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） 根據受限制股份單位計劃授出受限制股份單位 本公告乃本公司根據上市規則第17.06A、17.06B及17.06C條作出。董事會謹此宣 佈，於2025年8月26日，本公司根據受限制股份單位計劃的條款向1名承授人授出 300,000份受限制股份單位，惟須待承授人接納後方可作實。 1 零 授出日期： 2025年8月26日 承授人數目： 1名，為本集團僱員 授出受限制股份 300,000份，相當於300,000股股份 單位數目： 授出受限制股份 單位的購買價： 表現目標： 無 授出的受限制股份單位詳情 股份於授出日期的 收市價： 每股1.940港元 歸屬期： 自授出日期起計三年內分批歸屬；受限制股份單位自授予 承授人之日起，每12個月為一個評估期，共三個評估期。 承授人將於首個評估期屆滿時獲得其獲 ...

Core Viewpoint - Zulong Entertainment reported significant revenue growth and a substantial reduction in losses for the first half of 2025, indicating an improving operational situation [1][3]. Financial Performance - The company achieved a revenue of 634.3 million yuan, a year-on-year increase of 44.4% [1]. - Losses narrowed to 11.7 million yuan, a 91.3% reduction compared to the previous year's loss of 120 million yuan [1][3]. - Revenue from the domestic market reached 512 million yuan, up 68.3% from 304 million yuan in the same period last year [1]. Game Performance - The mobile game "Shining Bright" has been a key driver of revenue, consistently ranking in the top ten of the iOS bestseller list since its launch [2]. - The game has generated over 2 billion yuan in cumulative revenue globally, with significant growth in daily active users (DAU) during the summer of 2025 [2]. - The strategy card game "Dragon Tribe: Kassel Gate," based on a popular IP, also performed well, topping the iOS free chart on its launch day [2]. R&D and Future Projects - R&D expenses for the first half of 2025 were 265 million yuan, slightly up from 264 million yuan in the previous year [3]. - The company is undergoing a restructuring of its project pipeline, delaying several game launches, including "Code: Odin" and "Code: One" [3]. - The gross margin remained high at 71.4%, indicating effective cost control in game operations [3]. Global Strategy - Zulong Entertainment plans to expand its successful games into Southeast Asia and South Korea, having launched 24 mobile games in over 170 markets [4]. - Revenue from regions outside of mainland China decreased to 123 million yuan, accounting for 19.3% of total revenue, down from 30.8% the previous year [4]. Technological Innovation - The company is focusing on next-generation 3A rendering and immersive experiences, exploring AI applications in game development [5]. - An intelligent NPC based on a popular character was introduced in "Dragon Tribe: Kassel Gate," enhancing user interaction [5].

Core Viewpoint - The company expects significant financial improvement in 2025 compared to the previous year, driven by the successful development and launch of new games, including "Project Code: Xiaoyao," "Project K," and "Project G" [1] Financial Performance - For the first half of 2025, the company's revenue reached RMB 634.3 million, marking a 44.4% increase year-on-year [2] - The cost of revenue increased by 54.2% to RMB 181.5 million, while gross profit rose by 40.8% to RMB 452.8 million [2] - Research and development expenses were approximately RMB 265.5 million, showing a slight increase of 0.5% compared to the previous year [2] - Sales and marketing expenses increased by 28.7% to RMB 222.3 million, while administrative expenses decreased by 4.7% to RMB 44.8 million [2] - Other income rose significantly by 135.3% to RMB 4.0 million, contributing to the overall positive financial performance [2] Strategic Direction - The company's sustained growth is attributed to its commitment to a premium strategy, focusing on technological innovation and a diverse product matrix [2][3] - As of the announcement date, the company has released 24 premium mobile games, generating over RMB 22 billion in total revenue and accumulating over 200 million registered users globally [3] - The flagship product "In the Name of Shining" has generated over RMB 2 billion, serving as a stable growth engine for the company [3] Innovation and Technology - The company emphasizes the importance of continuous innovation and R&D investment, with R&D personnel accounting for nearly 80% of its workforce [3] - The integration of advanced technologies, such as AI and Unreal Engine, into game development has allowed the company to create a diverse range of high-quality products [4] - The first female-oriented AAA mobile game "In the Name of Shining" utilizes AI for enhanced player interaction, receiving positive feedback from users [4][6] Market Trends - The gaming user base in China reached approximately 679 million in the first half of 2025, setting a historical record [8] - Policy support for the gaming industry is increasing, with initiatives encouraging technological innovation and collaboration among leading and smaller enterprises [10] - The company's growth potential is expected to be further enhanced by the dual drivers of "engine technology + AI" in the current market environment [10]

Core Insights - The company has achieved a significant revenue growth of 44.4% year-on-year, reaching 634 million RMB in the first half of 2025, marking a third consecutive increase in revenue [1][2] - The business structure has been optimized, with game publishing and operation revenue accounting for 91.3% of total revenue, up 5.6 percentage points from the previous year [1][2] - The company has launched 24 premium mobile games, covering various genres and supporting multiple languages, enhancing its market presence [3] Financial Performance - The adjusted net loss has been significantly reduced by 93.6% compared to the same period last year, with operating cash flow consumption decreasing by 47.1% [2] - The revenue from game publishing and operation reached 579 million RMB, a year-on-year increase of 53.8% [2] Product Success - Key mobile games such as "In the Name of the Shining" and "Dragon Tribe: Castle Gate" have contributed significantly to revenue growth, with "In the Name of the Shining" achieving over 2 billion RMB in cumulative revenue globally [4] - The company has demonstrated strong long-term operational capabilities with older titles like "Dream Fantasy" and "Dragon Tribe Fantasy" showing positive growth in revenue and user engagement [5] Competitive Advantages - The company's high growth is attributed to its core capabilities in R&D, positioning, and operations, creating a competitive barrier that is hard to replicate [6] - R&D personnel make up 76% of the workforce, with a focus on technological innovation and cost control, ensuring continuous upgrades of successful games [6] Product Strategy - The company employs a strategy of deepening core categories while exploring emerging segments, effectively covering diverse user needs and mitigating market risks [7] - The integrated "R&D and operations" model allows for precise player demand understanding and timely game updates, maximizing product lifecycle value [8] Future Outlook - The company plans to launch seven new games from the second half of 2025 to 2027, covering various genres and targeting both domestic and international markets [9][11] - A gradual strategy of focusing on Asia before expanding globally is in place, with successful launches in Southeast Asia and plans for further market entries [11]

Core Viewpoint - Zulong Entertainment, a leading mobile game company in China, continues to demonstrate high growth potential through its commitment to product integrity and innovation [1] Revenue Growth and Business Performance - For the first half of 2025, Zulong Entertainment reported a revenue of 634 million RMB, representing a year-on-year increase of 44.4%, marking the third consecutive revenue increase [2][3] - The company's game publishing and operation revenue reached 579 million RMB, a significant increase of 53.8% year-on-year, accounting for 91.3% of total revenue, up by 5.6 percentage points [2][3] - Adjusted net loss was reduced by 93.6% compared to the same period last year, with operating cash flow consumption decreasing by 47.1% [3] Product Portfolio and Market Strategy - Zulong Entertainment has launched 24 premium mobile games, available in over 170 markets and supporting 14 languages, covering various genres including MMORPG, female-oriented, strategy card games, and SLG [4] - Key titles such as "In the Name of the Shining" and "Dragon Tribe: Castle of Cassel" have significantly contributed to revenue growth, with "In the Name of the Shining" achieving over 2 billion RMB in global cumulative revenue [5] Long-term Operational Capability - The company has demonstrated strong long-term operational capabilities, with older titles like "Dream Fantasy" and "Dragon Tribe Fantasy" showing positive growth in revenue and user engagement [6] - Zulong's core competencies in R&D, positioning, and operations have created a competitive barrier that is difficult to replicate [7] Future Growth Prospects - Zulong plans to launch seven new games from the second half of 2025 to 2027, covering various genres and targeting both domestic and international markets [10][12] - The company aims to adopt a gradual strategy of deepening its presence in Asia before expanding globally, with successful launches already in Southeast Asia [12] Conclusion - Zulong Entertainment's focus on a premium strategy, technological innovation, and integrated R&D and operations model has led to improved operational quality [12] - With a robust pipeline of new games and a clear global expansion strategy, the company is positioned for sustained growth and long-term value creation for investors [12]

Core Viewpoint - Zulong Entertainment (09990.HK) reported a significant increase in revenue for the first half of 2025, achieving 634.3 million yuan, a year-on-year growth of 44.4%, marking a successful "three consecutive increases" in revenue [1] Revenue Performance - The revenue growth of 44.4% in the first half of 2025 follows previous growth rates of 25.6% in 2024 and 55.5% in 2023, indicating a strong market performance [1] - The adjusted net loss was reduced by 93.6% compared to the same period last year, reflecting continuous improvement in operational conditions [1] Game Launches and Performance - The performance improvement is attributed to the successful launches of "Dragon Tribe: Cassel Gate" and "Treading Wind" in the second half of 2024 and the first half of 2025, respectively, along with the stable performance of "Shining Name" [1] - "Shining Name" achieved a historical high in monthly profit in January 2025, with total global revenue exceeding 2 billion yuan as of the announcement date [2] - "Treading Wind," a Chinese-style RPG developed using Unreal Engine 4, topped the iOS free games chart on its launch day in May 2025 [2] Global Strategy - Zulong Entertainment maintains a global strategy, focusing on a research and operation integration model to customize differentiated strategies for various markets [2] - The company aims to deepen local market engagement and enhance value while continuing to expand internationally [2] Game Quality and Operations - The company emphasizes a "research and operation integration" model to enhance game quality and extend revenue cycles, with several classic games maintaining stable long-term performance [3] - The gross margin remains above 70%, showcasing a competitive edge in the industry, supported by effective cost management and innovation in research and development [3] Future Outlook - Zulong Entertainment plans to continue its core strategies of quality, multi-category development, research and operation integration, and globalization [3] - The company aims to explore AI applications in game development, enhancing dynamic gameplay through intelligent NPCs and integrating user-generated and AI-generated content [3]

Core Viewpoint - Zulong Entertainment (09990) has shown a significant increase in stock price, rising over 6% following the release of its mid-year performance announcement for 2025, indicating strong revenue growth and improved financial health [1] Financial Performance - For the first half of 2025, Zulong Entertainment reported a revenue of 634.3 million yuan, representing a year-on-year growth of 44.4% [1] - This marks the third consecutive increase in revenue, following growth rates of 25.6% in 2024 and 55.5% in 2023 [1] - The adjusted net loss has been reduced by 93.6% compared to the same period last year, reflecting ongoing improvements in operational performance [1] Reasons for Performance Improvement - The company attributes its performance improvement primarily to the successful launches of games such as "Dragon Tribe: Cassel's Gate" and "Treading the Wind," which are set to release in the second half of 2024 and the first half of 2025, respectively [1] - Additionally, the stable performance of the game "In the Name of Shining" has contributed to the positive results [1] Future Plans - Zulong Entertainment plans to diversify its game portfolio by launching seven different types of game products globally between the second half of 2025 and 2027 [1]

Core Insights - Zulong Entertainment (09990) shares rose over 6%, currently up 6.18% at HKD 1.89, with a trading volume of HKD 2.5287 million [1] Financial Performance - For the first half of 2025, Zulong Entertainment reported revenue of RMB 634.3 million, a year-on-year increase of 44.4%, marking a "three consecutive increases" in revenue [1] - The adjusted net loss was reduced by 93.6% compared to the same period last year, indicating continuous improvement in operational conditions [1] Growth Drivers - The improvement in performance is attributed to the launches of "Dragon Tribe: Kassel's Gate" and "Treading the Wind," which are set to go live in mainland China in the second half of 2024 and the first half of 2025, respectively, along with the stable performance of "Shining Name" [1] - The company plans to launch seven different types of game products globally between the second half of 2025 and 2027 to diversify its game portfolio [1]

Core Viewpoint - Zulong Entertainment reported a significant increase in revenue and a reduction in adjusted net loss for the first half of 2025, indicating a strong performance driven by successful game launches and ongoing product popularity [1][2]. Financial Performance - In the first half of 2025, Zulong Entertainment achieved a revenue of 634.3 million yuan, representing a year-on-year growth of 44.4%, following growth rates of 25.6% in 2024 and 55.5% in 2023, marking a "three consecutive increases" in revenue [1]. - The adjusted net loss was reduced by 93.6% compared to the same period last year, reflecting continuous improvement in operational conditions [1]. Game Development and Strategy - The revenue growth was primarily attributed to the successful launches of "Dragon Tribe: Cassel Gate" and "Treading Wind," along with the stable performance of "Shining Name" [1]. - Zulong Entertainment has adopted a "research and operation integration" model, allowing real-time feedback from operations to inform game development, thereby increasing the likelihood of creating successful titles [3]. Global Expansion and Market Strategy - The company is committed to a global strategy, customizing approaches for different markets while focusing on local market characteristics to enhance game quality and service [2]. - "Shining Name" achieved over 2 billion yuan in cumulative revenue globally, while "Treading Wind" topped the iOS free game chart shortly after its launch [2]. Product Portfolio and Quality - Zulong Entertainment has developed a diverse portfolio of high-quality games, including MMORPGs, female-oriented games, strategy card games, and SLGs, maintaining a gross margin above 70%, which is competitive within the industry [3]. - The company plans to explore AI applications in game development, integrating smart NPCs and combining UGC with AIGC to enhance game dynamics [3].

Core Viewpoint - Zulong Entertainment reported a significant increase in revenue and a reduction in net loss for the first half of 2025, indicating a strong performance driven by successful game launches and ongoing product popularity [1][2]. Financial Performance - In the first half of 2025, Zulong Entertainment achieved a revenue of 634.3 million yuan, representing a year-on-year growth of 44.4%, following growth rates of 25.6% in 2024 and 55.5% in 2023, marking a "three consecutive increases" in revenue [1]. - The adjusted net loss was reduced by 93.6% compared to the same period last year, reflecting continuous improvement in operational conditions [1]. Game Development and Strategy - The revenue growth was primarily attributed to the successful launches of "Dragon Tribe: Cassel Gate" and "Treading Wind" in the second half of 2024 and the first half of 2025, respectively, along with the stable performance of "Shining Name" [1]. - Zulong Entertainment emphasizes a "research and operation integration" model, allowing real-time feedback from operations to inform game development, thereby increasing the likelihood of creating successful titles [3]. Global Expansion and Market Strategy - The company is committed to a global strategy, customizing approaches for different markets while focusing on local market characteristics to enhance game quality and service [2]. - "Dragon Tribe: Cassel Gate" received widespread acclaim, achieving high rankings in iOS sales charts in Hong Kong and Taiwan, and also performed well in Thailand upon its release [2]. Product Quality and Profitability - Zulong Entertainment maintains a gross margin above 70%, showcasing its competitive edge in the industry, supported by effective cost management and a strong global distribution system [3]. - The company plans to explore AI applications in game development, aiming to enhance game dynamics through intelligent NPCs and the integration of user-generated and AI-generated content [3].