Core Viewpoint - The year 2025 marks a milestone for the company, achieving a significant turnaround with a net profit of RMB 650 million in the first half, compared to a net loss of RMB 385 million in the same period last year, indicating robust business fundamentals and a successful strategic transition [1][2]. Group 1: AI+Game Strategy - The company has fully implemented its "AI+Game" strategy, enhancing marketing and operational efficiency through deep integration of AI technology across the game distribution and operation chain [2]. - The self-developed intelligent advertising system "Luoshu" and analysis system "Hetu" have significantly improved advertising precision and resource utilization [2]. - AI applications extend to user operations and customer service, optimizing user retention and payment conversion through behavior prediction and personalized recommendations [2]. Group 2: Overseas Market Growth - The rapid expansion of high-margin overseas business has become a new highlight for the company's performance, with successful game launches in various international markets [3]. - The company has successfully launched over 30 multilingual products in regions such as Southeast Asia, Hong Kong, Macau, Taiwan, Japan, South Korea, Europe, and the Middle East [3]. - Recent game releases, such as "Hot Blood Jianghu: Return," have achieved top rankings in multiple countries, showcasing the company's adaptability and global influence [3]. Group 3: Core Product Maturity - The company has developed a portfolio of mature products that provide stable revenue and user bases, significantly reducing customer acquisition costs [4]. - Classic game titles like "Legend," "Miracle MU," and "Hot Blood Jianghu" continue to contribute stable revenue streams and user engagement [4]. Group 4: Strategic Investments and Collaborations - The company enhances ecological synergy and resource integration through financial asset investments and strategic collaborations, focusing on deep cooperation within the gaming industry, IP development, and AI technology [6]. - The company has accumulated a substantial IP reserve, including over ten major IPs, ensuring a continuous pipeline of new game releases and maintaining brand relevance [6]. Group 5: Brand and Strategic Transformation - The company has officially changed its name from "Zhongxu Future" to "Tanwan," aligning its brand with market recognition and enhancing brand value [7]. - This rebranding reflects a strategic transformation aimed at improving competitiveness in both domestic and international markets [7]. - The company has established a clear and sustainable growth model through AI empowerment, overseas expansion, core business optimization, and strategic investments [7].

Core Viewpoint - The company, formerly known as Zhongxu Future, is rebranding back to its original name "Tanwan" to better reflect its brand value and market recognition, especially in the gaming sector [1]. Group 1: Company Background - Tanwan Games was established in May 2015 and initially focused on the agency and operation of legendary games [4]. - The company underwent a brand upgrade to Zhongxu Future in early 2022 to pursue a public listing and expanded its business into food and trendy products [4]. - In September 2023, Zhongxu Future successfully listed in Hong Kong, with its stock price rising from an initial HKD 14 to a historical high of HKD 72.45 per share by January 2024 [4]. Group 2: Financial Performance - From 2020 to 2022, the company's revenue increased from RMB 2.872 billion to RMB 8.817 billion, but it has been declining since 2023, with projected revenue of RMB 5.58 billion in 2024, a year-on-year decrease of 14.34% [4]. - Net profit peaked at RMB 616 million in 2021 but fell sharply to RMB 44 million in 2024, representing a significant year-on-year decline of 83.89% [4]. - The decline in profit was attributed to a decrease in revenue outpacing cost reductions and a significant drop in other income, particularly from financial asset investments [4]. Group 3: Future Outlook - The company is expected to experience a turnaround in performance due to stable game license approvals and supportive policies for the gaming industry and AI technology integration [5]. - For the first half of 2025, the company anticipates a net profit of approximately RMB 600 million to RMB 700 million, a substantial recovery from a net loss of RMB 385 million in the same period last year [6]. - The profit increase is attributed to higher fair value gains from financial assets, a mature game product portfolio reducing customer acquisition costs, and improved marketing efficiency through AI technology [6].

Core Viewpoint - The company, formerly known as Zhongxu Future, is rebranding back to its original name "Tanwan" to better reflect its brand value and market recognition, especially in the gaming sector [2]. Group 1: Company Background and Rebranding - Zhongxu Future, established in 2015, initially operated under the name Tanwan Games, focusing on the agency and operation of legendary games [2]. - The company had previously rebranded to Zhongxu Future in early 2022 in pursuit of an IPO, but is now reverting to the Tanwan name to leverage its established brand recognition in the gaming industry [2]. - The company has a history of popular games, including "Original Legend" and "Blood of Heroes," which have contributed to its brand identity [2]. Group 2: Financial Performance - The company's revenue increased from 2.872 billion RMB in 2020 to 8.817 billion RMB in 2022, but has since declined, with projected revenue of 5.58 billion RMB in 2024, a year-on-year decrease of 14.34% [3]. - Net profit peaked at 616 million RMB in 2021 but fell drastically to 44 million RMB in 2024, representing an 83.89% decline year-on-year [3]. - The decline in profit is attributed to a decrease in revenue outpacing cost reductions and significant drops in other income, particularly from financial asset investments [3]. Group 3: Future Outlook - The company anticipates a potential turnaround in performance due to stable game license approvals and supportive policies for the gaming industry and AI technology integration [3]. - Preliminary assessments suggest that the company could achieve a net profit of approximately 600 million to 700 million RMB in the first half of 2025, marking a significant recovery from a net loss of 385 million RMB in the previous year [3][4]. - Factors contributing to the expected profit growth include increased fair value gains from financial assets, a mature game product portfolio reducing customer acquisition costs, and enhanced profitability from overseas game distribution [4].

Group 1 - The company announced a collaboration with Kaiying Network to jointly invest in Hangzhou Jiyi Artificial Intelligence Technology Co., aiming to advance AI large model technology in the gaming sector [1][2] - The total investment amount for the AI company agreement is RMB 10 million, with the investment completed by May 16, 2025, making the company a shareholder in Jiyi Artificial Intelligence [1] - The partnership is seen as a strategic move to enhance resource integration and build a long-term win-win ecosystem, aligning with the company's diversified product matrix strategy and "AI+" core industry layout [2][4] Group 2 - The company has established a three-year game product cooperation memorandum with Kaiying Network, covering various IP and game products, including classic IPs like "Dragon Legend" and "Blood of Heroes" [2][4] - The collaboration has yielded significant results in the development and global distribution of classic IP games, with successful titles like "Original Legend" and "All People Jianghu" topping local mobile game sales charts [3] - The strategic upgrade signifies a shift from single project cooperation to ecosystem co-construction, focusing on the boutique and diversified development of game products for a continuous entertainment experience for global players [4]

Core Viewpoint - The strategic partnership between Zhongxu Future (9890.HK) and Kaiying Network (002517.SZ) has been formalized through a three-year product cooperation memorandum, aiming to deepen collaboration in game development and distribution, leveraging their strengths for innovative growth in the gaming industry [1][3][14] Group 1: Strategic Cooperation - The memorandum signifies an upgrade in the strategic cooperation between Zhongxu Future and Kaiying Network, focusing on resource integration and complementary advantages [1][2] - The partnership will continue to build on successful past collaborations in IP operation and global distribution, with a clear strategic direction for the next three years [3][5] Group 2: Classic and New IP Development - Classic IPs such as "Legend," "Miracle," and "Hot Blood Jianghu" will remain central to the partnership, with plans to enhance their lifecycle value through exclusive distribution by Zhongxu Future [5][7] - The collaboration will also explore new IPs, including the Jin Yong martial arts series, to meet market demand for high-quality games [7][8] Group 3: Technological Innovation - The partnership will leverage AI technology to optimize game development processes and enhance content innovation efficiency, aiming for breakthroughs in storytelling and player interaction [5][10] - A joint venture focused on AI technology has been established, with Zhongxu Future investing RMB 10 million to support the development of localized content for diverse markets [12][14] Group 4: Market Impact and Future Outlook - The collaboration is positioned as a response to the evolving gaming industry, emphasizing the importance of IP derivative value and technological innovation as growth engines [14] - The partnership aims to create a sustainable development model for the gaming industry, enhancing player experiences and setting a benchmark for deep cooperation in technology, products, and market strategies [14]