报告期内，该集团在以下几个方面取得了显著成绩： 青瓷游戏(06633)公布2025年中期业绩，实现收入约2.47亿元，毛利约1.54亿元，期内录得利润净额7267 万元，较去年同期的3820万元增长90.2%，盈利能力持续提升。截至2025年6月30日，该集团拥有多款 APP移动游戏，涵盖放置类游戏、Rogue-like RPG及其他RPG，以及小程序游戏。 公告称，净利增长主要由于集团高效的管理运营及成本控制，集团营销开支等较去年同期大幅减少;及 汇率正向波动及集团良好的外汇管理措施，带来的汇兑收益较去年同期大幅增加。 游戏运营数据方面：截至2025年6月30日，该集团累计注册玩家逾1亿名，较去年同比上升7.56%;月平均 活跃用户数约为114.40万名，月平均付费用户数约为14.06万名，ARPPU达人民币289.79元，同比增长 5.26%;上述游戏运营数据变动的原因，主要是部分游戏处于成熟期，活跃用户数、付费用户数有所回 落;及集团通过推出全新游戏版本以及优化游戏内容，吸引了新玩家注册及部分老玩家回流，同时也提 升了用户付费意愿。 (1)长线运营成效卓着，核心游戏焕发新生：2025年6月，旗舰自研游戏 ...

青瓷游戏(06633.HK)公布中期业绩，截至2025年6月30日止六个月，报告期内，集团录得收入约人民币 2.47亿元，得益于核心产品运营效率的提升及有效的成本控制，期内录得利润净额7,267万元，较去年同 期的人民币3,820万元增长90.2%，盈利能力持续提升。报告期内，游戏运营数据方面：截至2025年6月 30日，集团累计注册玩家达100.45百万名，较去年同比上升7.56%；月平均活跃用户数约为114.40万 名，月平均付费用户数约为14.06万名；ARPPU达人民币289.79元，同比增长5.26%。 2025年上半年，集团在以下几个方面取得了显著成绩： (1)长线运营成效卓着，核心游戏焕发新生：2025年6月，旗舰自研游戏《最强蜗牛》迎来中国内地及港 澳台地区上线五周年庆典。通过推出全新周年版本以及优化游戏内容，成功吸引大量老玩家回流，并大 幅提升了用户付费意愿。周年庆期间，游戏ARPPU从人民币约200元大幅提升至近人民币300元，增幅 约50%，充分展现了集团在游戏内容创新及长线运营等方面的卓越能力； (2)全球化布局稳步推进，海外市场再下一城：继在多个海外市场取得成功后，集团正积极筹备《最 ...

Core Insights - Qingci Games Limited has officially surpassed 100 million registered players globally, marking a significant milestone in its efforts within the global gaming market [1][3] - The company has successfully established its influence in the global gaming sector through a strategy focused on high-quality and personalized products [1] Group 1: Company Achievements - Since its establishment in 2012, Qingci Games has created several popular games characterized by innovative gameplay and distinctive artistic styles, referred to as "Qingci Style" by players [3] - The self-developed game "Unusual Maze," launched in 2016, has been pivotal in leading the domestic Rogue-like mobile game trend, being recognized as a must-play title in the genre [3] - The game "The Strongest Snail," released in 2020, has generated approximately RMB 3.629 billion in revenue by the end of 2024, achieving high rankings in various regions including Hong Kong, Taiwan, Japan, North America, Southeast Asia, Australia, and Europe [3] Group 2: Global Strategy and Operations - The company has strengthened its core competitiveness by integrating research and operations, with overseas revenue accounting for over 40% of total income [3] - Qingci Games has established offices in regions such as mainland China, Australia, Japan, and South Korea to enhance user engagement and solidify player communities [3] Group 3: Future Developments - The company is currently developing an original game titled "Project E," which combines elements of map exploration, backpack management, and resource collection, aiming to set new industry trends [4] - Qingci Games is embracing technological advancements by integrating AI tools to improve operational efficiency and support industrial development [4] - The CEO expressed gratitude for the support from global players and emphasized the commitment to delivering engaging and culturally rich gaming experiences in the future [4]

Group 1: Company Performance - NetEase reported a strong Q1 financial performance, with game and related value-added service revenue reaching 24 billion yuan, a year-on-year increase of 12.1%, accounting for 83.2% of total revenue [1] - The gaming sector continued its upward trend, with listed companies in the gaming sector achieving a total revenue of 26.72 billion yuan in Q1, a year-on-year growth of 22%, and a net profit of 3.48 billion yuan, up 47% [1] - Jiuhua Tong achieved a revenue of 8.145 billion yuan in Q1 2025, a year-on-year increase of 91.12%, with a net profit of 1.346 billion yuan, up 107.95%, significantly outperforming the industry average [4] Group 2: Industry Trends - The gaming industry is experiencing a recovery growth trend, with the issuance of game licenses and the launch of new products contributing to this resurgence [3] - The Chinese gaming market generated a revenue of 85.704 billion yuan in Q1 2025, a year-on-year increase of 17.99%, with overseas sales of self-developed games reaching 4.805 billion USD, up 17.92% [4] - The mobile gaming market accounted for nearly 74% of the overall market, with mobile game revenue reaching 63.626 billion yuan, a year-on-year increase of 20.29%, while client games also showed growth with a revenue of 17.919 billion yuan, up 6.85% [5] Group 3: Game Development and Innovation - Companies are focusing on long-term operation of existing games, with innovative gameplay and continuous content updates maintaining user engagement, as seen with titles like "Sausage Party" and "Aobi Island" [5] - The first domestic AAA single-player game "Black Myth: Wukong" has increased interest in console games, prompting companies like Light Media to invest in AAA game development [6] - AI technology is being integrated into game design and development, with companies like Zhongyou Mobile deploying AI models to enhance gameplay and user interaction [7] Group 4: Future Outlook - The gaming industry is expected to see accelerated growth due to the introduction of key products and the adoption of new technologies such as 5G-A and XR devices, which may enhance performance and valuation [9] - The trend of "going global" for Chinese games is gaining momentum, with companies actively expanding their overseas markets and achieving significant revenue growth [4][8]

Industry Overview - The Chinese gaming industry is undergoing a deep transformation characterized by a dual evolution, focusing on both deepening the value of existing users and exploring global growth opportunities, driven by policy support and increasing market demand [1] - The "Consumption Promotion Special Action Plan" has included the gaming industry in its policy support, encouraging traditional cultural empowerment, original IP cultivation, and the extension of the entire industry chain, injecting new growth momentum into the market [1] - According to the "China Gaming Industry Report," the domestic gaming market is expected to exceed 325.78 billion yuan in 2024, representing a year-on-year growth of 7.53%, with a user base of approximately 674 million, up 0.90% year-on-year, and an ARPU value increase of 6.73% to 485.52 yuan [1] Company Performance - Qingci Games reported a revenue of 628 million yuan in 2024, with overseas revenue growing from 28.47% to 43.93% of total revenue, and a gross profit margin of 57.8%, leading to a net profit of 51.12 million yuan [7][8] - The company’s global registered player base approached 100 million, with a year-on-year growth of 11.24%, and a monthly active user count of 2.36 million, maintaining stable conversion efficiency among paying users [8] - Qingci Games has successfully managed product lifecycles, with long-term operations enhancing user value and expanding market space, exemplified by the performance of its flagship product "The Strong Snail," which achieved 3.629 billion yuan in revenue [9][13] Strategic Initiatives - The company has adopted a dual strategy of "innovation reserve + globalization," focusing on both risk mitigation through innovative product categories and the global replication of mature products [15] - Successful product launches, such as "Ares Virus 2," have validated the methodology of developing sequels, achieving 23.18 million yuan in revenue within four months of launch [15][17] - Qingci Games is also making strides in global markets, with self-developed games generating overseas sales of 18.557 billion dollars in 2024, a year-on-year increase of 13.39%, significantly outpacing the domestic market growth rate [17][19] Market Trends - The gaming industry is experiencing a technological bull market, with the Hang Seng Technology Index projected to lead global markets with over 40% growth by 2025, driven by policy incentives and increased capital inflow [22] - AI technology is deeply empowering the gaming industry, evolving from an efficiency tool to a productivity revolution, enhancing existing product experiences and creating opportunities for new AI-native games [22] - Qingci Games is positioned uniquely within this technological revolution, with a current price-to-sales ratio of 2.25, significantly lower than the industry average of 3.67, indicating a mismatch with its improving fundamentals [25][26]

Group 1 - The company reported a revenue of approximately 628 million yuan and a gross profit of about 363 million yuan for the year 2024, achieving a profit attributable to equity holders of 51.12 million yuan, marking a turnaround from loss to profit year-on-year [1] - As of December 31, 2024, the company had a total of 98.28 million registered players, an increase of 11.24% year-on-year, with monthly active users averaging around 2.36 million and monthly paying users approximately 227,800; the ARPPU reached 265 yuan [1] Group 2 - The company continues to iterate on its self-developed games, with its flagship game "The Strongest Snail" achieving high rankings in free and best-selling game charts in multiple overseas markets, generating cumulative revenue of approximately 3.629 billion yuan from both domestic and international markets as of December 31, 2024 [2] - The company is actively developing its self-researched game "Project E," which is an innovative SLG game expected to enhance content and gameplay in 2025 [2] - The company has improved its long-term operational capabilities in game publishing, with overseas revenue growing from 28.47% to 43.93% year-on-year, indicating a significant enhancement in global publishing strength [2] - The company is steadily strengthening its core competitiveness in research and operations, promoting the globalization of its game products and further expanding its overseas market presence [2]