网龙(00777)发布公告，于2025年9月11日该公司斥资50.33万港元回购4.6万股，回购价格为每股10.77- 11.00港元。 ...

第 1 頁 共 6 頁 v 1.3.0 FF305 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11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 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔 ...

Core Viewpoint - The company is experiencing a decline in revenue and profit for the first half of 2025, but shows signs of operational improvement and cost optimization, particularly in its gaming segment, while the education business faces short-term challenges [1][2][3] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 2.38 billion RMB, a year-on-year decline of 28%, with a gross profit of 1.7 billion RMB, down 24.7% [1] - The gross margin improved by 2.9 percentage points to 69.5%, indicating enhanced overall profitability [1] - Operating expenses decreased by 15.6% to 1.35 billion RMB, reflecting the effectiveness of cost optimization measures [1] - The company maintains a solid financial position with net cash of approximately 1.5 billion RMB and holds 12,000 Ethereum as digital asset reserves [1] - A mid-term dividend of 0.5 HKD per share has been announced, with a commitment to return at least 600 million HKD to shareholders through dividends and share buybacks over the next year [1] Group 2: Business Segments - The gaming and other businesses generated revenue of 1.74 billion RMB in the first half of 2025, down 18% year-on-year, but only a slight decline of 4% compared to the second half of 2024, indicating signs of stabilization [2] - The monthly active users (MAU) of "Magic Domain" increased by 11% year-on-year, and mobile revenue showed a quarter-on-quarter increase, reflecting improved user engagement and retention [2] - The operating profit margin for the gaming business rebounded to 28.8%, nearing historical normal levels [2] - New product developments include "Code MY" which began small-scale testing in August, and plans to launch "Magic Domain" and "Code Alpha" in overseas markets [2] - The education segment, Mynd.ai, reported revenue of 640 million RMB, impacted by tightened customer budgets, with ongoing efforts to optimize costs and explore emerging markets for growth [2] Group 3: Investment Outlook - The target price has been adjusted to 17.27 HKD, maintaining a buy rating based on the robust performance of the gaming business and the potential market space in education [3] - The steady development of gaming IPs and expansion into overseas markets, along with successful tablet product promotions, are expected to drive future growth [3] - The valuation method remains unchanged, with a projected 55% upside from the last closing price [3]

Group 1 - Company NetDragon (00777.HK) announced a share buyback plan on September 10, 2025, involving an expenditure of HKD 2.15 million to repurchase 200,000 shares [1] - The buyback price per share is set between HKD 10.66 and HKD 10.79 [1]

Group 1 - The company NetDragon (00777) announced a share buyback plan on September 10, 2025, with an expenditure of HKD 2.1501 million [1] - The company intends to repurchase 200,000 shares at a price range of HKD 10.66 to HKD 10.79 per share [1]

智通财经APP讯，网龙(00777)发布公告，于2025年9月10日斥资215.01万港元回购股份20万股，每股回 购价格为10.66-10.79港元。 ...

FF305 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 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) 呈交日期： 2025年9月10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 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 17.27, representing a potential upside of 55% from the current price of HKD 11.14 [6][7]. Core Insights - The company's gaming business shows stable growth, with a focus on cost reduction and efficiency improvements, while the education segment faces short-term challenges due to budget constraints [3][7]. - The company has a solid financial position with net cash of approximately RMB 1.5 billion and digital asset reserves including 12,000 Ethereum [7]. - The gaming segment's revenue for the first half of 2025 is projected to be RMB 1.74 billion, down 18% year-on-year, but showing signs of stabilization with a slight quarter-on-quarter decline [7]. - The education business, particularly Mynd.ai, reported revenue of RMB 640 million, impacted by tightening customer budgets, but the long-term digitalization trend in education remains intact [7]. Summary by Sections Financial Performance - Total revenue for the fiscal year ending December 31, 2023, was RMB 7.1 billion, with a projected decline of 19.13% in 2025 [7][8]. - Adjusted net profit for 2025 is estimated at RMB 480 million, reflecting a significant recovery of 105.28% compared to the previous year [7][8]. - The company plans to distribute an interim dividend of HKD 0.5 per share and aims to return at least HKD 600 million to shareholders through dividends and share buybacks over the next year [7]. Business Segments Gaming Business - The gaming segment's revenue is expected to stabilize, with MAU for "Magic Domain" increasing by 11% year-on-year, indicating improved user engagement [7]. - New game launches and expansions into overseas markets are anticipated to drive future growth [7]. Education Business - The education segment is under pressure due to reduced budgets in traditional markets, but the company is exploring emerging markets for growth opportunities [7]. - The long-term outlook for digital education remains positive despite short-term fluctuations [7].

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 ...