| 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]

智通财经APP获悉，网龙(00777)早盘涨超10%，截至发稿，涨8.3%，报12.79港元，成交额4424.46万港 元。 目前，网龙教育业务已覆盖全球190多个国家和地区，服务超1亿用户。2025年，网龙与联合国教科文组 织高等教育创新中心(UNESCO-ICHEI)达成合作，共同推动智慧教室、AI课件共建等领域的发展。此次 与璞康的战略合作，将进一步加速AI技术在教育场景的规模化落地，推动"玩中学"理念在全球范围内的 实践与创新，为教育行业高质量发展注入新动能。 消息面上，据网龙官微消息，9月17日，在"AI向下·百业向上"2025 AI垂直行业峰会上，网龙网络公司与 璞康集团重磅签署战略合作协议。此次合作，双方将深度融合璞康"POOK玩学"体系及"POOK AI智能 体教学"产品，与网龙EDA AI课件平台、体素化内容库及AI互动技术，共同开发跨学科增强型课程，为 教育市场提供沉浸式、个性化的玩学新体验，赋能教育创新。 ...

消息面上，据网龙官微消息，9月17日，在"AI向下.百业向上"2025AI垂直行业峰会上，网龙网络公司与 璞康集团重磅签署战略合作协议。此次合作，双方将深度融合璞康"POOK玩学"体系及"POOK AI智能 体教学"产品，与网龙EDA AI课件平台、体素化内容库及AI互动技术，共同开发跨学科增强型课程，为 教育市场提供沉浸式、个性化的玩学新体验，赋能教育创新。 目前，网龙教育业务已覆盖全球190多个国家和地区，服务超1亿用户。2025年，网龙与联合国教科文组 织高等教育创新中心(UNESCO-ICHEI)达成合作，共同推动智慧教室、AI课件共建等领域的发展。此次 与璞康的战略合作，将进一步加速AI技术在教育场景的规模化落地，推动"玩中学"理念在全球范围内的 实践与创新，为教育行业高质量发展注入新动能。 网龙(00777)早盘涨超10%，截至发稿，涨8.3%，报12.79港元，成交额4424.46万港元。 ...

Summary of Key Points Core Viewpoint - On September 17, 28 Hong Kong-listed companies conducted share buybacks, totaling 16.7684 million shares and an aggregate amount of HKD 649 million [1][2]. Group 1: Share Buyback Details - Tencent Holdings repurchased 839,000 shares for HKD 551 million, with a highest price of HKD 663.50 and a lowest price of HKD 645.50, bringing its total buyback amount for the year to HKD 52.707 billion [1][2]. - Hang Seng Bank repurchased 200,000 shares for HKD 23.8014 million, with a highest price of HKD 119.30 and a lowest price of HKD 118.40, totaling HKD 793 million in buybacks for the year [1][2]. - Pacific Shipping repurchased 6 million shares for HKD 14.9526 million, with a highest price of HKD 2.52 and a lowest price of HKD 2.45, accumulating HKD 203 million in buybacks for the year [1][2]. Group 2: Ranking of Buybacks - The highest buyback amount on September 17 was from Tencent Holdings at HKD 551 million, followed by Hang Seng Bank at HKD 23.8014 million [1][2]. - In terms of share quantity, Pacific Shipping led with 6 million shares repurchased, followed by Linklogis Technology and Weigao Group with 2.3 million and 1.9548 million shares, respectively [1][2]. Group 3: Additional Buyback Information - Other notable companies involved in buybacks include Weigao Group, MGM China, and Jitu Express, with respective buyback amounts of HKD 11.4255 million, HKD 7.873 million, and HKD 7.8348 million [2][3]. - The buyback activity reflects a strategic move by these companies to enhance shareholder value amid market conditions [1][2].

Summary of Key Points Core Viewpoint - Multiple companies, including Tencent Holdings and Hang Seng Bank, conducted share buybacks on September 17, 2025, with Tencent leading in both the number of shares repurchased and the total amount spent. Group 1: Company Buyback Details - Tencent Holdings (00700) repurchased 839,000 shares for a total of 551 million, with a year-to-date total of 58.158 million shares, representing 0.633% of its total share capital [1][2] - Hang Seng Bank (00011) repurchased 200,000 shares for 23.8014 million, with a year-to-date total of 6.93 million shares, representing 0.368% of its total share capital [2] - Pacific Shipping (02343) repurchased 6 million shares for 14.9526 million, with a year-to-date total of 41.006 million shares, representing 0.798% of its total share capital [2] - Weigao Group (01066) repurchased 1.9548 million shares for 11.4255 million, with a year-to-date total of 14.2136 million shares, representing 3.148% of its total share capital [2] - MGM China (02282) repurchased 502,000 shares for 7.873 million, with a year-to-date total of 2.23295 million shares, representing 0.587% of its total share capital [2] Group 2: Other Notable Buybacks - Jitu Express-W (01519) repurchased 870,000 shares for 7.8348 million, with a year-to-date total of 870,000 shares, representing 0.010% of its total share capital [2] - Linkage Technology-W (09959) repurchased 2.3 million shares for 7.4586 million, with a year-to-date total of 19.9075 million shares, representing 0.932% of its total share capital [2] - Mengniu Dairy (02319) repurchased 200,000 shares for 3.074 million, with a year-to-date total of 10.816 million shares, representing 0.276% of its total share capital [2] - China Hongqiao (01378) repurchased 112,500 shares for 2.822 million, with a year-to-date total of 150 million shares, representing 1.610% of its total share capital [2] - Coolpad Group (02369) repurchased 1.348 million shares for 1.8057 million, with a year-to-date total of 23.095 million shares, representing 5.639% of its total share capital [2]

智通财经APP讯，网龙(00777)发布公告，于2025年9月17日斥资106.98万港元回购9.2万股。 ...

网龙(00777)发布公告，于2025年9月17日斥资106.98万港元回购9.2万股。 ...