Gamania (橘子集團) (6180 TT) 2025Q1 法說會簡報

Company Overview

• Company Name: Gamania (橘子集團)
• Stock Code: 6180 TT
• Market Cap (2025/3/18): USD 401 million
• Business Segments:
  • 數位遊戲 (Digital Gaming)
  • AI創新 (AI Innovation)
  • 橘子原創 (Gamania Original)
  • 企業服務 (Enterprise Services)
  • 新聞媒體 (News Media)
  • 生活風格 (Lifestyle)

Financial Highlights

• 2024 Full-Year Financial Highlights:
  • 合併營業收入 (Consolidated Operating Revenue): NT$11.08 billion
  • 歸屬母公司業主稅後淨利 (Net Profit After Tax Attributable to Owners of the Parent Company): NT$2.07 billion
• Key Financial Ratios (Annual Change):

  Metric (Annual)	2020	2021	2022	2023	2024
  營業毛利率 (Gross Profit Margin)	38.0%	41.8%	41.1%	38.8%	35.3%
  營業費用率 (Operating Expense Ratio)	27.1%	26.6%	27.3%	32.2%	33.0%
  營業利益率 (Operating Income Margin)	10.9%	15.2%	15.4%	6.5%	2.3%
  稅率 (Tax Rate)	26.6%	30.2%	25.2%	18.5%	5.2%
  淨利率 (Net Profit Margin)	8.4%	9.7%	11.2%	5.9%	18.7%
  權益報酬率 (%) (Return on Equity)	16.1%	19.5%	22.7%	9.5%	35.1%
  資產報酬率 (%) (Return on Assets)	9.4%	11.8%	12.9%	5.7%	22.8%
  負債比 (%) (Debt Ratio)	40.8%	38.2%	39.5%	41.1%	28.1%
  現金股利 (Cash Dividend, NT$)	4.00	5.00	5.80	3.28	6.00
  股利發放率 (Dividend Payout Ratio)	80%	79%	80%	100%	51%
  股利殖利率 (Dividend Yield)	8.2%	7.6%	9.3%	4.5%	7.3%

Business Segments

• 數位遊戲 (Digital Gaming):
  • 遊戲橘子 (Gamania): Diverse game genres and platforms.
• AI創新 (AI Innovation):
  • Vyin AI: Innovative AI technology brand.
  • VieFor: Competition social platform.
  • hidol: Fan interaction social platform.
• 橘子原創 (Gamania Original):
  • mojoin: Comics and novel platform.
  • 挺音樂 (Ting Music): Musician incubation platform.
  • 文創股長 (STARup hub): IP creator incubation.
• 企業服務 (Enterprise Services):
  • 果核數位 (Digicentre): Cloud data and cybersecurity expert.
  • 優服橘子 (Gamania CRM): Customer service outsourcing and community customer relationship marketing.
• 新聞媒體 (News Media):
  • 今日新聞 (NOWNEWS): Diversified news platform.
  • 猿聲 (conetter): Media marketing, idol management, video production.
• 生活風格 (Lifestyle):
  • 購物橘子 (gamania Shopping): ACGN entertainment e-commerce platform.
  • 橘子支付 (Gamania Pay): Electronic payment.
  • jollywiz: Cross-border e-commerce brand operation.
  • 奇換橘子 (gamania Xchanger): Innovative virtual item trading platform.

Products & Technologies

• Gaming Products:
  • 新楓之谷 (MapleStory): PC MMORPG. Largest-ever annual update in Jan 2024.
  • 天堂M (Lineage M): Mobile MMORPG.
  • 波拉西亞戰記 (Wars of Prasia): PC/Mobile MMORPG. Launched in Taiwan, Hong Kong, Macau with new versions, professions, cross-server gameplay.
  • 救世者之樹M (Tree of Savior M): Mobile MMORPG. Adapted from Lithuanian mythology, led by "RO Ragnarok Online" creator, restores PC game's fairy-tale art.
  • 便利商店 口袋版 (Pocket Convenience Store): Mobile Casual Simulation Management game. Taiwan's classic self-developed IP mobile game, rich experience with OMO innovative technology, deepens group's classic IP application.
• AI Products & Solutions (Vyin AI):
  • Vyin Brain: Intelligent Brain. Offers Generative AI Customer Service, solving over 80% of problems independently and reducing labor burden.
  • Vyin Sales: AI Sales Module. Provides Hyper-personalized Business services, including multi-IP interactive services and hyper-personalized sales recommendations to drive revenue growth.
  • Vyin RecSys: Recommendation System. Real-time detection of user interest changes, applicable across industries, highly flexible and customizable.
  • D-RAG: Self-developed core AI technology, involving Knowledge, Understanding, Control Hub, Language, and Action modules.
• Cybersecurity & Cloud Services (果核數位 Digicentre):
  • appGuard: Self-developed mobile security protection system. Obtained EAL2 international security certification. Prevents APP source code theft, protects confidentiality of stored data, and intellectual property rights.
  • Information Security Services: AI security incident monitoring, DDoS attack prevention, mobile APP security protection.
  • Cloud Services: Cloud infrastructure, customized settings, real-time monitoring and reporting. Supports cross-border multi-cloud integration, comprehensive cloud security construction, on-premise to cloud digital transformation, and cost-performance optimization.
  • Managed Services: Firewall, ITS (Information Technology Services), threat monitoring, direct interconnection.
  • HyperG: Digicentre's brand for cybersecurity solutions, expanding into Southeast Asian market through partnership with VIETCONNECT.

Clients & Markets

• Target Markets:
  • Taiwan
  • Hong Kong
  • Macau
  • Southeast Asia
• Client Base:
  • Gamers
  • Enterprises
  • Individuals

ESG / Sustainability

• Environmental Initiatives:
  • Green procurement
  • Energy-efficient operations
• Social Initiatives:
  • Employee welfare
  • Community engagement
• Governance:
  • Risk management
  • Compliance

Outlook & Strategy

• Upcoming Game Launches:
  • 救世者之樹M (Tree of Savior M)
  • 便利商店 口袋版 (Pocket Convenience Store)
• Strategic Focus:
  • Continuously focusing on gaming, data, and AI as core development areas.
  • Building a complete entertainment network ecosystem through various group services.
  • Aiming to create higher ROE for shareholders by focusing on high-tech barrier value businesses and continuous organizational transformation.

Additional Data

• Revenue Composition by Business Segment (NT$mn):

  Segment (Accumulated)	2023 (Total: 9,791)	2024 (Total: 11,077)
  遊戲 (Gaming)	6,888 (70%)	7,897 (71%)
  商務 (Business)	907	1,062
  其他 (Other)	1,339	1,773

• Key Charts, Graphs, and Data Points:
  • Consolidated Revenue (NT$, mn) (2000-2027)
  • Quarterly Financial Ratios
  • Annual Financial Ratios
  • Revenue Composition by Business Segment (Quarterly & Accumulated)
  • Dividend Payout Ratio & Shareholder Returns