Summary of Zhongshou's Conference Call Company Overview - Zhongshou's overseas revenue reached RMB 272 million in 2024, accounting for 14.1% of total revenue, with significant contributions from the game "Douluo Dalu: Shrek Academy" in the Hong Kong, Macau, and Taiwan markets [1][3] - The company plans to expand its overseas business by launching "Douluo Dalu: Reverse Time" in international markets [1][3] Core Business Segments - Zhongshou's game publishing revenue for 2024 was RMB 1.665 billion, with three main business segments: game publishing, game development, and IP licensing [2] - Key games launched include "Douluo Dalu: Shrek Academy," "Doupo Cangqiong: Peak Showdown," and "Douluo Dalu: Reverse Time," all performing exceptionally well [2][15] - The company aims to launch 18 new games in 2025, focusing on high-quality IP games and innovative mini-games [2][10] Long-term Operating IP Games - Zhongshou has several long-term operating IP games, including "Xianjian Qixia Chuan," "One Piece: Bloodline," and "True Three Kingdoms: Domination," which have shown strong revenue performance [4] - "New Legend of the Condor Heroes: Iron Blood and Heart" generated RMB 260 million in its first month, while "One Piece: Bloodline" has maintained active engagement since its launch [4] Research and Development - The company invested RMB 244 million in R&D in 2024, focusing on projects like "Code: Dark Night Legend" and the open-world game "Xianjian World" [5] - "Xianjian World" was launched in early 2025, while "Code: Dark Night Legend" is expected to enter testing later in 2025 [5][13] IP Licensing Achievements - In 2024, IP licensing revenue was RMB 116 million, with Zhongshou holding complete global rights to "Xianjian Qixia Chuan" [7] - The company collaborates with partners like iQIYI and Tencent to produce series based on the IP, enhancing its market presence [8] Mini-Game Platform - The mini-game platform has lower channel costs and higher profit margins, with "Chunqiu Xuanqi" generating over RMB 100 million in its second month [17] - The company aims to deepen its development in the mini-game sector, targeting a revenue increase [17] Overseas Market Strategy - Zhongshou began its overseas business in 2021, with revenue contribution rising from less than 1% to over 10% in the first year [19] - The company plans to accelerate its overseas expansion, targeting a revenue contribution of 20% to 30% from international markets in the next three years [19][20] Future Outlook - The company is considering stock buybacks and dividends based on market conditions, with ongoing support from major shareholders [21] - The competitive landscape in the gaming market remains intense, but Zhongshou's strong IP portfolio positions it favorably [16]

Core Insights - A total of 510 games have been approved for release in 2025, with 480 being domestic and 30 being imported [1][2][4] Domestic Games - In April 2025, 127 games were approved, including 118 domestic and 9 imported titles [1] - The number of "casual puzzle" games among the approved domestic titles decreased, with 46 such games making up approximately 39% of the month's approvals [1] - Notable domestic games include: - "Sea Melody: Return" by Xiamen Boyou (client game) - "Mountain Gate and Illusions" by Chengdu Xingyi (client game) - Four cross-platform games supporting mobile and PC, including "Extreme Battlefield" by NetEase LeiHuo and "Lost" by Perfect World [1][4] - The majority of the approved domestic games (110 out of 118) are pure mobile games [1] Imported Games - Among the approved imported games, Tencent's "Path of Exile: Ascendancy" and Shanghai Guoqu's "Track Connection" are pure client games, while the remaining seven are mobile games [2][4] - Tencent's "Path of Exile: Ascendancy" has over 2 million pre-registrations, indicating strong market interest [4] - Other notable imported titles include "Monopoly: Number One Winner" by Kaiying Network and "Book Realm Legend" by Zhongyou Mobile [4] Game Approval Changes - Six games completed operational approval changes, including "War of the Dual" by Kuro and "Dragon Stone War" by Guangzhou Kaiyibo, which added client versions [6] - One game underwent a name change, and another changed its publishing unit [6]

Summary of Conference Call Records Company Overview - The conference call discusses the performance and future plans of Zhongyou Mobile (中手游) for the year 2024 and beyond, focusing on its gaming business and IP operations. Key Points 1. Financial Performance - As of December 31, 2024, Zhongyou Mobile's gaming publishing revenue reached RMB 1.665 billion [1] - The total revenue for the group was approximately RMB 1.931 billion, with an adjusted loss of RMB 2.048 billion [26] - Overseas revenue amounted to RMB 272 million, contributing to 14.1% of total revenue [4][26] 2. Game Releases and Performance - Three major IP games were launched in 2024: - **Douluo Dalu: Shrek Academy**: Recognized as the best national comic IP game at the Huawei Developer Conference [2] - **Doupo Cangqiong: Peak Showdown**: Achieved over 6 million pre-registrations and ranked second in the Apple Store free list upon launch [2] - **Douluo Dalu: Time Reversal**: Launched in September 2024, it reached first place in the Apple free list but did not meet user acquisition expectations [3] - The overall gaming industry faced significant challenges, particularly in user acquisition and revenue generation [3][27] 3. R&D and New Projects - The group invested RMB 2.44 billion in R&D, with revenues from R&D at RMB 149 million [5] - A new open-world game, **Xianjian World**, faced challenges post-launch, failing to meet expectations due to high player quality demands [6][7] - The company is focusing on optimizing R&D costs and maintaining a skilled team for future projects [7][15] 4. IP Operations - The group’s IP licensing revenue was RMB 116 million, with significant efforts to unify and expand the **Xianjian** IP universe [8][28] - Collaborations with major platforms like iQIYI and Tencent for adaptations of the **Xianjian** series have been successful, generating significant interest and revenue [9][24] 5. Strategic Adjustments - The company plans to refine its focus on high-potential IP games and expand into overseas markets, particularly in East Asia and Southeast Asia [12][13] - Emphasis on developing mini-games, with a goal to become a leading publisher in this segment [13][14] - Cost control measures have been implemented, resulting in a significant reduction in operational costs [15][16] 6. Market Challenges - The company faced delays in launching several anticipated games, impacting overall revenue [27] - The competitive landscape in the gaming industry has intensified, necessitating strategic adjustments and a focus on proven IPs [12][32] 7. Social Responsibility - Zhongyou Mobile has been recognized for its commitment to social responsibility, particularly in supporting youth education through initiatives like the "Zhongyou Dream Library" project [11] 8. Future Outlook - The company is optimistic about its product pipeline for 2025, with several games set to launch, including **Naruto: Master of Skills** and **New Three Kingdoms: Tide of War** [17][19] - Continued focus on enhancing user engagement and expanding the IP ecosystem is expected to drive future growth [22][25] Additional Insights - The company is actively exploring cultural output paths by integrating traditional Chinese culture with its IPs, aiming to broaden their influence [25] - The strategic partnership with esports organizations is expected to enhance game distribution and marketing efforts [10] This summary encapsulates the key aspects of Zhongyou Mobile's conference call, highlighting its financial performance, game releases, strategic adjustments, and future outlook in the gaming industry.

Leadership Changes - Zhongshouyou Technology Group Limited appointed Wang Chunye as co-CEO effective April 9, 2025, who previously served as General Manager at LeMando Interactive Entertainment [2] - Wang has extensive experience in the gaming industry, having held positions at NetDragon and Shanda Networks [2] Financial Performance - For the fiscal year ending December 31, 2024, Zhongshouyou reported revenue of 1.93 billion RMB, a decrease of 25.7% from 2.6 billion RMB in the previous year [3][4] - The company incurred a net loss of 2.11 billion RMB in 2024, compared to a loss of 38.04 million RMB in 2023 [6] - Adjusted net loss for 2024 was 2.08 billion RMB, while the previous year showed an adjusted net profit of 538 thousand RMB [6] Cost Structure - Gross profit for 2024 was 603 million RMB, down 36% from 943 million RMB in 2023 [3][4] - Sales and distribution expenses increased by 61.4% to 494 million RMB, while R&D expenses decreased by 34% to 244 million RMB [4][5] International Revenue - In 2024, overseas revenue accounted for 2.72 billion RMB, representing 14.1% of total revenue [4]

Financial Performance - The company reported a revenue of 1.93 billion yuan and an adjusted net loss of 2.08 billion yuan for the fiscal year 2024, marking its largest loss since going public in 2019 [2][3] - The loss was attributed to significant goodwill impairment, investment impairment, and other non-operating expenses, alongside delays in the launch of key self-developed games, particularly "Sword of the Immortal World" [3][4] IP Acquisition and Development - The goodwill impairment primarily stemmed from multiple acquisitions to secure the "Sword" IP rights, including a 213 million yuan purchase of a 51% stake in Beijing Softstar in 2018 and a 642 million HKD acquisition of a 49% stake in 2021 [4] - The total investment in "Sword of the Immortal World," including development costs exceeding 300 million yuan, has surpassed 1 billion yuan, yet the game failed to meet market expectations [5] Game Performance and Market Challenges - "Sword of the Immortal World" launched on February 19, 2024, but only ranked 97th on the iOS game sales chart on its first day and quickly fell out of the top 200 [6] - The game received over 1,000 negative reviews on TapTap, significantly outnumbering positive feedback, indicating poor player reception [6][7] Industry Context - The gaming industry is facing heightened market risks, with companies like the subject company reflecting broader challenges within the sector [8][10] - The domestic gaming market has reached a saturation point, with major players intensifying competition for existing users, leaving less room for smaller developers [10][11] IP Lifecycle and Consumer Expectations - The "Sword" IP is entering a generational transition, with player expectations not being met due to perceived issues in gameplay, graphics, and overall quality [13][15] - Similar challenges are observed with other established IPs, such as the "Condor Heroes," which also struggled to maintain player interest despite significant investment [14][15] Future Prospects - The company identified mini-games as a potential bright spot, with the mini-game "Spring and Autumn Mysteries" achieving over 100 million in revenue and high retention rates since its launch [18][19] - However, the increasing competition in the mini-game sector raises concerns about the sustainability of this segment as more companies enter the market [20]

Group 1: Investment and Strategic Partnerships - Tencent's investment of €1.16 billion will strengthen Ubisoft's balance sheet, including debt repayment and supporting new operations, while Ubisoft retains full creative control, IP ownership, and business decision-making rights [1] - Gaggle Studios announced a strategic partnership with Kingsoft Game, making Kingsoft the exclusive agent for "Goose Goose Duck" in mainland China, responsible for localization and mobile development, with the mobile version expected to begin testing in May 2025 [4] - NEKCOM announced a strategic investment agreement with GCL Global Holdings, with GCL acquiring 20% of NEKCOM's shares for the global distribution of the upcoming RPG "Showa America Story" [17] Group 2: Financial Performance and Market Trends - Friendship Time reported a revenue of ¥1.162 billion for the year ending December 31, 2024, a 10.1% increase from ¥1.056 billion in 2023, with a significant reduction in adjusted annual losses by 67.8% [6] - Heartbeat Company achieved a revenue of ¥5.012 billion, a 47.9% year-on-year increase, with game business revenue growing by 64.2% [6][7] - Qingci Games reported a revenue of ¥628 million, turning a profit of ¥51.12 million, with overseas market revenue increasing from 28.47% to 43.93% of total revenue [8] - Zulong Entertainment's revenue reached ¥1.141 billion, a 25.6% increase, driven by the success of "Dragon Tribe: Cassel's Gate" and sustained popularity of "Shining Name" [9] - IGG's total revenue was HK$5.737 billion (approximately ¥5.357 billion), a 9% increase, with net profit soaring by 697% to HK$580 million (approximately ¥541 million) [10][11] Group 3: Game Releases and Market Performance - Ubisoft's latest title "Assassin's Creed: Shadow" attracted over 3 million players within a week of release, setting a record for first-day sales in the franchise [20][21] - The game "NIKKE: Goddess of Victory" has generated over $1 billion in revenue since its launch in 2022, indicating strong market performance prior to its domestic release [12] - The gaming industry is seeing a trend where over 67% of PC players' time in 2024 is spent on games older than six years, highlighting a shift in player engagement towards established titles [5]

每经记者 张梓桐 每经实习编辑 余婷婷 ｜2025年3月31日星期一｜ NO.1 大宇与中手游已完成品牌资产交接 3月30日消息，大宇资讯发布官方公告，宣布自3月31日起全面终止《仙剑奇侠传》系列游戏的客服支 持、更新及维护服务，并将在5月31日关闭实体版激活码服务器，与中手游已完成品牌资产交接。 点评：仙剑IP拥有30年历史，其完成交接是游戏行业"新老交替"的缩影。中手游若能在手游盈利与单机 情怀之间找到平衡点，或成为其股价的催化剂；但若处理失当，则可能加剧IP价值稀释。大宇资讯彻底 退出仙剑运营，短期可能面临收入阵痛，但长期看有助于降低运维成本，投资者需观察其后续IP合作案 例。 NO.2 任天堂筹备真人版《塞尔达传说》三部曲 3月30日消息，任天堂正计划将经典游戏IP《塞尔达传说》改编为真人电影，并可能打造为三部曲。影 片预计于2025年11月至2026年4月在新西兰拍摄，2027年3月正式上映。此举被视为任天堂继《超级马力 欧兄弟大电影》成功后，进一步拓展影视领域的战略举措。 点评：若电影成功，任天堂旗下其他游戏内容（如《银河战士》《星之卡比》）的影视化可能性将提 升，进一步打开"游戏+影视"的变现空 ...

（原标题：中手游、B站相继裁员，开放世界游戏"难产"） 《仙剑世界》《代号：UE》两款开放世界游戏相继折戟，项目组被裁撤。 近日，经济观察报从多位中手游员工了解到，中手游（00302.HK）旗下的满天星工作室将进行大裁员，裁员人数或超过八成，仅保留部分员工至 新成立的公司。 中手游对经济观察报表示，涉及裁员和新主体公司方面暂无回应。 满天星工作室负责研发开放世界游戏《仙剑世界》，此前拥有两百多位员工。《仙剑世界》研发投入超过3亿元，被中手游CEO肖健视为"战略级 自研游戏"。 《仙剑世界》上线仅1月，成绩远不如中手游内部预期，七麦数据显示，《仙剑世界》上线时曾登顶苹果应用商店游戏榜，之后一路下滑，目前已 在500名开外。 3月28日，中手游在2024年财报中表示，《仙剑世界》首月营收未达预期。该游戏上线后数百万玩家下载体验，一些问题影响其市场表现：游戏体 量过大、移动端游戏画面质量欠佳、前期关卡缺少对新用户的有效引导。 无独有偶，经济观察报了解到B站（09626.HK，BILI.NASDAQ）自研国风题材开放世界游戏项目《代号：UE》也被裁撤。该项目由前《古剑奇 谭》系列游戏主创郑雯带队，已开发2年左右，团队 ...

在笔者看来，这一点增长的背后离不开其长期海外市场的深耕以及持续拓展区域释放的成长潜力。 3月27日，中手游（0302.HK）发布2024年度财报，尽管行业承压，其海外业务与IP生态展现强劲韧 性，尤其是海外业务以及小游戏的爆发，成为逆境中的关键增长极。 随着《火影忍者：木叶高手》、《代号：暗夜传奇》等重磅游戏储备蓄势待发，手握多款新品的中手 游，正为其新一轮增长埋下伏笔。 1、海外收入占比快速提升 2024年，中手游实现总收益19.3亿元，受行业环境及研发延期等多重不利因素影响，公司业绩遭遇压 力，录得较大亏损。 不过亮眼的是，公司在海外市场取得不俗成绩，来自海外收入贡献占比从2023年的8.7%跃升至14.1%， 提升超5个百分点。 此次财报另一个值得关注的是，中手游在小游戏赛道的异军突起。 从公司出海的策略来看，中手游聚焦国内市场已跑通商业模型的成熟产品，通过国内数据验证后再进行 本地化移植，有效降低了出海风险。 继已上线的《凌霄战纪》和《全民枪神：边境王者》等多款小游戏爆火后，过去的2024年，公司推出的 包括《消个锤子》、《主公别跑》等在内的多款小游戏产品营收取得优异表现，这也让其在小游戏赛道 持续输 ...

本报记者 李豪悦 3月27日，港股上市公司中手游公布2024年度业绩报告。报告显示，截至2024年12月31日，公司年度收入为19.3亿元，经调 整净亏损为20.8亿元，毛利率达31.2%。 财报显示，公司亏损的主要原因为，多款项目特别是自研核心游戏《仙剑世界》延期上线，其上线后表现亦未达预期。此 外，中手游计提较大的商誉减值和投资减值以及其他非经营性开支，这对2024年财务业绩造成了较大压力。 尽管面临行业竞争加剧及部分项目延期等多重挑战，中手游通过战略调整、成本控制及全球化布局，为全面利润回收期奠 定基础。 腾讯官方数据显示，小游戏的付费用户和传统手游市场的付费用户重合度只有35%。业内人士预计小游戏将成为中手游 2025年全新业务增长点。 中手游方面向《证券日报》记者介绍，展望2025年，公司明确执行"业务聚焦+成本控制"的发展策略，从深耕海外市场、 发力传奇品类游戏和创新小游戏研发、聚焦精品IP游戏、优化自主研发团队四个方面出发，将确定性业务做精做深。 加速全球化 角逐国内小游戏头部发行商 财报显示，2024年中手游中国内地营收16.6亿元，中国港澳台及海外营收2.7亿元。其中，中国港澳台及海外收入占 ...