Core Viewpoint - NetDragon (00777) experienced a significant stock price increase, rising over 15% at one point and closing at 14.3 HKD, with a trading volume of 208 million HKD [1] Group 1: Financial Performance - The company reported a 26.7% year-on-year decrease in R&D expenses due to the comprehensive deployment of the "AI Production Center" [1] - AI enhancements have improved overall efficiency by approximately 15% [1] Group 2: Product Development - NetDragon is focusing resources on its major product "Codename MY," which has entered user testing with positive feedback [1] - The game "Moyou" is actively expanding into multiple language versions, with two new versions set to launch overseas in the second half of this year [1] - "Codename Alpha," a localized version of the "Conquest" series, is expected to be launched in Southeast Asia in collaboration with partners, with additional regions under discussion for potential launches [1] Group 3: Market Outlook - CITIC Securities anticipates growth in NetDragon's gaming business following core IP optimization, and expects recovery in the Mynd.ai business after tariff policies are implemented [1] - The company's advancements in the AI sector, including a strategic partnership between its subsidiary Chuangqisi and Zhongke Wenge, as well as breakthroughs in investments in AI edge devices, suggest a promising future for NetDragon [1] - These positive factors are expected to provide strong support for the company's stock price [1]

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NetDragon Websoft H o l d i n g s L i mi t e d 網 龍 網 絡控 股 有 限 公 司 （於開曼群島註冊成立的有限公司 ） （ 股份代號：777） 各位非登記股東： 網龍網絡控股有限公司(「本公司」) - 刊發2025年中期報告之通知 ( 統稱「是次公司通訊」) -------------------------------------------------------------------------------------------------------------------------- 本公司是次公司通訊（英文及中文版本）已於本公司網站 www.nd.com.cn 及香港聯合交易所有限公司（「聯交所」）網站 www.hkexnews.hk 登載，請於以上述的網站內閱覽是次公司通訊。 列位非登記股東 台照 二零二五年九月二十六日 劉德建 謹啟 申請表格 致： 卓佳證券登記有限公司 香港夏愨道16號遠東金融中心17樓 本人／吾等要求索取 貴公司是次公司通訊的印刷本及 貴公司日後所有的公司通訊印刷本。 股東姓名： 簽署： 聯絡電話： 日期： 附註： 1. ...

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| 管理層討論及分析 | 2 | | --- | --- | | 其他資料 | 20 | | 簡明綜合財務報表審閱報告 | 30 | 目錄 CONTENTS | 簡明綜合損益及其他全面收益表 | 32 | | --- | --- | | 簡明綜合財務狀況表 | 34 | | 簡明綜合權益變動表 | 36 | | 簡明綜合現金流量表 | 38 | | --- | --- | | 簡明綜合財務報表附註 | 40 | 網龍網絡控股有限公司 NETDRAGON WEBSOFT HOLDINGS LIMITED 管理層討論及分析 (1) 財務摘要及回顧（續） 分類財務摘要 | | 二零二五年上半年 | | 二零二四年上半年 | | | --- | --- | --- | --- | --- | | | 遊戲及 | Mynd.ai | 遊戲及 | Mynd.ai | | （人民幣百萬元） | 應用服務 | 業務 | 應用服務 | 業務 | | 收益 | 1,738 | 641 | 2,121 | 1,180 | | 毛利 | 1,498 | 163 | 1,849 | 351 | | 毛利率 | 86.2% | 25.4 ...

Core Viewpoint - The company is experiencing a decline in revenue for 2025, but its overall profitability is improving due to cost optimization measures and a focus on enhancing operational efficiency [1][2]. Group 1: Financial Performance - In 2025, the company achieved a revenue of 2.38 billion RMB, a year-on-year decrease of 28%, with a gross profit of 1.7 billion RMB, down 24.7% [1]. - The gross margin improved by 2.9 percentage points to 69.5%, indicating enhanced overall profitability [1]. - Operating expenses were reduced to 1.35 billion RMB, a year-on-year decrease of 15.6%, reflecting the effectiveness of cost optimization initiatives [1]. - The company has a solid financial position with net cash of approximately 2.3 billion RMB and holds 12,000 Ethereum as digital asset reserves [1]. Group 2: Business Segments - The gaming and other businesses generated revenue of 1.74 billion RMB in the first half of 2025, down 18% year-on-year, but only a slight decline of 4% compared to the second half of 2024, indicating signs of stabilization [2]. - The monthly active users (MAU) of "Magic Domain" increased by 11% year-on-year, and mobile revenue showed a quarter-on-quarter increase, reflecting improved user engagement and retention [2]. - The gaming business's operating profit margin rebounded to 28.8%, nearing historical normal levels [2]. - The education business, Mynd.ai, reported revenue of 640 million RMB in the first half of 2025, primarily impacted by tightened customer budgets [2]. - The company is actively exploring emerging markets to seek new growth opportunities amid challenges in traditional markets [2]. Group 3: Future Outlook - The company has adjusted its target price to 20.24 HKD, maintaining a buy rating, based on the robust development of gaming IPs and the potential of the education market [3]. - The expected growth from the gaming business and successful expansion into overseas markets, along with the promotion of tablet products, is anticipated to drive future performance [3].

Group 1 - The 25th session of the UNESCO IITE Council was held in Paris, focusing on reviewing the work report and project activities, and formulating the mid-term strategy for 2026-2029 [1] - Liu Dejian, Chairman of NetDragon, attended the meeting and utilized a digital avatar to present the company's achievements in AI-enabled education, offering constructive suggestions on enhancing UNESCO IITE's global influence in the AI era [1][5] Group 2 - The "Teacher E-Library" project, co-promoted by NetDragon and UNESCO IITE, has made significant progress, providing advanced digital resources and AI education solutions to enhance teacher capacity building [2] - The project has integrated over 400 open educational resources in four languages and offers 39 accredited courses, while actively expanding its presence on social media platforms like TikTok and Vkontakte [2] - The TikTok account gained over 60,000 followers and achieved over 1 million video views within five months, indicating strong engagement with global young educators [2] Group 3 - UNESCO IITE signed a memorandum of understanding with the Serbian Ministry of Education to advance the AI capability framework for teachers in Central and Eastern Europe, leveraging the "Teacher E-Library" project [3] - The project has organized various competitions, including the "21st Century Teacher Competition," attracting participation from teachers in 60 countries and collecting nearly 1,000 innovative teaching cases [3] Group 4 - NetDragon's AI production center focuses on high-quality, low-cost, and large-scale automated production of educational resources, adapting to different cultural and educational contexts [4] - The company has positioned "AI + Education" as a key strategy, significantly reducing production time and costs for high-quality educational content [4] - NetDragon collaborates with various global institutions, covering over 190 countries and regions, to empower digital education development through AI capabilities [4] Group 5 - To enhance UNESCO IITE's influence in the AI era, Liu Dejian suggested a systematic integration of AI into various plans and initiatives, aiming to create a global portal for learners to access AI resources and knowledge [5] - The vision is to build a co-creation and sharing ecosystem for educational resources, promoting equitable education where everyone can create and benefit [5]

Group 1 - The core focus of the meeting was to review the work report and project progress of UNESCO IITE and to formulate the mid-term strategy for 2026-2029 [1] - Liu Dejian, Chairman of NetDragon, attended the meeting as a council member and utilized a digital avatar to present the company's achievements in AI-enabled education [1][6] - The UNESCO IITE council consists of 11 members, with Liu Dejian being the only entrepreneur member elected in 2022 [1] Group 2 - The "Teacher E-Library" project, co-promoted by NetDragon and UNESCO IITE, has made significant progress, integrating over 400 open educational resources in multiple languages and offering 39 certified courses [2] - The project has expanded its outreach through social media, gaining over 60,000 followers on TikTok within five months and achieving over 1 million video views [2] - Various competitions and research activities have been organized under the "Teacher E-Library" project, attracting participation from teachers in 60 countries and collecting nearly 1,000 innovative teaching cases [5] Group 3 - NetDragon's AI production center focuses on an "expert system" to optimize the production of high-quality educational resources at low costs and large scales [7] - The company has established strategic partnerships with various countries and educational organizations, covering over 190 countries and regions globally [8] - Liu Dejian suggested that UNESCO IITE should systematically integrate AI into its initiatives to enhance its global influence and create a collaborative educational resource ecosystem [8]