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汇量科技(01860) - 2024 - 中期财报
01860MOBVISTA(01860)2024-09-20 12:43

Financial Performance - Revenue for the six months ended June 30, 2024, reached 638.287million,a26.1638.287 million, a 26.1% increase compared to 506.133 million in the same period of 2023[4]. - Net income for the same period was 166.536million,reflectinga22.1166.536 million, reflecting a 22.1% growth from 136.365 million year-over-year[4]. - Gross profit increased by 27.4% to 131.201million,upfrom131.201 million, up from 102.960 million in the previous year[4]. - Adjusted EBITDA for the six months was 62.881million,a21.462.881 million, a 21.4% increase from 51.802 million in 2023[4]. - The company achieved profitability for seven consecutive quarters since turning profitable in Q4 2022, driven by infrastructure upgrades and improved model training efficiency[42]. - The profit attributable to equity holders for H1 2024 was 9.3million,adecreasefrom9.3 million, a decrease from 10.2 million in the same period of 2023[88]. - The adjusted net profit for H1 2024 was 11.8million,up32.411.8 million, up 32.4% from 8.9 million in H1 2023[91]. - The company reported a total comprehensive income of 7,780thousandfortheperiod,comparedto7,780 thousand for the period, compared to 8,303 thousand in the prior year[106]. Market Trends and Expansion - The global mobile application download volume reached 257 billion in 2023, with a 1% year-over-year growth, indicating a resilient mobile app market[9]. - Mobile advertising spending reached 362billionin2023,withan8362 billion in 2023, with an 8% year-over-year increase, and is projected to exceed 400 billion in 2024[9]. - The company is focusing on expanding its presence in emerging markets such as South Korea, Brazil, Mexico, and Turkey, where user spending has increased by 25% year-over-year[9]. - By 2025, overseas marketing for Chinese companies is expected to exceed 50billion,indicatingastrongtrendinthemobileinternetexpansionabroad[10].−ThecompanyiscommittedtobecomingaGrowthHubforsmallandmediumdevelopers,addressingtheirglobalizationchallengesthroughSaaStools[44].AdvertisingTechnologyandServices−Thedemandforadvertisingtechnologyservicesisincreasingasdevelopersfacechallengesinuseracquisitionandmonetizationinacompetitivemobileappecosystem[5].−MintegralhasestablishedstrongcommercialrelationshipsandindustryrecognitionamongChinesemobileappdevelopers,benefitingfromthegrowingoverseasmarketingmarket[10].−TheadvertisingmarketinEuropeandtheUSisshowingstabilityandgrowth,withmajorplatformslikeGoogleandMetaperformingwell[6].−Thecompanycoverstheentireprogrammaticadvertisingindustrychain,enhancingclientrelationshipsandimprovingalgorithmcapabilitiesthroughdataintegration[15].−Theplatform′sprogrammaticadvertisingmodelsignificantlyimprovesadefficiencyandROIforadvertisers[20].−Thecompanyhasinvestedheavilyinbuildinganintelligentbiddingsystemsincethesecondhalfof2021toenhanceitsalgorithmcapabilities[12].−ThecompanylaunchedtheTargetROASsmartbiddingfeatureinMay2023,whichhascontributedover6050 billion, indicating a strong trend in the mobile internet expansion abroad[10]. - The company is committed to becoming a Growth Hub for small and medium developers, addressing their globalization challenges through SaaS tools[44]. Advertising Technology and Services - The demand for advertising technology services is increasing as developers face challenges in user acquisition and monetization in a competitive mobile app ecosystem[5]. - Mintegral has established strong commercial relationships and industry recognition among Chinese mobile app developers, benefiting from the growing overseas marketing market[10]. - The advertising market in Europe and the US is showing stability and growth, with major platforms like Google and Meta performing well[6]. - The company covers the entire programmatic advertising industry chain, enhancing client relationships and improving algorithm capabilities through data integration[15]. - The platform's programmatic advertising model significantly improves ad efficiency and ROI for advertisers[20]. - The company has invested heavily in building an intelligent bidding system since the second half of 2021 to enhance its algorithm capabilities[12]. - The company launched the Target ROAS smart bidding feature in May 2023, which has contributed over 60% of Mintegral's total revenue in H1 2024[42]. Client Base and Revenue Sources - Mintegral's client base spans approximately 130 countries, with 72.2% of revenue coming from gaming clients[27]. - Over 97% of devices reached by Mintegral are from overseas markets, highlighting the platform's global reach[28]. - The Ad-tech segment accounts for over 90% of total net income, while Mar-tech is still in early product development stage[22]. - Game-related revenue on the Mintegral platform was 436.2 million, accounting for 72.2% of total Mintegral revenue, with a year-over-year increase of 16.4%[70]. - Non-game category revenue surged to 167.5million,markingan80.2167.5 million, marking an 80.2% year-on-year growth from 92.9 million in the same period of 2023, driven by advancements in the smart bidding system[46]. Operational Efficiency and Cost Management - The company expects to continuously lower server costs as scale increases and optimize algorithm efficiency, enhancing future gross margins[26]. - The unit cost of server resources has been reduced to around 5% in H1 2024, down from 9% at the beginning of 2022, through optimization of the cloud-native platform[42]. - The overall accounts receivable turnover days for the group in H1 2024 was 44 days, down from 51 days in 2023 and 52 days in 2022[85]. - The accounts payable turnover days remained stable at 86 days in H1 2024, consistent with 2023 and improved from 90 days in 2022[86]. Research and Development - Research and development expenses rose by 49.4% to 62.8 million, reflecting increased costs associated with the development of smart bidding systems[79]. - The company has a top-tier R&D team with members from prestigious universities and experience in leading tech companies, enhancing its technical capabilities in data science and cloud computing[33]. - The company has embraced AI trends by integrating large model technology into its cloud-native platform, MaxCloud, enhancing DevOps processes and product delivery efficiency[52]. Financial Position and Liabilities - Total assets as of June 30, 2024, were 745.0 million, an increase from 691.6millionasofDecember31,2023[93].−Totalliabilitiesamountedto691.6 million as of December 31, 2023[93]. - Total liabilities amounted to 505.8 million, up from 432.4millionasofDecember31,2023,resultinginadebt−to−assetratioof67.9432.4 million as of December 31, 2023, resulting in a debt-to-asset ratio of 67.9%[93]. - The company reported a net cash flow from operating activities of 118.7 million in H1 2024, representing a significant increase of 147.4% year-over-year from 48.0millionin2023[88].−Thecompanyincurredanetcashoutflowfrominvestingactivitiesof48.0 million in 2023[88]. - The company incurred a net cash outflow from investing activities of 71,281 thousand, compared to $37,833 thousand in the same period last year, indicating an increase in investment activities[114]. Shareholder Information and Corporate Governance - The company’s executive director, Duan Wei, holds a controlling interest of 64.65% in the company[180]. - The total number of issued shares is 1,590,857,164, with a major shareholder, Shunliu, holding 1,028,464,229 shares, representing 64.65% of the total issued shares[185]. - The employee restricted share unit plan was adopted on September 27, 2018, to incentivize employees and retain talent for future growth[187]. - The plan allows for participation from existing employees and consultants, excluding directors and senior management[188].