创梦天地(01119) - 2025 - 中期财报

Company Information Company Overview iDreamSky Technology Holdings Limited (Stock Code: 1119), registered in the Cayman Islands, primarily engages in game development and operations, maintaining stable board and committee structures, legal counsel, auditor, registered office, headquarters, and principal place of business in Hong Kong during the reporting period - Company Name: iDreamSky Technology Holdings Limited (創夢天地科技控股有限公司)[1] - Stock Code: 1119[1] - Registered Place: Cayman Islands[1] - Main Business: Game development and operations[109] - Chairman and CEO: Mr. Chen Xiangyu[5] - Auditor: PricewaterhouseCoopers[5] - Headquarters: 16th Floor, Unit 3, Block A, Kexing Science Park, No. 15 Keyuan Road, Nanshan District, Shenzhen, Guangdong, China[7] - Listing Date: December 6, 2018[7] Financial Highlights Financial Performance Overview For the six months ended June 30, 2025, the Company's revenue decreased by 18.9% year-on-year to 685,798 thousand RMB, but achieved a turnaround to a profit of 32,952 thousand RMB from a loss of 109,279 thousand RMB in the prior period, with adjusted profit for the period significantly increasing to 95,139 thousand RMB 2025 First Half Key Financial Data (Unaudited) | Indicator | 2025 (thousand RMB) | 2024 (thousand RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 685,798 | 845,223 | -18.9% | | Gross Profit | 289,488 | 291,786 | -0.8% | | Profit/(Loss) Before Income Tax | 34,741 | (107,393) | Turned Loss into Profit | | Profit/(Loss) for the Period | 32,952 | (109,279) | Turned Loss into Profit | | Adjusted Profit for the Period | 95,139 | 3,297 | +2785.0% | Chairman's Report Overall Performance and Strategy In the first half of 2025, the Company focused on its core game business, driven by a "self-developed + overseas premium publishing" strategy, achieving a net profit turnaround and continuously enhancing operational quality and user value - Strategic Focus: Continuously focusing on the core game business, centered around the "self-developed + overseas premium publishing" dual-drive strategy[10] - Performance Highlights: Achieved a net profit turnaround, with dual improvements in operational quality and user value[10] Overseas Premium Game Publishing Business Overseas premium game publishing forms the Company's fundamental game business, with classic titles like "Subway Surfers," "Gardenscapes," and "Homescapes" maintaining steady growth through refined operations and IP collaborations, while new games like "Rush Royale," "Hole.io," and "Phantom Spirit War" offer rich reserves for future growth - Business Model: Over 10 years of experience in overseas premium game publishing, forming the Company's fundamental game business[11] - "Subway Surfers": Remains strong in its 13th year, introducing randomly generated maps and "Super Endless" mode, with a paying ratio increase of nearly 30% compared to 2024[11] - "Gardenscapes" and "Homescapes": Achieved steady growth, launching 6 versions and collaborating with multiple IPs in the first half, with Average Revenue Per Daily Active User (ARPDAU) increasing by over 9% year-on-year[12] - "War Robots": Demonstrated strong vitality and community engagement in 2025, with the "Sky Sword" version, a collaboration with the "Father of Gundam," achieving a record-high Average Revenue Per Daily Active User (ARPDAU) on its launch day, and the Fanbook community user base increasing by over 36.6% compared to the end of 2024[12] - New Game Reserves: "Rush Royale" generated nearly 300 million USD in overseas gross billing, with global downloads exceeding 80 million; "Hole.io" overseas gross billing surpassed 70 million USD; "Phantom Spirit War" supports UGC content[13] Self-Developed Business The self-developed PC version of "Calabiyau" saw its MAU increase by 9.9%, gross billing grow by 74.8%, and paying ratio and Average Revenue Per Monthly Active User (ARPMAU) rise by 23.2% and 59.0% respectively, through content optimization and commercialization adjustments; the mobile version completed three rounds of testing and is expected to launch within the year, while "Delta Force," co-developed with Tencent, has globally launched on PC and mobile, with its Daily Active User (DAU) scale exceeding 20 million in July - "Calabiyau" PC version: MAU increased by 9.9%, gross billing grew by 74.8%, paying ratio improved by 23.2%, and Average Revenue Per Monthly Active User (ARPMAU) rose by 59.0%[14] - "Calabiyau" Carnival: Successfully hosted a national university competition, attracting nearly 5,000 players, with peak online live viewership exceeding 1 million[14] - "Calabiyau" Mobile version: Completed three key tests, expected to launch domestically in 2025, with self-propagated new users accounting for 46.5% of total new users during testing[16] - "Delta Force": Co-developed with Tencent, globally launched on PC and mobile, with Daily Active User (DAU) scale exceeding 20 million in July, ranking among the top five in domestic Daily Active User (DAU) scale and top three in game gross billing[16] AI Capabilities Fully Integrated into R&D and Operations The Company is fully advancing the application of AI technology in R&D processes, user services, and gaming experiences, with AI code assistants developed in collaboration with Tencent Cloud improving R&D efficiency by over 30%, a self-developed AI code review platform enhancing code quality, the "Fengsheng" global AI user voice listening platform boosting operational efficiency and "Calabiyau" Steam positive review rate by 24%, and an AI customer service system achieving a 75% self-resolution rate and a 40% reduction in manual intervention - R&D Process: AI code assistants, in collaboration with Tencent Cloud, cover all technical development roles, improving overall R&D efficiency by over 30%[18] - Code Quality: A self-developed AI code review platform has been launched, enhancing code quality and game product quality[18] - User Services: The self-developed "Fengsheng" global AI user voice listening platform improves strategy response and operational iteration efficiency, boosting "Calabiyau" Steam positive review rate by 24% and KOL engagement efficiency by over 30%[18] - AI Customer Service: Covers multiple platforms and languages, co-building a knowledge base with Alibaba Tongyi, achieving a 75% self-resolution rate for high-frequency issues, a 40% reduction in manual intervention, and 93% accuracy[18] Practicing Corporate Responsibility, Exploring "Games + Public Welfare" New Model The Company fulfills its corporate responsibility through a "Games + Public Welfare" model, exemplified by "Subway Surfers" launching a "Shenzhen 45th Anniversary" special edition to promote urban culture and tourism, and "Calabiyau" incorporating traditional Chinese cultural elements like shadow play art and the Chinese zodiac; the Company was again recognized as a "National Key Cultural Export Enterprise" in 2025 and actively participates in the "Pomegranate Seed Program" and "Green and Beautiful Guangdong Ecological Construction" - Cultural Promotion: "Subway Surfers" launched a "Shenzhen 45th Anniversary" special edition, contributing to cultural tourism integration and urban image building[20] - Integration of Traditional Culture: "Calabiyau" incorporates traditional cultural elements such as shadow play art, the Chinese zodiac, and traditional Chinese attire[20] - Accolades: Re-awarded "National Key Cultural Export Enterprise" in 2025[20] - Philanthropic Engagement: Collaborated with China Audio-Video and Digital Publishing Association to promote the "Pomegranate Seed Program," supporting the growth of youth in border and ethnic regions; participated in the "Green and Beautiful Guangdong Ecological Construction"[20] Conclusion The Chairman emphasized the Company's continued commitment to users, strengthening foundations, and persistent innovation, aiming to reward users with quality content and shareholders with long-term value, collectively creating a better future - Core Philosophy: Rooting in users, strengthening foundations, and persistent innovation are the sole paths for enterprises to navigate cycles and achieve value leaps[22] - Future Commitment: To reward users with quality content and shareholders with long-term value[22] Management Discussion and Analysis [Overall Financial Performance](index=10&type=section&id=