中手游：战略调整显韧性，“海外+小游戏”双动力破局

Core Viewpoint - The financial report of Zhongshou (stock code: 0302.HK) for the first half of 2025 indicates a significant revenue of RMB 763 million but an adjusted net loss of RMB 638 million, primarily due to high marketing expenses for new strategic products and one-time restructuring costs [1] Group 1: Financial Performance - The company reported a revenue of RMB 763 million for the first half of 2025, with an adjusted net loss of RMB 638 million [1] - The loss is attributed to high marketing costs for new products launched in early 2025 and one-time expenses related to restructuring [1] - Operating cash flow turned positive at RMB 108 million, laying a foundation for performance recovery in the second half of the year [1] Group 2: Overseas Business Growth - Overseas business revenue reached RMB 235 million, a year-on-year increase of 33.2%, accounting for 30.8% of total revenue, marking a significant growth driver for the company [2] - Successful launches of games like "斗破苍穹：無雙" and "斗罗大陆：史莱克学院" in various regions have demonstrated strong market appeal [2][3] - The company has a robust pipeline for overseas products, including titles set to launch in Southeast Asia and Korea, indicating sustained growth potential [3] Group 3: Mini Game Sector - The mini game segment has shown impressive performance, with the market experiencing a 40.2% year-on-year growth, reaching a sales revenue of RMB 23.276 billion in the first half of 2025 [4] - The game "春秋玄奇" achieved over RMB 100 million in revenue within three months of launch, highlighting the company's competitive edge in this sector [4] - Upcoming mini games are expected to further enhance user engagement and revenue generation [4] Group 4: Web3 Initiatives - The company is actively exploring Web3 opportunities, including the on-chain plan for the "仙剑奇侠传" IP and the development of a decentralized esports platform [5] - Strategic partnerships with industry leaders signal a commitment to leveraging Web3 technologies for future growth [5] - The focus remains on optimizing product structure and deepening IP operations while exploring cutting-edge technologies [5]