Gelonghui Feb. 22 | Feiyu Technology (01022.HK) announced that the Group expects to record net profit after tax of approximately RMB 50 million to RMB 65 million for the year ended December 31, 2023, and a net loss after tax of approximately RMB 24.4 million for the year ended December 31, 2022.
The reversal in net profit expectations after tax is mainly due to the following reasons: 1) Due to the increase in revenue due to the launch of “Defend Radish 4” on June 30, 2022, the game only contributed 6 months of revenue for the year ended December 31, 2022, and 12 months of revenue for the year ended December 31, 2023, and continued excellent results in 2023; 2) Due to the increase in revenue due to the launch of “Fairy Road 3” on June 7, 2023, the game is eagerly awaited by fans of the company's popular game “Immortal Road”. ; and 3) Expenses were reduced as the company streamlined its corporate structure to allocate capital and human resources to high-value business projects.