OURPALM(SZ:300315) Xin Lang Zheng Quan·2025-08-26 07:46Core Viewpoint - The company is experiencing a significant decline in revenue and profitability, indicating a deepening crisis and potential survival challenges ahead [1][6]. Financial Performance - In the first half of 2025, the company's revenue was 358 million yuan, a year-on-year decline of 23.44%, continuing a downward trend since 2021 [1]. - The net profit attributable to shareholders plummeted by 65.58% to 48 million yuan, with non-recurring net profit down 57.72% [1]. - The second quarter of 2025 saw a net profit of only 20 million yuan, a drastic drop of 76.02% year-on-year, highlighting a "revenue without profit" dilemma [1]. - Operating cash flow turned negative, dropping from 47 million yuan in the same period last year to -26 million yuan, indicating weakened sales collection capabilities [1]. R&D and Strategic Issues - The company has seen a drastic reduction in R&D personnel from 1,038 in 2020 to 477 in 2024, a decrease of over 54% [2]. - The reliance on long-standing products like "One Punch Man: The Strongest Man" and "The King of Fighters 98 Ultimate Battle" has led to a lack of new product development [2]. - Strategic shifts between different gaming segments, including SLG and AI, have not yielded significant results, with new products failing to launch on time [2]. Corporate Actions - The company announced the absorption of its wholly-owned subsidiary, which has no substantial business value, primarily as a symbolic move to streamline its structure [3]. - This merger does not significantly impact the financial situation or address the core business challenges [3]. Future Challenges - The company is betting on the SLG segment as its last hope, with new titles needing to replicate the success of "全民奇迹" to alleviate the crisis [4]. - The SLG market is dominated by major players, raising doubts about the success rate of new products [4]. - The company's cash reserves have decreased by 42.26% year-on-year, and the current liabilities coverage ratio has fallen to 49.98%, making the high R&D investment model unsustainable [4]. Market Confidence - The chairman's plan to reduce holdings by 165 million yuan and the sale of 3.3 million shares has further weakened investor confidence in the company's transformation prospects [5]. Conclusion - The company's predicament reflects a typical failure of traditional game developers in transformation, marked by over-reliance on acquisitions and neglect of internal R&D, leading to product gaps and strategic missteps [6]. - The only potential for recovery lies in the successful launch of new SLG products by the end of 2025; failure could lead to worsening cash flow and shareholder pressure, potentially triggering a survival crisis [6].