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OPTIC 2000 & AUSTRALIEGAD LAUNCHED AN ORIGINAL CHALLENGE AT THE GAMERS ASSEMBLY TO RAISE PUBLIC AWARENESS OF VISUAL IMPAIRMENT
PARIS, April 6, 2024 /PRNewswire/ -- At the Gamers Assembly in Poitiers, France, Optic 2000 & AUSTRALIEGAD set the best video game players an ambitious challenge: to take on a blind player, equipped with an innovative device, in one of the most legendary games. It was an inspiring experience, designed to change the way people look at visual impairment. jwplayer.key="3Fznr2BGJZtpwZmA+81lm048ks6+0NjLXyDdsO2YkfE=" Video from BRUT Media jwplayer('myplayer1').setup({file: 'https://mma.prnasia.com/media2/2379421/AUSTRALIEGAD.mp4', image: 'https://mma.prnasia.com/media2/2379421/AUSTRALIEGAD.mp4?p=thumbnail', autostart:'false', stretching : 'uniform', width: '512', height: '288'}); "OPTIC 2000 CHALLENGER" Optic 2000 is committed to supporting the development of technological innovation to help visually impaired people live independently. Since 2023 the company has been supporting the start-up Artha and its mobility aid for the visually impaired: a belt that transforms images into impulses. https://www.instagram.com/p/C5B8SoFN3oW/?hl=fr This weekend, Optic 2000 and Artha launched the "Optic 2000 Challenger" challenge with Salim Ejnaïni, the first visually impaired player equipped with an Artha belt, taking on able-bodied players on the famous Trackmania game. This partnership reflects Optic 2000's commitment to low vision and its desire to innovate on a daily basis to support and promote the independence of visually impaired people. "As well as being proud to be behind this major first, it's a great opportunity to help change the way people view visual impairment. Our mission is to support our customers throughout their lives, to provide them with the best possible visual comfort." Benoit Jaubert, Managing Director of Groupement Optic 2000. A stand dedicated to raising public awareness This major event was also an opportunity to raise public awareness of visual impairment and the risks of overexposure to screens. On the Optic 2000 stand, visitors could find out more about how to protect their eyesight and opticians were available on site to carry out eye tests. The public could also enjoy an inclusive experience with a workshop designed to raise awareness of visual impairment: by wearing special glasses simulating visual problems (macular degeneration, glaucoma, etc.), visitors could slip into the shoes of a visually impaired person whilst playing a game to raise awareness and understanding of this handicap. Throughout the weekend, AUSTRALIEGAD's cameras followed Salim behind the scenes at the Optic 2000 Challenger, from preparation to the tournament itself. The video will be available next week on the OPTIC 2000 networks. Media Contact: jallain@australiegad.com
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Snail Games Unveils First Expansion Map and DLC for ARK: Survival Ascended
CULVER CITY, Calif., April 3, 2024 /PRNewswire/ -- Snail, Inc. (Nasdaq: SNAL) ("Snail Games" or "the Company"), a leading global independent developer and publisher of interactive digital entertainment, today announced the release of significant new content for ARK: Survival Ascended. This update, featuring the Scorched Earth Expansion Map and Bob's Tall Tales DLC, is designed to enhance the gaming experience and deepen the ARK universe, underlining Snail Games' dedication to engaging a broader audience. The Scorched Earth Expansion Map, available at no additional cost to players of ARK: Survival Ascended starting April 1st, introduces players to an immersive desert environment filled with new survival dynamics and challenges. Additionally, the paid DLC, Bob's Tall Tales, voiced by Karl Urban, offers players a narrative-rich adventure through the lore of ARK. The first story of Bob's Tall Tales available at launch, Frontier Showdown, features desert-themed goodies, the new ability to build train tracks across the landscape, and Wild West-style dino raids. Further stories, including Steampunk Ascent and Wasteland Wars, are slated for future release. The dual launch aims not only to enrich the player's experience but also to extend the appeal of ARK Survival Ascended. Moreover, starting April 1st, ARK Survival Ascended (Cloud, PC, Xbox Series X|S) becomes available on Microsoft's Game Pass, extending its reach to a wider player base. "These new additions to our ARK Survival Ascended represent another strategic initiative to enhance our flagship franchise's position in the competitive gaming industry," said Jim Tsai, CEO of Snail, Inc. "Our investment in expanding ARK: Survival Ascended with compelling content aims to cater our dedicated player base and broaden our game's market reach, brand presence and visibility within the gaming community. We're excited about the future of the ARK franchise as we continue to explore innovative ways to expand and engage our global audience. Moreover, we aim to leverage our expansion and success in the ARK universe and other game titles to increase our market penetration and shareholder value." About Snail, Inc.- https://www.snailgamesusa.com/ Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices. Forward Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "may," "predict," "continue," "estimate" and "potential," or the negative of these terms or other similar expressions. Forward looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail's intent, belief or current expectations. Contacts: Investors: investors@snail.com Press: media@snail.com
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Tencent Games Shares Insights and Technologies at GDC 2024
Cutting-edge game development tools and a recently released generative game engine, Game AI Engine GiiNEX, will revolutionize the gaming landscape SAN FRANCISCO, April 3, 2024 /PRNewswire/ -- Tencent Games, the world's leading game development, publishing and operation platform, brought its latest technologies, services and solutions in game development and operations to the Game Developers Conference (GDC) 2024. Tencent Games booth at GDC 2024 EXPO AI and Machine Learning Take Center Stage at GDC Harnessing the power of machine learning and AI is crucial for game developers and creators to deliver immersive, hyper-realistic gaming experiences. Elvis Liu, AI Team Lead at MoreFun Studios, shared insights on adopting large-scale reinforcement learning in fighting games. For example, Naruto Mobile, the first fighting game that utilizes a reinforcement learning approach to train the agent, can save up to 90% of the time and resources needed for the training process. In addition, Elvis participated in the machine learning panel discussion along with other prominent experts in the industry to address questions about the future of machine learning in gaming. Experts from TiMi Studio Group discussed its self-developed character animation system, MotorNerve, and how it achieves high-quality, low-consumption locomotion control and transition animation generation by combining the advantages of Motion Matching and Learned Motion Matching, as well as leveraging Motion In Betweening technology. To provide developers with the latest game AI tools, Tencent AI Lab launched its self-developed GiiNEX Game AI Engine during the GDC event. This game AI engine incorporates generative AI technology, which enables professional developers to create realistic and diverse 3Dcity scenes. Furthermore, it offers gamers the opportunity to design new levels and enhance user-generated content. GiiNEX supports 2D images, animations, 3D scenes, narratives, and dialogue generation, and also utilizes decision-making AI for game development testing, simulated gameplay, and scenarios to speed up game innovations. Advanced Solutions Empower Game Development The development team of Delta Force: Hawk Ops has shared their solutions for cross-platform development, including the creation of art pipelines and tools for high-precision end-game graphics while ensuring mobile performance. They have also implemented a unified production pipeline and cross-platform runtime support to achieve scalability of graphics effects and performance, as well as production efficiency in cross-platform development. Ray tracing technology has become prevalent in PC and console 3A games, yet it has not been widely adopted in mobile platforms due to performance and algorithm constraints. However, experts from MoreFun Studios unveiled the technical details of its exciting title Arena Breakout, showcasing the successful application of ray tracing technology on mobile devices and the promise of a high-quality, hyper-realistic experience for players. Additionally, the team has addressed the conflict between graphic quality and frame rate by introducing a self-developed frame-prediction technology to boost frame rate and reduce battery consumption without compromising the graphic quality. The R&D Efficiency and Capability engine team shared integrating SmartGI, a high-performance global illumination solution for mobile, and NanoMesh, an adaptive and seamless LOD technology, into a new real-time rendering pipeline. This integration aims to create a one-stop development process with minimal asset preprocessing, pixel-level geometry rendering, and a fully real-time cross-platform customizable game engine. The Game UX research team, offered a look into the A-G-E Model plus their insights into improving the onboarding process for F2P players. Tencent Games reaffirmed its commitment to advancing game security, quality assurance, and studio efficiency, by showcasing its cutting-edge in-house products at the GDC booth. Anti-Cheat Expert(ACE), offers a comprehensive suite of game security solutions for mobile and PC games such as hardening solutions, anti-cheat measures, in-game economy risk and content moderation, as well as digital rights management, to assist game developers in addressing diverse security challenges and providing a fair and competitive gaming environment for players. WeTest Global, the Quality Assurance Platform, ensures the highest quality standards for game and application development with a range of QA solutions including compatibility testing, functional testing, automated testing, remote device access, and performance testing for mobile, PC and console games. What's more, the Cloud-Enabled Studio solutions empower studios to transcend geographical and physical constraints, enabling seamless work from any location, thereby enhancing productivity, streamlining art production, and ensuring the security of assets. Connecting with Community and Talent Alongside GDC, the PocketGamer Connects San Francisco event featured Level Infinite VP and head of business operations and strategy, Yong-yi Zhu. He joined a panel discussion with Qi Lu, CEO and founder of Supernova Games, and Stuart Dinsey, chairman of Curve games, where the three discussed the role of global publishers in bridging Asia and the West. Zhu said Tencent Games has been focused on listening and testing content with local gaming communities across the globe, then relaying what players want back to studios. "Tencent's superpower has been in working with mobile developers, and being very data-driven in decision making, he said. "It's about identifying what really resonates with people in their local communities, and being very much tailor-made." At this year's GDC, Tencent Games introduced a dedicated "Career Space" at its booth, designed to foster networking and connect with potential candidates for open roles across game development. The space featured opportunities from internships to senior positions and offered insight into Tencent's studios and its latest projects. Additionally, the GWB Game Awards 2024 was announced, featuring gold, silver, and bronze awards for the best game, along with eight distinct category awards, offering a total prize pool of $56,000 USD. Those interested may submit entries before July 15 on the official website. Launched in 1988, GDC has been the go-to event for the gaming community for the latest trends and insights. Tencent Games' active involvement in GDC highlights its commitment to advancing the industry through innovation. If you couldn't attend, we invite you to follow our social media accounts and visit the GDC Vault for more information. Please click here to download the photos About Tencent Games Tencent Games was launched in 2003, and has since grown into the leading global platform for game development, publishing and operation, as well as operator of the largest online game community in China. It is dedicated to offering engaging and high quality interactive entertainment experience for all players. Tencent Games currently offers more than 140 self-developed and licensed games across 200 countries and regions, which provides hundreds of millions of users with cross-platform interactive entertainment experiences. Honour of Kings, PUBG MOBILE and League of Legends are some of the most popular titles around the world. Media Contacts Tracy Cui June Wong Tencent, Global Communications tracywcui@tencent.com Edelman Hong Kong June.wong@edelman.com
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Tencent Games Shares Insights and Technologies at GDC 2024
Cutting-edge game development tools and a recently released generative game engine, Game AI Engine GiiNEX, will revolutionize the gaming landscape SAN FRANCISCO, April 2, 2024 /PRNewswire/ -- Tencent Games, the world's leading game development, publishing and operation platform, brought its latest technologies, services and solutions in game development and operations to the Game Developers Conference (GDC) 2024. Tencent Games booth at GDC 2024 EXPO AI and Machine Learning Take Center Stage at GDC Harnessing the power of machine learning and AI is crucial for game developers and creators to deliver immersive, hyper-realistic gaming experiences. Elvis Liu, AI Team Lead at MoreFun Studios, shared insights on adopting large-scale reinforcement learning in fighting games. For example, Naruto Mobile, the first fighting game that utilizes a reinforcement learning approach to train the agent, can save up to 90% of the time and resources needed for the training process. In addition, Elvis participated in the machine learning panel discussion along with other prominent experts in the industry to address questions about the future of machine learning in gaming. Experts from TiMi Studio Group discussed its self-developed character animation system, MotorNerve, and how it achieves high-quality, low-consumption locomotion control and transition animation generation by combining the advantages of Motion Matching and Learned Motion Matching, as well as leveraging Motion In Betweening technology. To provide developers with the latest game AI tools, Tencent AI Lab launched its self-developed GiiNEX Game AI Engine during the GDC event. This game AI engine incorporates generative AI technology, which enables professional developers to create realistic and diverse 3D city scenes. Furthermore, it offers gamers the opportunity to design new levels and enhance user-generated content. GiiNEX supports 2D images, animations, 3D scenes, narratives, and dialogue generation, and also utilizes decision-making AI for game development testing, simulated gameplay, and scenarios to speed up game innovations. Advanced Solutions Empower Game Development The development team of Delta Force: Hawk Ops has shared their solutions for cross-platform development, including the creation of art pipelines and tools for high-precision end-game graphics while ensuring mobile performance. They have also implemented a unified production pipeline and cross-platform runtime support to achieve scalability of graphics effects and performance, as well as production efficiency in cross-platform development. Ray tracing technology has become prevalent in PC and console 3A games, yet it has not been widely adopted in mobile platforms due to performance and algorithm constraints. However, experts from MoreFun Studios unveiled the technical details of its exciting title Arena Breakout, showcasing the successful application of ray tracing technology on mobile devices and the promise of a high-quality, hyper-realistic experience for players. Additionally, the team has addressed the conflict between graphic quality and frame rate by introducing a self-developed frame-prediction technology to boost frame rate and reduce battery consumption without compromising the graphic quality. The R&D Efficiency and Capability engine team shared integrating SmartGI, a high-performance global illumination solution for mobile, and NanoMesh, an adaptive and seamless LOD technology, into a new real-time rendering pipeline. This integration aims to create a one-stop development process with minimal asset preprocessing, pixel-level geometry rendering, and a fully real-time cross-platform customizable game engine. The Game UX research team, offered a look into the A-G-E Model plus their insights into improving the onboarding process for F2P players. Tencent Games reaffirmed its commitment to advancing game security, quality assurance, and studio efficiency, by showcasing its cutting-edge in-house products at the GDC booth. Anti-Cheat Expert(ACE), offers a comprehensive suite of game security solutions for mobile and PC games such as hardening solutions, anti-cheat measures, in-game economy risk and content moderation, as well as digital rights management, to assist game developers in addressing diverse security challenges and providing a fair and competitive gaming environment for players. WeTest Global, the Quality Assurance Platform, ensures the highest quality standards for game and application development with a range of QA solutions including compatibility testing, functional testing, automated testing, remote device access, and performance testing for mobile, PC and console games. What's more, the Cloud-Enabled Studio solutions empower studios to transcend geographical and physical constraints, enabling seamless work from any location, thereby enhancing productivity, streamlining art production, and ensuring the security of assets. Connecting with Community and Talent Alongside GDC, the PocketGamer Connects San Francisco event featured Level Infinite VP and head of business operations and strategy, Yong-yi Zhu. He joined a panel discussion with Qi Lu, CEO and founder of Supernova Games, and Stuart Dinsey, chairman of Curve games, where the three discussed the role of global publishers in bridging Asia and the West. Zhu said Tencent Games has been focused on listening and testing content with local gaming communities across the globe, then relaying what players want back to studios. "Tencent's superpower has been in working with mobile developers, and being very data-driven in decision making," he said. "It's about identifying what really resonates with people in their local communities, and being very much tailor-made." At this year's GDC, Tencent Games introduced a dedicated "Career Space" at its booth, designed to foster networking and connect with potential candidates for open roles across game development. The space featured opportunities from internships to senior positions and offered insight into Tencent's studios and its latest projects. Additionally, the GWB Game Awards 2024 was announced, featuring gold, silver, and bronze awards for the best game, along with eight distinct category awards, offering a total prize pool of $56,000 USD. Those interested may submit entries before July 15 on the official website. Launched in 1988, GDC has been the go-to event for the gaming community for the latest trends and insights. Tencent Games' active involvement in GDC highlights its commitment to advancing the industry through innovation. If you couldn't attend, we invite you to follow our social media accounts and visit the GDC Vault for more information. Please click here to download the photos About Tencent Games Tencent Games was launched in 2003, and has since grown into the leading global platform for game development, publishing and operation, as well as operator of the largest online game community in China. It is dedicated to offering engaging and high quality interactive entertainment experience for all players. Tencent Games currently offers more than 140 self-developed and licensed games across 200 countries and regions, which provides hundreds of millions of users with cross-platform interactive entertainment experiences. Honour of Kings, PUBG MOBILE and League of Legends are some of the most popular titles around the world. Media Contacts Tracy Cui June Wong Tencent, Global Communications tracywcui@tencent.com Edelman Hong Kong June.wong@edelman.com
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GigaMedia Announces Fourth-Quarter and Full Year 2023 Financial Results
TAIPEI, March 29, 2024 /PRNewswire/ -- GigaMedia Limited (NASDAQ: GIGM) today announced its unaudited financial results for the fourth quarter and full year of 2023. Highlights For 2023, GigaMedia reported revenues of $4.3 million, with a gross profit of $2.4 million, an operating loss of $3.2 million and the net loss of $3.5 million. The revenues decreased by 23.2% in 2023. During 2023, we terminated a non-performing game while streamlined others, and correspondingly scaled back related workforce, costs and overhead. As a result, we managed to slash operating expenditures down by approximately 10.7%. All in all, the net loss before including investment valuation adjustment was narrowed to $1.3 million, less than half of that in 2022. However, pursuant to requirements of the accounting standards, we recorded a $2.2 million valuation loss on our investments, and the net loss became $3.5 million, $0.7 million higher than 2022. On the balance sheet side, we maintained a solid financial position with a small cash burn rate in 2023, and our cash, cash equivalents and restricted cash amounted to $38.8 million at the end of 2023, slightly decreased from $39.1 million at the end of 2022. In 2024, we will be devoted in developing AI-powered tools to enhance efficiency on renovating contents in our casual games. Besides in-house application, we will also explore potentials for the tools to become a commercialized solution of platform for publishing AI-assisted creation of products. We believe achieving sophistication in AI is very crucial in boosting our productivity and accelerate the growth of our business. Fourth Quarter and Full Year Overview Consolidated 4Q revenues decreased by 18.8% quarter-on-quarter mainly due to seasonality, and by 21.1% year-over-year due to certain licensed games declined. Full year revenues decreased by 23.2% to $4.3 million from $5.6 million in 2022. Loss from operations for 4Q was $0.6 million, representing a loss decrease from $0.9 million in the third quarter in 2023, as we managed to reduce the operating costs and expenses. Full year operating loss was $3.2 million, which slightly increased from $3.0 million in 2022. The net asset value was approximately $3.87 per share as of the end of 2023. Unaudited Consolidated Financial Results GigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia's digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on mobile games and casual games. Unaudited consolidated results of GigaMedia are summarized in the table below. For the Full Year 2023 GIGAMEDIA FY23 UNAUDITED CONSOLIDATED FINANCIAL RESULTS (unaudited, all figures in US$ thousands, except per share amounts) FY23 FY22 Change(%) Revenues 4,292 5,585 -23.2 % Gross Profit 2,446 3,250 -24.7 % Loss from Operations (3,155) (3,021) NM Net Loss Attributable to GigaMedia (3,463) (2,752) NM Net Loss Per Share Attributable to GigaMedia, Diluted (0.31) (0.25) NM EBITDA (A) (5,218) (3,437) NM Cash, Cash Equivalents and Restricted Cash 38,783 39,107 -0.8 % NM= Not Meaningful (A) EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in accordance with U.S. generally accepted accounting principles ("GAAP"). (See, "Use of Non-GAAP Measures," for more details.) Consolidated revenues for the year ended December 31, 2023 was $4.3 million, decreased from $5.6 million in the prior year. The decrease was mainly as revenues from certain licensed games declined. Consolidated loss from operations for 2023 was $3.2 million, compared to a loss of $3.0 million in the last year. The increase of loss was mainly due to the decline of revenues. Consolidated net loss for 2023 was $3.5 million, increased from $2.8 million in the prior year. Loss per share for 2023 was $0.31 per share, compared to $0.25 last year. Cash, cash equivalents and restricted cash at the year end of 2023 amounted to $38.8 million. For the Fourth Quarter GIGAMEDIA 4Q23 UNAUDITED CONSOLIDATED FINANCIAL RESULTS (unaudited, all figures in US$ thousands, except per share amounts) 4Q23 3Q23 Change(%) 4Q23 4Q22 Change(%) Revenues 870 1,071 -18.8 % 870 1,102 -21.1 % Gross Profit 504 583 -13.6 % 504 626 -19.5 % Loss from Operations (645) (893) NM (645) (675) NM Net Income (Loss) Attributable to GigaMedia (2,082) (507) NM (2,082) 347 NM Net Income (Loss) Per Share Attributable to GigaMedia, Diluted (0.19) (0.05) NM (0.19) 0.03 NM EBITDA (A) (2,586) (946) NM (2,586) 13 NM Cash, Cash Equivalents and Restricted Cash 38,783 38,823 -0.1 % 38,783 39,107 -0.8 % NM= Not Meaningful (A) EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in accordance with U.S. generally accepted accounting principles ("GAAP"). (See, "Use of Non-GAAP Measures," for more details.) Fourth-Quarter Financial Results Consolidated revenues for the fourth quarter of 2023 decreased by 18.8% quarter-on-quarter from $1.1 million to $0.9 million mainly due to seasonality, and decreased by 21.1% year-over-year mainly as revenues from licensed games declined. Consolidated loss from operations of the fourth quarter of 2023 was $0.6 million, compare to a loss of $0.9 million in the last quarter. Consolidated net loss of the fourth quarter of 2023 was $2.6 million, increased from a net loss of $0.9 million in the last quarter, mainly due to a valuation loss of $2.2 million in investments. Cash, cash equivalents and restricted cash at the end of the fourth quarter of 2023 amounted to $38.8 million, almost the same if compared to the prior quarter. Financial Position GigaMedia maintained its solid financial position. Cash, cash equivalents and restricted cash amounted to $38.8 million, or approximately $3.51 per share, along with zero bank loan. Our shareholders' equity was approximately $42.8 million of as of December 31, 2023. Business Outlook The following forward-looking statements reflect GigaMedia's expectations as of March 29, 2024. Given potential changes in economic conditions and consumer spending, the evolving nature of digital entertainments, and various other risk factors, including those discussed in the Company's 2022 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially. Since late 2023, we have being taking measures to re-examine mechanisms in our legacy casual games and to reconstruct players' ecosystem. While the effect would take some time to exhibit, we believe that will lead to a healthier gross margin in the long-run for our own offerings. Meanwhile, our business strategies always include expanding through mergers and acquisitions. "We will continue reviewing strategic opportunities that would enable us to accelerate our growth and enhance shareholders' value," stated CEO James Huang. Use of Non-GAAP Measures To supplement GigaMedia's consolidated financial statements presented in accordance with U.S. GAAP, the Company uses the following measure defined as non-GAAP by the SEC: EBITDA. Management believes that EBITDA (earnings before interest, taxes, depreciation, and amortization) is a useful supplemental measure of performance because it excludes certain non-cash items such as depreciation and amortization and that EBITDA is a measure of performance used by some investors, equity analysts and others to make informed investment decisions. EBITDA is not a recognized earnings measure under GAAP and does not have a standardized meaning. Non-GAAP measures such as EBITDA should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, other financial measures prepared in accordance with GAAP. A limitation of using EBITDA is that it does not include all items that impact the Company's net income for the period. Reconciliations to the GAAP equivalents of the non-GAAP financial measures are provided on the attached unaudited financial statements. About the Numbers in This Release Unaudited results All quarterly and certain annual results referred to in the text, tables and attachments to this release are unaudited. The financial statements from which the financial results reported in this press release are derived have been prepared in accordance with U.S. GAAP, unless otherwise noted as "non-GAAP," and are presented in U.S. dollars. Q&A For Q&A regarding the fourth quarter and full year 2023 performance upon the release, investors may send the questions via email to IR@gigamedia.com.tw and the responses will be replied individually. About GigaMedia Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is a diversified provider of digital entertainment services in Taiwan and Hong Kong. GigaMedia's digital entertainment service business is an innovative leader in Asia with growing capabilities of development, distribution and operation of digital entertainments, as well as platform services for games with a focus on mobile games and casual games. More information on GigaMedia can be obtained from www.gigamedia.com.tw. The statements included above and elsewhere in this press release that are not historical in nature are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding expected financial performance (as described without limitation in the "Business Outlook" section and in quotations from management in this press release) and GigaMedia's strategic and operational plans. These statements are based on management's current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, including but not limited to, our ability to license, develop or acquire additional digital entertainment products or services that are appealing to users, our ability to retain existing users and attract new users, and our ability to launch digital entertainment products and services in a timely manner and pursuant to our anticipated schedule. Further information on risks or other factors that could cause results to differ is detailed in GigaMedia's Annual Report on Form 20-F filed in April 2023 and its other filings with the United States Securities and Exchange Commission. (Tables to follow) GIGAMEDIA LIMITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands of US dollars, except for earnings per share amounts) Three months ended Twelve months ended 31/12/2023 30/9/2023 31/12/2022 31/12/2023 31/12/2022 unaudited unaudited unaudited unaudited audited Operating revenues Digital entertainment service revenues 870 1,071 1,102 4,292 5,585 870 1,071 1,102 4,292 5,585 Operating costs Cost of Digital entertainment service revenues 366 488 476 1,846 2,335 366 488 476 1,846 2,335 Gross profit 504 583 626 2,446 3,250 Operating expenses Product development and engineering expenses 179 183 163 729 1,110 Selling and marketing expenses 344 441
Tencent Cloud Becomes Official Provider of Multiplayer Game Servers in Palworld
Partnership with world-renowned game developer Pocketpair leverages Tencent Cloud Lighthouse, an out-of-the-box cloud server service that enhances gamers' experience HONG KONG, March 28, 2024 /PRNewswire/ -- Tencent Cloud, the cloud business of global technology company Tencent, today announced its collaboration with world-renowned game developer Pocketpair as the official partner providing dedicated multiplayer servers for the globally popular game Palworld. The partnership will leverage Tencent Cloud Lighthouse, an out-of-the-box cloud server service designed for lightweight scenarios, to enhance the gaming experience for players worldwide. The service is set to be delivered to Palworld players worldwide via Metastation, Tencent Cloud's partner in Singapore. Tencent Cloud Becomes Official Provider of Multiplayer Game Servers in Palworld Palworld is a monster-taming open-world survival game that can accommodate up to 32 players. The game's world is composed of mysterious creatures known as "Pals." Within just one month of its release, the game has already attracted over 25 million players. Establishing dedicated multiplayer game servers allows players to customize their gaming environment to enhance the fun gaming experience of Palworld with friends and acquaintances. With Tencent Cloud Lighthouse, players can create a dedicated server in just three seconds without the need for complex configurations. Tencent Cloud Lighthouse is a next-generation out-of-the-box Cloud Virtual Machine (CVM) product designed for lightweight scenarios. With Lighthouse, small and medium-sized enterprises (SMEs) and developers can conveniently and efficiently build websites, web applications, mini programs, mini games, e-commerce apps, cloud storage, image hosting, audio/video, and various development and testing environments in the cloud. It is more user-friendly and offers a wider range of operational scenarios compared to regular CVMs. In addition to basic cloud resources, it also provides high-bandwidth/traffic packages and integrates popular open-source software for one-click application deployment, simplifying the cloud experience. Through this collaboration, Tencent Cloud will expand its cloud services for building dedicated multiplayer servers not only in Japan but also in the United States and the Asia-Pacific region, including South Korea, Singapore, Malaysia, and Thailand. This expansion aims to provide a better gaming experience for Palworld players worldwide. Bluefin Zhao, Vice President of Tencent Cloud International, said, "Together with Pocketpair, Tencent Cloud hopes to continue contributing to the value creation and popularization of cloud services in the gaming industry. Building on this collaboration, Tencent Cloud also aims to continue providing high-quality cloud services to Japanese enterprises and striving to offer users the best entertainment experience." About Tencent Cloud Tencent Cloud, one of the world's leading cloud companies, is committed to creating innovative solutions to resolve real-world issues and enabling digital transformation for smart industries. Through our extensive global infrastructure, Tencent Cloud provides businesses across the globe with stable and secure industry-leading cloud products and services, leveraging technological advancements such as cloud computing, Big Data analytics, AI, IoT, and network security. It is our constant mission to meet the needs of industries across the board, including the fields of gaming, media and entertainment, finance, healthcare, property, retail, travel, and transportation.
NetDragon Announces 2023 Annual Financial Results
Strong gaming growth fuels momentumas Mynd.ai sets course for new growth journey post-spinoff HONG KONG, March 27, 2024 /PRNewswire/ -- NetDragon Websoft Holdings Limited ("NetDragon" or the "Company"; Hong Kong Stock Code: 777), a global leader in building internet communities, today announced its financial results for fiscal year 2023. NetDragon's management team will hold a results presentation and webcast at 10:00am Hong Kong time on March 28, 2024, to discuss the results and recent business developments. Dr. Dejian Liu, Chairman of NetDragon, commented: "In 2023, we delivered results that reflect strong focus in execution and making the right investments in key strategic initiatives to drive sustainable growth. Our gaming business achieved revenue of RMB 3.8 billion for the full year, an 9.6% increase YoY, a strong turnaround compared to the 5.8% YoY decrease in 2022 vs 2021. We are proud to have delivered revenue growth for our gaming business in 9 out of the past 10 years, with 2022 as the only exception due to Covid-related macro slowdown of the domestic economy. During this 10-year period, our gaming revenue increased by 3.9 times, almost all coming from our organic growth driven by our focus in delivering high quality games to our players. In 2023, all of our core IPs delivered strong performance as we put our emphasis with relentless focus on driving gamers' engagement and spending with quality contents, driven by continuous innovation and investment in AI technologies to stay ahead of the market. While we continued to generate significant growth for our existing games during the year, we invested heavily in a robust pipeline that includes new games in a broad array of genres. We believe our track record, our R&D capabilities along with the depth and breadth of our players' base will put our gaming business in a unique position to perform in 2024." "Turning to our education business, 2023 was a landmark year as we successfully completed the spin-off listing of our overseas education business in the U.S. in December. Not only will this spinoff unlock value for our shareholders, it will also pave the way for our newly-listed entity, Mynd.ai, to expand beyond our competencies in hardware and establish ourselves as a leader in integrated hardware and software in the classroom environment. As hardware sales returned to a normalized pre-pandemic level in 2023, we believe the higher penetration and deeper adoption of interactive flat panel displays driven by the pandemic provided a solid foundation for more robust usage of software applications on our hardware. As the market leader, we believe Mynd.ai is exceptionally well positioned to capitalize on this opportunity that will redefine the education landscape." "We continued to make positive progress on the ESG front in 2023. In December, our ESG rating was upgraded to "BBB" by MSCI, the globally renowned index provider. This marked a significant upgrade from the previous rating and underscores the market's recognition of our achievements in ESG." "We are also pleased to announce that the Board has approved our final dividend proposal of HK$0.4 per ordinary share. Including dividends declared during our interim earnings, total dividends for the year amount to HK$1.8 per ordinary share." Fiscal Year 2023 Financial Highlights Revenue was RMB7.1 billion, representing a 9.7% decrease YoY. Revenue from gaming and application services was RMB4.2 billion, representing 59.0% of the Company's total revenue and a 6.6% increase YoY. Revenue from Mynd.ai was RMB2.9 billion, representing 41.0% of the Company's total revenue and a 25.7% decrease YoY. Gross profit was RMB4.4 billion, representing an 1.9% increase YoY. Core segmental profit[1] from the gaming and application services was RMB1.4 billion, representing a 12.9% increase YoY. Core segmental loss[1] from Mynd.ai was RMB93 million for FY2023 compared to profit of RMB30 million for FY2022. EBITDA was RMB1.3 billion, representing an 8.7% decrease YoY. Operating profit was RMB821 million, representing a 28.6% decrease YoY. Non-GAAP operating profit[2] was RMB1.1 billion, representing a 12.7% decrease YoY. Profit attributable to owners of the Company was RMB550 million, representing a 34.1% decrease YoY. Non-GAAP profit attributable to owners of the Company[2] was RMB962 million, representing a 24.9% decrease YoY. Operating cashflow was RMB1.1 billion, representing a 4.2% increase YoY. The Company declared a final dividend of HK$0.4 per ordinary share (2022: HK$0.4 per ordinary share), subject to approval at the coming annual general meeting. Segmental Financial Highlights Our two main reportable segments were previously "Gaming business" and "Education business". As our overseas education business has been separately listed as Mynd.ai in the U.S. in December 2023, we have changed our two largest reportable segments to "Gaming and Application Services" and "Mynd.ai" starting with the full year 2023 earnings release, along with appropriate proforma prior year comparable financials. FY2023 FY2022 Variance (RMB million) Gaming and applicationservices Mynd.ai Gaming and application services Mynd.ai Gaming and application services Mynd.ai (Restated) (Restated) (Restated) (Restated) Revenue 4,189 2,910 3,931 3,919 +6.6 % -25.7 % Gross Profit 3,708 728 3,375 927 +9.9 % -21.5 % Gross Margin 88.5 % 25.0 % 85.9 % 23.7 % +2.6 ppts +1.3 ppts Core Segmental Profit (Loss)[1] 1,399 (93) 1,239 30 +12.9 % N/A Segmental Operating Expenses[3] - Research and development (1,186) (196) (1,019) (204) +16.4 % -3.9 % - Selling and marketing (463) (327) (514) (419) -9.9 % -22.0 % - Administrative (649) (267) (618) (263) +5.0 % +1.5 % Gaming Business Our gaming revenue, which represents 89.7% of gaming and application services revenue, achieved a record high RMB 3.8 billion in 2023, a 9.6% YoY growth on the back of macro-economic post-Covid recovery and execution of our strategy that focuses on driving sustainable growth, a strategy that has paid off in the past 10 years as gaming revenue increased by over 3.9 times during this period. During the year, our focus includes systematically expanding our gaming contents towards an optimal combination of "content driven" and "numerical attributes driven" spending, as we see gamers increasingly paying for enhanced experience in our games with innovative, high quality contents that are constantly updated and expanded with seamless integration into the gameplay. We also continued to strengthen our operations capability in areas including marketing, user acquisition, user retention and publishing, resulting in optimization of the pool of our active players that on the one hand promotes fairness in gameplay and hence fun for all our players, and on the other hand increases loyalty of players that translate to higher spending for simply a higher quality gaming experience. In 2023, our domestic and overseas gaming revenue increased by 10.5% and 4.5% YoY, respectively. Our overseas revenue, which represented 15.0% of our gaming revenue, continued to be resilient despite a negative 5.7%[4] growth of the overall overseas revenue of Chinese gaming developers in 2023 as the overseas gaming sector saw reduced activities post-Covid as well as headwinds caused by the broad-based changes around user privacy policies. We also achieved revenue growth in both PC and mobile segments. Revenue from PC games amounted to RMB3.2 billion, accounting for 84.3% of total gaming revenue with an 11.1% YoY growth. Mobile game revenue reached RMB589 million, accounting for 15.7% of total gaming revenue and registering a 2.0% YoY growth. Our Eudemons IP performed exceptionally well in 2023 with revenue of RMB 3.4 billion, a YoY increase of 12.4%, highlighting the evergreen vitality of this flagship IP as we continued to consolidate our competitive advantage in the MMORPG space. In particular, our flagship PC game, Eudemons Online, achieved revenue of RMB 2.9 billion, a 14.0% YoY increase on the back of our growth strategy that entails i) high frequency of new contents and new gameplay mechanics, ii) enhancing gamers' overall experience by truly addressing the needs of all players to achieve a balanced ecosystem, and iii) stepping up our service level for our paying users. Our strategy resulted in not just revenue growth, but also higher engagement of our players as Eudemons IP saw 50.4% YoY increase in playing time per user on average during the year. Our content strategy also paid off on the mobile end as the MAU of the "cross platform" version (ie. mobile platform) of Eudemons Online increased by 50.4% YoY, representing 36.2% of MAU on the PC platform, while at the same time nearly 20% of its average paying users are active players on the "cross platform" version. The strong engagement level of our players on both PC and mobile platforms, as well as the increasing dual-platform attribute (ie. PC and mobile) of Eudemons Online, opens the door to significantly more engagement and monetization opportunities. In 2023, revenue of our mobile games under the Eudemons IP increased by 4.6% YoY. In particular, our top flagship mobile game, Eudemons pocket version achieved a 6.0% YoY increase in gross billings, driven by optimization of our publishing strategy resulting in more effective and efficient user acquisition, in addition to continuous enhancement in gameplay experience. Our Heroes Evolved IP continued to turn around its performance with games under the IP achieving a 5.8% revenue growth YoY. The popularity of the Heroes Evolved IP saw a significant increase during the year as we achieved a record-breaking level of live-streaming audience attending the Heroes Evolved e-sports competition events during the second half of the year. As live e-sports events resumed post-Covid in 2023, we expect to build on our success in e-sports to step up the promotion of the Heroes Evolved IP and drive player acquisition, leveraging an existing base of over 300 million of players having played the games under this IP since its launch. We also achieved a significant expansion for our Conquer IP in 2023. The success of the "MMO+ casual" gameplay within the Conquer Online game resulted in the initiation of development of a new game (Code-Alpha) using this proven game play which is expected to be launched in 2024. We also started to create an ecosystem of online-to-offline competition to bring players' engagement to a new level. During the year, we made remarkable progress in the application of generative AI (aka. AIGC) to create value for different parts of our gaming business. We saw the utilization of AI for our art production tasks increased from 14% in Q1 to 58% in Q4 2023, while man-hour savings driven by AI increased by 300% as we increasingly benefited from training of AI large language model that resulted in efficient production of high-quality contents. With AIGC, we are able to deliver much more frequent content updates that serve to increase retention of players and drive monetization. In addition, we also strategically position our investment in AIGC in areas that complement our competitive strength. During the year, we achieved strong progress in developing the "AI Companion" technology in MOBA games, including significantly increasing the retention rate of players who played with AI companions based on our testing data. We are also progressing with R&D work in NPC (non-playing characters) that could be integrated in our new open-world MMORPG in the future. Going forward, we expect to continue to drive revenue and profits growth for our gaming business with a two-pronged approach – growing revenue for our existing games and investing in a robust pipeline of new games with a diversified array of genres, including social casual, idle card, top-down shooter, MOBA, MMORPG and ACGN games. We will also expand our geographical markets in 2024, and expect to enter or expand our presence in markets such as Japan, the Middle East and Indonesia. Mynd.ai In December 2023, we successfully completed the spin-off listing of our overseas education business via a merger of the business with NYSE-listed Gravitas Education Holdings Inc. ("GEHI") at a valuation of US$800 million for the merged entity, which was renamed to Mynd.ai, Inc. ("Mynd"). Prior to the closing of the merger, GEHI divested all of its existing businesses, with the exception of its Singapore education business (which represented approximately 8% of Mynd's proforma revenue in 2023). NetDragon continues to consolidate the 2023 financial statements of Mynd in its financials, as it holds 74.4% of the issued share capital of Mynd as of December 31, 2023. Revenue of Mynd in 2023 was RMB2.9 billion, compared to RMB3.9 billion in the prior year. The decline in revenue is reflective of a return to a normalized operating environment following significant disruptions as a result of the Covid-19 pandemic. As it specifically relates to the education technology market, government-funded Covid relief programs across the world caused significant increases in customer demand (due to availability of funds) in both 2021 and 2022. These programs had mostly concluded by 2023. Mynd's rRevenue in 2023 represents a continued upward trend in revenue when compared to 2020 and prior years (pre-Covid). Other 2023 financial highlights of Mynd include: Gross Margin improved 1.3 percentage points versus 2022 to 25.0%, due to lower materials and freight costs, as well as exchange rate impact Cash flow from operations improvement of RMB23 million compared to 2022[5] Cash balance at year end was RMB650 million compared to RMB203 million at year end 2022 Core segmental loss[1] of RMB93 million compared to profit of RMB30 million in 2022, primarily driven by lower sales volumes due to the market normalization as explained above The Promethean brand under Mynd continued to maintain its market leadership position. During 2023, Promethean captured 17.4% of the K-12 Interactive Flat Panel Displays volume market share globally ex-China. [6] In Q4 2023 alone, Promethean was able to capture 21.1% of the global ex-China market share and continued to be the market leading brand in the United States, United Kingdom and Ireland, and Germany.[6] Promethean's market leadership in the global K-12 market puts the company in position to continue to grow both its hardware and software business. In addition to driving the growth of its hardware business, Promethean recently launched its integrated SaaS offering, Explain Everything Advanced, to tap into the subscription-based software revenue opportunity, leveraging our global go-to-market channel. Over the course of 2024, Mynd plans to continue to drive the evolution and growth of the software business, with enhancements to the core offerings and empowering its sales team to drive engagement with customers. Mynd will also continue to invest in R&D to maintain its leadership both at the high-end of the market and foster deeper penetration of the broader, lower-cost market. We believe Mynd is exceptionally well positioned to win market share with the following differentiation: Huge installed base of existing Promethean users as the market leader, which is conducive for replacement sales and SaaS software sales Unparalleled focus in education with a deep understanding of the needs of schools Unique ability to understand and meet the needs of schools/teachers in different use cases with professional training by our inhouse team of education consultants Comprehensive support structure post-sales to ensure seamless integration into teachers' workflow Well-established global network of over 4,000 distributors/resellers built over 20 years with deep understanding of the value of Promethean panels Promethean's market reputation and its long history as the market leading brand lead to confidence that we can be a long-term technology partner The spinoff listing of Mynd has set the stage for the company to expand beyond hardware and integrate software applications into the offering to bring teaching and learning experience to a new level. Looking forward, the catalysts for success for Mynd will include continued growth of our hardware revenue, investing in the development of our software applications to scale SaaS revenue and expanding market leadership in both hardware and software space. Management Presentation and Webcast NetDragon's management team will hold a results presentation and webcast at 10:00 am Hong Kong time on March 28, 2024 to discuss the results and recent business developments. Details of the presentation are as follows: Time: 10:00 AM, Hong Kong Time on March 28, 2024, Thursday / 10:00 PM, Eastern Time on March 27, 2024, Wednesday Format: Physical Presentation at The Executive Centre (Stanley Street), Hong Kong OR Online Webcast Venue: Level 2, No. 28 Stanley Street, Central, Hong Kong Webcast: https://webcast.roadshowchina.cn/SU9UQ3pzTDZaaGF6T3FSM3pmeXpCdz09 The live and archived webcast of the conference call will be available on the Investor Relations section of NetDragon's website at http://ir.nd.com.cn/en/category/webcast. Participants of the live webcast should visit the aforementioned website 10 minutes prior to the call, then click on the icon for "2023 Annual Results Presentation and Webcast" and follow the registration instructions. About NetDragon Websoft Holdings Limited NetDragon Websoft Holdings Limited (HKSE: 0777) is a global leader in building internet communities, with a long track record of developing and scaling multiple internet and mobile platforms that impact hundreds of millions of users, including previous establishments of China's first online gaming portal, 17173.com, and China's most influential smartphone app store platform, 91 Wireless. Established in 1999, NetDragon is one of the most reputable and well-known online game developers in China with a history of successful game titles including Eudemons Online, Heroes Evolved, Conquer Online and Under Oath. In the past 10 years, NetDragon has also achieved success with its online education business both domestically and globally, and its overseas education business, currently a U.S.-listed subsidiary named Mynd.ai, is a global leader in interactive technology and its award-winning interactive displays and software can be found in more than 1 million learning and training spaces across 126 countries. For investor enquiries, please contact:NetDragon Websoft Holdings LimitedMs. Maggie ZhouSenior Director of Investor RelationsTel: +852 2850 7266 / +86 591 8390 2825Email: maggiezhou@nd.com.hk/ir@netdragon.comWebsite: ir.netdragon.com CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 RMB million RMB million Revenue 7,101 7,866 Cost of revenue (2,703) (3,551) Gross profit 4,398 4,315 Other income and gains 264 223 Impairment loss under expected credit loss model, net of reversal (3) (14) Selling and marketing expenses (807) (945) Administrative expenses (1,199) (975) Research and development costs (1,382) (1,224) Other expenses and losses (446) (213) Share of results of associates and joint ventures (4) (17) Operating profit 821 1,150 Exchange loss on financial assets at fair value through profit or loss, convertible and exchangeable bonds, convertible note and derivative financial instruments (21) (73) Fair value change on financial assets at fair value through profit or loss 75 (33) Fair value change on derivative financial instruments 28 15 Finance costs (268) (219) Profit before taxation 635 840 Taxation (188) (76) Profit for the year 447 764 Other comprehensive income (expense) for the year, net of income tax: Item that may be reclassified subsequently to profit or loss: Exchange differences arising on translation of foreign operations 43 47 Item that will not be reclassified to profit or loss: Fair value change on equity instruments at fair value through other comprehensive income (22) (2) Other comprehensive income for the year 21 45 Total comprehensive income for the year 468 809 Profit (loss) for the year attributable to: - Owners of the Company 550 834 - Non-controlling interests (103) (70) 447 764 Total comprehensive income (expense) for the year attributable to: - Owners of the Company 570 879 - Non-controlling interests (102) (70) 468 809 RMB cents RMB cents Earnings per share - Basic 103.00 154.15 - Diluted 103.00 154.14 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2023 2023 2022 RMB million RMB million Non-current assets Property, plant and equipment 2,422 1,936 Right-of-use assets 380 380 Investment properties 60 59 Goodwill 325 287 Intangible assets 868 739 Interests in associates and joint ventures 43 34 Equity instruments at fair value through other comprehensive income 45 56 Financial assets at fair value through profit or loss 453 404
DouYu International Holdings Limited Reports Fourth Quarter and Full Year 2023 Unaudited Financial Results
WUHAN, China, March 26, 2024 /PRNewswire/ -- DouYu International Holdings Limited ("DouYu" or the "Company") (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2023. Fourth Quarter 2023 Financial and Operational Highlights Total net revenues in the fourth quarter of 2023 were RMB1,296.0 million (US$182.5 million), compared with RMB1,681.1 million in the same period of 2022. Gross profit in the fourth quarter of 2023 was RMB126.2 million (US$17.8 million), compared with RMB186.1 million in the same period of 2022. Net loss in the fourth quarter of 2023 was RMB62.2 million (US$8.8 million), compared with net income of RMB41.8 million in the same period of 2022. Adjusted net loss[1] in the fourth quarter of 2023 was RMB5.0 million (US$0.7 million), compared with RMB4.3 million in the same period of 2022. Average mobile MAUs[2] in the fourth quarter of 2023 were 51.7 million, compared with 57.4 million in the same period of 2022. The number of quarterly average paying users[3] in the fourth quarter of 2023 was 3.7 million, compared with 5.6 million in the same period of 2022. Full Year 2023 Financial Highlights Total net revenues for the full year of 2023 were RMB5,530.4 million (US$778.9 million), compared with RMB7,108.2 million for the full year of 2022. Gross profit for the full year of 2023 was RMB684.0 million (US$96.3 million), compared with RMB990.1 million for the full year of 2022. Net income for the full year of 2023 was RMB35.5 million (US$5.0 million), compared with net loss of RMB90.4 million for the full year of 2022. Adjusted net income for the full year of 2023 was RMB154.0 million (US$21.7 million), compared with adjusted net loss of RMB7.6 million for the full year of 2022. The interim management committee of DouYu commented, "In 2023, we remained firmly committed to executing our core strategy of fostering a vibrant, diverse, game-centric content ecosystem. We continued to invest in premium content and efficient operations across our platform while adopting flexible operating strategies to navigate the challenging macro environment. Our synchronized initiatives included optimizing our revenue structure, fine-tuning user acquisition strategies, and continued compliance enhancement, all aimed at fortifying our platform's long-term, sustainable growth. In the fourth quarter of 2023, our mobile MAUs remained stable at 51.7 million compared with the previous quarter. Looking ahead, by harnessing our three core strengths – extensive streamer resources, a rich content ecosystem, and close cooperation with game developers – we aim to further cultivate the game-centric community ecosystem across our platform through product innovation and content upgrades. We are committed to advancing the Company's commercialization efforts while further reinforcing compliance and improving user experience. Leveraging our strategic initiatives, we are poised to solidify DouYu's competitive edge and maintain market leadership in the domestic live streaming industry amid macro headwinds, with a focus on gaming content." Mr. Hao Cao, Vice President of DouYu, commented, "Throughout 2023, we refined our revenue-generating strategy and enhanced our commercialization capabilities. These adjustments improved our revenue structure with the proportion of full-year revenue from advertising and others climbing to 13.2% in 2023 from 4.4% in 2022. We also persistently optimized costs and expenses to improve our overall profitability, achieving a net profit of RMB35.5 million and an adjusted net profit of RMB154.0 million for the full year of 2023. Moving forward, we remain firmly committed to our long-term, sustainable growth strategy amid macro challenges and uncertainties. We will steadily advance our core businesses while ensuring a solid financial performance. By further expanding our monetization efforts, we aim to establish a robust foundation for the Company's healthy growth ahead, creating enduring value for our shareholders." Fourth Quarter 2023 Financial Results Total net revenues in the fourth quarter of 2023 decreased by 22.9% to RMB1,296.0 million (US$182.5 million), compared with RMB1,681.1 million in the same period of 2022. Livestreaming revenues in the fourth quarter of 2023 decreased by 36.1% to RMB1,020.8 million (US$143.8 million) from RMB1,596.7 million in the same period of 2022. The decrease was primarily attributable to the soft macroeconomic environment and reduced revenue-generating promotions during the quarter, leading to a decrease in the number of quarterly average paying users. Advertising and other revenues in the fourth quarter of 2023 increased by 226.5% to RMB275.2 million (US$38.8 million) from RMB84.3 million in the same period of 2022. The increase was primarily driven by other revenues generated through new innovative business. Cost of revenues in the fourth quarter of 2023 was RMB1,169.7 million (US$164.8 million), a decrease of 21.8% compared with RMB1,495.0 million in the same period of 2022. Revenue sharing fees and content costs in the fourth quarter of 2023 decreased by 30.3% to RMB885.3 million (US$124.7 million) from RMB1,271.1 million in the same period of 2022. The decrease was primarily due to a decrease in sharing fees aligned with decreased livestreaming revenues, as well as a decline in content costs resulting from improved cost management in self-produced content and streamer payments. The decrease was partially offset by an increase in copyright costs due to the acquisition of the LOL World Championship tournament. Bandwidth costs in the fourth quarter of 2023 decreased by 27.4% to RMB100.5 million (US$14.2 million) from RMB138.4 million in the same period of 2022. The decline was primarily due to a year-over-year decrease in peak bandwidth usage. Gross profit in the fourth quarter of 2023 was RMB126.2 million (US$17.8 million), compared with RMB186.1 million in the same period of 2022. The decrease in gross profit was mainly due to a decrease in livestreaming revenues. Gross margin in the fourth quarter of 2023 was 9.7%, compared with 11.1% in the same period of 2022. Sales and marketing expenses in the fourth quarter of 2023 decreased by 32.2% to RMB84.0 million (US$11.8 million) from RMB123.9 million in the same period of 2022. This was mainly attributable to decreases in user acquisition marketing expenses and staff-related expenses. Research and development expenses in the fourth quarter of 2023 decreased by 26.7% to RMB59.1 million (US$8.3 million) from RMB80.6 million in the same period of 2022. This decrease was primarily due to a decrease in staff-related expenses. General and administrative expenses in the fourth quarter of 2023 increased by 45.0% to RMB80.0 million (US$11.3 million) from RMB55.2 million in the same period of 2022. The increase was due to higher salary expenses associated with management position adjustments, increased expense related to our organizational streamlining initiatives, as well as an increase in the provisions for assets. Other operating loss, net in the fourth quarter of 2023 was RMB9.6 million (US$1.4 million), compared with other operating income of RMB17.6 million in the same period of 2022. Loss from operations in the fourth quarter of 2023 was RMB120.4 million (US$17.0 million), compared with RMB56.0 million in the same period of 2022. Adjusted operating loss, which added back impairment loss of goodwill and intangible assets, was RMB86.4 million in the fourth quarter of 2023, compared with RMB56.0 million in the same period of 2022. Net loss in the fourth quarter of 2023 was RMB62.2 million (US$8.8 million), compared with net income of RMB41.8 million in the same period of 2022. Adjusted net loss, which excludes share-based compensation expenses, the share of income (loss) in equity method investments, gain on disposal of investment, impairment loss of investments and impairment loss of goodwill and intangible assets, was RMB5.0 million (US$0.7 million) in the fourth quarter of 2023, compared with RMB4.3 million in the same period of 2022. Basic and diluted net loss per ADS[4] in the fourth quarter of 2023 were both RMB0.19 (US$0.03). Adjusted basic and diluted net loss per ADS in the fourth quarter of 2023 were both RMB0.02(US$0.00). Full Year 2023 Financial Results Total net revenues for the full year of 2023 were RMB5,530.4 million (US$778.9 million), compared with RMB7,108.2 million in the same period of 2022. The decrease was primarily driven by the year-over-year decrease in livestreaming revenues, which was partially offset by the increase in advertising and other revenues. Gross profit for the full year of 2023 was RMB684.0 million (US$96.3 million), compared with RMB990.1 million in the same period of 2022. Loss from operations for the full year of 2023 was RMB164.0 million (US$23.1 million), compared with RMB198.9 million in the same period of 2022. Adjusted net income for the full year of 2023, which excludes share-based compensation expenses, the share of loss (income) in equity method investments, gain on disposal of investment, impairment loss of investments, and impairment of goodwill and intangible assets, was RMB154.0 million (US$21.7 million), compared with adjusted net loss of RMB7.6 million in the same period of 2022. Basic and diluted net income per ADS for the full year of 2023 were both RMB0.11 (US$0.02). Adjusted basic and diluted net income per ADS in the full year of 2023 were both RMB0.48 (US$0.07). Cash and cash equivalents, restricted cash and bank deposits As of December 31, 2023, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB6,855.5 million (US$965.6 million), compared with RMB6,808.8 million as of December 31, 2022. Share Repurchase Program On December 28, 2023, the Company announced that its board of directors had authorized a share repurchase program under which the Company may repurchase up to US$20 million of its ordinary shares in the form of ADSs during a period of up to 12 months commencing on January 1, 2024. The Company expects to utilize existing funds to make repurchases under this program. Conference Call Information The Company will hold a conference call on March 26, 2024, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers: International: +1-412-317-6061 United States Toll Free: +1-888-317-6003 Mainland China Toll Free: 4001-206115 Hong Kong Toll Free: 800-963976 Singapore Toll Free: 800-120-5863 Conference ID: 4708948 The replay will be accessible through April 2, 2024, by dialing the following numbers: International: +1-412-317-0088 United States Toll Free: +1-877-344-7529 Conference ID: 1682032 A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.douyu.com. [1] "Adjusted net income" is defined as net income excluding share-based compensation expenses, and share of income (loss) in equity method investments, gain on disposal of investment, impairment loss of investments and impairment loss of goodwill and intangible assets. For more information, please refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release. [2] Refers to the number of mobile devices that launched our mobile apps in a given period. Average mobile MAUs for a given period is calculated by dividing (i) the sum of active mobile users for each month of such period, by (ii) the number of months in such period. [3] "Quarterly average paying users" refers to the average paying users for each quarter during a given period of time calculated by dividing (i) the sum of paying users for each quarter of such period, by (ii) the number of quarters in such period. "Paying user" refers to a registered user that has purchased virtual gifts on our platform at least once during the relevant period. [4] Every ten ADSs represent one ordinary share for the relevant period and calendar year. About DouYu International Holdings Limited Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment livestreaming, a wide array of video and graphic contents, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through integration of livestreaming, video, graphics, and virtual communities with a primary focus on games, especially on eSports. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com. Use of Non-GAAP Financial Measures Adjusted operating income (loss) is calculated as operating income (loss) adjusted for share-based compensation expenses. Adjusted net income (loss) is calculated as net income (loss) adjusted for share-based compensation expenses, share of income (loss) in equity method investments, gain on disposal of investment, impairment loss of investments, and impairment loss of goodwill and intangible assets. Adjusted net income (loss) attributable to DouYu is calculated as net income (loss) attributable to DouYu adjusted for share-based compensation expenses, share of income (loss) in equity method investments, gain on disposal of investment, impairment loss of investments, and impairment loss of goodwill and intangible assets. Adjusted basic and diluted net income per ordinary share is non-GAAP net income attributable to ordinary shareholders divided by weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income per ordinary share. The Company adjusted the impact of (i) share-based compensation expenses, (ii) share of income (loss) in equity method investments, (iii) gain on disposal of investment, (iv) impairment loss of investments, (v) impairment loss of goodwill and intangible assets to understand and evaluate the Company's core operating performance. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to its most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP Results" near the end of this release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.0999 to US$1.00, the noon buying rate in effect on December 29, 2023, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized or settled in U.S. dollars, at that rate on December 29, 2023, or at any other rate. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's results of operations and financial condition; the Company's business strategies; general market conditions, in particular, the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; the impact of the COVID-19 to the Company's business operations and the economy in China and globally; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the Securities Exchange Commission. The announced results of the fourth quarter and full year 2023 are preliminary and unaudited. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China: Lingling Kong DouYu International Holdings Limited Email: ir@douyu.tv Tel: +86 (10) 6508-0677 Andrea Guo Piacente Financial Communications Email: douyu@tpg-ir.com Tel: +86 (10) 6508-0677 In the United States: Brandi Piacente Piacente Financial Communications Email: douyu@tpg-ir.com Tel: +1-212-481-2050 Media Relations Contact In China: Lingling Kong DouYu International Holdings Limited Email: pr_douyu@douyu.tv Tel: +86 (10) 6508-0677 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share, ADS, per share and per ADS data) As of December 31 As of December 31 2022 2023 2023 ASSETS RMB RMB US$ (1) Current assets: Cash and cash equivalents 4,041,603 4,440,131 625,379 Restricted cash 6,057 - - Short-term bank deposits 2,511,150 1,716,540 241,770 Accounts receivable, net 109,180 73,453 10,346 Prepayments 26,064 38,181 5,378 Amounts due from related parties 46,126 68,994 9,718 Other current assets 337,004 348,129 49,031 Total current assets 7,077,184 6,685,428 941,622 Property and equipment, net 16,988 13,808 1,945 Intangible assets, net 106,723 120,694 16,999 Long-term bank deposits 250,000 630,000 88,734 Investments 531,911 436,197 61,437 Goodwill 13,804 - - Right-of-use assets, net 49,911 22,792 3,210 Other non-current assets 98,845 163,184 22,984 Total non-current assets 1,068,182 1,386,675 195,309 TOTAL ASSETS 8,145,366 8,072,103 1,136,931 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Current liabilities: Accounts payable 666,985 534,428 75,273 Advances from customers 6,459 12,911 1,818 Deferred revenue 288,152 315,969 44,503 Accrued expenses and other current liabilities 302,801 246,601 34,733 Amounts due to related parties 266,788 251,392 35,408 Lease liabilities due within one year 27,479 14,768 2,080 Total current liabilities 1,558,664 1,376,069 193,815 Lease liabilities 19,572 6,701 944 Deferred revenue 6,570 - - Total non-current liabilities 26,142 6,701 944 TOTAL LIABILITIES 1,584,806 1,382,770 194,759 (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7,0999 to US$1.00, the noon buying rate in effect on December 29, 2023, in the H.10 statistical release of the Federal Reserve Board. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (All amounts in thousands, except share, ADS, per share and per ADS data) As of December 31 As of December 31 2022 2023 2023 RMB RMB US$ (1) SHAREHOLDERS' EQUITY Ordinary shares 23 23 3 Treasury shares (911,217) (911,217) (128,342) Additional paid-in capital 10,670,287 10,670,287 1,502,878 Accumulated deficit (3,520,525) (3,485,007) (490,853) Accumulated other comprehensive income 321,991 415,247 58,486 Total DouYu Shareholders' Equity 6,560,559 6,689,333 942,172 Noncontrolling interests 1 - - Total Shareholders' Equity 6,560,560 6,689,333 942,172 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 8,145,366 8,072,103 1,136,931 (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.0999 to US$1.00, the noon buying rate in effect on December 29, 2023, in the H.10 statistical release of the Federal Reserve Board. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (All amounts in thousands, except share, ADS, per share and per ADS data) Three Months Ended Year Ended Dec 31, 2022
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ONE Store and HAPPYTUK Partner to Launch Alternative App Market in Taiwan
ONE Store and HAPPYTUK Collaborate on Platform, Ecosystem, Operations, and Marketing Plans to Launch Local App Market in Taiwan by Year-End, Accelerating Global Market Entry ONE Store Partners with Key Players like Krafton and Digital Turbine for Global Expansion TAIPEI and SEOUL, South Korea, March 21, 2024 /PRNewswire/ -- ONE Store, Korea's second largest app market outperforming global competitors, announced that it has signed a platform and service agreement with HAPPYTUK, Taiwan's largest game publishing company, to provide an app market service targeting the Taiwanese market. ONE Store’s CEO Peter Chun and HAPPYTUK's CEO Ryan Yang are signing the partnership agreement. As a leading game publisher in Taiwan, HAPPYTUK operates subsidiaries across Mainland China, Hong Kong SAR, Korea, Japan, Thailand, and beyond. Since its establishment in 2012, HAPPYTUK has expanded its business beyond publishing to include game operation, marketing, and development, demonstrating comprehensive capabilities across the gaming industry. It owns mangtot5, a game-specialized portal with over 4 million members, boasting the largest membership base in Taiwan. Additionally, it offers the most extensive number of game titles among publishers in Taiwan. ONE Store will provide its platform and developer ecosystem, while HAPPYTUK will manage platform operation and marketing. Both companies will collaboratively handle the sourcing of game content in Taiwan. ONE Store plans to open an alternative app market in Taiwan by the end of this year, based on this agreement. Once the ONE Store and HAPPYTUK app market launches, developers can immediately offer services in both the Korean and Taiwanese markets by onboarding ONE Store. Both companies aim to assist developers with diverse promotional activities and ensure seamless service provision by integrating multiple payment options within Taiwan. ONE Store, which is extending its reach into the global market beyond its position as a leading domestic app market, is accelerating this process by securing strategic partners one after another. Last month, ONE Store signed a cooperation agreement with Digital Turbine (Nasdaq: APPS), a global mobile platform company, securing a total investment of USD 50 million. Prior to this, in October of last year, ONE Store brought in KRW 20 billion from Krafton, and in 2021 USD 15 million from Microsoft (Nasdaq: MSFT) and Deutsche Telekom Capital Partners (DTCP). These strategic partnerships are paving the way for ONE Store's ambitious global expansion. ONE Store plans to secure blockbuster games and accelerate its global expansion based on successful fundraising. Additionally, ONE Store has stepped up the expansion of overseas business based on global tailwinds from the movement to ensure fairer competition such as mandatory introduction of independent app markets (Digital Markets Act) which is underway in global markets including Europe and US. "We are pleased to embark on a full-scale entry into the Asian market with HAPPYTUK, Taiwan's top publisher. With this agreement, ONE Store aims to make this year the starting point of expanding our overseas business and evolving into one of the most influential global app markets" said Peter Chun, CEO of ONE Store. "We are delighted to provide customers with ONE Store, a leading app store in Korea. We look forward to a variety of games which we will provide going forward" said Ryan Yang, CEO of HAPPYTUK. About ONE Store ONE Store is Korea's leading app market, offering a diverse range of digital content including games, apps, and multimedia content. Building on over 10 years of successful app market experience and technology, ONE Store is now venturing into the global market. The major shareholders of ONE Store include SK Square, Naver, Microsoft, Krafton, KT, and LGU+.
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NETMARBLE OPENS GLOBAL PRE-REGISTRATION FOR UPCOMING ACTION RPG SOLO LEVELING:ARISE
Early Access Available for Canadian Players Starting March 21 LOS ANGELES, March 20, 2024 /PRNewswire/ -- Netmarble, a leading developer and publisher of high-quality mobile games, opened pre-registration globally for its upcoming mobile and PC game Solo Leveling:ARISE, and beginning March 21, Early Access will be available in Canada. Players can pre-register today and earn rewards via the official website, Google Play, App Store, or Netmarble Launcher. Solo Leveling:ARISE is an action RPG adaptation of Solo Leveling, based on the hit anime and Webtoon. Taking on the role of Jinwoo, players can experience his level-ups and progress through the beloved anime tale firsthand, taking on dynamic battles and creating their own combat styles, relying on various combinations of skills and weapons. Not only can players team up with hunters from the Webtoon, they can summon their own "Army of Shadows" using Jinwoo's famous line "Arise." As a special reward for pre-registering, players will receive a Chic Black Suit Costume for Sung Jinwoo, two Mana Power Crystal for each attribute (for a total of 10), Legendary Artifact Sets, and 100,000 of Gold to jumpstart players' journeys. Notably, players are urged not to miss out the chance to obtain Jinwoo's cherished partner/hunter, Yoo Jinho via this pre-registration momentum. These rewards will be given upon the official launch. To celebrate the pre-registration momentum, a never-before-seen trailer has been revealed. As Solo Leveling:ARISE marks the very first game adaption of the Webtoon, this trailer shows the overall stylish Action RPG narratives - Bolstering overall anticipation around the globe. Check out the trailer here. Early Access for Solo Leveling:ARISE will begin at 1:00 AM Pacific Time on March 21 in Canada, and is limited to Android and PC. The game will support six languages during the Early Access period, including Korean, Japanese, English, Simplified Chinese, Thai and Traditional Chinese. Additional language support, including European languages, will be added when the game launches. The Hunter Archive sub-story for Lee Joohee and Kang Taeshik will be available for Early Access players to tackle when the game goes live. Early Access players will also see a number of events active during the game's introductory period including ▲14 Day Check-In Event ▲Special Draw opportunity for 'The Ultimate Hunter', SSR Choi Jong-In, ▲'Dice Event' in celebration of Choi Jong-in Special Draw, ▲'Collect Letters' Event. Canada's Early Access information can be found here. For more information on Solo Leveling:ARISE, please visit the official website, X, Facebook, Instagram, Discord, and official YouTube channel. About Netmarble Corporation Established in Korea in 2000, Netmarble Corporation is a leading developer and publisher of top-grossing mobile games worldwide. Through powerful franchises and collaborations with acclaimed IP holders, Netmarble strives to elevate the gaming experience and entertain audiences globally. As a parent company of Kabam and SpinX Games, and a major shareholder of Jam City and HYBE (formerly Big Hit Entertainment), Netmarble's diverse portfolio includes Seven Knights Idle Adventure, Tower of God: New World, Lineage 2: Revolution, MARVEL Future Fight, Ni no Kuni: Cross Worlds and The Seven Deadly Sins: Grand Cross. More information can be found at http://company.netmarble.com.
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HUYA Inc. Reports Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results and Announces Special Cash Dividend
GUANGZHOU, China, March 19, 2024 /PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game live streaming platform in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. Fourth Quarter 2023 Highlights[1] Total net revenues for the fourth quarter of 2023 were RMB1,529.8 million (US$215.5 million), compared with RMB2,119.4 million for the same period of 2022. Net loss attributable to HUYA Inc. was RMB275.0 million (US$38.7 million) for the fourth quarter of 2023, compared with RMB562.7 million for the same period of 2022. Non-GAAP net loss attributable to HUYA Inc.[2] was RMB189.7 million (US$26.7 million) for the fourth quarter of 2023, compared with RMB438.7 million for the same period of 2022. Average mobile MAUs[3] of Huya Live for the fourth quarter of 2023 remained flat at 85.5 million, compared with 85.5 million for the same period of 2022. Fiscal Year 2023 Highlights Total net revenues for fiscal year 2023 were RMB6,994.3 million (US$985.1 million), compared with RMB9,264.4 million for 2022. Net loss attributable to HUYA Inc. for fiscal year 2023 was RMB204.5 million (US$28.8 million), compared with RMB547.7 million for 2022. Non-GAAP net income attributable to HUYA Inc. for fiscal year 2023 was RMB119.1 million (US$16.8 million), compared with a non-GAAP net loss attributable to HUYA Inc. of RMB290.7 million for 2022. Average mobile MAUs of Huya Live for fiscal year 2023 was 84.1 million, compared with 84.3 million for 2022. Mr. Junhong Huang, Acting Co-Chief Executive Officer and Senior Vice President of Huya, commented, "In the fourth quarter of 2023, we continued to attract and engage a broad audience with rich game and e-sports content while upgrading interactive features to enhance the viewing experience. Meanwhile, we made good progress in revamping our technology, products, and operational strategies to provide more innovative game-related services. As a result, Huya Live's user base remained stable during the quarter, with average mobile MAUs of 85.5 million. Paying users[4] on Huya Live increased sequentially for the fourth quarter, rising marginally to 4.3 million thanks to more users paying for our platform's new game-related service offerings. As we enter 2024, despite the rapidly changing market conditions, we will continue to solidify our core live streaming business while propelling the development of game-related services to expand our business horizons and unlock new revenue streams. We remain confident in our future business prospects as we steadily implement our strategic transformation." "Given the soft industry environment along with our proactive business adjustments, our live streaming revenues contracted in the fourth quarter. Nevertheless, we were encouraged to see that advertising and other revenues increased by 40.5% quarter-over-quarter and by 29.2% year-over-year, mainly due to the growth of game advertising and distribution revenues as we deepened cooperation with game companies," said Ms. Ashley Xin Wu, Huya's Acting Co-Chief Executive Officer and Vice President of Finance. "For the full year of 2023, we recorded total net revenues of approximately RMB7 billion. However, we drove a meaningful year-over-year margin expansion across the board through continuous, comprehensive efforts to improve cost efficiency and operational performance. Also, we're committed to enhancing shareholder value through disciplined capital allocation. As of the end of 2023, we had repurchased US$28.8 million of Huya shares. In addition, we're pleased to declare a special cash dividend totaling approximately US$150 million for our shareholders. Going forward, we will continue to strengthen our operational and financial capabilities to drive sustainable development." [1] In December 2023, the Company acquired a global mobile application service provider from Tencent Holdings Limited for an aggregate cash consideration of US$81 million, the principal terms of which were previously disclosed. As a result of this business combination under common control, in accordance with ASC 805, Business Combinations, the Company has consolidated the financial results of this mobile application service provider on a retrospective basis since the first quarter of 2022. Accordingly, retrospective adjustments have been made to the Company's consolidated historical financial information presented herein, reflecting the consolidation of this mobile application service provider. The Company does not believe the retrospective adjustments to the Company's results to be material, as compared to the historical financial information previously presented. Given that this was a transaction that involved entities under common control of Tencent Holdings Limited, all assets and assumed liabilities transferred have been recognized at the historical cost of the parent. [2] "Non-GAAP net (loss) income attributable to HUYA Inc." is defined as net (loss) income attributable to HUYA Inc. excluding share-based compensation expenses, gain on fair value change of investments and disposal of equity investments, net of income taxes, impairment of goodwill and investments, loss on equity method investment, net of income taxes, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. For more information, please refer to the section titled "Use of Non-GAAP Financial Measures" and the table captioned "HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this press release. [3] Refers to average monthly active users on mobile apps. Average mobile MAUs for any period is calculated by dividing (i) the sum of active users on the mobile apps for each month during such relevant period, by (ii) the number of months during such relevant period. [4] Refers to the sum of user accounts that purchased various products and services on our platform at least once during such relevant period. Fourth Quarter 2023 Financial Results Total net revenues for the fourth quarter of 2023 were RMB1,529.8 million (US$215.5 million), compared with RMB2,119.4 million for the same period of 2022. Live streaming revenues were RMB1,343.5 million (US$189.2 million) for the fourth quarter of 2023, compared with RMB1,975.2 million for the same period of 2022, primarily due to the soft macro and industry environment and the Company's proactive business adjustments in support of its strategic transformation and prudent operations. Advertising and other revenues were RMB186.3 million (US$26.2 million) for the fourth quarter of 2023, compared with RMB144.2 million for the same period of 2022, primarily due to increased revenues from game advertising and distribution services. Cost of revenues decreased by 36.6% to RMB1,514.6 million (US$213.3 million) for the fourth quarter of 2023 from RMB2,387.1 million for the same period of 2022, primarily due to decreased revenue sharing fees and content costs, as well as bandwidth costs. Revenue sharing fees and content costs decreased by 39.4% to RMB1,316.4 million (US$185.4 million) for the fourth quarter of 2023 from RMB2,170.6 million for the same period of 2022, primarily due to the decrease in revenue sharing fees associated with the decline in live streaming revenues, as well as lower costs related to e-sports content and content creators. Bandwidth costs decreased by 18.6% to RMB81.5 million (US$11.5 million) for the fourth quarter of 2023 from RMB100.1 million for the same period of 2022, primarily due to improved bandwidth cost management, favorable pricing terms and continued technology enhancement efforts. Gross profit was RMB15.2 million (US$2.1 million) for the fourth quarter of 2023, compared with a gross loss of RMB267.7 million for the same period of 2022. Gross margin was 1.0% for the fourth quarter of 2023, compared with negative 12.6% for the same period of 2022, primarily due to decreased revenue sharing fees and content costs as a percentage of total net revenues. Research and development expenses decreased by 5.6% to RMB137.0 million (US$19.3 million) for the fourth quarter of 2023 from RMB145.1 million for the same period of 2022, primarily due to decreased share-based compensation expenses. Sales and marketing expenses decreased by 10.8% to RMB113.3 million (US$16.0 million) for the fourth quarter of 2023 from RMB127.0 million for the same period of 2022, primarily due to decreased personnel-related expenses. General and administrative expenses increased by 17.8% to RMB100.2 million (US$14.1 million) for the fourth quarter of 2023 from RMB85.1 million for the same period of 2022, primarily due to provisions and increased professional services fees, partially offset by decreased share-based compensation expenses. Other income was RMB13.1 million (US$1.8 million) for the fourth quarter of 2023, compared with RMB43.8 million for the same period of 2022, primarily due to lower indirect tax refunds and government subsidies. Operating loss was RMB322.3 million (US$45.4 million) for the fourth quarter of 2023, compared with RMB581.2 million for the same period of 2022. Interest and short-term investments income was RMB129.5 million (US$18.2 million) for the fourth quarter of 2023, compared with RMB101.7 million for the same period of 2022, primarily due to increased interest rates and improved management of deposit products. Impairment loss of investments was RMB79.9 million (US$11.3 million) for the fourth quarter of 2023, compared with RMB55.2 million for the same period of 2022, primarily due to the recognition of increased impairment charges on the Company's investments. Net loss attributable to HUYA Inc. was RMB275.0 million (US$38.7 million) for the fourth quarter of 2023, compared with RMB562.7 million for the same period of 2022. Non-GAAP net loss attributable to HUYA Inc. was RMB189.7 million (US$26.7 million) for the fourth quarter of 2023, compared with RMB438.7 million for the same period of 2022. Basic and diluted net loss per American depositary share ("ADS") were each RMB1.14 (US$0.16) for the fourth quarter of 2023. Basic and diluted net loss per ADS were each RMB2.32 for the fourth quarter of 2022. Each ADS represents one Class A ordinary share of the Company. Non-GAAP basic and diluted net loss per ADS were each RMB0.79 (US$0.11) for the fourth quarter of 2023. Non-GAAP basic and diluted net loss per ADS were each RMB1.81 for the fourth quarter of 2022. As of December 31, 2023, the Company had cash and cash equivalents, short-term deposits and long-term deposits of RMB9,916.4 million (US$1,396.7 million), compared with RMB10,676.8 million as of September 30, 2023. Fiscal Year 2023 Financial Results Total net revenues were RMB6,994.3 million (US$985.1 million) for fiscal year 2023, compared with RMB9,264.4 million for the prior year. Live streaming revenues were RMB6,450.8 million (US$908.6 million) for fiscal year 2023, compared with RMB8,195.9 million for the prior year, primarily due to the soft macro and industry environment and the Company's proactive business adjustments in support of its strategic transformation and prudent operations. Advertising and other revenues were RMB543.5 million (US$76.6 million) for fiscal year 2023, compared with RMB1,068.4 million for the prior year, primarily due to a significant decrease in content sub-licensing revenues. Cost of revenues decreased by 28.2% to RMB6,179.1 million (US$870.3 million) for fiscal year 2023 from RMB8,610.7 million for the prior year, primarily due to decreased revenue sharing fees and content costs, as well as bandwidth costs. Revenue sharing fees and content costs decreased by 28.6% to RMB5,378.4 million (US$757.5 million) for fiscal year 2023 from RMB7,535.7 million for the prior year, primarily due to the decrease in revenue sharing fees associated with the decline in live streaming revenues, as well as lower costs related to e-sports content and content creators. Bandwidth costs decreased by 33.0% to RMB360.7 million (US$50.8 million) for fiscal year 2023 from RMB537.9 million for the prior year, primarily due to improved bandwidth cost management, favorable pricing terms and continued technology enhancement efforts. Gross profit increased by 24.7% to RMB815.2 million (US$114.8 million) for fiscal year 2023 from RMB653.6 million for the prior year, primarily due to decreased cost of revenues driven by lower revenue sharing fees and content costs. Gross margin was 11.7% for fiscal year 2023, compared with 7.1% for fiscal year 2022, primarily due to decreased revenue sharing fees and content costs as a percentage of total net revenues. Research and development expenses decreased by 15.5% to RMB578.6 million (US$81.5 million) for fiscal year 2023 from RMB684.4 million for the prior year, primarily due to decreased personnel-related expenses and share-based compensation expenses. Sales and marketing expenses decreased by 16.9% to RMB440.6 million (US$62.1 million) for fiscal year 2023 from RMB530.5 million for the prior year, primarily due to decreased marketing and promotion fees, as well as personnel-related expenses. General and administrative expenses decreased by 6.0% to RMB320.8 million (US$45.2 million) for fiscal year 2023 from RMB341.2 million for the prior year, primarily due to decreased personnel-related expenses and share-based compensation expenses. Other income was RMB81.3 million (US$11.4 million) for fiscal year 2023, compared with RMB166.3 million for the prior year, primarily due to lower indirect tax refunds and government subsidies. Operating loss was RMB443.6 million (US$62.5 million) for fiscal year 2023, compared with RMB736.2 million for the prior year. Interest and short-term investments income were RMB479.7 million (US$67.6 million) for fiscal year 2023, compared with RMB298.2 million for the prior year, primarily due to increased interest rates and improved management of deposit products. Impairment loss of investments was RMB225.8 million (US$31.8 million) for fiscal year 2023, compared with RMB55.2 million for the prior year, primarily due to the recognition of increased impairment charges on the Company's investments. Net loss attributable to HUYA Inc. was RMB204.5 million (US$28.8 million) for fiscal year 2023, compared with RMB547.7 million for the prior year. Non-GAAP net income attributable to HUYA Inc. was RMB119.1 million (US$16.8 million) for fiscal year 2023, compared with a non-GAAP net loss attributable to HUYA Inc. of RMB290.7 million for the prior year. Basic and diluted net loss per ADS were each RMB0.84 (US$0.12) for fiscal year 2023. Basic and diluted net loss per ADS were each RMB2.27 for fiscal year 2022. Non-GAAP basic and diluted net income per ADS were RMB0.49 (US$0.07) and RMB0.48 (US$0.07), respectively, for fiscal year 2023. Non-GAAP basic and diluted net loss per ADS were each RMB1.20 for fiscal year 2022. Share Repurchase Program On August 15, 2023, the board of directors of the Company authorized a share repurchase program under which the Company may repurchase up to US$100 million of its ADSs or ordinary shares over a 12-month period. As of December 31, 2023, the Company had repurchased 9.2 million ADSs with a total aggregate consideration of US$28.8 million under this program. Declaration of Special Cash Dividend The board of directors of the Company has declared a special cash dividend of US$0.66 per ordinary share, or US$0.66 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on May 10, 2024, payable in U.S. dollars. The ex-dividend date will be May 9, 2024. The total amount of cash to be distributed for the dividend is expected to be approximately US$150 million, which will be funded by surplus cash on the Company's balance sheet. The payment date for holders of ordinary shares and holders of ADSs is expected to be on or around May 24, 2024. The dividend to be paid to the Company's ADS holders through the depositary bank will be subject to the terms of the deposit agreement. Director Appointment Mr. Junhong Huang, Acting Co-Chief Executive Officer and Senior Vice President of the Company, has recently been appointed as a director of the Company, effective March 13, 2024. Earnings Webinar The Company's management will host a Tencent Meeting Webinar at 8:00 a.m. U.S. Eastern Time on March 19, 2024 (8:00 p.m. Beijing/Hong Kong time on March 19, 2024), to review and discuss the Company's business and financial performance. For participants who wish to join the webinar, please complete the online registration in advance using the links provided below. Upon registration, participants will receive an email with webinar access information, including meeting ID, meeting link, dial-in numbers, and a unique attendee ID to join the webinar. Participant Online Registration: Chinese Mainland[5]: https://meeting.tencent.com/dw/oiEb0h3kjllr International: https://voovmeeting.com/dw/oiEb0h3kjllr A live webcast of the webinar will be accessible at https://ir.huya.com, and a replay of the webcast will be available following the session. [5] For the purpose of this announcement only, Chinese Mainland excludes the Hong Kong Special Administrative Region, the Macao Special Administrative Region of the People's Republic of China, and Taiwan. About HUYA Inc. HUYA Inc. is a leading game live streaming platform in China. As a technology-driven company, Huya offers rich and dynamic content across games, e-sports, and other entertainment genres where it has cultivated a large, highly engaged, interactive, immersive community of game enthusiasts. Building on its success in game live streaming and through close collaboration with game companies, e-sports tournament organizers, broadcasters and talent agencies, Huya is expanding its presence in the game industry, both domestically and internationally. By providing more innovative game-related services, the Company is committed to meeting the evolving needs of game enthusiasts, content creators, and industry partners. Use of Non-GAAP Financial Measures The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that the consolidated statement of changes in shareholders' equity, consolidated statements of cash flows, and the detailed notes have not been presented. Huya uses non-GAAP gross (loss) profit, non-GAAP operating loss, non-GAAP net (loss) income attributable to HUYA Inc., non-GAAP net (loss) income attributable to ordinary shareholders, non-GAAP basic and diluted net (loss) income per ordinary shares, and non-GAAP basic and diluted net (loss) income per ADS, which are non-GAAP financial measures. Non-GAAP gross (loss) profit is gross (loss) profit excluding share-based compensation expenses allocated in cost of revenues. Non-GAAP operating loss is operating loss excluding share-based compensation expenses and amortization of intangible assets from business acquisitions. Non-GAAP net (loss) income attributable to HUYA Inc. is net (loss) income attributable to HUYA Inc. excluding share-based compensation expenses, gain on fair value change of investments and disposal of equity investments, net of income taxes, impairment of goodwill and investments, loss on equity method investment, net of income taxes, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP net (loss) income attributable to ordinary shareholders is net (loss) income attributable to ordinary shareholders excluding share-based compensation expenses, gain on fair value change of investments and disposal of equity investments, net of income taxes, impairment of goodwill and investments, loss on equity method investment, net of income taxes, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP basic and diluted net (loss) income per ADS is non-GAAP net (loss) income attributable to ordinary shareholders divided by weighted average number of ADS used in the calculation of non-GAAP basic and diluted net (loss) income per ADS. The Company believes that separate analysis and exclusion of the impact of (i) share-based compensation expenses, (ii) gain on fair value change of investments and disposal of equity investments, net of income taxes, (iii) impairment of goodwill and investments, (iv) loss on equity method investment, net of income taxes, and (v) amortization of intangible assets from business acquisitions (net of income taxes), add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures represent useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, and (ii) amortization of intangible assets from business acquisitions (net of income taxes), which have been and will continue to be significant recurring expenses in its business, and (iii) gain on fair value change of investments and disposal of equity investments, net of income taxes, (iv) impairment of goodwill and investments, and (v) loss on equity method investment, net of income taxes, which may recur when there is observable price change in the future. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider a non-GAAP financial measure in isolation from or as an alternative to the financial measures prepared in accordance with U.S. GAAP. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this announcement. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.0999 to US$1.00, the noon buying rate in effect on December 29, 2023, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to in this announcement could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this announcement, as well as Huya's strategic and operational plans, contain forward-looking statements. Huya may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Huya's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Huya's goals and strategies; Huya's future business development, results of operations and financial condition; the expected growth of the game live streaming market; the expectation regarding the rate at which to gain active users, especially paying users; Huya's ability to monetize the user base; Huya's efforts in complying with applicable data privacy and security regulations; fluctuations in general economic and business conditions in China; the economy in China and elsewhere generally; any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Huya; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Huya's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Huya does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: In China: HUYA Inc.Investor RelationsTel: +86-20-2290-7829E-mail: ir@huya.com Piacente Financial CommunicationsJenny CaiTel: +86-10-6508-0677E-mail: huya@tpg-ir.com In the United States: Piacente Financial Communications Brandi PiacenteTel: +1-212-481-2050E-mail: huya@tpg-ir.com HUYA INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS* (All amounts in thousands, except share, ADS, per share data and per ADS data) As of December 31, As of December 31, 2022 2023 2023 RMB RMB US$ Assets Current assets Cash and cash equivalents 694,091 511,973 72,110 Restricted cash 4,050 18,137 2,555 Short-term deposits 9,018,298 6,851,160 964,966 Short-term investments 3,117 - - Accounts receivable, net 84,240 64,258 9,051 Prepaid assets and amounts due from related parties, net 59,702 148,648 20,937 Prepayments and other current assets, net 637,378 556,435 78,371 Total current assets 10,500,876 8,150,611 1,147,990 Non-current assets Long-term deposits 1,072,548 2,553,293 359,624 Investments 906,215 751,844 105,895 Goodwill 449,357 456,976 64,364 Property and equipment, net 200,893 326,765 46,024 Intangible assets, net 207,101 161,739 22,780 Right-of-use assets, net 345,136 379,006 53,382 Prepayments and other non-current assets 110,874 144,120 20,299 Total non-current assets 3,292,124 4,773,743 672,368 Total assets 13,793,000 12,924,354 1,820,358 Liabilities and shareholders' equity Current liabilities Accounts payable 22,524 14,961 2,107 Advances from customers and deferred revenue 446,881 412,257 58,065 Income taxes payable 28,924 49,914 7,030 Accrued liabilities and other current liabilities 1,593,949 1,474,827 207,726 Amounts due to related parties 133,646 177,714 25,030 Lease liabilities due within one year 29,801 31,832 4,483
LIGHTSPEED STUDIOS Showcases Innovations in Game Development at GDC 2024
LIGHTSPEED STUDIOS outlines its commitment to pushing the boundaries of game development, sharing insights into development of new AAA title, Last Sentinel SAN FRANCISCO, March 19, 2024 /PRNewswire/ -- Today, LIGHTSPEED STUDIOS, a leading global game developer, announced plans to host multiple sessions demonstrating the studio's leadership in game development at the 2024 Game Developers Conference (GDC). Among these sessions, Steve C. Martin, Vice President, LIGHTSPEED STUDIOS will share insights into the creation of the new AAA development studio, Lightspeed LA, and the development of its debut title, Last Sentinel. LIGHTSPEED STUDIOS @ GDC 2024 LIGHTSPEED STUDIOS will host sessions highlighting the studio's commitment to innovating at the forefront of AAA game development and fostering global collaboration, including: Building a User and Developer Friendly Cross DCC Animation Pipeline Exploring the Skill System Design in Shooting Games High-performance UE5 Mobile Rendering and Next-Gen Character Creation Pipeline Powered by Machine Learning Mastering Cross-Cultural Collaboration in Game Development Crafting the Ultimate AAA Game Studio for Last Sentinel "At LIGHTSPEED STUDIOS, we're committed to building the future of gaming and crafting next-generation experiences by developing boundary pushing technologies and fostering a collaborative global team," said Jerry Chen, president of LIGHTSPEED STUDIOS. "As we continue our growth, we're looking for developers from around the world to join us in empowering the creation of immersive, original, and groundbreaking experiences." In December 2023, LIGHTSPEED STUDIOS announced Last Sentinel at The Game Awards, developed by Lightspeed LA, a flagship studio under LIGHTSPEED STUDIOS. An ambitious open-world sci-fi AAA experience, Last Sentinel marks LIGHTSPEED STUDIOS' entry into the development of AAA console experiences and underscores the company's commitment to innovating and investing in the future of video game development. GDC attendees are invited to attend LIGHTSPEED STUDIOS' sessions and booth on the show floor for insights into technologies and practices the company is leveraging to build the next generation of AAA experiences. Please visit the LIGHTSPEED STUDIOS website or the GDC schedule for more details. About LIGHTSPEED STUDIOS LIGHTSPEED STUDIOS is a leading global game developer with teams across China, United States, Singapore, Canada, United Kingdom, France, Japan, South Korea, New Zealand, and United Arab Emirates. LIGHTSPEED STUDIOS has created over 50 games across multiple platforms and genres for over 4 billion registered users. It is the co-developer of worldwide hit PUBG MOBILE (co-developed with KRAFTON, Inc.) and the developer of the upcoming AAA open-world game, Last Sentinel. LIGHTSPEED STUDIOS is made up of passionate players who advance the art & science of game development through great stories, great gameplay, and advanced technology. We are focused on bringing next generation experiences to gamers who want to enjoy them anywhere, anytime, across multiple genres and devices.
DouYu International Holdings Limited Announces Plan to Implement ADS Ratio Change
WUHAN, China, March 15, 2024 /PRNewswire/ -- DouYu International Holdings Limited ("DouYu" or the "Company") (Nasdaq: DOYU) today announced it plans to change the ratio of its American depositary shares (the "ADSs") to ordinary shares of the Company with a par value of US$0.0001 per ordinary share (each, an "Ordinary Share," and collectively, the "Ordinary Shares") from ten (10) ADSs representing one (1) Ordinary Share to one (1) ADS representing one (1) Ordinary Share (such change, the "ADS Ratio Change"). For DouYu's ADS holders, this ADS Ratio Change will have the same effect as a one-for-ten reverse ADS split. There will be no change to DouYu's Ordinary Shares. No action is required by holders of uncertificated ADSs to effect the ADS Ratio Change, as the change will be effected on the books of the ADS depositary. Any fractional ADSs will be sold, and the net proceeds from the sale of fractional ADSs will be distributed to the holders entitled thereto. The effect of the ADS Ratio Change on the ADS trading price on the Nasdaq Global Select Market is expected to take place at the open of business on March 28, 2024 (U.S. Eastern Time). As a result of the ADS Ratio Change, the ADS price is expected to increase proportionally, although the Company can give no assurance that the ADS price after the ADS Ratio Change will be equal to or greater than ten times the ADS price before the change. About DouYu International Holdings Limited Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment livestreaming, a wide array of video and graphic contents, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through integration of livestreaming, video, graphics, and virtual communities with a primary focus on games, especially on eSports. This enables DouYu to continuously expand its user base and enhance its user experience. For more information, please see http://ir.douyu.com/. Safe Harbor Statements This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's results of operations and financial condition; the Company's business strategies; general market conditions, in particular the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; the impact of the COVID-19 to the Company's business operations and the economy in China and globally; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the Securities Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China: Lingling KongDouYu International Holdings LimitedEmail: ir@douyu.tvTel: +86 (10) 6508-0677 Andrea GuoPiacente Financial CommunicationsEmail: douyu@tpg-ir.comTel: +86 (10) 6508-0677 In the United States: Brandi PiacentePiacente Financial CommunicationsEmail: douyu@tpg-ir.comTel: +1-212-481-2050 Media Relations Contact Lingling KongDouYu International Holdings LimitedEmail: pr_douyu@douyu.tvTel: +86 (10) 6508-0677
GIGABYTE welcomes gamers to AORUS Infinity for a superior AI experience at PAX EAST 2024
TAIPEI, March 13, 2024 /PRNewswire/ -- GIGABYTE, the world's leading computer brand is excited to announce its gaming sub-brand AORUS's presence at PAX EAST 2024 in Boston, USA. Attendees can expect to delve into AI innovation, experiencing unparalleled performance from GIGABYTE AI gaming laptops, stunning OLED monitors, and powerful PC systems. Collaborating with well-known game developers, Capcom and miHoYo, AORUS also offers exceptional first-hand access to newly launched game titles, exclusive on-site prizes, and exciting game challenges during the event. GIGABYTE welcomes gamers to AORUS Infinity for a superior AI experience at PAX EAST 2024 To revolutionize the gaming experience for gamers, AORUS unveils the groundbreaking GIGABYTE AI gaming laptop lineup powered by the latest Intel® Core™ Ultra processors and NVIDIA® GeForce RTX™ 40 series laptop GPUs that deliver up to 20 times faster performance for generative AI workloads. The AORUS series represents the pinnacle of gaming excellence while equipped with exclusive AI Nexus technology of AI Power Gear, AI Boost, and AI Generator utilities that further elevate user experience. AORUS also showcases a lineup of OLED monitors in various sizes for delivering stunning visuals and an immersive gameplay experience. The centerpiece is the world's first DP2.1 UHBR20 tactical gaming monitor, FO32U2P, promising an unprecedented gaming experience with an impressive 80 Gbps bandwidth without Display Stream Compression (DSC). With a new Tactical Switch to change viewing area for FPS-optimal resolution and AI-driven solutions for OLED burn-in protection, this OLED lineup offers a glimpse into the future of gaming monitors. Alongside the product demonstrations, AORUS is excited to partner with Capcom, offering attendees the chance to experience Dragon Dogma 2 firsthand on its launch day, March 22nd. Gamers can get early access to Zenless Zone Zero before its release and stand a chance to win exclusive prizes. While showcasing its powerful gaming setup with various game challenges, AORUS also demonstrates real-time AI displays powered by NVIDIA® GeForce RTX™ 4090 graphics cards, providing unparalleled realism and immersive game character swapping in each gaming challenge. AORUS invites those unable to attend in person to participate in an online giveaway to win a Z790 AORUS ELITE AX ICE motherboard throughout the event. Stay updated with event details and campaigns by following @aorus_official on Instagram.
Atari Partners with Alan-1 to Bring New Atari Recharged Games to Arcades Nationwide
Alan-1, Inc. (alan-1.com), a video game studio and manufacturer of coin-operated arcade game cabinets, is thrilled to announce a new partnership with the iconic game publisher Atari. Alan-1 has been selected by Atari to create new arcade games cabinets for their Recharged games. These cabinets will be designed for Family Fun Centers, Barcades, and other location-based entertainment (LBE) venues. This collaboration marks a significant step forward in enriching the location-based arcade experience by the company that created the most endearing coin-operated video games in the world. “Our games will be new and fresh while providing nostalgic experiences. We have also created fun, innovative classic game mechanics combined with modern interactive mechanical effects that will delight players of all generations," said Luke Anderson, Chief Game Designer (CGD) at Alan-1. “We look forward to releasing several games in collaboration with Atari over the years and bringing them to many locations nationwide. It is our hope that a new generation will experience the thrill and excitement of competitive location based hyper-casual arcade fun.” “The Recharged Series has reintroduced some of Atari’s most recognized and celebrated titles to new generations of players,” said Ethan Zoubek, President of Atari. “We are excited to be working with a leader in the arcade space to bring these games to an even wider audience.” The collaboration between Atari and Alan-1 will include the release of at least ten full-sized Recharged arcade game cabinets over the next three years. Alan-1’s Video Arcade System™ (VAS) will power Atari’s Recharged game cabinets. It features modern interactive mechanical effects inspired by virtual pinball technology–including pinball knockers, shaker motors, blower fans, etc. These additional features will interact with the player's in-game experiences. The VAS will also include a ticket redemption system based on scores as well as a robust high score tournament league system– Major League eSports™ (MLeS). This technology will include iPhone/Android notifications, which will invite players to periodically return to the location where the Atari/Alan-1 game was played and beat the high score. The combination of modern day LBE ticket redemption expectations, along with eSports League innovations, is an industry first. Alan-1’s Major League eSports™ and Video Arcade System™ technology helps arcade operators drive more revenue, increase profitability, and makes playing games on a dedicated game cabinet more fun! Each new Atari/ Alan-1 video game cabinet released will resonate with older and younger generations, while upholding the legacy of the Atari brand. Both companies are committed to creating and producing products that meet the highest standards of artistic quality and authenticity, and at the same time, delivering happiness.
The BIC(Busan Indie Connect) Festival 2024 Business Briefing Release
Today, on March 12th at 2 P.M., Park Heong-joon, the Mayor of Busan Metropolitan City, Kim Tae-yeol, the chairman of Busan IT industry Promotion Agency and Seo Tae-geon, the Chairman of Busan Indie Connect Festival Organizing Committee announced that the Busan Indie Connect Festival 2024 (hereinafter referred to as BIC Festival 2024) will be held on August 16 through the official Youtube Channel of BIC Festival. Celebrating its 10th edition this year, BIC Festival 2024 is a leading indie game festival held annually in Busan. Last year, it featured 203 indie games from 22 countries. BIC Festival 2024 will be held offline for 3 days from August 16th to 18th at BEXCO Exhibition Center 1. The festival in an online format will be held from August 9th to August 30th, a week earlier. Through the BIC Festival 2024 business briefing, we can learn about ▲the date and location of the event, special support for the selected indie games, ▲submission schedule, ▲special programs for this year, and ▲various ways to participate in BIC Festival 2024 including Public Indie, Live Indie. Particularly noteworthy is that there will be the ▲the visiting briefing service for organizations (companies) who want to know more about the program in the video. This year, like every other year, 10 companies participated as early sponsors of BIC Festival 2024 to support indie game developers and actively support the expansion of the ecosystem. As can be seen in the video, ▲Pearl Abyss, ▲Smilegate STOVE Indie, as early platinum sponsors, and ▲Epic Games, ▲Devolver Digital, ▲Backnd, ▲Lightning Games, ▲GAME IN FOUNDATION, ▲Xbox as silver sponsors, and ▲Game Rating And Administration Committee, ▲One Store Co., Ltd. as bronze sponsors have announced their intention to participate. Sponsor recruitment for BIC Festival 2024 will be held until June 28. Seo Tae-geon, the Chairman said, "To hold the BIC Festival more abundantly in celebration of the 10th edition, we would like to plan various programs for domestic and foreign indie game officials and indie game developers" Adding, “Various indie games from all over the world will gather in one place, so please show a lot of interest and love.” Details can be found on the official website of the BIC Festival.
Game Backend SaaS BACKND to Showcase at 'GDC 2024', Introduces Enhanced Chat Service
- Game Backend SaaS BACKND to Showcase at 'GDC 2024' with Dedicated Booth - BACKND Server Introduces Upgraded Chat Service to the Global Market SEOUL, South Korea, March 7, 2024 /PRNewswire/ -- AFI, the operator of BACKND, a game backend SaaS platform, announced its participation with a dedicated booth (booth #P1719) at the 'Game Developers Conference (GDC) 2024' to be held March 18-22 at the Moscone Center in San Francisco. Game Backend SaaS, BACKND BACKND is known for its user-friendly features, allowing people without server or backend knowledge to access key features for game development. Since its official launch in 2018, BACKND has provided a comprehensive set of backend functions critical to game development and live operations. Over the past six years, BACKND has gained validation from over 4,400 developers. Currently managing data for over 25 million accumulated gamers, BACKND has already been recognized for its stability and technical prowess, including becoming an AWS ISV Partner. At this year's GDC, BACKND plans to unveil a greatly enhanced version of BACKND Chat, with improved functionality and performance. BACKND Chat, when integrated with the included SDK, seamlessly adds chat functionality to games. Developers can configure different chat groups as desired. They can monitor conversations in real time and use live-ops management features such as user bans. Most importantly, the new version of BACKND Chat is built on the technology foundation of BACKND, providing the best architecture at a more affordable price than any other product on the market. The "BACKND BASE" provides more than 30 essential backend features for gaming, including login, announcements, events, real-time database management, receipt validation, rankings, guilds, and push notifications. "After meeting with some of the best game developers in North America at GDC last year, we are excited to do so again this year," said Owen Kwon, CEO of AFI. "Beyond serving as a game backend, BACKND accelerates the success of indie and small-to-medium sized game developers by being their trusted partner in creating success stories together. We are not just a game backend, we are a partner that helps game developers achieve even greater success. Leveraging the success we've achieved in Asia, we are committed to creating success stories with developers in North America as well." Previously, BACKND participated in 'Gamescom 2023' in Germany and 'Taipei Game Show 2024' in January 2024 with exclusive booths and received positive feedback from international developers. For more information on BACKND, please visit their official website and blog. About AFI, INC AFI operates the 'BACKND' gaming backend platform since August 2018, presently catering to over 4,400 corporate customers as of February 2024. In 2022, AFI secured $4 million USD in Series A investment from investors, including DSC Investment and Kakao Ventures, with the goal of improving its global services and expanding its business. About BACKND BACKND streamlines game development and operation by offering over 30 game-specific features and an operation console upon release. It is among the pioneering global game backend SaaS platforms that facilitate game backend construction with reduced development efforts. BACKND Website: www.backnd.com BACKND Blog: https://medium.com/@backnd BACKND Developer Documentation: https://docs.thebackend.io/en/ For further information: Millie Kim, global@backnd.com