2026年，是"十五五"规划开局之年。随着"推动文化和科技融合"纳入战略部署，中国文化出海正迈 入"质效双升"新阶段。对于企业而言，当政策红利与产业实践深度共振时，如何真正做到文化出海"质 效双升"？在扬帆开拓全球市场的道路上，如何找到一条创新可持续且兼具文化传播的发展路径？ 作为出海品牌企业，祖龙娱乐以文化自信为内核，交出了一份亮眼的"出海答卷"。依托24款精品手游矩 阵，该企业在170余个国家和地区搭建起跨语言、跨文化的数字桥梁，用MMORPG、女性向、策略卡牌 等多元品类为载体，将中式美学与非遗植入全球玩家认知，成为文化与科技深度融合的典范。 文化为核：以数字技艺激活传统美学，打造出海"文化名片" 技术为翼：以研运一体筑牢出海根基，深挖全球化潜力 在文化出海从"走出去"迈向"走进去"的新阶段，其核心已不再是单点突破的短期亮眼，而是对企业研发 运营、本地化适配、跨文化沟通等体系化能力的全方位考验。祖龙娱乐能在170余个国家和地区站稳脚 跟，支撑24款手游的产品矩阵，核心在于其多年积累的研发实力与全球化研运体系——这是应对全球市 场差异化需求的"护城河"，也是实现文化精准传播的"助推器"。 新技术赋能游戏， ...

祖龙娱乐始终秉持"人才是企业发展的第一资源"的理念，致力于为员工提供充满活力和成就感的职业发 展平台。公司通过完善的福利体系、系统化的培训和清晰的职业晋升路径，确保员工在成长过程中得到 充分支持。与此同时，祖龙娱乐还积极与高校合作，定期举办校园开放日、宣讲会和双选会等活动，帮 助年轻人才更早接触行业，了解公司文化，持续关注并连接校园中的未来人才。 12月5日，猎聘"2025非凡雇主"评选活动在热烈氛围中圆满落幕，祖龙娱乐凭借在雇主品牌建设和人力 资源管理方面的卓越表现，成功荣获"2025北京年度非凡雇主"称号。这一荣誉既是对祖龙娱乐持续深耕 员工幸福感、企业文化建设以及全球化人才战略的肯定，也展现了其在游戏行业中对人才培养和创新的 长期积累与贡献。 深耕人才培养，致力构建全面发展平台 作为一家率先将全球领先的虚幻引擎技术引入移动游戏开发的企业，祖龙娱乐不断突破技术边界，将技 术创新的基因融入到现象级产品中，推出了《以闪亮之名》《龙族：卡塞尔之门》《踏风行》等一系列 具有长线运营价值的精品游戏体系，涵盖 MMORPG、女性向、策略卡牌、SLG 等多种类型，也让祖龙 娱乐在技术层面，能率先抓住AI浪潮带来的新机遇 ...

Core Viewpoint - Zulong Entertainment reported significant revenue growth in the first half of 2025, but still faced losses, indicating a potential for future profitability with ongoing challenges in R&D costs and overseas market expansion [1][8]. Revenue Growth and Financial Performance - In the first half of 2025, Zulong Entertainment achieved revenue of 634 million RMB, a 44.4% increase from 439 million RMB in the same period of 2024 [2][5]. - The company reported a loss of 11.7 million RMB, a substantial reduction of 91.3% compared to a loss of 134 million RMB in the previous year [1][8]. - Adjusted net loss was 7.7 million RMB, down 93.6% year-on-year [1][2]. Key Products Driving Growth - The mobile game "In the Name of the Shining" has become a star product for Zulong, achieving over 2 billion RMB in global revenue and surpassing previous years' average daily active users (DAU) in the first half of 2025 [3][4]. - New games "Dragon Tribe: Cassel's Gate" and "Treading the Wind" contributed significantly to revenue, with the former topping the iOS free charts upon release [4][6]. Market Performance and Challenges - Domestic revenue reached approximately 512 million RMB, a 68.3% increase, accounting for 80.7% of total revenue [5][6]. - Overseas revenue was 123 million RMB, a decrease of 9.5%, with its share dropping from 30.8% to 19.3% [6][8]. - The company plans to expand its successful titles into Southeast Asia and South Korea to seek overseas growth [6]. Future Outlook - The gaming industry is experiencing increased competition, with a shift from scale expansion to quality competition [8]. - Zulong's strategy of focusing on high-quality, diverse products and global expansion may lead to profitability in the second half of 2025 [8].

Core Insights - Zulong Entertainment (09990.HK) reported a significant revenue increase of 44.4% year-on-year, reaching 634 million RMB in the first half of 2025, marking the third consecutive mid-term report with growth [1][2] - Despite the revenue growth, the company incurred a loss of 11.7 million RMB, although this represents a substantial reduction of 91.3% compared to a loss of 134 million RMB in the same period last year [1][7] - Adjusted net loss was 7.7 million RMB, down 93.6% year-on-year [1][2] Revenue Growth - The revenue growth was primarily driven by the successful launch of new games "Dragon Tribe: Cassel's Gate" and "Treading the Wind," along with the stable performance of the flagship product "In the Name of Shine" [2][4] - The gross margin remained high at 71.4%, indicating efficiency in game development and operations [2] Game Performance - "In the Name of Shine" has become a star product for the company, achieving over 2 billion RMB in cumulative global revenue and surpassing previous years' average daily active users (DAU) in the first half of 2025 [3] - "Dragon Tribe: Cassel's Gate" launched in September 2024, quickly topped the iOS free charts and became a new growth point for the company [4] - "Treading the Wind," a Chinese-style RPG, also performed well upon its launch in the first half of 2025, topping the iOS free charts on its release day [4] Market Dynamics - Domestic revenue accounted for approximately 5.12 billion RMB, a 68.3% increase year-on-year, making up 80.7% of total revenue [5] - Conversely, overseas revenue decreased by 9.5% to 1.23 billion RMB, dropping its share from 30.8% to 19.3% [6] Challenges and Future Outlook - The company faces challenges including high R&D expenditures and declining overseas market revenue [8] - The gaming industry has seen user growth reaching 679 million, but competition is intensifying [8] - The company plans to expand "Dragon Tribe: Cassel's Gate" and "In the Name of Shine" into Southeast Asia and South Korea in the second half of 2025 to seek overseas growth [6][8] - The strategic focus on quality over quantity in the gaming industry may help the company transition from losses to profitability [8]

Core Insights - Zulong Entertainment (09990) shares rose nearly 12%, currently up 11.79% at HKD 2.18, with a trading volume of HKD 4.7765 million [1] Group 1: Game Launch and Performance - On September 10, Zulong Entertainment's female-oriented 3A simulation game "Shining Name" was officially launched in South Korea, achieving the top position on both the iOS and Google Play free game charts [1] - Despite being launched in mainland China over two years ago, "Shining Name" has seen its average daily active users in the first half of 2025 surpass the total for 2023 and 2024, with record highs in July and August [1] - The game has generated over RMB 2 billion in cumulative global revenue to date [1] Group 2: Upcoming Game Releases - The strategy card game "Dragon Tribe: Castle Gate," based on the "Dragon Tribe" IP, is set to launch in the Greater China region in April 2025, achieving the top position in the iOS free game chart during the pre-download phase [1] - Following its launch, the game secured fifth and sixth positions on the iOS best-seller charts in Hong Kong and Taiwan, respectively [1] - In August, the game was released in Thailand, entering the iOS free game chart's top three on its first day and maintaining a position in the top five for several consecutive days [1]

Core Insights - Zulong Entertainment's game "Shining Name" has successfully launched in South Korea, achieving the top position in both iOS and Google Play free game charts, marking a significant milestone in the company's global expansion strategy [1] - The game has seen an average daily active user count in the first half of 2025 surpassing the total averages of 2023 and 2024, with a cumulative revenue exceeding RMB 2 billion globally [3] - The game's appeal to global female players is attributed to its extensive customization options and high-quality graphics, which cater to diverse aesthetic preferences across different regions [4] Company Performance - Zulong Entertainment has launched 24 mobile games in over 170 markets, supporting 14 languages, with a total registered user base exceeding 200 million and cumulative revenue surpassing RMB 22 billion [5] - The company has demonstrated strong performance with another game, "Dragon Tribe: Cassel's Gate," achieving top rankings in various regions, indicating robust operational capabilities and market responsiveness [5] - The company plans to expand the release of "Dragon Tribe: Cassel's Gate" to Japan, South Korea, and other global markets in 2026, focusing on localized strategies for different regions [6] Industry Trends - The Chinese gaming industry's overseas revenue reached USD 18.557 billion in 2024, showing a year-on-year growth of 13.39%, highlighting the potential for further expansion in international markets [8] - The favorable policy environment in China is expected to support the growth of gaming exports, aligning with Zulong Entertainment's long-term global strategy [5][8]

Core Insights - The report highlights the competitive strength of Chinese gaming companies, with Zulong Entertainment recognized for its premium strategy and significant achievements in technology development, cross-platform expansion, and global business [1][3]. Group 1: Competitive Analysis - Zulong Entertainment has been awarded a place in the "Top 10 Strong Foundation Leaders," reflecting its robust growth and industry benchmark value [3]. - The report evaluates gaming companies based on key indicators such as scale, stability, self-operated game products, and investment in gaming businesses [1]. Group 2: Business Performance - Zulong Entertainment has achieved a "three consecutive increases" in revenue, showcasing the effectiveness of its premium strategy and strong product capabilities [5]. - The company’s games, such as the female-oriented mobile game "In the Name of Shine" and the strategy card game "Dragon Tribe: Castle of Cassel," have received widespread acclaim and performed well in the market [5]. Group 3: Future Outlook - Zulong Entertainment emphasizes a "long-termism" approach as a core principle for development, focusing on content expansion, gameplay iteration, and diverse IP collaborations to enhance player experiences [6].

Core Viewpoint - Zulong Entertainment reported significant revenue growth and a substantial reduction in losses for the first half of 2025, indicating an improving operational situation [1][3]. Financial Performance - The company achieved a revenue of 634.3 million yuan, a year-on-year increase of 44.4% [1]. - Losses narrowed to 11.7 million yuan, a 91.3% reduction compared to the previous year's loss of 120 million yuan [1][3]. - Revenue from the domestic market reached 512 million yuan, up 68.3% from 304 million yuan in the same period last year [1]. Game Performance - The mobile game "Shining Bright" has been a key driver of revenue, consistently ranking in the top ten of the iOS bestseller list since its launch [2]. - The game has generated over 2 billion yuan in cumulative revenue globally, with significant growth in daily active users (DAU) during the summer of 2025 [2]. - The strategy card game "Dragon Tribe: Kassel Gate," based on a popular IP, also performed well, topping the iOS free chart on its launch day [2]. R&D and Future Projects - R&D expenses for the first half of 2025 were 265 million yuan, slightly up from 264 million yuan in the previous year [3]. - The company is undergoing a restructuring of its project pipeline, delaying several game launches, including "Code: Odin" and "Code: One" [3]. - The gross margin remained high at 71.4%, indicating effective cost control in game operations [3]. Global Strategy - Zulong Entertainment plans to expand its successful games into Southeast Asia and South Korea, having launched 24 mobile games in over 170 markets [4]. - Revenue from regions outside of mainland China decreased to 123 million yuan, accounting for 19.3% of total revenue, down from 30.8% the previous year [4]. Technological Innovation - The company is focusing on next-generation 3A rendering and immersive experiences, exploring AI applications in game development [5]. - An intelligent NPC based on a popular character was introduced in "Dragon Tribe: Kassel Gate," enhancing user interaction [5].

Core Viewpoint - The company expects significant financial improvement in 2025 compared to the previous year, driven by the successful development and launch of new games, including "Project Code: Xiaoyao," "Project K," and "Project G" [1] Financial Performance - For the first half of 2025, the company's revenue reached RMB 634.3 million, marking a 44.4% increase year-on-year [2] - The cost of revenue increased by 54.2% to RMB 181.5 million, while gross profit rose by 40.8% to RMB 452.8 million [2] - Research and development expenses were approximately RMB 265.5 million, showing a slight increase of 0.5% compared to the previous year [2] - Sales and marketing expenses increased by 28.7% to RMB 222.3 million, while administrative expenses decreased by 4.7% to RMB 44.8 million [2] - Other income rose significantly by 135.3% to RMB 4.0 million, contributing to the overall positive financial performance [2] Strategic Direction - The company's sustained growth is attributed to its commitment to a premium strategy, focusing on technological innovation and a diverse product matrix [2][3] - As of the announcement date, the company has released 24 premium mobile games, generating over RMB 22 billion in total revenue and accumulating over 200 million registered users globally [3] - The flagship product "In the Name of Shining" has generated over RMB 2 billion, serving as a stable growth engine for the company [3] Innovation and Technology - The company emphasizes the importance of continuous innovation and R&D investment, with R&D personnel accounting for nearly 80% of its workforce [3] - The integration of advanced technologies, such as AI and Unreal Engine, into game development has allowed the company to create a diverse range of high-quality products [4] - The first female-oriented AAA mobile game "In the Name of Shining" utilizes AI for enhanced player interaction, receiving positive feedback from users [4][6] Market Trends - The gaming user base in China reached approximately 679 million in the first half of 2025, setting a historical record [8] - Policy support for the gaming industry is increasing, with initiatives encouraging technological innovation and collaboration among leading and smaller enterprises [10] - The company's growth potential is expected to be further enhanced by the dual drivers of "engine technology + AI" in the current market environment [10]

Core Viewpoint - Zulong Entertainment (09990) has shown a significant increase in stock price, rising over 6% following the release of its mid-year performance announcement for 2025, indicating strong revenue growth and improved financial health [1] Financial Performance - For the first half of 2025, Zulong Entertainment reported a revenue of 634.3 million yuan, representing a year-on-year growth of 44.4% [1] - This marks the third consecutive increase in revenue, following growth rates of 25.6% in 2024 and 55.5% in 2023 [1] - The adjusted net loss has been reduced by 93.6% compared to the same period last year, reflecting ongoing improvements in operational performance [1] Reasons for Performance Improvement - The company attributes its performance improvement primarily to the successful launches of games such as "Dragon Tribe: Cassel's Gate" and "Treading the Wind," which are set to release in the second half of 2024 and the first half of 2025, respectively [1] - Additionally, the stable performance of the game "In the Name of Shining" has contributed to the positive results [1] Future Plans - Zulong Entertainment plans to diversify its game portfolio by launching seven different types of game products globally between the second half of 2025 and 2027 [1]