Core Insights - The company reported its mid-year results for 2025, showing a revenue of 2.578 billion yuan, a year-on-year increase of 0.89%, and a net profit attributable to shareholders of 950 million yuan, up 17.41% year-on-year [1] Revenue Performance - The revenue growth in 1H25 was primarily driven by the long-term operation of classic IPs and the successful overseas launch of new games. Notable titles contributing to revenue include "Original Legend," "Blood of the Heroes," and "Sword and Fairy: New Beginnings." The overseas revenue reached 202 million yuan, a significant increase of 59.6% year-on-year [2] Cost Management - The company demonstrated a clear optimization in sales expenses, with Q2 2025 sales expenses amounting to 407 million yuan, down 13.69% year-on-year. The gross margin for Q2 2025 was 81.07%, reflecting a slight decrease of 0.91 percentage points year-on-year [2] R&D Investment - R&D expenses for Q2 2025 were 134 million yuan, representing a year-on-year increase of 13.59%. The company continues to prioritize R&D, particularly in AI projects, leading to an increase in both expenses and expense ratio [3] Management Expenses - Management expenses for Q2 2025 were 38 million yuan, down 13.87% year-on-year, with an expense ratio of 3.12% [4] Product Development - The company is enhancing user experience through the "Legend Box," which serves as a vertical ecosystem for players of legendary games, offering various functionalities such as game downloads and live interactions [5] Future Outlook - The company has a rich reserve of multi-dimensional IPs and is leveraging AI technology to optimize its product matrix. Upcoming games based on top IPs like "Douluo Dalu" and "Tomb Raider" are expected to launch within the year [6] Investment Recommendation - The company is expected to benefit from a robust product line and AI projects, with projected revenues of 6.1 billion yuan, 7.1 billion yuan, and 7.8 billion yuan for 2025-2027, and net profits of 2.1 billion yuan, 2.5 billion yuan, and 2.8 billion yuan respectively [7]

Group 1 - The core viewpoint of the news is the collaboration between Zhejiang Xianqu Interactive Entertainment Network Technology Co., Ltd. and Jiangxi Ganwan Information Technology Co., Ltd., which involves a payment of 200 million yuan for the establishment of a "Ganwan Game" celebrity zone within the Legend Box [2][3] - Ganwan Game is a well-known game distribution platform in China, focusing on the refined operation and innovative promotion of legendary games, having successfully created several phenomenon-level game products such as "Blue Moon Legend" and "Dragon Soaring Legend" [2] - Xianqu Interactive has developed a unique vertical community platform for legendary games, integrating game experience, community interaction, live streaming, and item trading, which enhances user engagement and community activity [2] Group 2 - This partnership represents an extension of the long-term collaboration between Kaiying Network and Ganwan Game, marking a comprehensive upgrade of the legendary IP ecosystem [3] - The entry of Ganwan Game will provide easier content access for its large user base and utilize integrated marketing strategies, including celebrity endorsements, to enhance product market penetration [3] - Both companies will share resources and collaborate on traffic sharing, content co-creation, and ecosystem building to elevate the market presence of the legendary IP and improve player experience [3]

Group 1 - The collaboration between Zhongxu Future (Ganwan) and Kaiying Network marks a significant enhancement of the Legend IP ecosystem, with the introduction of classic IPs such as "Blood Legend" and "Legend World" [1][2] - Ganwan Games, a well-known game distribution platform in China, has successfully developed several phenomenon-level games in the Legend genre, establishing a strong brand influence in this field [1][2] - The partnership aims to leverage community-based operations of the game box platform to enhance brand influence and provide a more convenient content entry for a large user base [2] Group 2 - The integration of Ganwan Games into Kaiying Network's game box will utilize a multi-faceted marketing approach, combining "star IP + game products" to enhance market penetration [2] - Both companies will share resources and collaborate on traffic sharing, content co-creation, and ecosystem building to increase the market presence of the Legend IP [2] - Future efforts will focus on user growth, content innovation, and the derivative value of IP, reinforcing the leading position of Legend games in the market [2]

Group 1 - Zhongxu Future (Tanwan) has deepened its business cooperation with Hangzhou Tianqiong Interactive Network Technology, obtaining licenses for classic IPs "Blood Legend" and "Legend World" [1] - The partnership with Zhejiang Xianqu Interactive Network Technology, a subsidiary of Kaiying Network, allows Tanwan to officially enter the game box section operated by Xianqu Interactive, creating a "Tanwan Games" star brand area [1] - Tanwan Games, a well-known game distribution platform in China, focuses on the refined operation and innovative promotion of legendary games, successfully launching several hit products and establishing a strong brand influence in the legendary game sector [1] Group 2 - This collaboration represents an extension of the long-term partnership between Zhongxu Future (Tanwan) and Kaiying Network, marking a comprehensive upgrade of the legendary IP ecosystem [2] - The entry of Tanwan Games will provide a more convenient content entry for its large user base and enhance product market penetration through integrated marketing strategies like signing celebrity endorsements [2] - Both companies will share resources and enhance the market presence of legendary IPs through traffic sharing, content co-creation, and ecological construction, aiming to improve user growth and content innovation [2]

业绩实现扭亏为盈之际，中旭未来拟将公司中文名称由"中旭未来"更改为"贪玩"，英文名称由"ZX Inc."更改为"Tanwan Inc."。 成立于2015年的中旭未来，前身即为贪玩游戏，最初以代理和运营传奇类游戏起家。为寻求上市，贪玩 游戏曾在2022年初宣布品牌升级为"中旭未来"。 对于旧名重拾，中旭未来公告中披露，集团自成立以来始终以"贪玩游戏"品牌发行运营由客户开发的网 络游戏(尤其是手机游戏)，并由此积累了"贪玩"品牌的市场知名度。董事会认为，能更有效地体现公司 的品牌效应，进一步提升品牌价值，符合公司及股东整体利益。 说起贪玩游戏，广告语"我系渣渣辉"，"是兄弟就来啃我"（砍我），成为经久不衰的互联网热梗。贪玩 游戏创立于2015年5月，旗下主要产品包括《原始传奇》、《古云传奇》、《自由之刃》、《热血合 击》、《全民江湖》等多款热门游戏。 贪玩游戏曾在2022年初宣布品牌升级为"中旭未来"，并由此将业务从游戏逐渐拓展至食品、潮玩等领 域。2023年9月，中旭未来成功赴港上市，股价从上市之初的每股14港元，一度涨至2024年1月72.45港 元/股的历史高位。 然而从财务表现看，近年来的营收与利润整体 ...

说起贪玩游戏，广告语"我系渣渣辉"，"是兄弟就来啃我"（砍我），成为经久不衰的互联网热梗。贪玩 游戏创立于2015年5月，旗下主要产品包括《原始传奇》、《古云传奇》、《自由之刃》、《热血合 击》、《全民江湖》等多款热门游戏。 业绩实现扭亏为盈之际，中旭未来拟将公司中文名称由"中旭未来"更改为"贪玩"，英文名称由"ZX Inc."更改为"Tanwan Inc."。 成立于2015年的中旭未来，前身即为贪玩游戏，最初以代理和运营传奇类游戏起家。为寻求上市，贪玩 游戏曾在2022年初宣布品牌升级为"中旭未来"。 对于旧名重拾，中旭未来公告中披露，集团自成立以来始终以"贪玩游戏"品牌发行运营由客户开发的网 络游戏(尤其是手机游戏)，并由此积累了"贪玩"品牌的市场知名度。董事会认为，能更有效地体现公司 的品牌效应，进一步提升品牌价值，符合公司及股东整体利益。 根据对集团未经审核综合管理账目的初步评估，截至2025年6月30日，集团预期录得净利润约人民币6亿 元至7亿元，较去年同期净亏损约3.85亿元实现大幅增长。 利润增长究其原因，一是集团持有的其他上市公司股份有关的按公平值计入损益的金融资产的公平值收 益增加；二是期 ...

Group 1: Management Changes - Kaiying Network announced the resignation of CFO Huang Zhenfeng due to work adjustments, effective immediately upon receipt of the resignation report [1] - Zhang Qirun, the current budget director of the subsidiary Zhejiang Shenghe, has been appointed as the new CFO, with a term until the fifth board of directors concludes [1] - Zhang Qirun, aged 35, holds a bachelor's degree from Dalian University of Technology and is a certified public accountant, with previous experience in Deloitte and various roles within Kaiying Network [1] Group 2: Company Performance - In the 2024 annual report, Kaiying Network's revenue surpassed 5 billion yuan, reaching 5.118 billion yuan, a year-on-year increase of 19.16%, while net profit attributable to shareholders was 1.628 billion yuan, up 11.41% year-on-year [5] - The company's robust growth is attributed to a combination of research and development, publishing, and investment in intellectual property [5] - Kaiying Network focuses on three main areas in its gaming business: retro nostalgia games, innovative premium games, and IP-related projects, with 22 new products announced at the annual product launch [5] Group 3: Game Development and Innovation - The company has developed and operated several classic games, including "Original Legend," "Blood of the Alliance," and "Angel Battle," while also venturing into innovative premium games and adaptations of classic novels [5] - Notable new games include real-time battle game "Gundam Battle," 3D action game "Code: Ultraman," and open-world adventure game "Douluo Dalu: Zhu Xie Chuan Shuo" [5] - Kaiying Network is also investing in AI applications, having introduced the "Xingyi" large model for game development, which enhances efficiency across various stages of game production [6]

Core Viewpoint - The company has successfully reversed its previous losses and achieved significant revenue and profit growth, establishing itself as a key player in the gaming industry, particularly in the retro gaming segment [1][3][5]. Financial Performance - The company's revenue has resumed growth since 2020, reaching 5 billion yuan last year, with net profit exceeding 1 billion yuan for three consecutive years [1]. - Last year's revenue grew by 19% year-on-year, totaling 5.1 billion yuan, with self-operated and joint-operated revenues accounting for 63% of total revenue [5]. Business Developments - The company has undergone significant changes, including the resolution of past legal issues and a restructuring of its business model, allowing for increased product releases and investment activities [4][8]. - The company has expanded its product offerings beyond traditional titles like "Legend" and "Miracle," venturing into various game genres [4]. Product Portfolio - The core revenue still relies on retro-themed games, which include titles like "Original Legend," "Blood of the Battle," and "Angel War," contributing significantly to the revenue base [5]. - The company has introduced a new information service that has grown rapidly, accounting for 18% of total revenue, primarily from the 996 game box and Cangyue Island platform [7]. Strategic Partnerships - The company has established a strong partnership with Zhejiang Shenghe, a game developer, which has been a significant contributor to its success, particularly with the "Legend" series [8]. - The company has strengthened its ties with Century Huatong and Zhongxu Future through cross-shareholding and strategic cooperation agreements, enhancing its position in the "Legend" IP ecosystem [10][12]. Legal and Regulatory Developments - The company has been involved in long-standing copyright disputes over the "Legend" IP, which have recently seen resolution, allowing for a more stable business environment [9]. - A recent arbitration ruling ordered a compensation of 224.5 million yuan from a Korean company, further solidifying the company's legal standing [12]. Market Expansion - The company has made strides in international markets, with overseas revenue reaching 375 million yuan, a year-on-year increase of over 220% [22]. - The company has diversified its product line, including various genres and IP adaptations, to enhance its market presence and appeal [13][19].

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]

Core Viewpoint - The performance of major A-share gaming companies in 2024 shows a significant disparity, with Perfect World maintaining the third position in revenue but suffering substantial losses, while other companies like Shenzhou Taiyue and Kaixin Network are showing better profitability and growth [1][17]. Company Performance Summary Perfect World - In 2024, Perfect World reported a revenue of 5.57 billion yuan, a decrease of 28.50% year-on-year, and a net loss of 1.29 billion yuan, marking a shift from profit to loss [2][3]. - The gaming business revenue was 5.18 billion yuan, down 23.32% from the previous year, attributed to project adjustments and underperforming game launches [2][3]. - The company underwent significant layoffs, reducing its workforce by 32% to 3,905 employees, impacting various expense categories [4][5]. Shenzhou Taiyue - Shenzhou Taiyue achieved a revenue of 6.45 billion yuan in 2024, an increase of 8.22%, with a net profit of 1.43 billion yuan, up 60.92% [10][11]. - The gaming segment generated 4.66 billion yuan, a growth of 3.66%, primarily driven by overseas player spending on the game "Age of Origins" [8][10]. Kaixin Network - Kaixin Network reported a revenue of 5.12 billion yuan, a year-on-year increase of 19.16%, and a net profit of 1.63 billion yuan, up 11.41% [12][13]. - The company saw a significant increase in overseas revenue, which grew by 221.48% to 375 million yuan, driven by successful game launches in various markets [14]. Industry Ranking - The ranking of A-share gaming companies shows that 37 Interactive Entertainment and Century Huatong remain the top two, while Perfect World, despite its revenue position, is the only major company reporting losses [16][17]. - Perfect World has been surpassed in overall revenue by Shenzhou Taiyue and is at risk of being overtaken by Kaixin Network in the near future [17].