Flowing Cloud Technology Ltd 飛天雲動科技有限公司 （於開曼群島註冊成立的有限公司） 股份代號： 6610 O 2024 年 報 R E A L I T Y I M A G I N A T I N R E A L I T Y I M A G I N A T I O N Flowing Cloud Technology Ltd 飛天雲動科技有限公司 (Incorporated in the Cayman Islands with limited liability) Stock Code: 6610 2024 ANNUAL REPORT Annual Report 年報 2024 Flowing Cloud Technology Ltd 飛天雲動科技有限公司 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 五年財務摘要 | 5 | | 主席報告 | 6 | | 管理層討論與分析 | 7 | | 董事及高級管理層 | 32 | | 董事會報告 | 36 | | 企業管治報告 | 62 | | 環境、社會及管治(ESG)報告 | 80 | | 獨 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：6610） 截至2024年12月31日止年度之年度業績公告 董事會欣然公佈本集團截至2024年12月31日止年度的綜合業績，連同截至2023 年12月31日止年度的比較數字。 於本公告內，「我們」指本公司，惟倘文義另有所指，則指本集團。 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至12月31日止年度 | | | | | 2024年 | 2023年 | 按年變動 | | | 人民幣千元 | 人民幣千元 | | | 收入 | 995,347 | 1,244,723 | (20.0%) | | 毛利 | 200,036 | 420,717 | (52.5%) | | 除稅前（虧損）╱利潤 | (44,846) | 271,671 | (116.5%) | | 年內（虧損）╱利潤 | (43,703) | 263,935 ...

Interim Report 中期報告 2024 Flowing Cloud Technology Ltd 飛天雲動科技有限公司 INTERIM REPORT 2024 Flowing Cloud Technology Ltd 飛天雲動科技有限公司 Flowing Cloud Technology Ltd 飛天雲動科技有限公司 (Incorporated in the Cayman Islands with limited liability) Stock Code : 6610 （於開曼群島註冊成立的有限公司） 股份代號：6610 中期報告 2024 目錄 公司資料 2 財務摘要 4 管理層討論與分析 5 其他資料 22 獨立審閱報告 32 簡明綜合損益及其他全面收入表 33 簡明綜合財務狀況表 34 簡明綜合權益變動表 36 簡明綜合現金流量表 37 簡明綜合財務報表附註 38 釋義 48 公司資料 董事會 | --- | --- | |-----------------------------------|---------------------------------------| | 執行董事 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 (股份代號：6610） （於開曼群島註冊成立的有限公司） 截至2024年6月30日止六個月之 中期業績公告 董事會欣然公佈本集團截至2024年6月30日止六個月的未經審核中期業績，連 同截至2023年6月30日止六個月的比較數字。 於本公告內，「我們」指本公司，惟倘文義另有所指，則指本集團。 | --- | --- | --- | --- | |---------------------------|--------------------------------------------------|----------------------------------------------|--------| | | | | | | 財務摘要 | 截至 6 月 30 2024 年 人民幣千元 （未經審核） | 日止六個月 2023 年 人民幣千元 （未經審核） | 變動 | | | | | | | 收入 ...

各位投资者大家上午好我是德邦证券全面互联网海外的首席马校今天我们特别荣幸和乐远中一起邀请到飞天云中的领导给大家做一个分享和交流那本次电话会议线上交流我们分两个环节首先是公司领导介绍公司的情况第二部分的话我们有一个互动交流环节那首先我们把时间交给公司领导有请 各位同学大家好上午好然后我这边就是我们这边的这个BP然后给各位领导分享一下我们公司经济的一些情况和公司这些基本面的信息 然后从整个行业上来讲就是今年整个最重大的一个事件还是苹果M2头显的一个发布那么整个头显的发布我们是从计算平台的迭代跟升迁的角度来看待的那么从PC到智能手机再到智能头显整个硬件的一个迭代跟改变也就意味着整个计算平台的一个升级 那么从这个市场空间来看,根据去年德勤出去的这个报告,那么到2035年,预期整个XR的内容体金融产业规模全球会达到3万亿美金,那么收益最大的地区还是来自亚洲地区,这个对GDP的这个贡献值也往达到1.4万亿美金。 然后从整个行业的发展的历史及未来的展望来看其实在今年会是一个比较明显的一个分水岭那么在2014年到2023年在过去的10年整个产业经历了一个比较大的波动虽然在资本技术上有这么大的一个波动但是产业方面其实在过去10 ...

各位投资者大家上午好我是德邦证券全面互联网海外的首席马校今天我们特别荣幸和乐远中一起邀请到飞天云中的领导给大家做一个分享和交流那本次电话会议线上交流我们分两个环节首先是公司领导介绍公司的情况第二部分的话我们有一个互动交流环节那首先我们把时间交给公司领导有请 各位同学大家好上午好然后我这边就是我们这边的这个VP然后给各位领导分享一下我们公司近期的一些情况和公司这些基本面的信息 然后从整个行业上来讲今年整个最重大的一个事件还是苹果M2头衔的发布那么整个头衔的发布我们是从计算平台的迭代跟升迁的角度来看待的那么从PC到智能手机再到智能头衔整个硬件的迭代跟改变也意味着整个计算平台的升级 那么从这个市场空间来看,根据去年德勤出去的这个报告,那么到2035年,预期整个XR的内容体金融产业规模全球会达到3万亿美金。那么收益最大的地区还是来自亚洲地区,整个对GDP的这个贡献值以往达到1.4万亿美金。 然后从整个行业的发展的历史及未来的展望来看其实在今年会是一个比较明显的一个分水岭那么在2014年到2023年在过去的十年整个产业经历了一个比较大的波动虽然在资本市场有这么大的一个波动但是产业方面其实在过去十年 发展的还是比较扎实的 ...

动态调整我们也是从更加理性的更加切实的一个变现渠道来推出我们的整个内容的一个适配的一个终端的一个端口所以说可以看到其实像我们目前主要的三大业务 无论是SaaS也好还是营销也好还是内容也好其实我们更多的是和手机是和电脑端进行一个内容的输出同时我们会根据一些新开发的一些头衔我们会进行适配所以说并不是完全只针对X而头衔而是根据整个行业的发展的一个节奏 然后我们来动态的去适配内容输出的一个端口然后从这个技术和这个变现的一个角度来看其实公司的一个底层的一个核心技术是我们自研的一个3D的一个开发引擎那么这款3D开发引擎它的可能的一个技术特点 主要是集中在中轻度的这种开发环境和算理平台上所以它跟unity和虚幻这样中度和重度的开发引擎是形成了一个差异化的一个打法和市场所以这个也是我们在技术方面所一直持续在迭代的一个底层的一个技术然后从B端的业务来看我们 嗯这个嗯报表上就是根据报表的这个分类啊我们是分为三大块业务啊那么第一块业务呢就是这个VRAR的这个营销服务啊然后这块业务呢我们去年大概实现了8.45亿的一个营收啊然后同比增长这个收入幅度达到这个24%左右啊然后第二个呢就是这个VRAR内容啊然后这块就是比较 呃典型的这个呃3 ...

Financial Performance - Revenue for 2023 reached RMB 1,244,723 thousand, representing a 16.7% increase from RMB 1,066,157 thousand in 2022[26] - Adjusted net profit for 2023 was RMB 273,971 thousand, up 6.3% from RMB 257,711 thousand in 2022[26] - Gross profit for the year was RMB 420,717 thousand, reflecting a 12.5% increase compared to RMB 373,995 thousand in the previous year[26] - The net profit for 2023 reached RMB 263.9 million, reflecting an 11.6% year-on-year growth[33] - The company's revenue increased by 16.7% from RMB 1,066.2 million in 2022 to RMB 1,244.7 million in 2023, primarily driven by growth in AR/VR marketing services[50] - Revenue from AR/VR marketing services rose by 24.0% from RMB 681.8 million in 2022 to RMB 845.1 million in 2023, despite a slight decline in the number of advertising clients[52] - Revenue from the tourism industry grew from RMB 109.5 million in 2022 to RMB 132.2 million in 2023, while e-commerce revenue increased from RMB 77.1 million to RMB 84.0 million[54] - Revenue from AR/VR content slightly decreased by 0.6% from RMB 336.2 million in 2022 to RMB 334.0 million in 2023, attributed to a decline in average project prices[55] - Revenue from AR/VR SaaS services increased by 31.7% from RMB 43.7 million in 2022 to RMB 57.6 million in 2023, due to a rise in the number of clients subscribing to customized projects[57] - Other business revenue surged by 80.1% from RMB 4.5 million in 2022 to RMB 8.0 million in 2023, driven by new business explorations[58] Business Expansion and Strategy - The company expanded its business into overseas markets, marking the first step in its international strategy[30] - The company aims to strengthen its core AR/VR content and services while exploring new business directions and overseas markets[30] - The company expanded its AR/VR marketing services to overseas markets, generating RMB 99.6 million in revenue from 4 overseas advertising agencies[36] - In 2023, the company expanded into digital human development and operation services, accumulating nearly 5 million fans and over 20 million likes across its digital human virtual image matrix[44] - The company plans to leverage new hardware platforms to enhance C-end content demand, focusing on high-quality digital human live streaming solutions[47] - The company aims to explore the Web3.0 domain through investments in various sectors, including public chains and decentralized finance[49] - The company plans to establish a metaverse industry fund in collaboration with local governments and other listed companies to invest in promising early-stage enterprises in the AR/VR content and service sectors[49] Research and Development - The company increased its R&D investment, focusing on the application of AI technologies in digital content production[30] - The company will continue to develop its AI capabilities, utilizing generative AI models to enhance content production efficiency and reduce costs[47] - R&D expenses rose by 5.6% from RMB 48.5 million for the year ended December 31, 2022, to RMB 51.2 million for the year ended December 31, 2023, driven by higher employee costs and outsourced R&D expenses related to the development of the Flying Sky Metaverse platform[75] Assets and Liabilities - Non-current assets decreased to RMB 228,621 thousand from RMB 248,823 thousand in 2022[29] - Current assets rose to RMB 1,492,653 thousand, up from RMB 1,278,627 thousand in the previous year[29] - The net asset value increased to RMB 1,452,232 thousand from RMB 1,225,405 thousand in 2022[29] - Trade receivables rose from RMB 375.5 million as of December 31, 2022, to RMB 561.5 million as of December 31, 2023, in line with business growth[85] - Prepayments increased from RMB 485.5 million as of December 31, 2022, to RMB 594.0 million as of December 31, 2023, primarily due to higher prepayments for advertising traffic related to AR/VR marketing services[87] - Bank borrowings rose from RMB 80.0 million as of December 31, 2022, to RMB 95.0 million as of December 31, 2023, driven by operational funding needs due to business expansion[92] Employee and Management - As of December 31, 2023, the group has 142 full-time employees, all located in China[102] - The group emphasizes competitive compensation and a supportive environment to attract and retain qualified personnel[102] - Employee compensation includes base salary, bonuses, and performance-related incentives, with regular reviews based on qualifications and market conditions[102] - The executive team includes experienced individuals with over 18 years in internet technology and software engineering[103][104] - The group has adopted an employee stock option plan to align employee compensation with overall performance[102] Corporate Governance - The company is committed to high standards of corporate governance to ensure sustainable returns for shareholders[198] - The board has adopted principles and provisions of the corporate governance code as the foundation of its governance practices[198] - The board consists of a balanced mix of executive and independent non-executive directors, ensuring strong independent judgment[200] - The governance framework is designed to enhance transparency and accountability within the company[198] Risks and Compliance - The company has identified several key risks, including the ability to maintain operational performance and manage growth effectively[157] - The company faces uncertainties related to compliance with privacy and data protection laws in China[157] - The company has established a family trust for estate planning purposes, with Vistra Trust (Singapore) Pte. Limited acting as the trustee[155] - The company believes that the contractual arrangements are crucial for its legal structure and business operations[172] Shareholder Information - The company reported no final dividend for the fiscal year ending December 31, 2023[114] - The company has maintained at least 25% of its shares held by the public, complying with the minimum public holding requirement[188] - The total number of shares available for issuance under the post-IPO share option plan is capped at 181,000,000 shares, representing 10% of the total shares issued as of the report date[133]

] y r t s u d n I _ e l b a T [ [ 飞Ta 天bl 云e_ 动T （itl 0e 6] 6 10.HK）动态点评 公 司 研 业绩持续增长，外扩商业版图 究 挖掘价值 投资成长 / 互 [Table_Rank] 增持 联 （维持） 网 2024 年 04 月 08 日 / 证 券 研 [东Ta方bl财e_富Au证th券or研] 究所 究 [【Tab事le_项Sum】ma ry] 证券分析师：高博文 报 告 证书编号：S1160521080001 证券分析师：陈子怡  公司于 3 月 28 日发布 2023 年业绩公告。2023 年公司实现营业收入 证书编号：S1160522070002 12.45亿元（yoy+16.7%），实现归母净利润2.64亿元（yoy+11.5%）。 联系人：潘琪 电话：021-23586487 【评论】 [相Ta对b指le数_P表ic现Qu ote]  主线业务全面发展。2023年公司AR/VR营销服务实现收入8.45亿元 1.45% -14.94% （yoy+24.0%），其中国内营销业务实现收入7.46亿元（yoy+9.4%）； -31.34% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated steady revenue growth, achieving an operating income of 1.245 billion HKD in 2023, a year-on-year increase of 16.7%, and a net profit of 264 million HKD, up 11.5% year-on-year. The growth is driven by the expansion of AR/VR marketing services and the increase in average spending by advertisers [5] - The company is focusing on the development of C-end digital humans and XR content, which is expected to drive future growth. The digital human matrix has accumulated over 5 million fans, indicating potential for monetization through various channels [6] - The collaboration with Lanting Digital to produce XR content and the development of AI models are expected to create a second growth curve for the company, particularly with the anticipated demand for MR content in the C-end market [7] Summary by Relevant Sections Financial Performance - In 2023, the company reported an operating income of 1.245 billion HKD, with a year-on-year growth of 16.7%. The net profit was 264 million HKD, reflecting an 11.5% increase. The AR/VR marketing services revenue reached 845 million HKD, up 24% year-on-year, while AR/VR content revenue slightly decreased by 0.65% to 334 million HKD. The AR/VR SaaS service revenue grew by 31.7% to 58 million HKD, driven by a 103% increase in paid users [5][8] - The projected net profits for 2024, 2025, and 2026 are estimated at 332 million HKD, 397 million HKD, and 464 million HKD respectively, with corresponding EPS of 0.18, 0.22, and 0.26 HKD [5] Business Development - The company has expanded its digital human development and operation services, creating virtual personas and providing comprehensive solutions to various industry clients. This initiative has led to a significant fan base, which is expected to facilitate monetization through fan economy and commercial partnerships [6] - The partnership with Lanting Digital for the XR version of a popular concert and the ongoing development of AI models are anticipated to enhance operational efficiency and drive growth in XR content [7]