Financial Performance - For the year ended December 31, 2024, the company reported revenue of RMB 10.16 million, a decrease of 85.0% compared to RMB 67.62 million in 2023[3]. - The company achieved a net profit of RMB 19.9 million, with a net profit margin of 196.0%, compared to a net loss of RMB 135.05 million in 2023[3]. - Adjusted EBITDA for the year was RMB 25.83 million, with an adjusted EBITDA margin of 254.2%, compared to a loss of RMB 120.56 million in the previous year[3]. - The operating profit for the year ended December 31, 2024, was RMB 17,850 thousand, compared to an operating loss of RMB 137,910 thousand in 2023[54]. - The net profit for the year ended December 31, 2024, was RMB 19,916 thousand, a significant recovery from a net loss of RMB 135,052 thousand in 2023[55]. - The adjusted net profit for the year ended December 31, 2024, was RMB 20.215 million, compared to an adjusted net loss of RMB 132.844 million for the same period in 2023, reflecting a significant turnaround in performance[29]. - The company reported a pre-tax profit of RMB 26,177,000 for the year ended December 31, 2024, compared to a pre-tax loss of RMB 123,778,000 for the year ended December 31, 2023[74]. - The company recorded a profit of RMB 19,996,000 for the year, a significant recovery from a loss of RMB 134,670,000 in the previous year[58]. Revenue Breakdown - Online interactive entertainment service revenue fell by 91.5% to RMB 5.64 million from RMB 66.39 million in the previous year[7]. - Revenue from online interactive entertainment services for the reporting period was RMB 5.6 million, a decrease of 91.5% compared to RMB 66.4 million in the same period of 2023[14]. - The revenue from the online interactive entertainment services segment for the year ended December 31, 2024, was RMB 5,641,000, compared to RMB 66,394,000 in 2023, indicating a decline of approximately 91%[74]. - For the year ending December 31, 2024, total revenue is projected to be RMB 10,160,000, with RMB 5,516,000 from real-time social video platforms and RMB 3,691,000 from software development[80]. User Metrics - For the three months ended December 31, 2024, the total monthly active users decreased to approximately 55,000, a decline of 66.9% year-over-year and 8.3% quarter-over-quarter[12]. - The quarterly paying users for online interactive entertainment services were approximately 4,000, down 33.3% year-over-year, primarily due to the suspension of domestic live streaming services at the end of 2023[12]. - The average revenue per user for the quarter was RMB 342, representing a 42.5% increase quarter-over-quarter but a 12.3% decrease year-over-year[12]. Cost and Expenses - The cost of revenue decreased by 76.6% year-over-year to RMB 2.1 million, mainly due to the suspension of domestic live streaming services[15]. - Selling and marketing expenses decreased by 76.1% year-over-year to RMB 8.3 million, attributed to reduced domestic marketing expenditures and labor costs[17]. - Administrative expenses decreased by 24.3% year-over-year to RMB 58.1 million, due to strategic reductions in domestic business scale and workforce[18]. - The total revenue cost, sales and marketing expenses, administrative expenses, and research and development expenses amounted to RMB 77,402,000 in 2024, down from RMB 138,007,000 in 2023[86]. Investments and Financial Assets - The company has made strategic investments in emerging industries, leading to significant valuation increases and operational performance in 2024[10]. - Cash and cash equivalents increased to RMB 467.0 million as of December 31, 2024, up from RMB 364.1 million as of December 31, 2023, indicating improved liquidity[30]. - Financial assets measured at fair value through profit or loss rose by 12.6% to RMB 1,757.2 million as of December 31, 2024, compared to RMB 1,560.4 million in 2023, driven by increases in other financial instruments and private investments[31]. - The fair value of other financial instruments increased by 19.0% to RMB 982.8 million as of December 31, 2024, with fair value gains rising from RMB 24.7 million in 2023 to RMB 58.4 million in 2024[32]. - The fair value of structured notes surged to RMB 16.1 million as of December 31, 2024, from RMB 1.4 million in 2023, indicating a strategic shift towards stable income-generating assets[41]. - Non-listed equity investments increased to RMB 163,158,000 in 2024 from RMB 98,687,000 in 2023, marking a growth of 65.4%[119]. Shareholder Returns and Equity - The company repurchased shares worth RMB 54,549,000 during the year, contributing to a total repurchase of RMB 58,170,000 by year-end[58]. - The company declared dividends of 22.1 million RMB for 2024, an increase from 10.8 million RMB in 2023, with a dividend per share of 0.01 HKD[131]. - The total equity as of December 31, 2024, was 784.9 million RMB, up from 754.2 million RMB as of December 31, 2023[132]. - The total equity attributable to owners decreased to RMB 2,234,448,000 in 2024 from RMB 2,253,366,000 in 2023, a decrease of 0.8%[58]. Compliance and Governance - The auditor issued a qualified opinion on the consolidated financial statements for the year ended December 31, 2024, due to issues related to the fair value assessment of certain equity securities[162]. - The company has adopted the corporate governance code as per the listing rules and has complied with most of the best practices during the reporting period[154]. - The board chairman and non-executive directors did not attend the annual general meeting held on June 28, 2024, due to other commitments[154]. - The company confirmed compliance with the standards for securities trading by directors during the reporting period[155].
天鸽互动(01980) - 2024 - 年度业绩