained stable at approximately RMB 322.6 million for the year ended December 31, 2022, compared to RMB 325.2 million in 2021, focusing on core self-developed games and digital tools[23] Impairment and Losses - Impairment losses on intangible assets increased significantly from RMB 49.7 million in 2021 to RMB 752.3 million in 2022, due to a strategic shift towards high-quality game releases and self-development[24] - Net impairment losses on financial assets rose from RMB 20.6 million in 2021 to RMB 360.9 million in 2022, attributed to changes in the industry ecosystem affecting the repayment ability of partners[25] - The annual net loss increased dramatically from RMB 155.9 million in 2021 to RMB 2,589.9 million in 2022, with adjusted annual loss reported at RMB 642.9 million for 2022 compared to an adjusted profit of RMB 110.8 million in 2021[30][31] - The EBITDA for the year ended December 31, 2022, was RMB (2,191,301) thousand, a sharp decrease from RMB 186,585 thousand in 2021[35] Cash Flow and Financial Position - As of December 31, 2022, the total cash and cash equivalents decreased by 87.3% to approximately RMB 90.5 million from about RMB 714.8 million as of December 31, 2021[36] - The total borrowings as of December 31, 2022, were approximately RMB 1,011.2 million, down from RMB 1,350.4 million in 2021[37] - The current ratio as of December 31, 2022, was 0.87, a significant drop from 2.42 as of December 31, 2021[38] - The debt ratio increased to 58.5% as of December 31, 2022, compared to 36.3% in the previous year[38] - The company reported a net loss of RMB 2,589,917,000 for the year ended December 31, 2022, with current liabilities exceeding current assets by RMB 329,469,000[100] Strategic Initiatives - The company plans to focus on optimizing cost efficiency and aims to achieve profitability in the fiscal year 2023[4] - The company plans to launch two key self-developed games in 2023, with "Kara Bichu" and "Ni no Kuni: Cross Worlds" expected to drive new growth[10][11] - The company has separated its IP derivative business for independent financing and management, allowing a renewed focus on core gaming operations[11] - The company plans to establish QQfamily offline stores in popular commercial areas of first- and second-tier cities in mainland China[47] - The company aims to seek investment and acquisition opportunities that complement its ecosystem and enhance game development capabilities and offline entertainment business[47] Employee and Governance - As of December 31, 2022, the company had 1,048 full-time employees, a decrease from 1,113 in 2021, with most employees located in China[44] - The company provides competitive compensation packages, including performance bonuses and stock incentives, to attract and retain qualified employees[44] - The company has implemented various training programs to enhance employees' professional skills and leadership capabilities[44] - The company plans to continue monitoring and reviewing its corporate governance practices to ensure compliance with applicable codes[102] Acquisitions and Partnerships - The company acquired 70% of Tianjin Huohun for a total consideration of RMB 1.05 billion, with goodwill recognized at RMB 989.23 million[51] - The company lost control of a subsidiary after selling a 27% stake in its IP derivatives business in February 2023[106] - A strategic partnership with Tencent is anticipated to enhance user engagement and retention rates by 20%[112] Future Outlook - The company plans to improve operational performance significantly in 2023, expecting to generate positive operating cash flow[61] - The company has set a performance guidance of 25% revenue growth for the upcoming fiscal year[112] - The company is exploring potential acquisitions to bolster its portfolio and expand its user base[112]