Core Insights - The company expects to achieve revenue of approximately 1.22 billion to 1.26 billion yuan in 2025, representing a year-on-year growth of about 4.9% to 8.4%, and a profit of approximately 90 million to 96 million yuan, marking a turnaround with a year-on-year increase of about 284.2% to 296.5% [1] Group 1 - The primary reasons for revenue growth include the steady contribution from existing game products, with notable performances from titles such as "Dulala Promotion," "Lingyun Nuo," and "Xifei Chuan" [1] - The turnaround to profitability is attributed to the increase in overall revenue scale, a higher proportion of high-margin channel income leading to improved gross margin, and the company's continuous optimization of operational efficiency through meticulous cost and expense management [1] - The application of AI across the entire process, including product initiation, content planning, R&D testing, distribution operations, and user acquisition, has enhanced work efficiency [1] Group 2 - New games such as the romantic synthesis game "Flower and Scarlet Imagination" and the mini-game version of "Mo Jian Jiang Hu" have recently launched, receiving positive market feedback [1] - Current games "Flower and Scarlet Imagination," "Mo Jian Jiang Hu," and "Dulala Promotion" have entered the top 100 of WeChat mini-game bestseller list, with "Dulala Promotion" reaching the top 10 on Douyin's mini-game bestseller list and "Mo Jian Jiang Hu" entering the top 50 [1] - The company has a pipeline of reserve games including "Code: Lover," "Code: FPJ," "Code: KT," and "Code: MX," which are currently in development and testing [2]

Core Viewpoint - The company, Friendship Time (06820.HK), anticipates a significant increase in revenue and profit for the fiscal year ending December 31, 2025, indicating a positive outlook for its financial performance [1] Financial Performance - The expected revenue is approximately RMB 1,220 million to RMB 1,260 million, representing a year-on-year growth of about 4.9% to 8.4% [1] - The projected profit is around RMB 90 million to RMB 96 million, marking a turnaround from loss to profit with a year-on-year increase of approximately 284.2% to 296.5% [1] Revenue Growth Drivers - The revenue growth is primarily attributed to the sustained performance of existing game products, notably "Dulala Promotion," "Lingyun Nuo," and "Xifei Chuan" [1] - Positive progress in exploring new market segments has also contributed to revenue growth [1] Profitability Improvement Factors - The turnaround to profitability is driven by an increase in overall revenue scale [1] - A higher proportion of high-margin channel income has led to an increase in gross margin [1] - Continuous optimization of operational efficiency through meticulous cost and expense management has been effective, with controlled R&D and sales expense ratios [1] - The deep application of AI across various processes, including product planning, content development, R&D testing, distribution operations, and marketing, has enhanced work efficiency [1] New Game Releases - The new game "Flower and Scarlet Imagination" has launched on both app and mini-game platforms in January 2026, along with the mini-game version of "Ink Sword Jianghu" [2] - Current market feedback for these new releases has been positive, with "Flower and Scarlet Imagination," "Ink Sword Jianghu," and "Dulala Promotion" all entering the top 100 best-selling list on WeChat mini-games [2] - "Dulala Promotion" has reached the top 10 on Douyin mini-games, while "Ink Sword Jianghu" is in the top 50 [2] Game Development Pipeline - The company has several games in development, including "Code Name: Lover," "Code Name: FPJ," "Code Name: KT," and "Code Name: MX," which are currently undergoing testing [2]

Group 1 - The company expects to achieve revenue of approximately 1.22 billion to 1.26 billion yuan in 2025, representing a year-on-year growth of about 4.9% to 8.4% [1] - The anticipated profit is around 90 million to 96 million yuan, marking a turnaround from loss to profit with a year-on-year increase of approximately 284.2% to 296.5% [1] - The main reasons for revenue growth include the steady contribution from existing game products such as "Dulala Promotion," "Lingyun Nuo," and "Xifei Chuan," as well as positive progress in exploring new market segments [1] Group 2 - The turnaround to profit is primarily due to the increase in overall revenue scale, a higher proportion of high-margin channel income leading to improved gross margin, and effective control of R&D and sales expense ratios [1] - The company has applied AI across the entire process, including product planning, content development, testing, distribution, and marketing, enhancing operational efficiency [1] - New games such as "Flower and Scarlet Imagination" and "Ink Sword Jianghu" have been launched, receiving positive market feedback, with several titles entering the top charts on platforms like WeChat and Douyin [1] Group 3 - The company has a pipeline of games under development, including "Code: Lover," "Code: FPJ," "Code: KT," and "Code: MX," which are currently in testing [2] - The board is confident in the long-term development and prospects of the company based on the operational performance and the pipeline of games [2]

FriendTimes Inc. （於開曼群島註冊成立的有限公司） （股份代號：6820） 友 誼 時 光 股 份 有 限 公 司 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 的 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 或任何部份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。 正面盈利預告 本 公 告 由 友 誼 時 光 股 份 有 限 公 司（「 本 公 司 」）根 據 香 港 聯 合 交 易 所 有 限 公 司 （「聯交所」）證券上市規則（「上市規則」）第13.09 (2) (a)條及香港法例第571章證券及 期貨條例第XIVA部項下的內幕消息條文（ 定義見上市規則 ）而作出。 新 遊 戲 方 面 ， 綺 幻 浪 漫 合 成 遊 戲《花 與 緋 想》的 APP 及 小 遊 戲 版 本 已 於 2026 年 1 月 雙 端 上 線 ，《 墨 劍 江 湖 》小 遊 戲 版 本 也 於 近 期 正 式 推 出 ， 整 體 市 場 反 饋 亮 眼 。 目 前 ，《 花 與 緋 想 》、 ...

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 截至月份: 2026年1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: 友誼時光股份有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2026年2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) | 06820 | 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 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | ...

Industry Dynamics - The first batch of game licenses for 2026 has been officially issued, totaling 182 games, including 177 domestic games and 5 imported games, marking a high value for recent years [3][4] - Notable games that received licenses include NetEase's "Yao Yao Chess," 37 Interactive's "Douluo Dalu: Qicheng," and Giant Network's "Moonlight Night: Master Duel" [4] Company Updates - NetEase's "Yanyun Sixteen Sounds" won multiple awards at the 2025 TapTap Annual Game Awards, including Best Game and Best Narrative [5] - Century Huatong forecasts a revenue of approximately 38 billion yuan for 2025, representing a year-on-year growth of about 68%, with net profit expected to surge by 357.47% to 475.34% [6] - Perfect World anticipates turning a profit in 2025, projecting a net profit of 720 million to 760 million yuan [7] - Gigabit expects a net profit of 1.69 billion to 1.86 billion yuan, a year-on-year increase of 79% to 97% [8] - Glacier Network predicts a turnaround with a net profit of 436 million to 516 million yuan, recovering from a loss of 247 million yuan in the previous year [9] - Electric Soul Network forecasts a loss of 160 million to 230 million yuan for 2025, marking its first annual loss since going public [10] - NetEase's Montreal studio has reportedly undergone layoffs, primarily affecting the quality assurance department [11] Overseas and Compliance - Valve, the parent company of Steam, is facing a collective lawsuit in the UK, accused of abusing its dominant position in the PC gaming market, with claims for damages amounting to 6.56 billion pounds (approximately 62.40 billion yuan) [12] - Google has launched a new interactive world AI creation tool, Project Genie, which allows users to generate playable 3D environments [13] - Ubisoft plans to lay off up to 200 employees at its Paris headquarters following a restructuring announcement [14]

Core Insights - The Chinese mobile gaming industry is experiencing significant growth in research and development (R&D) investments, with the top 20 companies projected to invest over 99 billion yuan in 2024, marking an 8.8% year-on-year increase [1] - The domestic revenue from self-developed games is expected to exceed 260 billion yuan in 2024, reflecting a 1.7% increase compared to the previous year [4] - The overseas revenue from self-developed games is anticipated to surpass 18.5 billion USD in 2024, showing a 13.39% year-on-year growth [6] R&D Investments - The total R&D investment by the top 20 mobile gaming companies in China is projected to reach 99.02 billion yuan in 2024, with a continuous increase from 2017 to 2024 [1] - The number of R&D personnel in these companies has shown a declining trend, with a total of 15,721 employees in 2024, down by 1.66% year-on-year [3] - The median percentage of R&D personnel in the top 20 companies is 47.24% in 2024, which is a decrease of 5.97 percentage points from the previous year [3] Domestic Revenue - The actual sales revenue from self-developed games in the domestic market is projected to be 260.736 billion yuan in 2024, reflecting a 1.7% increase year-on-year [4] - The growth in domestic revenue is attributed to the expanding and maturing domestic gaming market, with companies focusing on self-developed games to capture market opportunities [4] Overseas Revenue - The overseas revenue from self-developed games is expected to reach 18.557 billion USD in 2024, marking a 13.39% increase compared to the previous year [6] - The overseas revenue has consistently exceeded 100 billion yuan for five consecutive years, driven by advancements in cloud gaming and AI technologies [6] - The primary markets for overseas revenue are the United States, Japan, and South Korea, contributing 31.06%, 17.32%, and 8.89% respectively to the total overseas income [8]

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 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: 友誼時光股份有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2026年1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) | 06820 | 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 (-) | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | 本月底法定/ ...

Core Viewpoint - The Hong Kong stock market saw a collective surge in mobile game stocks, indicating a positive trend in the sector [1] Group 1: Stock Performance - Blueport Interactive rose over 10% [1] - Zhongjiu Mobile and Tanwan increased by over 6% [1] - NetEase and Feiyu Technology both saw gains of over 5% [1] - Boya Interactive climbed over 4% [1] - Friendship Time and Tencent both grew by over 3% [1] - NetDragon, Kingsoft, Bilibili, ZhiJianYueDong, and Seventh Avenue all experienced increases of over 2% [1]

Core Insights - The company announced that in the fourth quarter of 2025, the trustee will purchase shares amounting to approximately 0.4% of the company's total share capital under the share incentive plan [1] - From August 28, 2023, to December 19, 2025, the trustee is expected to accumulate purchases that will total about 4.1% of the company's total share capital under the same plan [1]