Core Insights - The recent announcement of the 2025 Golden Rooster Awards recognized Zhong Shouyou as the "Most Influential Mobile Game Publisher," with its products "Naruto: Konoha Masters" winning "Best ACG Mobile Game" and "New Three Kingdoms: Cao Cao Biography" winning "Player's Favorite Mobile Online Game" [1][16][29] Group 1: Awards and Recognition - Zhong Shouyou received the title of "Most Influential Mobile Game Publisher" for its strong performance in the gaming industry [14][28] - "Naruto: Konoha Masters" was awarded "Best ACG Mobile Game," showcasing its deep recreation of the Naruto anime's essence and achieving significant market success [5][19] - "New Three Kingdoms: Cao Cao Biography" was recognized as "Player's Favorite Mobile Online Game," highlighting its innovative strategy gameplay and positive reception from core players [7][21] Group 2: Financial Performance and Market Strategy - In the first half of 2025, Zhong Shouyou's overseas revenue reached RMB 235 million, marking a 33.2% year-on-year increase and accounting for 30.8% of total revenue, up from 14.1% in the same period last year [14][28] - The company has successfully launched several products in both domestic and international markets, with titles like "Spring and Autumn Mysteries" and "Fighting Breakthrough: No Dual" performing exceptionally well [28][29] - Zhong Shouyou plans to release 18 new products in 2025, with 11 of them being IP derivative games, indicating a strong focus on IP strategy and product diversification [28][29] Group 3: Future Outlook - The awards reflect the market and player recognition of Zhong Shouyou's publishing strength and product quality, emphasizing the company's ongoing efforts in IP value cultivation and innovation [15][29] - The company aims to deepen its IP ecosystem layout and continue investing in innovative research and global distribution, contributing to the healthy development of the Chinese gaming industry and cultural export [15][29]

Core Viewpoint - The gaming industry is experiencing accelerated differentiation due to technological iterations and market changes, with the company reporting a significant mid-term performance despite short-term pressures from core self-developed projects [1] Group 1: Financial Performance - The company achieved revenue of 763 million yuan in the first half of 2025, with an adjusted net loss of 638 million yuan, but managed to generate positive operating cash flow of 108 million yuan [1] - The overseas business revenue reached 235 million yuan, a year-on-year increase of 33.2%, and accounted for 30.8% of total revenue, up from 14.1% in the same period last year [2] Group 2: Globalization and Mini-Games - The company's globalization strategy has become a core driver to counter domestic market pressures, with overseas revenue becoming a significant performance pillar [2] - Mini-games have emerged as a new growth engine, with actual sales revenue reaching 23.276 billion yuan, a year-on-year growth of 40.2%, and user scale surpassing 500 million [6] Group 3: IP Operations and Technological Innovation - The depth of IP operations is crucial for gaming companies to navigate through cycles, with the company reporting IP authorization revenue of 33.1 million yuan, a year-on-year increase of 134.8% [11] - The company is leveraging its IP advantages to explore Web3 opportunities, with plans for a reality asset on-chain initiative and a decentralized esports platform [15] Group 4: Future Outlook - The company is expected to turn around its performance with the launch of several new games and the ongoing celebration of the 30th anniversary of the "Xianjian Qixia Chuan" IP [18]