Revenue Performance - The company reported total revenue of RMB 5.3 million for the six months ended June 30, 2024, a decrease of 87.0% compared to RMB 40.9 million in the same period of 2023[3]. - Revenue from online interactive entertainment services dropped 91.7% to RMB 3.3 million, down from RMB 39.5 million year-on-year, primarily due to the suspension of domestic live streaming operations[3]. - For the six months ended June 30, 2024, total revenue was RMB 5,333 million, a significant decrease of 87% compared to RMB 40,906 million for the same period in 2023[48]. - The revenue from the real-time social video platform was RMB 3,228 million, down from RMB 37,308 million in the previous year, representing a decline of approximately 91%[49]. Profitability - The net profit attributable to the company's owners was RMB 44.1 million, with a net profit margin of 824.8%, compared to RMB 7.6 million and a margin of 18.5% in the previous year[1]. - The company achieved adjusted net profit of RMB 44.1 million, significantly up from RMB 7.6 million in the same period last year, resulting in an adjusted net profit margin of 827.4%[1]. - The net profit for the period was RMB 43,987 thousand, a substantial increase of 480.5% from RMB 7,580 thousand in the prior year[39]. - The total comprehensive income for the period was RMB 60,042 thousand, compared to RMB 72,084 thousand in the same period last year, indicating a decrease of 16.5%[39]. Cost Management - Cost of revenue decreased by 77.2% year-over-year to RMB 1.2 million, with a gross margin of 77.7% compared to 87.3% in the same period last year[13]. - Selling and marketing expenses decreased by 79.6% year-over-year to RMB 4.3 million due to challenges from the suspension of domestic operations[14]. - Administrative expenses decreased by 19.6% year-over-year to RMB 28.0 million, reflecting efforts to streamline management costs[15]. - Research and development expenses decreased by 68.1% year-over-year to RMB 3.8 million, primarily due to strategic adjustments following the suspension of domestic operations[16]. Strategic Adjustments - The company implemented a strategic adjustment to suspend domestic live streaming operations in response to regulatory challenges, leading to a labor cost saving of RMB 18.1 million and a 41.6% reduction in employee numbers[6]. - The company is focusing on expanding its overseas live streaming services and has successfully launched a localized platform "KiWi Live" in Indonesia, which is gaining popularity and increasing market share[4]. - The company plans to establish a professional operational team for its overseas business and tailor live streaming strategies to meet cultural and consumer preferences in target markets[8]. - The company aims to optimize its financial asset portfolio to support strategic expansion and improve capital utilization efficiency while managing investment risks[8]. Financial Assets and Investments - The fair value of the company's venture capital and private equity funds reached RMB 553.1 million, with fair value gains of RMB 21.9 million during the reporting period, compared to RMB 4.6 million in the same period of 2023[7]. - As of June 30, 2024, the financial assets measured at fair value through profit or loss amounted to RMB 1,658.7 million, an increase of 6.3% from RMB 1,560.4 million as of December 31, 2023[23]. - The fair value of other financial instruments increased by 7.4% to RMB 887.0 million, with a fair value gain of RMB 31.2 million reported during the period[24]. - The fair value of fund investments rose by 3.1% to RMB 553.1 million, with a fair value gain of RMB 21.9 million recognized during the reporting period[25]. User Metrics - As of June 30, 2024, the total monthly active users decreased to approximately 106,000, representing a decline of 88.5% year-over-year and a decrease of 15.2% quarter-over-quarter[10]. - The number of quarterly paying users was approximately 4,000, down 95.9% year-over-year and down 20.0% quarter-over-quarter[10]. - The average revenue per user for the quarter was RMB 314, an increase of 68.8% year-over-year but a decrease of 9.2% quarter-over-quarter[10]. Employee and Operational Metrics - The company had 111 full-time employees as of June 30, 2024, with employee costs amounting to RMB 18.5 million, down from RMB 36.6 million for the six months ended June 30, 2023[36]. - The company completed the sale of Hangzhou Hantang Cultural Communication Co., Ltd. for RMB 20.0 million, receiving RMB 17.0 million during the reporting period[34]. - The company adopted a new share option and restricted share unit plan, which is expected to incentivize employee contributions and align interests with shareholders[37]. Debt and Liabilities - The asset-liability ratio improved to 5.6% as of June 30, 2024, down from 6.0% as of December 31, 2023, due to a reduction in borrowings[32]. - Total borrowings decreased from RMB 135.1 million as of December 31, 2023, to RMB 128.3 million as of June 30, 2024[32]. - The company has no significant contingent liabilities or asset pledges as of June 30, 2024[35]. Shareholder Information - The board approved an interim dividend of HKD 0.01 per share for the reporting period, consistent with the dividend declared in 2023[72]. - The company will suspend share transfer registration from September 26 to September 27, 2024, to determine shareholders eligible for the interim dividend[73].
天鸽互动(01980) - 2024 - 中期业绩