TANGEL(300148)2021-04-15 16:00Financial Performance - The company reported a revenue of 847.68 million yuan, a year-on-year decrease of 31.62%[5] - Net profit loss amounted to 924 million yuan, a year-on-year decline of 2719.79%[5] - The decline in revenue and net profit was primarily due to delays in new game development and promotion caused by the COVID-19 pandemic[5] - The company recognized an impairment loss of 771 million yuan on goodwill from acquisitions, significantly impacting net profit[5] - The company's operating revenue for 2020 was ¥847,680,612.10, a decrease of 31.62% compared to ¥1,239,714,280.72 in 2019[19] - The net profit attributable to shareholders was -¥923,478,255.00 in 2020, representing a decline of 3052.52% from ¥31,277,663.87 in 2019[19] - The company reported a significant loss in the fourth quarter, with a net profit attributable to shareholders of -¥951,063,945.30[22] - The company reported a net profit of -650,703,494.99 yuan for 2020, resulting in a cumulative distributable profit of -1,158,318,942.05 yuan by year-end[112] Strategic Focus and Future Plans - The company plans to focus on optimizing its strategic layout, enhancing the quality of game products, and expanding into cloud gaming markets[6] - The company aims to steadily advance its publishing business and improve its education industry chain[6] - The company is focusing on optimizing its strategic layout by prioritizing online gaming as its main business while enhancing the competitiveness of mobile online games[38] - The company plans to further extend its education industry chain and increase its presence in the private education sector[38] - The company is actively exploring cloud gaming and developing female-oriented games as part of its ongoing business strategy[38] - The company has adjusted its strategic direction to focus on technological innovation in the education and cultural entertainment sectors to foster future growth[38] - The company plans to implement a new equity incentive plan for core management and technical personnel to support strategic development[100] - The company plans to continue its strategic development and market expansion in the future[98] Asset and Investment Management - The total assets at the end of 2020 were ¥2,830,922,876.41, down 28.37% from ¥3,952,267,380.67 at the end of 2019[20] - The net assets attributable to shareholders decreased by 26.85% to ¥2,333,825,232.51 at the end of 2020, compared to ¥3,190,351,204.55 at the end of 2019[20] - Long-term equity investments decreased by 70.19% compared to the beginning of the year, primarily due to impairment provisions and capital reduction of a subsidiary[29] - Fixed assets increased by 258.23% compared to the beginning of the year, mainly due to the consolidation of Xiangtan Huaxin[29] - Intangible assets grew by 47.7% compared to the beginning of the year, also due to the consolidation of Xiangtan Huaxin[29] - The company optimized its asset structure by liquidating underperforming investments, including the cessation of operations for several projects, thereby reducing potential losses[42] Research and Development - Research and development expenses amounted to approximately ¥137.14 million, a decrease of 12.20% from the previous year's ¥156.20 million, attributed to adjustments in the R&D team[45] - The number of R&D personnel decreased to 504, representing 68.48% of the total workforce[65] Shareholder and Equity Management - The company will not distribute cash dividends or issue bonus shares for the reporting period[9] - The company has not proposed any cash dividend distribution plan despite having a positive profit available for distribution to ordinary shareholders[115] - The company has committed to avoiding competition with similar businesses and has adhered to this commitment[117] - The company has strictly fulfilled its commitments regarding share transfer limitations post-IPO[118] - The company has terminated its 2019 stock option and restricted stock incentive plan, with commitments fulfilled as of the reporting period[118] Market Presence and Operations - The company has expanded its overseas market presence, establishing operations in Japan, South Korea, Singapore, Indonesia, and Vietnam[40] - The company operated a total of 90 game products by the end of the reporting period, with a quarterly total user base exceeding 84 million and active users surpassing 26 million[48] - The mobile gaming segment generated ¥408.00 million, accounting for 48.13% of total revenue, reflecting a significant decline of 44.37% from ¥733.44 million in the previous year[47] Compliance and Governance - The audit firm Tianzhi International has been engaged for 13 years, with an audit fee of 1.5 million CNY for the current period[126] - There were no significant changes in accounting estimates or prior period accounting errors during the reporting period[124] - The company has not reported any changes in its controlling shareholder or actual controller during the reporting period[176][177] Employee and Management Structure - The total number of employees in the company is 737, with 44 in the parent company and 693 in major subsidiaries[199] - The company has a total of 922 employees receiving compensation during the reporting period[199] - The professional composition includes 357 technical personnel, 189 sales personnel, 132 administrative personnel, and 59 financial personnel[200] - The company has maintained a stable management team with no significant changes reported during the period[195]