Core Viewpoint - The company, Fuchun Co., focuses on "digital culture + communication information" as its main business, emphasizing its role in cross-strait cooperation and communication [1] Group 1: Business Operations - In the digital culture sector, the company is primarily engaged in the research and development, publishing, and operation of mobile games, as well as IP operation [1] - In the communication information sector, the company serves clients including telecom operators, government entities, schools, and meteorological organizations, providing services such as wired and wireless communication, data exchange, and network planning design [1] Group 2: Future Outlook - The company plans to continue monitoring national policy guidance and actively explore opportunities for cooperation and communication across the Taiwan Strait, aligning with its operational realities [1]

来源：四大新鲜事儿 （来源：四大新鲜事儿） 01 普华永道告辞 公司实控人涉跨国洗钱大案 港股上市公司FSM HOLDINGS（01721.HK）于2025年11月7日发布了《核数师辞任》公告。公告显 示，董事会宣布，罗兵咸永道会计师事务所已辞任公司核数师职务，自二零二五年十一月七日起生效。 此乃由于美国财政部外国资产控制办公室指定该公司前执行董事兼控股股东Li Thet先生（「股东」）涉 嫌参与太子集团跨国犯罪组织的网络诈骗及洗钱活动而遭外国资产控制办公室于二零二五年十月十四日 实施制裁，此项指定与罗兵咸永道的道德责任及客户持续服务政策产生冲突，故罗兵咸永道认为继续与 公司保持合作关系并不恰当，无法继续担任公司核数师职务。 详细如下： 02 涉案董事已辞任 根据该公司2024年年度报告披露，该公司2024年度支付罗兵咸永道343,000新元（折合人民币约187万 元）的审计费用。 该公司于2025年10月22日发布了《执行董事之制裁及辞任》公告。公告显示，FSM Holdings Limited董 事会谨此宣布，其已获悉美国财政部外国资产控制办公室于二零二五年十月十四日发布之新闻稿，其指 定（其中包括）公司 ...

Financial Data and Key Metrics Changes - The company generated $674.6 million in revenue for Q3 2025, down 3.1% sequentially but up 8.7% year-over-year [8] - GAAP net income was $39.1 million, up 17.8% sequentially but down 0.5% year-over-year [9] - Adjusted EBITDA reached $217.5 million, up 30.2% sequentially and up 10.3% year-over-year [9] - Direct-to-consumer (D2C) revenue crossed $200 million, reaching $209.3 million, up 19% sequentially and up 20% year-over-year [9][10] - D2C represented 31% of total revenue this quarter, with a target of achieving 40% on a run-rate basis in the next two years [10] Business Line Data and Key Metrics Changes - Bingo Blitz revenue was $162.6 million, up 1.5% sequentially and 1.7% year-over-year [10] - Slotomania revenue was $68.5 million, down 20.8% sequentially and 46.7% year-over-year [11] - June's Journey revenue was $68.3 million, down 1.2% sequentially and down 2.7% year-over-year [12] Market Data and Key Metrics Changes - The U.S. iOS platform was identified as a major catalyst driving D2C growth [35] - International markets, particularly Japan, have shown strong performance, with continued opportunities for growth [56] Company Strategy and Development Direction - The company is focusing on stabilizing the Slotomania franchise while reallocating resources towards higher-return opportunities [5][11] - There is an ongoing effort to enhance player experience through AI-driven initiatives and improve operational efficiency [7][18] - The company plans to continue its strategy of returning capital to shareholders through dividends and buybacks while pursuing selective M&A [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the performance of Disney Solitaire and its impact on future game launches [4][44] - The company is optimistic about stabilizing Slotomania and improving its game economy [39] - There is a cautious outlook regarding near-term revenue recovery for Slotomania, with a focus on enhancing game experience and payer retention [11][12] Other Important Information - The company had approximately $640.8 million in cash, cash equivalents, and short-term investments as of September 30 [16] - Cost of revenue increased by 6.1% year-over-year, while operating expenses rose by 21.6% year-over-year [13] Q&A Session Summary Question: Can you expand on reallocating resources and AI initiatives? - The company is investing in growth for acquired titles and enhancing player experience through AI, focusing on efficiency and quicker feature releases [18][19] Question: Thoughts on dividend and capital allocation for 2026? - The company is evaluating its capital allocation framework but cannot share specific future plans at this time [24][25] Question: Impact of Google barring sweepstakes from advertising? - The company is monitoring the situation but does not comment on speculation [28] Question: Will Jackpot Tour cannibalize current slot titles? - Management believes Jackpot Tour will target a different audience and will not cannibalize existing titles [29] Question: What drove the acceleration in D2C growth? - The D2C platform is a significant advantage, with most games already on it, and U.S. iOS was a major catalyst for growth [34][35] Question: How to stabilize Slotomania and marketing allocation? - The company is focused on improving Slotomania's game economy and will adjust marketing based on performance metrics [39][40] Question: Changes in competitive dynamics for Slotomania? - The competitive dynamics have remained consistent, with strong performance in U.S. iOS and international markets [56][58]

Global Mobile Market Trends - By 2025, the global mobile market is expected to enter a more mature and differentiated phase, with revenue growth stabilizing at an estimated 5% due to market saturation and declining user willingness to pay [1][10][11] - The difficulty and cost of customer acquisition will continue to rise, prompting manufacturers to focus more on user retention and refined operations [1][10][11] - The application of AI technology and innovation may provide new growth points for the industry despite geopolitical risks and localization challenges faced by Chinese mobile companies [1][10][11] Mobile Game Market Review - The global mobile game market is showing signs of recovery, with a projected revenue growth of 2.9% in 2024, despite a slight decline in download volumes [27][28] - Chinese mobile games continue to perform strongly in the global market, with revenue growth reaching 8.5% and market share recovering to 27% [28] - The download volume for Chinese mobile games is expected to see a slight rebound in 2025, stabilizing market share amid increasing competition and regulatory challenges [28] Marketing Strategy Trends - The introduction of AIGC (AI-Generated Content) in marketing strategies is expected to drive user growth effectively, with a significant increase in new content materials [16][20] - The diversification of mobile marketing strategies, including the rise of Web to App (W2A) and Web to Apk advertising, is creating new low-cost traffic pools for manufacturers [20][21] - Programmatic advertising and localized content are becoming key trends in overseas marketing, enhancing advertising efficiency and effectiveness [20][21]

Core Insights - The live broadcast hosted by HuiiMedia focused on the growth of the global mobile gaming market by 2025, addressing challenges such as traffic saturation and rising acquisition costs [1] - Key industry figures discussed strategies for sustainable growth in a competitive landscape, emphasizing the importance of localization in global expansion [3][5] Group 1: Global Market Trends - The Chinese mobile gaming market is highly concentrated, with Tencent products dominating the top ten bestsellers in 2024, indicating an oligopolistic structure [3] - North America and Europe are projected to contribute nearly 60% of global mobile gaming revenue in 2024, making them critical markets for developers [3] Group 2: Game Genre Insights - Strategy games are expected to account for over 30% of the top 50 global games in 2025, highlighting their significance due to high monetization potential and long-term engagement [5] - Localization is crucial for success, as understanding local cultures can enhance user engagement and acceptance [5] Group 3: Target Demographics - The emergence of senior players in the U.S. mobile gaming market is identified as a new growth engine, with a focus on casual and puzzle games [7][9] - Effective marketing strategies should cater to the preferences of older demographics, emphasizing clarity and emotional resonance in advertising [9] Group 4: Industry Initiatives - HuiiMedia's "Overseas Empowerment Academy" aims to provide industry professionals with insights and foster community engagement through monthly sessions [11]

Core Viewpoint - ST Kevin reported a revenue of 273 million RMB for the first half of 2025, marking a year-on-year increase of 14.37%, driven by the successful launch of new game products [1] Group 1: Financial Performance - The company achieved a revenue of 273 million RMB, reflecting a 14.37% increase compared to the previous year [1] - The growth was attributed to the active iteration and launch of new game products, which contributed to incremental revenue [1] Group 2: Market Strategy and Operations - ST Kevin continued to deepen its market layout and optimize product structure in the gaming sector, achieving steady operational growth despite intensified competition [1] - The company is focusing on innovative business models and has made significant progress in its operational strategies [1] Group 3: Shareholder Composition - The top ten shareholders of ST Kevin include seven well-known "bull teams," indicating potential market movements [1][6] - Notable shareholders include Wei Wei and members of the "bull team F4," who have a history of collaborative investments [2][4] - The presence of these influential shareholders may impact the future market performance of ST Kevin [6] Group 4: Future Prospects - Upcoming highlights for ST Kevin include the release of games like "World of the Veil" and "All-Star Awakening," which are set to be published by Tencent [6] - The company plans to apply for the removal of its ST designation in December, which could enhance its market perception [6] - The general manager, He Xiaowei, has acquired a 5% stake from the controlling shareholder, indicating confidence in the company's future [6]

Core Viewpoint - Duolingo is expanding into the music education sector through the acquisition of the London-based music game startup NextBeat, aiming to enhance its music course offerings and gamify the learning experience [1][3]. Company Strategy - Duolingo has experienced significant growth since its founding in 2011, leveraging gamification, social mechanisms, and user incentives to maintain a low user entry barrier while generating stable cash flow through a "free + ads + premium" business model [3]. - In 2023, Duolingo launched music and math courses, marking its first major expansion beyond language learning, utilizing gamified formats to provide engaging learning experiences [3]. - The partnership with Sony Music in 2024 will integrate over 60 songs from renowned artists into Duolingo's music courses, allowing users to learn music theory through popular music [5]. Market Trends - The music education market is projected to be more lucrative than traditional entertainment, with the total market size for music education training in China expected to exceed 155.48 billion yuan in 2024, surpassing the combined revenue of the music performance and digital music industries [25]. - The global immersive training market is anticipated to grow from approximately $16.4 billion in 2024 to $69.5 billion by 2030, with a compound annual growth rate of 28.3% [24]. Industry Dynamics - The integration of music, gaming, and education is becoming increasingly recognized as a powerful combination, with successful examples like Ubisoft's Rocksmith+ demonstrating the effectiveness of this model in enhancing user skills [16][18]. - The gaming industry is facing challenges in innovation, which presents new opportunities for education and music sectors to collaborate and create engaging learning experiences [28]. - The commercial potential of music content is growing, with diverse monetization strategies such as subscription models and classroom licensing becoming more prevalent [28][31]. Future Outlook - The combination of music, gaming, and education is not a fixed relationship but a flexible model that can yield unexpected synergies, emphasizing the need for deep exploration in areas like copyright compliance and quality of education to ensure long-term success [33]. - The advancement of technologies such as VR, AR, and AI is expected to revolutionize the integration of music, gaming, and education, making learning more engaging and personalized [34].

Financial Data and Key Metrics Changes - The company reported revenue of $696 million for Q2 2025, reflecting a 1.4% sequential decline but an 11% year-over-year increase [12] - Adjusted EBITDA for the quarter was $167 million, showing a slight sequential decline of 0.2% and a year-over-year decrease of 12.6% [12] - GAAP net income for the quarter was $33.2 million, representing an 8.5% sequential increase but a 61.7% year-over-year decrease [12] Business Line Data and Key Metrics Changes - D2C revenue for the quarter was $175.9 million, reflecting a 1.8% sequential decline and a 1.3% year-over-year increase [13] - Bingo Blitz revenue was $160.2 million, down 1.3% sequentially but up 2.9% year-over-year [14] - Slotomania revenue was $86.5 million, down 22.7% sequentially and 35.4% year-over-year [16] - June's Journey revenue was $69.1 million, up 0.3% sequentially but down 7.4% year-over-year [17] Market Data and Key Metrics Changes - The average DAU decreased by 2.2% sequentially but increased by 8.6% year-over-year to 8.8 million [23] - The average DPU declined by 3.1% sequentially and increased by 26.8% year-over-year to $378,000 [23] - ARPDAU was flat versus Q1 and increased by 2.4% year-over-year to $0.87 [23] Company Strategy and Development Direction - The company is increasing its long-term target for D2C revenue from 30% to 40% to sustain EBITDA and free cash flow [7][14] - The development of a new slot game is on track for launch in Q4 2025, viewed as a key growth driver [9] - The company is focusing on expanding its advertising business, which saw double-digit growth sequentially [34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing headwinds in mobile gaming but remains committed to strategic priorities [5] - The company is optimistic about the performance of Disney Solitaire and the Super Play portfolio [6] - Management noted that while some mature titles are experiencing revenue declines, recently acquired titles are transitioning from EBITDA negative to positive [7] Other Important Information - The company has approximately $592.1 million in cash, cash equivalents, and short-term investments as of June 30 [22] - Cost of revenue increased by 16.4% year-over-year, driven by revenue growth and increased amortization expenses [19] - Operating expenses increased by 22.6% year-over-year, primarily due to higher performance marketing spending [20] Q&A Session Summary Question: Insights on stabilizing older titles like Slotomania - Management shared that they are learning from the monetization issues in Slotomania and are encouraged by the changes being made [25][27] Question: Economics of Disney Solitaire - Management indicated that while licensing costs are not disclosed, Disney Solitaire is scaling faster than previous titles and is a successful collaboration [30][32] Question: Structural shifts in the mobile gaming market - Management stated that investments are focused on category-leading games, with less emphasis on older titles lacking leadership [33] Question: Impact of sweepstakes on social casino business - Management acknowledged pressure in the social casino category but could not provide specific numbers related to sweepstakes [39] Question: Appetite for more IP or licensing arrangements - Management expressed openness to pursuing licensed IP opportunities that align with their strategy [42] Question: Development of Jackpot Tour - Management indicated that Jackpot Tour is expected to differentiate itself in the market, with more details to be shared in the future [44][45] Question: Impact of app store fee changes - Management noted that changes in the payment landscape have been a positive tailwind, aiding in the increase of D2C penetration [49][50]

Group 1 - Southeast Asia is projected to be the second-largest mobile game market globally by Q1 2025, with 1.93 billion new downloads, reflecting a 3% year-on-year growth [1] - In-app purchase (IAP) revenue in Southeast Asia for Q1 2025 is expected to reach $625 million, ranking seventh globally, indicating significant untapped monetization potential [1] - Indonesia leads the region with 870 million mobile game downloads in Q1 2025, showing a 9% increase, followed by the Philippines and Vietnam with 366 million and 329 million downloads, respectively [1] Group 2 - Southeast Asian publishers are increasingly influential in the global market, with total downloads exceeding 5.8 billion in 2024, making them the top region worldwide [2] - Three Vietnamese publishers have entered the global top 15 in download volume, highlighting Vietnam's growing strength in game publishing [2] - The Southeast Asian mobile game market is characterized by a large and active player base, with significant growth and innovation potential, driven by evolving consumer habits and increasing monetization opportunities [2]

Core Insights - Supercell, a leading mobile game developer, has returned to the market with two new titles, "Squad Busters" and "mo.co," after a six-year hiatus, but both games have underperformed commercially [1][3][4] - The release strategies for both games were experimental, bypassing traditional soft launch processes, which may have contributed to their lack of success [3][6] - Despite the disappointing performance, the new titles reflect Supercell's willingness to innovate and take risks in game design and distribution strategies [3][6] Group 1: Commercial Performance - "Squad Busters" generated approximately $70 million in its first year, significantly lower than "Brawl Stars," which earned $340 million in its first year [4] - In May 2025, "Squad Busters" only earned $1.2 million, marking a low point for Supercell compared to its previous titles [4][6] - "mo.co," still in a soft launch phase, earned $2.5 million in its first three months, which is also below Supercell's historical performance [6] Group 2: Game Release Strategies - "Squad Busters" was launched globally without a soft launch, while "mo.co" utilized an invitation-only system for its soft launch, which deviated from typical practices [8][11] - The invitation system for "mo.co" created a sense of exclusivity and urgency among players, leading to approximately 2.5 million downloads in its first month [13][11] - Both games experienced a rapid decline in downloads post-launch, indicating that even Supercell's brand power may not be enough to sustain interest without effective gameplay [16] Group 3: Gameplay and Target Audience - "Squad Busters" aimed to create a highly casual experience but had to pivot towards a more mid-core gameplay style due to initial player feedback [17][18] - The game underwent significant changes in its 2.0 version, introducing a hero system and a revamped progression system to enhance player control and strategic depth [19][23] - "mo.co" was designed for mid-core players from the outset, featuring a cooperative action RPG format with various game modes, but it lacks some casual elements that could broaden its appeal [32][33] Group 4: Monetization Strategies - "Squad Busters" initially focused on a pay-to-win model, which was later adjusted to include more cosmetic items as the game evolved [44][51] - "mo.co" relies heavily on cosmetic monetization, similar to PC and console games, but this approach may limit long-term revenue potential if not balanced with functional upgrades [44][48] - The contrasting monetization strategies of the two games highlight Supercell's experimentation with different revenue models in the mid-core gaming space [54][56] Group 5: Operational Activities - Supercell has historically excelled in operational activities, but "Squad Busters" has not yet reached the level of engagement seen in titles like "Brawl Stars" [56][60] - The game has hosted numerous events, focusing on collection and cooperation, but lacks the depth and variety of activities that keep players engaged long-term [60][62] - "mo.co" has a more streamlined approach to events, focusing on fewer but more impactful activities, which may help maintain player interest without overwhelming them [73][85] Group 6: Future Outlook - Both "Squad Busters" and "mo.co" represent Supercell's bold experiments in game design, with the former transitioning towards a more structured mid-core experience and the latter aiming to refine its core gameplay [87][88] - The potential for "mo.co" to evolve its monetization strategy and operational activities remains, as Supercell is known for its ability to adapt and innovate [89][90] - The limited social features in both games indicate an area for improvement, as enhancing community engagement could significantly impact player retention and satisfaction [86][91]