FRIENDSHIP TIME CO., LTD. (“FRIENDSHIP TIME”) ANNOUNCES ITS ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023. The report showed that the company's revenue fell 30.7% compared to the same period last year, the gross profit fell 32.7%, and the loss in the year reached RMB138.1 million, and the profit fell sharply by RMB25.1 million from the same period last year. The adjusted loss for the year also showed a decrease of 420.9%. The company said the revenue decline was mainly due to revenue from legacy games coming back with lifecycle growth, and new games underperformed expectations. Faced with competition from the gaming industry, the company will further refine internal mechanisms, improve project success rates, and actively invest in cutting-edge technologies such as AI/XR...Show More

FRIENDSHIP TIME CO., LTD. (“FRIENDSHIP TIME”) ANNOUNCES ITS ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023. The report showed that the company's revenue fell 30.7% compared to the same period last year, the gross profit fell 32.7%, and the loss in the year reached RMB138.1 million, and the profit fell sharply by RMB25.1 million from the same period last year. The adjusted loss for the year also showed a decrease of 420.9%. The company said the revenue decline was mainly due to revenue from legacy games coming back with lifecycle growth, and new games underperformed expectations. Faced with competition from the gaming industry, the company will further refine internal mechanisms, improve project success rates, and actively invest in cutting-edge technologies such as AI/XR to improve R&D efficiency. The company does not propose a dividend. Friendship Time continues to advance its globalization strategy and strengthen product localization and overseas customization development capabilities to drive Chinese culture to the world. The Company's Share Award Scheme also made new progress with the awarding of bonus shares to employees free of charge in January 2023. The Board of Directors expressed gratitude for the hard work of the employees and the support of the shareholders.