网龙 摘要 网龙公司通过自主研发的《幻灵游侠》、《征服》和《魔域》等游戏起 家，2007 年在香港交易所上市。2013 年出售 91 无线后，积极布局教 育业务，并于 2015 年收购普罗米修斯，形成游戏和教育科技双轮驱动。 旗舰 IP《魔域》以原创设计、自主发行和跨领域联动为特点，长期运营 且用户活跃度高。通过引入智能 NPC 和 AI 生成内容，如貂蝉英灵幻兽， 提升用户体验，并利用 AI 技术加速全球化扩张，已推出葡萄牙语和阿拉 伯语版本。 网龙全面拥抱 AI，构建 AI 生产中心，提高内容迁移与适配效率。2025 年上半年，游戏和应用服务板块研发费用同比下降 27%。计划聚焦开发 AI 原生游戏，包括智能 NPC 和生成式内容，以符合新时代要求。 《征服》海外收入占比超过 60%，未来将深化本地化玩法，加速海外拓 展。《英魂之刃》通过内容与赛事双引擎驱动，PC 端收入持续增长， 2025 上半年因与国漫 IP 联动，APA 同比增长 10%。两款 IP 均已部署 AI 生产中心。 Q&A 网龙公司在过去的发展历程中有哪些重要的里程碑？ 网龙公司自 1999 年创立以来，经历了几个重要的发展阶段。200 ...

Core Viewpoint - NetDragon (00777) experienced a significant stock increase, rising over 15% at one point and closing at 14.3 HKD, with a trading volume of 208 million HKD, following the announcement of its mid-2025 performance and strategic developments in its gaming business [1] Group 1: Financial Performance - The company's gaming business has seen a 26.7% year-on-year reduction in R&D expenses due to the comprehensive deployment of an "AI Production Center" [1] - Overall efficiency has improved by approximately 15% due to AI enhancements [1] Group 2: Product Development - NetDragon is focusing resources on its major product "Codename MY," which has entered user testing with positive feedback [1] - The game "Moyou" is expanding its multilingual versions, with two new language versions set to launch overseas in the second half of this year [1] - "Codename Alpha," a localized version of the "Conquest" series, is expected to be released in Southeast Asia in collaboration with partners, with additional regions under discussion for launches later this year [1] Group 3: Market Outlook - CITIC Securities anticipates growth in NetDragon's gaming business following the optimization of core IPs, and expects recovery in the Mynd.ai business after tariff policies are implemented [1] - The company's advancements in AI, including a strategic partnership between its subsidiary Chuangqisi and Zhongke Wenge, as well as breakthroughs in investments in AI edge devices, suggest a promising future for NetDragon [1] - These positive developments are expected to provide strong support for the company's stock price, with optimistic expectations for business growth in the second half of the year [1]

Group 1 - The core viewpoint of the article highlights that NetDragon's stock surged over 15% following the announcement of its mid-2025 performance, driven by advancements in AI and new product developments [1] - NetDragon's gaming business has seen a 26.7% year-on-year reduction in R&D expenses due to the implementation of an "AI production center," which has improved overall efficiency by approximately 15% [1] - The company is focusing resources on its major product "Code MY," which has received positive feedback during user testing, and is also expanding its popular game "Magic Domain" with two new language versions set to launch overseas in the second half of the year [1] Group 2 - Citic Securities expresses optimism regarding NetDragon's gaming business growth following core IP optimization, and anticipates recovery for the Mynd.ai business after tariff policies are implemented [1] - The company has made significant progress in the AI sector, including a strategic partnership between its subsidiary Chuangqisi and Zhongke Wenge, as well as breakthroughs in investments in AI edge devices [1] - Overall, these positive developments are expected to provide strong support for NetDragon's stock price, with Citic Securities expressing a positive outlook for the company's business development in the second half of the year [1]

Core Viewpoint - NetDragon (00777) experienced a significant stock price increase, rising over 15% at one point and closing at 14.3 HKD, with a trading volume of 208 million HKD [1] Group 1: Financial Performance - The company reported a 26.7% year-on-year decrease in R&D expenses due to the comprehensive deployment of the "AI Production Center" [1] - AI enhancements have improved overall efficiency by approximately 15% [1] Group 2: Product Development - NetDragon is focusing resources on its major product "Codename MY," which has entered user testing with positive feedback [1] - The game "Moyou" is actively expanding into multiple language versions, with two new versions set to launch overseas in the second half of this year [1] - "Codename Alpha," a localized version of the "Conquest" series, is expected to be launched in Southeast Asia in collaboration with partners, with additional regions under discussion for potential launches [1] Group 3: Market Outlook - CITIC Securities anticipates growth in NetDragon's gaming business following core IP optimization, and expects recovery in the Mynd.ai business after tariff policies are implemented [1] - The company's advancements in the AI sector, including a strategic partnership between its subsidiary Chuangqisi and Zhongke Wenge, as well as breakthroughs in investments in AI edge devices, suggest a promising future for NetDragon [1] - These positive factors are expected to provide strong support for the company's stock price [1]

机构：第一上海 2025 中期业绩承压：网龙2025 年上班年实现营收23.8 亿元，同比下滑28%，毛利为人民币17 亿元，同 比减少24.7%，毛利率同比提升2.9 个百分点至69.5%，反映公司整体盈利能力增强。经营开支为13.5 亿 元，同比降低15.6%，集团推行的成本优化和效率提升措施已初步显现成效，预计将在2025 年下半年进 一步充分体现。公司当前财务状况稳健，账面净现金规模约为23 亿元人民币，并持有12,000 枚以太币 作为其数字资产储备。与此同时，公司宣布派发中期股息每股0.5 港元，并承诺在未来一年内通过股息 及股份回购等方式，向股东提供总额不低于6 亿港元的回报。 游戏业务主动调整：2025 年上半年，公司游戏及其他业务实现收入17.4 亿元，同比下降18%，但相较 2024 年下半年仅环比微降4%，显示出企稳回升的态势。其中，《魔域》MAU 同比增长11%，手机版收 入也实现环比增长，反映用户活跃与留存水平有所提升，玩家体验持续优化。通过持续推进降本增效， 该业务经营利润率环比回升至28.8%，已接近历史常态水平。产品储备方面，《代号MY》已于8 月启动 小规模测试，预计明年正式 ...

Group 1: Company Overview - NetDragon's revenue for the first half of 2025 was RMB 2.38 billion, a year-on-year decline of 28%[5] - The gross profit was RMB 1.7 billion, down 24.7% year-on-year, but the gross margin improved by 2.9 percentage points to 69.5%[5] - The company has a net cash position of approximately RMB 2.3 billion and holds 12,000 Ethereum as digital asset reserves[5] Group 2: Business Segments - The gaming and other businesses generated RMB 1.74 billion in revenue, a decrease of 18% year-on-year, but only a 4% decline compared to the second half of 2024, indicating stabilization[6] - The education segment, Mynd.ai, reported revenue of RMB 640 million, impacted by tightened customer budgets, with ongoing cost optimization efforts[7] Group 3: Financial Projections - The target price for NetDragon is set at HKD 20.24, representing a 71% upside from the last closing price[8] - The adjusted EPS for 2025 is projected at HKD 1.004, a decrease of 25% from previous estimates, while 2026 EPS is expected to be HKD 1.175, down 22%[2] Group 4: Market Strategy - The company plans to return at least HKD 600 million to shareholders through dividends and share buybacks over the next year[5] - New game titles and expansion into overseas markets are expected to drive future growth, with several products in the pipeline for release[6]

Core Viewpoint - The company is experiencing a decline in revenue and profit for the first half of 2025, but shows signs of operational improvement and cost optimization, particularly in its gaming segment, while the education business faces short-term challenges [1][2][3] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 2.38 billion RMB, a year-on-year decline of 28%, with a gross profit of 1.7 billion RMB, down 24.7% [1] - The gross margin improved by 2.9 percentage points to 69.5%, indicating enhanced overall profitability [1] - Operating expenses decreased by 15.6% to 1.35 billion RMB, reflecting the effectiveness of cost optimization measures [1] - The company maintains a solid financial position with net cash of approximately 1.5 billion RMB and holds 12,000 Ethereum as digital asset reserves [1] - A mid-term dividend of 0.5 HKD per share has been announced, with a commitment to return at least 600 million HKD to shareholders through dividends and share buybacks over the next year [1] Group 2: Business Segments - The gaming and other businesses generated revenue of 1.74 billion RMB in the first half of 2025, down 18% year-on-year, but only a slight decline of 4% compared to the second half of 2024, indicating signs of stabilization [2] - The monthly active users (MAU) of "Magic Domain" increased by 11% year-on-year, and mobile revenue showed a quarter-on-quarter increase, reflecting improved user engagement and retention [2] - The operating profit margin for the gaming business rebounded to 28.8%, nearing historical normal levels [2] - New product developments include "Code MY" which began small-scale testing in August, and plans to launch "Magic Domain" and "Code Alpha" in overseas markets [2] - The education segment, Mynd.ai, reported revenue of 640 million RMB, impacted by tightened customer budgets, with ongoing efforts to optimize costs and explore emerging markets for growth [2] Group 3: Investment Outlook - The target price has been adjusted to 17.27 HKD, maintaining a buy rating based on the robust performance of the gaming business and the potential market space in education [3] - The steady development of gaming IPs and expansion into overseas markets, along with successful tablet product promotions, are expected to drive future growth [3] - The valuation method remains unchanged, with a projected 55% upside from the last closing price [3]

Core Viewpoint - The company, NetDragon, has announced a shareholder return plan of over HKD 600 million, instilling significant confidence in the market while continuing to create value for shareholders through its AI-driven strategies in both education and gaming sectors [1][6]. Financial Performance - For the first half of 2025, the company reported revenue of HKD 2.38 billion, with a gross profit of HKD 1.66 billion and a gross margin of 69.5%, reflecting a year-on-year increase of 2.9 percentage points [1]. - Operating expenses decreased by 15.6% year-on-year to HKD 1.35 billion, showcasing the effectiveness of AI in cost optimization and efficiency enhancement [1]. AI Strategy - The company is pursuing a dual strategy of "AI + Education" and "AI + Gaming," leveraging technological innovation and ecosystem collaboration to seize new growth opportunities globally [1][4]. - AI has significantly improved operational efficiency, with an estimated 15% enhancement in overall effectiveness within the gaming sector [1][2]. Gaming Sector Developments - The company has established AI production centers to enhance collaboration and content generation across different game teams, leading to the efficient launch of multilingual versions of flagship IPs like "Magic Domain" [2]. - Notable game products such as "Conquest" and "Spirit of the Heroes" have seen revenue growth of 2.1% and 18% year-on-year, respectively, while the core mobile game "Magic Domain" has experienced a MAU growth of over 30% [2]. Education Sector Initiatives - The company has made early investments in AI for education since 2017, developing AI-driven educational content and tools, and is now focusing on expanding its market share both domestically and internationally [3]. - Collaborations with educational institutions in Thailand and Cameroon aim to enhance digital education and improve educational equity and quality [3]. Industry Positioning - The company is strategically positioned to capitalize on the global AI technology landscape by integrating cutting-edge technologies and expanding its AI ecosystem [4][5]. - Future investments will focus on AI, XR, robotics, and blockchain technologies, reinforcing synergies with the company's core business [5]. Shareholder Returns - The company has a history of shareholder return plans, including a recent announcement of a plan to return up to HKD 600 million, which includes dividends and buybacks, reflecting a commitment to shareholder value [6][7]. - The proposed dividend of HKD 0.50 per share represents a year-on-year increase of 25%, with an annualized dividend yield exceeding 9%, making it one of the most attractive in the tech sector [6][7].

Core Insights - NetDragon emphasizes the dual-driven strategy of "AI + Education" and "AI + Gaming" to capture new growth opportunities globally [1][4] - The company reported a revenue of 2.381 billion RMB for the first half of 2025, with gaming and application services contributing 1.738 billion RMB and Mynd.ai contributing 641 million RMB [1][4] - The gaming business is expected to gradually stabilize, while the education market is anticipated to recover with clearer budgets and policies in regions like Germany and the USA [1][4] Gaming Business - The deployment of AI production centers led to a 26.7% reduction in R&D expenses, with AI enhancing overall efficiency by approximately 15% [2][3] - The flagship IP "Magic Domain" saw an 11.3% year-on-year increase in monthly active users (MAU), with several core mobile games experiencing MAU growth exceeding 30% [2][3] - The company is focusing on cross-industry collaborations to enhance IP cultural connotation and social impact [2][3] Mynd.ai Business - Mynd.ai's revenue declined due to budget cuts in the European and American education markets, but the gross margin rebounded to 31% in Q2 [3] - The company is implementing cost optimization and cash management strategies to navigate the industry adjustment period [3] - A recent acquisition of AI voice assistant technology is expected to enhance future sales in large-screen products [3] Future Outlook - Management is optimistic about performance in the second half of the year, with expectations for the gaming business to stabilize and the education market to recover [4] - The company plans to expand its global footprint, particularly in Southeast Asia, the Middle East, and Africa, while enhancing user experience through innovative products [4] - EBITDA for Mynd.ai is projected to approach breakeven in Q4, with expectations for profitability by 2026 [4] Cost Management - The company has successfully reduced overall sales and marketing expenses by 4.6%, administrative expenses by 14.0%, and R&D expenses by 22.4% [1] - Cost-saving measures are expected to continue yielding results in the second half of the year, with a focus on maintaining strategic objectives [14]

Core Viewpoint - NetDragon (00777) received an A rating in the 2025 ESG assessment by Wind, highlighting its strong performance in environmental protection, social responsibility, and corporate governance [1] Group 1: ESG Rating and Recognition - Wind's ESG rating system defines A-rated companies as having high management levels, low ESG risks, and strong sustainable development capabilities [1] - Among 105 listed software companies evaluated, NetDragon ranked sixth, with scores above the industry average in all three ESG dimensions [1][3] - NetDragon has also received a BBB rating from MSCI and is recognized as a low-risk company by Morningstar Sustainalytics, placing it among the top in the global software and services industry [4] Group 2: Sustainable Development Initiatives - The company integrates sustainable development strategies into its operations and product development, focusing on social responsibility and governance [3] - NetDragon's digital education products have reached over 200,000 classrooms in 192 countries, promoting green education practices [3] - The company launched the "Asian Elephant Rescue Action" in collaboration with the Xishuangbanna Tropical Rainforest Conservation Foundation to raise public awareness of wildlife protection [3] Group 3: Future Outlook - NetDragon plans to deepen its ESG principles, enhance management practices and information disclosure, and continue its "Game+" model and digital education innovations [4] - The company aims to collaborate with global partners to promote cultural heritage, environmental protection, and educational equity, creating long-term sustainable value for society and the environment [4]