青瓷游戏(06633) - 2025 - 中期业绩

Financial Summary This section provides a high-level overview of the company's financial performance and key operating metrics for the six months ended June 30, 2025 Financial Performance Overview For the six months ended June 30, 2025, revenue decreased by 28% to RMB 247 million, while net profit significantly increased by 90% to RMB 72.67 million, driven by cost control and operational efficiency Financial Summary for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 247,180 | 342,622 | (28) | | Gross Profit | 154,148 | 211,787 | (27) | | Net Profit | 72,665 | 38,203 | 90 | | Profit attributable to owners of the Company | 70,257 | 45,059 | 56 | Operating Data Overview Average MAU and MPU significantly decreased by 47% and 44% respectively, while ARPPU increased by 5% to RMB 290, and cumulative registered players grew by 8% to 100.45 million Operating Data Summary for the Six Months Ended June 30, 2025 | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Average MAU (thousands) | 1,144 | 2,179 | (47) | | Average MPU (thousands) | 141 | 253 | (44) | | ARPPU (RMB) | 290 | 275 | 5 | | Cumulative Registered Players (thousands) | 100,452 | 93,389 | 8 | Management Discussion and Analysis This section details the company's business strategy, operational highlights, game portfolio performance, player community engagement, and future outlook Business Overview As a renowned Chinese mobile game developer and publisher, Qingci Games adheres to its "premium, global, and long-term" strategy, achieving stable development and enhanced profitability despite a revenue decline - The company firmly adheres to its core strategy of "premium, global, and long-term" development, maintaining stable and healthy business growth[7] - The 5th-anniversary celebration of "The Marvelous Snail" successfully attracted returning players, significantly increasing ARPPU from approximately RMB 200 to nearly RMB 300, a growth of about 50%[8] - Actively preparing for the overseas release of "The Marvelous Snail" in South Korea and "Cardcaptor Sakura: Memory Key" in Vietnam and Japan, steadily advancing global expansion[8] - Strategic self-developed masterpiece "Project E" is progressing smoothly, having initiated "Planck Testing" and integrating innovative gameplay such as map exploration, inventory management, and resource collection[9] - During the reporting period, revenue was approximately RMB 247 million, a 27.86% year-over-year decrease; profit attributable to owners of the Company was approximately RMB 70.26 million, a 55.92% year-over-year increase[9] - Cumulative registered players reached 100.45 million, a 7.56% year-over-year increase; average monthly active users (MAU) were approximately 1.144 million, a 47.50% year-over-year decrease; average monthly paying users (MPU) were approximately 140.6 thousand, a 44.40% year-over-year decrease; ARPPU reached RMB 289.79, a 5.26% year-over-year increase[10] Overview of Key Games The company's portfolio includes various mobile and mini-program games, with flagship "The Marvelous Snail" exceeding RMB 3.786 billion in cumulative gross billings and other titles contributing to revenue or market expansion - "The Marvelous Snail" cumulative gross billings exceeded RMB 3.786 billion, with 29.4039 million cumulative registered players, and revenue of approximately RMB 147 million during the reporting period[12] - The Korean version of "The Marvelous Snail" is in its final preparation stages, set to further expand the global footprint[12] - "Gumballs & Dungeons" launched a free-to-play Steam version, achieving sixth place on the global popular free games chart and "overwhelmingly positive" reviews[15] Revenue from Key Games During the Reporting Period | Game Title | Revenue (RMB millions) | | :--- | :--- | | The Marvelous Snail | 147 | | Lantern and Dungeon | 6.87 | | Sword and Fairy: Together Forever | 21.52 | | Cardcaptor Sakura: Memory Key | 3.76 | | Fat Goose Fitness | 21.71 | | Light of the Lost | 6.76 | | Ares Virus 2 | 29.85 | | Gumballs & Dungeons | 3.91 | | Other Key Games | 3.30 | Player Community The company has cultivated an active "Qingci Iron Fan Community" across multiple platforms, reaching 16.2036 million fans, whose feedback aids game development and attracts more active players - As of June 30, 2025, the games have accumulated 16.2036 million Qingci "Iron Fans", a year-over-year increase of 8.22%[17] - Player community feedback helps the company develop and improve games, fostering a virtuous cycle[17] Future Outlook The company plans to deepen long-term operations, maximize existing game value, explore new product introductions for multi-platform publishing experience, and focus on core self-developed projects to build long-term competitive barriers Game Reserve Overview | Name | Mobile Game Type | Source | Development Stage | Expected Launch Time | | :--- | :--- | :--- | :--- | :--- | | Tingus Goose | Casual Game | Licensed | Game production, testing and optimization | 2025 | | Project W | Card RPG | Licensed | Game production, testing and optimization | 2026 | | Project E | SLG | Self-developed | Game production, testing and optimization | 2026 | | Project HA | Card RPG | Licensed | Game production, testing and optimization | 2027 | | Project F | Survival Social | Licensed | Game production, testing and optimization | 2027 | - Applying the successful experience of "The Marvelous Snail" 5th-anniversary celebration to other game operations to enhance the vitality of evergreen games[19] - The casual game "Tingus Goose" is planned for release on Steam, representing another venture into the PC casual market[22] - The self-developed flagship "Project E" is a strategic core project, having initiated "Planck Testing" with the goal of creating a globally competitive masterpiece[22] Financial Review This section provides a detailed analysis of the company's revenue, cost of revenue, gross profit, operating expenses, and other income/losses for the reporting period Revenue For the six months ended June 30, 2025, total revenue decreased by 27.9% to RMB 247 million, with game operation revenue accounting for 96.6%, and significant declines in game licensing, information services, and other services revenue Revenue Breakdown by Business Category | Business Category | 2025 (RMB thousands) | Percentage (%) | 2024 (RMB thousands) | Percentage (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Game Operation Revenue | 238,641 | 96.6 | 323,172 | 94.4 | (26.2) | | - Self-developed | 147,441 | 59.7 | 196,738 | 57.5 | (25.1) | | - Licensed | 91,200 | 36.9 | 126,434 | 36.9 | (27.9) | | Game Licensing Revenue | 2,744 | 1.1 | 6,323 | 1.8 | (56.6) | | Information Service Revenue | 3,076 | 1.2 | 9,290 | 2.7 | (66.9) | | Other Services and Sales | 2,719 | 1.1 | 3,837 | 1.1 | (29.1) | | Total Revenue | 247,180 | 100.0 | 342,622 | 100.0 | (27.9) | - The decrease in game operation revenue was primarily due to some games being in their mature phase, leading to a decline in monetization, though new versions and content optimization mitigated the decline[26] - Game licensing revenue decreased by 56.6%, mainly because "The Marvelous Snail" in Hong Kong, Macau, and Taiwan transitioned from external licensing to self-operation by the Group[27] - Information service revenue decreased by 66.9%, primarily due to a decline in in-game ad views or clicks[28] Cost of Revenue Cost of revenue decreased by 28.9% to RMB 93.0 million, mainly due to reduced game operation revenue, with significant declines in distribution and payment channel commissions, and third-party developer commissions Cost of Revenue Breakdown by Nature | Cost of Revenue Category | 2025 (RMB thousands) | Percentage (%) | 2024 (RMB thousands) | Percentage (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Distribution and Payment Channel Commissions | 55,782 | 60.0 | 69,168 | 52.9 | (19.4) | | Third-party Game Developer and IP Holder Commissions | 16,060 | 17.3 | 38,173 | 29.2 | (57.9) | | Bandwidth and Server Hosting Fees | 8,942 | 9.6 | 8,953 | 6.8 | (0.1) | | Employee Benefit Expenses | 5,455 | 5.9 | 6,051 | 4.6 | (9.8) | | Other | 6,793 | 7.2 | 8,490 | 6.5 | (20.0) | | Total | 93,032 | 100.0 | 130,835 | 100.0 | (28.9) | - Commissions for third-party game developers and IP holders decreased by 57.9%, mainly due to reduced revenue from licensed games such as "Sword and Fairy: Together Forever", "Cardcaptor Sakura: Memory Key", and "Lantern and Dungeon"[34] - Employee benefit expenses decreased by 9.8%, primarily due to a reduction in customer service center employees[35] Gross Profit and Gross Margin Gross profit decreased by 27.2% to RMB 154.1 million, primarily due to the natural decline in gross billings from core games in their mature phase, while gross margin remained stable at 62.4% - Gross profit decreased by 27.2% to RMB 154.1 million, primarily due to the natural decline in gross billings from core games[36] - Gross margin was 62.4%, largely consistent with 61.8% in the same period last year[36] Selling and Marketing Expenses Selling and marketing expenses significantly decreased by 58.3% to RMB 55.0 million, attributed to efficient operational management and cost control, partially offset by increased marketing for new games and "The Marvelous Snail" in Europe and America - Selling and marketing expenses decreased by 58.3% to RMB 55.0 million, primarily due to significant reductions in selling and marketing expenses for "Fat Goose Fitness", "Sword and Fairy: Together Forever", and "Cardcaptor Sakura: Memory Key"[38] Research and Development Expenses R&D expenses decreased by 10.8% to RMB 42.0 million, mainly due to enhanced R&D efficiency, focus on core projects, and streamlining of R&D personnel - R&D expenses decreased by 10.8% to RMB 42.0 million, primarily due to improved R&D efficiency and streamlining of R&D personnel[39] General and Administrative Expenses General and administrative expenses were approximately RMB 27.4 million, remaining largely stable compared to the same period last year - General and administrative expenses were approximately RMB 27.4 million, largely consistent with the same period last year[40] Fair Value Changes of Investments Measured at Fair Value Through Profit or Loss Fair value gains from investments measured at fair value through profit or loss increased by 4.8% to RMB 44.1 million, primarily due to increased gains from investment funds and wealth management products - Fair value gains increased by 4.8% to RMB 44.1 million, primarily due to increased gains from investment funds and wealth management products[42] Other Income Other income significantly increased by 225.9% to RMB 2.5 million, mainly due to higher government subsidies and dividend distributions from long-term investments measured at fair value through profit or loss - Other income increased by 225.9% to RMB 2.5 million, primarily due to increased government subsidies and dividend distributions from long-term investments[43] Other Gains / (Losses) – Net Other gains/(losses) – net turned from a loss of RMB 11.6 million to a gain of RMB 4.4 million, mainly due to significant exchange gains from the appreciation of the Japanese Yen against the US Dollar and effective foreign exchange management - Other gains/(losses) – net turned from a loss of RMB 11.6 million to a gain of RMB 4.4 million, primarily benefiting from the appreciation of the Japanese Yen and effective foreign exchange management[44] Income Tax Expense Income tax expense significantly increased by 1,555.6% to RMB 12.5 million, mainly due to the utilization and reversal of previously recognized deferred tax assets during the reporting period - Income tax expense increased by 1,555.6% to RMB 12.5 million, primarily due to the utilization and reversal of certain deferred tax assets previously recognized[45] Profit for the Period Profit for the period increased by 90.2% to RMB 72.7 million, driven by efficient management, cost control (especially reduced marketing expenses), and positive foreign exchange fluctuations, partially offset by lower gross profit from declining game gross billings - Profit for the period increased by 90.2% to RMB 72.7 million, primarily benefiting from efficient management, cost control, and exchange gains[46] Liquidity, Capital Resources and Gearing Ratio This section reviews the company's cash position, liquidity ratios, and financial leverage as of June 30, 2025 - Total cash and cash equivalents decreased by 12.6% to RMB 393.5 million[47] - Current ratio was 1,160.4%, and gearing ratio was 7.7%[47][48] Significant Acquisitions and Disposals and Material Investments This section reports on changes in short-term investments and confirms the absence of other significant acquisitions or disposals during the period - Short-term investments increased by 11.8% to RMB 1,280.9 million, primarily due to increased fair value gains and higher allocation to investment funds and wealth management products[49] Future Plans for Material Investments and Capital Assets This section states the company's current position regarding future plans for material investments and capital assets - As of June 30, 2025, the Group had no future plans for material investments and capital assets[50] Pledges of Assets This section confirms that the company had no pledged assets as of the reporting date - As of June 30, 2025, the Group had no pledged assets[51] Capital Expenditures This section outlines the capital expenditures incurred during the period and future funding plans - Total capital expenditures were approximately RMB 1.7 million, primarily for purchasing office equipment, an increase from RMB 1.1 million in the same period last year[52] Contingent Liabilities This section confirms the absence of significant contingent liabilities and describes the company's foreign exchange risk management - As of June 30, 2025, the Group had no significant contingent liabilities[53] - The company manages foreign exchange risk through foreign currency forward contracts, primarily involving USD and JPY[54] Employees and Remuneration Policy This section details the company's employee count, recruitment strategies, training programs, and compensation structure - As of June 30, 2025, the Group had 536 full-time employees, with the vast majority located in mainland China[55] - The company provides training to enhance employee skills and encourages employees to form new core project teams to develop new games[55] Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income This section presents the condensed consolidated interim statement of profit or loss and other comprehensive income for the six months ended June 30, 2025 Profit or Loss Statement Overview For the six months ended June 30, 2025, the company reported revenue of RMB 247,180 thousand, gross profit of RMB 154,148 thousand, profit for the period of RMB 72,665 thousand, and basic earnings per share of RMB 0.10 Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income (Summary) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 247,180 | 342,622 | | Cost of Sales | (93,032) | (130,835) | | Gross Profit | 154,148 | 211,787 | | Selling and Marketing Expenses | (55,041) | (131,912) | | Research and Development Expenses | (42,016) | (47,128) | | General and Administrative Expenses | (27,426) | (27,440) | | Fair Value Changes of Investments Measured at Fair Value Through Profit or Loss | 44,066 | 42,050 | | Other Income | 2,467 | 757 | | Other Gains / (Losses) – Net | 4,352 | (11,569) | | Operating Profit | 80,515 | 36,270 | | Profit Before Income Tax | 85,148 | 38,957 | | Income Tax Expense | (12,483) | (754) | | Profit for the Period | 72,665 | 38,203 | | Profit attributable to owners of the Company | 70,257 | 45,059 | | Basic Earnings Per Share (RMB) | 0.10 | 0.07 | Condensed Consolidated Interim Statement of Financial Position This section presents the condensed consolidated interim statement of financial position as of June 30, 2025 Statement of Financial Position Overview As of June 30, 2025, total assets were RMB 2,029,573 thousand, with significant increases in short-term investments measured at fair value through profit or loss and a decrease in cash and cash equivalents Condensed Consolidated Interim Statement of Financial Position (Summary) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Assets | | | | Non-current Assets | 280,659 | 294,191 | | Current Assets | 1,748,914 | 1,686,862 | | - Trade Receivables | 36,359 | 39,198 | | - Short-term Investments Measured at Fair Value Through Profit or Loss | 1,280,943 | 1,146,208 | | - Cash and Cash Equivalents | 393,458 | 449,975 | | Total Assets | 2,029,573 | 1,981,053 | | Equity | | | | Equity attributable to owners of the Company | 1,880,796 | 1,815,575 | | Total Equity | 1,873,158 | 1,806,821 | | Liabilities | | | | Non-current Liabilities | 5,702 | 8,715 | | Current Liabilities | 150,713 | 165,517 | | Total Liabilities | 156,415 | 174,232 | | Total Equity and Liabilities | 2,029,573 | 1,981,053 | Notes to the Interim Financial Information This section provides detailed notes explaining the basis of preparation, significant accounting policies, and specific financial line items in the interim financial statements 1. General Information Qingci Games Co., Ltd. was incorporated in the Cayman Islands on March 12, 2021, primarily engaged in mobile game development and operation in China and other regions, with shares listed on the HKEX Main Board on December 16, 2021 - The Company was incorporated on March 12, 2021, under the laws of the Cayman Islands, primarily engaged in mobile game development and operation in China and other regions[60] - The Company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on December 16, 2021[61] 2. Basis of Preparation The interim financial information is prepared in accordance with HKAS 34 and Listing Rules disclosure requirements, using the same accounting policies as the 2024 annual financial statements, and presented in RMB - The interim financial information has been prepared in accordance with Hong Kong Accounting Standard 34 and the applicable disclosure requirements of the Listing Rules[62] - The interim financial information has been prepared in accordance with the same accounting policies adopted in the 2024 annual financial statements and is presented in RMB[62] 3. Significant Accounting Policies The revised HKAS 21 "Lack of Exchangeability" was adopted but had no impact, and the report lists new and revised standards issued but not yet effective - The Group first adopted HKAS 21 (Revised) "Lack of Exchangeability", which had no impact on the condensed consolidated interim financial information[63][65] New and Revised Standards Issued But Not Yet Effective | Standard Name | Content | Effective Date | | :--- | :--- | :--- | | HKAS 28 and HKFRS 10 (Amendments) | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture | To be determined | | HKFRS 9 and HKFRS 7 (Amendments) | Classification and Measurement of Financial Instruments | On or after January 1, 2026 | | HKFRS 18 | Presentation and Disclosure in Financial Statements | On or after January 1, 2027 | | Annual Improvements to HKFRS Standards – Volume 11 | HKFRS 1, 7, 9, 10 and HKAS 7 (Amendments) | On or after January 1, 2026 | 4. Segment Information and Revenue The company's directors consider the business to be operated and managed as a single segment, with revenue primarily from game operations, contributed by mainland China and other regions - The directors of the Company consider the Group's business to be operated and managed as a single segment, and therefore no segment information is presented[68] Game Operation Revenue Breakdown by Geographical Region | Region | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 146,132 | 199,907 | | Other Regions | 101,048 | 142,715 | | Total | 247,180 | 342,622 | - For the six months ended June 30, 2025 and 2024, no individual customer's revenue exceeded 10% of the Group's total revenue[72] 5. Expenses by Nature Total expenses for the period were RMB 217,550 thousand, a significant decrease from the prior year, with notable reductions in marketing and promotion, distribution channel commissions, and game developer commissions Expenses Breakdown by Nature | Expense Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Marketing and Promotion Expenses | 34,913 | 107,893 | | Employee Benefit Expenses | 77,646 | 82,977 | | Commissions Charged by Distribution Channels | 55,064 | 68,157 | | Commissions Charged by Game Developers and IP Holders | 16,060 | 38,173 | | Bandwidth and Server Hosting Fees | 8,942 | 8,953 | | Outsourcing Technical Services | 2,932 | 6,501 | | Office Expenses | 4,408 | 5,364 | | Depreciation of Right-of-use Assets | 4,549 | 5,253 | | Professional Service Fees | 3,069 | 4,694 | | Depreciation of Property, Plant and Equipment | 2,689 | 2,578 | | Amortization of Intangible Assets | 331 | – | | Auditor's Remuneration – Audit Services | 1,540 | 2,000 | | Auditor's Remuneration – Non-audit Services | 280 | 102 | | Commissions Charged by Payment Channels | 718 | 1,011 | | Impairment of Non-financial Assets | 2,529 | 1,000 | | Surcharges and Taxes | 165 | 639 | | Rental Expenses and Utilities | 758 | 612 | | Net Impairment Loss on Financial Assets | 35 | 275 | | Other | 922 | 1,408 | | Total | 217,550 | 337,590 | 6. Other Income Other income primarily comprises government grants and dividend distributions from long-term investments measured at fair value through profit or loss, totaling RMB 1,801 thousand and RMB 637 thousand respectively for the period Other Income Breakdown | Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Government Grants | 1,801 | 714 | | Dividend Distributions from Long-term Investments Measured at Fair Value Through Profit or Loss | 637 | 43 | | Other | 29 | – | | Total | 2,467 | 757 | 7. Other Gains / (Losses) – Net Other gains/(losses) – net primarily consist of net foreign exchange gains/(losses) and donations to charities, with net foreign exchange gains of RMB 4,100 thousand contributing to a total gain of RMB 4,352 thousand for the period Other Gains / (Losses) – Net Breakdown | Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Foreign Exchange Gains / (Losses) | 4,100 | (11,448) | | Donations to Charitable Organizations | (11) | (223) | | Other | 263 | 102 | | Total | 4,352 | (11,569) | 8. Income Tax Expense Income tax expense was RMB 12,483 thousand, a significant increase from the prior year, with details on corporate income tax rates and the absence of deferred tax liabilities for withholding tax on dividends - The corporate income tax rate in mainland China is generally 25%, with some high-tech enterprises enjoying a preferential income tax rate of 15%[81] - The Group does not intend to declare dividends to its directly foreign-held entities in the foreseeable future, thus no deferred tax liability for withholding tax has arisen[82] Income Tax Expense Breakdown | Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Income Tax – Provision for the Period | 8,539 | 9,040 | | Current Income Tax – Under/(Over) provision in Prior Years | 915 | (88) | | Deferred Income Tax | 3,029 | (8,198) | | Total Income Tax Expense | 12,483 | 754 | 9. Earnings Per Share Basic earnings per share for the six months ended June 30, 2025, increased to RMB 0.10 from RMB 0.07 in the prior year, with diluted earnings per share being the same due to no potential dilutive ordinary shares Basic Earnings Per Share | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit attributable to ordinary shareholders of the Company | 70,257 | 45,059 | | Weighted Average Number of Ordinary Shares Outstanding | 691,330,500 | 691,330,500 | | Basic Earnings Per Share (RMB) | 0.10 | 0.07 | - For the six months ended June 30, 2025 and 2024, the diluted earnings per share presented are the same as the basic earnings per share, as there were no potential dilutive ordinary shares[89] 10. Trade Receivables As of June 30, 2025, total trade receivables were RMB 36,359 thousand, a decrease from December 31, 2024, with most receivables settled within 3 months Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 34,244 | 36,785 | | 3 to 6 months | 1,132 | 1,682 | | 6 months to 1 year | 345 | 762 | | 1 to 2 years | 708 | 4 | | Total | 36,429 | 39,233 | | Less: Impairment Provision | (70) | (35) | | Net | 36,359 | 39,198 | 11. Short-term Investments Measured at Fair Value Through Profit or Loss As of June 30, 2025, the balance of short-term financial assets measured at fair value through profit or loss was RMB 1,280,943 thousand, an increase from the beginning of the period due to additions and fair value gains Changes in Short-term Investments Measured at Fair Value Through Profit or Loss | Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Financial Assets at Beginning of Period | 1,146,208 | 988,852 | | Additions | 171,358 | 387,762 | | Fair Value Changes | 44,320 | 42,148 | | Redemptions | (76,254) | (328,243) | | Exchange Differences on Translation | (4,689) | 5,832 | | At End of Period | 1,280,943 | 1,096,351 | 12. Share Capital and Share Premium As of June 30, 2025, issued shares totaled 691,331 thousand, with a par value of USD 7 thousand and share premium of RMB 5,117,821 thousand, unchanged from December 31, 2024 Share Capital and Share Premium | Category | Number of Shares (thousands) | Par Value of Shares (USD thousands) | Equivalent Par Value of Shares (RMB thousands) | Share Premium (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Authorized as of December 31, 2024 and June 30, 2025 | 5,000,000 | 50 | – | Not applicable | | Issued as of December 31, 2024 and June 30, 2025 | 691,331 | 7 | 44 | 5,117,821 | 13. Trade Payables As of June 30, 2025, total trade payables were RMB 27,041 thousand, an increase from December 31, 2024, with most settled within 3 months Trade Payables Ageing Analysis | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 14,880 | 19,896 | | Over 3 months | 12,161 | 5,267 | | Total | 27,041 | 25,163 | Other Information This section covers interim dividends, securities transactions, post-reporting period events, use of IPO proceeds, and corporate governance compliance Interim Dividend The Board of Directors has resolved not to recommend an interim dividend for the six months ended June 30, 2025 - The Board has resolved not to recommend an interim dividend for the six months ended June 30, 2025[95] Purchase, Sale or Redemption of the Company’s Listed Securities Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period, and no treasury shares were held - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[96] Events After the Reporting Period No significant events occurred after June 30, 2025, up to the date of this announcement - No significant events occurred after June 30, 2025, and up to the date of this announcement[97] Use of Net Proceeds from Listing Net proceeds from the global offering were approximately HKD 925.8 million, with HKD 901.2 million utilized by June 30, 2025, primarily for expanding the game portfolio, overseas market expansion, strengthening China mobile game market capabilities, and strategic investments Planned and Actual Use of Net Proceeds from Global Offering | Use of Proceeds | Planned Net Proceeds (HKD millions) | Amount Utilized as of June 30, 2025 (HKD millions) | Unutilized Amount (HKD millions) | Expected Timeline for Full Utilization | | :--- | :--- | :--- | :--- | :--- | | Expand game portfolio and invest in R&D | 324.0 | 318.9 | 5.1 | Before December 2025 | | Expand overseas market business | 231.4 | 231.4 | – | Not applicable | | Strengthen China mobile game market publishing and operating capabilities | 138.9 | 119.5 | 19.4 | Before December 2026 | | Strategic investments and acquisitions in the mobile game industry value chain | 138.9 | 138.9 | – | Not applicable | | Working capital and general corporate purposes | 92.6 | 92.6 | – | Not applicable | | Total | 925.8 | 901.2 | 24.6 | | Compliance with Corporate Governance Code The Board believes the company complied with all code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules during the reporting period - The Board believes that the Company has complied with all code provisions set out in Part 2 of the Corporate Governance Code during the reporting period[100] Compliance with the Model Code for Securities Transactions by Directors The company adopted the Model Code in Appendix C3 of the Listing Rules, and all directors confirmed compliance during the reporting period - The Company has adopted the Model Code set out in Appendix C3 of the Listing Rules, and all Directors confirmed compliance with the Model Code during the reporting period[101] Audit Committee The Audit Committee, comprising three independent non-executive directors, reviewed the unaudited interim financial information for the six months ended June 30, 2025, and discussed accounting principles, internal controls, and financial reporting with management - The Audit Committee, composed of three independent non-executive directors, has reviewed the Group's unaudited interim financial information for the six months ended June 30, 2025[102] Scope of Work of BDO Limited BDO Limited, the Group's auditor, reviewed the unaudited interim financial information and related notes for the six months ended June 30, 2025, contained in this announcement - BDO Limited, the Group's auditor, has reviewed the Group's unaudited interim financial information for the six months ended June 30, 2025, contained in this announcement[103] Publication of Interim Results Announcement and Interim Report This announcement has been published on the HKEX and company websites, and the interim report for the six months ended June 30, 2025, will be published in due course - This announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.qcplay.com)[104](index=104&type=chunk) Definitions This section provides definitions for key terms used throughout the report Acknowledgements The Board of Directors extends sincere gratitude to shareholders, business partners, and all employees - The Board of Directors extends its sincere gratitude to shareholders, business partners, and employees[108]