Core Insights - Qingci Games Limited has officially surpassed 100 million registered players globally, marking a significant milestone in its efforts within the global gaming market [1][3] - The company has successfully established its influence in the global gaming sector through a strategy focused on high-quality and personalized products [1] Group 1: Company Achievements - Since its establishment in 2012, Qingci Games has created several popular games characterized by innovative gameplay and distinctive artistic styles, referred to as "Qingci Style" by players [3] - The self-developed game "Unusual Maze," launched in 2016, has been pivotal in leading the domestic Rogue-like mobile game trend, being recognized as a must-play title in the genre [3] - The game "The Strongest Snail," released in 2020, has generated approximately RMB 3.629 billion in revenue by the end of 2024, achieving high rankings in various regions including Hong Kong, Taiwan, Japan, North America, Southeast Asia, Australia, and Europe [3] Group 2: Global Strategy and Operations - The company has strengthened its core competitiveness by integrating research and operations, with overseas revenue accounting for over 40% of total income [3] - Qingci Games has established offices in regions such as mainland China, Australia, Japan, and South Korea to enhance user engagement and solidify player communities [3] Group 3: Future Developments - The company is currently developing an original game titled "Project E," which combines elements of map exploration, backpack management, and resource collection, aiming to set new industry trends [4] - Qingci Games is embracing technological advancements by integrating AI tools to improve operational efficiency and support industrial development [4] - The CEO expressed gratitude for the support from global players and emphasized the commitment to delivering engaging and culturally rich gaming experiences in the future [4]

Industry Overview - The Chinese gaming industry is undergoing a deep transformation characterized by a dual evolution, focusing on both deepening the value of existing users and exploring global growth opportunities, driven by policy support and increasing market demand [1] - The "Consumption Promotion Special Action Plan" has included the gaming industry in its policy support, encouraging traditional cultural empowerment, original IP cultivation, and the extension of the entire industry chain, injecting new growth momentum into the market [1] - According to the "China Gaming Industry Report," the domestic gaming market is expected to exceed 325.78 billion yuan in 2024, representing a year-on-year growth of 7.53%, with a user base of approximately 674 million, up 0.90% year-on-year, and an ARPU value increase of 6.73% to 485.52 yuan [1] Company Performance - Qingci Games reported a revenue of 628 million yuan in 2024, with overseas revenue growing from 28.47% to 43.93% of total revenue, and a gross profit margin of 57.8%, leading to a net profit of 51.12 million yuan [7][8] - The company’s global registered player base approached 100 million, with a year-on-year growth of 11.24%, and a monthly active user count of 2.36 million, maintaining stable conversion efficiency among paying users [8] - Qingci Games has successfully managed product lifecycles, with long-term operations enhancing user value and expanding market space, exemplified by the performance of its flagship product "The Strong Snail," which achieved 3.629 billion yuan in revenue [9][13] Strategic Initiatives - The company has adopted a dual strategy of "innovation reserve + globalization," focusing on both risk mitigation through innovative product categories and the global replication of mature products [15] - Successful product launches, such as "Ares Virus 2," have validated the methodology of developing sequels, achieving 23.18 million yuan in revenue within four months of launch [15][17] - Qingci Games is also making strides in global markets, with self-developed games generating overseas sales of 18.557 billion dollars in 2024, a year-on-year increase of 13.39%, significantly outpacing the domestic market growth rate [17][19] Market Trends - The gaming industry is experiencing a technological bull market, with the Hang Seng Technology Index projected to lead global markets with over 40% growth by 2025, driven by policy incentives and increased capital inflow [22] - AI technology is deeply empowering the gaming industry, evolving from an efficiency tool to a productivity revolution, enhancing existing product experiences and creating opportunities for new AI-native games [22] - Qingci Games is positioned uniquely within this technological revolution, with a current price-to-sales ratio of 2.25, significantly lower than the industry average of 3.67, indicating a mismatch with its improving fundamentals [25][26]