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Core Insights - The domestic gaming industry and user base experienced steady growth in 2025, with over 80,000 gaming companies established, marking an increase from over 50,000 in 2024 and over 60,000 in 2023 [1] - A wave of entrepreneurship is emerging in the gaming sector, with notable industry figures leaving established companies to start their own ventures [1][2] - Despite a competitive market, opportunities remain for new companies due to an influx of talented individuals and market openings created by larger firms focusing on leading projects [1] Company Developments - Guangzhou Fenglan Games, founded in January last year, has nearly 100 employees and is developing a hardcore space-themed SLG titled "Code: Space," set for its first test in March [2] - Chengdu Xiaozhiyou, founded by Chen Shaohao, has over 300 team members and is working on a UE5-based open-world action game, with significant past revenue from previous projects exceeding 30 billion [4] - Shanghai Mengshang Technology, founded by former MiHoYo technical director He Jia, focuses on AI gaming and has secured funding [7] - Guangzhou Jiezhi Information, co-founded by former NetEase executive Jin Tao, has received IP authorization for "Onmyoji" and is developing a project similar to a previously unapproved title [7] Trends in Entrepreneurship - Many former industry leaders are launching startups, often securing funding before product launches, indicating a strong demand for quality content providers [2][7] - Companies are increasingly exploring new directions such as AI-driven content and interactive gaming experiences, with several startups focusing on these emerging trends [13][15] - The SLG genre continues to attract attention, with global strategy mobile game revenue increasing by 20% year-on-year, prompting more companies to enter this space [20][22] Market Dynamics - The gaming industry remains volatile, yet this environment has created entrepreneurial opportunities for many professionals [26] - New companies are often targeting lighter, hybrid gameplay experiences, reflecting a shift in consumer preferences [20][22] - The rise of AI and interactive gaming is drawing interest from outside the traditional gaming sector, leading to innovative projects and collaborations [13][15]

Core Viewpoint - Playgon Games Inc. has signed a strategic Memorandum of Understanding (MOU) with Digital Nation Entertainment (DNE) to co-develop AI Dealer technology for live gaming, marking a significant shift from traditional human-hosted dealer studios to AI-driven digital hosts [1][2][5] Group 1: Partnership Details - The MOU allows Playgon to form a wholly owned subsidiary, NewCo, to develop the AI Dealer technology under a revenue-sharing agreement based on net gaming revenue with DNE [3] - Playgon is committed to investing $1 million USD in the project, with funding expected through an increased secured credit facility [3] - The partnership is exclusive for an initial five-year term, with options for renewal, and both companies will contribute their intellectual property to accelerate development [3][4] Group 2: Technology and Development - The collaboration aims to create the world's first AI Dealer experience, providing lifelike, emotionally intelligent gameplay available 24/7 in over 30 languages [6][7] - DNE's technology will enable lifelike dealer behavior, including natural speech and emotional responsiveness, enhancing the player experience [5][9] - The AI Dealer technology will integrate seamlessly into Playgon's existing platform, requiring no changes to current APIs or player flows [9] Group 3: Market Impact and Future Plans - The partnership is expected to transform the live gaming experience by offering intelligent digital dealers capable of hosting multiple games simultaneously [8] - Playgon targets a market-ready launch of the AI Dealer technology by Q2 2026, pending standard approvals and commercial readiness [10]

Core Insights - HP Inc. has launched the next evolution of its OMEN and HyperX gaming ecosystem, focusing on AI integration and enhanced performance for gamers and creators [2][3] - The new lineup includes the OMEN MAX 45L desktop and HyperX's personalized audio products, addressing gamers' demands for high FPS and customization options [3][4] Product Innovations - The OMEN MAX 45L features patented CRYO CHAMBER™ cooling technology, achieving a 7.5°C reduction in CPU temperatures under full load compared to traditional models [6][7] - OMEN AI, a one-click performance optimization tool, now supports popular games like Valorant and Fortnite, enhancing real-time performance and thermal management [11][6] - The HyperX Cloud Alpha 2 headset offers double the battery life of competitors, with up to 250 hours of usage in 2.4GHz mode, and includes a reprogrammable RGB Base Station [6][20] Market Trends - 85% of gamers prioritize high FPS, while 76% prefer brands that offer personalized options, indicating a strong market demand for customizable gaming gear [3][12] - The gaming industry is increasingly focused on performance optimization and personalization, with 96% of gamers emphasizing the importance of maximizing performance [4][12] Strategic Partnerships - HP's collaboration with Riot Games continues, with the OMEN 35L Stealth Edition being the official PC for League of Legends Esports and VALORANT Champions Tour [9][10] - This partnership highlights HP's commitment to providing high-performance hardware for competitive gaming events [10][9] Pricing and Availability - The OMEN MAX 45L is expected to be available in December, with pricing to be announced later [23] - The OMEN 35L and its Stealth Edition will be available in October, starting at $1,499.99, while the HyperX Cloud Alpha 2 headset will retail for $299.99 [23]

Financial Data and Key Metrics Changes - Total net revenues for Q2 reached approximately RMB 1,570 million, showing an increase both year over year and quarter over quarter [20][21] - Live streaming revenues stabilized with a slight sequential increase to RMB 1,150 million, while game-related services, advertising, and other revenues grew to RMB 414 million, accounting for 26.4% of total net revenues [20][22] - Non-GAAP net income was RMB 48 million, marking the sixth consecutive profitable quarter [21][26] Business Line Data and Key Metrics Changes - Game-related services, advertising, and other revenues increased by 34.1% year over year, reflecting strong demand and deepened cooperation with Tencent and other gaming companies [20][22][55] - Gross billing from game-related services increased by 90% year over year, indicating significant growth potential in this segment [9][12] Market Data and Key Metrics Changes - The number of domestic paying users remained flat at 4.4 million, excluding those who made in-game purchases through game distribution [20] - The company reached tens of millions of monthly active users internationally, indicating growth in overseas markets [16][44] Company Strategy and Development Direction - The company aims to deepen its engagement in the gaming industry, strengthen collaborations with industry partners, and expand its business boundaries [18] - A focus on AI initiatives is evident, with plans to enhance user experience through AI-powered features and services [17][50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory of total net revenues, driven by strong growth in game-related services and advertising [55] - The company expects live streaming revenues to remain steady while game-related services will be the main driver for future growth [55] Other Important Information - The company repurchased 22.8 million shares for a total consideration of USD 75.4 million as part of its share repurchase program [27] - Special cash dividends of approximately USD 340 million were distributed during the second quarter [28] Q&A Session Summary Question: Updates on game-related services business - Management highlighted the expansion of collaborations with game companies, increasing the portfolio of jointly distributed games to over 300 titles, and a 90% year-over-year increase in game-related services [31][34] Question: Details on the Delta Force event - The inaugural Delta Force Diamond Champions showcased advanced streaming technology and offered viewers a chance to win in-game items, enhancing the overall experience [38][40] Question: Progress on overseas operations - The company is reaching tens of millions of monthly active users internationally and is well-positioned to capture opportunities in the growing overseas game-related services market [42][44] Question: Future plans on AI development - AI is becoming embedded in operations, with initiatives like the AI agent Hu Xiaoai enhancing user experience during esports streams and the Huya I Superbot providing virtual sparring and emotional companionship [48][50] Question: Overall trend of live streaming business and revenue expectations - Live streaming revenue is expected to remain stable, while game-related services are anticipated to drive overall revenue growth in the second half of the year [53][55]

As filed with the Securities and Exchange Committee on July 3, 2025 Registration No. 333-287306 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 3 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 –––––––––––––––––––––––––––––––––––––– CTW Cayman (Exact name of registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) | Cayman Islands | 7374 | Not Applicable | | --- | --- | --- | | (State or other jurisdictio ...

As filed with the Securities and Exchange Committee on June 26, 2025 Registration No. 333-287306 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 –––––––––––––––––––––––––––––––––––––– CTW Cayman (Exact name of registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) | Cayman Islands | 7374 | Not Applicable | | --- | --- | --- | | (State or other jurisdicti ...

Core Insights - The AI experience revolution in the gaming industry is currently limited by the capabilities of foundational models [1][3] - AI is becoming an indispensable part of game development, enhancing both productivity and user experience [1] - The industry is facing challenges in achieving long-term memory and reasoning capabilities in AI-driven NPCs [3] Group 1: AI Integration in Gaming - AI is no longer a novelty in game development but a crucial component that drives cost reduction and efficiency [1] - AI is being used to reconstruct game mechanics and narratives, allowing for dynamic interactions with NPCs [1] - The future of gaming relies on AI not just for cost savings but for enhancing creativity and user engagement [1] Group 2: Technical Limitations - Current foundational models have not reached a critical point in capabilities, particularly in reasoning and memory retention [3] - There is a lack of effective solutions for knowledge storage and multi-step reasoning in AI applications within gaming [3] - The generality and controllability of large models are still inadequate for creating satisfactory interactive experiences [3] Group 3: Industry Initiatives - Developers and entrepreneurs are encouraged to experiment with models early to understand their capabilities and limitations [4] - An example of innovation is the experimental AI game "Whispers From The Star," which allows real-time multi-modal interactions with AI characters [4] - The industry is in the early stages of exploring AI-driven gaming, with significant advancements expected as model technology evolves [4]