格隆汇2月26日丨冰川网络(300533.SZ)公布2025年度业绩快报，报告期内，公司实现营业总收入25.5亿 元，较上年同期下降8.40%；归属于上市公司股东的净利润4.79亿元，较上年同期增长293.77%；基本每 股收益2.04元/股，较上年同期增长292.45%；加权平均净资产收益率32.62%，较上年同期增长49.66个百 分点。 （1）报告期内，公司成熟期游戏产品《X-hero》《超能世界》《HeroClash》等随着运营周期的延长， 充值流水较上年同期下降，而公司推出的新游戏所带来的收入增量尚不足以完全抵消上述成熟产品流水 的自然回落，总营业收入同比下降8.40%。 （2）2025年前三季度，公司销售费用较上年同期大幅下降，主要由于：一方面，公司对于部分新产品 仍在不断进行优化调整，通过多轮测试谨慎评估新产品的投放力度，尚未进行大规模推广；另一方面， 公司结合《X-hero》《超能世界》《HeroClash》等成熟产品前期的投放回收数据及中长期运营表现， 投放量减少。2025年第四季度，公司SLG类新产品《X-Clash》海外多国同步首发，销售费用环比增 加。 财经频道更多独家策划、专家专栏， ...

报告期内，公司成熟期游戏产品《X-hero》《超能世界》《HeroClash》等随着运营周期的延长，充值 流水较上年同期下降，而公司推出的新游戏所带来的收入增量尚不足以完全抵消上述成熟产品流水的自 然回落，总营业收入同比下降8.40%。 智通财经APP讯，冰川网络(300533.SZ)披露2025年度业绩快报，公司实现营业总收入25.54亿元，较上 年同期下降8.40%;归属于上市公司股东的净利润4.79亿元;扣除非经常性损益后的归属于上市公司股东的 净利润4.21亿元;基本每股收益2.04元/股。 ...

Core Viewpoint - The financial performance of Glacier Network in 2024 reflects the deep-seated competition within the gaming industry's "user acquisition model," revealing a paradox of revenue growth without profit increase [1] Financial Performance - In 2024, the company reported total revenue of 2.788 billion yuan, a slight increase of 0.17% year-on-year, but incurred a net loss of 249 million yuan, with a further loss of 317 million yuan after excluding non-recurring items, indicating the cost of strategic expansion [1] - In the first half of the year, the company spent 909 million yuan on user acquisition for five games, accounting for 64.95% of sales expenses, while generating only 1.206 billion yuan in revenue [2] - The aggressive strategy of "loss for scale" is compounded by a longer revenue recognition cycle for overseas investments, leading to a mismatch in cash flow, with sales expenses exceeding revenue [2] Product and Market Dynamics - The core product "Super Ability World" saw a 69% year-on-year decline in domestic iOS revenue, and ARPPU dropped by 47%, while the overseas version "Hero Clash" remained weak in the U.S. market [3] - The new product "Realm of Legends" generated only 340,000 USD in its first month, failing to compensate for the decline of older products, highlighting an over-reliance on "sub-game user acquisition" [3] Profitability Outlook - For Q1 2025, the company anticipates a profit of 176 to 228 million yuan, attributed to cost reduction and efficiency improvements, but this is largely driven by the release of deferred revenue [4] - The actual cash inflow remains under pressure, as the increase in deferred revenue may mask the true profitability, with non-recurring gains being minimal [4] Financial Risks and Strategic Challenges - As of Q3 2024, the company had a debt-to-asset ratio of 55% and net cash flow from operating activities of -467 million yuan, raising concerns about financial stability [5] - The controlling shareholder's plan to sell shares worth approximately 110 million yuan may further undermine market confidence [5] - Despite the approval of a 1.2 billion yuan capital increase to alleviate short-term debt pressures, the company faces challenges in overcoming rising user acquisition costs and the need for product innovation [5] Industry Implications - The ongoing "cash flow consumption battle" may redefine the survival threshold of the user acquisition model in the gaming industry [6]