冰川网络业绩之困：买量博弈何解？

Core Viewpoint - The company, Ice River Network, is experiencing revenue growth but significant net profit losses in 2024, primarily due to increased marketing expenses related to game user acquisition [1][2][3] Financial Performance - In 2024, Ice River Network achieved revenue of 2.788 billion yuan, a year-on-year increase of 0.17%, while net profit showed a loss of 249 million yuan, a decline of 191.12% [1][2] - The adjusted net profit, excluding non-recurring gains and losses, was a loss of 317 million yuan, a drop of 257.13% year-on-year [2] - Quarterly revenue for 2024 was 560 million yuan, 646 million yuan, 777 million yuan, and 805 million yuan, with net profits of -446 million yuan, -69 million yuan, 48 million yuan, and 218 million yuan respectively [2] Marketing and User Acquisition - The company significantly increased its marketing spend on overseas markets and new game launches, particularly for titles like "Hero Clash," "Epic War," and "Titan War," leading to a substantial rise in sales expenses [2][3] - In Q1 2024, sales expenses reached 855 million yuan, a 168.36% increase year-on-year, with user acquisition costs for the aforementioned games totaling 683 million yuan, accounting for 79.93% of total sales expenses [2] Game Performance and ROI - "Hero Clash," a key product, had over 25.7 million registered accounts by mid-2024, but its marketing costs were 4.75 billion yuan against revenues of 2.25 billion yuan, resulting in a marketing cost-to-revenue ratio of 210.88% [3] - Other games also showed high marketing cost ratios, with "Titan War" at 179.26% and "Merge Topia" at 137.85% [3] Regulatory Issues - The company faced scrutiny from the Shenzhen Securities Regulatory Bureau for irregularities in financial reporting, including improper consolidation of financial statements and failure to recognize impairment losses in a timely manner [6][7] - The company and its executives received warnings from the regulatory body due to these issues, which could impact future financial disclosures [6][7]