Tom(SZ:300459) Xi Niu Cai Jing·2025-05-19 11:53Core Viewpoint - The financial report of Tom Cat (300459.SZ) for 2024 reveals a significant decline in revenue and continued losses, indicating ongoing challenges in its core business operations [2][3]. Financial Performance - In 2024, Tom Cat achieved an operating revenue of 1.143 billion yuan, a decrease of 15.18% compared to 1.348 billion yuan in 2023 [3]. - The net profit attributable to shareholders was -859 million yuan, showing a slight improvement of 0.63% from -865 million yuan in the previous year, but still indicating a loss [3]. - The non-recurring net profit was -867 million yuan, reflecting a year-on-year increase of 2.08% [3]. - Cash flow from operating activities was 306 million yuan, down 18.61% from 376 million yuan in 2023 [3]. - Basic and diluted earnings per share were both -0.24 yuan, a 4% improvement from -0.25 yuan in 2023 [3]. - The weighted average return on equity was -31.20%, a decline of 6.47% from -24.73% in the previous year [3]. Asset and Equity Position - As of the end of 2024, total assets amounted to 4.373 billion yuan, a decrease of 14.12% from 5.092 billion yuan at the end of 2023 [3]. - The net assets attributable to shareholders were 2.493 billion yuan, down 17.28% from 3.014 billion yuan in 2023 [3]. Business Challenges - Tom Cat has experienced a continuous decline in revenue for three consecutive years and has reported losses for two years in a row [2][4]. - The company's gaming publishing business has been on a downward trend since 2018, and advertising revenue has also declined for three consecutive years, with 2024 advertising revenue at 847 million yuan, down 18.18% [2][4]. - High goodwill from aggressive acquisitions in earlier years has led to significant impairment losses, with 937 million yuan in goodwill and asset impairment provisions in 2024 [4]. - Despite the impairment, the company's goodwill remains high at 1.785 billion yuan, accounting for over 40% of total assets, creating a heavy financial burden [4]. Innovation Efforts - In response to stagnant core business growth, Tom Cat has launched an AI innovation initiative, introducing an AI emotional companion robot in late December 2024 [5]. - Sales of the AI product have been modest, with over 700 units sold on Tmall and over 400 on JD.com by May 12, 2025, failing to make a significant impact on revenue and profit [5]. - The AI product faces challenges such as limited functionality and lack of competitive differentiation, raising uncertainties about the future of the AI business [5].