Gelonghui, March 26, 丨 New Entertainment Technology Holdings (06933.HK) announced its annual results. For the year ended December 31, 2023, the Group's total revenue decreased by 26.9% to approximately RMB 8.998 million. This was due to a decrease in the number of new games in the recovering market after the China Press and Publication Administration restarted the approval process for new game licenses, and due to increased market risk due to several cryptocurrency related default events at the end of 2022. The Group also recorded a small amount of revenue from developing and selling games during the year.
In 2023, the Group recorded a loss of approximately RMB 103 million for the year attributable to company owners, and approximately RMB 97.525 million for the year ended December 31, 2022. The losses were mainly due to a decrease in revenue generated by the distribution of third-party games and blockchain technology businesses. In addition, the Group confirmed an impairment loss (after deduction) of approximately RMB 34.07 million under the expected credit loss model and confirmed impairment provisions of approximately RMB 12.546 million for intangible assets during the year.