9月29日，中手游（0302.HK）宣布，与机构级加密金融服务提供商Amber International Holding Limited 达成战略合作。双方将在合规监管的前提下，共同推进《仙剑奇侠传》IP RWA计划落地。 ...

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]