2025年11月7日，"2025年度游戏IP生态大会"上，两场专题会议如期举行，会上邀请了包含游戏、影 视、动漫等领域，日本、法国、英国等地区的行业专家、企业领袖进行了主题分享。 "IP双效驱动：商业价值与文化使命的共生之道"专题会议 在IP开发如火如荼的时代，过度商业化导致用户反噬与文化失语的矛盾愈发尖锐。部分顶级IP经改编后 项目生命周期远未达到预期，部分优质文化IP也因变现乏力而陷入"叫好不叫座"的困局。这一现象折射 出产业链的深层割裂：资本追求短期回报的流量逻辑，与文化价值沉淀的长期主义之间尚未形成有效协 同机制。如何让IP既创造现金流，又承载文化价值？ 与会嘉宾围绕上述主题展开探讨。 祖龙娱乐执行总裁 吴盛鹤先生以"游戏的IP联动如何兼顾双效驱动"为题发表演讲，从企业的高质量发 展探索与游戏IP全球化生态构建角度，系统阐述了祖龙娱乐的业务布局方向与成果。在游戏精品化方 面，祖龙娱乐自2014年成立以来始终以高品质内容为核心，深耕MMO、女性向、SLG等多品类赛道， 推出《龙族幻想》《以闪亮之名》等代表作，并持续以技术创新强化产品竞争力。从Unity到虚幻引擎 的深度应用，再到AI在玩法与内容生产中的 ...

Core Viewpoint - Zulong Entertainment (09990.HK) reported a significant increase in revenue for the first half of 2025, achieving 634.3 million yuan, a year-on-year growth of 44.4%, marking a successful "three consecutive increases" in revenue [1] Revenue Performance - The revenue growth of 44.4% in the first half of 2025 follows previous growth rates of 25.6% in 2024 and 55.5% in 2023, indicating a strong market performance [1] - The adjusted net loss was reduced by 93.6% compared to the same period last year, reflecting continuous improvement in operational conditions [1] Game Launches and Performance - The performance improvement is attributed to the successful launches of "Dragon Tribe: Cassel Gate" and "Treading Wind" in the second half of 2024 and the first half of 2025, respectively, along with the stable performance of "Shining Name" [1] - "Shining Name" achieved a historical high in monthly profit in January 2025, with total global revenue exceeding 2 billion yuan as of the announcement date [2] - "Treading Wind," a Chinese-style RPG developed using Unreal Engine 4, topped the iOS free games chart on its launch day in May 2025 [2] Global Strategy - Zulong Entertainment maintains a global strategy, focusing on a research and operation integration model to customize differentiated strategies for various markets [2] - The company aims to deepen local market engagement and enhance value while continuing to expand internationally [2] Game Quality and Operations - The company emphasizes a "research and operation integration" model to enhance game quality and extend revenue cycles, with several classic games maintaining stable long-term performance [3] - The gross margin remains above 70%, showcasing a competitive edge in the industry, supported by effective cost management and innovation in research and development [3] Future Outlook - Zulong Entertainment plans to continue its core strategies of quality, multi-category development, research and operation integration, and globalization [3] - The company aims to explore AI applications in game development, enhancing dynamic gameplay through intelligent NPCs and integrating user-generated and AI-generated content [3]