格隆汇1月28日丨*ST新潮(600777.SH)公布，经财务部门初步测算，公司预计2025年年度实现利润总额 141,000万元，预计2025年年度归属于母公司所有者的净利润为111,000万元，扣除非经常性损益后的净 利润为111,040万元。 ...

专家表示，从文化发展与产业融合的视角看，地方文旅与这些头部数字IP的共创，正成为一种可复制、 可升级的合作范式，为文旅资源的数字化活化提供了具有参照意义的实践路径。 此次联动选取了丝绸之路上的两大"马文化"实体遗产，分别是集历史军事底蕴与自然奇观于一体的张 掖，以及承载生物基因与传奇想象的新疆汗血宝马基地，进行了一次深度的文化资源数字化整合，提炼 出"山河气魄、战神精神、天马风骨"三重精神内核，并最终凝练为"九州神骏"系列年度幻兽形象。三方 将以此幻兽为核心载体，推出系列年度宣传纪录片，依托富有张力的影像语言与数字技术，系统整合丝 路沿线"马"文化遗产资源，探索数字IP与实体文旅的创新表达路径，旨在携手塑造具有时代气息的"中 华天马"文化标识。 中国经济网北京1月28日讯（记者 成琪）随着甲辰马年临近，蕴含"龙马精神""马到成功"等吉祥寓意 的"马文化"热度攀升，已成为文旅市场的重要主题。各地相继推出系列化、场景化的"马"主题文旅活 动，而在数字空间，一场跨越地域、联结虚实的文化共创也正在展开——网龙网络公司旗下经典游戏IP 《魔域》，联合甘肃张掖，以及新疆汗血宝马基地，以"水墨绘山河，神骏踏世来"为核心主题 ...

Core Viewpoint - NetDragon Websoft Holdings Limited has entered into a strategic partnership with Volcengine to enhance the development of AI-generated educational resources and create a shared innovative education ecosystem [1][2]. Group 1: Partnership Details - The partnership will focus on four key areas: joint technological innovation, ecosystem resource co-creation, commercial application empowerment, and industry engagement [2]. - Volcengine will assist NetDragon in developing education-focused large language models for various applications, including teaching and content creation [2]. - Both companies will invest in computing power, algorithms, and data to develop high-quality AIGC educational resources, aiming to build an open and intelligent education content ecosystem [2]. Group 2: AI Strategy and Implementation - NetDragon has adopted a "Fully Embracing AI" strategy, establishing an "AI Content Factory" to efficiently generate AIGC content across education, entertainment, and culture [3]. - The AI Content Factory utilizes a core architecture of fragmented nodes and expert systems to create stable AIGC education content production capabilities [3]. - The company plans to expand its commercialization efforts domestically and integrate with the Open-Q ecosystem for global growth [3]. Group 3: Sector-Specific Developments - In the entertainment sector, NetDragon is focusing on AI-driven content production for its flagship IPs, which is expected to enhance profitability and create new revenue opportunities [4]. - The cultural sector investments include AIGC-driven animation series and AI/VR performances, with ongoing identification of high-potential opportunities [4]. - NetDragon aims to leverage AI computing power and vertical AIGC models to expand its enterprise ecosystem's capabilities and long-term value [4]. Group 4: Additional Collaborations - NetDragon has also partnered with Epic Games, becoming an ecosystem partner and establishing a training center for Unreal Engine in China [6]. - The collaboration with Epic Games aims to enhance the visual quality and performance of AIGC educational content [6][7]. Group 5: Company Background - NetDragon is a well-established online game developer in China, with a history of successful titles and a growing EdTech business [8]. - The company is committed to building a massive user community in the AI era through its dual-focus strategy of "AI+Gaming" and "AI+Education" [8][9].

Core Viewpoint - The article highlights the successful integration of Chinese cultural IPs into global markets, particularly through the gaming industry, showcasing how interactive experiences can enhance cultural understanding and participation among global players [1][3]. Group 1: Cultural Export through Gaming - The gaming IP has become a key player in the cultural export wave, with NetDragon's classic online game "Conquer" launching a large-scale themed event "Rongcheng Xunfu" to promote Chinese culture globally [1][8]. - The event features a dedicated storyline that allows players to explore Fuzhou's historical and cultural narratives through immersive gameplay, transforming cultural symbols into game resources [3][5]. - The initiative aims to create a two-way interaction in cultural dissemination, moving from traditional one-way output to global participation [5][10]. Group 2: Market Performance and Growth - The Chinese gaming industry has seen significant growth, with self-developed games generating $20.455 billion in overseas sales in 2025, marking a 10.23% increase year-on-year [8]. - "Black Myth: Wukong" achieved over 28 million copies sold and generated $9 billion in revenue, highlighting the global appeal of high-quality Chinese cultural content [8]. - The "Conquer" game has established a mature user community across multiple languages, further enhancing its role as a cultural exchange platform [8][9]. Group 3: Strategic Initiatives and Collaborations - NetDragon has initiated the "Digital Mountains and Seas - Fuyou New Life" project in collaboration with various institutions to enhance the cultural influence of Fujian through cross-industry cooperation [10]. - The company has been integrating traditional Chinese cultural elements into its games since 2004, continuously attracting global players and promoting cultural understanding [10]. - The focus is shifting from merely entering global markets to deepening cultural connections and experiences, aiming for a more profound impact in the digital landscape [10].

Core Insights - Company is attempting to go public again after submitting a listing application to the Hong Kong Stock Exchange, positioning itself as a leader in the global Android BIoT market, but faces challenges due to a highly concentrated revenue structure and a declining number of paying customers [1][2] Financial Performance - Revenue growth has stagnated, with total revenues of RMB 34.04 billion in 2022, RMB 30.71 billion in 2023 (a 9.8% decline), and projected to recover slightly to RMB 34.56 billion in 2024, indicating a lack of growth momentum [2][3] - The total number of customers has decreased from 2,506 in 2022 to 1,965 by the end of the first nine months of 2025, highlighting pressure on market coverage and customer acquisition [2] - Net profit margins have been low, with figures of 4.7% in 2022, 3.3% in 2023, and 5.2% in 2024, dropping to 2.5% in the first nine months of 2025, indicating significant volatility and instability in profitability [4][5] Cost Structure - High operating expenses, particularly in R&D and sales, are continuously squeezing profits, with R&D expenses exceeding 11% of revenue and rising to 13.9% in the first nine months of 2025 [4][5] - Distribution and sales expenses have remained above 10%, reflecting high costs in market expansion and customer maintenance amid a declining customer base [4] Business Model Challenges - The company heavily relies on hardware sales, which contribute over 99% of total gross profit, while software services have not significantly contributed to revenue, indicating a strategic challenge in transitioning to a service-oriented model [6][9] - The shift towards lower-margin products, such as smart financial devices, has led to a decrease in overall profitability, as the company adopts a "price for volume" strategy to gain market share [8][9] - The transition from hardware to software services has not been successful, with low conversion rates from hardware customers to software users, indicating a lack of synergy between hardware and software offerings [9]

Group 1 - Company stock of NetDragon (00777) surged over 10%, currently up 6.42% at HKD 11.6, with a trading volume of HKD 183 million [1] - NetDragon has made strategic investments in ROKID, Chuangqisi, and Shuaiku Network to strengthen its ecosystem in AI, metaverse, and pan-entertainment sectors [1] - The subsidiary Chuangqisi signed a cooperation agreement with Zhongke Wenge, becoming the exclusive overseas platform and commercialization partner for Zhongke Wenge [1] - The company is exploring new application scenarios in metaverse education and gaming through its investment in AI glasses leader ROKID [1] - NetDragon is actively expanding its AI computing power and plans to significantly optimize the production efficiency and cost of AIGC educational resources [1] Group 2 - Dongwu Securities report highlights the company's implementation of the "AI + gaming" strategy, with AI integrated into art production, code writing, and multilingual localization [2] - The integration of AI is helping to quickly launch multilingual versions of existing games, such as the overseas version of "Yinghun Zhi Ren," and is facilitating low-cost global market expansion [2] - The acquisition of Merlyn Mind introduces an AI voice assistant to enhance software capabilities, accelerating the transition to a high-margin subscription model of "AI + SaaS" [2] - The report is optimistic about the company's stable operation of existing games and the educational business benefiting from the equipment upgrade cycle, with AI empowering game education and diversified investments contributing to performance growth [2]

Group 1 - Company stock of NetDragon (00777) surged over 10%, currently trading at 11.6 HKD with a transaction volume of 183 million HKD [1] - NetDragon has made strategic investments in ROKID, Chuangqisi, and Shuaiku Network to strengthen its ecosystem in AI, metaverse, and pan-entertainment sectors [1] - The subsidiary Chuangqisi signed a cooperation agreement with Zhongke Wenge, becoming the exclusive overseas platform and commercialization partner for Zhongke Wenge [1] - The company is exploring new application scenarios in metaverse education and gaming through its investment in AI glasses leader ROKID [1] - NetDragon is actively expanding its AI computing power and plans to significantly optimize the production efficiency and cost of AIGC educational resources [1] Group 2 - Dongwu Securities report highlights the company's implementation of the "AI + gaming" strategy, with AI integrated into art production, code writing, and multilingual localization [2] - The company is leveraging AI to quickly launch multilingual versions of existing games, such as the overseas version of "Yinghun Zhi" [2] - Through the acquisition of Merlyn Mind, the company has introduced an AI voice assistant to enhance software capabilities and accelerate the transition to a high-margin subscription model [2] - The report is optimistic about the company's stable operation of existing games and the educational business benefiting from the device upgrade cycle [2] - AI is expected to empower both gaming and education sectors, contributing to performance growth through diversified investments [2]

Group 1 - The AI concept stocks in the Hong Kong market have shown strong performance, with notable increases in share prices for companies such as Lion Group, which surged over 44%, and Zhipu, which rose nearly 17% [1][2] - A significant number of AI industry chain companies have been listed in the Hong Kong market since the beginning of 2026, sparking a new wave of AI investment enthusiasm and potentially leading the industry into an expansion cycle [1][2] - Open Source Securities has indicated that leveraging capital markets to enhance financing capabilities will benefit the industry by increasing investment in model research and development, thereby driving demand for computing power and accelerating the commercialization of AI applications [1] Group 2 - Institutions are increasingly optimistic about the new track of "Generative Engine Optimization" (GEO) within the AI sector, which is seen as a catalyst for the current market trend [1] - AI search is gradually transforming user decision-making paths, with implications for digital marketing, e-commerce, and the content and experience economy, all of which are expected to provide real-world scenarios for large models [1]

Group 1 - The China Internet 30 Index has seen a nearly 1% increase, with notable gains from companies such as TAL Education (+10.35%), Vipshop (+3.63%), Alibaba-W (+3.46%), Alibaba Health (+3.30%), and Tencent Music (+2.25%) as of January 13, 2026 [1] - Hugging Face reported that Alibaba Cloud's Tongyi Qianwen series models have surpassed 700 million downloads, making it the highest downloaded open-source AI series on the platform, with downloads in December 2025 exceeding the total of models ranked second to eighth [1] - The Chinese government has issued implementation opinions for the "Artificial Intelligence Manufacturing" initiative, aiming for key AI technologies to achieve secure and reliable supply by 2027, with plans to promote 3-5 general large models and develop 100 high-quality industrial datasets [1] Group 2 - The China Concept Internet ETF (159607) closely tracks the China Internet 30 Index, which includes 30 Chinese internet companies listed overseas, providing a convenient tool for investment in these firms [2] - As of December 31, 2025, the top ten weighted stocks in the China Internet 30 Index include Tencent Holdings, Alibaba-W, Pinduoduo, Xiaomi Group-W, Meituan-W, NetEase-S, Trip.com Group-S, Baidu Group-SW, JD Group-SW, and Kuaishou-W, collectively accounting for 87.8% of the index [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 網龍網絡控股有限公司 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00777 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.01 | USD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.01 | USD | | 10,000,000 | 本月底法定/註冊股 ...