三七互娱：2024年营收增长但毛利率下滑，第四季度净利润显著提升

Revenue and Profit - The total revenue for the year 2024 was 17.441 billion yuan, an increase of 5.4% year-on-year [1] - The net profit attributable to shareholders was 2.673 billion yuan, up 0.54% year-on-year [1] - The non-recurring net profit was 2.591 billion yuan, reflecting a year-on-year increase of 3.76% [1] - In Q4, total revenue was 4.102 billion yuan, a decrease of 8.93% year-on-year, while net profit attributable to shareholders rose by 66.33% to 777 million yuan [1] Financial Indicators - Operating cash flow decreased significantly, with net cash flow from investing activities down 135.71% due to increased cash outflows from financial products and time deposits [2] - Cash flow from financing activities increased by 65.33%, primarily due to reduced cash outflows from bank loans and pledged financial products [2] Main Business Composition - Revenue from mobile games was 16.882 billion yuan, accounting for 96.80% of total revenue, with a gross margin of 79.96% [3] - Revenue from web games and other businesses contributed 410 million yuan and 14.8 million yuan, with gross margins of 43.61% and 24.13% respectively [3] - Domestic revenue was 11.719 billion yuan, representing 67.19% of total revenue, while overseas revenue was 5.722 billion yuan, accounting for 32.81% [3] Development Review and Future Outlook - The company is focusing on high-quality game creation and the integration of culture and gaming, launching several new titles [4] - The company is enhancing its long-term operational capabilities and exploring AI technology to improve research and development efficiency [4] - Future strategies include promoting "quality, diversification, and globalization" to enhance operational quality and sustainability [5] Profitability Metrics - Gross margin was 78.63%, a decrease of 1.09% year-on-year, indicating potential market competition or rising costs [6] - Net margin was 15.28%, down 4.02% year-on-year, suggesting pressure on cost control [6] - The ratio of operating expenses to revenue was 57.72%, an increase of 0.94% year-on-year, impacting profitability [6]