12月18日，由中国音像与数字出版协会、上海市徐汇区人民政府主办，被誉为中国游戏界"第九艺术封 神榜"的2025游戏十强年度榜盛典在上海举办。凭借在过去一年出海布局与产品创新领域的优异表现， 世纪华通斩获"2025年度游戏十强优秀'走出去'游戏企业"，旗下爆款产品《无尽冬日》获评"2025年度游 戏十强优秀移动游戏"。此外，盛趣游戏获"2025年度游戏十强优秀游戏运营企业提名"。 《无尽冬日》获评"2025年度游戏十强优秀移动游戏" 比如此次获得"2025年度游戏十强优秀移动游戏"的《无尽冬日》，是世纪华通旗下点点互动于去年4月 在国内市场推出的冰雪题材SLG游戏，产品上线后长期稳居iOS畅销榜TOP3，不仅成为极具人气和良好 口碑的SLG标杆作品，还不断以创新的营销和运营方式打造出独特的IP文化圈。 盛趣游戏获"2025年度游戏十强优秀游戏运营企业提名" 双奖加身，既是对世纪华通全球化战略发展的认可，也印证了公司产品研发实力的市场领先地位。未 来，世纪华通将持续深化全球化布局，依托产品与发行策略的协同落地，稳步扩大全球市场份额。【编 辑:刘阳禾】 世纪华通斩获"2025年度游戏十强优秀'走出去'游戏企业"奖 ...

12月18日晚，由中国音像与数字出版协会、上海市徐汇区人民政府主办，被誉为中国游戏界"第九艺术 封神榜"的2025游戏十强年度榜盛典在上海举办。凭借在过去一年出海布局与产品创新领域的优异表 现，世纪华通斩获"2025年度游戏十强优秀'走出去'游戏企业"，旗下爆款产品《无尽冬日》获评"2025年 度游戏十强优秀移动游戏"。此外，盛趣游戏获"2025年度游戏十强优秀游戏运营企业提名"。 世纪华通斩获"2025年度游戏十强优秀'走出去'游戏企业"奖 "游戏十强年度榜"是中国游戏产业最具代表性、影响力与公信力的行业殊荣，其"优秀'走出去'游戏企 业"奖项聚焦企业全球化运营能力、海外市场贡献与国际品牌影响力。世纪华通此次当选，源于公司持 续深耕全球市场的战略方向与实践成果。 作为A股游戏板块龙头企业，世纪华通已构建起覆盖全球200多个国家和地区的发行网络，海外业务收 入占比持续攀升，2024年出海收入达113.68亿元，超过国内市场；2025年上半年境外收入进一步增至 89.58亿元，持续领跑游戏企业出海阵营。旗下负责海外业务的Century Games，凭借成熟的全球化运营 能力，成为企业"走出去"的核心引擎。根据1 ...

Core Insights - The core viewpoint of the article highlights the financial performance and strategic direction of Kaiying Network, emphasizing its growth in revenue and profit, as well as its focus on future business development [1] Financial Performance - For the first three quarters of 2025, Kaiying Network reported revenue of 4.075 billion yuan, representing a year-on-year increase of 3.75% [1] - The net profit attributable to shareholders reached 1.583 billion yuan, showing a year-on-year growth of 23.70% [1] - The overseas business revenue saw a significant increase of 59.57% in the first half of the year, indicating strong performance in international markets [1] Strategic Focus - In 2026, Kaiying Network plans to concentrate on four major business systems: enhancing the industrialization system in R&D, strengthening global layout in publishing, deepening multi-category reserves through investment and IP, and creating a one-stop service centered around the 996 Legend Box in platform business [1] - The company aims to integrate its self-developed "Xingyi" and "Zhimeng" large models into the R&D pipeline, incubate the SOON platform, and drive a transformation in game production methods [1] - The overarching goal is to become a globally influential leader in the internet cultural industry [1]

Core Insights - The company reported a revenue decline of 18.9% in the first half of 2025, totaling 686 million yuan, but achieved a net profit of 32.95 million yuan, marking a turnaround from losses [1] - Operating cash flow showed a significant increase of 71.2%, reaching 57.86 million yuan, indicating improved cash management [1] - The company's strategic transformation over the past five years is reflected in its financial performance, with a focus on enhancing player experience over maximizing advertising revenue [1][2] Financial Performance - Revenue decreased primarily due to the lifecycle stage of the game "Honor All-Stars" and a deliberate reduction in advertising slots [1] - Cost control measures and improved profit margins from new products contributed to the profit increase [1] - Sales and marketing expenses rose by 39.4% to 108.4 million yuan, driven by increased promotion for "Kara Bichu" and new game launches [1][2] Product Development - R&D expenses fell by 68.2% to 48.7 million yuan, attributed to the completion of "Kara Bichu" development and enhanced efficiency from AI technology [2] - "Kara Bichu" saw a 9.9% increase in monthly active users and a 74.8% increase in revenue, with significant improvements in payment rates [2] - The game’s unique positioning in the market, combining "anime" and "shooting" elements, has created a competitive edge [2] Market Strategy - The company is focusing on expanding into the Middle East, establishing a regional headquarters in Riyadh and forming partnerships with local gaming platforms [3] - "Kara Bichu" was included in the Saudi Esports World Cup, enhancing its global visibility [3] - The international launch of the PC version has attracted a loyal user base in Japan and the West, maintaining a strong presence on Steam [3] Challenges and Future Outlook - Despite current successes, the company faces challenges in the mobile gaming market, where competition is fierce [3] - There are concerns regarding user retention and content updates, as evidenced by a significant drop in online player numbers [3] - The management acknowledges the risks associated with strategic adjustments and is optimistic about the upcoming mobile version launch, which is expected to drive new growth [3][4] Industry Trends - The performance of "Kara Bichu" will be crucial in determining the company's ability to navigate its transformation phase [4] - The gaming industry is shifting towards a focus on quality, efficiency, and globalization, moving away from previous growth models [4] - The transition from PC to mobile gaming typically expands the user base, attracting non-traditional players [4]

Industry 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]

Core Viewpoint - Company Dreamland Technology (创梦天地) successfully raised approximately HKD 72 million by placing around 100 million shares at HKD 0.72 per share, with funds primarily allocated for the global multi-platform development and release of its self-developed game "Kara Bichu" [1][2] Group 1: Financing and Development - The funds raised will accelerate the development and launch of the mobile and console versions of "Kara Bichu," aiming for a global release by the second half of 2025 [1][2] - The company has a strong focus on its gaming business, continuously introducing overseas premium games while actively advancing its self-developed games [1][2] - The financing is expected to inject strong momentum into the company's performance in the second half of the year, coinciding with a period of intensive product launches [1][2] Group 2: Market Position and Growth - Dreamland Technology has been operating in the overseas premium game distribution sector for 15 years, successfully managing long-lifecycle products like "Subway Surfers" and "Garden of Dreams" [1] - The company plans to release 2-3 overseas premium games annually in China, with several titles, including "Chong Chong Qibing" and "He Le Ge Hua Yuan," set to launch in the second half of 2025 [1] - The release of "Kara Bichu" on PC in November 2024 has validated its core competitiveness and user engagement, with a 50% increase in daily active users (DAU) following the introduction of a new gameplay mode [2] Group 3: Investor Confidence - The successful placement reflects market recognition of Dreamland Technology's long-term value and provides funding assurance for R&D and new product launches in the second half of the year [2] - The management believes that the multi-platform launch of "Kara Bichu" and the concentrated release of overseas premium games will likely lead to an accelerated performance release, further solidifying the company's global competitiveness [2]

Group 1 - The company reported a revenue of approximately 628 million yuan and a gross profit of about 363 million yuan for the year 2024, achieving a profit attributable to equity holders of 51.12 million yuan, marking a turnaround from loss to profit year-on-year [1] - As of December 31, 2024, the company had a total of 98.28 million registered players, an increase of 11.24% year-on-year, with monthly active users averaging around 2.36 million and monthly paying users approximately 227,800; the ARPPU reached 265 yuan [1] Group 2 - The company continues to iterate on its self-developed games, with its flagship game "The Strongest Snail" achieving high rankings in free and best-selling game charts in multiple overseas markets, generating cumulative revenue of approximately 3.629 billion yuan from both domestic and international markets as of December 31, 2024 [2] - The company is actively developing its self-researched game "Project E," which is an innovative SLG game expected to enhance content and gameplay in 2025 [2] - The company has improved its long-term operational capabilities in game publishing, with overseas revenue growing from 28.47% to 43.93% year-on-year, indicating a significant enhancement in global publishing strength [2] - The company is steadily strengthening its core competitiveness in research and operations, promoting the globalization of its game products and further expanding its overseas market presence [2]