QINGCI GAMES(HK:06633) Ge Long Hui·2025-08-28 07:23Industry Overview - The gaming industry is experiencing a continuous release of policy benefits, with a record high of 166 domestic game licenses issued in August, totaling 1,050 licenses in the first eight months of the year, significantly higher than 850 in the same period last year [1] - The domestic gaming market reached a scale of 29.084 billion yuan in July, showing a year-on-year growth of 4.62%, with mobile and client games growing by 0.92% and 16.56% respectively, indicating a healthy long-term development trend [1] Company Performance - Qingci Games reported a revenue of 247 million yuan in the first half of 2025, with a gross profit of approximately 154 million yuan and a net profit of 72.665 million yuan, marking a year-on-year increase of 90.2% [1] - As of June 30, 2025, Qingci Games had over 100 million registered players, with the "Qingci Iron Fans" community growing to 16.2036 million, a year-on-year increase of 8.22% [3] - The average revenue per paying user (ARPPU) reached 289.79 yuan, up 5.26% year-on-year, reflecting effective commercial value conversion [3] Key Products and Innovations - The flagship product, "The Strongest Snail," celebrated its fifth anniversary, achieving cumulative revenue of over 3.786 billion yuan and 29.4 million registered players, showcasing its long-term operational potential [4] - Recent updates to "The Strongest Snail," including new character "Gua Gua" and the ninth country "Persia," have successfully activated player community engagement and increased ARPPU from approximately 200 yuan to nearly 300 yuan during the anniversary period, a growth of about 50% [6] - The classic game "Unusual Maze" has also shown resilience, with over 25 million registered players and a successful free-to-play version launched on Steam, which quickly attracted new players and reached the sixth position on the global free game chart [8] Strategic Development - Qingci Games is expanding its product matrix and global layout, with new titles like "Tingus Goose" planned for Steam, targeting the rising demand for lightweight entertainment [10][12] - The self-developed project "Project E" aims to differentiate itself in the SLG market by incorporating exploration and resource management elements, currently undergoing targeted testing with positive feedback from players [13] - The company is also preparing to launch "The Strongest Snail" in South Korea and "Cardcaptor Sakura: Memory Key" in Vietnam and Japan, aligning product features with regional market demands to mitigate expansion risks [15] Market Sentiment - The gaming sector is gaining significant attention from capital markets, with public funds heavily investing in the gaming segment, which accounted for 215.03 billion yuan in heavy positions, representing 59.17% of the media sub-sector [17] - The positive correlation between capital market interest and Qingci Games' improved fundamentals reflects the company's ability to meet user demands through content innovation and active user engagement [19]