CMON：ANNUALRESULTSANNOUNCEMENTFORTHEYEARENDED31DECEMBER2024.pdf

《CMON：ANNUALRESULTSANNOUNCEMENTFORTHEYEARENDED31DECEMBER2024.pdf》由會員分享，可在線閱讀，更多相關《CMON：ANNUALRESULTSANNOUNCEMENTFORTHEYEARENDED31DECEMBER2024.pdf（28頁珍藏版）》請在三個皮匠報告上搜索。

1、 1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in rel

2、iance upon the whole or any part of the contents of this announcement.CMON LIMITED(Incorporated in the Cayman Islands with limited liability)(Stock Code:1792)ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2024ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024The board(the“Board”)of direc

3、tors(the“Directors”)of CMON Limited(the“Company”)is pleased to announce the audited consolidated results of the Company and its subsidiaries(collectively,the“Group”)for the year ended 31 December 2024 together with the comparative figures for the year ended 31 December 2023 as follows:2 CONSOLIDATED

4、 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFor the year ended 31 December 202420242023NotesUS$US$Revenue337,353,24945,051,708Cost of sales(19,355,755)(21,436,424)Gross profit17,997,49423,615,284Other income4105,26062,898Other gains and losses535,646(52,414)Changes in fair value of fi

5、nancial assets at fair value through profit or loss(“FVTPL”)21,000(14,000)Selling and distribution expenses(7,203,069)(9,606,817)General and administrative expenses(13,516,209)(12,173,845)Operating(loss)/profit(2,559,878)1,831,106Finance costs6(435,633)(468,624)(Loss)/profit before income tax(2,995,

6、511)1,362,482Income tax expense7(53,869)(606,534)(Loss)/profit for the year8(3,049,380)755,948Other comprehensive income/(loss):Item that may be reclassified subsequently to profit or loss:Exchange differences arising on translation of foreign operations2,613(10,556)Total other comprehensive income/

7、(loss)for the year2,613(10,556)Total comprehensive(loss)/income for the year(3,046,767)745,392 3 20242023NotesUS$US$(Loss)/profit for the year attributable to:Owners of the Company(3,047,341)755,948Non-controlling interests(2,039)(3,049,380)755,948Total comprehensive(loss)/income for the year attrib

8、utable to:Owners of the Company(3,043,943)740,886Non-controlling interests(2,824)4,506(3,046,767)745,392(Loss)/earnings per shareBasic and diluted10(0.0015)0.0004 4 CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAs at 31 December 202420242023NotesUS$US$Non-current assetsProperty,plant and equipment17,3

9、32,70318,585,061Right-of-use assets1,152,5801,341,863Intangible assets6,895,4318,407,056Deposit placed with a life insurance company199,400199,400Financial assets at FVTPL175,000154,000Rental deposits86,94189,01225,842,05528,776,392Current assetsInventories2,495,7502,728,897Trade and other receivabl

10、es119,087421,509Prepayments and deposits12675,9582,199,680Bank and cash balances132,097,7423,179,2435,278,5378,529,329Current liabilitiesAccruals and other payables14600,128473,398Borrowings152,956,4374,342,313Amount due to a related party47,31047,310Income tax payable378,202104,653Contract liabilit

11、ies5,360,0226,652,372Lease liabilities291,518387,4279,633,61712,007,473Net current liabilities(4,355,080)(3,478,144)Total assets less current liabilities21,486,97525,298,248 5 20242023NotesUS$US$Non-current liabilitiesBorrowings151,049,7101,464,341Lease liabilities952,1171,040,386Deferred tax liabil

12、ities3,168,7773,432,7045,170,6045,937,431NET ASSETS16,316,37119,360,817Capital and reservesShare capital1614,02111,700Reserves16,367,31519,411,258Equity attributable to owners of the Company16,381,33619,422,958Non-controlling interests(64,965)(62,141)TOTAL EQUITY16,316,37119,360,817 6 NOTES TO THE C

13、ONSOLIDATED FINANCIAL STATEMENTSFor the year ended 31 December 20241.GENERAL INFORMATIONCMON Limited(the“Company”)is a limited liability company incorporated in the Cayman Islands.The address of the registered office is Offices of Conyers Trust Company(Cayman)Limited,Cricket Square,Hutchins Drive,P.

14、O.Box 2681,Grand Cayman,KY1-1111,Cayman Islands.The address of its principal place of business is 201 Henderson Road,#07/0801 Apex Henderson,Singapore 159545.The Company is an investment holding company.The Company and its subsidiaries(together,the“Group”)are principally engaged in design,developmen

15、t and sales of board games,miniatures and other hobby products.The consolidated financial statements are presented in United States dollar(“US$”)unless otherwise stated.2.ADOPTION OF NEW AND REVISED IFRS ACCOUNTING STANDARDSIn the current year,the Group has adopted all the new and revised IFRS Accou

16、nting Standards issued by the International Accounting Standards Board(the“IASB”)that are relevant to its operations and effective for its accounting year beginning on 1 January 2024.IFRS Accounting Standards comprise International Financial Reporting Standards(“IFRS”);International Accounting Stand

17、ards(“IAS”);and Interpretations.The adoption of these new and revised IFRS Accounting Standards did not result in significant changes to the Groups accounting policies,presentation of the Groups consolidated financial statements and amounts reported for the current year and prior years.The Group has

18、 not applied the new and revised IFRS Accounting Standards that have been issued but are not yet effective.The Group has already commenced an assessment of the impact of these new and revised IFRS Accounting Standards but is not yet in a position to state whether these new and revised IFRS Accountin

19、g Standards would have a material impact on its results of operations and financial position.3.REVENUE AND SEGMENT INFORMATIONOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker.The Groups principal activity is the design,

20、development and sales of board games,miniatures and other hobby products,and it has only one operating segment.The Groups revenue is analysed as follows:20242023US$US$Sales of products33,584,20740,591,908Shipping income in connection with sales of products3,769,0424,459,800Revenue from contracts wit

21、h customers37,353,24945,051,708 7 Disaggregation of revenue from contracts with customers:Geographical markets20242023US$US$North and South America15,699,19522,828,405Europe12,729,43615,067,638Asia8,091,6286,435,189Oceania832,990720,47637,353,24945,051,708Revenue from one customer of the Group repre

22、sents approximately US$4,493,895(2023:US$5,112,187)of the Groups total revenue during the year ended 31 December 2024.For the years ended 31 December 2024 and 2023,all revenue was recognised at a point in time(For the details of revenue recognition of the following sales activities,please refer to t

23、he below paragraphs).Sales of products wholesaleThe Group sells a range of board games,miniatures and other hobby products in the wholesale market.Revenue from sales of products is recognised at a point in time when control of the products has been transferred,being when the products are delivered t

24、o the wholesaler,the wholesaler has full discretion over the channel and price to sell the products,and there is no unfulfilled obligation that could affect the wholesalers acceptance of the products.Delivery occurs when the products have been shipped to the specified location,the risks of obsolesce

25、nce and loss have been transferred to the wholesaler,and either the wholesaler has accepted the products in accordance with the sales contract,the acceptance provisions have lapsed,or the Group has objective evidence that all criteria for acceptance have been satisfied.Receivable is recognised when

26、the goods are delivered as this is the point in time that the consideration is unconditional.Sales of products game conventions and online storeThe Group sells its products through game conventions and its online store.Revenue from the sales of products is recognised at a point in time when control

27、of the products has been transferred to customers.Payment of the transaction price is due immediately when the customer purchases the products and takes delivery at game conventions.Advance payments received from customers who place orders on the Groups online store is initially recognised as contra

28、ct liabilities under IFRS 15.Sales of products Crowd-funding platformsThe Group launches new products through crowd-funding platforms.Upon the successful funding of these pre-orders,the Group recognises the total pledged amount,less administrative fees,as contract liabilities under IFRS 15.Revenue i

29、s recognised at a point in time when control of the products has been transferred to customers.The products of the pre-orders are normally completed and delivered within one year.8 Shipping incomeShipping income is recognised at a point in time during the period when the goods are picked up from the

30、 suppliers factories.The related shipping and handling charges are included in cost of sales.At 31 December 2024 and 2023,the total non-current assets other than intangible assets,financial assets at FVTPL,rental deposits and deposit placed with a life insurance company were located in the following

31、 locations:20242023US$US$Singapore16,874,91217,498,700The People Republics of China(the“PRC”)1,552,3722,428,224Japan57,99918,485,28319,926,9244.OTHER INCOME20242023US$US$Advertising income1,190Royalty income74,37922,352Interest income from bank222233Government subsidies(note)11,80225,538Others18,857

32、13,585105,26062,898Note:Government subsidies are awarded to the Group by the government authority.No conditions have been applied on such government subsidies from the government authority.5.OTHER GAINS AND LOSSES20242023US$US$Loss on disposal of property,plant and equipment(52,414)Gain on early ter

33、mination of lease35,64635,646(52,414)9 6.FINANCE COSTS20242023US$US$Interest on lease liabilities71,25425,554Interest on borrowings364,379443,070435,633468,6247.INCOME TAX EXPENSE20242023US$US$Current tax Singapore Corporate Income Tax Provision for the year 191,97661,602 Under-provision in prior ye

34、ars125,820Deferred tax(263,927)544,93253,869606,534Hong Kong Profits Tax has been provided at a rate of 16.5%on the estimated assessable profit for the years ended 31 December 2024 and 2023.No provision for Hong Kong Profits Tax has been made for the years ended 31 December 2024 and 2023 as the Grou

35、p did not generate any assessable profits arising in Hong Kong during the years ended 31 December 2024 and 2023.Other jurisdictions mainly included Singapore,Japan and the United States.Taxation arising in other jurisdictions of which Singapore is at 17%(2023:17%),Japan is at 10.3%(2023:10.3%)and th

36、e United States is at 21%(2023:21%)is calculated at the rates prevailing in the respective jurisdictions.Under the Enterprise Income Tax Law of the PRC(the“EIT Law”)and Regulation on Implementation of the EIT Law,the tax rate of the PRC subsidiaries of the Group is 25%for the years ended 31 December

37、 2024 and 2023.10 8.(LOSS)/PROFIT FOR THE YEARThe Groups(loss)/profit for the year is stated after charging the following:20242023US$US$Cost of inventories13,093,44114,745,602Shipping and handling charges3,952,5033,907,692Employee benefit expenses4,018,1983,959,347Auditors remuneration200,000200,000

38、Merchant account fee1,331,4261,420,692Royalty expenses2,292,5742,985,217Marketing expenses920,9431,086,526Depreciation of property,plant and equipment4,089,8143,489,253Depreciation of right-of-use assets361,855196,991Amortisation of intangible assets1,609,1731,935,755Game development expenses4,711,7

39、744,987,7709.DIVIDENDSThe Board do not recommend any payment of dividends for the year ended 31 December 2024(2023:nil).10.(LOSS)/EARNINGS PER SHAREBasic(loss)/earnings per shareThe calculation of basic loss(2023:earnings)per share attributable to owners of the Company is based on the loss for the y

40、ear attributable to owners of the Company of US$3,047,341(2023:profit of US$755,948)and the weighted average number of ordinary shares of 2,042,852,459(2023:1,806,000,000)in issue during the year.Diluted(loss)/earnings per shareThe effects of all potential ordinary shares are anti-dilutive for the y

41、ears ended 31 December 2024 and 2023.11.TRADE AND OTHER RECEIVABLES20242023US$US$Trade receivables375,608Provision for loss allowance375,608Other receivables9,08745,9019,087421,509 11 The Groups trade receivables are primarily due from its wholesale customers and are all denominated in US$.During th

42、e year ended 31 December 2024,the Group granted credit terms of 0 to 60 days(2023:0 to 60 days)to its customers.The aging analysis of trade receivables,based on the invoice date,and net of allowance,is as follows:20242023US$US$130 days20,2463190 days355,362375,608Reconciliation of loss allowance for

43、 trade receivables:20242023US$US$At beginning of year1,240Written-off(1,240)At end of yearThe Group applies the simplified approach under IFRS 9 to provide for expected credit losses using the lifetime expected loss provision for all trade receivables.To measure the expected credit losses,trade rece

44、ivables have been grouped based on shared credit risk characteristics and the invoice date aging.The expected credit losses also incorporate forward looking information.Within 30 days3190 daysTotalAt 31 December 2023Weighted average expected loss rateReceivable amount(US$)20,246355,362375,608Loss al

45、lowance(US$)12 12.PREPAYMENTS AND DEPOSITS20242023US$US$Advances to suppliers87,507870,925Prepaid royalties and game development costs398,7541,191,166Other prepayments4,5411,696Deposits272,097224,905762,8992,288,692Analysed as:Non-current86,94189,012Current675,9582,199,680762,8992,288,69213.BANK AND

46、 CASH BALANCESAs at 31 December 2024,the bank and cash balances of the Group denominated in Renminbi(“RMB”)amounted to US$88,857(2023:US$168,082).Conversion of RMB into foreign currencies is subject to the PRCs Foreign Exchange Control Regulations.14.ACCRUALS AND OTHER PAYABLES20242023US$US$Accruals

47、 for audit fee200,000120,000Other accrued operating expenses400,128353,398600,128473,39815.BORROWINGS20242023US$US$Bank borrowings4,006,1475,806,654 13 The borrowings are repayable as follows:20242023US$US$On demand or within one year2,956,4374,342,313In the second year87,476421,983In the third to f

48、ifth years,inclusive262,427277,962After five years699,807764,3964,006,1475,806,654Less:Amount due for settlement within 12 months (shown under current liabilities)(2,956,437)(4,342,313)Amount due for settlement after 12 months1,049,7101,464,341As at 31 December 2024,including in the bank borrowings,

49、the amount of US$1,137,186(2023:US$1,227,666)will mature in 2037,bears interest rate at Singapore Overnight Rate Average(“SORA”)in-arrears+4.00%for the period from 3 November 2024 to 2 January 2025,fixed rate at 3.20%for the period from 3 January 2025 to 2 January 2027 and at SORA in-advance+3.00%fo

50、r the remaining tenures(2023:SORA in-arrears+1.15%for the period from 3 May 2023 to 3 November 2024 and at SORA in-arrears+4.00%for the remaining tenures)and are secured by first mortgage over the Groups office units and a corporate guarantee from the Company.As at 31 December 2024,including in the

51、bank borrowings,the amount of US$328,422(2023:US$1,297,814)will mature in 2025,bears fixed interest at 3%(2023:3%)per annum and is secured by corporate guarantees from the Company and its subsidiary.As at 31 December 2024,including in the bank borrowings,trade loans amounting to US2,540,539(2023:US$

52、3,281,174)repayable within one year,bear interest rates at the banks prevailing 1-month Cost of Funds+1.0%,and are secured by a corporate guarantee from the Company and its subsidiary,first fixed and floating charge over the Groups assets and undertakings,and an assignment of life insurance.14 16.SH

53、ARE CAPITALNumber of shares of the CompanyShare capitalUS$AuthorisedOrdinary share capital of HK$0.00005 each at 31 December 2024 and 20237,600,000,00049,147IssuedOrdinary shares at 1 January 2023,31 December 2023,1 January 20241,806,000,00011,700Issuance of shares361,200,0002,321Ordinary shares at

54、31 December 20242,167,200,00014,021Issued but not fully paidOrdinary shares at 1 January 2023,31 December 2023,1 January 2024Issuance of shares361,200,0002,321Ordinary shares at 31 December 2024361,200,0002,321On 13 April 2024,the Company had entered into share subscription agreements with two subsc

55、ribers(the“Subscribers”)to issue 361,200,000 ordinary shares(the“Subscription Shares”)of HK$0.03 each,representing a discount of approximately 11.76%to the closing market price of the Companys ordinary shares on 12 April 2024(the“Subscription”).The Group did not receive the aggregate net proceeds of

56、 the Subscriptions from the Subscribers.The ordinary shares issued as at 6 May 2024 were regarded as non-fully paid issued ordinary shares and the share certificates were kept in the custody of the Company and were not delivered to the Subscribers.The Company had negotiated with the Subscribers and

57、obtained legal advice from the legal adviser to take appropriate steps to cancel the Subscription Shares.The Subscribers had agreed to pay the par value of the Subscription Shares amounted to HK$18,060(equivalent to US$2,321(the“Subscription Shares Receivables”),and sign the deed of surrender to the

58、 Company for cancellation of the Subscription Shares.The Subscription Shares Receivables were recorded as other receivables(Note 11)in the Groups consolidated statement of financial position as at 31 December 2024.For further details,please refer to the announcements of the Company dated 13 April 20

59、24 and 5 March 2025.15 17.EVENT AFTER THE REPORTING PERIOD(a)Status of the Subscription SharesAs at 13 April 2024,the Company entered into share subscription agreements with the Subscribers to issue the Subscription Shares.The Company had printed the physical shares with share certificates bearing t

60、he names of the Subscribers on 6 May 2024.The share certificates were kept in the custody of the Company and were not delivered to the Subscribers.Subsequent to the reporting period,the Company received the legal advice from the legal adviser,signed deed of surrender and the payment of the Subscript

61、ion Shares Receivables.All the requirements to cancel the Subscription Shares are fulfilled.The Subscription Shares were cancelled on 28 April 2025.As such,upon cancellation of the Subscription Shares,the issued shares of the Company were reduced from 2,167,200,000 to 1,806,000,000 and the names of

62、the Subscribers were removed from the register of members of the Company with effect from 28 April 2025.(b)Tariffs war impactAs at 30 April 2025,the date of approval of this report,the U.S.government maintains additional import tariffs on certain Chinese-origin products.Given the Groups significant

63、revenue exposure to the U.S.market with 39%of sales contributed by them,these tariff policies may lead to uncertainties for future export sales,revenue,and gross margin performance of the Group in the U.S.market.16 MANAGEMENT DISCUSSION AND ANALYSISBusiness Model and Business OverviewWe are a hobby

64、games publisher specialising in developing and publishing mainly tabletop games(including board games and miniature war games).We also started developing and launching mobile games since 2015.We publish both self-owned games and licensed games.We also distribute third-party tabletop games.We sell ou

65、r tabletop games mainly through crowd-funding platforms and to wholesalers.We also sell directly to end-users through online stores and through game conventions held once to twice a year.As at the date of this annual results announcement,we offer a total of 131 games,comprising 125 board games,three

66、 miniature war games,two mobile games and one computer game.For the financial year under review,our revenue was approximately US$37.4 million,decreasing from approximately US$45.1 million for the previous financial year.Total comprehensive loss for the year attributable to equity holders of the Comp

67、any was approximately US$3.0 million,decreasing from profit of approximately US$0.8 million for the year ended 31 December 2023.The loss for the financial year was mainly due to the decrease in sales as rising costs of living in key markets affected our customers ability to buy games.During the fina

68、ncial year under review,we launched four crowd-funding games,namely A Song of Ice&Fire:Tactics A Tabletop Miniatures Skirmish Game,God of War:The Board Game,Degenesis:Clan Wars and DC Super Heroes United,and raised approximately US$2.2 million,US$1.0 million,US$0.3 million and US$5.4 million,respect

69、ively.Long-term Strategies and OutlookIn light of the current uncertainty brought about by the trade war,our current strategy is to 1)reduce development costs by focusing only on the development and fulfilment of games already launched;2)grow the European wholesale market;and 3)initiate production o

70、f small games in Europe to reduce logistics cost of fulfilment.We strive to become a leading developer and publisher of quality tabletop games and are optimistic about the growth and development of the tabletop games industry despite the challenging business conditions currently.17 FINANCIAL REVIEWR

71、evenueOur revenue decreased by approximately 17.1%to approximately US$37.4 million for the year ended 31 December 2024 from approximately US$45.1 million for the year ended 31 December 2023,primarily due to the decrease in the recognition of crowd-funding game sales.Revenue from wholesale sales decr

72、eased by approximately 9.7%to US$16.8 million for the year ended 31 December 2024 from approximately US$18.6 million for the year ended 31 December 2023.During the year ended 31 December 2024,we recognized revenue from board games such as,but not limited to,DC Super Heroes United and God of War:The

73、Board Game.Revenue via crowd-funding platforms decreased to approximately US$20.0 million for the year ended 31 December 2024 from approximately US$26.4 million for the year ended 31 December 2023,which was mainly due to the decrease in recognition of sales of five crowd-funding projects in 2024 com

74、pared to six crowd-funding platform projects in 2023.North America and Europe remained as our major markets,with North American and European sales making up approximately 76.1%and 84.1%of our total revenue combined for the year ended 31 December 2024 and 31 December 2023 respectively.The following t

75、ables set out breakdowns of our revenue by categories,by sales channels and by geographical markets in absolute amounts and as percentages of our revenue for the years indicated:By categoriesYear ended 31 December20242023US$%US$%Board games30,303,15781.138,648,23085.8Miniatures war games3,960,90410.

76、62,207,2504.9Mobile games1,0442,480Sub-total34,265,10591.740,857,96090.7Other products3,088,1448.34,193,7489.3Total37,353,24910045,051,708100 18 By sales channelsYear ended 31 December20242023US$%US$%DirectCrowd-funding platforms19,997,70353.526,310,13058.5Online store and game conventions512,2571.4

77、85,6260.2Mobile games1,0442,480Wholesales16,842,24545.118,653,47241.3Total37,353,24910045,051,708100By geographical marketsYear ended 31 December20242023US$%US$%North and South America15,699,19542.022,828,40550.7Europe12,729,43634.115,067,63833.4Asia8,091,62821.76,435,18914.3Oceania832,9902.2720,476

78、1.6Total37,353,24910045,051,708100Cost of SalesOur cost of sales decreased by approximately 9.7%to approximately US$19.4 million for year ended 31 December 2024 from approximately US$21.4 million for the year ended 31 December 2023,mainly due to the decrease in cost of inventory.Gross Profit and Gro

79、ss Profit MarginOur gross profit decreased by approximately 23.8%to approximately US18.0 million for the year ended 31 December 2024 from approximately US$23.6 million for the year ended 31 December 2023 and gross profit margin decreased by approximately 4.2 percentage points to approximately 48.2%f

80、or the year ended 31 December 2024 from approximately 52.4%for the year ended 31 December 2023.Gross profit decreased mainly due to the decrease in sales and was also negatively impacted by rising costs in production.19 Other IncomeOther income increased to US$105,260 for the year ended 31 December

81、2024 from US$62,898 for the year ended 31 December 2023,which was mainly due to the increase in royalty income.Selling and Distribution ExpensesOur selling and distribution expenses decreased to approximately US$7.2 million for the year ended 31 December 2024 from approximately US$9.6 million for th

82、e year ended 31 December 2023.This was primarily caused by the decrease in royalty expenses to approximately US$2.3 million for the year ended 31 December 2024 from approximately US$3.0 million for the year ended 31 December 2023.General and Administrative ExpensesOur general and administrative expe

83、nses increased to approximately US$13.5 million for the year ended 31 December 2024 from approximately US$12.2 million for the year ended 31 December 2023.The increase was primarily caused by an increase in depreciation expenses to approximately US$3.8 million for the year ended 31 December 2024 fro

84、m approximately US$2.9 million for the year ended 31 December 2023.Finance CostsFinance costs decreased to US$435,633 for the year ended 31 December 2024 from US$468,624 for the year ended 31 December 2023.This was primarily caused by decreased finance cost on short-term borrowings.Income Tax Expens

85、eIncome tax expense decreased to US$53,869 for the year ended 31 December 2024 from US$606,534 for the year ended 31 December 2023,mainly due to the net loss before tax reported for the current year.Total Comprehensive Loss for the Year Attributable to Equity Holders of the CompanyAs a result of all

86、 the above-mentioned matters,total comprehensive loss for the year attributable to equity holders of the Company decreased to approximately US$3.0 million for the year ended 31 December 2024 from profit of approximately US$0.8 million for the year ended 31 December 2023.The reason for the loss attri

87、butable to equity holders of the Company for the year ended 31 December 2024 was mainly due to a decrease in sales.20 LIQUIDITY AND FINANCIAL RESOURCESDuring the year ended 31 December 2024,we financed our operations primarily through cash generated from our internally generated funds and bank borro

88、wings.As at 31 December 2024 and 2023,the Group had cash and cash equivalents of approximately US$2.1 million and US$3.2 million respectively,which were cash at banks and on hand,denominated in United States dollars,Singapore dollars and Chinese Renminbi.The short-term bank borrowings of the Group d

89、ecreased to approximately US$3.0 million as at 31 December 2024 from approximately US$4.3 million as at 31 December 2023.The long-term borrowings of the Group decreased to approximately US$1.0 million as at 31 December 2024 from approximately US$1.5 million as at 31 December 2023.The long-term bank

90、borrowings as at 31 December 2024 and 31 December 2023 were mainly secured on the property located at 201 Henderson Road#07/0801,Apex Henderson,Singapore 159545(the“Headquarters”),a corporate guarantee from the Company and a charge over all fixed deposits placed with the relevant bank.As at 31 Decem

91、ber 2024,the Groups total bank borrowings of approximately US$4.0 million consisted of:(i)approximately US$1.5 million which were denominated in Singapore dollars,including two term loans,amounting to US$1.2 million with a tenor of 20 years and interests charged at fixed rates from drawdown date unt

92、il the end of the second year from the respective dates of the banking facility letters and at floating rates for the subsequent years.In May 2020,the Company revised the terms of its bank borrowing amounting to US$0.3 million,with a tenor of 5 years,interest would be charged at floating rate with e

93、ffect from 1 May 2020;and(ii)approximately US$2.5 million which were denominated in United States dollars,with a tenor of 120 days and interests charged at floating rates.As at 31 December 2024 and 2023,the Groups borrowings were repayable as follows:20242023US$US$Within 1 year2,956,4374,342,313Betw

94、een 1 and 2 years87,476421,983Between 2 and 5 years262,427277,962Over 5 years699,807764,3964,006,1475,806,654 21 Going forward,we intend to continue to use external bank borrowings and internally generated funds to fund our working capital,game development activities,acquisition of IPs as well as ex

95、pansion plans as stated in the prospectus of the Company dated 25 November 2016(the“Prospectus”).TREASURY POLICIESThe proceeds from our sales made through crowd-funding platforms are generally received prior to product delivery,and therefore,we are not exposed to significant credit risk.Our trade re

96、ceivables are primarily related to sales to wholesalers.We have policies in place to assess and monitor the creditworthiness of our wholesalers.We perform periodic credit evaluation of our wholesalers and will adjust the credit extended to the wholesalers accordingly.Normally we do not require colla

97、terals from trade debtors.Management makes a periodic collective assessment as well as an individual assessment on the recoverability of trade receivables based on historical payment records,the length of the overdue period,the financial strength of the trade debtors and whether there are any disput

98、es with the debtors in relation to the relevant receivables.CAPITAL STRUCTUREDuring the year ended 31 December 2024,our capital structure consisted of bank borrowings,capital and reserves attributable to equity holders of the Company,comprising share capital,share premium,retained earnings,capital r

99、eserves and other reserves.NEW GAMES AND THEIR IMPACT ON FINANCIAL PERFORMANCEDuring the year ended 31 December 2024,crowd-funding projects shipped by the Group contributed approximately US$20.0 million(2023:approximately US$26.3 million)to the Groups revenue.During the year ended 31 December 2024,c

100、rowd-funding projects which were successfully launched but not shipped amounted to approximately US$4.1 million(2023:approximately US$5.6 million).The shipments of these projects are expected to take place in the first half of 2025.SIGNIFICANT INVESTMENTS,MATERIAL ACQUISITIONS AND DISPOSALSDuring th

101、e year ended 31 December 2024,the Group had no significant investments,material acquisitions and disposals of subsidiaries,associates and joint ventures.22 INFORMATION ON EMPLOYEESAs of 31 December 2024,the Group had 81 employees(31 December 2023:87).Employees are remunerated according to their perf

102、ormance and work experience.On top of basic salaries,discretionary bonus and/or share options may be granted to eligible staff by reference to the Groups performance as well as the individuals performance.The total staff cost(including remuneration of the Directors and mandatory provident fund contr

103、ibutions)for the year ended 31 December 2024 amounted to approximately US$4.0 million(2023:approximately US$4.0 million).CHARGES ON ASSETSAs at 31 December 2024,office units with a total net book value of approximately US$1.5 million and deposit pledged with a life insurance company of US$199,400 we

104、re charged as collateral for the Groups bank borrowings(31 December 2023:approximately US$1.6 million and US$199,400,respectively).FUTURE PLANS FOR MATERIAL INVESTMENTSAs at the date of this annual results announcement,the Group does not have any concrete plan for material investments.However,as sta

105、ted in the Prospectus,we intend to increase our market share by adding more high-quality games into our portfolio through title acquisition or licensing.We intend to finance our expansion plans primarily through internally generated funds and external borrowings.GEARING RATIOAs at 31 December 2024,t

106、he Group had short-term and long-term bank borrowings of approximately US$3.0 million(31 December 2023:approximately US$4.3 million)and approximately US$1.0 million(31 December 2023:approximately US$1.5 million),respectively.As at 31 December 2024,the gearing ratio of the Group,calculated as total l

107、iabilities divided by total assets was approximately 47.6%(31 December 2023:approximately 48.1%).EXPOSURE TO FOREIGN EXCHANGEThe Group mainly operates in China,Singapore and United States with most of its transactions denominated and settled in United States dollars.The Group currently does not have

108、 a foreign currency hedging policy.However,the Group will continuously monitor foreign exchange exposure and will consider hedging significant foreign currency exposure should the need arise.23 CONTINGENT LIABILITIESAs at 31 December 2024,the Group did not have any significant contingent liabilities

109、(31 December 2023:nil).COMMITMENTSThe Group had no capital commitments as at 31 December 2023 and 2024.PRINCIPAL RISKS AND UNCERTAINTIESThe Directors are of the view that the Group is exposed to the following key risks and uncertainties:(i)Outsourced manufacturersThe Group relies on a limited number

110、 of outsourced manufacturers for the production of tabletop games.To manage this risk,the Group has a practice of maintaining a good working relationship with the outsourced manufacturers by,amongst others,creating goodwill and honouring payments.Besides,the Group will explore and develop business r

111、elationship with other suitable outsourced manufacturers and suppliers as part of the contingency planning.(ii)Loss of key personnelThe Group relies to a significant extent on the executive Directors and certain key senior management.In view of this,we provide a remuneration package that rewards the

112、ir performance and ties to the Groups results in order to retain our employees.Besides,the Group has implemented controls to minimise the potential loss of key personnel,such as ensuring the executive Directors and certain key senior management do not take the same flight in their air travels.The Gr

113、oup is also developing and training potential new management members.(iii)Crowd-funding platformsDuring the year ended 31 December 2024,most of the Groups bestselling tabletop games were launched on crowd-funding platforms.To manage this risk,the Group has identified alternative internet crowd-fundi

114、ng platforms for game launching in the event the Group is unable to continue launching games on crowd-funding platforms.Besides,the Group is enhancing its in-house capability to launch tabletop games on its own website if required.EVENTS OCCURRED AFTER 31 DECEMBER 2024Please refer to the announcemen

115、ts of the Company dated 5 March 2025 and 25 March 2025 and the section headed“Subscription of New Shares under General Mandate”below in respect of the current status of the Subscription Shares and the measures to be taken by the Company.24 FINAL DIVIDENDThe Board did not recommend the payment of a f

116、inal dividend for the year ended 31 December 2024(2023:nil).CORPORATE GOVERNANCE PRACTICESThe Group is committed to maintaining high standards of corporate governance to safeguard the interests of the shareholders of the Company(the“Shareholders”)and to enhance corporate value and accountability.The

117、 Company has adopted the Corporate Governance Code(the“CG Code”)as set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited(the“Stock Exchange”)(the“Listing Rules”)as its own code of corporate governance.Save as disclosed in this annual resul

118、ts announcement,the Company has,to the best knowledge of the Board,complied with all applicable code provisions of the CG Code during the year ended 31 December 2024.The Company will continue to review and monitor its corporate governance practices to ensure compliance with the CG Code.Under code pr

119、ovision C.2.1 of the CG Code,the roles of chairman and chief executive officer should be separate and performed by different individuals.Mr.Ng Chern Ann is currently the chairman and was re-designated as a joint chief executive officer of the Company with the appointment of Mr.David Doust as joint c

120、hief executive officer of the Company on 23 January 2020.In view of Mr.Ng being one of the founders of the Group,and his responsibilities in corporate strategic planning and overall business development,the Board believes that it is in the interests of both the Group and the Shareholders to have Mr.

121、Ng taking up both roles for effective management and business development.The Board also meets regularly to review the operation of the Group led by Mr.Ng.Accordingly,the Board believes that this arrangement will not impact the balance of power and authorisations between the Board and the management

122、 of the Company.Now that Mr.Ng and Mr.Doust jointly execute the Groups development strategy and manage the Groups business operations,the Board will continue to review the effectiveness of the corporate governance structure of the Group in order to assess whether separation of the roles of the chair

123、man and joint chief executive officer is necessary.Reference is made to the announcement of the Company dated 25 March 2025 in respect of the delay in publication of the annual results of the Company contained in this announcement.The Company is in the course of engaging an internal control review e

124、xpert to review the internal control policies of the Company.For details,please refer to the section headed“Subscription of New Shares under General Mandate”for information.25 COMPLIANCE WITH THE MODEL CODE BY DIRECTORS IN SECURITIES TRANSACTIONSThe Company has adopted the Model Code for Securities

125、Transactions by Directors of Listed Issuers(the“Model Code”)as set out in Appendix C3 to the Listing Rules as its own code of conduct regarding Directors securities transactions.Having made specific enquiries of all the Directors,each of the Directors has confirmed that he/she has complied with the

126、required standard of dealings during the year ended 31 December 2024.SUBSCRIPTION OF NEW SHARES UNDER GENERAL MANDATEReferences are made to the announcements of the Company dated 13 April 2024 and 5 March 2025(the“Announcements”)in respect of the subscription of new shares under general mandate.Unle

127、ss otherwise defined,capitalised terms here shall have the same meanings as those defined in the Announcements.The Company would like to update the Shareholders and potential investors of the Company that the Subscription Shares have been cancelled on 28 April 2025 after obtaining legal advice.As su

128、ch,upon cancellation of the Subscription Shares,the number of issued shares of the Company has been reduced from 2,167,200,000 shares to 1,806,000,000 shares and the names of the Subscribers(being Drum Group Limited and Mana Pool Investments Limited)have been removed from the register of members of

129、the Company.26 The shareholding structures of the Company immediately before and immediately after cancellation of the Subscription Shares are set out as follows:Name of ShareholdersCapacity/Nature of InterestImmediately before cancellation of the Subscription SharesImmediately after cancellation of

130、 the Subscription SharesNo.of Shares%of shareholding(approximately)No.of Shares%of shareholding(approximately)Ng Chern Ann(“Mr.Ng”)Interests in controlled corporations/beneficial owner(Note 1)450,624,03920.79%450,624,03924.95%David Doust(“Mr.Doust”)Interests in controlled corporations/beneficial own

131、er(Note 1)276,574,42412.76%276,574,42415.31%Cangsome LimitedBeneficial owner(Note 1)450,624,03920.79%450,624,03924.95%Dakkon Holdings LimitedBeneficial owner(Note 1)276,574,42412.76%276,574,42415.31%Frederick Chua Oon Kian(“Mr.Chua”)Interests in controlled corporations/beneficial owner(Note 2)198,11

132、9,2329.14%198,119,23210.97%Magic Carpet Pre-IPO Fund(“Magic Carpet”)Beneficial owner(Note 2)192,539,2328.88%192,539,23210.66%Quantum Asset Management Pte.Ltd.(“Quantum Asset”)Interests in controlled corporations(Note 2)192,539,2328.88%192,539,23210.66%David Preti(“Mr.Preti”)Interests in controlled c

133、orporations/beneficial owner(Note 3)297,212,69113.71%297,212,69116.46%Magumaki Limited (“DP SPV”)Beneficial owner(Note 3)107,663,0764.97%107,663,0765.96%Drum Group LimitedBeneficial owner180,600,0008.33%Mana Pool Investments LimitedBeneficial owner180,600,0008.33%Other Public ShareholdersBeneficial

134、owners583,469,61426.92%583,469,61432.31%Total Shares2,167,200,000100%1,806,000,000100%Notes:(1)The issued share capital of Cangsome Limited(“CA SPV”)is wholly-owned by Mr.Ng,an executive Director and the sole director of CA SPV.CA SPV is beneficially interested in 435,124,039 Shares whereas Mr.Ng is

135、 beneficially interested in 15,500,000 share options of the Company(the“Share Options”).The issued share capital of Dakkon Holdings Limited(“DD SPV”)is wholly-owned by Mr.Doust,an executive Director and the sole director of DD SPV.DD SPV is beneficially interested in 261,074,424 Shares whereas Mr.Do

136、ust is beneficially interested in 15,500,000 Share Options.27(2)Magic Carpet is a private equity investment fund managed by Quantum Asset on a discretionary basis.Quantum Asset holds the only issued ordinary share of Magic Carpet and the preference shares in the capital of Magic Carpet are held by i

137、nvestors.Mr.Chua,a non-executive Director,beneficially owns approximately 99.99%of the issued share capital of Quantum Asset and is therefore deemed to be interested in the Shares held by Quantum Asset by virtue of the SFO.Mr.Chua is a director of Magic Carpet and is beneficially interested in 5,580

138、,000 Share Options.(3)The issued share capital of DP SPV is wholly-owned by Mr.Preti.Therefore,Mr.Preti is deemed to be interested in the Shares held by DP SPV by virtue of the SFO.The Company is in the course of engaging an internal control review expert to review the internal control policies of t

139、he Company in respect of the issue of the Subscription Shares and delay in the publication of the financial results of the Company for the year ended 31 December 2024.The Company will publish an announcement in respect of the appointment of the internal control review expert,its scope of work and ex

140、pected timeline of receiving the report.The Company will publish an announcement once the report of the internal control review expert is finalised to update the Shareholders and potential investors of the Company.PURCHASE,SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANYDuring the year ended 3

141、1 December 2024,neither the Company nor any of its subsidiaries had purchased,sold or redeemed any of the Companys listed securities(including sale of treasury shares,if any).As at 31 December 2024,the Company did not hold any treasury shares.DIRECTORS AND CONTROLLING SHAREHOLDERS INTERESTS IN COMPE

142、TING BUSINESSDuring the year ended 31 December 2024,none of the Directors,controlling Shareholders or their respective associates had engaged in or had any interest in any business which competes or is likely to compete,either directly or indirectly,with the business of the Group.AUDIT COMMITTEEThe

143、audit committee of the Company has reviewed with the management the accounting policies and practices adopted by the Group and discussed with the management internal control and financial reporting matters of the Company,including the review of the Groups audited consolidated financial results for t

144、he year ended 31 December 2024.28 SCOPE OF WORK OF ZHONGHUI ANDA CPA LIMITEDThe figures in respect of the Groups consolidated statement of financial position,consolidated statement of profit or loss and other comprehensive income and related notes thereto for the year ended 31 December 2024 as set o

145、ut in this annual results announcement have been agreed by the auditor of the Company,ZHONGHUI ANDA CPA Limited,to the amounts set out in the Groups audited consolidated financial statements for the year ended 31 December 2024.The work performed by ZHONGHUI ANDA CPA Limited in this respect did not c

146、onstitute an assurance engagement in accordance with Hong Kong Standards on Auditing,Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants and consequently no assurance has been expressed by ZHONGHU

147、I ANDA CPA Limited on this annual results announcement.DELAY IN PUBLICATION OF THE ANNUAL REPORT ON THE WEBSITES OF THE STOCK EXCHANGE AND THE COMPANYReference is made to the announcement of the Company dated 25 March 2025.As additional time is required for preparing,it is expected that the annual r

148、eport of the Company for the year ended 31 December 2024 will be sent to the Shareholders and available on the Companys website(http:/)and the designated website of the Stock Exchange(www.hkexnews.hk)on or before 30 May 2025.RESUMPTION OF TRADINGAt the request of the Company,trading in the shares of

149、 the Company on the Stock Exchange has been suspended with effect from 9:00 a.m.on 1 April 2025,pending the release of the audited consolidated results of the Group for the year ended 31 December 2024 contained in this announcement.Upon the publication of this announcement,an application has been ma

150、de to the Stock Exchange for the resumption of trading in the shares of the Company on the Stock Exchange with effect from 9:00 a.m.on 2 May 2025.By Order of the BoardCMON LimitedNg Chern AnnChairman,Joint Chief Executive Officer and Executive DirectorSingapore,30 April 2025As at the date of this announcement,the executive Directors are Mr.Ng Chern Ann,Mr.David Doust and Mr.Koh Zheng Kai;the non-executive Directors are Mr.Frederick Chua Oon Kian and Ms.Li Xuejin;and the independent non-executive Directors are Mr.Wong Yu Shan Eugene,Mr.Choy Man and Mr.Leung Yuk Hung Paul.