2025年8月，创梦天地交出了一份看似矛盾却意味深长的中期成绩单。财报显示，公司上半年营收6.86 亿元，同比下降18.9%，但成功实现净利润3295万元，同比扭亏为盈。更引人注目的是，公司经营性现 金流净流入达5786万元，同比增长71.2%。 这种"收入降、利润升"的背离现象，背后是创梦天地长达五年的战略调整和深度转型。而公司旗下自研 二次元射击游戏《卡拉彼丘》PC端的出色表现，以及计划于10月上线的手游版本，将成为决定创梦天 地能否持续盈利的关键因素。 创梦天地2025年上半年的财务数据呈现出一种看似矛盾实则合理的现象。公司营收下滑18.9%，主要源 于两方面原因：一是《荣耀全明星》进入生命周期中后期，收入自然下降；二是公司主动减少广告位， 宁愿牺牲部分广告收入也要提升玩家体验。 利润端的改善则来自严格的成本控制和新产品的利润率提升。公司销售及营销开支同比上升39.4%至 1.084亿元，主要是由于年初增加对《卡拉彼丘》海外PC端以及新上线游戏《传奇商店：经营与打造》 的市场推广。 公司尤其重视中东市场的开拓，不仅在沙特首都利雅得设立中东业务总部，还与多家本地电竞及游戏平 台建立合作关系。2024年8月 ...

Core Viewpoint - The company reported a significant increase in revenue and net profit for the mid-term of 2025, indicating strong operational performance and a solid foundation for long-term growth [1][2]. Financial Performance - The company achieved a revenue of 686 million yuan and a net profit of 32.95 million yuan, with an operating cash inflow of 57.86 million yuan, reflecting a year-on-year growth of 71.2% [1]. Business Strategy - The company focuses on long-term operations by introducing overseas premium games with clear user positioning and stable revenue streams, enhancing user value through refined operations [1]. - Classic products like "Subway Surfers," "Dream Garden," and "Dream Home" contributed to stable income, with "Dream Garden" showing a more than 9% year-on-year increase in average monthly active user spending [1]. Product Development - The company is deploying advanced large models in various aspects of game development, leading to improved overall R&D efficiency and game quality [2]. - The self-developed global user voice analysis platform "Fengsheng" and AI customer service system have enhanced user feedback and reduced manual intervention during the global launch of "Karabichu" [2]. Upcoming Releases - The second half of 2025 will see a concentrated release of new products, including "Karabichu," which has shown strong market potential during testing, with 46.5% of new users coming from organic spread [2]. - The company plans to launch several overseas agency games, including "Chong Chong Qibing," further diversifying its revenue sources [2]. Leadership Perspective - The chairman emphasized the company's commitment to long-termism, focusing on core gaming business and continuously creating quality content and value for users, which is seen as essential for navigating cycles and achieving value transitions [2].

Core Viewpoint - The company, Chuangmeng Tiandi (01119), reported a significant turnaround in its mid-term performance for the six months ending June 30, 2025, achieving a net profit attributable to shareholders of 28.514 million yuan, compared to a loss of 110 million yuan in the same period last year, indicating a successful recovery [1]. Financial Performance - The company's revenue for the period reached 686 million yuan, with a gross profit of 289 million yuan [1]. - The basic earnings per share were reported at 0.02 yuan [1]. Business Segments - The gaming segment remains the primary revenue driver, contributing 97.5% of total revenue for the six months ending June 30, 2025, and 97.3% for the same period in 2024 [1]. - Key titles such as "Subway Surfers," "Dream Garden," "Dream Home," and "Mecha Squad" continue to generate significant revenue, while new releases like "Legendary Store: Management and Crafting" and the jointly developed "Delta Action" with Tencent have also performed well [1].