ARCHOSAUR GAMES(HK:09990) Zhi Tong Cai Jing·2025-03-24 08:58Core Viewpoint - Zulong Entertainment has achieved steady revenue growth and high-quality development driven by innovative products and a strong focus on premium game offerings [1][10]. Financial Performance - In 2024, Zulong Entertainment reported revenues of 1.141 billion RMB, a year-on-year increase of 25.6%, with gross profit reaching 826 million RMB, up 27% [1][2]. - The comprehensive game publishing and operation business generated 1.035 billion RMB, representing a significant growth of 45.9% year-on-year, accounting for 90.7% of total revenue, an increase of 12.6 percentage points [2]. Product Success - The company launched 23 premium mobile games, achieving over 200 million cumulative registered users globally and total revenue exceeding 22 billion RMB [3][4]. - "In the Name of Shining" has over 20 million registered users and has consistently ranked in the top ten of the iOS game sales charts in mainland China [4]. - "Dragon Tribe: Cassel's Gate" topped the iOS free game chart shortly after its launch, generating over 100 million RMB in its first month [5][6]. Strategic Initiatives - Zulong Entertainment's "Research and Operation Integration" strategy has enhanced its R&D conversion rate and optimized its business structure [1][7]. - The company invested 532 million RMB in R&D in 2024, employing 1,083 full-time staff, with approximately 77.65% in R&D roles [7][8]. Future Outlook - The company plans to launch eight different types of games from 2025 to 2027, including "Treading the Wind" and a project code-named "Xiaoyao," which are expected to contribute to future revenue growth [12][13]. - Zulong Entertainment's cash and cash equivalents totaled 1.139 billion RMB as of December 31, 2024, providing solid financial support for long-term operations [10].