Core Viewpoint - Archosaur Entertainment, a wholly-owned subsidiary of Zulong Entertainment, has invested a total of $20 million in financial products through Standard Chartered Hong Kong, with the investments set to mature on November 19, 2025 [1] Investment Details - On May 29, 2025, Archosaur Entertainment subscribed to two foreign exchange range accrual total return credit linked investments, with principal amounts of $3.5 million each [1] - On November 19, 2025, Archosaur Entertainment subscribed to two bond-linked notes, with principal amounts of $7 million and $6 million respectively [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，概不就因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 ARCHOSAUR GAMES INC. 祖龍娛樂有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9990） 須予披露交易 認購理財產品 認購事項 董事會謹此公佈，2025 年1 1 月1 9 日，本公司的全資附屬公司Archosaur Entertainment通過渣打香港認購且於本公告日期仍未到期的該等理財產品合計 投資總額20.0百萬美元。 上市規則的涵義 由於2025年5月認購事項之最高適用百分比率低於5%，2025年5月認購事項以單 獨基準不構成本公司的須予披露交易。 然而，根據上市規則第14.22條，由於認購事項項下進行的交易是通過同一交易 對手方（即渣打香港）進行，且屬於性質相似的現時存續的理財產品，因此該等 交易應當合併計算。由於合併計算後交易的最高適用百分比率超過5%但低於 25%，因此，認購事項項下進行的交易構成本公司的須予披露交易，須遵守上 市規則的通知及公告規定，惟獲豁免 ...

Core Insights - The conference highlighted the challenges and opportunities in the IP (Intellectual Property) industry, focusing on the balance between commercial value and cultural significance [2][4]. Group 1: IP Development and Challenges - The over-commercialization of IP has led to user backlash and cultural disconnection, with some top IPs failing to meet lifecycle expectations after adaptation [2]. - There is a need for a collaborative mechanism between short-term profit-driven capital and long-term cultural value [2]. Group 2: Company Strategies and Innovations - Zulong Entertainment emphasizes high-quality content and technological innovation, focusing on global IP development and a dual strategy of enhancing mature markets while breaking into emerging ones [5]. - Suzhou 51 Studio integrates traditional Chinese culture into game design, creating immersive experiences that resonate with younger audiences [7]. - Youka Network aims to be the first entry point for young people to engage with traditional culture, leveraging innovative game design to enhance cultural recognition [9][10]. - Tohoku Shinsha shares insights on creating compelling IP through strong character development and diverse production resources [12]. - Sheng Tian Network's "Star Wings" demonstrates how niche products can thrive globally through community engagement and strategic partnerships [14][15]. Group 3: Cross-Industry Collaboration and AI Integration - Successful IPs often rely on strong partnerships that produce high-quality derivative works, emphasizing long-term value and reputation [17]. - AI technology is enhancing content production efficiency and lowering creative costs, allowing for greater user participation in IP development [17]. - Wenwen Group showcases a systematic approach to IP operation, focusing on top-tier content and cross-industry collaboration to drive growth [18]. Group 4: Longevity and Adaptation of IPs - SNK maintains the longevity of its IPs through continuous updates and cross-industry collaborations, ensuring relevance in a changing market [19]. - Hasbro emphasizes the importance of understanding consumer needs and building strong partnerships to sustain IP development [20]. - Binfeng Culture Group highlights the significance of a complete worldview and precise user targeting in successful IPs, promoting a feedback loop between IP and its derivatives [21].

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: 祖龙娱乐有限公司 呈交日期: 2025年11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) | 09990 | 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 | | 0 | | 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 FF3 ...

Core Viewpoint - Zulong Entertainment (09990.HK) has renewed and modified its cooperation framework agreements with Tencent Games and Perfect World, extending the agreements until December 31, 2028, with annual transaction limits set for the upcoming three years [1] Group 1: Agreements and Partnerships - The renewed Tencent Games cooperation framework agreement appoints Tencent as the distributor for Zulong's games on its platform, allowing Zulong to set pricing for virtual items in its games [1] - Under the renewed Perfect World cooperation framework agreement, Perfect World grants Zulong non-exclusive rights to several IPs for adaptation and development into mobile or PC games, along with exclusive publishing rights and collaborative operation for these games [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，概不就因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 ARCHOSAUR GAMES INC. 祖龍娛樂有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9990） 重續現有持續關連交易 重續現有持續關連交易 董事會謹此宣佈，由於現有騰訊遊戲合作框架協議、雲服務協議和完美世界遊 戲合作框架協議各自將於2025年12月31日屆滿，各訂約方於2025年11月3日重 續並修改該等協議，各項協議自2026年1月1日起至2028年12月31日止為期三 年，並就截至2028年12月31日止三個年度各持續關連交易框架協議項下擬進行 的交易設立年度上限。 上市規則的涵義 於本公告日期，騰訊及完美世界各自為本公司的主要股東，分別通過其全資附 屬公司持有本公司已發行股份總數約17.19%及16.55%。騰訊雲為騰訊的全資附 屬公司。因此，根據上市規則第十四A章，騰訊集團、騰訊雲及完美世界集團各 自為本公司的關連人士，而經重續騰訊遊戲合作框架協議、經重續雲服務協議 及經重 ...

Core Insights - In October 2025, the National Press and Publication Administration approved a total of 159 domestic online games [1] Group 1: Approved Games - Notable approved games include Tencent's "Ba Huang Qi Lu," 37 Interactive Entertainment's "Survival for 33 Days," Zulong Entertainment's "Cloud Dream Westward," and Friendship Time's "Firefly Expedition" [1]

Core Insights - In October 2025, the National Press and Publication Administration approved a total of 159 domestic online games [1] Company Highlights - Tencent's game "Ba Huang Qi Lu" was among the approved titles [1] - 37 Interactive Entertainment's game "Survival for 33 Days" received approval [1] - Zulong Entertainment's "Cloud Dream West Journey" was also approved [1] - Friendship Time's game "Firefly Expedition" gained approval [1]

Core Insights - The Chinese gaming industry is experiencing a high prosperity cycle, with 159 domestic games approved in October, indicating strong demand and supply dynamics [1][2] - The A-share gaming sector has shown significant growth, with the Shenwan secondary gaming index up approximately 66% year-to-date, ranking eighth among all Shenwan secondary industries [2] - The approval of new game titles, including major releases from Tencent and other listed companies, suggests ongoing innovation and market expansion [1][4][5] Domestic Game Approvals - In October, 159 domestic games received approval, with 73 categorized as mobile-casual and 70 as mobile games [1] - Notable titles include Tencent's "八荒奇旅," 37 Interactive's "生存33天," and others from companies like ST中青宝 and 祖龙娱乐 [1][4] Import Game Approvals - Seven new imported games received approval in October, including "蜡笔小新" from 游族网络 [2] - The total number of game approvals for the year has reached 1,441, maintaining a steady monthly issuance rate [2] Market Performance - The gaming sector has seen substantial stock price increases, with companies like 巨人网络 and 吉比特 experiencing over 210% and 110% growth, respectively [2] - The current valuation of the gaming sector remains attractive, prompting recommendations for increased investment [2] Future Growth Projections - Omdia forecasts that the total revenue from gaming subscriptions in the Asia-Pacific region will grow from $6.5 billion in 2025 to $9.4 billion by 2029, outpacing global averages [3] - The domestic self-developed online gaming market saw a 19% year-on-year growth in the first half of the year, indicating a robust recovery and innovation cycle [3] Company Performance Highlights - Tencent reported a revenue of 364.53 billion yuan in the first half of the year, with a 13.7% year-on-year increase, driven by its gaming and social services segment [4] - 祖龙娱乐 achieved a revenue of 634 million yuan in the first half of 2025, a 44.4% increase compared to the previous year, attributed to new game launches [4] - 友谊时光's revenue reached 623 million yuan, marking an 18.5% increase, with a significant turnaround in profitability [5] - 网易 reported a net income of 56.72 billion yuan, with gaming-related services showing a 13.7% year-on-year growth [6]

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9月30日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 祖龙娱乐有限公司 | | | | | | 呈交日期: | 2025年10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 | | | 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 | 0 | | 本月底結存 | 5,000,000,000 | USD | 0.00001 | USD | 50,000 | 本月底法定/註 ...