Core Viewpoint - The article discusses the investment strategies and outcomes of the company Jiubite in the gaming industry, highlighting its evolution from investing in familiar teams to more mature companies and the establishment of venture capital funds. Group 1: Investment History - In February, Jiubite announced a refund of 101 million yuan from the venture capital fund "Nuo Wei He Yue" due to the fund's investment period ending, with 242 million yuan remaining uninvested [1] - Jiubite has a history of supporting startup teams in the gaming industry, having invested heavily during the last expansion phase [3] - Before going public, Jiubite established an investment platform "Ji Xiang Capital" in 2016 with an initial investment of 600 million yuan [4] Group 2: Pre-IPO Investments - Jiubite invested in several gaming companies before its IPO, including Qingci Games (37.1% stake), which has a market value of 2.09 billion yuan, and Yongshi Network (20% stake) [5][6] - The investment in Qingci Games yielded nearly tenfold returns, with Jiubite initially investing 10 million yuan in 2013 and later selling shares for 303 million yuan [6][8] Group 3: Post-IPO Investment Strategy - After going public, Jiubite shifted its focus to investing in more mature companies with existing products, such as TapTap and other successful gaming developers [9][10] - Jiubite's investment in TapTap, which has grown to a monthly active user base of over 43 million, is considered highly successful [11] Group 4: Recent Investment Trends - Following the recovery of game licenses in 2019, Jiubite formed a venture capital fund "Ji Xiang Tian Cheng" with a total scale of 300 million yuan, focusing on early-stage startups in the gaming and cultural industries [15][16] - However, many companies funded by Ji Xiang Tian Cheng have faced challenges, with several experiencing full impairment of their equity value [18] Group 5: Strategic Adjustments - Since 2020, Jiubite has ceased raising external funds and has shifted to investing through private equity funds, including notable investments in Unity China and other gaming companies [24][25] - Despite a reported asset impairment of 355 million yuan over three years, this has not significantly impacted Jiubite's overall profitability, as the company has emphasized a strategy of focusing on fewer, more promising projects [29]

致：香港交易及結算所有限公司 公司名稱: 青瓷遊戲有限公司 呈交日期: 2025年9月2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) | 06633 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 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 本月底法定/註冊股本總額： USD 50,000 | | | FF301 ...

Core Insights - The domestic gaming market in China achieved actual sales revenue exceeding 168 billion yuan in the first half of 2025, marking a year-on-year growth of 14.08%, while self-developed games' overseas revenue reached 9.501 billion USD, up 11.07%, both setting historical highs for the industry [1] Company Performance - In the first half of 2025, the company reported a revenue of 247 million yuan and a net profit of 72.67 million yuan, reflecting a significant year-on-year increase of 90.2% [3] - Sales and marketing expenses were reduced by 58.3% to 55.04 million yuan, while R&D expenses were optimized by 10.8% to 42.02 million yuan [3] - The company surpassed 100 million registered players, with an average revenue per paying user (ARPPU) of 289.79 yuan, indicating strong business competitiveness and growth potential [3] Product Strategy - The flagship product "The Strong Snail" celebrated its fifth anniversary, introducing new characters and storylines, which significantly boosted user engagement and ARPPU from approximately 200 yuan to nearly 300 yuan, a 50% increase [4] - The diversified product matrix, including "Ares Virus 2" and "Fat Goose Gym," contributed to revenue stability, with "Ares Virus 2" generating 29.85 million yuan during the reporting period [5] - The classic IP "Incredible Maze" achieved notable success on the Steam platform, generating 3.91 million yuan in revenue and ranking sixth among popular free games globally [5] Global Expansion - The company is focusing on global expansion, with overseas market revenue accounting for 40.9% of total income, remaining stable compared to the previous year [6] - Upcoming releases include the Korean version of "The Strong Snail" and "Cardcaptor Sakura: Key to Memories" for the Vietnamese and Japanese markets, aiming to replicate previous successes [6] Future Growth Initiatives - The company plans to launch the nurturing casual game "God Golden Goose" on the Steam platform, targeting younger players, and is developing the strategic flagship "Project E," which has received positive feedback from core players [6][8] - The company is preparing for the release of several new titles, including "Project W," based on the "Great Master" IP, expected to launch in 2026 [9] Financial Health - The significant profit growth in the first half of the year is attributed to cost reduction and efficiency improvements, with a notable decrease in sales and marketing expenses [10] - The company maintains a solid cash flow and plans to invest in key projects while considering dividend distribution to shareholders in the future [12]

Industry Overview - The gaming industry is experiencing a continuous release of policy benefits, with a record high of 166 domestic game licenses issued in August, totaling 1,050 licenses in the first eight months of the year, significantly higher than 850 in the same period last year [1] - The domestic gaming market reached a scale of 29.084 billion yuan in July, showing a year-on-year growth of 4.62%, with mobile and client games growing by 0.92% and 16.56% respectively, indicating a healthy long-term development trend [1] Company Performance - Qingci Games reported a revenue of 247 million yuan in the first half of 2025, with a gross profit of approximately 154 million yuan and a net profit of 72.665 million yuan, marking a year-on-year increase of 90.2% [1] - As of June 30, 2025, Qingci Games had over 100 million registered players, with the "Qingci Iron Fans" community growing to 16.2036 million, a year-on-year increase of 8.22% [3] - The average revenue per paying user (ARPPU) reached 289.79 yuan, up 5.26% year-on-year, reflecting effective commercial value conversion [3] Key Products and Innovations - The flagship product, "The Strongest Snail," celebrated its fifth anniversary, achieving cumulative revenue of over 3.786 billion yuan and 29.4 million registered players, showcasing its long-term operational potential [4] - Recent updates to "The Strongest Snail," including new character "Gua Gua" and the ninth country "Persia," have successfully activated player community engagement and increased ARPPU from approximately 200 yuan to nearly 300 yuan during the anniversary period, a growth of about 50% [6] - The classic game "Unusual Maze" has also shown resilience, with over 25 million registered players and a successful free-to-play version launched on Steam, which quickly attracted new players and reached the sixth position on the global free game chart [8] Strategic Development - Qingci Games is expanding its product matrix and global layout, with new titles like "Tingus Goose" planned for Steam, targeting the rising demand for lightweight entertainment [10][12] - The self-developed project "Project E" aims to differentiate itself in the SLG market by incorporating exploration and resource management elements, currently undergoing targeted testing with positive feedback from players [13] - The company is also preparing to launch "The Strongest Snail" in South Korea and "Cardcaptor Sakura: Memory Key" in Vietnam and Japan, aligning product features with regional market demands to mitigate expansion risks [15] Market Sentiment - The gaming sector is gaining significant attention from capital markets, with public funds heavily investing in the gaming segment, which accounted for 215.03 billion yuan in heavy positions, representing 59.17% of the media sub-sector [17] - The positive correlation between capital market interest and Qingci Games' improved fundamentals reflects the company's ability to meet user demands through content innovation and active user engagement [19]

Core Insights - Qingci Games (06633) reported a mid-year revenue of approximately 247 million RMB for 2025, with a gross profit of around 154 million RMB and a net profit of 72.67 million RMB, representing a 90.2% increase compared to the same period last year, indicating a continuous improvement in profitability [1] Financial Performance - The significant net profit growth is attributed to efficient management operations and cost control, with a substantial reduction in marketing expenses compared to the previous year, as well as favorable exchange rate fluctuations and effective foreign exchange management leading to increased exchange gains [1] Game Operations - As of June 30, 2025, the company has over 100 million registered players, a 7.56% year-on-year increase, with an average monthly active user count of approximately 1.144 million and an average monthly paying user count of about 140,600, resulting in an ARPPU of 289.79 RMB, a 5.26% year-on-year growth [1] - The changes in game operation data are primarily due to some games reaching maturity, leading to a decline in active and paying user numbers, while the introduction of new game versions and content optimization has attracted new player registrations and encouraged some returning players, enhancing user payment willingness [1] Strategic Achievements - The long-term operational effectiveness is highlighted by the flagship self-developed game "The Strong Snail," which celebrated its five-year anniversary in June 2025, successfully attracting a large number of returning players and significantly increasing user payment willingness, with ARPPU rising from approximately 200 RMB to nearly 300 RMB, a 50% increase [2] - The company is steadily advancing its global expansion, preparing for the launch of the Korean version of "The Strong Snail" in the second half of 2025, which will enhance its influence in core markets, alongside preparations for the overseas release of "Cardcaptor Sakura: Key to Memories" in Vietnam and Japan [2] - The research and development pipeline is focused on breakthroughs, with the strategic self-developed project "Project E" progressing smoothly, recently entering a "Plank Test" phase for core players, which is expected to become a milestone product for the company's future growth [2]

Core Insights - Qingci Games (06633) reported a mid-year revenue of approximately 247 million RMB for 2025, with a gross profit of around 154 million RMB and a net profit of 72.67 million RMB, representing a 90.2% increase compared to the same period last year, indicating a continuous improvement in profitability [1] - The growth in net profit is attributed to efficient management operations, significant reduction in marketing expenses, and favorable foreign exchange fluctuations leading to increased exchange gains [1] Financial Performance - Revenue: Approximately 247 million RMB [1] - Gross Profit: Approximately 154 million RMB [1] - Net Profit: 72.67 million RMB, up 90.2% from 38.20 million RMB year-on-year [1] Game Operations - Cumulative registered players exceeded 100 million, a year-on-year increase of 7.56% [1] - Monthly average active users: Approximately 1.144 million [1] - Monthly average paying users: Approximately 140,600 [1] - ARPPU reached 289.79 RMB, a year-on-year growth of 5.26% [1] - User engagement improved through new game versions and content optimization, attracting new players and re-engaging existing ones [1] Strategic Achievements - Long-term operation success with flagship game "The Strongest Snail" celebrating its fifth anniversary, leading to a significant increase in user spending during the anniversary event, with ARPPU rising from approximately 200 RMB to nearly 300 RMB, a 50% increase [2] - Global expansion efforts are underway, with preparations for the Korean version of "The Strongest Snail" expected to launch in the second half of 2025, alongside ongoing preparations for overseas releases in Vietnam and Japan [2] - The development of the strategic self-developed title "Project E" is progressing well, with recent core player testing initiated to accelerate game iteration, aiming to become a milestone product for future growth [2]

Core Viewpoint - Qingci Games (06633.HK) reported a significant increase in revenue and net profit for the six months ending June 30, 2025, driven by improved operational efficiency and effective cost control [1] Financial Performance - The company recorded revenue of approximately RMB 247 million, with a net profit of RMB 72.67 million, representing a 90.2% increase compared to RMB 38.20 million in the same period last year [1] - The cumulative registered players reached 100.45 million, a year-on-year increase of 7.56% [1] - Monthly average active users were approximately 1.144 million, with monthly average paying users around 140,600 [1] - The Average Revenue Per Paying User (ARPPU) reached RMB 289.79, a year-on-year growth of 5.26% [1] Operational Achievements - Long-term operational success was highlighted by the five-year anniversary of the flagship self-developed game "The Strongest Snail," which saw a significant increase in user spending during the anniversary event, with ARPPU rising from approximately RMB 200 to nearly RMB 300, an increase of about 50% [1] - The company is actively preparing for the launch of the Korean version of "The Strongest Snail," expected in the second half of 2025, and is also working on overseas releases for "Cardcaptor Sakura: Key of Memories" in Vietnam and Japan, enhancing its global market presence [1] - The development of the strategic self-developed title "Project E" is progressing well, with recent core player testing initiated to accelerate game iteration, incorporating innovative gameplay elements [1]

[Financial Summary](index=1&type=section&id=Financial%20Summary) This section provides a high-level overview of the company's financial performance and key operating metrics for the six months ended June 30, 2025 [Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) For the six months ended June 30, 2025, revenue decreased by 28% to RMB 247 million, while net profit significantly increased by 90% to RMB 72.67 million, driven by cost control and operational efficiency Financial Summary for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 247,180 | 342,622 | (28) | | Gross Profit | 154,148 | 211,787 | (27) | | Net Profit | 72,665 | 38,203 | 90 | | Profit attributable to owners of the Company | 70,257 | 45,059 | 56 | [Operating Data Overview](index=2&type=section&id=Operating%20Data%20Overview) Average MAU and MPU significantly decreased by 47% and 44% respectively, while ARPPU increased by 5% to RMB 290, and cumulative registered players grew by 8% to 100.45 million Operating Data Summary for the Six Months Ended June 30, 2025 | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Average MAU (thousands) | 1,144 | 2,179 | (47) | | Average MPU (thousands) | 141 | 253 | (44) | | ARPPU (RMB) | 290 | 275 | 5 | | Cumulative Registered Players (thousands) | 100,452 | 93,389 | 8 | [Management Discussion and Analysis](index=3&type=section&id=Management%20Discussion%20and%20Analysis) This section details the company's business strategy, operational highlights, game portfolio performance, player community engagement, and future outlook [Business Overview](index=3&type=section&id=Business%20Overview) As a renowned Chinese mobile game developer and publisher, Qingci Games adheres to its "premium, global, and long-term" strategy, achieving stable development and enhanced profitability despite a revenue decline - The company firmly adheres to its core strategy of "premium, global, and long-term" development, maintaining stable and healthy business growth[7](index=7&type=chunk) - The 5th-anniversary celebration of "The Marvelous Snail" successfully attracted returning players, significantly increasing **ARPPU from approximately RMB 200 to nearly RMB 300**, a growth of about **50%**[8](index=8&type=chunk) - Actively preparing for the overseas release of "The Marvelous Snail" in South Korea and "Cardcaptor Sakura: Memory Key" in Vietnam and Japan, steadily advancing global expansion[8](index=8&type=chunk) - Strategic self-developed masterpiece "Project E" is progressing smoothly, having initiated "Planck Testing" and integrating innovative gameplay such as map exploration, inventory management, and resource collection[9](index=9&type=chunk) - During the reporting period, **revenue was approximately RMB 247 million**, a **27.86% year-over-year decrease**; **profit attributable to owners of the Company was approximately RMB 70.26 million**, a **55.92% year-over-year increase**[9](index=9&type=chunk) - **Cumulative registered players reached 100.45 million**, a **7.56% year-over-year increase**; **average monthly active users (MAU) were approximately 1.144 million**, a **47.50% year-over-year decrease**; **average monthly paying users (MPU) were approximately 140.6 thousand**, a **44.40% year-over-year decrease**; **ARPPU reached RMB 289.79**, a **5.26% year-over-year increase**[10](index=10&type=chunk) [Overview of Key Games](index=5&type=section&id=Overview%20of%20Key%20Games) The company's portfolio includes various mobile and mini-program games, with flagship "The Marvelous Snail" exceeding RMB 3.786 billion in cumulative gross billings and other titles contributing to revenue or market expansion - "The Marvelous Snail" cumulative gross billings exceeded **RMB 3.786 billion**, with **29.4039 million cumulative registered players**, and **revenue of approximately RMB 147 million** during the reporting period[12](index=12&type=chunk) - The Korean version of "The Marvelous Snail" is in its final preparation stages, set to further expand the global footprint[12](index=12&type=chunk) - "Gumballs & Dungeons" launched a free-to-play Steam version, achieving **sixth place on the global popular free games chart** and "overwhelmingly positive" reviews[15](index=15&type=chunk) Revenue from Key Games During the Reporting Period | Game Title | Revenue (RMB millions) | | :--- | :--- | | The Marvelous Snail | 147 | | Lantern and Dungeon | 6.87 | | Sword and Fairy: Together Forever | 21.52 | | Cardcaptor Sakura: Memory Key | 3.76 | | Fat Goose Fitness | 21.71 | | Light of the Lost | 6.76 | | Ares Virus 2 | 29.85 | | Gumballs & Dungeons | 3.91 | | Other Key Games | 3.30 | [Player Community](index=6&type=section&id=Player%20Community) The company has cultivated an active "Qingci Iron Fan Community" across multiple platforms, reaching 16.2036 million fans, whose feedback aids game development and attracts more active players - As of June 30, 2025, the games have accumulated **16.2036 million Qingci "Iron Fans"**, a **year-over-year increase of 8.22%**[17](index=17&type=chunk) - Player community feedback helps the company develop and improve games, fostering a virtuous cycle[17](index=17&type=chunk) [Future Outlook](index=7&type=section&id=Future%20Outlook) The company plans to deepen long-term operations, maximize existing game value, explore new product introductions for multi-platform publishing experience, and focus on core self-developed projects to build long-term competitive barriers Game Reserve Overview | Name | Mobile Game Type | Source | Development Stage | Expected Launch Time | | :--- | :--- | :--- | :--- | :--- | | Tingus Goose | Casual Game | Licensed | Game production, testing and optimization | 2025 | | Project W | Card RPG | Licensed | Game production, testing and optimization | 2026 | | Project E | SLG | Self-developed | Game production, testing and optimization | 2026 | | Project HA | Card RPG | Licensed | Game production, testing and optimization | 2027 | | Project F | Survival Social | Licensed | Game production, testing and optimization | 2027 | - Applying the successful experience of "The Marvelous Snail" 5th-anniversary celebration to other game operations to enhance the vitality of evergreen games[19](index=19&type=chunk) - The casual game "Tingus Goose" is planned for release on Steam, representing another venture into the PC casual market[22](index=22&type=chunk) - The self-developed flagship "Project E" is a strategic core project, having initiated "Planck Testing" with the goal of creating a globally competitive masterpiece[22](index=22&type=chunk) [Financial Review](index=8&type=section&id=Financial%20Review) This section provides a detailed analysis of the company's revenue, cost of revenue, gross profit, operating expenses, and other income/losses for the reporting period [Revenue](index=8&type=section&id=Revenue) For the six months ended June 30, 2025, total revenue decreased by 27.9% to RMB 247 million, with game operation revenue accounting for 96.6%, and significant declines in game licensing, information services, and other services revenue Revenue Breakdown by Business Category | Business Category | 2025 (RMB thousands) | Percentage (%) | 2024 (RMB thousands) | Percentage (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Game Operation Revenue | 238,641 | 96.6 | 323,172 | 94.4 | (26.2) | | - Self-developed | 147,441 | 59.7 | 196,738 | 57.5 | (25.1) | | - Licensed | 91,200 | 36.9 | 126,434 | 36.9 | (27.9) | | Game Licensing Revenue | 2,744 | 1.1 | 6,323 | 1.8 | (56.6) | | Information Service Revenue | 3,076 | 1.2 | 9,290 | 2.7 | (66.9) | | Other Services and Sales | 2,719 | 1.1 | 3,837 | 1.1 | (29.1) | | **Total Revenue** | **247,180** | **100.0** | **342,622** | **100.0** | **(27.9)** | - The decrease in game operation revenue was primarily due to some games being in their mature phase, leading to a decline in monetization, though new versions and content optimization mitigated the decline[26](index=26&type=chunk) - Game licensing revenue decreased by **56.6%**, mainly because "The Marvelous Snail" in Hong Kong, Macau, and Taiwan transitioned from external licensing to self-operation by the Group[27](index=27&type=chunk) - Information service revenue decreased by **66.9%**, primarily due to a decline in in-game ad views or clicks[28](index=28&type=chunk) [Cost of Revenue](index=10&type=section&id=Cost%20of%20Revenue) Cost of revenue decreased by 28.9% to RMB 93.0 million, mainly due to reduced game operation revenue, with significant declines in distribution and payment channel commissions, and third-party developer commissions Cost of Revenue Breakdown by Nature | Cost of Revenue Category | 2025 (RMB thousands) | Percentage (%) | 2024 (RMB thousands) | Percentage (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Distribution and Payment Channel Commissions | 55,782 | 60.0 | 69,168 | 52.9 | (19.4) | | Third-party Game Developer and IP Holder Commissions | 16,060 | 17.3 | 38,173 | 29.2 | (57.9) | | Bandwidth and Server Hosting Fees | 8,942 | 9.6 | 8,953 | 6.8 | (0.1) | | Employee Benefit Expenses | 5,455 | 5.9 | 6,051 | 4.6 | (9.8) | | Other | 6,793 | 7.2 | 8,490 | 6.5 | (20.0) | | **Total** | **93,032** | **100.0** | **130,835** | **100.0** | **(28.9)** | - Commissions for third-party game developers and IP holders decreased by **57.9%**, mainly due to reduced revenue from licensed games such as "Sword and Fairy: Together Forever", "Cardcaptor Sakura: Memory Key", and "Lantern and Dungeon"[34](index=34&type=chunk) - Employee benefit expenses decreased by **9.8%**, primarily due to a reduction in customer service center employees[35](index=35&type=chunk) [Gross Profit and Gross Margin](index=12&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit decreased by 27.2% to RMB 154.1 million, primarily due to the natural decline in gross billings from core games in their mature phase, while gross margin remained stable at 62.4% - **Gross profit decreased by 27.2% to RMB 154.1 million**, primarily due to the natural decline in gross billings from core games[36](index=36&type=chunk) - **Gross margin was 62.4%**, largely consistent with **61.8%** in the same period last year[36](index=36&type=chunk) [Selling and Marketing Expenses](index=12&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and marketing expenses significantly decreased by 58.3% to RMB 55.0 million, attributed to efficient operational management and cost control, partially offset by increased marketing for new games and "The Marvelous Snail" in Europe and America - **Selling and marketing expenses decreased by 58.3% to RMB 55.0 million**, primarily due to significant reductions in selling and marketing expenses for "Fat Goose Fitness", "Sword and Fairy: Together Forever", and "Cardcaptor Sakura: Memory Key"[38](index=38&type=chunk) [Research and Development Expenses](index=13&type=section&id=Research%20and%20Development%20Expenses) R&D expenses decreased by 10.8% to RMB 42.0 million, mainly due to enhanced R&D efficiency, focus on core projects, and streamlining of R&D personnel - **R&D expenses decreased by 10.8% to RMB 42.0 million**, primarily due to improved R&D efficiency and streamlining of R&D personnel[39](index=39&type=chunk) [General and Administrative Expenses](index=13&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses were approximately RMB 27.4 million, remaining largely stable compared to the same period last year - **General and administrative expenses were approximately RMB 27.4 million**, largely consistent with the same period last year[40](index=40&type=chunk) [Fair Value Changes of Investments Measured at Fair Value Through Profit or Loss](index=13&type=section&id=Fair%20Value%20Changes%20of%20Investments%20Measured%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) Fair value gains from investments measured at fair value through profit or loss increased by 4.8% to RMB 44.1 million, primarily due to increased gains from investment funds and wealth management products - **Fair value gains increased by 4.8% to RMB 44.1 million**, primarily due to increased gains from investment funds and wealth management products[42](index=42&type=chunk) [Other Income](index=14&type=section&id=Other%20Income) Other income significantly increased by 225.9% to RMB 2.5 million, mainly due to higher government subsidies and dividend distributions from long-term investments measured at fair value through profit or loss - **Other income increased by 225.9% to RMB 2.5 million**, primarily due to increased government subsidies and dividend distributions from long-term investments[43](index=43&type=chunk) [Other Gains / (Losses) – Net](index=14&type=section&id=Other%20Gains%20%2F%20%28Losses%29%20%E2%80%93%20Net) Other gains/(losses) – net turned from a loss of RMB 11.6 million to a gain of RMB 4.4 million, mainly due to significant exchange gains from the appreciation of the Japanese Yen against the US Dollar and effective foreign exchange management - **Other gains/(losses) – net turned from a loss of RMB 11.6 million to a gain of RMB 4.4 million**, primarily benefiting from the appreciation of the Japanese Yen and effective foreign exchange management[44](index=44&type=chunk) [Income Tax Expense](index=14&type=section&id=Income%20Tax%20Expense) Income tax expense significantly increased by 1,555.6% to RMB 12.5 million, mainly due to the utilization and reversal of previously recognized deferred tax assets during the reporting period - **Income tax expense increased by 1,555.6% to RMB 12.5 million**, primarily due to the utilization and reversal of certain deferred tax assets previously recognized[45](index=45&type=chunk) [Profit for the Period](index=15&type=section&id=Profit%20for%20the%20Period) Profit for the period increased by 90.2% to RMB 72.7 million, driven by efficient management, cost control (especially reduced marketing expenses), and positive foreign exchange fluctuations, partially offset by lower gross profit from declining game gross billings - **Profit for the period increased by 90.2% to RMB 72.7 million**, primarily benefiting from efficient management, cost control, and exchange gains[46](index=46&type=chunk) [Liquidity, Capital Resources and Gearing Ratio](index=15&type=section&id=Liquidity%2C%20Capital%20Resources%20and%20Gearing%20Ratio) This section reviews the company's cash position, liquidity ratios, and financial leverage as of June 30, 2025 - **Total cash and cash equivalents decreased by 12.6% to RMB 393.5 million**[47](index=47&type=chunk) - **Current ratio was 1,160.4%**, and **gearing ratio was 7.7%**[47](index=47&type=chunk)[48](index=48&type=chunk) [Significant Acquisitions and Disposals and Material Investments](index=16&type=section&id=Significant%20Acquisitions%20and%20Disposals%20and%20Material%20Investments) This section reports on changes in short-term investments and confirms the absence of other significant acquisitions or disposals during the period - **Short-term investments increased by 11.8% to RMB 1,280.9 million**, primarily due to increased fair value gains and higher allocation to investment funds and wealth management products[49](index=49&type=chunk) [Future Plans for Material Investments and Capital Assets](index=16&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) This section states the company's current position regarding future plans for material investments and capital assets - As of June 30, 2025, the Group had no future plans for material investments and capital assets[50](index=50&type=chunk) [Pledges of Assets](index=16&type=section&id=Pledges%20of%20Assets) This section confirms that the company had no pledged assets as of the reporting date - As of June 30, 2025, the Group had no pledged assets[51](index=51&type=chunk) [Capital Expenditures](index=16&type=section&id=Capital%20Expenditures) This section outlines the capital expenditures incurred during the period and future funding plans - **Total capital expenditures were approximately RMB 1.7 million**, primarily for purchasing office equipment, an increase from **RMB 1.1 million** in the same period last year[52](index=52&type=chunk) [Contingent Liabilities](index=16&type=section&id=Contingent%20Liabilities) This section confirms the absence of significant contingent liabilities and describes the company's foreign exchange risk management - As of June 30, 2025, the Group had no significant contingent liabilities[53](index=53&type=chunk) - The company manages foreign exchange risk through foreign currency forward contracts, primarily involving USD and JPY[54](index=54&type=chunk) [Employees and Remuneration Policy](index=17&type=section&id=Employees%20and%20Remuneration%20Policy) This section details the company's employee count, recruitment strategies, training programs, and compensation structure - As of June 30, 2025, the Group had **536 full-time employees**, with the vast majority located in mainland China[55](index=55&type=chunk) - The company provides training to enhance employee skills and encourages employees to form new core project teams to develop new games[55](index=55&type=chunk) [Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income](index=18&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section presents the condensed consolidated interim statement of profit or loss and other comprehensive income for the six months ended June 30, 2025 [Profit or Loss Statement Overview](index=18&type=section&id=Profit%20or%20Loss%20Statement%20Overview) For the six months ended June 30, 2025, the company reported revenue of RMB 247,180 thousand, gross profit of RMB 154,148 thousand, profit for the period of RMB 72,665 thousand, and basic earnings per share of RMB 0.10 Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income (Summary) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 247,180 | 342,622 | | Cost of Sales | (93,032) | (130,835) | | Gross Profit | 154,148 | 211,787 | | Selling and Marketing Expenses | (55,041) | (131,912) | | Research and Development Expenses | (42,016) | (47,128) | | General and Administrative Expenses | (27,426) | (27,440) | | Fair Value Changes of Investments Measured at Fair Value Through Profit or Loss | 44,066 | 42,050 | | Other Income | 2,467 | 757 | | Other Gains / (Losses) – Net | 4,352 | (11,569) | | Operating Profit | 80,515 | 36,270 | | Profit Before Income Tax | 85,148 | 38,957 | | Income Tax Expense | (12,483) | (754) | | Profit for the Period | 72,665 | 38,203 | | Profit attributable to owners of the Company | 70,257 | 45,059 | | Basic Earnings Per Share (RMB) | 0.10 | 0.07 | [Condensed Consolidated Interim Statement of Financial Position](index=20&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) This section presents the condensed consolidated interim statement of financial position as of June 30, 2025 [Statement of Financial Position Overview](index=20&type=section&id=Statement%20of%20Financial%20Position%20Overview) As of June 30, 2025, total assets were RMB 2,029,573 thousand, with significant increases in short-term investments measured at fair value through profit or loss and a decrease in cash and cash equivalents Condensed Consolidated Interim Statement of Financial Position (Summary) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 280,659 | 294,191 | | Current Assets | 1,748,914 | 1,686,862 | | - Trade Receivables | 36,359 | 39,198 | | - Short-term Investments Measured at Fair Value Through Profit or Loss | 1,280,943 | 1,146,208 | | - Cash and Cash Equivalents | 393,458 | 449,975 | | **Total Assets** | **2,029,573** | **1,981,053** | | **Equity** | | | | Equity attributable to owners of the Company | 1,880,796 | 1,815,575 | | **Total Equity** | **1,873,158** | **1,806,821** | | **Liabilities** | | | | Non-current Liabilities | 5,702 | 8,715 | | Current Liabilities | 150,713 | 165,517 | | **Total Liabilities** | **156,415** | **174,232** | | **Total Equity and Liabilities** | **2,029,573** | **1,981,053** | [Notes to the Interim Financial Information](index=22&type=section&id=Notes%20to%20the%20Interim%20Financial%20Information) This section provides detailed notes explaining the basis of preparation, significant accounting policies, and specific financial line items in the interim financial statements [1. General Information](index=22&type=section&id=1.%20General%20Information) Qingci Games Co., Ltd. was incorporated in the Cayman Islands on March 12, 2021, primarily engaged in mobile game development and operation in China and other regions, with shares listed on the HKEX Main Board on December 16, 2021 - The Company was incorporated on March 12, 2021, under the laws of the Cayman Islands, primarily engaged in mobile game development and operation in China and other regions[60](index=60&type=chunk) - The Company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on December 16, 2021[61](index=61&type=chunk) [2. Basis of Preparation](index=22&type=section&id=2.%20Basis%20of%20Preparation) The interim financial information is prepared in accordance with HKAS 34 and Listing Rules disclosure requirements, using the same accounting policies as the 2024 annual financial statements, and presented in RMB - The interim financial information has been prepared in accordance with Hong Kong Accounting Standard 34 and the applicable disclosure requirements of the Listing Rules[62](index=62&type=chunk) - The interim financial information has been prepared in accordance with the same accounting policies adopted in the 2024 annual financial statements and is presented in RMB[62](index=62&type=chunk) [3. Significant Accounting Policies](index=22&type=section&id=3.%20Significant%20Accounting%20Policies) The revised HKAS 21 "Lack of Exchangeability" was adopted but had no impact, and the report lists new and revised standards issued but not yet effective - The Group first adopted HKAS 21 (Revised) "Lack of Exchangeability", which had no impact on the condensed consolidated interim financial information[63](index=63&type=chunk)[65](index=65&type=chunk) New and Revised Standards Issued But Not Yet Effective | Standard Name | Content | Effective Date | | :--- | :--- | :--- | | HKAS 28 and HKFRS 10 (Amendments) | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture | To be determined | | HKFRS 9 and HKFRS 7 (Amendments) | Classification and Measurement of Financial Instruments | On or after January 1, 2026 | | HKFRS 18 | Presentation and Disclosure in Financial Statements | On or after January 1, 2027 | | Annual Improvements to HKFRS Standards – Volume 11 | HKFRS 1, 7, 9, 10 and HKAS 7 (Amendments) | On or after January 1, 2026 | [4. Segment Information and Revenue](index=23&type=section&id=4.%20Segment%20Information%20and%20Revenue) The company's directors consider the business to be operated and managed as a single segment, with revenue primarily from game operations, contributed by mainland China and other regions - The directors of the Company consider the Group's business to be operated and managed as a single segment, and therefore no segment information is presented[68](index=68&type=chunk) Game Operation Revenue Breakdown by Geographical Region | Region | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 146,132 | 199,907 | | Other Regions | 101,048 | 142,715 | | **Total** | **247,180** | **342,622** | - For the six months ended June 30, 2025 and 2024, no individual customer's revenue exceeded **10%** of the Group's total revenue[72](index=72&type=chunk) [5. Expenses by Nature](index=25&type=section&id=5.%20Expenses%20by%20Nature) Total expenses for the period were RMB 217,550 thousand, a significant decrease from the prior year, with notable reductions in marketing and promotion, distribution channel commissions, and game developer commissions Expenses Breakdown by Nature | Expense Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Marketing and Promotion Expenses | 34,913 | 107,893 | | Employee Benefit Expenses | 77,646 | 82,977 | | Commissions Charged by Distribution Channels | 55,064 | 68,157 | | Commissions Charged by Game Developers and IP Holders | 16,060 | 38,173 | | Bandwidth and Server Hosting Fees | 8,942 | 8,953 | | Outsourcing Technical Services | 2,932 | 6,501 | | Office Expenses | 4,408 | 5,364 | | Depreciation of Right-of-use Assets | 4,549 | 5,253 | | Professional Service Fees | 3,069 | 4,694 | | Depreciation of Property, Plant and Equipment | 2,689 | 2,578 | | Amortization of Intangible Assets | 331 | – | | Auditor's Remuneration – Audit Services | 1,540 | 2,000 | | Auditor's Remuneration – Non-audit Services | 280 | 102 | | Commissions Charged by Payment Channels | 718 | 1,011 | | Impairment of Non-financial Assets | 2,529 | 1,000 | | Surcharges and Taxes | 165 | 639 | | Rental Expenses and Utilities | 758 | 612 | | Net Impairment Loss on Financial Assets | 35 | 275 | | Other | 922 | 1,408 | | **Total** | **217,550** | **337,590** | [6. Other Income](index=26&type=section&id=6.%20Other%20Income) Other income primarily comprises government grants and dividend distributions from long-term investments measured at fair value through profit or loss, totaling RMB 1,801 thousand and RMB 637 thousand respectively for the period Other Income Breakdown | Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Government Grants | 1,801 | 714 | | Dividend Distributions from Long-term Investments Measured at Fair Value Through Profit or Loss | 637 | 43 | | Other | 29 | – | | **Total** | **2,467** | **757** | [7. Other Gains / (Losses) – Net](index=26&type=section&id=7.%20Other%20Gains%20%2F%20%28Losses%29%20%E2%80%93%20Net) Other gains/(losses) – net primarily consist of net foreign exchange gains/(losses) and donations to charities, with net foreign exchange gains of RMB 4,100 thousand contributing to a total gain of RMB 4,352 thousand for the period Other Gains / (Losses) – Net Breakdown | Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Foreign Exchange Gains / (Losses) | 4,100 | (11,448) | | Donations to Charitable Organizations | (11) | (223) | | Other | 263 | 102 | | **Total** | **4,352** | **(11,569)** | [8. Income Tax Expense](index=26&type=section&id=8.%20Income%20Tax%20Expense) Income tax expense was RMB 12,483 thousand, a significant increase from the prior year, with details on corporate income tax rates and the absence of deferred tax liabilities for withholding tax on dividends - The corporate income tax rate in mainland China is generally **25%**, with some high-tech enterprises enjoying a preferential income tax rate of **15%**[81](index=81&type=chunk) - The Group does not intend to declare dividends to its directly foreign-held entities in the foreseeable future, thus no deferred tax liability for withholding tax has arisen[82](index=82&type=chunk) Income Tax Expense Breakdown | Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Income Tax – Provision for the Period | 8,539 | 9,040 | | Current Income Tax – Under/(Over) provision in Prior Years | 915 | (88) | | Deferred Income Tax | 3,029 | (8,198) | | **Total Income Tax Expense** | **12,483** | **754** | [9. Earnings Per Share](index=28&type=section&id=9.%20Earnings%20Per%20Share) Basic earnings per share for the six months ended June 30, 2025, increased to RMB 0.10 from RMB 0.07 in the prior year, with diluted earnings per share being the same due to no potential dilutive ordinary shares Basic Earnings Per Share | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit attributable to ordinary shareholders of the Company | 70,257 | 45,059 | | Weighted Average Number of Ordinary Shares Outstanding | 691,330,500 | 691,330,500 | | Basic Earnings Per Share (RMB) | 0.10 | 0.07 | - For the six months ended June 30, 2025 and 2024, the diluted earnings per share presented are the same as the basic earnings per share, as there were no potential dilutive ordinary shares[89](index=89&type=chunk) [10. Trade Receivables](index=29&type=section&id=10.%20Trade%20Receivables) As of June 30, 2025, total trade receivables were RMB 36,359 thousand, a decrease from December 31, 2024, with most receivables settled within 3 months Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 34,244 | 36,785 | | 3 to 6 months | 1,132 | 1,682 | | 6 months to 1 year | 345 | 762 | | 1 to 2 years | 708 | 4 | | **Total** | **36,429** | **39,233** | | Less: Impairment Provision | (70) | (35) | | **Net** | **36,359** | **39,198** | [11. Short-term Investments Measured at Fair Value Through Profit or Loss](index=30&type=section&id=11.%20Short-term%20Investments%20Measured%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the balance of short-term financial assets measured at fair value through profit or loss was RMB 1,280,943 thousand, an increase from the beginning of the period due to additions and fair value gains Changes in Short-term Investments Measured at Fair Value Through Profit or Loss | Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Financial Assets at Beginning of Period | 1,146,208 | 988,852 | | Additions | 171,358 | 387,762 | | Fair Value Changes | 44,320 | 42,148 | | Redemptions | (76,254) | (328,243) | | Exchange Differences on Translation | (4,689) | 5,832 | | **At End of Period** | **1,280,943** | **1,096,351** | [12. Share Capital and Share Premium](index=31&type=section&id=12.%20Share%20Capital%20and%20Share%20Premium) As of June 30, 2025, issued shares totaled 691,331 thousand, with a par value of USD 7 thousand and share premium of RMB 5,117,821 thousand, unchanged from December 31, 2024 Share Capital and Share Premium | Category | Number of Shares (thousands) | Par Value of Shares (USD thousands) | Equivalent Par Value of Shares (RMB thousands) | Share Premium (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Authorized as of December 31, 2024 and June 30, 2025 | 5,000,000 | 50 | – | Not applicable | | Issued as of December 31, 2024 and June 30, 2025 | 691,331 | 7 | 44 | 5,117,821 | [13. Trade Payables](index=31&type=section&id=13.%20Trade%20Payables) As of June 30, 2025, total trade payables were RMB 27,041 thousand, an increase from December 31, 2024, with most settled within 3 months Trade Payables Ageing Analysis | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 14,880 | 19,896 | | Over 3 months | 12,161 | 5,267 | | **Total** | **27,041** | **25,163** | [Other Information](index=32&type=section&id=Other%20Information) This section covers interim dividends, securities transactions, post-reporting period events, use of IPO proceeds, and corporate governance compliance [Interim Dividend](index=32&type=section&id=Interim%20Dividend) The Board of Directors has resolved not to recommend an interim dividend for the six months ended June 30, 2025 - The Board has resolved not to recommend an interim dividend for the six months ended June 30, 2025[95](index=95&type=chunk) [Purchase, Sale or Redemption of the Company’s Listed Securities](index=32&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%E2%80%99s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period, and no treasury shares were held - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[96](index=96&type=chunk) [Events After the Reporting Period](index=32&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events occurred after June 30, 2025, up to the date of this announcement - No significant events occurred after June 30, 2025, and up to the date of this announcement[97](index=97&type=chunk) [Use of Net Proceeds from Listing](index=32&type=section&id=Use%20of%20Net%20Proceeds%20from%20Listing) Net proceeds from the global offering were approximately HKD 925.8 million, with HKD 901.2 million utilized by June 30, 2025, primarily for expanding the game portfolio, overseas market expansion, strengthening China mobile game market capabilities, and strategic investments Planned and Actual Use of Net Proceeds from Global Offering | Use of Proceeds | Planned Net Proceeds (HKD millions) | Amount Utilized as of June 30, 2025 (HKD millions) | Unutilized Amount (HKD millions) | Expected Timeline for Full Utilization | | :--- | :--- | :--- | :--- | :--- | | Expand game portfolio and invest in R&D | 324.0 | 318.9 | 5.1 | Before December 2025 | | Expand overseas market business | 231.4 | 231.4 | – | Not applicable | | Strengthen China mobile game market publishing and operating capabilities | 138.9 | 119.5 | 19.4 | Before December 2026 | | Strategic investments and acquisitions in the mobile game industry value chain | 138.9 | 138.9 | – | Not applicable | | Working capital and general corporate purposes | 92.6 | 92.6 | – | Not applicable | | **Total** | **925.8** | **901.2** | **24.6** | | [Compliance with Corporate Governance Code](index=34&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Board believes the company complied with all code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules during the reporting period - The Board believes that the Company has complied with all code provisions set out in Part 2 of the Corporate Governance Code during the reporting period[100](index=100&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=34&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted the Model Code in Appendix C3 of the Listing Rules, and all directors confirmed compliance during the reporting period - The Company has adopted the Model Code set out in Appendix C3 of the Listing Rules, and all Directors confirmed compliance with the Model Code during the reporting period[101](index=101&type=chunk) [Audit Committee](index=34&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviewed the unaudited interim financial information for the six months ended June 30, 2025, and discussed accounting principles, internal controls, and financial reporting with management - The Audit Committee, composed of three independent non-executive directors, has reviewed the Group's unaudited interim financial information for the six months ended June 30, 2025[102](index=102&type=chunk) [Scope of Work of BDO Limited](index=34&type=section&id=Scope%20of%20Work%20of%20BDO%20Limited) BDO Limited, the Group's auditor, reviewed the unaudited interim financial information and related notes for the six months ended June 30, 2025, contained in this announcement - BDO Limited, the Group's auditor, has reviewed the Group's unaudited interim financial information for the six months ended June 30, 2025, contained in this announcement[103](index=103&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=35&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This announcement has been published on the HKEX and company websites, and the interim report for the six months ended June 30, 2025, will be published in due course - This announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.qcplay.com)[104](index=104&type=chunk) [Definitions](index=35&type=section&id=Definitions) This section provides definitions for key terms used throughout the report [Acknowledgements](index=38&type=section&id=Acknowledgements) The Board of Directors extends sincere gratitude to shareholders, business partners, and all employees - The Board of Directors extends its sincere gratitude to shareholders, business partners, and employees[108](index=108&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 於本公告日期，董事會包括執行董事楊煦先生、黃智強先生、劉斯銘先生及曾祥碩先生；及獨立非執行董事 林誠光教授、袁淵先生及方煒瑾女士。 董事會會議通告 青瓷游 戲 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於2025年 8月27日（星 期 三）舉 行，藉 以（其 中 包 括）考 慮 及 批 准 本 公 司 及 其 附 屬 公 司 截 至2025 年6月30日 止 六 個 月 之 中 期 業 績 及 其 發 佈，並 考 慮 建 議 派 發 中 期 股 息（如 有）。 承董事會命 青瓷游 戲 有限公司 執行董事 劉斯銘 香港，2025年8月14日 Qingci Games Inc. 青瓷游戲有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6633） ...

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 | | | 致：香港交易及結算所有限公司 公司名稱: 青瓷遊戲有限公司 呈交日期: 2025年8月5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) | 06633 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 FF301 ...