Core Insights - Qingci Games (06633) reported a mid-year revenue of approximately 247 million RMB for 2025, with a gross profit of around 154 million RMB and a net profit of 72.67 million RMB, representing a 90.2% increase compared to the same period last year, indicating a continuous improvement in profitability [1] Financial Performance - The significant net profit growth is attributed to efficient management operations and cost control, with a substantial reduction in marketing expenses compared to the previous year, as well as favorable exchange rate fluctuations and effective foreign exchange management leading to increased exchange gains [1] Game Operations - As of June 30, 2025, the company has over 100 million registered players, a 7.56% year-on-year increase, with an average monthly active user count of approximately 1.144 million and an average monthly paying user count of about 140,600, resulting in an ARPPU of 289.79 RMB, a 5.26% year-on-year growth [1] - The changes in game operation data are primarily due to some games reaching maturity, leading to a decline in active and paying user numbers, while the introduction of new game versions and content optimization has attracted new player registrations and encouraged some returning players, enhancing user payment willingness [1] Strategic Achievements - The long-term operational effectiveness is highlighted by the flagship self-developed game "The Strong Snail," which celebrated its five-year anniversary in June 2025, successfully attracting a large number of returning players and significantly increasing user payment willingness, with ARPPU rising from approximately 200 RMB to nearly 300 RMB, a 50% increase [2] - The company is steadily advancing its global expansion, preparing for the launch of the Korean version of "The Strong Snail" in the second half of 2025, which will enhance its influence in core markets, alongside preparations for the overseas release of "Cardcaptor Sakura: Key to Memories" in Vietnam and Japan [2] - The research and development pipeline is focused on breakthroughs, with the strategic self-developed project "Project E" progressing smoothly, recently entering a "Plank Test" phase for core players, which is expected to become a milestone product for the company's future growth [2]

Core Viewpoint - Qingci Games (06633.HK) reported a significant increase in revenue and net profit for the six months ending June 30, 2025, driven by improved operational efficiency and effective cost control [1] Financial Performance - The company recorded revenue of approximately RMB 247 million, with a net profit of RMB 72.67 million, representing a 90.2% increase compared to RMB 38.20 million in the same period last year [1] - The cumulative registered players reached 100.45 million, a year-on-year increase of 7.56% [1] - Monthly average active users were approximately 1.144 million, with monthly average paying users around 140,600 [1] - The Average Revenue Per Paying User (ARPPU) reached RMB 289.79, a year-on-year growth of 5.26% [1] Operational Achievements - Long-term operational success was highlighted by the five-year anniversary of the flagship self-developed game "The Strongest Snail," which saw a significant increase in user spending during the anniversary event, with ARPPU rising from approximately RMB 200 to nearly RMB 300, an increase of about 50% [1] - The company is actively preparing for the launch of the Korean version of "The Strongest Snail," expected in the second half of 2025, and is also working on overseas releases for "Cardcaptor Sakura: Key of Memories" in Vietnam and Japan, enhancing its global market presence [1] - The development of the strategic self-developed title "Project E" is progressing well, with recent core player testing initiated to accelerate game iteration, incorporating innovative gameplay elements [1]

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]