Core Viewpoint - The agreement between Qingci Games and Disney marks a significant step in the gaming industry, allowing Qingci to develop and publish the game "Disney: Book of Legends," which is expected to launch in 2026 across multiple regions, enhancing the company's growth potential and market presence [1][2]. Group 1: Agreement Details - Qingci Games, through its controlled entity Chengdu Qingci Interactive Network Technology Co., Ltd., has signed a game licensing transfer agreement with Disney (China) Co., Ltd. [1] - The agreement grants Qingci the rights to develop and publish the game "Disney: Book of Legends," inspired by Disney and Pixar characters, with a three-year launch period starting in 2026 [1]. - The game will feature elements of card battles and management simulation, allowing players to engage with iconic characters from popular franchises [1]. Group 2: Company Strength and Opportunities - The management of Qingci Games believes that this licensing agreement showcases the company's strong capabilities in the gaming industry and its robust publishing power [2]. - The acquisition of this game license is expected to create significant growth and collaboration opportunities for the company, aligning with the overall interests of the company and its shareholders [2].

Core Viewpoint - Qingci Games has signed a game licensing transfer agreement with Disney, allowing the company to develop and publish the game "Disney: Book of Legends" for a period of three years [1] Group 1: Game Development and Features - The game combines card battle and idle management elements, enabling players to place unique buildings and engage in simulated management while collecting various characters for strategic battles [1] - The game is expected to be launched in 2026 across mainland China, Hong Kong, Macau, Taiwan, Singapore, Malaysia, Thailand, and South Korea [1] Group 2: Strategic Importance - The licensing agreement represents a significant move in Qingci Games' business development and strategic layout, highlighting the company's commitment to its core strategy of "quality, globalization, and long-term focus" [1] - The company plans to continue deepening its game development efforts, focusing on both the iteration and upgrade of popular titles and the creation of new IP products to solidify its long-term performance growth [1]

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。 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） 有 關 與迪士尼訂立遊戲授權轉讓協議之 自願公告 1 華 特 迪 士 尼 公 司 連 同 其 附 屬 公 司 和 聯 營 公 司，是 領 先 的 多 元 化 國 際 家 庭 娛 樂 和 媒 體 企 業， 其 業 務 主 要 涉 及 三 個 範 疇：Disney Entertainment、ESPN及Disney Experiences。多 年 來，華 特 迪 士 尼 公 司 創 造 了 多 個 家 喻 戶 曉 的 經 典 角 色，在 全 球 各 地深受愛戴。 本 集 團 管 理 層 認 為，訂 立 遊 戲 授 權 轉 讓 協 議 不 僅 彰 顯 了 本 集 團 在 遊 戲 行 業 的 雄 厚 實 力，亦 體 現 了 本 集 團 強 大 的 發 行 能 力。此 次 獲 得 遊 戲 授 權 將 為 ...

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11月3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 ...

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 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 公司名稱: 青瓷遊戲有限公司 呈交日期: 2025年10月6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 | U ...

青瓷遊戲有限公司 2025 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 管理層討論及分析 | 5 | | 其他資料 | 20 | | 簡明綜合中期財務報表的審閱報告 | 27 | | 簡明綜合中期損益及其他全面收益表 | 29 | | 簡明綜合中期財務狀況表 | 31 | | 簡明綜合中期權益變動表 | 33 | | 簡明綜合中期現金流量表 | 35 | | 簡明綜合中期財務資料附註 | 37 | | 釋 義 | 86 | 2 青瓷遊戲有限公司 公司資料 董事會 執行董事 楊煦先生 （主席） 黃智強先生 劉斯銘先生 曾祥碩先生 獨立非執行董事 林誠光教授 袁淵先生 方煒瑾女士 袁淵先生 （主席） 林誠光教授 方煒瑾女士 薪酬委員會 林誠光教授 （主席） 楊煦先生 袁淵先生 提名委員會 楊煦先生 （主席） 林誠光教授 方煒瑾女士 聯席公司秘書 朱承印先生 翁美儀女士 授權代表 劉斯銘先生 翁美儀女士 開曼群島註冊辦事處 PO Box 309, Ugland House Grand Cayman, KY1–1104 Cayman Islands 審核委員會 ...

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]