Stock Code: 603444 Stock Name: G-bits
G-bits Network Technology (Xiamen) Co., Ltd.
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 Notes
I.The summary of the Annual Report is extracted from the full text of the Annual
Report. To gain a thorough understanding of the Company's operational achievements,
financial condition, and future development plans, investors are advised to carefully read
the 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, and
completeness of this Annual Report, ensuring that there are no false records, misleading
statements, or material omissions. They also bear individual and joint legal
responsibilities.
III.All directors of the Company attended the board meeting for the review of the
Annual 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 the
Reporting Period, as approved by the Board of Directors.
The Company plans to distribute a cash dividend of RMB 35.00 per 10 shares (including
taxes) based on the total number of shares outstanding on the equity registration date of the
not 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 the
annual 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 dividends
totaling RMB 6.02 billion (including the announced but not yet implemented annual dividend for
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 future
development, the Board of Directors deems the funds to be sufficient, and it is suitable to
distribute cash dividends for the period; (2) The cumulative amount of cash dividends during the
period 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 Company
I. Company Profile
Stock Profile
Previous Stock
Types of Stocks Stock Exchange Stock Name Stock Code
Name
Shanghai Stock
A-shares G-bits 603444 N/A
Exchange
Contact Information Board Secretary Securities Affairs Representative
Name LIANG Lili CAI Luxi
Telephone 0592-3213580 0592-3213580
G-bits Building, No.4 Wang Hai G-bits Building, No.4 Wang Hai
Office Address
Road, Software Park II, Xiamen Road, Software Park II, Xiamen
Email 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 6,923,548,235.25 6,636,771,238.42 4.32 6,490,420,298.78
Equity attributable to
shareholders of the 4,902,079,614.40 4,463,842,027.96 9.82 3,978,734,566.03
Company
Item 2024 2023 YoY+/- (%) 2022
Operating revenue 3,695,682,593.56 4,184,851,388.03 -11.69 5,167,615,488.17
Net profit attributable to
shareholders of the 944,919,757.13 1,125,119,212.35 -16.02 1,460,874,459.68
Company
Net profit attributable to
shareholders of the
Company after 877,172,509.47 1,118,962,328.86 -21.61 1,468,317,227.00
deducting non-recurring
profits and losses
Net cash flows from
operating activities
a decrease
Weighted average of 6.25
return on equity (%) percentage
points
Basic earnings per
share (RMB/share)
Description:
i. Overview of Main Game Revenue and Profits
The 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 billings1 generated from these three products are as follows:
Unit: RMB million Yuan
Item 2024 2023 YoY+/- (%)
Asktao (PC) 1,118.84 1,076.50 3.93
Asktao (Mobile) 2,073.26 2,339.85 -11.39
Overmortal (Mainland version) 595.64 1,035.66 -42.49
Total 3,787.74 4,452.01 -14.92
(1) The operating revenue and profit of Asktao (PC) remained largely stable year-over-year
during the Reporting Period.
(2) The operating revenue, distribution expenses and profit of Asktao (Mobile) declined
year-over-year during the Reporting Period.
(3) The operating revenue, distribution expenses and profit of Overmortal (Mainland
Version) and Aobi Island: Dreamland saw a significant year-over-year decrease during the
Reporting Period.
(4) Newly launched titles, including Alchemy Family, Chinese Cuisine Cruise and League
of 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 of
Gods: Fantasyland remained unprofitable.
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
operating revenue is primarily due to factors such as revenue-sharing costs paid to operators, related taxes and fees, and
unutilized 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 August
compared to the prior year. As of the end of the Reporting Period, the overall overseas game
business has yet to achieve profitability.
ii. Overview of Equity Investment Business
The Company's investment targets mainly consist of upstream and downstream enterprises
in the game industry or industry investment funds. The financial results from investment activities
during the Reporting Period, including investment income, fair value changes, and asset
impairment losses, are detailed in the table below:
Unit: RMB Yuan
Item 2024 2023
Investment income recognized under the equity method for joint
ventures and associates
-13,841,708.75 9,207,061.64
(Profits of the investee recognized based on ownership
percentage)
Provision for impairment of long-term equity investments
-49,376,948.28 -19,961,119.52
(Impairment of equity investments)
Investment income
(Gain on disposal of equity investments)
Gain or loss from fair value changes of other non-current financial
assets -15,375,777.68 -42,380,484.84
(Fair value changes of investees)
Investment income during the holding period of other non-current
financial assets 10,000,000.00
(Dividends from investees)
Total -24,862,171.52 -50,936,427.16
iii. Overview of Foreign Exchange Gain/Losses
The period-end central parity rate of the USD against the RMB was 7.1884, representing
an increase of 1.49% compared to the end of the previous year. Some of the Company's
transactions are settled in USD, and the Company holds a significant amount of USD. The
income generated from exchange rate fluctuations during the Reporting Period amounted to
RMB 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 Flow
The 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 operating
activities decreased by 7.19% compared to the previous year, primarily due to a decline in
revenue 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 a
reduction in distribution expenses and other expenditures.
v. Overview of Deferred Game Revenue
As of December 31, 2024, the Company's unamortized deferred game revenue balance
amounted to RMB 478.38 million, an increase of RMB 37.87 million compared to the previous
year-end balance of RMB 440.51 million. This increase was primarily driven by the launch of new
titles during the year, including League of Gods: Fantasyland, Monster Never Cry (Overseas
Version), and Monster Never Cry (Mainland Version), resulting in higher deferred revenue based
on item consumption progress or the estimated lifespan of paying players.
vi. Adjusted Net Profit Attributable to Shareholders of the Company
To better reflect the operating performance of the Company's core business, the impact of
exchange rate fluctuations, investment activities, and property impairments on profit has been
excluded. The adjusted net profit attributable to shareholders of the Company is summarized as
follows:
Unit: RMB Yuan
Item 2024 2023 YoY+/- (%)
Company
Less: (1) Income from disposal of long-term equity
investments
(2) Changes in Equity Holdings Period (Gains
or losses from changes in fair value, investment -34,659,572.85 -62,251,938.72 44.32
income, and asset impairment losses, etc.)
(3) Foreign exchange gains 21,689,916.00 19,167,301.84 13.16
(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
the company (excluding property impairment)
Less: (5) Fixed asset impairment and related taxes -39,357,026.75 -4,450,939.89 -784.24
the Company (including property impairment)
Note：1) The data listed in the table above are attributable to shareholders of the Company.
the Company has separately presented adjusted operating performance excluding property
impairment for enhanced comparability.
（II） Quarterly Key Accounting Data during the Reporting Period
Q4 2024
Q1 Q2 Q3 Q4
QoQ+/- (%)
Operating revenue 927,265,003.93 1,032,384,127.82 858,632,540.87 877,400,920.94 2.19
Net profit attributable to
shareholders of the 253,363,007.32 264,464,585.84 139,673,592.50 287,418,571.47 105.78
Company
Net profit attributable to
shareholders of the
Company after 197,973,093.10 264,624,775.23 150,808,990.71 263,765,650.43 74.90
deducting non-recurring
profits and losses
Net cash flows from
operating activities
Description:
to 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, and
employee 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 exchange
loss 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 of
the 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 cautious
consideration, income tax was still provisioned at a rate of 25% for the year 2024.
due 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 of
September, 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 before
the disclosure date of the Annual Report
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 of
the previous month before the disclosure date of the Annual Report
Top 10 shareholders
Number of Pledged, marked, or
Increase/decreas shares held at frozen shares
Name of Shareholding Restricted Nature of
e in the Reporting the end of the
shareholder percentage (%) shares held Shareholder
Period Reporting Status Quantity
Period
Domestic
LU Hongyan 21,412,615 29.72 None
individual
Domestic
CHEN Tuolin 8,240,025 11.44 None
individual
Hong Kong
Securities Overseas
-1,193,001 5,865,811 8.14 None
Clearing corporation
Company Ltd.
HUANG Zhihui 1,374,782 1.91 None Domestic
individual
Domestic
LI Peiying 1,350,000 1.87 None
individual
Guotai Asset
Management Co.,
Ltd. - Social 1,055,936 1,055,936 1.47 None Other
Security Fund
Portfolio 1102
China Minsheng
Bank Co., Ltd. -
Huaxia CSI
Animation &
Game Exchange-
Traded Open-End
Index Securities
Investment Fund
Agricultural Bank
of China Co., Ltd.
- CSI 500
Exchange-Traded 441,970 645,101 0.90 None Other
Open-End Index
Securities
Investment Fund
Basic Pension
Insurance Fund 620,050 620,050 0.86 None Other
Agricultural Bank
of China Co., Ltd.
- Ping An Low
Carbon Economy
Mixed Securities
Investment Fund
Related or acting-in-concert parties
N/A
among the shareholders listed above
Explanation of preferred
shareholders with voting rights
N/A
restored and their shareholding
quantities
（II） Diagram of Equity and Control Relationships Between the Company and
Controlling Shareholder
（III） Diagram of Equity and Control Relationships Between the Company and the
Ultimate Controlling Party
Part III Management Discussion and Analysis
I. Discussion and Analysis of Business Operations
The Company specializes in the development and operation of online games, with a focus
on nurturing innovative talent and promoting efficiency. The Company’s mission is to present
unique products and enriching entertainment to a global audience.
Since its establishment in 2004, the Company has been deeply engaged in the game
market, successfully developing multiple titles rooted in Chinese traditional culture, including
Asktao (PC), Asktao (Mobile), Overmortal and Immortal Sword. Asktao (PC) has been in
continuous operation for nearly 19 years since its launch in 2006. Building on its strong user
base and IP popularity, the Company launched the mobile version of the MMORPG Asktao
(Mobile) in April 2016, which has maintained solid market performance through continuous
iterations and user experience enhancements over the past 9 years. In February 2021, the
Company launched Overmortal, an ink-wash style idle mobile game about the Taoist cultivation
of immortality, which has been consistently updated over the past 4 years. Through its long-term
operation, the Company has gained extensive experience in sustaining and evolving idle
cultivation games. In January 2025, the Company released Immortal Sword, a 3D idle cultivation
mobile game with sword-fighting mechanics, which has demonstrated steady performance post-
launch. Additionally, the Company’s proprietary publishing platform, Leiting Games, leverages
years 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, achieving
overseas revenue of RMB 499.79 million, reflecting an 83.92% year-on-year growth. Several
titles, including Dragon POW! (Overseas Version), Monster Never Cry (Overseas Version), and
Outpost: Infinity Siege (Steam), were launched during the year.
Looking ahead, the Company will continue to iterate and update existing products to
enhance game performance and user experience. It will also implement appropriate user-friendly
designs based on player feedback while continuing to build its IP portfolio to extend product
lifecycles. 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 enhancing
the efficiency and focus of its publishing business.
（I） Major Product Performance
Overview of Launched Products:
In-house
Name Genre Release Date
Developed/Licensed
Asktao (PC) In-house Developed Turn-Based MMORPG April, 2006
Asktao (Mobile) In-house Developed Turn-Based MMORPG April, 2016
Idle Taoist Immortality
Overmortal In-house Developed February, 2021
Cultivation Game
Idle Taoist Immortality
Immortal Sword In-house Developed January, 2025
Cultivation Game
Aobi Island: Dreamland Licensed Casual Simulation July, 2022
League of Gods:
Licensed Chinoiserie RPG October, 2024
Fantasyland
First-Person Shooting PC
Outpost: Infinity Siege In-house Developed March, 2024
Game
Funny Fighters: Battle
In-house Developed Casual Competitive RPG July, 2019
Royale
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 in
April 2006 and quickly became a favorite among players, even reaching a peak of nearly one
million concurrent users. Since its release in 2006, Asktao (PC) has been continuously updated
in response to market trends and player feedback, extending its life cycle and increasing its IP
value, 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 maintained
solid market performance. To further extend its life cycle, the Company has continuously
expanded the Asktao IP and strengthened its brand presence.
In 2024, Asktao (Mobile) continued its annual four major version updates and introduced a
special-themed update for the first time in November, which received positive feedback. During
the Reporting Period, Asktao (Mobile) maintained an average ranking of 46th on the App Store's
bestselling game list, with a peak ranking of 10th.
iii. Overmortal
Overmortal is an in-house developed, idle Taoist immortality cultivation mobile game with
a 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 Taoist
spiritual 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, Ghost
Cultivator, and Scholar Cultivator —continuously delivering fresh gameplay experiences for
players.
After over 4 years of operation, Overmortal has accumulated more than 27million registered
users. In the subsequent operational strategy, the Company will focus more on existing users,
refine user acquisition strategies to improve efficiency, and optimize brand exposure. The
Company will actively explore innovative marketing methods, focusing on live streaming, Key
Opinion Consumer (KOC) promotion, community re-engagement, and other diversified user
operations 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 3D
aerial combat, faithfully recreating Taoist cultivation experiences such as "sword flight" "mid-air
battles" 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 the
three 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 the
App Store's bestselling game list, with a peak ranking of 14.
Immortal Sword will be gradually launched in Hong Kong, Macau, and Taiwan regions, as
well 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 MMORPG
mobile game. Within the game, players have the freedom to customize their characters, combine
diverse skillsets, and select their preferred class branches. Employing strategies to combat
formidable foes, players explore the realm of lost mysterious legends in this world of sword and
magic. You can build your own homes, engage in guild activities, participate in team battles, and
embark on adventurous journeys with other players, relaxing in the laid-back idle game
experiences. The game has obtained its ISBN license and is scheduled to be launched in the
first half of 2025.
ii. Jiu Mu Zhi Ye
Jiu Mu Zhi Ye is a season-based SLG game set in the Three Kingdoms era, operated by
the Company. In the game, players assume the role of a regional lord, recruiting famous generals
from the Three Kingdoms, developing territories and cities, and competing for supremacy in the
Central 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 and
differentiated experience. Jiu Mu Zhi Ye has obtained its ISBN license and is scheduled to be
launched in Mainland China in the second half of 2025.
The launch plans for reserve products are subject to various factors and may involve
uncertainties. 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 the
research, development, and operation of online games. Simultaneously, it invests in upstream
and downstream enterprises related to the game industry, including high-quality game
developers, publishers, and industry funds.
Below is an overview of some of the enterprises in which the Company has invested or
holds equity stakes:
Investment Shareholding
Company Description
Target Percentage
Qingci Games, the developer of the classic hand-drawn idle
mobile game The Marvelous Snail and the Roguelike mobile
game Gumballs, was listed on the Hong Kong Stock Exchange
in December 2021 (6633.HK).
TapTap platform is a renowned third-party platform connecting
game developers, publishers, and players, allowing users to
others. Its parent company XD Inc., is listed on the Hong Kong
Stock Exchange (2400.HK).
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.
Xiamen Taojin created the popular roguelike series Dungeon
Survivor.
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.
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.
Developed by Guangzhou PeroPero, the music game Muse
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 Publishing
Working Committee (GPC) of the China Audio-Video and Digital Publishing Association, the
number of game users in China reached 674 million in 2024, representing a year-on-year
increase of 0.94%. The Chinese game industry has entered a phase of mature market
competition. The actual sales revenue of the Chinese game market amounted to RMB 325.78
billion, a 7.53% increase compared to the previous year. This growth was primarily driven by the
increase in the number of new releases, the launch of blockbuster products, the stable operation
of evergreen titles, and the strong performance of mini games. In the segmented market, mobile
game 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 by
Gamma Data (CNG), increasing traffic acquisition costs have continued to compress corporate
profits, 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 more
intense. Game companies must make breakthroughs in differentiated innovation and the
sustainable development of high-quality products. Focusing on niche markets, strengthening
competitive advantages through differentiation, and continuously enhancing user experience will
be crucial for the long-term growth of companies.
Regarding the overseas market, Chinese game companies are actively responding to the
challenges of slowing global market growth and intensified competition, continuing to explore
expansion opportunities abroad. In 2024, the actual sales revenue of Chinese independently
developed games in international markets reached USD 18.56 billion, a year-on-year increase
of 13.39%.
（II） Impact of Industry Policies on the Company's Sector
In recent years, regulatory authorities have placed significant emphasis on the healthy and
standardized development of the game industry, continuously introducing new requirements and
standards across various areas, including the protection of minors, cultural values, online
ecosystem governance, data security, personal information protection, and management of
emerging technologies. These measures aim to guide the industry toward regulated, high-quality
growth. In the long term, well-structured regulatory policies are crucial for promoting the industry's
development 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. The
Company will prioritize content development, enhance its internal management systems, and
continue to implement regulatory measures throughout the game lifecycle, including pre-launch,
operational, and post-launch stages. Additionally, the Company will intensify efforts in content
ecosystem governance, strengthen protections for minors, and maintain a healthy game
environment for its products.
III. Overview of Core Business During the Reporting Period
（I） Core Business Operations of the Company
The Company specializes in the development and operation of online games. The
Company’s mission is to present differentiated products and services to global users, creating
and 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
In terms of in-house developed games, the Company has continuously iterated and
updated its products such as Asktao (PC), Asktao (Mobile), and Overmortal, launching multiple
events and versions to maintain user engagement, generating revenue and profit contributions.
Leiting Games, the platform operated independently by the Company, has developed
strong game management capabilities. The platform has successfully managed a diverse
portfolio of games, including Asktao (Mobile), Overmortal, Immortal Sword, Aobi Island:
Dreamland, Tale of Immortal (PC), Funny Fighters: Battle Royale, Gumballs, and other
successful titles.
（II） Primary Business Model of the Company
i. Revenue Streams
The payment models for online games primarily include pay for virtual items, pay for
downloads, pay based on playtime, and in-game advertising. The Company's game product
revenue mainly comes from the payment model based on virtual items, wherein players can enter
the 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 in
China.
ii. Operating Models
There are three main operating models for the Company’s games: independent operation,
cooperative operation, and licensing operation. Among them, Asktao (PC) is licensed to Beijing
Guangyu Online Technology Co.,Ltd. Other in-house developed and licensed products mainly
adopt independent operation and cooperative operation models. The three operation models are
as follows:
responsible for promotion and operation. These games might be developed by the Company or
by external developers.
App Store and Android app store including Huawei, vivo, and Google Play, to co-publish and
promote its games, whether developed in-house or licensed.
publishers, who are responsible for managing the game's publishing and promotion. The
Company’s responsibilities are limited to providing technical support and ongoing content
development.
（III） Analysis of Core Competencies During the Reporting Period
i. Strong Independent Research and Development (R&D) Capabilities
The Company attached great importance to R&D and talent development. Its in-house
developed products, such as Asktao (PC), Asktao (Mobile), and Overmortal, have received
widespread market recognition and positive feedback. During this Reporting Period, The
Company’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 December
copyrights, 60 art copyrights, 8 music copyrights, 7 literary copyrights, 11 audio product
copyrights, 2 cinematographic works copyrights, and 129 domain names. Additionally, the
Company has obtained 20 invention patents.
The Company places significant emphasis on product innovation, striving to develop games
that stand out both unique and commercially. By focusing on differentiation, the Company
continuously explores innovative approaches in core gameplay, conceptualization, art style, and
other aspects, thereby enhancing the competitive edge of its products. However, this pursuit of
differentiation also escalates the complexity of project development, necessitating enhanced
capabilities in gameplay refinement, project management, and data analysis within the
development teams. Drawing from years of experience, the Company has embraced an iterative
development 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 key
aspects such as core gameplay, uniqueness, target players, market positioning, and potential
risks. Once the project passes evaluation, a prototype is rapidly developed based on the creative
vision and validated through user testing. Throughout the development process, high-frequency
iterations and optimizations are conducted, leveraging test data for precise user feedback
analysis. Issues are addressed promptly to enhance R&D efficiency. The Minimum Viable
Product (MVP) approach enables the Company to maintain product direction and avoid inefficient
investments. Meanwhile, the Company continuously refines its R&D framework to ensure the
seamless integration of validated core gameplay, art assets, and monetization mechanisms.
The MVP approach involves the Company’s operations team working closely with the R&D
team on a variety of tests and analyses. This allows the Company to gain a deep understanding
of the market and users of its products, so that the Company can tailor its strategies and minimize
the risks and costs of release.
The Company focuses on the development of a centralized R&D platform, providing strong
support for product development across various areas including technology, art design, music
production, 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 different
projects, enhancing the reuse of human resources, knowledge, and other assets, thereby
controlling R&D costs and improving the stability of the R&D system.
Additionally, the Company is actively exploring the application of AI technologies in game
development to continuously improve production efficiency. In 2023, the Company launched the
AIWebHub platform, integrating various commonly used AI drawing tools and models to facilitate
the 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 enhance
usability and operational efficiency. Through the application of cutting-edge technologies like
AIGC in game art, the Company has effectively reduced content production time and resource
consumption, ensuring high-quality outputs while further boosting art production capabilities and
overall efficiency.
ii. Exceptional Game Operations
Leiting Games, an independently operated platform, follows a quality-first approach with a
focus on user experience. The high-quality, unique, and highly engaging games under Leiting
Games' operations have gained significant popularity and earned an excellent reputation.
With years of experience, Leiting Games has developed a comprehensive understanding
of operating various game genres including MMORPG, Roguelike, idle games, and casual
simulation. Classic MMORPG Asktao (Mobile) has been running steadily for nearly 9 years, while
Overmortal and Immortal Sword have laid a solid foundation for the Company’s idle cultivation
genre. Games such as Tale of Immortal (PC), and Dungeon Survivor are beloved by players.
The Company remains committed to a player-centric game design and operations
philosophy, gaining deep insights into user needs to create high-quality original games that
resonate with players.
The Company deeply understands user needs and creates high-quality original games
beloved by players. After the game launches, the Company strengthens communication with
players through various channels. For example, the Asktao (Mobile) project team conducts online
activities annually and organizes offline events to interact with core players regarding game
version planning, promotion plans, and other aspects. Moreover, the Company listens to
feedback 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 players
to 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 comprehensive
customer 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 through
various 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, the
Company 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 established
to monitor service quality daily, aiming to enhance player experience.
"Buying traffic" is one of the key methods for promoting games; however, rising user
acquisition costs have impacted profitability. The Company remains committed to leveraging
differentiated, high-quality products as the foundation for its marketing strategy. By analyzing
product characteristics, market positioning, and player behavior patterns, the Company
formulates tailored promotion plans and reaches target users through diverse methods, including
daily live streaming, KOC (Key Opinion Consumer) promotion, content development, and
community engagement. These approaches reduce reliance on paid acquisition. In 2024, the
Company 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 fosters
deep engagement with players. For example, Asktao (Mobile) regularly organizes events such
as “Designers Talk” enabling developers to gain insights into player needs and continuously
refine gameplay to enhance user retention. Overmortal hosts annual offline meet-ups in cities
including Hangzhou, Wuhan, Shenzhen, Beijing, and Chengdu, where players participate in Q&A
sessions and interactive activities, strengthening their connection with the game. Additionally, in
November 2022, the Company launched the official community platform Leiting Games
Membership Center, integrating game news, exclusive rewards, customer support, and direct
communication with developers. This platform offers players a seamless one-stop service while
providing the Company with direct insights into user feedback, enabling more precise
optimization of products and services.
The Company enriches game universes through novels, animations, and music, enhancing
player immersion and reinforcing brand value. Asktao (Mobile) has released a series of IP-based
content, including the novels Asktao: Dashing Spear and Asktao: Tao in the Heart, the animated
series Wulong Daoist Adventures in Zhongzhou, as well as audiobooks, merchandise, and short
films. These efforts continuously expand the Asktao IP and elevate brand recognition. Similarly,
Overmortal builds an original IP centered on Taoist cultivation, featuring derivative works such
as the animated series I Am Xiaoyao, the comic Overmortal, the audiobook Between Demon and
Immortal, and a series of game-themed soundtracks. These content expansions further develop
the game’s narrative and player engagement.
The Company continuously refines its advertising models to align with market dynamics
and 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 goods
category.
The Company also leverages high-affinity IP collaborations to expand user reach and brand
recognition, partnering with franchises spanning games, novels, animated films, and online
series. In addition, the Company employs diversified marketing strategies, including third-party
gaming 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 recommendations
on leading platforms such as the App Store and TapTap, further boosting visibility.
Part IV Financial Statements
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2024
Prepared 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 Accounting
Department: Chen Hualiang
COMPANY STATEMENT OF FINANCIAL POSITION
As at 31 December 2024
Prepared 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 Accounting
Department: Chen Hualiang
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2024
Prepared by: G-bits Network Technology (Xiamen) Co., Ltd.
Unit: RMB Yuan
Item 2024 2023
Including: Operating revenue 3,695,682,593.56 4,184,851,388.03
Interest income
Net earned premiums
Net fee and commission revenue
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
Add: Non-operating income 6,109,433.41 576,190.90
Less: Non-operating expenses 2,215,344.61 6,800,538.08
Less: Income tax expense 107,588,613.64 238,876,135.03
(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
(1) Other comprehensive income, net of tax, attributable to
shareholders of the Company
(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
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
Others
(2) Other comprehensive income, net of tax, attributable to non-
controlling interests
Total comprehensive income attributable to shareholders of the
Company
Total comprehensive income attributable to non-controlling
interests
Item 2024 2023
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 Accounting
Department: Chen Hualiang
INCOME STATEMENT OF COMPANY
For the year ended 31 December 2024
Prepared by: G-bits Network Technology (Xiamen) Co., Ltd.
Unit: RMB Yuan
Item 2024 2023
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
Add: Non-operating income 9,204.64 6,345.58
Less: Non-operating expenses 1,133,277.11 1,525,892.86
Less: Income tax expense 4,001,399.68 14,264,764.61
(1) Net profit from continuing operations 602,508,106.51 797,958,640.21
(2) Net profit from discontinuing operations
(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
(1) Basic earnings per share (yuan / share)
(1) Diluted earnings per share (yuan / share)
Legal Representative: Lu Hongyan Chief Accountant: Lin Jiajin Head of Accounting
Department: Chen Hualiang
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2024
Prepared by: G-bits Network Technology (Xiamen) Co., Ltd.
Unit: RMB Yuan
Item 2024 2023
Cash receipts from the sale of goods and the rendering of
services
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
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
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
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
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
Including: Dividends or profit paid to non-controlling
shareholders of subsidiaries
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
CASH EQUIVALENTS
Add: Cash and cash equivalents at beginning of year 2,395,180,751.59 2,622,640,821.07
Legal Representative: Lu Hongyan Chief Accountant: Lin Jiajin Head of Accounting
Department: Chen Hualiang
COMPANY STATEMENT OF CASH FLOWS
For the year ended 31 December 2024
Prepared by: G-bits Network Technology (Xiamen) Co., Ltd.
Unit: RMB Yuan
Item 2024 2023
Cash receipts from the sale of goods and the rendering of
services
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
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
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
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
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
-1,533.56 993.26
CASH EQUIVALENTS
Add: Cash and cash equivalents at beginning of year 171,682,308.46 312,508,715.23
Legal Representative: Lu Hongyan Chief Accountant: Lin Jiajin Head of Accounting
Department: Chen Hualiang
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2024
Prepared by: G-bits Network Technology (Xiamen) Co., Ltd.
Unit: RMB Yuan
Equity attributable to shareholders of the Company
Total
Item Other equity instruments Less: Other Non-controlling
Special Surplus General Retained shareholders’
Share capital preference Perpetual Capital reserve Treasury comprehensive Others Subtotal interests
Others reserve reserve reserve earnings equity
share debt Shares income
of previous year
Changes in accounting
policies
Corrections of prior
period errors
Others
beginning of the year
-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
during the period
(1) Total
comprehensive income
(2) Shareholders’
contributions and 52,171,629.00 -52,171,629.00 -52,171,629.00
reduction
(i) Shareholders
‘contributions in 52,171,629.00 -52,171,629.00 -52,171,629.00
ordinary share
(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
Equity attributable to shareholders of the Company
Other equity instruments Total
Item Less: Other Non-controlling
Special Surplus General Retained shareholders’
Share capital preference Perpetual Capital reserve Treasury comprehensive Others Subtotal interests
Others reserve reserve reserve earnings equity
share debt Shares income
(ii) Transfer to general
Reserve
(iii) Distribution to
-466,415,956.50 -466,415,956.50 -288,000,000.00 -754,415,956.50
shareholders
(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
of the period
Equity attributable to shareholders of the Company
Other equity instruments Total
Item Less: Other Non-controlling
Special Surplus General Retained shareholders’
Share capital preference Perpetual Capital reserve Treasury comprehensive Others Subtotal interests
Others reserve reserve reserve earnings equity
share debt Shares income
of previous year
Changes in accounting
policies
Corrections of prior
period errors
Others
beginning of the year
during the period
(1) Total
comprehensive income
(2) Shareholders’
contributions and 174,619.00 66,279,676.56 66,454,295.56 348,038.26 66,802,333.82
reduction
(i) Shareholders
‘contributions in 174,619.00 63,568,985.71 63,743,604.71 63,743,604.71
ordinary share
(ii) Other equity
instruments
contributions
(iii) Amount of share-
based payments 2,710,690.85 2,710,690.85 348,038.26 3,058,729.11
recognized in equity
(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
(ii) Transfer to general
Reserve
(iii) Distribution to
-720,402,964.00 -720,402,964.00 -283,992,000.00 -1,004,394,964.00
shareholders
(iv) Others
Equity attributable to shareholders of the Company
Other equity instruments Total
Item Less: Other Non-controlling
Special Surplus General Retained shareholders’
Share capital preference Perpetual Capital reserve Treasury comprehensive Others Subtotal interests
Others reserve reserve reserve earnings equity
share debt Shares income
(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
of the period
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 2024
Prepared by: G-bits Network Technology (Xiamen) Co., Ltd.
Unit: RMB Yuan
Other equity instruments Less: Other
Item Special Surplus Retained Total shareholders’
Share capital preference Perpetual Capital reserve Treasury comprehensive
Others reserve reserve earnings equity
share debt Shares income
Changes in accounting policies
Corrections of prior period errors
Others
(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
Other equity instruments Less: Other
Item Special Surplus Retained Total shareholders’
Share capital preference Perpetual Capital reserve Treasury comprehensive
Others reserve reserve earnings equity
share debt Shares income
(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
Other equity instruments Less: Other
Item Special Surplus Retained Total shareholders’
Share capital preference Perpetual Capital reserve Treasury comprehensive
Others reserve reserve earnings equity
share debt Shares income
Changes in accounting policies
Corrections of prior period errors
Others
(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
Other equity instruments Less: Other
Item Special Surplus Retained Total shareholders’
Share capital preference Perpetual Capital reserve Treasury comprehensive
Others reserve reserve earnings equity
share debt Shares income
(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
Legal Representative: Lu Hongyan Chief Accountant: Lin Jiajin Head of Accounting Department: Chen Hualiang
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