Tianyu Group(SZ:002354) Chang Jiang Shang Bao·2025-04-25 00:31Core Viewpoint - Tianyu Digital Science (002354.SZ) has been experiencing continuous losses and a significant reduction in assets over the years, despite attempts to expand through acquisitions [1][6]. Financial Performance - In 2024, the company reported revenue of 1.579 billion yuan, a year-on-year decrease of 10.38%, and a net loss of 118 million yuan, an increase in loss of 89.15% compared to the previous year [1][5]. - Since 2018, the company's non-recurring net profit has been in a continuous loss, accumulating approximately 11.5 billion yuan in losses over seven years [6]. - The total assets of Tianyu Digital Science decreased from 14.608 billion yuan at the end of 2017 to 1.766 billion yuan by the end of 2024, representing a reduction of about 88% [1][7]. Acquisition and Business Transition - The company, originally established as Dalian Kemi Wood Industry Co., Ltd., transitioned to the esports gaming sector after a major asset restructuring in 2014 [2]. - In December 2017, Tianyu Digital Science acquired 93.5417% of Fantasy Joy for 3.417 billion yuan, but the actual performance in 2018 fell short of expectations, leading to a goodwill impairment of 1.702 billion yuan [2]. - The company attempted to divest its stake in Fantasy Joy in June 2021 for approximately 903 million yuan [2]. Recent Developments - In the first quarter of 2025, the company achieved revenue of 485 million yuan, a year-on-year increase of 31.15%, but net profit decreased by 60.61% to 5.2417 million yuan [8][9]. - The gross margin for the first quarter of 2025 fell to 18.14%, down from 29.22% in the same period last year [9].