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Public company info - Feiyu Technology International Co. Ltd. , 01022.HK

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Feiyu Technology International Co. Ltd., 01022.HK - Company Profile
Chairman YAO Jianjun
Share Issued (share) 1,547,000,000
Par Currency U.S. Dollar
Par Value 1.0E-7
Industry E-Commerce & Internet Services
Corporate Profile Business Summary: The principal activity of the Group is the development and operation of mobile games, web games and PC games, with a strategic focus on mobile games. Performance for the year: Total revenue increased by approximately 35.6% to approximately RMB112.9 million for the year ended 31 December 2019, compared to the year ended 31 December 2018. Gross profit increased by approximately 228.4% from approximately RMB23.8 million for the year ended 31 December 2018 to approximately RMB78.1 million for the year ended 31 December 2019. The Group’s gross profit margin for the year ended 31 December 2019 was approximately 69.2% as compared with 28.6% for the year ended 31 December 2018. The loss for the year decreased by approximately 25.8% from approximately RMB119.5 million for the year ended 31 December 2018 to approximately RMB88.7 million for the year ended 31 December 2019. Loss attributable to owners of the parent decreased by approximately 25.3% from approximately RMB107.5 million for the year ended 31 December 2018 to approximately RMB80.3 million for the year ended 31 December 2019. Business Review For the year ended 31 December 2019, the Company made encouraging progress in improving its financial performance. Total revenue was RMB112.9 million, representing a yearover-year increase of 35.6%, primarily driven by the increase in online game distribution, licensing and IP-related income as well as advertising revenue, which was partially offset by the decrease in revenue from game operations. Net loss attributable to owners of the parent was RMB80.3 million, a decrease of by 25.3% year-over-year. As at 31 December 2019, the Company’s RPG mobile and web games had approximately 55.1 million and 172.1 million cumulative registered users respectively, while its casual games had approximately 562.8 million cumulative activated downloads. For the reporting period, average MPUs for mobile RPG, web RPG and mobile casual games were approximately 33,000, 9,000 and 98,000 respectively, while the corresponding ARPPU was approximately RMB75.2, RMB142.6 and RMB5.9, respectively. China’s online game industry has experienced volatility in recent years. Following a historic drop in revenue to a single-digit growth rate in 2018, the industry began showing signs of recovery in 2019. According to the 2019 Annual Report of China’s Online Game Industry published by Gamma Data (伽馬數據), total revenue of China’s online game industry including contribution from international markets was RMB310.2 billion, representing a year-over-year growth of 10.6%, compared with 7.6% for 2018. Excluding overseas markets, China’s domestic market generated revenue of RMB233.0 billion, representing a year-overyear growth of 8.7%, compared with 5.3% for the prior year. The market of mobile games continued to grow with revenue reaching RMB151.4 billion, representing an increase of 13.0% compared with 2018. The resumption of new game monetisation approvals in late 2018 following regulatory changes relieved some of the pressure on the industry. However, the approval process and criteria used to examine games have become more rigorous. This significantly raised approval threshold with only well-made games receiving approval for publication and monetisation. While this created uncertainties when it comes to launching new games and difficulties in generating revenue, it has created a favourable environment for the development of innovative and high quality games, which have always formed the core of the Group’s business strategy since inception. During the year ended 31 December 2019, the Company launched 4 RPG games, which were (i) Kung Fu Da Huang Dou (功夫大黃豆), a 3D RPG mobile game based on an IP licensed from the animated movie TOFU; (ii) Rise of Heroes (阿拉伯英雄), a mobile game which targets international markets; (iii) Peace in Chang’ an (天下長安), a 3D ARPG mobile game based on the IP licensed from a TV series of the same name, and (iv) Horcrux College (魂器學院), a two-dimensional game which ranked No.1 on the Best Sellers list for 4 days after its release in October 2019 and maintained in the Top 10 for almost the entire first month following its launch on bilibili, a leading anime, comics and games (“ACG”) platform, which is particularly popular among the younger generations in China. The game also ranked No.1 on the Most Played list for 3 days and maintained in the Top 10 for almost the entire first month following its launch on TapTap, a leading game distribution platform in China. In addition to the 4 RPG games, the Company also launched a console version on Nintendo Switch and PC version on Steam of Super Phantom Cat II (超級幻影貓II) in the first half of 2019 where they went on to receive tremendously positive feedback from users. Leveraging the popular Carrot Fantasy (保衛蘿蔔) game series, whose highly adorable animations have been well-received among users, the Company continued to issue licenses to partners allowing them to apply the IP to their products while at the same time diversifying revenue streams and further increasing the IP’s reach and popularity. During the reporting period, the Company renewed licensing agreements for Carrot Fantasy (保衛蘿蔔) with a number of partners, which included: (i) NICI International Trading (Shanghai) Co., Ltd. for the plush toys; (ii) Manufacture d’Articles de Precision Et de Dessin for stationary; (iii) China Children’s Publishing House for books; (iv) Yunnan Baiyao (雲南白藥), a well-known dental health product manufacturer in China, for dental health and personal care products, and (v) Beijing GuoYuan Blue Ocean Investment Co., Ltd. (北京國元藍海投資有限公司) for “3C” (Computer, Communication, and Consumer) products. In addition to licensing contract renewals, the Company also expanded into new markets and territories during the reporting period. The Carrot Fantasy (保衛蘿蔔) book series were localised and launched in Hong Kong and Vietnam in 2019, following its broad success in the Mainland Chinese market. The Company issued a license allowing the image of major characters in the Carrot Fantasy (保衛蘿蔔) game series to be used in Meitu (美圖) apps globally as part of its overseas strategy to leverage game characters’ popularity and the tremendous user base of Meitu (美圖) apps which overlap with the games’ target demographics. The Company also partnered with both Beijing Hanyi Innovation Technology Co., Ltd. (北京漢儀創新科技股份有限公司) and Changzhou Mylafe Network Technology Co., Ltd. (常州麥拉風網絡科技有限公司), to jointly-develop Carrot Fantasy (保衛蘿蔔) themed wallpapers and fonts for cellphone downloads, which have been launched on a number of mainstream Android phones in China including those from Huawei, Xiaomi, OPPO, and vivo. The Company seized the opportunity to participate in the 2019 Xiamen International Animation Festival by issuing a license to China Publishing Group Xindeco (Xiamen) Culture Media Co., Ltd. (中版信達(廈門)文化傳媒有限公司) in July 2019 allowing them to use the images from Carrot Fantasy (保衛蘿蔔) in the Golden Dolphin IP Derivatives Design Competition during the festival. Prospects: Despite the headwinds that China’s online game industry has been facing over the past three years, significant growth potential for mobile games remains, as mobile online games have become an integral part of people’s focus over the years as they have been spending more time on smartphones and tablets. The Company will continue to devote resources towards developing high-quality games leveraging its well established library of IP. The Company’s pipeline of games targeted for lease in 2020 include two Multiplayer Online Battle Arena (MOBA) games and a sequel to the Carrot Fantasy (保衛蘿蔔) game series. Concurrently, the Company will continue to explore key overseas markets mainly through the publishing of both self and third-party-developed games. With regard to IP licensing, the Company plans to continue expanding the category of products and services for use not only online but also offline through the licensing of characters and images from Carrot Fantasy (保衛蘿蔔), with an aim to seize new opportunities arising from the launch of the games’ sequel in 2020.

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