2026年，是"十五五"规划开局之年。随着"推动文化和科技融合"纳入战略部署，中国文化出海正迈 入"质效双升"新阶段。对于企业而言，当政策红利与产业实践深度共振时，如何真正做到文化出海"质 效双升"？在扬帆开拓全球市场的道路上，如何找到一条创新可持续且兼具文化传播的发展路径？ 作为出海品牌企业，祖龙娱乐以文化自信为内核，交出了一份亮眼的"出海答卷"。依托24款精品手游矩 阵，该企业在170余个国家和地区搭建起跨语言、跨文化的数字桥梁，用MMORPG、女性向、策略卡牌 等多元品类为载体，将中式美学与非遗植入全球玩家认知，成为文化与科技深度融合的典范。 文化为核：以数字技艺激活传统美学，打造出海"文化名片" 技术为翼：以研运一体筑牢出海根基，深挖全球化潜力 在文化出海从"走出去"迈向"走进去"的新阶段，其核心已不再是单点突破的短期亮眼，而是对企业研发 运营、本地化适配、跨文化沟通等体系化能力的全方位考验。祖龙娱乐能在170余个国家和地区站稳脚 跟，支撑24款手游的产品矩阵，核心在于其多年积累的研发实力与全球化研运体系——这是应对全球市 场差异化需求的"护城河"，也是实现文化精准传播的"助推器"。 新技术赋能游戏， ...

网文、网剧、网游作为文化出海"新三样"，已成为讲述中国故事的全球化窗口。12月19日，第四届上海 国际网络文学周举办了网文出海生态论坛。从"文化出海'新三样'：数字浪潮下的中国叙事破 局"到"IP+文旅出海：当中国故事遇见世界风景"，两场沙龙上，来自产业与学界的八位嘉宾展开对话， 共同勾勒出中国数字文化出海新图景：一条从"内容走出去"到"场景扎下根"的线上线下"双轨"路径正在 形成。 "新三样"引领文化出海新气象 论坛探讨了文化出海"新三样"如何作为一种系统性力量，重塑全球对中国故事的认知。 晋江文学城副总裁胡慧娟分享了女性叙事的全球审美异同。她指出，早期"女性向"网文多聚焦于言情， 女性角色常处于相对弱势依附的地位。近年来，平台与产业链上凸显女性个人能力、个人成长的"事业 向"、"大女主"、"无CP"等题材的作品越来越多。在出海过程中，不同市场对题材偏好有微妙差异：东 亚、东南亚偏重于传统言情，而阿拉伯语市场则对"专情霸总"设定有强烈情感共鸣。 IP文旅融合出海成新趋势 文化出海从"单向传播"到"双向共创" 祖龙娱乐战略合作负责人黄昭以《以闪亮之名》游戏为例，分享了IP内容助力游戏出海的经验。《以闪 亮之名 ...

祖龙娱乐始终秉持"人才是企业发展的第一资源"的理念，致力于为员工提供充满活力和成就感的职业发 展平台。公司通过完善的福利体系、系统化的培训和清晰的职业晋升路径，确保员工在成长过程中得到 充分支持。与此同时，祖龙娱乐还积极与高校合作，定期举办校园开放日、宣讲会和双选会等活动，帮 助年轻人才更早接触行业，了解公司文化，持续关注并连接校园中的未来人才。 12月5日，猎聘"2025非凡雇主"评选活动在热烈氛围中圆满落幕，祖龙娱乐凭借在雇主品牌建设和人力 资源管理方面的卓越表现，成功荣获"2025北京年度非凡雇主"称号。这一荣誉既是对祖龙娱乐持续深耕 员工幸福感、企业文化建设以及全球化人才战略的肯定，也展现了其在游戏行业中对人才培养和创新的 长期积累与贡献。 深耕人才培养，致力构建全面发展平台 作为一家率先将全球领先的虚幻引擎技术引入移动游戏开发的企业，祖龙娱乐不断突破技术边界，将技 术创新的基因融入到现象级产品中，推出了《以闪亮之名》《龙族：卡塞尔之门》《踏风行》等一系列 具有长线运营价值的精品游戏体系，涵盖 MMORPG、女性向、策略卡牌、SLG 等多种类型，也让祖龙 娱乐在技术层面，能率先抓住AI浪潮带来的新机遇 ...

Core Insights - The conference highlighted the challenges and opportunities in the IP (Intellectual Property) industry, focusing on the balance between commercial value and cultural significance [2][4]. Group 1: IP Development and Challenges - The over-commercialization of IP has led to user backlash and cultural disconnection, with some top IPs failing to meet lifecycle expectations after adaptation [2]. - There is a need for a collaborative mechanism between short-term profit-driven capital and long-term cultural value [2]. Group 2: Company Strategies and Innovations - Zulong Entertainment emphasizes high-quality content and technological innovation, focusing on global IP development and a dual strategy of enhancing mature markets while breaking into emerging ones [5]. - Suzhou 51 Studio integrates traditional Chinese culture into game design, creating immersive experiences that resonate with younger audiences [7]. - Youka Network aims to be the first entry point for young people to engage with traditional culture, leveraging innovative game design to enhance cultural recognition [9][10]. - Tohoku Shinsha shares insights on creating compelling IP through strong character development and diverse production resources [12]. - Sheng Tian Network's "Star Wings" demonstrates how niche products can thrive globally through community engagement and strategic partnerships [14][15]. Group 3: Cross-Industry Collaboration and AI Integration - Successful IPs often rely on strong partnerships that produce high-quality derivative works, emphasizing long-term value and reputation [17]. - AI technology is enhancing content production efficiency and lowering creative costs, allowing for greater user participation in IP development [17]. - Wenwen Group showcases a systematic approach to IP operation, focusing on top-tier content and cross-industry collaboration to drive growth [18]. Group 4: Longevity and Adaptation of IPs - SNK maintains the longevity of its IPs through continuous updates and cross-industry collaborations, ensuring relevance in a changing market [19]. - Hasbro emphasizes the importance of understanding consumer needs and building strong partnerships to sustain IP development [20]. - Binfeng Culture Group highlights the significance of a complete worldview and precise user targeting in successful IPs, promoting a feedback loop between IP and its derivatives [21].

Core Insights - The female-oriented gaming market in China, particularly the "national乙" (Guo Yi) segment, has seen a decline in performance after a strong start with new titles like "Love and Deep Space," "World Beyond," and "Like a Kite" pushing market share to over 10 billion yuan [1][4] - The current market dynamics have shifted from "one strong and many strong" to "one strong and many weak," indicating a significant change in competition and user engagement [4] - "Love and Deep Space" remains the leading title but struggles to maintain its previous high rankings against competitors like "King of Glory" and "Douyin" [6][12] Market Performance - "Love and Deep Space" has consistently generated over 100 million yuan monthly, but its ability to top charts has diminished due to the increasing strength of platforms like Douyin [6][12] - "Like a Kite" initially performed well but faced backlash due to narrative issues, leading to a more subdued marketing approach while maintaining stable revenue [8][10] - "World Beyond" has suffered from a significant drop in revenue, with October earnings at only 23.1 million yuan, attributed to internal company turmoil and pricing issues [10][11] User Engagement and Community Dynamics - The user base for "Love and Deep Space" is notably diverse, including many older female players who are less influenced by online community discussions, contributing to its stable revenue [12][22] - The concept of "乙游原教旨" (originalist乙 game) is debated, with some players feeling that current titles deviate from traditional aesthetics and gameplay, which may limit their appeal to broader audiences [16][18] - The potential for growth lies in attracting a larger, less engaged user base, particularly those outside the traditional二次元 (2D) gaming community [23][31] Future Trends and Industry Movements - Companies are increasingly recognizing the purchasing power of the "现充" (active social players) demographic, which could lead to new marketing strategies and game designs aimed at this group [25][31] - Upcoming projects like Tencent's "Heart of the King" and new titles in development may signal a shift in focus towards appealing to a broader audience within the female-oriented gaming market [27][29] - The balance between catering to core users and attracting new players will be crucial for the sustainability and growth of titles in the national乙 market [33]

Core Viewpoint - Zulong Entertainment reported significant revenue growth in the first half of 2025, but still faced losses, indicating a potential for future profitability with ongoing challenges in R&D costs and overseas market expansion [1][8]. Revenue Growth and Financial Performance - In the first half of 2025, Zulong Entertainment achieved revenue of 634 million RMB, a 44.4% increase from 439 million RMB in the same period of 2024 [2][5]. - The company reported a loss of 11.7 million RMB, a substantial reduction of 91.3% compared to a loss of 134 million RMB in the previous year [1][8]. - Adjusted net loss was 7.7 million RMB, down 93.6% year-on-year [1][2]. Key Products Driving Growth - The mobile game "In the Name of the Shining" has become a star product for Zulong, achieving over 2 billion RMB in global revenue and surpassing previous years' average daily active users (DAU) in the first half of 2025 [3][4]. - New games "Dragon Tribe: Cassel's Gate" and "Treading the Wind" contributed significantly to revenue, with the former topping the iOS free charts upon release [4][6]. Market Performance and Challenges - Domestic revenue reached approximately 512 million RMB, a 68.3% increase, accounting for 80.7% of total revenue [5][6]. - Overseas revenue was 123 million RMB, a decrease of 9.5%, with its share dropping from 30.8% to 19.3% [6][8]. - The company plans to expand its successful titles into Southeast Asia and South Korea to seek overseas growth [6]. Future Outlook - The gaming industry is experiencing increased competition, with a shift from scale expansion to quality competition [8]. - Zulong's strategy of focusing on high-quality, diverse products and global expansion may lead to profitability in the second half of 2025 [8].

Core Insights - Zulong Entertainment (09990.HK) reported a significant revenue increase of 44.4% year-on-year, reaching 634 million RMB in the first half of 2025, marking the third consecutive mid-term report with growth [1][2] - Despite the revenue growth, the company incurred a loss of 11.7 million RMB, although this represents a substantial reduction of 91.3% compared to a loss of 134 million RMB in the same period last year [1][7] - Adjusted net loss was 7.7 million RMB, down 93.6% year-on-year [1][2] Revenue Growth - The revenue growth was primarily driven by the successful launch of new games "Dragon Tribe: Cassel's Gate" and "Treading the Wind," along with the stable performance of the flagship product "In the Name of Shine" [2][4] - The gross margin remained high at 71.4%, indicating efficiency in game development and operations [2] Game Performance - "In the Name of Shine" has become a star product for the company, achieving over 2 billion RMB in cumulative global revenue and surpassing previous years' average daily active users (DAU) in the first half of 2025 [3] - "Dragon Tribe: Cassel's Gate" launched in September 2024, quickly topped the iOS free charts and became a new growth point for the company [4] - "Treading the Wind," a Chinese-style RPG, also performed well upon its launch in the first half of 2025, topping the iOS free charts on its release day [4] Market Dynamics - Domestic revenue accounted for approximately 5.12 billion RMB, a 68.3% increase year-on-year, making up 80.7% of total revenue [5] - Conversely, overseas revenue decreased by 9.5% to 1.23 billion RMB, dropping its share from 30.8% to 19.3% [6] Challenges and Future Outlook - The company faces challenges including high R&D expenditures and declining overseas market revenue [8] - The gaming industry has seen user growth reaching 679 million, but competition is intensifying [8] - The company plans to expand "Dragon Tribe: Cassel's Gate" and "In the Name of Shine" into Southeast Asia and South Korea in the second half of 2025 to seek overseas growth [6][8] - The strategic focus on quality over quantity in the gaming industry may help the company transition from losses to profitability [8]

Game Releases - NetEase's "Marvel Secret War" began its Android paid test on September 15, focusing on team-building strategy and character development in a card RPG format, featuring Marvel superheroes like Doctor Strange and Iron Man [1] - ByteDance's "Shadow Hunter" launched its first domestic test on September 16, achieving over 180,000 concurrent players within 90 minutes and climbing to 7th place on Steam's global sales chart [3] - miHoYo's "Honkai: Origin Spirits" started its first closed test on September 17, combining sprite collection with auto-chess combat mechanics [6] - "Dungeon Castle 4: Knights and the Broken Chronicle" was officially released on September 17, continuing the dark dungeon adventure RPG series with 3D graphics and strategic gameplay [8] - Tencent's "The Finals" (translated as "Ultimate Contest") began its second limited test on September 19, developed by members of Embark Studios, featuring a PVP shooting game set in famous global cities [10] Industry News - Tencent's "Delta Force" celebrated its first anniversary on September 21, reporting a daily active user (DAU) count of 30 million, up from 12 million in April and 20 million in July [11] - McDonald's announced a collaboration with "Black Myth: Wukong" on September 19, launching limited-time meal sets and promotional items for the Mid-Autumn Festival [14] - "Love and Producer" revealed a new voice actor for the character Li Zeyan on September 20, following the departure of the previous actor [16] - Zulong Technology was ordered to pay 150,000 yuan for trademark infringement and unfair competition against Suzhou Die Paper Network Technology, due to improper use of registered trademarks in advertising [20] - miHoYo established two new companies in Shanghai, focusing on software development and AI applications, with a registered capital of 10 million yuan each [21]

Core Insights - Zulong Entertainment (09990) shares rose nearly 12%, currently up 11.79% at HKD 2.18, with a trading volume of HKD 4.7765 million [1] Group 1: Game Launch and Performance - On September 10, Zulong Entertainment's female-oriented 3A simulation game "Shining Name" was officially launched in South Korea, achieving the top position on both the iOS and Google Play free game charts [1] - Despite being launched in mainland China over two years ago, "Shining Name" has seen its average daily active users in the first half of 2025 surpass the total for 2023 and 2024, with record highs in July and August [1] - The game has generated over RMB 2 billion in cumulative global revenue to date [1] Group 2: Upcoming Game Releases - The strategy card game "Dragon Tribe: Castle Gate," based on the "Dragon Tribe" IP, is set to launch in the Greater China region in April 2025, achieving the top position in the iOS free game chart during the pre-download phase [1] - Following its launch, the game secured fifth and sixth positions on the iOS best-seller charts in Hong Kong and Taiwan, respectively [1] - In August, the game was released in Thailand, entering the iOS free game chart's top three on its first day and maintaining a position in the top five for several consecutive days [1]

Core Insights - Zulong Entertainment's game "Shining Name" has successfully launched in South Korea, achieving the top position in both iOS and Google Play free game charts, marking a significant milestone in the company's global expansion strategy [1] - The game has seen an average daily active user count in the first half of 2025 surpassing the total averages of 2023 and 2024, with a cumulative revenue exceeding RMB 2 billion globally [3] - The game's appeal to global female players is attributed to its extensive customization options and high-quality graphics, which cater to diverse aesthetic preferences across different regions [4] Company Performance - Zulong Entertainment has launched 24 mobile games in over 170 markets, supporting 14 languages, with a total registered user base exceeding 200 million and cumulative revenue surpassing RMB 22 billion [5] - The company has demonstrated strong performance with another game, "Dragon Tribe: Cassel's Gate," achieving top rankings in various regions, indicating robust operational capabilities and market responsiveness [5] - The company plans to expand the release of "Dragon Tribe: Cassel's Gate" to Japan, South Korea, and other global markets in 2026, focusing on localized strategies for different regions [6] Industry Trends - The Chinese gaming industry's overseas revenue reached USD 18.557 billion in 2024, showing a year-on-year growth of 13.39%, highlighting the potential for further expansion in international markets [8] - The favorable policy environment in China is expected to support the growth of gaming exports, aligning with Zulong Entertainment's long-term global strategy [5][8]