Stock Code: 603444 Stock Name: G-bits
G-bits Network Technology (Xiamen) Co., Ltd.
2024 Annual Report (Summary)
March 2025
Should there be any discrepancy between the English version and the Chinese version of this Report,the Chinese version shall prevail.
Part I Important NotesI.The summary of the Annual Report is extracted from the full text of the AnnualReport. To gain a thorough understanding of the Company's operational achievements,financial condition, and future development plans, investors are advised to carefully readthe full Annual Report on the website (www.sse.com.cn).
II.The board of directors (or the “Board”), supervisory board, directors, supervisors,and senior management of the Company guarantee the truthfulness, accuracy, andcompleteness of this Annual Report, ensuring that there are no false records, misleadingstatements, or material omissions. They also bear individual and joint legalresponsibilities.III.All directors of the Company attended the board meeting for the review of theAnnual Report.IV.KPMG Huazhen LLP has issued a unqualified audit opinion for the Company.V.The profit distribution proposal or capital reserve capitalization plan for theReporting Period, as approved by the Board of Directors.The Company plans to distribute a cash dividend of RMB 35.00 per 10 shares (includingtaxes) based on the total number of shares outstanding on the equity registration date of the2024 annual profit distribution plan, excluding repurchased shares. This profit distribution willnot involve any capital reserve transfer to share capital or other forms of profit distribution.
The total cash dividend for 2024 (including the interim dividend already distributed and theannual dividend declared but yet to be implemented) is expected to be RMB 717.56 million,accounting for 75.94% of the net profit attributable to shareholders of the Company.
Since its IPO in January 2017, the Company has cumulatively distributed cash dividendstotaling RMB 6.02 billion (including the announced but not yet implemented annual dividend for2024), which is 6.69 times the net proceeds raised from the initial public offering.
To share operational achievements and enhance investor confidence, the Company
intends to authorize the Board to determine and implement the 2025 interim cash dividend plan(including semi-annual and first three quarters distributions) under the following conditions: (1)The Company is profitable for the period, and the accumulated undistributed profits are positive.After evaluating the current operating conditions and the funds required for sustainable futuredevelopment, the Board of Directors deems the funds to be sufficient, and it is suitable todistribute cash dividends for the period; (2) The cumulative amount of cash dividends during theperiod shall not exceed 100% of the net profit attributable to shareholders of the Company.The above proposal is subject to approval by the shareholders' meeting.
Part II Basic Information of the CompanyI. Company Profile
Stock ProfileTypes of Stocks
| Types of Stocks | Stock Exchange | Stock Name | Stock Code | Previous Stock Name |
A-shares
| A-shares | Shanghai Stock Exchange | G-bits | 603444 | N/A |
| Contact Information | Board Secretary | Securities Affairs Representative |
Name
| Name | LIANG Lili | CAI Luxi |
Telephone
| Telephone | 0592-3213580 | 0592-3213580 |
Office Address
| Office Address | G-bits Building, No.4 Wang Hai Road, Software Park II, Xiamen | G-bits Building, No.4 Wang Hai Road, Software Park II, Xiamen |
| ir@g-bits.com | ir@g-bits.com |
II. Key Accounting Data and Financial Indicators of the Company（I） Key Accounting Data and Financial Indicators for the Past 3 Years
Unit: RMB Yuan
| Item | 31 December 2024 | 31 December 2023 | YoY+/- (%) | 31 December 2022 |
Total assets
| Total assets | 6,923,548,235.25 | 6,636,771,238.42 | 4.32 | 6,490,420,298.78 |
Equity attributable toshareholders of theCompany
| Equity attributable to shareholders of the Company | 4,902,079,614.40 | 4,463,842,027.96 | 9.82 | 3,978,734,566.03 |
Item
| Item | 2024 | 2023 | YoY+/- (%) | 2022 |
Operating revenue
| Operating revenue | 3,695,682,593.56 | 4,184,851,388.03 | -11.69 | 5,167,615,488.17 |
Net profit attributable toshareholders of theCompany
| Net profit attributable to shareholders of the Company | 944,919,757.13 | 1,125,119,212.35 | -16.02 | 1,460,874,459.68 |
Net profit attributable toshareholders of theCompany afterdeducting non-recurringprofits and losses
| Net profit attributable to shareholders of the Company after deducting non-recurring profits and losses | 877,172,509.47 | 1,118,962,328.86 | -21.61 | 1,468,317,227.00 |
Net cash flows fromoperating activities
| Net cash flows from operating activities | 1,248,636,979.54 | 1,185,500,983.67 | 5.33 | 1,752,393,962.54 |
Weighted averagereturn on equity (%)
| Weighted average return on equity (%) | 19.79 | 26.04 | a decrease of 6.25 percentage points | 32.49 |
Basic earnings pershare (RMB/share)
| Basic earnings per share (RMB/share) | 13.15 | 15.63 | -15.87 | 20.33 |
Description:
i. Overview of Main Game Revenue and ProfitsThe Company's operating revenue primarily derives from its self-developed core products:
Asktao (PC), Asktao (Mobile), and Overmortal (Mainland version). During the Reporting Period,the game gross billings
generated from these three products are as follows:
Unit: RMB million Yuan
| Item | 2024 | 2023 | YoY+/- (%) |
Asktao (PC)
| Asktao (PC) | 1,118.84 | 1,076.50 | 3.93 |
Asktao (Mobile)
| Asktao (Mobile) | 2,073.26 | 2,339.85 | -11.39 |
Overmortal (Mainland version)
| Overmortal (Mainland version) | 595.64 | 1,035.66 | -42.49 |
Total
| Total | 3,787.74 | 4,452.01 | -14.92 |
1. Domestic Game Business
(1) The operating revenue and profit of Asktao (PC) remained largely stable year-over-yearduring the Reporting Period.
(2) The operating revenue, distribution expenses and profit of Asktao (Mobile) declinedyear-over-year during the Reporting Period.
(3) The operating revenue, distribution expenses and profit of Overmortal (MainlandVersion) and Aobi Island: Dreamland saw a significant year-over-year decrease during theReporting Period.
(4) Newly launched titles, including Alchemy Family, Chinese Cuisine Cruise and Leagueof Gods: Fantasyland contributed incremental revenue. As of the end of the Reporting Period,Chinese Cuisine Cruise has achieved modest profitability, while Alchemy Family and League ofGods: Fantasyland remained unprofitable.
2. Overview of Overseas Business
The Company's overseas operating revenue for the period totaled RMB 499.79 million,representing an 83.92% year-over-year increase. This growth was primarily driven by the launch
The game gross billings refer to the amount of player recharges. The difference between gross billings and the Company’soperating revenue is primarily due to factors such as revenue-sharing costs paid to operators, related taxes and fees, andunutilized player items.
of Dragon POW! (Overseas Version), Monster Never Cry (Overseas Version), and Outpost:
Infinity Siege (Steam). Overmortal (European and American Version), which launched in August2023, completed its first full year of operations, recording an increase in both revenue and profitcompared to the prior year. As of the end of the Reporting Period, the overall overseas gamebusiness has yet to achieve profitability.ii. Overview of Equity Investment BusinessThe Company's investment targets mainly consist of upstream and downstream enterprisesin the game industry or industry investment funds. The financial results from investment activitiesduring the Reporting Period, including investment income, fair value changes, and assetimpairment losses, are detailed in the table below:
Unit: RMB Yuan
| Item | 2024 | 2023 |
Investment income recognized under the equity method for jointventures and associates(Profits of the investee recognized based on ownershippercentage)
| Investment income recognized under the equity method for joint ventures and associates (Profits of the investee recognized based on ownership percentage) | -13,841,708.75 | 9,207,061.64 |
Provision for impairment of long-term equity investments(Impairment of equity investments)
| Provision for impairment of long-term equity investments (Impairment of equity investments) | -49,376,948.28 | -19,961,119.52 |
Investment income(Gain on disposal of equity investments)
| Investment income (Gain on disposal of equity investments) | 43,732,263.19 | 2,198,115.56 |
Gain or loss from fair value changes of other non-current financialassets(Fair value changes of investees)
| Gain or loss from fair value changes of other non-current financial assets (Fair value changes of investees) | -15,375,777.68 | -42,380,484.84 |
Investment income during the holding period of other non-currentfinancial assets(Dividends from investees)
| Investment income during the holding period of other non-current financial assets (Dividends from investees) | 10,000,000.00 |
Total
| Total | -24,862,171.52 | -50,936,427.16 |
iii. Overview of Foreign Exchange Gain/LossesThe period-end central parity rate of the USD against the RMB was 7.1884, representingan increase of 1.49% compared to the end of the previous year. Some of the Company'stransactions are settled in USD, and the Company holds a significant amount of USD. Theincome generated from exchange rate fluctuations during the Reporting Period amounted toRMB 34.91 million (of which RMB 21.69 million is attributable to shareholders of the Company),compared to RMB 31.51 million (RMB 19.17 million attributable to shareholders) in the same
period last year, representing a year-over-year increase of RMB 3.40 million.iv. Overview of Operating Cash FlowThe net cash flow from operating activities for the year increased by 5.33% year-over-year,as cash inflows from operating activities exceeded outflows. Cash inflows from operatingactivities decreased by 7.19% compared to the previous year, primarily due to a decline inrevenue from key titles such as Asktao (Mobile) and Overmortal (Mainland Version). Meanwhile,cash outflows from operating activities decreased by 11.76% year-over-year, mainly due to areduction in distribution expenses and other expenditures.v. Overview of Deferred Game RevenueAs of December 31, 2024, the Company's unamortized deferred game revenue balanceamounted to RMB 478.38 million, an increase of RMB 37.87 million compared to the previousyear-end balance of RMB 440.51 million. This increase was primarily driven by the launch of newtitles during the year, including League of Gods: Fantasyland, Monster Never Cry (OverseasVersion), and Monster Never Cry (Mainland Version), resulting in higher deferred revenue basedon item consumption progress or the estimated lifespan of paying players.vi. Adjusted Net Profit Attributable to Shareholders of the CompanyTo better reflect the operating performance of the Company's core business, the impact ofexchange rate fluctuations, investment activities, and property impairments on profit has beenexcluded. The adjusted net profit attributable to shareholders of the Company is summarized asfollows:
Unit: RMB Yuan
| Item | 2024 | 2023 | YoY+/- (%) |
1.Net profit attributable to shareholders of the
Company
| 1.Net profit attributable to shareholders of the Company | 944,919,757.13 | 1,125,119,212.35 | -16.02 |
Less: (1) Income from disposal of long-term equityinvestments
| Less: (1) Income from disposal of long-term equity investments | 43,731,831.20 | 2,198,115.56 | 1,889.51 |
(2) Changes in Equity Holdings Period (Gains
or losses from changes in fair value, investmentincome, and asset impairment losses, etc.)
| (2) Changes in Equity Holdings Period (Gains or losses from changes in fair value, investment income, and asset impairment losses, etc.) | -34,659,572.85 | -62,251,938.72 | 44.32 |
(3) Foreign exchange gains
| (3) Foreign exchange gains | 21,689,916.00 | 19,167,301.84 | 13.16 |
(4) Taxes and charges related to investment
| (4) Taxes and charges related to investment | 5,218,166.99 | -2,522,112.51 | 306.90 |
| Item | 2024 | 2023 | YoY+/- (%) |
operations and foreign exchange movements
operations and foreign exchange movements
2.Adjusted net profit attributable to shareholders of
the company (excluding property impairment)
| 2.Adjusted net profit attributable to shareholders of the company (excluding property impairment) | 908,939,415.79 | 1,168,527,846.18 | -22.21 |
Less: (5) Fixed asset impairment and related taxes
| Less: (5) Fixed asset impairment and related taxes | -39,357,026.75 | -4,450,939.89 | -784.24 |
3.Adjusted net profit attributable to shareholders of
the Company (including property impairment)
| 3.Adjusted net profit attributable to shareholders of the Company (including property impairment) | 948,296,442.54 | 1,172,978,786.07 | -19.15 |
Note：1) The data listed in the table above are attributable to shareholders of the Company.
2) Given the significant change in property impairment this year compared to the previous year,the Company has separately presented adjusted operating performance excluding propertyimpairment for enhanced comparability.（II） Quarterly Key Accounting Data during the Reporting Period
| Q1 | Q2 | Q3 | Q4 | Q4 2024 QoQ+/- (%) |
Operating revenue
| Operating revenue | 927,265,003.93 | 1,032,384,127.82 | 858,632,540.87 | 877,400,920.94 | 2.19 |
Net profit attributable toshareholders of theCompany
| Net profit attributable to shareholders of the Company | 253,363,007.32 | 264,464,585.84 | 139,673,592.50 | 287,418,571.47 | 105.78 |
Net profit attributable toshareholders of theCompany afterdeducting non-recurringprofits and losses
| Net profit attributable to shareholders of the Company after deducting non-recurring profits and losses | 197,973,093.10 | 264,624,775.23 | 150,808,990.71 | 263,765,650.43 | 74.90 |
Net cash flows fromoperating activities
| Net cash flows from operating activities | 230,570,533.67 | 363,712,658.76 | 232,736,935.51 | 421,616,851.60 | 81.16 |
Description:
1. The increase in net profit attributable to shareholders of the Company in Q4 comparedto Q3 was mainly due to:
(1) Adequate bonus accruals based on operating performance in the first three quarters,with a partial reversal in Q4 based on the Company’s full-year performance, project results, andemployee performance.
(2) A decrease in distribution expenses in Q4 compared to Q3.
(3) Foreign exchange gains of RMB 41.12 million in Q4, compared to a foreign exchangeloss of RMB 26.94 million in Q3, resulting in a quarter-over-quarter increase of RMB 68.06 million(resulting in a quarter-over-quarter increase of RMB 43.01 million attributable to shareholders ofthe Company).
(4) Xiamen Leiting Interactive Network Co., Ltd. reversed the difference between the 25%accrued corporate income tax for 2023 and the actual tax settlement amount. Based on cautiousconsideration, income tax was still provisioned at a rate of 25% for the year 2024.
2.The increase in net cash flow from operating activities in Q4 compared to Q3 was mainlydue to:
(1) The Company typically pays monthly salaries on the 5th of the following month. However,due to the National Day holiday, September salaries were paid in advance at the end ofSeptember, leading to lower salary payments in Q4 compared to Q3.
(2) A decrease in distribution expenses in Q4 compared to Q3.
(3) A higher number of matured fixed deposits in Q4 compared to Q3, resulting in a quarter-over-quarter increase in interest cash inflow.III. Shareholder Composition（I） Number and shareholding of the Company's shareholders
| Total number of ordinary shareholders at the end of the Reporting Period | 22,355 |
Total number of ordinary shareholders as of the end of the previous month beforethe disclosure date of the Annual Report
| Total number of ordinary shareholders as of the end of the previous month before the disclosure date of the Annual Report | 20,190 |
Total number of preferred shareholders with voting rights restored at the end of theReporting Period
| Total number of preferred shareholders with voting rights restored at the end of the Reporting Period | - |
Total number of preferred shareholders with voting rights restored as of the end ofthe previous month before the disclosure date of the Annual Report
| Total number of preferred shareholders with voting rights restored as of the end of the previous month before the disclosure date of the Annual Report | - |
Top 10 shareholders
Top 10 shareholdersName ofshareholder
| Name of shareholder | Increase/decrease in the Reporting Period | Number of shares held at the end of the Reporting Period | Shareholding percentage (%) | Restricted shares held | Pledged, marked, or frozen shares | Nature of Shareholder | |
| Status | Quantity | ||||||
LU Hongyan
| LU Hongyan | 21,412,615 | 29.72 | None | Domestic individual |
CHEN Tuolin
| CHEN Tuolin | 8,240,025 | 11.44 | None | Domestic individual |
Hong KongSecuritiesClearingCompany Ltd.
| Hong Kong Securities Clearing Company Ltd. | -1,193,001 | 5,865,811 | 8.14 | None | Overseas corporation |
HUANG Zhihui
| HUANG Zhihui | 1,374,782 | 1.91 | None | Domestic |
individualLI Peiying
| LI Peiying | 1,350,000 | 1.87 | None | Domestic individual |
Guotai AssetManagement Co.,Ltd. - SocialSecurity FundPortfolio 1102
| Guotai Asset Management Co., Ltd. - Social Security Fund Portfolio 1102 | 1,055,936 | 1,055,936 | 1.47 | None | Other |
China MinshengBank Co., Ltd. -Huaxia CSIAnimation &Game Exchange-Traded Open-EndIndex SecuritiesInvestment Fund
| China Minsheng Bank Co., Ltd. - Huaxia CSI Animation & Game Exchange-Traded Open-End Index Securities Investment Fund | 201,788 | 883,796 | 1.23 | None | Other |
Agricultural Bankof China Co., Ltd.- CSI 500Exchange-TradedOpen-End IndexSecuritiesInvestment Fund
| Agricultural Bank of China Co., Ltd. - CSI 500 Exchange-Traded Open-End Index Securities Investment Fund | 441,970 | 645,101 | 0.90 | None | Other |
Basic PensionInsurance Fund1006 Portfolio
| Basic Pension Insurance Fund 1006 Portfolio | 620,050 | 620,050 | 0.86 | None | Other |
Agricultural Bankof China Co., Ltd.- Ping An LowCarbon EconomyMixed SecuritiesInvestment Fund
| Agricultural Bank of China Co., Ltd. - Ping An Low Carbon Economy Mixed Securities Investment Fund | 620,000 | 620,000 | 0.86 | None | Other |
Related or acting-in-concert partiesamong the shareholders listed above
| Related or acting-in-concert parties among the shareholders listed above | N/A |
Explanation of preferredshareholders with voting rightsrestored and their shareholdingquantities
| Explanation of preferred shareholders with voting rights restored and their shareholding quantities | N/A |
（II） Diagram of Equity and Control Relationships Between the Company andControlling Shareholder
（III） Diagram of Equity and Control Relationships Between the Company and theUltimate Controlling Party
Part III Management Discussion and Analysis
I. Discussion and Analysis of Business OperationsThe Company specializes in the development and operation of online games, with a focuson nurturing innovative talent and promoting efficiency. The Company’s mission is to presentunique products and enriching entertainment to a global audience.Since its establishment in 2004, the Company has been deeply engaged in the gamemarket, successfully developing multiple titles rooted in Chinese traditional culture, includingAsktao (PC), Asktao (Mobile), Overmortal and Immortal Sword. Asktao (PC) has been incontinuous operation for nearly 19 years since its launch in 2006. Building on its strong userbase and IP popularity, the Company launched the mobile version of the MMORPG Asktao(Mobile) in April 2016, which has maintained solid market performance through continuousiterations and user experience enhancements over the past 9 years. In February 2021, theCompany launched Overmortal, an ink-wash style idle mobile game about the Taoist cultivationof immortality, which has been consistently updated over the past 4 years. Through its long-termoperation, the Company has gained extensive experience in sustaining and evolving idlecultivation games. In January 2025, the Company released Immortal Sword, a 3D idle cultivationmobile game with sword-fighting mechanics, which has demonstrated steady performance post-launch. Additionally, the Company’s proprietary publishing platform, Leiting Games, leveragesyears of operational expertise to support the success of both self-developed and licensed titles.In 2024, the Company continued to optimize its overseas market strategy, achievingoverseas revenue of RMB 499.79 million, reflecting an 83.92% year-on-year growth. Severaltitles, including Dragon POW! (Overseas Version), Monster Never Cry (Overseas Version), andOutpost: Infinity Siege (Steam), were launched during the year.
Looking ahead, the Company will continue to iterate and update existing products toenhance game performance and user experience. It will also implement appropriate user-friendlydesigns based on player feedback while continuing to build its IP portfolio to extend productlifecycles. In new product development, the Company will prioritize talent density in core projects,reinforcing its R&D capabilities with a focus on three types of initiatives: engaging and
commercially successful titles, engaging titles with breakeven or minor losses, and technology-driven exploratory projects. In operations, the Company will further refine its strategic focus,concentrating resources on core product operations and key user engagement while enhancingthe efficiency and focus of its publishing business.（I） Major Product PerformanceOverview of Launched Products:
| Name | In-house Developed/Licensed | Genre | Release Date |
Asktao (PC)
| Asktao (PC) | In-house Developed | Turn-Based MMORPG | April, 2006 |
Asktao (Mobile)
| Asktao (Mobile) | In-house Developed | Turn-Based MMORPG | April, 2016 |
Overmortal
| Overmortal | In-house Developed | Idle Taoist Immortality Cultivation Game | February, 2021 |
Immortal Sword
| Immortal Sword | In-house Developed | Idle Taoist Immortality Cultivation Game | January, 2025 |
Aobi Island: Dreamland
| Aobi Island: Dreamland | Licensed | Casual Simulation | July, 2022 |
League of Gods:
Fantasyland
| League of Gods: Fantasyland | Licensed | Chinoiserie RPG | October, 2024 |
Outpost: Infinity Siege
| Outpost: Infinity Siege | In-house Developed | First-Person Shooting PC Game | March, 2024 |
Funny Fighters: Battle
Royale
| Funny Fighters: Battle Royale | In-house Developed | Casual Competitive RPG | July, 2019 |
Gumballs
| Gumballs | Licensed | Roguelike and Simulation | December, 2016 |
Note: All the games are mobile games except Asktao (PC) and Outpost: Infinity Siege.i. Asktao (PC)
The Company’s first independently developed PC game, Asktao (PC), was launched inApril 2006 and quickly became a favorite among players, even reaching a peak of nearly onemillion concurrent users. Since its release in 2006, Asktao (PC) has been continuously updatedin response to market trends and player feedback, extending its life cycle and increasing its IPvalue, and delivering fresh experiences to players while maintaining strong profitability.
ii. Asktao (Mobile)In April 2016, the Company launched Asktao (Mobile), an in-house developed and self-operated MMORPG, leveraging the strong user base and IP value accumulated by Asktao (PC)over the past decade. Since its launch nearly nine years ago, Asktao (Mobile) has maintainedsolid market performance. To further extend its life cycle, the Company has continuouslyexpanded the Asktao IP and strengthened its brand presence.In 2024, Asktao (Mobile) continued its annual four major version updates and introduced aspecial-themed update for the first time in November, which received positive feedback. Duringthe Reporting Period, Asktao (Mobile) maintained an average ranking of 46th on the App Store'sbestselling game list, with a peak ranking of 10th.
iii. OvermortalOvermortal is an in-house developed, idle Taoist immortality cultivation mobile game witha traditional Chinese ink wash art style. The game depicts a Taoist realm inhabited by humans,immortals, monsters, and demons. It faithfully recreates the stages and mechanisms of Taoistspiritual cultivation, as well as displaying abilities and techniques from similar novels of the genre.Since 2024, Overmortal has introduced three new cultivation paths—Sword Cultivator, GhostCultivator, and Scholar Cultivator—continuously delivering fresh gameplay experiences forplayers.
After over 4 years of operation, Overmortal has accumulated more than 27million registeredusers. In the subsequent operational strategy, the Company will focus more on existing users,refine user acquisition strategies to improve efficiency, and optimize brand exposure. TheCompany will actively explore innovative marketing methods, focusing on live streaming, KeyOpinion Consumer (KOC) promotion, community re-engagement, and other diversified useroperations initiatives.
iv. Immortal Sword
Immortal Sword is an in-house developed 3D idle cultivation mobile game with sword-fighting mechanics, launched on January 2, 2025, in Mainland China. The game features 3Daerial combat, faithfully recreating Taoist cultivation experiences such as "sword flight" "mid-airbattles" and the use of magical talismans. Players begin as wandering immortals and progress
to become core members of a sect, embarking on an extraordinary journey to battle across thethree realms. Within its first week of launch, the game surpassed one million registered users.From January to February 2025, Immortal Sword maintained an average ranking of 41 on theApp Store's bestselling game list, with a peak ranking of 14.
Immortal Sword will be gradually launched in Hong Kong, Macau, and Taiwan regions, aswell as in Europe and North America.
（II） Overview of Main Reserve Products
The introduction of some reserve products is as follows:
i. Scepter and Sword (Codename M88)
Scepter and Sword (Codename M88) is an in-house developed immersive idle MMORPGmobile game. Within the game, players have the freedom to customize their characters, combinediverse skillsets, and select their preferred class branches. Employing strategies to combatformidable foes, players explore the realm of lost mysterious legends in this world of sword andmagic. You can build your own homes, engage in guild activities, participate in team battles, andembark on adventurous journeys with other players, relaxing in the laid-back idle gameexperiences. The game has obtained its ISBN license and is scheduled to be launched in thefirst half of 2025.
ii. Jiu Mu Zhi YeJiu Mu Zhi Ye is a season-based SLG game set in the Three Kingdoms era, operated bythe Company. In the game, players assume the role of a regional lord, recruiting famous generalsfrom the Three Kingdoms, developing territories and cities, and competing for supremacy in theCentral Plains with other players. Key gameplay features include "free movement without grid-based restrictions" and "real-time combat with multiple team formations," offering a unique anddifferentiated experience. Jiu Mu Zhi Ye has obtained its ISBN license and is scheduled to belaunched in Mainland China in the second half of 2025.The launch plans for reserve products are subject to various factors and may involveuncertainties. They are provided for reference only.
（III） Investment Activities Overview
The Company continues to deepen its presence in the game market, with a focus on theresearch, development, and operation of online games. Simultaneously, it invests in upstreamand downstream enterprises related to the game industry, including high-quality gamedevelopers, publishers, and industry funds.Below is an overview of some of the enterprises in which the Company has invested orholds equity stakes:
| Investment Target | Shareholding Percentage | Company Description |
| 18.55% |
Qingci Games, the developer of the classic hand-drawn idlemobile game The Marvelous Snail and the Roguelike mobilegame Gumballs, was listed on the Hong Kong Stock Exchangein December 2021 (6633.HK).
| 9.67% | TapTap platform is a renowned third-party platform connecting game developers, publishers, and players, allowing users to download high-quality games and share their experiences with others. Its parent company XD Inc., is listed on the Hong Kong Stock Exchange (2400.HK). |
| 20.00% | Xiamen Yongshi co-developed the popular 2D naval combat game Azur Lane, which has been a best-seller both domestically and internationally. Its self-developed game Eye of Deep Space has received over 140,000 five-star reviews on the App Store. |
| 30.00% | Xiamen Taojin created the popular roguelike series Dungeon Survivor. |
| 10.00% | Xiamen Zhenyouqu owns several popular games, including Sausage Party and Ulala: Idle Adventure. Sausage Party, a shooting survival game, has accumulated over 250 million downloads on TapTap. |
| 1.60% | Unity China is a joint venture of the U.S. game engine developer Unity Technologies. It launched the Tuanjie Engine in 2023, providing creative support across industries such as game, automotive, industrial manufacturing, and film animation. |
| 15.00% | Developed by Guangzhou PeroPero, the music game Muse Dash with parkour elements has sold over 10 million copies and boasts a 90% approval rating on Steam. |
II. Industry Overview During the Reporting Period（I） Industry Landscape
According to the 2024 China Game Industry Report released by the Game PublishingWorking Committee (GPC) of the China Audio-Video and Digital Publishing Association, thenumber of game users in China reached 674 million in 2024, representing a year-on-yearincrease of 0.94%. The Chinese game industry has entered a phase of mature marketcompetition. The actual sales revenue of the Chinese game market amounted to RMB 325.78billion, a 7.53% increase compared to the previous year. This growth was primarily driven by theincrease in the number of new releases, the launch of blockbuster products, the stable operationof evergreen titles, and the strong performance of mini games. In the segmented market, mobilegame still maintained a dominant position, accounting for 73.12% of actual sales revenue.According to the 2024 China Mobile Game Advertising and Marketing Report released byGamma Data (CNG), increasing traffic acquisition costs have continued to compress corporateprofits, leading to a decline in net profits for more than 50% of major listed game companies.Operating costs have been steadily increasing, and industry competition has become moreintense. Game companies must make breakthroughs in differentiated innovation and thesustainable development of high-quality products. Focusing on niche markets, strengthening
competitive advantages through differentiation, and continuously enhancing user experience willbe crucial for the long-term growth of companies.Regarding the overseas market, Chinese game companies are actively responding to thechallenges of slowing global market growth and intensified competition, continuing to exploreexpansion opportunities abroad. In 2024, the actual sales revenue of Chinese independentlydeveloped games in international markets reached USD 18.56 billion, a year-on-year increaseof 13.39%.
（II） Impact of Industry Policies on the Company's SectorIn recent years, regulatory authorities have placed significant emphasis on the healthy andstandardized development of the game industry, continuously introducing new requirements andstandards across various areas, including the protection of minors, cultural values, onlineecosystem governance, data security, personal information protection, and management ofemerging technologies. These measures aim to guide the industry toward regulated, high-qualitygrowth. In the long term, well-structured regulatory policies are crucial for promoting the industry'sdevelopment and progress.In response, the Company will focus on a strategy centered around high-quality,differentiated, and globalized products, with a strong commitment to cultural confidence and
technological innovation, to offer exceptional game experiences to players worldwide. TheCompany will prioritize content development, enhance its internal management systems, andcontinue to implement regulatory measures throughout the game lifecycle, including pre-launch,operational, and post-launch stages. Additionally, the Company will intensify efforts in contentecosystem governance, strengthen protections for minors, and maintain a healthy gameenvironment for its products.III. Overview of Core Business During the Reporting Period（I） Core Business Operations of the CompanyThe Company specializes in the development and operation of online games. TheCompany’s mission is to present differentiated products and services to global users, creatingand sharing delightful experiences in the entertainment industry. During the Reporting Period,the Company achieved a revenue of RMB 3.70 billion, representing a year-on-year decrease of
11.69%.
In terms of in-house developed games, the Company has continuously iterated andupdated its products such as Asktao (PC), Asktao (Mobile), and Overmortal, launching multipleevents and versions to maintain user engagement, generating revenue and profit contributions.
Leiting Games, the platform operated independently by the Company, has developedstrong game management capabilities. The platform has successfully managed a diverseportfolio of games, including Asktao (Mobile), Overmortal, Immortal Sword, Aobi Island:
Dreamland, Tale of Immortal (PC), Funny Fighters: Battle Royale, Gumballs, and othersuccessful titles.（II） Primary Business Model of the Companyi. Revenue Streams
The payment models for online games primarily include pay for virtual items, pay fordownloads, pay based on playtime, and in-game advertising. The Company's game productrevenue mainly comes from the payment model based on virtual items, wherein players can enterthe game for free, and the operator primarily profits from selling virtual items within the game.
Payment for virtual items is the prevalent revenue model adopted by the online game industry inChina.ii. Operating ModelsThere are three main operating models for the Company’s games: independent operation,cooperative operation, and licensing operation. Among them, Asktao (PC) is licensed to BeijingGuangyu Online Technology Co.,Ltd. Other in-house developed and licensed products mainlyadopt independent operation and cooperative operation models. The three operation models areas follows:
1.Independent Operation: The Company publishes games on its platform and isresponsible for promotion and operation. These games might be developed by the Company orby external developers.
2.Cooperative Operation: The Company partners with third-party platforms, such as theApp Store and Android app store including Huawei, vivo, and Google Play, to co-publish andpromote its games, whether developed in-house or licensed.
3.Licensing Operation: The Company licenses its self-developed games to externalpublishers, who are responsible for managing the game's publishing and promotion. TheCompany’s responsibilities are limited to providing technical support and ongoing contentdevelopment.
（III） Analysis of Core Competencies During the Reporting Periodi. Strong Independent Research and Development (R&D) Capabilities
1. Overview of the Company’s R&D Performance
The Company attached great importance to R&D and talent development. Its in-housedeveloped products, such as Asktao (PC), Asktao (Mobile), and Overmortal, have receivedwidespread market recognition and positive feedback. During this Reporting Period, TheCompany’s R&D expense amounted to RMB 757.63 million, accounting for 20.50% of its revenue.This sustained investment has laid the foundation for its innovation.The Company continues to enhance its R&D and innovation capabilities. As of December31, 2024, the Company and its subsidiaries hold 1,254 registered trademarks, 358 softwarecopyrights, 60 art copyrights, 8 music copyrights, 7 literary copyrights, 11 audio productcopyrights, 2 cinematographic works copyrights, and 129 domain names. Additionally, theCompany has obtained 20 invention patents.
2. Boost R&D Performance with the Minimum Viable Product (MVP) Approach
The Company places significant emphasis on product innovation, striving to develop gamesthat stand out both unique and commercially. By focusing on differentiation, the Companycontinuously explores innovative approaches in core gameplay, conceptualization, art style, andother aspects, thereby enhancing the competitive edge of its products. However, this pursuit ofdifferentiation also escalates the complexity of project development, necessitating enhancedcapabilities in gameplay refinement, project management, and data analysis within thedevelopment teams. Drawing from years of experience, the Company has embraced an iterativedevelopment model known as the MVP approach in its R&D process.
At the initial stage, producers must define the core concept of a project, including keyaspects such as core gameplay, uniqueness, target players, market positioning, and potentialrisks. Once the project passes evaluation, a prototype is rapidly developed based on the creativevision and validated through user testing. Throughout the development process, high-frequencyiterations and optimizations are conducted, leveraging test data for precise user feedbackanalysis. Issues are addressed promptly to enhance R&D efficiency. The Minimum ViableProduct (MVP) approach enables the Company to maintain product direction and avoid inefficientinvestments. Meanwhile, the Company continuously refines its R&D framework to ensure theseamless integration of validated core gameplay, art assets, and monetization mechanisms.The MVP approach involves the Company’s operations team working closely with the R&Dteam on a variety of tests and analyses. This allows the Company to gain a deep understandingof the market and users of its products, so that the Company can tailor its strategies and minimizethe risks and costs of release.
3. Centralized Platform Construction, A Strong R&D Foundation
The Company focuses on the development of a centralized R&D platform, providing strongsupport for product development across various areas including technology, art design, musicproduction, and product testing. This platform spans the entire product development cycle,effectively ensuring research and development efficiency and product quality. The establishment
of the centralized R&D platform has minimized redundant resource allocation between differentprojects, enhancing the reuse of human resources, knowledge, and other assets, therebycontrolling R&D costs and improving the stability of the R&D system.
Additionally, the Company is actively exploring the application of AI technologies in gamedevelopment to continuously improve production efficiency. In 2023, the Company launched theAIWebHub platform, integrating various commonly used AI drawing tools and models to facilitatethe use of AI in game development. In 2024, the platform was optimized based on user feedback,with improvements made to underlying algorithms and model training processes to enhanceusability and operational efficiency. Through the application of cutting-edge technologies likeAIGC in game art, the Company has effectively reduced content production time and resourceconsumption, ensuring high-quality outputs while further boosting art production capabilities andoverall efficiency.ii. Exceptional Game Operations
1. Overview of Company's Game Operations
Leiting Games, an independently operated platform, follows a quality-first approach with afocus on user experience. The high-quality, unique, and highly engaging games under LeitingGames' operations have gained significant popularity and earned an excellent reputation.
With years of experience, Leiting Games has developed a comprehensive understandingof operating various game genres including MMORPG, Roguelike, idle games, and casualsimulation. Classic MMORPG Asktao (Mobile) has been running steadily for nearly 9 years, whileOvermortal and Immortal Sword have laid a solid foundation for the Company’s idle cultivationgenre. Games such as Tale of Immortal (PC), and Dungeon Survivor are beloved by players.
2. Player-Centric Approach for Long-Term Operations
The Company remains committed to a player-centric game design and operationsphilosophy, gaining deep insights into user needs to create high-quality original games thatresonate with players.The Company deeply understands user needs and creates high-quality original gamesbeloved by players. After the game launches, the Company strengthens communication withplayers through various channels. For example, the Asktao (Mobile) project team conducts onlineactivities annually and organizes offline events to interact with core players regarding gameversion planning, promotion plans, and other aspects. Moreover, the Company listens tofeedback from key opinion leaders (KOLs) and collaborates with players to "customize" the game.The official community app, Asktao Hub, serves as a convenient interactive platform for playersto access game information, share experiences, and engage directly with the project team,further integrating them into the Asktao universe.The Company actively responds to user demands, providing sincere and comprehensivecustomer service. Guided by the service philosophy of "becoming an official friend to users and
creating a wonderful service experience," the Company embeds a "Contact Customer Service"button within games. It provides players with comprehensive and meticulous service throughvarious channels such as a 24-hour customer service, WeChat customer service official account,customer service forums, and customer service email, catering to users' real-time inquiries,complaints, feedback, and other requests. Additionally, to improve response speed, theCompany utilizes advanced technologies such as AI to build an intelligent self-service system,further enhancing customer service levels. A service quality inspection team is also establishedto monitor service quality daily, aiming to enhance player experience.
3. Exploring Precision and Effective Marketing Promotion Strategies
"Buying traffic" is one of the key methods for promoting games; however, rising useracquisition costs have impacted profitability. The Company remains committed to leveragingdifferentiated, high-quality products as the foundation for its marketing strategy. By analyzingproduct characteristics, market positioning, and player behavior patterns, the Companyformulates tailored promotion plans and reaches target users through diverse methods, includingdaily live streaming, KOC (Key Opinion Consumer) promotion, content development, andcommunity engagement. These approaches reduce reliance on paid acquisition. In 2024, theCompany actively explored innovative marketing channels such as e-commerce live streaming,and precision-segmented ad placement, achieving strong results.
The Company prioritizes user experience in user relationship management and fostersdeep engagement with players. For example, Asktao (Mobile) regularly organizes events suchas “Designers Talk” enabling developers to gain insights into player needs and continuouslyrefine gameplay to enhance user retention. Overmortal hosts annual offline meet-ups in citiesincluding Hangzhou, Wuhan, Shenzhen, Beijing, and Chengdu, where players participate in Q&Asessions and interactive activities, strengthening their connection with the game. Additionally, inNovember 2022, the Company launched the official community platform Leiting GamesMembership Center, integrating game news, exclusive rewards, customer support, and directcommunication with developers. This platform offers players a seamless one-stop service whileproviding the Company with direct insights into user feedback, enabling more preciseoptimization of products and services.
The Company enriches game universes through novels, animations, and music, enhancingplayer immersion and reinforcing brand value. Asktao (Mobile) has released a series of IP-basedcontent, including the novels Asktao: Dashing Spear and Asktao: Tao in the Heart, the animatedseries Wulong Daoist Adventures in Zhongzhou, as well as audiobooks, merchandise, and shortfilms. These efforts continuously expand the Asktao IP and elevate brand recognition. Similarly,Overmortal builds an original IP centered on Taoist cultivation, featuring derivative works suchas the animated series I Am Xiaoyao, the comic Overmortal, the audiobook Between Demon andImmortal, and a series of game-themed soundtracks. These content expansions further developthe game’s narrative and player engagement.
The Company continuously refines its advertising models to align with market dynamicsand user behavior, maximizing acquisition efficiency and return on investment (ROI). Asktao(Mobile) has achieved strong performance on Douyin’s (TikTok China) live streaming platform,with single-session GMV (gross merchandise value) ranking among the top in the virtual goodscategory.
The Company also leverages high-affinity IP collaborations to expand user reach and brandrecognition, partnering with franchises spanning games, novels, animated films, and onlineseries. In addition, the Company employs diversified marketing strategies, including third-partygaming platforms, KOC (Key Opinion Consumer) recommendations, WeChat and QQ player
communities, and official channels to drive organic growth and long-term engagement.During the Reporting Period, multiple Company titles received prominent recommendationson leading platforms such as the App Store and TapTap, further boosting visibility.
Part IV Financial StatementsCONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2024Prepared by: G-bits Network Technology (Xiamen) Co., Ltd.
Unit: RMB Yuan
| Item | 31 December 2024 | 31 December 2023 |
| CURRENT ASSETS | ||
| Cash and Cash equivalents | 2,253,009,828.62 | 2,397,018,382.09 |
| Settlements Provision | ||
| Loans to banks and other financial institutions | ||
| Financial assets held for trading | 1,435,396,307.08 | 1,125,621,695.38 |
| Derivative financial assets | ||
| Notes receivable | ||
| Accounts receivable | 170,942,573.07 | 238,756,746.14 |
| Financing receivables | ||
| Prepayments | 22,245,193.89 | 21,422,780.34 |
| Insurance premium receivable | ||
| Due from reinsurers | ||
| Receivable reinsurance contract reserve | ||
| Other receivables | 34,265,183.81 | 5,599,445.09 |
| Including: Interest receivable | ||
| Dividends receivable | ||
| Financial assets purchased under agreements to resell | ||
| Inventories | ||
| Contract assets | ||
| Assets classified as held for sale | ||
| Current portion of non-current assets | 90,973,351.97 | 11,536,441.92 |
| Other current assets | 281,959,717.03 | 11,746,515.71 |
| Total current assets | 4,288,792,155.47 | 3,811,702,006.67 |
| NON-CURRENT ASSETS | ||
| Loans and advances | ||
| Debt investment | ||
| Other debt investments | 62,266,260.00 | |
| Long-term receivables | 8,989,823.06 | 11,908,237.48 |
| Long-term equity investments | 1,075,222,525.77 | 1,164,814,123.76 |
| Other equity instruments investments | ||
| Other non-current financial assets | 602,066,150.96 | 620,273,547.42 |
| Investment properties | 156,375,069.50 | 170,713,042.03 |
| Fixed assets | 507,350,079.26 | 596,402,026.29 |
| Construction in progress | 13,431,458.49 | 1,660,948.61 |
| Productive biological assets | ||
| Oil and gas assets | ||
| Right-of-use assets | 28,342,929.44 | 36,327,899.47 |
| Intangible assets | 69,907,892.54 | 69,766,821.60 |
| Development expenditures | ||
| Goodwill | 3,808,266.80 | 3,808,266.80 |
| Long-term prepaid expenses | 6,864,207.10 | 20,045,631.47 |
| Deferred tax assets | 97,135,440.71 | 83,259,745.81 |
| Other non-current assets | 2,995,976.15 | 46,088,941.01 |
| Total non-current assets | 2,634,756,079.78 | 2,825,069,231.75 |
| Total assets | 6,923,548,235.25 | 6,636,771,238.42 |
| CURRENT LIABILITIES | ||
| Short-term borrowings | ||
| Borrowing from the central bank | ||
| Deposits and balances from banks and other financial |
| Item | 31 December 2024 | 31 December 2023 |
| institutions | ||
| Financial liabilities held for trading | ||
| Derivative financial liabilities | ||
| Notes payable | ||
| Accounts payable | 170,472,236.21 | 188,815,811.08 |
| Receipts in advance | 74,748.52 | 501,832.24 |
| Contract liabilities | 464,751,114.10 | 417,007,621.68 |
| Financial assets sold under agreements to buy | ||
| Customer deposits and balances from banks and other financial institutions | ||
| Customer brokerage deposits | ||
| Securities underwriting brokerage deposits | ||
| Payroll and employee benefits payable | 400,566,410.82 | 455,196,050.52 |
| Taxes payable | 135,025,450.02 | 182,803,660.02 |
| Other payables | 32,777,170.23 | 34,516,136.28 |
| Including: Interest payable | ||
| Dividend payable | ||
| Fees and commission payable | ||
| Payable reinsurance | ||
| Liabilities classified as held for sale | ||
| Current portion of non-current liabilities | 11,734,902.95 | 10,800,876.22 |
| Other current liabilities | 9,724,489.99 | 13,186,313.60 |
| Total current liabilities | 1,225,126,522.84 | 1,302,828,301.64 |
| NON-CURRENT LIABILITIES | ||
| Insurance reserves | ||
| Long-term borrowings | ||
| Bonds payable | ||
| Including: Preference share | ||
| Perpetual debt | ||
| Lease liabilities | 19,880,603.50 | 28,132,847.55 |
| Long-term Payable | ||
| Long-term payroll and employee benefits payable | ||
| Provisions | ||
| Deferred income | 87,778.30 | 159,642.70 |
| Deferred tax liabilities | 897,700.30 | 705,651.53 |
| Other non-current liabilities | 44,083,682.13 | 57,336,347.24 |
| Total non-current liabilities | 64,949,764.23 | 86,334,489.02 |
| Total liabilities | 1,290,076,287.07 | 1,389,162,790.66 |
| SHAREHOLDERS’ EQUITY： | ||
| Paid-in capital | 72,041,101.00 | 72,041,101.00 |
| Other equity instruments | ||
| Including: Preference share | ||
| Perpetual debt | ||
| Capital reserve | 1,398,264,013.33 | 1,400,918,753.30 |
| Less: treasury shares | 52,171,629.00 | |
| Other comprehensive income | 87,935,700.64 | 73,375,545.86 |
| Special reserve | ||
| Surplus reserve | 36,020,550.50 | 36,020,550.50 |
| General reserve | ||
| Retained earnings | 3,359,989,877.93 | 2,881,486,077.30 |
| Equity attributable to shareholders of the Company | 4,902,079,614.40 | 4,463,842,027.96 |
| Non-controlling interests | 731,392,333.78 | 783,766,419.80 |
| Total shareholders’ equity | 5,633,471,948.18 | 5,247,608,447.76 |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 6,923,548,235.25 | 6,636,771,238.42 |
Legal Representative: Lu Hongyan Chief Accountant: Lin Jiajin Head of AccountingDepartment: Chen Hualiang
COMPANY STATEMENT OF FINANCIAL POSITION
As at 31 December 2024Prepared by: G-bits Network Technology (Xiamen) Co., Ltd.
Unit: RMB Yuan
| Item | 31 December 2024 | 31 December 2023 |
| CURRENT ASSETS | ||
| Cash and Cash equivalents | 126,458,627.40 | 172,514,364.01 |
| Financial assets held for trading | 105,155,515.28 | 328,976,474.94 |
| Derivative financial assets | ||
| Notes receivable | ||
| Accounts receivable | 25,280,804.28 | 45,693,275.98 |
| Financing receivables | ||
| Prepayments | 1,280,806.63 | 1,158,216.36 |
| Other receivables | 33,997,089.23 | 70,829,561.42 |
| Including: Interest receivable | ||
| Dividends receivable | 33,497,000.00 | 69,977,500.00 |
| Inventories | ||
| Contract assets | ||
| Assets classified as held for sale | ||
| Current portion of non-current assets | 1,978,689.92 | 5,555,356.97 |
| Other current assets | 96,996,599.12 | 383,623.67 |
| Total current assets | 391,148,131.86 | 625,110,873.35 |
| NON-CURRENT ASSETS | ||
| Debt investment | ||
| Other debt investments | ||
| Long-term receivables | 1,268,157.79 | 2,486,121.17 |
| Long-term equity investments | 2,478,180,639.42 | 2,150,458,973.88 |
| Other equity instruments investments | ||
| Other non-current financial assets | 143,178,860.92 | 148,546,250.01 |
| Investment properties | 261,816,064.39 | 283,235,747.11 |
| Fixed assets | 8,981,768.94 | 10,328,855.38 |
| Construction in progress | ||
| Productive biological assets | ||
| Oil and gas assets | ||
| Right-of-use assets | ||
| Intangible assets | 617,078.37 | 423,898.63 |
| Development expenditures | ||
| Goodwill | ||
| Long-term prepaid expenses | 169,543.80 | 364,995.95 |
| Deferred tax assets | ||
| Other non-current assets | ||
| Total non-current assets | 2,894,212,113.63 | 2,595,844,842.13 |
| Total assets | 3,285,360,245.49 | 3,220,955,715.48 |
| CURRENT LIABILITIES | ||
| Short-term borrowings | ||
| Financial liabilities held for trading | ||
| Derivative financial liabilities | ||
| Notes payable | ||
| Accounts payable | 3,061,010.67 | 3,091,805.96 |
| Receipts in advance | 43,115.13 | 534,094.42 |
| Contract liabilities | 17,564,542.09 | 19,695,860.98 |
| Payroll and employee benefits payable | 99,610,356.66 | 103,614,920.85 |
| Taxes payable | 15,018,456.17 | 27,210,531.94 |
| Other payables | 4,673,453.22 | 5,012,208.17 |
| Including: Interest payable | ||
| Dividend payable | ||
| Liabilities classified as held for sale |
| Item | 31 December 2024 | 31 December 2023 |
| Current portion of non-current liabilities | ||
| Other current liabilities | 1,214,022.53 | 1,454,183.60 |
| Total current liabilities | 141,184,956.47 | 160,613,605.92 |
| NON-CURRENT LIABILITIES | ||
| Long-term borrowings | ||
| Bonds payable | ||
| Including: Preference share | ||
| Perpetual debt | ||
| Lease liabilities | ||
| Long-term payable | ||
| Long-term payroll and employee benefits payable | ||
| Provisions | ||
| Deferred income | 87,778.30 | 151,675.64 |
| Deferred tax liabilities | ||
| Other non-current liabilities | 1,623,576.65 | 1,777,206.67 |
| Total non-current liabilities | 1,711,354.95 | 1,928,882.31 |
| Total liabilities | 142,896,311.42 | 162,542,488.23 |
| SHAREHOLDERS’ EQUITY： | ||
| Paid-in capital | 72,041,101.00 | 72,041,101.00 |
| Other equity instruments | ||
| Including: Preference share | ||
| Perpetual debt | ||
| Capital reserve | 1,210,012,752.39 | 1,210,019,236.80 |
| Less: treasury shares | 52,171,629.00 | |
| Other comprehensive income | 112,635.16 | -24,035.06 |
| Special reserve | ||
| Surplus reserve | 36,020,550.50 | 36,020,550.50 |
| Retained earnings | 1,876,448,524.02 | 1,740,356,374.01 |
| Total shareholders’ equity | 3,142,463,934.07 | 3,058,413,227.25 |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 3,285,360,245.49 | 3,220,955,715.48 |
Legal Representative: Lu Hongyan Chief Accountant: Lin Jiajin Head of AccountingDepartment: Chen Hualiang
CONSOLIDATED INCOME STATEMENTFor the year ended 31 December 2024Prepared by: G-bits Network Technology (Xiamen) Co., Ltd.
Unit: RMB Yuan
| Item | 2024 | 2023 |
| 1. Total revenue | 3,695,682,593.56 | 4,184,851,388.03 |
| Including: Operating revenue | 3,695,682,593.56 | 4,184,851,388.03 |
| Interest income | ||
| Net earned premiums | ||
| Net fee and commission revenue | ||
| 2. Total cost of sales | 2,389,403,151.73 | 2,500,157,080.35 |
| Including: Cost of sales | 448,479,228.99 | 479,905,478.93 |
| Interest expenses | ||
| Fees and commission expenses | ||
| Surrenders | ||
| Net payments for insurance claims | ||
| Net provision of insurance reserve | ||
| Policyholder dividends | ||
| Reinsurance expenses | ||
| Taxes and surcharges | 24,707,911.51 | 25,074,744.32 |
| Selling expenses | 980,482,774.25 | 1,127,241,515.96 |
| Item | 2024 | 2023 |
| General and administrative expenses | 312,182,573.76 | 314,983,930.97 |
| Research and development expenses | 757,625,465.26 | 679,358,601.39 |
| Financial expenses | -134,074,802.04 | -126,407,191.22 |
| Including: Interest expense | 1,639,894.15 | 1,561,576.37 |
| Interest income | 100,167,430.25 | 90,555,821.67 |
| Add: Other income | 16,400,083.76 | 41,385,502.91 |
| Investment income/(loss) | 73,242,971.14 | 34,921,944.16 |
| Including: Share of profits or loss of associates and joint ventures | -13,841,708.75 | 9,207,061.64 |
| Gain from derecognition of financial assets measured at amortized cost | ||
| Exchange gains or losses | ||
| Net exposure hedging gains/ (losses) | ||
| Gain/ (loss) on the changes in fair value | -11,816,645.41 | -32,966,781.00 |
| Credit impairment losses | 347,177.32 | 3,727,608.72 |
| Assets impairment losses | -101,852,983.95 | -25,895,706.04 |
| Gain/ (loss) from disposal of assets | 21,837.84 | 326,039.11 |
| 3. Operating profit | 1,282,621,882.53 | 1,706,192,915.54 |
| Add: Non-operating income | 6,109,433.41 | 576,190.90 |
| Less: Non-operating expenses | 2,215,344.61 | 6,800,538.08 |
| 4. Profit/(loss) before tax | 1,286,515,971.33 | 1,699,968,568.36 |
| Less: Income tax expense | 107,588,613.64 | 238,876,135.03 |
| 5. Net profit /(loss) | 1,178,927,357.69 | 1,461,092,433.33 |
| (1) Categorized by operation continuity | ||
| Net profit from continuing operations | 1,178,927,357.69 | 1,461,092,433.33 |
| Net profit from discontinuing operations | ||
| (2) Categorized by ownership | ||
| Net profit attributable to shareholders of the Company | 944,919,757.13 | 1,125,119,212.35 |
| Net profit attributable to non-controlling interests | 234,007,600.56 | 335,973,220.98 |
| 6. Other comprehensive income, net of tax | 16,168,648.05 | 14,236,742.09 |
| (1) Other comprehensive income, net of tax, attributable to shareholders of the Company | 14,560,154.78 | 13,665,517.62 |
| (i)Other comprehensive income that will not be reclassified to profit or loss | ||
| Remeasurement gains or losses of a defined benefit plan | ||
| Other comprehensive income using the equity method that will not be reclassified to profit or loss | ||
| Changes in fair value of other equity instrument investments | ||
| Changes in fair value of enterprise's own credit risk | ||
| (ii)Other comprehensive income to be reclassified to profit or loss | 14,560,154.78 | 13,665,517.62 |
| Other comprehensive income that can be reclassified to profit or loss in equity method | 3,300,287.66 | 3,870,111.84 |
| Changes in fair value of other debt investments | 904,387.10 | |
| Amount of financial assets reclassified into other comprehensive income | ||
| Provision for credit impairment of other debt investments | ||
| Cash flow hedging reserves (effective part of profit and loss of cash flow hedging) | ||
| Exchange differences on translation of foreign currency financial statements | 10,355,480.02 | 9,795,405.78 |
| Others | ||
| (2) Other comprehensive income, net of tax, attributable to non-controlling interests | 1,608,493.27 | 571,224.47 |
| 7. Total comprehensive income | 1,195,096,005.74 | 1,475,329,175.42 |
| Total comprehensive income attributable to shareholders of the Company | 959,479,911.91 | 1,138,784,729.97 |
| Total comprehensive income attributable to non-controlling interests | 235,616,093.83 | 336,544,445.45 |
| Item | 2024 | 2023 |
| 8. Earnings per share | ||
| Basic earnings per share (yuan / share) | 13.15 | 15.63 |
| Diluted earnings per share (yuan / share) |
Legal Representative: Lu Hongyan Chief Accountant: Lin Jiajin Head of AccountingDepartment: Chen Hualiang
INCOME STATEMENT OF COMPANYFor the year ended 31 December 2024Prepared by: G-bits Network Technology (Xiamen) Co., Ltd.
Unit: RMB Yuan
| Item | 2024 | 2023 |
| 1. Total revenue | 357,647,674.92 | 358,670,329.43 |
| Less: Total cost of sales | 48,285,996.02 | 47,110,325.74 |
| Taxes and surcharges | 5,050,375.95 | 4,621,644.92 |
| Selling expenses | ||
| Administrative expenses | 49,628,847.90 | 49,461,736.62 |
| Research and development expenses | 124,382,705.86 | 119,182,218.79 |
| Finance expenses | -8,304,055.30 | -13,529,502.51 |
| Including: Interest expenses (expressed with positive value) | ||
| Interest income (expressed with positive value) | 8,144,699.82 | 11,999,749.20 |
| Add: Other income | 2,047,908.85 | 23,161,446.02 |
| Investment income/(loss) | 468,565,992.15 | 643,832,058.16 |
| Including: Share of profits or loss of associates and joint ventures | -8,919,794.46 | -45,879,868.75 |
| Gain from derecognition of financial assets measured at amortized cost | ||
| Net exposure hedging gains/ (losses) | ||
| Gain/ (loss) on the changes in fair value | -2,925,038.39 | -4,565,761.05 |
| Credit impairment losses | 1,339,931.97 | -509,115.93 |
| Assets impairment losses | ||
| Gain/ (loss) from disposal of assets | 979.59 | 419.03 |
| 2. Operating profit/Loss | 607,633,578.66 | 813,742,952.10 |
| Add: Non-operating income | 9,204.64 | 6,345.58 |
| Less: Non-operating expenses | 1,133,277.11 | 1,525,892.86 |
| 3. Profit/(loss) before tax | 606,509,506.19 | 812,223,404.82 |
| Less: Income tax expense | 4,001,399.68 | 14,264,764.61 |
| 4. Net profit /(loss) | 602,508,106.51 | 797,958,640.21 |
| (1) Net profit from continuing operations | 602,508,106.51 | 797,958,640.21 |
| (2) Net profit from discontinuing operations | ||
| 5. Other comprehensive income, net of tax | 136,670.22 | |
| (1) Other comprehensive income, net of tax | ||
| Other comprehensive income that will not be reclassified to profit or loss | ||
| Other comprehensive income using the equity method that will not be reclassified to profit or loss | ||
| Changes in fair value of other equity instrument investments | ||
| Changes in fair value of enterprise's own credit risk | ||
| (2) Other comprehensive income to be reclassified to profit or loss | 136,670.22 | |
| Other comprehensive income that can be reclassified to profit or loss in equity method | ||
| Changes in fair value of other debt investments | 136,670.22 | |
| Amount of financial assets reclassified into other comprehensive income | ||
| Provision for credit impairment of other debt investments | ||
| Cash flow hedging reserves (effective part of profit and loss of cash flow hedging) |
| Item | 2024 | 2023 |
| Exchange differences on translation of foreign currency financial statements | ||
| Others | ||
| 6. Total comprehensive income | 602,644,776.73 | 797,958,640.21 |
| 7. Earnings per share | ||
| (1) Basic earnings per share (yuan / share) | ||
| (1) Diluted earnings per share (yuan / share) |
Legal Representative: Lu Hongyan Chief Accountant: Lin Jiajin Head of AccountingDepartment: Chen Hualiang
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2024Prepared by: G-bits Network Technology (Xiamen) Co., Ltd.
Unit: RMB Yuan
| Item | 2024 | 2023 |
| 1. CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Cash receipts from the sale of goods and the rendering of services | 3,959,328,716.83 | 4,275,602,815.62 |
| Net increase in customer bank deposits and due to banks and other financial institutions | ||
| Net increase in loans from the central bank | ||
| Net increase in funds borrowed from other financial institutions | ||
| Cash premiums received on original insurance contracts | ||
| Net cash received from re-insurance business | ||
| Net increase in deposits and investments from insurers | ||
| Cash received from interest, fees and commission | ||
| Net increase in funds deposit | ||
| Net increase in repurchase business funds | ||
| Net income from securities trading brokerage business | ||
| Tax refunds received | ||
| Cash received relating to other operating activities | 150,891,386.08 | 153,020,528.31 |
| Sub-total of cash inflows from operating activities | 4,110,220,102.91 | 4,428,623,343.93 |
| Cash paid for purchase of goods and services | 574,742,236.60 | 689,290,600.25 |
| Net increase in loans and payments on behalf of customers | ||
| Net increase in deposits with central bank and other financial institutions | ||
| Payments for claims for original insurance contracts | ||
| Net increase in funds lent | ||
| Cash paid for interest, fees and commission | ||
| Commissions on insurance policies paid | ||
| Cash paid to and on behalf of employee | 1,092,340,038.95 | 1,042,923,072.57 |
| Cash paid for taxes | 334,875,996.31 | 465,104,414.01 |
| Cash paid relating to other operating activities | 859,624,851.51 | 1,045,804,273.43 |
| Sub-total of cash outflows from operating activities | 2,861,583,123.37 | 3,243,122,360.26 |
| Net cash flows from operating activities | 1,248,636,979.54 | 1,185,500,983.67 |
| 2. CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Cash received from disposal of investments | 7,561,018,868.14 | 5,032,510,000.00 |
| Cash received from investment income | 69,515,836.97 | 78,529,048.99 |
| Net proceeds from disposal of property, plant and equipment, intangible assets and other long-term assets | 75,174.00 | 1,310.00 |
| Cash received from disposal of subsidiaries and other business units | ||
| Cash received relating to other investing activities | ||
| Sub-total of cash inflows from investing activities | 7,630,609,879.11 | 5,111,040,358.99 |
| Item | 2024 | 2023 |
| Purchase of property, plant and equipment, intangible assets and other non-current assets | 23,496,173.73 | 55,673,991.85 |
| Cash paid for investments | 8,222,344,051.44 | 5,545,911,111.00 |
| Net increase in secured loans | ||
| Net cash paid for acquisition of a subsidiary and other operating units | ||
| Cash paid relating to other investing activities | ||
| Sub-total of cash outflows from investing activities | 8,245,840,225.17 | 5,601,585,102.85 |
| Net cash flows from investing activities | -615,230,346.06 | -490,544,743.86 |
| 3. CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Cash received from investment | 63,743,604.71 | |
| Including: Cash receipts from capital contributions from non-controlling interests of subsidiaries | ||
| Proceeds from borrowings | ||
| Cash receipts relating to other financing activities | ||
| Subtotal of cash inflows from financing activities | 63,743,604.71 | |
| Repayments for debts | ||
| Cash payments for distribution of dividends or profit and interest expenses | 754,415,956.50 | 1,013,195,819.00 |
| Including: Dividends or profit paid to non-controlling shareholders of subsidiaries | 288,000,000.00 | 283,992,000.00 |
| Cash payments relating to other financing activities | 65,922,097.31 | 9,796,328.24 |
| Subtotal of cash outflows from financing activities | 820,338,053.81 | 1,022,992,147.24 |
| Net cash flows from financing activities | -820,338,053.81 | -959,248,542.53 |
| 4. EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 43,527,048.98 | 36,832,233.24 |
| 5. NET INCREASE IN CASH AND CASH EQUIVALENTS | -143,404,371.35 | -227,460,069.48 |
| Add: Cash and cash equivalents at beginning of year | 2,395,180,751.59 | 2,622,640,821.07 |
| 6. CASH AND CASH EQUIVALENTS AT END OF THE YEAR | 2,251,776,380.24 | 2,395,180,751.59 |
Legal Representative: Lu Hongyan Chief Accountant: Lin Jiajin Head of AccountingDepartment: Chen Hualiang
COMPANY STATEMENT OF CASH FLOWSFor the year ended 31 December 2024Prepared by: G-bits Network Technology (Xiamen) Co., Ltd.
Unit: RMB Yuan
| Item | 2024 | 2023 |
| 1. CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Cash receipts from the sale of goods and the rendering of services | 352,536,908.14 | 311,647,085.47 |
| Tax refunds received | ||
| Cash received relating to other operating activities | 65,510,325.41 | 86,859,266.26 |
| Sub-total of cash inflows from operating activities | 418,047,233.55 | 398,506,351.73 |
| Cash paid for purchase of goods and services | 7,232,984.69 | 4,520,905.45 |
| Cash paid to and on behalf of employee | 179,599,915.81 | 182,754,174.90 |
| Cash paid for taxes | 41,972,342.95 | 54,430,631.86 |
| Cash paid relating to other operating activities | 22,344,394.81 | 24,747,344.33 |
| Sub-total of cash outflows from operating activities | 251,149,638.26 | 266,453,056.54 |
| Net cash flows from operating activities | 166,897,595.29 | 132,053,295.19 |
| 2. CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Cash received from disposal of investments | 1,684,500,102.32 | 760,500,000.00 |
| Cash received from investment income | 517,113,107.17 | 735,185,796.88 |
| Net proceeds from disposal of property, plant and equipment, intangible assets and other long-term assets |
| Item | 2024 | 2023 |
| Cash received from disposal of subsidiaries and other business units | ||
| Cash received relating to other investing activities | ||
| Sub-total of cash inflows from investing activities | 2,201,613,209.49 | 1,495,685,796.88 |
| Purchase of property, plant and equipment, intangible assets and other non-current assets | 1,080,677.38 | 3,792,909.09 |
| Cash paid for investments | 1,894,117,907.25 | 1,098,900,000.00 |
| Cash Paid for disposal of subsidiaries and other business units | ||
| Cash paid relating to other investing activities | ||
| Sub-total of cash outflows from investing activities | 1,895,198,584.63 | 1,102,692,909.09 |
| Net cash flows from investing activities | 306,414,624.86 | 392,992,887.79 |
| 3. CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Cash received from investment | 63,743,604.71 | |
| Proceeds from borrowings | ||
| Cash receipts relating to other financing activities | ||
| Subtotal of cash inflows from financing activities | 63,743,604.71 | |
| Repayments for debts | ||
| Cash payments for distribution of dividends or profit and interest expenses | 466,415,956.50 | 729,203,819.00 |
| Cash payments relating to other financing activities | 52,447,216.71 | 413,368.72 |
| Subtotal of cash outflows from financing activities | 518,863,173.21 | 729,617,187.72 |
| Net cash flows from financing activities | -518,863,173.21 | -665,873,583.01 |
| 4. EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -1,533.56 | 993.26 |
| 5. NET INCREASE IN CASH AND CASH EQUIVALENTS | -45,552,486.62 | -140,826,406.77 |
| Add: Cash and cash equivalents at beginning of year | 171,682,308.46 | 312,508,715.23 |
| 6. CASH AND CASH EQUIVALENTS AT END OF THE YEAR | 126,129,821.84 | 171,682,308.46 |
Legal Representative: Lu Hongyan Chief Accountant: Lin Jiajin Head of AccountingDepartment: Chen Hualiang
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2024Prepared by: G-bits Network Technology (Xiamen) Co., Ltd.
Unit: RMB Yuan
| Item | 2024 | ||||||||||||||
| Equity attributable to shareholders of the Company | Non-controlling interests | Total shareholders’ equity | |||||||||||||
| Share capital | Other equity instruments | Capital reserve | Less: Treasury Shares | Other comprehensive income | Special reserve | Surplus reserve | General reserve | Retained earnings | Others | Subtotal | |||||
| preference share | Perpetual debt | Others | |||||||||||||
| 1. Balance at the end of previous year | 72,041,101.00 | 1,400,918,753.30 | 73,375,545.86 | 36,020,550.50 | 2,881,486,077.30 | 4,463,842,027.96 | 783,766,419.80 | 5,247,608,447.76 | |||||||
| Changes in accounting policies | |||||||||||||||
| Corrections of prior period errors | |||||||||||||||
| Others | |||||||||||||||
| 2. Balance at the beginning of the year | 72,041,101.00 | 1,400,918,753.30 | 73,375,545.86 | 36,020,550.50 | 2,881,486,077.30 | 4,463,842,027.96 | 783,766,419.80 | 5,247,608,447.76 | |||||||
| 3. Increase/(decrease) during the period | -2,654,739.97 | 52,171,629.00 | 14,560,154.78 | 478,503,800.63 | 438,237,586.44 | -52,374,086.02 | 385,863,500.42 | ||||||||
| (1) Total comprehensive income | 14,560,154.78 | 944,919,757.13 | 959,479,911.91 | 235,616,093.83 | 1,195,096,005.74 | ||||||||||
| (2) Shareholders’ contributions and reduction | 52,171,629.00 | -52,171,629.00 | -52,171,629.00 | ||||||||||||
| (i) Shareholders ‘contributions in ordinary share | 52,171,629.00 | -52,171,629.00 | -52,171,629.00 | ||||||||||||
| (ii) Other equity instruments contributions | |||||||||||||||
| (iii) Amount of share-based payments recognized in equity | |||||||||||||||
| (iv) Others | |||||||||||||||
| (3). Profit distribution | -466,415,956.50 | -466,415,956.50 | -288,000,000.00 | -754,415,956.50 | |||||||||||
| (i) Transfer to surplus reserve | |||||||||||||||
| Item | 2024 | ||||||||||||||
| Equity attributable to shareholders of the Company | Non-controlling interests | Total shareholders’ equity | |||||||||||||
| Share capital | Other equity instruments | Capital reserve | Less: Treasury Shares | Other comprehensive income | Special reserve | Surplus reserve | General reserve | Retained earnings | Others | Subtotal | |||||
| preference share | Perpetual debt | Others | |||||||||||||
| (ii) Transfer to general Reserve | |||||||||||||||
| (iii) Distribution to shareholders | -466,415,956.50 | -466,415,956.50 | -288,000,000.00 | -754,415,956.50 | |||||||||||
| (iv) Others | |||||||||||||||
| (4) Transfer within equity | |||||||||||||||
| (i) Capital reserves converted to share capital | |||||||||||||||
| (ii) Surplus reserves converted to share capital | |||||||||||||||
| (iii) Loss made up by surplus reserves | |||||||||||||||
| (iv) Changes in the defined benefit plan transferred to retained earnings | |||||||||||||||
| (v) Other comprehensive income transferred to retained earnings | |||||||||||||||
| (vi) Others | |||||||||||||||
| (5). Special reserve | |||||||||||||||
| (i). Additions | |||||||||||||||
| (ii). Utilisation | |||||||||||||||
| (6) Others | -2,654,739.97 | -2,654,739.97 | 9,820.15 | -2,644,919.82 | |||||||||||
| 4. Balance at the end of the period | 72,041,101.00 | 1,398,264,013.33 | 52,171,629.00 | 87,935,700.64 | 36,020,550.50 | 3,359,989,877.93 | 4,902,079,614.40 | 731,392,333.78 | 5,633,471,948.18 | ||||||
| Item | 2023 | ||||||||||||||
| Equity attributable to shareholders of the Company | Non-controlling interests | Total shareholders’ equity | |||||||||||||
| Share capital | Other equity instruments | Capital reserve | Less: Treasury Shares | Other comprehensive income | Special reserve | Surplus reserve | General reserve | Retained earnings | Others | Subtotal | |||||
| preference share | Perpetual debt | Others | |||||||||||||
| 1. Balance at the end of previous year | 71,866,482.00 | 1,334,367,676.34 | 59,710,028.24 | 35,941,112.50 | 2,476,849,266.95 | 3,978,734,566.03 | 730,766,433.50 | 4,709,500,999.53 | |||||||
| Changes in accounting policies | |||||||||||||||
| Corrections of prior period errors | |||||||||||||||
| Others | |||||||||||||||
| 2. Balance at the beginning of the year | 71,866,482.00 | 1,334,367,676.34 | 59,710,028.24 | 35,941,112.50 | 2,476,849,266.95 | 3,978,734,566.03 | 730,766,433.50 | 4,709,500,999.53 | |||||||
| 3. Increase/(decrease) during the period | 174,619.00 | 66,551,076.96 | 13,665,517.62 | 79,438.00 | 404,636,810.35 | 485,107,461.93 | 52,999,986.30 | 538,107,448.23 | |||||||
| (1) Total comprehensive income | 13,665,517.62 | 1,125,119,212.35 | 1,138,784,729.97 | 336,544,445.45 | 1,475,329,175.42 | ||||||||||
| (2) Shareholders’ contributions and reduction | 174,619.00 | 66,279,676.56 | 66,454,295.56 | 348,038.26 | 66,802,333.82 | ||||||||||
| (i) Shareholders ‘contributions in ordinary share | 174,619.00 | 63,568,985.71 | 63,743,604.71 | 63,743,604.71 | |||||||||||
| (ii) Other equity instruments contributions | |||||||||||||||
| (iii) Amount of share-based payments recognized in equity | 2,710,690.85 | 2,710,690.85 | 348,038.26 | 3,058,729.11 | |||||||||||
| (iv) Others | |||||||||||||||
| (3). Profit distribution | 79,438.00 | -720,482,402.00 | -720,402,964.00 | -283,992,000.00 | -1,004,394,964.00 | ||||||||||
| (i) Transfer to surplus reserve | 79,438.00 | -79,438.00 | |||||||||||||
| (ii) Transfer to general Reserve | |||||||||||||||
| (iii) Distribution to shareholders | -720,402,964.00 | -720,402,964.00 | -283,992,000.00 | -1,004,394,964.00 | |||||||||||
| (iv) Others | |||||||||||||||
| Item | 2023 | ||||||||||||||
| Equity attributable to shareholders of the Company | Non-controlling interests | Total shareholders’ equity | |||||||||||||
| Share capital | Other equity instruments | Capital reserve | Less: Treasury Shares | Other comprehensive income | Special reserve | Surplus reserve | General reserve | Retained earnings | Others | Subtotal | |||||
| preference share | Perpetual debt | Others | |||||||||||||
| (4) Transfer within equity | |||||||||||||||
| (i) Capital reserves converted to share capital | |||||||||||||||
| (ii) Surplus reserves converted to share capital | |||||||||||||||
| (iii) Loss made up by surplus reserves | |||||||||||||||
| (iv) Changes in the defined benefit plan transferred to retained earnings | |||||||||||||||
| (v) Other comprehensive income transferred to retained earnings | |||||||||||||||
| (vi) Others | |||||||||||||||
| (5). Special reserve | |||||||||||||||
| (i). Additions | |||||||||||||||
| (ii). Utilisation | |||||||||||||||
| (6) Others | 271,400.40 | 271,400.40 | 99,502.59 | 370,902.99 | |||||||||||
| 4. Balance at the end of the period | 72,041,101.00 | 1,400,918,753.30 | 73,375,545.86 | 36,020,550.50 | 2,881,486,077.30 | 4,463,842,027.96 | 783,766,419.80 | 5,247,608,447.76 | |||||||
Legal Representative: Lu Hongyan Chief Accountant: Lin Jiajin Head of Accounting Department: Chen Hualiang
COMPANY STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2024Prepared by: G-bits Network Technology (Xiamen) Co., Ltd.
Unit: RMB Yuan
| Item | 2024 | ||||||||||
| Share capital | Other equity instruments | Capital reserve | Less: Treasury Shares | Other comprehensive income | Special reserve | Surplus reserve | Retained earnings | Total shareholders’ equity | |||
| preference share | Perpetual debt | Others | |||||||||
| 1. Balance at the end of previous year | 72,041,101.00 | 1,210,019,236.80 | -24,035.06 | 36,020,550.50 | 1,740,356,374.01 | 3,058,413,227.25 | |||||
| Changes in accounting policies | |||||||||||
| Corrections of prior period errors | |||||||||||
| Others | |||||||||||
| 2. Balance at the beginning of the year | 72,041,101.00 | 1,210,019,236.80 | -24,035.06 | 36,020,550.50 | 1,740,356,374.01 | 3,058,413,227.25 | |||||
| 3. Increase/(decrease) during the period | -6,484.41 | 52,171,629.00 | 136,670.22 | 136,092,150.01 | 84,050,706.82 | ||||||
| (1) Total comprehensive income | 136,670.22 | 602,508,106.51 | 602,644,776.73 | ||||||||
| (2) Shareholders’ contributions and reduction | 52,171,629.00 | -52,171,629.00 | |||||||||
| (i)Shareholders’ contributions in ordinary share | 52,171,629.00 | -52,171,629.00 | |||||||||
| (ii)Other equity instruments contributions | |||||||||||
| (iii) Amount of share-based payments recognized in equity | |||||||||||
| (iv) Others | |||||||||||
| (3). Profit distribution | -466,415,956.50 | -466,415,956.50 | |||||||||
| (i) Transfer to surplus reserve | |||||||||||
| (ii) Distribution to shareholders | -466,415,956.50 | -466,415,956.50 | |||||||||
| (iii) Others | |||||||||||
| (4) Transfer within equity | |||||||||||
| (i) Capital reserves converted to share capital | |||||||||||
| (ii) Surplus reserves converted to share capital | |||||||||||
| (iii) Loss made up by surplus reserves | |||||||||||
| Item | 2024 | ||||||||||
| Share capital | Other equity instruments | Capital reserve | Less: Treasury Shares | Other comprehensive income | Special reserve | Surplus reserve | Retained earnings | Total shareholders’ equity | |||
| preference share | Perpetual debt | Others | |||||||||
| (iv) Changes in the defined benefit plan transferred to retained earnings | |||||||||||
| (v) Other comprehensive income transferred to retained earnings | |||||||||||
| (vi) Others | |||||||||||
| (5). Special reserve | |||||||||||
| (i). Additions | |||||||||||
| (ii). Utilisation | |||||||||||
| (6) Others | -6,484.41 | -6,484.41 | |||||||||
| 4. Balance at the end of the period | 72,041,101.00 | 1,210,012,752.39 | 52,171,629.00 | 112,635.16 | 36,020,550.50 | 1,876,448,524.02 | 3,142,463,934.07 | ||||
| Item | 2023 | ||||||||||
| Share capital | Other equity instruments | Capital reserve | Less: Treasury Shares | Other comprehensive income | Special reserve | Surplus reserve | Retained earnings | Total shareholders’ equity | |||
| preference share | Perpetual debt | Others | |||||||||
| 1. Balance at the end of previous year | 71,866,482.00 | 1,143,391,521.98 | -24,035.06 | 35,941,112.50 | 1,662,880,135.80 | 2,914,055,217.22 | |||||
| Changes in accounting policies | |||||||||||
| Corrections of prior period errors | |||||||||||
| Others | |||||||||||
| 2. Balance at the beginning of the year | 71,866,482.00 | 1,143,391,521.98 | -24,035.06 | 35,941,112.50 | 1,662,880,135.80 | 2,914,055,217.22 | |||||
| 3. Increase/(decrease) during the period | 174,619.00 | 66,627,714.82 | 79,438.00 | 77,476,238.21 | 144,358,010.03 | ||||||
| (1) Total comprehensive income | 797,958,640.21 | 797,958,640.21 | |||||||||
| (2) Shareholders’ contributions and reduction | 174,619.00 | 66,627,714.82 | 66,802,333.82 | ||||||||
| (i)Shareholders’ contributions in ordinary share | 174,619.00 | 63,568,985.71 | 63,743,604.71 | ||||||||
| (ii)Other equity instruments contributions | |||||||||||
| (iii) Amount of share-based payments recognized in equity | 3,058,729.11 | 3,058,729.11 | |||||||||
| Item | 2023 | ||||||||||
| Share capital | Other equity instruments | Capital reserve | Less: Treasury Shares | Other comprehensive income | Special reserve | Surplus reserve | Retained earnings | Total shareholders’ equity | |||
| preference share | Perpetual debt | Others | |||||||||
| (iv) Others | |||||||||||
| (3). Profit distribution | 79,438.00 | -720,482,402.00 | -720,402,964.00 | ||||||||
| (i) Transfer to surplus reserve | 79,438.00 | -79,438.00 | |||||||||
| (ii) Distribution to shareholders | -720,402,964.00 | -720,402,964.00 | |||||||||
| (iii) Others | |||||||||||
| (4) Transfer within equity | |||||||||||
| (i) Capital reserves converted to share capital | |||||||||||
| (ii) Surplus reserves converted to share capital | |||||||||||
| (iii) Loss made up by surplus reserves | |||||||||||
| (iv) Changes in the defined benefit plan transferred to retained earnings | |||||||||||
| (v) Other comprehensive income transferred to retained earnings | |||||||||||
| (vi) Others | |||||||||||
| (5). Special reserve | |||||||||||
| (i). Additions | |||||||||||
| (ii). Utilisation | |||||||||||
| (6) Others | |||||||||||
| 4. Balance at the end of the period | 72,041,101.00 | 1,210,019,236.80 | -24,035.06 | 36,020,550.50 | 1,740,356,374.01 | 3,058,413,227.25 | |||||
Legal Representative: Lu Hongyan Chief Accountant: Lin Jiajin Head of Accounting Department: Chen Hualiang