Core Insights - Zulong Entertainment's game "Shining Name" has successfully launched in South Korea, achieving the top position on both iOS and Google Play free game charts, marking a significant milestone in the company's global expansion strategy [1] - The game has previously topped charts in multiple regions including Hong Kong, Taiwan, Singapore, Malaysia, and Japan, demonstrating its strong market performance and user engagement [3] - The game has generated over 2 billion RMB in total revenue globally, indicating its commercial success [3] Group 1 - "Shining Name" offers a rich customization experience for players, catering to diverse aesthetic preferences across different regions, which has contributed to its popularity among female gamers [4] - The game leverages advanced technology, including the UE engine, to deliver high-quality graphics and realistic material representations, enhancing its appeal [4] - Zulong Entertainment has launched 24 mobile games in over 170 markets, with a total registered user base exceeding 200 million and total revenue surpassing 22 billion RMB [6] Group 2 - The company plans to expand its game "Dragon: Cassel's Gate" into Japan, South Korea, and other global markets in 2026, focusing on localized IP activities [7] - The gaming industry in China is experiencing a favorable policy environment, which aligns with Zulong's long-term strategy for global expansion [6] - According to data, China's self-developed games have seen overseas revenue reach 18.56 billion USD, reflecting a 13.39% year-on-year growth, showcasing the potential for further success in international markets [9]

Core Insights - The report highlights the competitive strength of Chinese gaming companies, with Zulong Entertainment recognized for its premium strategy and significant achievements in technology development, cross-platform expansion, and global business [1][3]. Group 1: Competitive Analysis - Zulong Entertainment has been awarded a place in the "Top 10 Strong Foundation Leaders," reflecting its robust growth and industry benchmark value [3]. - The report evaluates gaming companies based on key indicators such as scale, stability, self-operated game products, and investment in gaming businesses [1]. Group 2: Business Performance - Zulong Entertainment has achieved a "three consecutive increases" in revenue, showcasing the effectiveness of its premium strategy and strong product capabilities [5]. - The company’s games, such as the female-oriented mobile game "In the Name of Shine" and the strategy card game "Dragon Tribe: Castle of Cassel," have received widespread acclaim and performed well in the market [5]. Group 3: Future Outlook - Zulong Entertainment emphasizes a "long-termism" approach as a core principle for development, focusing on content expansion, gameplay iteration, and diverse IP collaborations to enhance player experiences [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8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9月3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 FF301 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 第 1 頁 共 10 頁 v 1.1.1 增加已發行股份（不包括庫存股份）: 0 普通股 (AA1) 減少庫存股 ...

Core Viewpoint - Zulong Entertainment (09990) announced the grant of 300,000 restricted share units to one grantee under the terms of its restricted share unit plan, pending acceptance by the grantee [1] Summary by Category - **Company Announcement** - The company will grant 300,000 restricted share units to a single grantee [1] - The grant is subject to acceptance by the grantee before it becomes effective [1] - **Plan Details** - The announcement pertains to the company's restricted share unit plan [1] - This plan is designed to incentivize and retain key personnel within the company [1]

Group 1 - The company, Zulong Entertainment (09990), announced the grant of 300,000 restricted share units to one grantee under the terms of its restricted share unit plan [1]

Group 1 - The company, Zulong Entertainment (09990.HK), announced the grant of 300,000 restricted share units to one grantee under its restricted share unit plan, pending acceptance by the grantee [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） 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]