Revenue Performance - Revenue from the real-time social video platform for the year ended December 31, 2023, was RMB 63,249,000, a decrease from RMB 125,282,000 in 2022, representing a decline of approximately 49.6%[2] - Total revenue for the year ended December 31, 2023, was RMB 67,621,000, down from RMB 142,073,000 in 2022, indicating a decrease of about 52.4%[2] - Revenue from online interactive entertainment services decreased by 51.6% to RMB 66.4 million from RMB 137.2 million in the previous year[189] - The company's revenue from online interactive entertainment services was RMB 66.4 million for the year ended December 31, 2023, down 51.6% from RMB 137.2 million in the previous year[189] Financial Performance - The net loss from financial assets at fair value through profit or loss was RMB 62,113,000 for the year ended December 31, 2023, compared to a loss of RMB 405,801,000 in 2022, showing an improvement[14] - The net loss for the year was RMB 135.1 million, an improvement from a net loss of RMB 533.4 million in the previous year[162] - Adjusted net loss amounted to RMB 132.8 million, compared to RMB 501.1 million in 2022[162] - Other net losses totaled RMB 62.1 million, significantly reduced from RMB 405.8 million in the previous year, with major losses from various investments offset by gains from other financial instruments[198] Asset Management - Non-current assets in mainland China (excluding Hong Kong) decreased to RMB 184,037,000 in 2023 from RMB 222,424,000 in 2022, reflecting a decline of approximately 17.3%[9] - The company's total non-current assets decreased to RMB 259,085,000 in 2023 from RMB 301,611,000 in 2022, reflecting a decline of about 14.1%[9] - The total assets of the company as of December 31, 2023, were RMB 2,560.1 million, down from RMB 2,905.1 million in 2022[162] Expenses and Cost Management - Employee benefits expenses, including share-based payment expenses, were RMB 68,445,000 for the year ended December 31, 2023, down from RMB 91,285,000 in 2022, a reduction of about 25.0%[10] - Advertising and promotional expenses decreased significantly to RMB 15,512,000 in 2023 from RMB 34,145,000 in 2022, a decline of approximately 54.6%[10] - Total expenses for revenue costs, sales and marketing, administrative, and R&D for the year ended December 31, 2023, were RMB 138,007,000, down from RMB 261,396,000 in 2022, a decrease of approximately 47.3%[10] - Sales and marketing expenses decreased by 46.5% year-on-year to RMB 34.9 million, primarily due to reduced domestic marketing costs and labor costs, while increasing investment in overseas markets[193] - Administrative expenses decreased by 38.3% year-on-year to RMB 76.8 million, mainly due to a reduction in employee costs and office rental expenses following a strategic contraction in domestic operations[194] - Research and development expenses decreased by 57.5% year-on-year to RMB 17.6 million, attributed to a strategic restructuring of domestic R&D personnel and plans to utilize overseas outsourcing for R&D services[195] Taxation and Government Grants - The effective corporate income tax rate for Hangzhou Tiange and Zhejiang Tiange is 15% for the year 2023, down from the standard rate of 25%[20] - The company reported a tax expense of RMB 11.3 million for the year ended December 31, 2023, compared to RMB 6.2 million in 2022[23] - The company received government grants totaling RMB 6,227,000 in 2023, a substantial increase from RMB 240,000 in 2022, indicating a growth of over 2,500%[14] Investment and Financial Instruments - The total fair value of financial assets decreased to RMB 1,560,403,000 from RMB 1,926,253,000, a decline of 18.9%[68] - Other financial instruments reported a fair value gain of RMB 24,661,000 compared to a loss of RMB 178,362,000 in the previous year[76] - The company reported a fair value gain of RMB 3,834,000 from ETF investments in 2023, compared to a fair value loss of RMB 176,582,000 in 2022[78] - The company confirmed a fair value loss of RMB 27.2 million on its equity securities investment for the year ended December 31, 2023[155] Shareholder Information - The total number of shares repurchased in the year ended December 31, 2023, was 4,722,000, with a total cash consideration of approximately RMB 1,648,000[96] - The company declared a dividend of RMB 10,824,000 for 2023, with a per share payment of HKD 0.01[97] - The company proposed a final dividend of HKD 0.01 per share for the year ended December 31, 2023, compared to no dividend in 2022[145] Strategic Initiatives - The new live streaming platform "KiWi live" was launched in Indonesia in 2023, marking a significant step in the company's international expansion strategy[30] - The company is focusing on developing new live streaming products and enhancing user experience through market research and technology development[28] - The company aims to replicate successful domestic business models in overseas markets as part of its growth strategy[28] - The company is expanding into the international social networking market and repositioning its core business to mitigate operational risks in the domestic market[166] User Engagement - Monthly active users decreased by 86.8% year-over-year to approximately 166,000 for the three months ended December 31, 2023, primarily due to the suspension of the domestic live streaming platform[185] - The average revenue per user for the online interactive entertainment service increased by 52.3% year-over-year to RMB 390 for the three months ended December 31, 2023[186]
天鸽互动(01980) - 2023 - 年度业绩