Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 2.518 billion yuan, a year-on-year increase of 28.49%, and net profit of 645 million yuan, up 24.50% [1][3]. Product Performance - Revenue and profit from existing titles such as "One Thought of Immortality," "Questioning the Way Mobile," and "Questioning the Way PC" saw slight declines year-on-year, while new releases like "Sword of the Immortal" and "Staff Sword Legend" contributed positively to revenue and profit [3][6]. - "Sword of the Immortal" has surpassed 3 million registered users, and "Staff Sword Legend" reached the Top 10 on the iOS bestseller list in China, with plans for expansion into Hong Kong, Macau, Taiwan, and Japan [5][6]. Financial Highlights - The total revenue for "Staff Sword Legend" in the Chinese market reached 424 million yuan since its launch on May 29, indicating a potential monthly revenue exceeding 400 million yuan [6]. - The company has distributed a total of 6.489 billion yuan in dividends since its listing, which is 7.21 times its net financing amount [9]. Future Product Strategy - The company plans to launch "Sword of the Immortal" in Hong Kong, Macau, and South Korea in the second half of the year, while the release date for the Three Kingdoms-themed SLG "Nine Muses of the Wild" is still uncertain [7]. - The company emphasizes that product development will continue to be driven by the passion of the creators, rather than being strictly limited to specific genres [19]. Market Positioning - The company believes the gaming industry has not fully returned to a booming cycle but has stabilized after rapid growth, and it aims to build competitive advantages by understanding user needs and preferences [20][21]. - The gaming industry is characterized by its creative nature, where the success of one company can contribute to the overall growth of the market, unlike traditional industries where competition is more zero-sum [20].