Core Insights - The company Zhongshouyou (0302.HK) has announced a strategic partnership with Amber International Holding Limited, a provider of institutional-level crypto financial services [1] - The collaboration aims to advance the RWA (Real World Asset) plan for the IP of "Xianjian Qixia Zhuan" under the premise of regulatory compliance [1] Company Summary - Zhongshouyou is actively engaging in the integration of blockchain technology with its intellectual property, indicating a forward-looking approach in the gaming industry [1] - The partnership with Amber International highlights the company's commitment to exploring innovative financial solutions within the gaming sector [1] Industry Summary - The collaboration reflects a growing trend in the gaming industry towards leveraging blockchain and crypto financial services to enhance asset management and monetization strategies [1] - The focus on regulatory compliance suggests that the industry is increasingly prioritizing legal frameworks as it navigates the complexities of integrating traditional gaming with emerging technologies [1]

Core Insights - The company reported a significant increase in overseas revenue, which now accounts for 30.8% of total revenue, up from 14.1% year-on-year, marking a historic high and serving as a key driver for growth [2][3] - The mini-game segment has emerged as a strong growth engine, with the game "Spring and Autumn Mysteries" generating over 100 million RMB in revenue within three months of its launch [3] - The company achieved a positive operating cash flow of 1.08 billion RMB in the first half of the year, laying a solid foundation for business recovery in the second half [1] Financial Performance - In the first half of 2025, the company reported total revenue of 763 million RMB, with an adjusted net loss of 638 million RMB [1] - The loss was primarily attributed to high marketing expenses for new games and one-time costs related to organizational restructuring [2] - Game development revenue was approximately 73 million RMB, with the self-developed game "Sword of the Immortal World" underperforming [2] IP and Commercialization - The core IP "Sword of the Immortal" generated 33.1 million RMB in licensing revenue, reflecting a 134.8% year-on-year increase, indicating strong commercial potential [5] - The company is actively pursuing partnerships to expand the IP's reach across various sectors, including offline channels and derivative product development [5][6] - The overall strategy includes a focus on the full IP value chain, exploring opportunities in animation, live-action series, and merchandise [6]