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 ...

Core Viewpoint - The legal dispute between Zulong Entertainment and Paper Games highlights issues of trademark infringement and unfair competition in the gaming industry, particularly regarding the use of popular keywords for advertising purposes [3][4][6]. Group 1: Legal Dispute Overview - Zulong Entertainment was found to have infringed on Paper Games' trademark by using their registered game titles as keywords in WeChat advertisements, leading to user confusion [3][4]. - The court ruled in favor of Paper Games, ordering Zulong Entertainment to pay 150,000 yuan in damages for trademark infringement and unfair competition [6]. - Zulong Entertainment's defense claimed that the keyword settings were managed by an outsourced advertising company, but evidence showed that they had added the keywords themselves [5][6]. Group 2: Financial Impact - Following the launch of its game "In the Name of Shine," Zulong Entertainment reported significant revenue growth, achieving 634 million yuan in revenue for the first half of 2025, a 44.4% increase compared to the same period in 2024 [7]. - The success of "In the Name of Shine" contributed to Zulong Entertainment's overall financial performance, alongside other game releases [7]. Group 3: Industry Context - The case reflects a broader trend in the gaming industry where companies may engage in competitive advertising practices that can lead to legal disputes over intellectual property rights [8][9]. - Legal experts suggest that companies should proactively protect their trademarks and avoid using similar names or branding to prevent confusion and potential legal issues [9][10].

Core Viewpoint - Zulong Entertainment reported significant revenue growth in the first half of 2025, but still faced losses, indicating a potential for future profitability with ongoing challenges in R&D costs and overseas market expansion [1][8]. Revenue Growth and Financial Performance - In the first half of 2025, Zulong Entertainment achieved revenue of 634 million RMB, a 44.4% increase from 439 million RMB in the same period of 2024 [2][5]. - The company reported a loss of 11.7 million RMB, a substantial reduction of 91.3% compared to a loss of 134 million RMB in the previous year [1][8]. - Adjusted net loss was 7.7 million RMB, down 93.6% year-on-year [1][2]. Key Products Driving Growth - The mobile game "In the Name of the Shining" has become a star product for Zulong, achieving over 2 billion RMB in global revenue and surpassing previous years' average daily active users (DAU) in the first half of 2025 [3][4]. - New games "Dragon Tribe: Cassel's Gate" and "Treading the Wind" contributed significantly to revenue, with the former topping the iOS free charts upon release [4][6]. Market Performance and Challenges - Domestic revenue reached approximately 512 million RMB, a 68.3% increase, accounting for 80.7% of total revenue [5][6]. - Overseas revenue was 123 million RMB, a decrease of 9.5%, with its share dropping from 30.8% to 19.3% [6][8]. - The company plans to expand its successful titles into Southeast Asia and South Korea to seek overseas growth [6]. Future Outlook - The gaming industry is experiencing increased competition, with a shift from scale expansion to quality competition [8]. - Zulong's strategy of focusing on high-quality, diverse products and global expansion may lead to profitability in the second half of 2025 [8].

Core Insights - Zulong Entertainment (09990.HK) reported a significant revenue increase of 44.4% year-on-year, reaching 634 million RMB in the first half of 2025, marking the third consecutive mid-term report with growth [1][2] - Despite the revenue growth, the company incurred a loss of 11.7 million RMB, although this represents a substantial reduction of 91.3% compared to a loss of 134 million RMB in the same period last year [1][7] - Adjusted net loss was 7.7 million RMB, down 93.6% year-on-year [1][2] Revenue Growth - The revenue growth was primarily driven by the successful launch of new games "Dragon Tribe: Cassel's Gate" and "Treading the Wind," along with the stable performance of the flagship product "In the Name of Shine" [2][4] - The gross margin remained high at 71.4%, indicating efficiency in game development and operations [2] Game Performance - "In the Name of Shine" has become a star product for the company, achieving over 2 billion RMB in cumulative global revenue and surpassing previous years' average daily active users (DAU) in the first half of 2025 [3] - "Dragon Tribe: Cassel's Gate" launched in September 2024, quickly topped the iOS free charts and became a new growth point for the company [4] - "Treading the Wind," a Chinese-style RPG, also performed well upon its launch in the first half of 2025, topping the iOS free charts on its release day [4] Market Dynamics - Domestic revenue accounted for approximately 5.12 billion RMB, a 68.3% increase year-on-year, making up 80.7% of total revenue [5] - Conversely, overseas revenue decreased by 9.5% to 1.23 billion RMB, dropping its share from 30.8% to 19.3% [6] Challenges and Future Outlook - The company faces challenges including high R&D expenditures and declining overseas market revenue [8] - The gaming industry has seen user growth reaching 679 million, but competition is intensifying [8] - The company plans to expand "Dragon Tribe: Cassel's Gate" and "In the Name of Shine" into Southeast Asia and South Korea in the second half of 2025 to seek overseas growth [6][8] - The strategic focus on quality over quantity in the gaming industry may help the company transition from losses to profitability [8]

ARCHOSAUR GAMES INC. 祖龙娱乐有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （ Stock Code 股份代號： 9990 ） NOTIFICATION LETTER 通知信函 To Non-registered Holders Note 1 Dear Sir/Madam, 1. This letter is addressed to the non-registered holders of the Company. "Non-registered Holder" means such person or company whose listed securities are held in the Central Clearing and Settlement System and who has notified the Company from time to time through Hong Kong Securities Clearing Company Li ...