Core Viewpoint - The company Tom Cat (300459.SZ) reported its first half-year loss since its listing, with a significant decline in revenue and a shift from profit to loss in the first half of 2025 [1][2]. Revenue and Profit Summary - In the first half of 2025, Tom Cat achieved operating revenue of 463 million yuan, a year-on-year decrease of 19.62% [1] - The net loss attributable to shareholders was 30 million yuan, a drastic decline of 141.34% compared to the previous year [1] - The decline in revenue was primarily attributed to a decrease in in-game advertising revenue [2][3]. Advertising and Game Business Performance - The advertising business generated 335 million yuan in revenue, down 22.87% year-on-year, accounting for 72.41% of total revenue [3] - Key metrics such as average monthly active users, transaction counts, and advertising revenue all showed a downward trend compared to the same period in 2024 [3]. - The eCPM (effective cost per mille) for global casual games also exhibited a downward trend year-on-year [3]. Product Development and Revenue Diversification - In response to declining advertising revenue, the company is focusing on new product development, with several games set to launch in the third quarter, including "Talking Tom Gold Run 2" and "Talking Tom Town" [3]. - The company is exploring innovative monetization strategies, optimizing in-app purchases, and enhancing the proportion of in-app revenue in overall earnings [3][5]. Financial Challenges and Cost Management - Despite the revenue decline, the company's operating expenses did not decrease, with sales, management, and R&D costs rising by 4.85%, 4.91%, and 1.65% respectively [5]. - The company reported an investment loss of 5.613 million yuan, which increased from a loss of 3.136 million yuan in the previous year, accounting for 32.27% of total profit [5][6]. - The company also faced credit impairment losses of 16,010 yuan, contributing to a negative operating profit of -17.603 million yuan [6]. Shift in Strategic Focus - The company has shifted its focus towards AI hardware, moving away from previously emphasized concepts like the metaverse and AR, which were highlighted in earlier reports [1][7]. - The introduction of AI products, including the first-generation AI emotional companion robot, is part of the company's strategy to tap into the AI companion hardware market [8]. - The company has formed strategic partnerships to develop an "AI + IP" ecosystem, although specific sales figures for the AI robots have not been disclosed [8].

近日，汤姆猫（300459.SZ）发布了 2024 年财报。财报显示，2024 年汤姆猫实现营业收入 11.43 亿元，较去年的 13.48 亿元同比下降 15.18%；归母净利润为 – 8.59 亿元，虽同比微增 0.63%，但仍深陷亏损泥潭；扣非净利润为 – 8.67 亿元，同比增长 2.08%。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 1.143.084.913.20 | 1, 347, 715, 134. 02 | -15.18% | 1.632,896,947.85 | | 归属于上市公司股东的 | -859.138.596.99 | -864. 584. 159. 63 | 0. 63% | 439, 976, 238. 47 | | 净利润(元) | | | | | | 归属于上市公司股东的 扣除非经常性损益的净 | -867, 226, 223. 30 | -885, 649, 688, 51 | 2.08% | 404, 439, 249, 73 | | 利润(元 ...