Core Viewpoint - NetDragon has been actively repurchasing shares while facing significant declines in revenue and profit for the first half of 2025, indicating potential challenges in its business operations and market conditions [1][2]. Financial Performance - For the first half of 2025, NetDragon reported revenue of approximately 2.4 billion RMB, a year-on-year decrease of 27.9% [2][7]. - The net profit attributable to shareholders was 30 million RMB, down 92.5% year-on-year, primarily due to impairment losses on intangible assets and one-time expenses related to personnel restructuring [2][4]. - The company confirmed an impairment loss of approximately 920 million RMB related to cryptocurrency assets due to market volatility [2]. Shareholder Returns - NetDragon plans to distribute an interim dividend of 0.5 HKD per ordinary share, representing a 25% increase year-on-year [2][6]. - The company aims to provide a total distribution of no less than 600 million HKD to shareholders over the next twelve months through dividends and share repurchases [2][6]. Employee and Operational Changes - The number of employees at NetDragon decreased from 6,123 at the end of the first half of 2024 to 3,408 at the end of the first half of 2025, with a significant reduction in R&D personnel from 3,165 to 1,556 [4][6]. Revenue Breakdown - Revenue from gaming and application services amounted to 1.7 billion RMB, accounting for 73.0% of total revenue, down 18.1% year-on-year [7]. - Revenue from the Mynd.ai business was 641 million RMB, representing 26.9% of total revenue, with a year-on-year decrease of 45.7% due to prolonged market demand adjustments [7]. Product Development - NetDragon's flagship games include popular IPs such as "Magic Domain" and "Soul of Heroes," with the mobile game "Magic Domain Pocket Edition" showing a stable performance since 2025 [8]. - The new game "Magic Domain Legend" successfully launched in the mini-game market in the first half of 2025, and the new title "Code MY" began small-scale testing in August 2025 [10].

浦银国际主要观点如下： 游戏业务下半年预计环比平稳： 公司主动对游戏业务进行调整，1H25游戏及应用服务业务收入人民币17亿元，其中游戏收入环比跌幅 收窄至约2%，逐渐趋于稳定。公司持续提升玩家体验，用户增长和活跃度有所提升。得益于降本增 效，经营利润率环比回升至28.8%，接近过去常态化水平。产品储备方面，《代号MY》已于8月开启小 规模测试，有望明年上线;《魔域》《代号Alpha》计划在下半年陆续拓展多个海外市场;《终焉誓约》拓 展下沉市场等更多渠道;《机战》手游预计明年上线;《魔域传说》于上半年上线小游戏版本。预计公司 游戏业务下半年收入有望环比维持平稳，2026年恢复同比增长态势。 浦银国际发布研报称，调整网龙(00777)FY25E/FY26E收入预测至48/50亿元，维持目标价13港元，对应 FY26E10xP/E。公司目前账面净现金约人民币15亿元，持有12,000个以太币(当前对应约4亿港元)，承诺 的6亿港元分派对应回报率约10%，具备一定吸引力，维持"买入"评级。 事件： 公司上半年收入波动，主要受游戏业务调整及教育业务疲软拖累;净利润波动，受到资产减值以及一次 性人员优化费用影响，调整后 ...

Core Viewpoint - The report from浦银国际 indicates a revision of NetDragon's revenue forecasts for FY25E and FY26E to RMB 4.8 billion and RMB 5.0 billion respectively, maintaining a target price of HKD 13, corresponding to a FY26E P/E of 10x, highlighting the company's financial stability and potential for attractive returns through dividend distribution [1] Group 1: Financial Performance - The company experienced revenue fluctuations in the first half of the year, primarily due to adjustments in the gaming business and weakness in the education sector, with an adjusted net profit of RMB 280 million [2] - The company announced an interim dividend of HKD 0.5 per share and plans to distribute no less than HKD 600 million over the next 12 months, indicating a return rate of approximately 10% [1][2] Group 2: Gaming Business Outlook - The gaming business is expected to stabilize in the second half of the year, with first half revenue from gaming and application services at RMB 1.7 billion, and a reduced quarter-on-quarter decline of approximately 2% in gaming revenue [2] - The company is enhancing player experience, leading to growth in user numbers and activity levels, with an operating profit margin recovering to 28.8%, nearing historical norms [2] - Upcoming product launches include "Code MY" in small-scale testing, with plans for multiple overseas market expansions for "Magic Domain" and "Code Alpha" in the second half, and a mobile game "Mecha Battle" expected to launch next year [2] Group 3: Education Business Outlook - The education business is projected to approach break-even in EBITDA by the fourth quarter, with first half revenue from Mynd.ai at RMB 640 million [3] - The company is implementing cost optimization measures to mitigate the impact of a sluggish education technology market, while exploring emerging markets to counteract declines in the US and European markets [3] - Signs of recovery are noted in the European market, and with stable tariffs in the US, school procurement budgets are expected to rebound [3]

Group 1 - The company NetDragon (00777) announced a share buyback plan, intending to repurchase 100,000 shares at a total cost of HKD 1,120,900 [1] - The buyback price range is set between HKD 11.11 and HKD 11.31 per share [1]

Core Viewpoint - NetDragon (00777.HK) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Buyback Details - The company will spend HKD 1.121 million to repurchase 100,000 shares [1] - The buyback price per share ranges from HKD 11.11 to HKD 11.31 [1]

Group 1 - The company NetDragon (00777) announced a share buyback on September 9, 2025, spending HKD 1.1209 million to repurchase 100,000 shares [1] - The buyback price ranged from HKD 11.11 to HKD 11.31 per share [1]

FF305 第 1 頁 共 6 頁 v 1.3.0 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 網龍網絡控股有限公司 呈交日期： 2025年9月9日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00777 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | 已發行股份總數 | | | | 已發行股份（不包括庫存股份） ...

网龙(00777)发布公告，该公司于2025年9月8日斥资110.26万港元回购10万股股份，每股回购价格为10.9- 11.18港元。 ...

Core Viewpoint - NetDragon (00777) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Buyback Details - The company will repurchase 100,000 shares at a total cost of HKD 1.1026 million [1] - The buyback price per share ranges from HKD 10.9 to HKD 11.18 [1]

Group 1 - Company NetDragon (00777.HK) announced a share buyback on September 8, 2025, costing HKD 1.1026 million to repurchase 100,000 shares [1] - The buyback price per share ranged from HKD 10.90 to HKD 11.18 [1]