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） 持續關連交易 修訂有關遊戲改編權之授權協議項下的年度上限 誠如公告和補充公告所披露，於2022年6月18日，獲授權方（本集團之全資附屬 公司）與授權方訂立授權協議。根據授權協議，授權方已同意向獲授權方授予獨 家不可轉讓的權利，以(i)根據《龍族》原創作品改編及開發合作遊戲；(ii)發行及 運營合作遊戲；及(iii)在合作遊戲中使用《龍族》動畫相關內容。 鑒於授權協議項下的遊戲上線時間根據實際情況有所調整，且遊戲在已發行地 區產生的收益及受歡迎程度超出預期，董事會預期現有年度上限將不足以滿足 本集團從2025年1月1日至2025年12月29日期間的獲授權方向授權方應付授權協 議項下費用，因此於2025年8月22日通過決議修訂相關年度上限。 由於有關授權協議項下交易的經修訂年度上限的最高適用 ...

[Company Overview and Performance Summary](index=1&type=section&id=公司概覽与业绩摘要) This section provides an overview of Archosaur Games Inc., including its corporate information, report scope, and a summary of its financial performance for the six months ended June 30, 2025 [Company Information and Report Scope](index=1&type=section&id=1.1%20公司信息与报告范围) Archosaur Games Inc. released its unaudited interim consolidated results for the six months ended June 30, 2025, reviewed by the audit committee and PwC - The company is Archosaur Games Inc., stock code 9990, incorporated in the Cayman Islands[2](index=2&type=chunk) - The reporting period is the six months ended June 30, 2025, with unaudited results reviewed by the audit committee and independent auditor PwC[3](index=3&type=chunk) [Financial Performance Summary](index=2&type=section&id=1.2%20财务业绩摘要) For the six months ended June 30, 2025, the Group's revenue increased by 44.4% to RMB 634.3 million, operating loss narrowed by 76.1% to RMB 36.8 million, and loss for the period decreased by 91.3% to RMB 11.7 million, with adjusted net loss significantly reduced by 93.6% to RMB 7.7 million Key Financial Indicators for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB Million) | 2024 (RMB Million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 634.3 | 439.4 | 44.4% | | Cost of Revenue | (181.5) | (117.7) | 54.2% | | Gross Profit | 452.8 | 321.7 | 40.8% | | Research and Development Expenses | (265.5) | (264.1) | 0.5% | | Selling and Marketing Expenses | (222.3) | (172.7) | 28.7% | | Administrative Expenses | (44.8) | (47.0) | (4.7%) | | Operating Loss | (36.8) | (154.0) | (76.1%) | | Loss for the Period | (11.7) | (134.0) | (91.3%) | | Adjusted Net Loss | (7.7) | (120.4) | (93.6%) | - Revenue significantly increased by **44.4%**, primarily driven by the launch of new games "Dragon Raja: The Gate of Cassell" and "Tafengxing" in mainland China, and the stable performance of "Life Makeover"[4](index=4&type=chunk) - Operating loss and loss for the period significantly narrowed, reflecting improved operational efficiency and contributions from new games[4](index=4&type=chunk) [Management Discussion and Analysis](index=3&type=section&id=管理层讨论与分析) This section reviews the Group's business performance, financial results, liquidity, human resources, foreign exchange risk management, and the utilization of global offering proceeds [Business Review](index=3&type=section&id=2.1%20业务回顾) The Group aims to be a top-tier global game company, focusing on developing multi-genre mobile games, advancing Unreal Engine technology, and applying AI, having launched 24 mobile games in over 170 regions and planning 7 new releases from H2 2025 to 2027 - The company's vision is to become a top-tier global game company, focusing on developing mobile games across genres such as MMORPG, female-oriented, strategy card, and SLG[5](index=5&type=chunk) - Technologically, the company deepens Unreal Engine research to create next-gen 3A-level rendering and explores AI applications in game development, including intelligent NPCs and AIGC integration[5](index=5&type=chunk) - Regarding globalization strategy, the company implements an integrated R&D and operations layout, customizes differentiated strategies for various markets, and deepens localization efforts[5](index=5&type=chunk) [Company Vision and Core Competencies](index=3&type=section&id=2.1.1%20公司愿景与核心竞争力) Archosaur Games aims to be a world-class game company, continuously developing high-quality games across genres to provide global players with excellent online entertainment, leveraging leading R&D capabilities in Unreal Engine technology and AI applications - The company is committed to becoming a top-tier global game company, continuously developing industry-leading, high-quality games across various genres[5](index=5&type=chunk) - Deepening Unreal Engine technology research to build next-generation 3A-level realistic rendering and immersive scene and character experiences[5](index=5&type=chunk) - Exploring AI applications in game development, enhancing game dynamism by embedding intelligent NPCs and combining UGC with AIGC[5](index=5&type=chunk) [Existing Game Performance](index=3&type=section&id=2.1.2%20现有游戏表现) As of the reporting period, the Group has launched 24 mobile games in over 170 global markets, with "Life Makeover" showing significant profit growth and over RMB 2 billion in cumulative global gross billings, "Dragon Raja: The Gate of Cassell" performing well in Hong Kong, Macau, and Taiwan and growing MAU/DAU in mainland China, and "Tafengxing" topping the iOS free chart upon launch - As of the announcement date, the company has launched **24 mobile games** in over **170 regional markets**, supporting **14 languages**[6](index=6&type=chunk) [Life Makeover](index=3&type=section&id=2.1.2.1%20《以闪亮之名》) "Life Makeover," a highly customizable fashion-oriented mobile game, achieved significant year-on-year and quarter-on-quarter profit growth in H1 2025, with cumulative global gross billings exceeding RMB 2 billion, driven by global endorsements, AI-powered emotional companionship, high-quality updates, and collaborations, leading to peak summer average DAU - "Life Makeover" achieved significant year-on-year and quarter-on-quarter profit growth in H1 2025[7](index=7&type=chunk) - The game launched its global ambassador pet, Lychee Meow, leveraging large language models to provide warm emotional companionship to players[7](index=7&type=chunk) - In mainland China, the average DAU in H1 2025 surpassed the average DAU of 2024 and 2023, with the summer average DAU reaching its peak for 2025[7](index=7&type=chunk) - As of the date of this performance announcement, "Life Makeover"'s cumulative global gross billings exceeded **RMB 2 billion**[7](index=7&type=chunk) [Dragon Raja: The Gate of Cassell](index=4&type=section&id=2.1.2.2%20《龙族：卡塞爾之門》) "Dragon Raja: The Gate of Cassell," an Unreal Engine 4 strategy card game, topped the iOS free game chart and entered the top-selling ranks after its April 2025 launch in Hong Kong, Macau, and Taiwan, showing significant MAU and DAU growth in mainland China during summer, with its August 1st DAU and new user scale reaching a 2025 peak, and also ranking top three on iOS free chart in Thailand on its launch day - "Dragon Raja: The Gate of Cassell" launched in Hong Kong, Macau, and Taiwan in April 2025, topping the iOS free game chart during its pre-download phase[8](index=8&type=chunk) - The game's MAU and average DAU in mainland China during summer significantly increased compared to H1 2025, with August 1st's single-day DAU and new user scale reaching a 2025 peak[8](index=8&type=chunk) - The product entered the top three on the iOS free game chart on its launch day in Thailand[8](index=8&type=chunk) [Other Mature Games](index=4&type=section&id=2.1.2.3%20其他成熟期游戏) "Tafengxing" launched in mainland China in May 2025, topping the iOS free game chart on its pre-download day. Mature games like "Dragon Raja" (over 6 years in operation) and "Fantasy Zhu Xian" (over 8 years) showed stable performance, with "Fantasy Zhu Xian" achieving positive growth in gross billings and new users in H1 2025, demonstrating long-term vitality - "Tafengxing" officially launched in mainland China on May 16, 2025, topping the iOS free game chart on its pre-download day[9](index=9&type=chunk) - "Fantasy Zhu Xian" achieved positive growth in gross billings and new users in H1 2025, demonstrating the long-term vitality of turn-based MMORPG games[9](index=9&type=chunk) - The company continues to invest in and maintain several classic games, including "Homeland of Glory" and "Jade Dynasty," ensuring their stable performance and revenue contribution[9](index=9&type=chunk) [Game Product Pipeline](index=5&type=section&id=2.1.3%20游戏产品储备) To build a diversified game portfolio, the Group plans to launch 7 new games of various genres globally from H2 2025 to 2027, including strategy card, female-oriented, idle RPG, MMORPG, and action-shooter titles, with "Dragon Raja: The Gate of Cassell" and "Life Makeover" expanding to Southeast Asia and Korea, alongside original and licensed IP projects - The company expects to launch **7 new game products** of various genres globally between H2 2025 and 2027[10](index=10&type=chunk) Game Product Pipeline Overview (2025-2027) | Name | Type | IP Source | Development Stage | Expected Launch Year | Primary Markets | | :--- | :--- | :--- | :--- | :--- | :--- | | **2025** | | | | | | | Dragon Raja: The Gate of Cassell | Strategy Card Game | Licensed IP | Game Testing | 2025 | Southeast Asia | | Life Makeover | Female-Oriented | Original IP | Game Testing | 2025 | Korea | | **2026** | | | | | | | Dragon Raja: The Gate of Cassell | Strategy Card Game | Licensed IP | Game Testing | 2026 | Japan, Korea, and other global regions | | Tafengxing | Idle RPG | Original IP | Game Testing | 2026 | Asia (excluding mainland China) | | Project Code: Xiaoyao | MMORPG | Original IP | Game Production | 2026 | Mainland China | | Project K | Female-Oriented Game | Original IP | Game Production | 2026 | Global | | **2027** | | | | | | | Project G | Strategy Card Game | Licensed IP | Game Production | 2027 | Global | | Project Code: One | Action Shooter Game | Original IP | Game Proposal | 2027 | Global | - The product pipeline includes diverse game genres such as strategy card, female-oriented, idle RPG, MMORPG, and action-shooter, covering both original and licensed IPs[11](index=11&type=chunk) [Financial Review](index=6&type=section&id=2.2%20财务回顾) For the six months ended June 30, 2025, the Group's revenue grew by 44.4% to RMB 634.3 million, driven by new game launches and "Life Makeover"'s stable performance, with integrated game publishing and operations revenue up 53.8% and mainland China revenue up 68.3%. Gross margin remained stable at 71.4%, while operating expenses saw a 28.7% increase in sales and marketing due to new game promotions, with R&D and administrative expenses effectively controlled. Loss for the period and adjusted net loss significantly narrowed, primarily due to revenue growth and net foreign exchange gains - Revenue for the reporting period was **RMB 634.3 million**, an increase of **44.4%** compared to the same period in 2024, primarily due to the launch of "Dragon Raja: The Gate of Cassell" and "Tafengxing" in mainland China, and the continued stable performance of "Life Makeover"[14](index=14&type=chunk) - Future product type expansion and the refinement of the "integrated R&D and operations" model are expected to further extend game lifecycles and contribute more stable and sustainable revenue[14](index=14&type=chunk) [Revenue Analysis](index=6&type=section&id=2.2.1%20收益分析) For the six months ended June 30, 2025, the Group's total revenue was RMB 634.3 million, a 44.4% year-on-year increase, with integrated game publishing and operations revenue growing 53.8% to RMB 579.0 million, accounting for 91.3% of total revenue. Mainland China revenue increased by 68.3% to RMB 511.7 million, representing 80.7% of total revenue, while revenue from outside mainland China slightly decreased Revenue Breakdown by Business Segment | Business Segment | 2025 (RMB Million) | Percentage of Total Revenue | 2024 (RMB Million) | Percentage of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Development and Licensing | 55.1 | 8.7% | 62.0 | 14.1% | | Integrated Game Publishing and Operations | 579.0 | 91.3% | 376.5 | 85.7% | | Others | 0.2 | 0.0% | 0.9 | 0.2% | | **Total** | **634.3** | **100.0%** | **439.4** | **100.0%** | Revenue Breakdown by Geographical Location | Geographical Location | 2025 (RMB Million) | Percentage of Total Revenue | 2024 (RMB Million) | Percentage of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Mainland China | 511.7 | 80.7% | 304.0 | 69.2% | | Outside Mainland China | 122.6 | 19.3% | 135.4 | 30.8% | | **Total** | **634.3** | **100.0%** | **439.4** | **100.0%** | - The increase in total revenue was primarily due to the launch of "Dragon Raja: The Gate of Cassell" and "Tafengxing" in mainland China, and the continued stable performance of "Life Makeover"[18](index=18&type=chunk) [Cost of Revenue and Gross Profit](index=7&type=section&id=2.2.2%20收益成本与毛利) For the six months ended June 30, 2025, cost of revenue increased by 54.2% year-on-year to RMB 181.5 million, consistent with the growth in integrated game publishing and operations revenue. Gross profit increased by 40.8% to RMB 452.8 million, with gross margin slightly decreasing from 73.2% in the same period of 2024 to 71.4%, but remaining largely stable Cost of Revenue Breakdown | Cost of Revenue Nature | 2025 (RMB Million) | Percentage of Cost of Revenue | 2024 (RMB Million) | Percentage of Cost of Revenue | | :--- | :--- | :--- | :--- | :--- | | Commissions to Distribution and Payment Channels | 135.2 | 74.5% | 86.4 | 73.4% | | Commissions to IP Holders | 19.9 | 11.0% | 9.6 | 8.2% | | Bandwidth and Server Hosting Fees | 13.3 | 7.3% | 11.8 | 10.0% | | Employee Benefits Expenses | 6.4 | 3.5% | 6.2 | 5.3% | | Depreciation and Amortization Expenses | 3.7 | 2.0% | 1.2 | 1.0% | | Others | 3.0 | 1.7% | 2.5 | 2.1% | | **Total** | **181.5** | **100.0%** | **117.7** | **100.0%** | - Gross profit increased by **40.8%** to **RMB 452.8 million**, primarily driven by increased revenue[21](index=21&type=chunk) - Gross margin decreased from **73.2%** to **71.4%**, remaining largely consistent with the comparable period[21](index=21&type=chunk) [Operating Expenses](index=8&type=section&id=2.2.3%20运营开支) For the six months ended June 30, 2025, R&D expenses slightly increased by 0.5% year-on-year to RMB 265.5 million, mainly due to effective control over employee benefits. Sales and marketing expenses increased by 28.7% to RMB 222.3 million, primarily due to the launch of "Tafengxing" and ongoing promotion of "Dragon Raja: The Gate of Cassell." Administrative expenses decreased by 4.7% to RMB 44.8 million, reflecting effective cost control - R&D expenses slightly increased by **0.5%** to **RMB 265.5 million**, primarily due to continuous control over employee benefits[22](index=22&type=chunk) - Sales and marketing expenses increased by **28.7%** to **RMB 222.3 million**, mainly impacted by the launch of "Tafengxing" and promotional expenses for "Dragon Raja: The Gate of Cassell," partially offset by reduced advertising expenses for "Life Makeover"[23](index=23&type=chunk) - Administrative expenses decreased by **4.7%** to **RMB 44.8 million**, primarily attributable to cost control[24](index=24&type=chunk) [Other Income and Net Gains](index=9&type=section&id=2.2.4%20其他收入与收益净额) For the six months ended June 30, 2025, other income increased by 135.3% year-on-year to RMB 4.0 million, primarily from interest income on financial assets measured at amortized cost. Other net gains significantly increased by 934.2% year-on-year to RMB 39.3 million, mainly due to net foreign exchange gains - Other income increased by **135.3%** to **RMB 4.0 million**, primarily from interest income on financial assets, partially offset by reduced government grants[25](index=25&type=chunk) - Other net gains significantly increased by **934.2%** to **RMB 39.3 million**, primarily due to net foreign exchange gains[26](index=26&type=chunk) [Net Finance Income](index=9&type=section&id=2.2.5%20财务收入净额) For the six months ended June 30, 2025, net finance income was RMB 23.7 million, a slight decrease of 3.7% from RMB 24.6 million in the same period of 2024, remaining relatively stable during the comparable period - Net finance income was **RMB 23.7 million**, a year-on-year decrease of **3.7%**, remaining relatively stable[27](index=27&type=chunk) [Income Tax Expense](index=9&type=section&id=2.2.6%20所得税开支) For the six months ended June 30, 2025, total income tax expense was RMB 1.6 million, an increase of 45.5% from RMB 1.1 million in the same period of 2024, primarily due to the partial utilization of deferred tax assets related to promotion and advertising expenses from prior periods - Total income tax expense was **RMB 1.6 million**, a year-on-year increase of **45.5%**, primarily due to the partial utilization of deferred tax assets[28](index=28&type=chunk) [Adjusted Net Loss (Non-IFRS Measure)](index=9&type=section&id=2.2.7%20经调整亏损净额%20(非IFRS指标)) For the six months ended June 30, 2025, adjusted net loss was RMB 7.7 million, a significant reduction of 93.6% from RMB 120.4 million in the same period of 2024. The reduced loss was primarily due to increased revenue from new game launches and the stable performance of "Life Makeover," along with net foreign exchange gains, partially offset by increased promotion and advertising expenses - Adjusted net loss was **RMB 7.7 million**, a significant year-on-year decrease of **93.6%**[29](index=29&type=chunk) - The reduction in loss was primarily attributable to increased revenue driven by new game launches and the stable performance of "Life Makeover," as well as net foreign exchange gains[29](index=29&type=chunk) Reconciliation of Loss for the Period to Adjusted Net Loss for the Period | Indicator | 2025 (RMB Million) | 2024 (RMB Million) | | :--- | :--- | :--- | | Loss for the Period | (11.7) | (134.0) | | Add back: Share-based Payment Expenses | 4.0 | 13.6 | | **Adjusted Net Loss for the Period** | **(7.7)** | **(120.4)** | [Liquidity and Financial Resources](index=10&type=section&id=2.3%20流动资金及财务资源) The Group maintains a prudent financial management policy, with the Board deeming working capital sufficient. For the six months ended June 30, 2025, net cash used in operating activities decreased by 47.1% to RMB 36.1 million, net cash used in investing activities was RMB 117.7 million, primarily due to increased purchases of time deposits. Net cash used in financing activities decreased by 62.8% to RMB 16.2 million. The gearing ratio slightly increased to 23.7%. The company holds significant investments in Morgan Stanley Asia's wealth management products to enhance returns - The Board believes the Group has sufficient working capital to meet current operational needs[32](index=32&type=chunk) [Cash Flows](index=11&type=section&id=2.3.1%20现金流量) For the six months ended June 30, 2025, net cash used in operating activities was RMB 36.1 million, a 47.1% year-on-year decrease, primarily due to increased cash inflows from game operations. Net cash used in investing activities was RMB 117.7 million, compared to net cash generated in the prior period, mainly due to increased purchases of time deposits. Net cash used in financing activities decreased by 62.8% to RMB 16.2 million, primarily due to payments to stockbrokers in prior periods Cash Flow Overview | Cash Flow Activity | 2025 (RMB Million) | 2024 (RMB Million) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (36.1) | (68.3) | (47.1%) | | Net Cash (Used in) / Generated from Investing Activities | (117.7) | 112.7 | (204.4%) | | Net Cash Used in Financing Activities | (16.2) | (43.5) | (62.8%) | | Net (Decrease) / Increase in Cash and Cash Equivalents | (170.0) | 0.9 | (18988.9%) | | Cash and Cash Equivalents at End of Period | 261.7 | 558.5 | (53.1%) | - Net cash used in operating activities decreased by **47.1%**, primarily due to increased cash inflows from game operations[34](index=34&type=chunk) - Investing activities shifted from net cash generated to net cash used, primarily due to increased purchases of time deposits during the reporting period[35](index=35&type=chunk) [Gearing Ratio](index=11&type=section&id=2.3.2%20资产负债比率) As of June 30, 2025, the Group's gearing ratio (total liabilities divided by total assets) was 23.7%, an increase from 19.0% as of December 31, 2024 - The gearing ratio increased from **19.0%** as of December 31, 2024, to **23.7%** as of June 30, 2025[37](index=37&type=chunk) [Capital Expenditure](index=12&type=section&id=2.3.3%20资本开支) For the six months ended June 30, 2025, total capital expenditure was RMB 4.4 million, a 72.5% decrease from RMB 16.0 million in the same period of 2024, primarily due to reduced payments for intangible asset purchases - Total capital expenditure was **RMB 4.4 million**, a year-on-year decrease of **72.5%**, primarily due to reduced payments for intangible asset purchases[38](index=38&type=chunk) [Significant Investments](index=12&type=section&id=2.3.4%20重大投资) The Group holds significant investments in Morgan Stanley Asia's financial products, including callable step-up fixed coupon notes and US Treasury Notes, with a total carrying value of approximately RMB 144.1 million, representing 5.3% of total assets. These investments aim to enhance capital returns while ensuring fund safety and liquidity, without impacting daily operations or core business development Overview of Significant Investments (As of June 30, 2025) | Investment Name | Product Nature | Cost (RMB Million) | Carrying Value (RMB Million) | Expected Annualized Return | Percentage of Total Group Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | Morgan Stanley Asia Callable Step-Up Fixed Coupon Notes | Fixed Rate Notes | 70.1 | 71.8 | Year 1: 5.68%, decreasing annually | 2.6% | | US TREASURY NOTE | US Treasury Note | 72.0 | 72.3 | 4.43% | 2.7% | | **Total** | | **142.1** | **144.1** | | **5.3%** | - The Board believes that the reasonable and effective use of temporary idle funds will enhance capital returns, aligning with the company's core objective of ensuring fund safety and liquidity[41](index=41&type=chunk) [Significant Acquisitions, Disposals, and Contingent Liabilities](index=13&type=section&id=2.3.5%20重大收并购及或然负债) For the six months ended June 30, 2025, the Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures. Additionally, as of the end of the reporting period, the Group faced no significant unrecorded contingent liabilities and had no pledged property, plant, and equipment - For the six months ended June 30, 2025, there were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[43](index=43&type=chunk) - As of June 30, 2025, the Group faced no significant unrecorded contingent liabilities[45](index=45&type=chunk) - As of June 30, 2025, no property, plant, and equipment were pledged[44](index=44&type=chunk) [Employees and Remuneration](index=14&type=section&id=2.4%20员工与薪酬) As of June 30, 2025, the Group employed approximately 1,052 full-time staff, with about 76.0% in R&D, and employee remuneration and benefits costs totaled approximately RMB 276.4 million. The company is committed to a competitive and fair compensation environment, incentivizing employees through performance evaluations, quarterly selections, base salaries, performance bonuses, year-end bonuses, and share-based incentive plans, while also providing social security and regular professional training - As of June 30, 2025, the company employed approximately **1,052 full-time staff**, with about **76.0%** being R&D personnel[46](index=46&type=chunk) - For the six months ended June 30, 2025, employee remuneration and benefits costs were approximately **RMB 276.4 million**[46](index=46&type=chunk) - The company incentivizes employees through market research, performance evaluations, quarterly selections, base salaries, performance bonuses, year-end bonuses, and share-based remuneration plans (Restricted Share Unit Scheme, Share Option Scheme)[46](index=46&type=chunk) - The company provides regular professional training to employees, covering general management, project execution, and technical knowledge, to help them stay updated on industry developments[47](index=47&type=chunk) [Foreign Currency Exchange Risk](index=14&type=section&id=2.5%20外币汇兑风险) For the six months ended June 30, 2025, most of the Group's transactions and cash equivalents were denominated in RMB, USD, and HKD. The management team closely monitors foreign currency exchange risk, incurred no significant foreign currency exchange losses, and will continue to monitor and consider prudent measures - Most of the Group's transactions and cash equivalents are denominated in RMB, USD, and HKD[48](index=48&type=chunk) - For the six months ended June 30, 2025, the Group incurred no significant foreign currency exchange losses in its operations[48](index=48&type=chunk) [Use of Net Proceeds from Global Offering](index=14&type=section&id=2.6%20全球发售所得款项净额用途) From the listing date to June 30, 2025, approximately HKD 2,112.4 million of the HKD 2,358.5 million net proceeds from the global offering has been utilized. Funds for enhancing development capabilities, expanding game publishing and operations, enlarging IP reserves, and working capital have been fully used. The timetable for utilizing the remaining net proceeds of HKD 246.1 million for strategic acquisitions and investments in the industry value chain has been postponed to December 2026 - The net proceeds from the global offering amounted to approximately **HKD 2,358.5 million**[49](index=49&type=chunk) - As of June 30, 2025, approximately **HKD 2,112.4 million** has been utilized, with **HKD 246.1 million** remaining[50](index=50&type=chunk) Use of Net Proceeds from Global Offering and Utilization Status | Purpose | Percentage | Net Proceeds (HKD Million) | Amount Utilized (HKD Million) | Amount Unutilized (HKD Million) | Expected Timeline for Remaining Net Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | | Enhance development capabilities and technology, expand game portfolio | 40% | 943.5 | 943.5 | – | – | | Expand game publishing and operations business | 20% | 471.7 | 471.7 | – | – | | Fund strategic acquisitions and investments in pan-entertainment/TMT funds | 20% | 471.7 | 225.6 | 246.1 | July 2025 to December 2026 | | Expand IP reserves and enrich content supply | 10% | 235.8 | 235.8 | – | – | | Working capital and general corporate purposes | 10% | 235.8 | 235.8 | – | – | | **Total** | **100%** | **2,358.5** | **2,112.4** | **246.1** | | - The timetable for utilizing the remaining net proceeds for strategic acquisitions and investments has been postponed to **December 2026**[51](index=51&type=chunk) [Corporate Governance and Compliance](index=16&type=section&id=公司治理与合规) This section outlines the Group's adherence to corporate governance standards, including post-reporting events, compliance with the Corporate Governance Code, directors' securities dealings, audit committee activities, share repurchases, dividend policy, and report publication [Events After Reporting Period](index=16&type=section&id=3.1%20报告期后事项) The Group had no significant events after the reporting period - The Group had no significant events after the reporting period[53](index=53&type=chunk) [Compliance with Corporate Governance Code](index=16&type=section&id=3.2%20企业管治守则遵守情况) For the six months ended June 30, 2025, the company complied with all applicable code provisions of the Corporate Governance Code, except for code provision C.2.1 (separation of roles of chairman and chief executive). Mr. Li Qing serves as both Chairman and CEO, an arrangement the Board believes benefits Group management, with an independent board composition providing effective checks and balances - The company has complied with all applicable code provisions set out in Part 2 of the Corporate Governance Code, with the exception of a deviation from code provision C.2.1 (separation of roles of chairman and chief executive)[54](index=54&type=chunk) - Mr. Li Qing serves concurrently as Chairman and Chief Executive Officer, an arrangement the Board believes benefits Group management, with an independent board composition providing effective checks and balances on his power[54](index=54&type=chunk) [Standard Securities Dealing Code for Directors](index=16&type=section&id=3.3%20董事证券交易标准守则) The company has adopted a code of conduct for directors' securities transactions, with terms no less exacting than those in the Model Code. Following inquiry, all directors confirmed compliance with the Model Code for the six months ended June 30, 2025 - The company has adopted a code of conduct for directors' securities transactions, and all directors confirmed compliance with the Model Code during the reporting period[55](index=55&type=chunk) [Audit Committee](index=17&type=section&id=3.4%20审核委员会) The company has established an Audit Committee, comprising three members with Mr. Zhu Lin as Chairman. The Audit Committee has reviewed the Group's unaudited interim condensed consolidated financial information and this results announcement for the six months ended June 30, 2025, and raised no objections to the accounting treatments - The Audit Committee comprises **three members**, with Mr. Zhu Lin as Chairman[56](index=56&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim condensed consolidated financial information and this results announcement for the six months ended June 30, 2025, and raised no objections to the accounting treatments[56](index=56&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=17&type=section&id=3.5%20购买、出售或赎回上市证券) For the six months ended June 30, 2025, the company repurchased a total of 817,000 shares on the Stock Exchange for a total consideration of HKD 971,100, a move the Board believes enhances the Group's net worth and return on equity. All repurchased shares remain uncancelled. Other than this, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the reporting period - The company repurchased a total of **817,000 shares** on the Stock Exchange for a total consideration of **HKD 971,100**[57](index=57&type=chunk) - The Board believes that the share repurchases can enhance the Group's net worth and improve return on equity[57](index=57&type=chunk) - As of June 30, 2025, all repurchased shares remain uncancelled[57](index=57&type=chunk) [Interim Dividend](index=17&type=section&id=3.6%20中期股息) The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025[59](index=59&type=chunk) [Publication of Announcement and Report](index=17&type=section&id=3.7%20公告及报告刊发) This results announcement has been published on the company's website and the HKEX website. The company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on the aforementioned websites in due course - This results announcement has been published on the company's website (www.zulong.com) and the website of Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk)[60](index=60&type=chunk) [Interim Condensed Consolidated Financial Statements](index=18&type=section&id=中期简明综合财务报表) This section presents the Group's interim condensed consolidated financial statements, including the statement of profit or loss, comprehensive income, financial position, and cash flows [Consolidated Statement of Profit or Loss](index=18&type=section&id=4.1%20综合损益表) For the six months ended June 30, 2025, the Group's revenue was RMB 634,366 thousand, and gross profit was RMB 452,821 thousand. Operating loss significantly narrowed to RMB 36,761 thousand, with loss for the period at RMB 11,730 thousand. Both basic and diluted loss per share were RMB 0.01 Interim Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended June 30, 2025) | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Revenue | 634,366 | 439,432 | | Cost of Revenue | (181,545) | (117,686) | | Gross Profit | 452,821 | 321,746 | | Research and Development Expenses | (265,481) | (264,104) | | Selling and Marketing Expenses | (222,313) | (172,711) | | Administrative Expenses | (44,748) | (47,009) | | Operating Loss | (36,761) | (153,969) | | Net Finance Income | 23,642 | 24,571 | | Loss Before Income Tax | (10,097) | (132,881) | | Income Tax Expense | (1,633) | (1,160) | | Loss for the Period | (11,730) | (134,041) | | Basic Loss Per Share (RMB) | (0.01) | (0.17) | | Diluted Loss Per Share (RMB) | (0.01) | (0.17) | [Consolidated Statement of Comprehensive Income](index=19&type=section&id=4.2%20综合全面收益表) For the six months ended June 30, 2025, the Group's loss for the period was RMB 11,730 thousand. Other comprehensive loss primarily included currency translation differences, resulting in a total comprehensive loss for the period of RMB 45,370 thousand, a significant narrowing from RMB 116,623 thousand in the prior year Interim Condensed Consolidated Statement of Comprehensive Income (For the Six Months Ended June 30, 2025) | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Loss for the Period | (11,730) | (134,041) | | Other Comprehensive (Loss) / Income (Net of Tax): | | | | Items that may be reclassified to profit or loss: Currency translation differences | (2,484) | 3,145 | | Items that will not be reclassified to profit or loss: Currency translation differences | (31,156) | 14,273 | | **Total Comprehensive Loss for the Period** | **(45,370)** | **(116,623)** | [Consolidated Statement of Financial Position](index=20&type=section&id=4.3%20综合资产负债表) As of June 30, 2025, the Group's total assets were RMB 2,704,346 thousand, an increase from December 31, 2024. Right-of-use assets within non-current assets significantly increased. Among current assets, time deposits and financial assets at fair value through profit or loss increased, while cash and cash equivalents decreased. Total liabilities rose to RMB 641,315 thousand, primarily due to an increase in non-current lease liabilities Interim Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 875,849 | 776,281 | | Current Assets | 1,828,497 | 1,822,079 | | **Total Assets** | **2,704,346** | **2,598,360** | | **Equity and Liabilities** | | | | Equity Attributable to Owners of the Company | 2,063,031 | 2,105,284 | | Non-current Liabilities | 137,339 | 26,718 | | Current Liabilities | 503,976 | 466,358 | | **Total Liabilities** | **641,315** | **493,076** | | **Total Equity and Total Liabilities** | **2,704,346** | **2,598,360** | - Right-of-use assets within non-current assets significantly increased from **RMB 18,361 thousand** to **RMB 141,304 thousand**[63](index=63&type=chunk) - Cash and cash equivalents within current assets decreased from **RMB 433,689 thousand** to **RMB 261,653 thousand**[63](index=63&type=chunk) - Non-current liabilities significantly increased from **RMB 26,718 thousand** to **RMB 137,339 thousand**, primarily due to an increase in lease liabilities[64](index=64&type=chunk) [Consolidated Statement of Cash Flows](index=22&type=section&id=4.4%20综合现金流量表) For the six months ended June 30, 2025, net cash used in operating activities was RMB 36,079 thousand, a decrease from the prior year. Investing activities shifted from net cash generated to net cash used, totaling RMB 117,721 thousand. Net cash used in financing activities was RMB 16,203 thousand. Cash and cash equivalents at period-end were RMB 261,653 thousand, a decrease from the beginning of the period Interim Condensed Consolidated Statement of Cash Flows (For the Six Months Ended June 30, 2025) | Cash Flow Activity | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (36,079) | (68,313) | | Net Cash (Used in) / Generated from Investing Activities | (117,721) | 112,712 | | Net Cash Used in Financing Activities | (16,203) | (43,549) | | Net (Decrease) / Increase in Cash and Cash Equivalents | (170,003) | 850 | | Cash and Cash Equivalents at Beginning of Period | 433,689 | 555,033 | | Exchange (Loss) / Gain on Cash and Cash Equivalents | (2,033) | 2,595 | | **Cash and Cash Equivalents at End of Period** | **261,653** | **558,478** | [Notes to the Interim Condensed Consolidated Financial Information](index=23&type=section&id=中期简明综合财务资料附注) This section provides detailed notes to the interim condensed consolidated financial information, covering general company details, accounting policies, segment and revenue breakdowns, other net gains, expense classifications, income tax specifics, loss per share calculations, dividend policy, and details on trade and other receivables and payables [General Information](index=23&type=section&id=5.1%20一般资料) Archosaur Games Inc., incorporated in the Cayman Islands, primarily develops and operates mobile games in China and other countries. Its shares have been listed on the Main Board of the Hong Kong Stock Exchange since July 15, 2020. This interim condensed consolidated financial information is presented in RMB and was approved by the Board on August 22, 2025 - The company is incorporated in the Cayman Islands, primarily engaged in mobile game development and operation in China and other countries[66](index=66&type=chunk) - The company's shares have been listed on the Main Board of the Hong Kong Stock Exchange since July 15, 2020[67](index=67&type=chunk) - The interim condensed consolidated financial information is presented in RMB and was approved by the Board on August 22, 2025[67](index=67&type=chunk) [Basis of Preparation and Accounting Policies](index=23&type=section&id=5.2%20编制基础与会计政策) This interim condensed consolidated financial information is prepared in accordance with IAS 34 "Interim Financial Reporting" and should be read in conjunction with the 2024 financial statements. The accounting policies adopted are consistent with those in the 2024 financial statements. IFRS 21 (amended) "Lack of Exchangeability" was first adopted this period with no significant impact. IFRS 18 "Presentation and Disclosure in Financial Statements" is expected to have a broad impact on presentation and disclosure for reporting periods beginning on or after January 1, 2027 - The interim condensed consolidated financial information is prepared in accordance with IAS 34 "Interim Financial Reporting"[69](index=69&type=chunk) - The accounting policies adopted are consistent with those set out in the 2024 financial statements[71](index=71&type=chunk) - IFRS 18 "Presentation and Disclosure in Financial Statements" is expected to have a broad impact on presentation and disclosure for reporting periods beginning on or after January 1, 2027[74](index=74&type=chunk) [Segment Information and Revenue Details](index=25&type=section&id=5.3%20分部资料及收益详情) The Group operates and manages its business as a single segment, thus no segment information is presented. For the six months ended June 30, 2025, total online game revenue was RMB 634,366 thousand, with integrated game publishing and operations revenue accounting for the majority. Revenue recognition occurs both at a point in time and over time. Mainland China contributed RMB 511,688 thousand in revenue, accounting for 80.7%. Contract liabilities primarily include unamortized revenue from in-game virtual item sales and non-refundable fixed license fees - The Group's business is operated and managed as a single segment, thus no segment information is presented[77](index=77&type=chunk) Online Game Revenue Breakdown (For the Six Months Ended June 30, 2025) | Revenue Source | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Development and Licensing - Revenue Sharing | 51,648 | 57,478 | | Development and Licensing - Non-refundable Fixed License Fees | 3,498 | 4,537 | | Integrated Game Publishing and Operations | 579,036 | 376,527 | | Others | 184 | 890 | | **Total** | **634,366** | **439,432** | Revenue by Geographical Location (For the Six Months Ended June 30, 2025) | Geographical Location | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Mainland China | 511,688 | 303,983 | | Outside Mainland China | 122,678 | 135,449 | | **Total** | **634,366** | **439,432** | - Contract liabilities primarily refer to unamortized revenue from in-game virtual item sales, non-refundable fixed license fees, and revenue sharing received in advance from customers[83](index=83&type=chunk) [Details of Other Net Gains](index=27&type=section&id=5.4%20其他收益净额详情) For the six months ended June 30, 2025, other net gains totaled RMB 39,257 thousand, primarily comprising net foreign exchange gains of RMB 26,635 thousand and gains from financial assets at fair value through profit or loss of RMB 11,789 thousand Breakdown of Other Net Gains (For the Six Months Ended June 30, 2025) | Revenue Source | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Gains from Financial Assets at Fair Value Through Profit or Loss | 11,789 | 10,784 | | Net Foreign Exchange Gains / (Losses) | 26,635 | (9,597) | | Others | 833 | 2,617 | | **Total** | **39,257** | **3,804** | [Expenses by Nature](index=28&type=section&id=5.5%20费用按性质分类) For the six months ended June 30, 2025, the Group's total expenses were RMB 714,422 thousand, primarily comprising employee benefits expenses (RMB 276,378 thousand), promotion and advertising expenses (RMB 186,676 thousand), and commissions to distribution and payment channels (RMB 135,196 thousand) Expenses by Nature (For the Six Months Ended June 30, 2025) | Expense Nature | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Employee Benefits Expenses | 276,378 | 274,568 | | Promotion and Advertising Expenses | 186,676 | 144,971 | | Commissions to Distribution and Payment Channels | 135,196 | 86,444 | | Outsourcing Technical Services | 34,735 | 29,949 | | Depreciation and Amortization Expenses | 26,748 | 25,438 | | Commissions to IP Holders | 19,872 | 9,600 | | Bandwidth and Server Hosting Fees | 13,351 | 11,820 | | Utilities and Office Expenses | 9,343 | 8,401 | | Other Professional Consulting Fees | 2,672 | 2,409 | | VAT Input Transfer Out and Surcharges | 2,174 | 2,340 | | Travel Expenses | 1,832 | 2,297 | | Auditor's Remuneration | 1,023 | 1,000 | | Net Impairment Loss / (Reversal) on Financial Assets | 335 | (2,555) | | Others | 4,087 | 2,273 | | **Total** | **714,422** | **598,955** | [Details of Income Tax Expense](index=28&type=section&id=5.6%20所得税开支详情) For the six months ended June 30, 2025, total income tax expense was RMB 1,633 thousand, including current income tax expense of RMB 591 thousand and deferred income tax expense of RMB 1,042 thousand. Several of the Group's subsidiaries in mainland China enjoy preferential income tax rates as high-tech enterprises or small and micro enterprises, with some western region companies also benefiting from a 15% preferential rate. Additionally, companies engaged in R&D activities are entitled to a 200% super deduction for R&D expenses Income Tax Expense Analysis (For the Six Months Ended June 30, 2025) | Income Tax Type | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Current Income Tax Expense | 591 | 1,327 | | Deferred Income Tax Expense / (Credit) | 1,042 | (167) | | **Total** | **1,633** | **1,160** | - Tianjin Zulong, Beijing Fantasy Mermaid, and other companies are recognized as high-tech enterprises, enjoying a **15%** preferential income tax rate[89](index=89&type=chunk)[90](index=90&type=chunk) - Shanghai Zuyun and other companies are recognized as small and micro enterprises, with **25%** of their assessable profits subject to a **20%** preferential corporate income tax rate[90](index=90&type=chunk) - Enterprises engaged in R&D activities are entitled to claim a **200%** super deduction for their R&D expenses when determining assessable profits[91](index=91&type=chunk) [Loss Per Share](index=30&type=section&id=5.7%20每股亏损) For the six months ended June 30, 2025, loss attributable to owners of the company was RMB 11,730 thousand. Basic loss per share was RMB 0.01. As the Group incurred a loss during the relevant period, potential dilutive ordinary shares (restricted share units and share options) had an anti-dilutive effect on diluted loss per share, thus diluted loss per share was the same as basic loss per share Loss Per Share Calculation (For the Six Months Ended June 30, 2025) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company (RMB Thousand) | (11,730) | (134,041) | | Weighted Average Number of Ordinary Shares in Issue (Thousand Shares) | 784,921 | 786,169 | | **Basic Loss Per Share (RMB per share)** | **(0.01)** | **(0.17)** | - As the Group incurred a loss during the relevant period, restricted share units and share options had an anti-dilutive effect on the calculation of diluted loss per share, thus diluted loss per share was the same as basic loss per share[94](index=94&type=chunk) [Dividend Policy](index=30&type=section&id=5.8%20股息政策) The company did not declare or pay any dividends for the six months ended June 30, 2025, or 2024 - The company did not declare or pay any dividends for the six months ended June 30, 2025, or 2024[95](index=95&type=chunk) [Trade Receivables](index=31&type=section&id=5.9%20应收账款) As of June 30, 2025, net trade receivables were RMB 128,594 thousand, an increase from December 31, 2024, with third-party receivables accounting for the largest portion. Trade receivables are primarily denominated in RMB and USD, with credit terms ranging from 90 to 150 days, and most receivables aged within 3 months. Impairment provision for trade receivables was RMB 15,372 thousand Net Trade Receivables (As of June 30, 2025) | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Trade Receivables | 143,966 | 134,377 | | Less: Impairment Provision for Trade Receivables | (15,372) | (14,354) | | **Net Trade Receivables** | **128,594** | **120,023** | Gross Carrying Amount of Trade Receivables by Customer Type (As of June 30, 2025) | Customer Type | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Related Parties | 25,711 | 24,130 | | Third Parties | 118,255 | 110,247 | | **Total** | **143,966** | **134,377** | - The Group grants credit terms ranging from **90 to 150 days** to its customers, with most trade receivables aged within **3 months**[97](index=97&type=chunk) [Trade and Other Payables](index=33&type=section&id=5.10%20应付账款及其他应付款项) As of June 30, 2025, total trade and other payables were RMB 185,017 thousand, a decrease from December 31, 2024, including trade payables of RMB 135,899 thousand and payroll liabilities of RMB 38,699 thousand. Most trade payables were aged within 6 months Trade and Other Payables (As of June 30, 2025) | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Trade Payables | 135,899 | 102,117 | | Payroll Liabilities | 38,699 | 60,731 | | Taxes Payable | 4,281 | 16,259 | | Others | 6,138 | 13,776 | | **Total** | **185,017** | **192,883** | - An aging analysis of trade payables by recognition date shows that the majority (**RMB 110,925 thousand**) are aged within **6 months**[99](index=99&type=chunk) [Definitions](index=34&type=section&id=释义) This section provides a glossary of key terms and abbreviations used throughout the report to ensure clarity and consistent understanding of the content [Glossary of Terms](index=34&type=section&id=6.1%20词汇定义) This section provides definitions for key terms and abbreviations used in the report, including company name, Board, Corporate Governance Code, Global Offering, Group, HKD, Hong Kong, IFRS, Listing, Listing Date, Listing Rules, MMORPG, Model Code, PRC, Pre-IPO RSU Scheme, Prospectus, Reporting Period, RMB, RSU Scheme, Share Option Scheme, Shares, Shareholders, SLG, Stock Exchange, Subsidiaries, Unreal Engine 4 and Unreal Engine 5, USD, and percentage symbol - This section provides definitions for key terms and abbreviations used in the report to ensure readers' understanding of the content[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)

Group 1 - Deep Blue Interactive announced its next flagship product will be a 3D open-world game developed using Unreal Engine 5, marking its entry into the high-spec 3D gaming market [1] - The new game aims to challenge the dominance of miHoYo's Genshin Impact in the open-world genre, leveraging the company's narrative and artistic strengths demonstrated in its previous title, "Return to the Future: 1999" [1] - The transition to 3D development may increase cash flow pressure due to high R&D costs associated with UE5, amidst intensifying competition in the 2D open-world segment [1] Group 2 - Infinite Abyss Studio's new game "Infinite Journey" is set to launch on August 21, continuing the studio's pixel art style and combining action with maze adventure gameplay [2] - The game has received investment from Easy Play Technology, which may support its distribution and resource integration [2] - The pixel art genre remains competitive, with established titles like Hades and Warm Snow dominating the market, raising questions about "Infinite Journey's" ability to stand out [2] Group 3 - Zulong Entertainment's female-oriented mobile game "In the Name of Shining" has launched a major update called "Spirit Hunting Era," available until September 8 [3] - The update introduces six high-end outfits with switchable forms and a floating accessory feature, enhancing the game's fashion social and personalization experience [3] - The timing of the update during the summer consumption peak may boost game revenue, but competition from similar titles could pressure profit margins [3]

Group 1 - Generative AI technology is penetrating the gaming industry, driving a new wave of growth through innovations such as dynamic story generation and AI NPCs with memory and emotional interaction capabilities [2] - The number of possible gameplay combinations has increased to millions due to dynamic story generation [2] - AI NPCs are now capable of memory and emotional interactions, enhancing player engagement [2] Group 2 - Art asset production efficiency has improved by 50 times, significantly impacting development processes [3] - The gaming industry is experiencing a transformation where the boundaries between gaming and AI are blurring, creating a trillion-dollar market with new rules [3] - Companies that fully embrace AI technology are positioned to reap the benefits of this technological revolution [3] Group 3 - Zulong Entertainment's AI games have generated over 1 billion in revenue [4] - Tencent has reduced development costs by 30% through AI assistance [4] - MiHoYo's new game has seen a 25% increase in retention rates during testing [4] Group 4 - Smaller teams are facing a technological gap crisis due to rapid advancements in AI [4] - An ethical review system is urgently needed to address the implications of AI in gaming [4] - The cost of computing power has surpassed 40% of total expenses in game development [4]

Core Viewpoint - Zulong Entertainment (09990.HK) announced that its board meeting will be held on August 22, 2025, to consider and approve the interim results for the six months ending June 30, 2025, and to discuss the potential distribution of an interim dividend, if any [1] Group 1 - The board meeting is scheduled for August 22, 2025 [1] - The meeting will focus on the interim results for the six months ending June 30, 2025 [1] - The board will also consider the distribution of an interim dividend [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。 董事會會議通告 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） 祖龍娛樂有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事（「董事」） 會（「董事會」）謹此公佈，董事會會議將於2025年8月22日（星期五）舉行，藉以 （其中包括）考慮及批准本集團截至2025年6月30日止六個月之中期業績及其發 佈，並考慮派發中期股息（如有）。 承董事會命 祖龍娛樂有限公司 主席兼執行董事 李青先生 中國北京，2025年8月12日 於本公告日期，本公司董事會包括主席兼執行董事李青先生、執行董事白瑋先 生、非執行董事李納川先生及魯曉寅先生以及獨立非執行董事王靜女士、朱霖先 生及丁治平先生。 ...

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7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: | 祖龙娱乐有限公司 | | | | | | 呈交日期: | 2025年8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) | 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 | | | U ...

Core Insights - The mobile gaming market in May saw Tencent dominating the download charts with "Delta Action" at Top 1, followed by "Honor of Kings" and "Peacekeeper Elite" at Top 2 and Top 3 respectively [1] - New entries in the download rankings included 8 games, with 6 being newly launched in May, highlighting a trend of fresh content driving downloads [4] - "Tafeng Xing," a new mobile game from Zulong Entertainment, gained significant attention, reaching the iOS free game chart's Top 1 shortly after its launch, showcasing the impact of high-quality production and innovative gameplay [4][6] Download Rankings - Tencent led the download rankings with 12 games, while NetEase followed with 5 games, indicating a strong competitive landscape [18] - The action genre dominated the new entries, with 7 action games making it to the download charts [18] New Game Highlights - "Tafeng Xing" features a unique blend of gameplay mechanics, allowing players to customize their skills and strategies, which enhances the overall gaming experience [6] - The game also integrates a rich narrative and immersive environments, appealing to players seeking depth in gameplay [6] IP Collaborations - The collaboration between "I Am the Great Merchant" and the popular Chinese animation "Journey to the West" reflects a growing trend of leveraging IP partnerships to enhance game appeal and user engagement [8][10] - This partnership aims to merge traditional culture with modern gaming, thereby attracting a broader audience [10] Revenue Rankings - "Honor of Kings" and "Peacekeeper Elite" maintained their positions at Top 1 and Top 2 in the revenue rankings, while "Endless Winter" from Diandian Interactive secured Top 3 [12] - New entries in the revenue rankings included "Arknights," "Genshin Impact," "FC Football World," and "Xianyu," indicating a diverse range of successful titles [15] Market Dynamics - The mobile gaming market in May exhibited a dynamic landscape where established games maintained their user base while new titles like "Tafeng Xing" and "Yanyun Sixteen Sounds" broke through with innovative gameplay and IP integration [18] - The competition between old and new games illustrates a healthy market environment, fostering continuous innovation and user engagement [18]

Core Viewpoint - Zulong Entertainment (9990.HK) reported a strong performance in the first half of 2022, with a revenue of RMB 329.8 million, over 65% of which came from overseas markets, indicating a successful global expansion strategy [1][2]. Group 1: Financial Performance - The company achieved a revenue of RMB 329.8 million in the first half of 2022, with significant contributions from international markets [1]. - As of June 30, 2022, Zulong Entertainment had one game with cumulative revenue exceeding RMB 4 billion, three games over RMB 3 billion, and six games over RMB 1 billion [2]. Group 2: Global Expansion Strategy - Zulong Entertainment has accelerated its "going global" strategy, solidifying its market presence in regions such as Hong Kong, Macau, Taiwan, Japan, South Korea, and Southeast Asia [1]. - The company launched 17 premium mobile games supporting 14 languages across over 170 markets [1]. Group 3: Product Development and Innovation - The company is committed to developing industry-leading games and has received positive feedback for its AAA game "In the Name of Shining" [2][3]. - The game "In the Name of Shining" achieved significant success in its launch, topping various app store charts in multiple regions [3]. Group 4: Industry Recognition - Zulong Entertainment has been recognized as a "potential enterprise" in the top 25 of the "2022 Listed Game Enterprises Competitiveness Report" and received the "White Horse Award" from Gamma Data [4]. Group 5: Future Product Pipeline - The company plans to launch 10 diverse game products, including MMORPGs, SLGs, and shooting games, between the second half of 2022 and 2024 [5]. - Zulong Entertainment is collaborating with major studios like Cameron Studios and Disney for the mobile game "Avatar: Reckoning," which has garnered significant attention [5]. Group 6: Market Challenges and Strategy - The gaming industry is facing both opportunities and challenges in international markets, with a focus on game quality being crucial for success [6]. - Zulong Entertainment aims to leverage its integrated research and operations strategy, diverse game genres, and global IP integration capabilities to achieve sustainable growth [6].

Core Viewpoint - Zulong Entertainment (9990.HK) demonstrated strong growth in the premium gaming sector despite a challenging market environment characterized by a contraction in game approvals and accelerated industry clearing [1][2]. Financial Performance - For the fiscal year ending December 31, 2021, Zulong Entertainment reported total revenue of approximately RMB 921 million, with overseas business revenue accounting for about RMB 536 million, representing 58.2% of total revenue [1]. - Self-developed business revenue was approximately RMB 448 million, making up 48.7% of total revenue [1]. Product Development and Strategy - Zulong Entertainment launched 16 premium mobile games in over 170 markets, supporting more than 70 regional versions in 14 languages [1]. - The company plans to release 11 new mobile games from 2022 to 2024, including 4 expected to launch in 2022, covering various genres such as MMORPG, SLG, and shooting games [3]. - The MMORPG and shooting hybrid game "Avatar" represents a new entry into the multiplayer online shooting game category, while the adventure game "Noah's Heart" is set to launch in 2022 [3]. User Base and Market Expansion - As of December 31, 2021, Zulong Entertainment's games had a cumulative global user base exceeding 130 million, with three games generating over RMB 3 billion in total revenue [4]. - The MMORPG game "Dragon Tribe Fantasy" achieved over RMB 3.8 billion in global revenue and nearly 40 million registered users within 18 months of its overseas launch [4]. Future Outlook - The management anticipates that with a richer variety of game genres and a more pronounced global style, game performance and lifecycle will further improve [5]. - Analysts from CICC and Zhongtai International have issued reports with "Buy" and "Accumulate" ratings, respectively, recognizing the company's commitment to premium development and the expected product launch year in 2022 [5].