来源：新浪证券 2025年上半年，祖龙娱乐营收达到6.34亿元，相比2024年同期的4.39亿元，增幅达44.4%。这一增长主 要得益于《龙族：卡塞尔之门》和《踏风行》两款新游戏在国内市场上线，以及旗舰产品《以闪亮之 名》的持续稳定表现 。 公司毛利率保持在71.4%的行业高位水平，体现了其在游戏开发和运营方面的效率 。然而，研发开支仍 高达2.65亿元，与去年同期基本持平，销售及营销开支则上升至2.22亿元，同比增长28.7% 。 经营活动产生的现金流量净额为-3607.9万元，虽仍未转正，但较上年同期的-6831.3万元已有明显改善 。 《以闪亮之名》成为增长引擎 祖龙娱乐（09990.HK）于2025年8月22日披露的中期报告显示，公司上半年实现营业收入6.34亿元人民 币，同比增长44.4%，创下连续三个中期报告期增长纪录。 尽管营收显著增长，公司仍未实现完全盈利，期内亏损为1170万元，但较去年同期1.34亿元的亏损已大 幅收窄91.3%。经调整亏损净额仅为770万元，同比缩减93.6% 。 收入增长强劲，亏损大幅收窄 《龙族：卡塞尔之门》是祖龙娱乐基于知名IP《龙族》系列改编的策略卡牌手游，于20 ...

尽管营收显著增长，公司仍未实现完全盈利，期内亏损为1170万元，但较去年同期1.34亿元的亏损已大 幅收窄91.3%。经调整亏损净额仅为770万元，同比缩减93.6% 。 收入增长强劲，亏损大幅收窄 2025年上半年，祖龙娱乐营收达到6.34亿元，相比2024年同期的4.39亿元，增幅达44.4%。这一增长主 要得益于《龙族：卡塞尔之门》和《踏风行》两款新游戏在国内市场上线，以及旗舰产品《以闪亮之 名》的持续稳定表现 。 公司毛利率保持在71.4%的行业高位水平，体现了其在游戏开发和运营方面的效率 。然而，研发开支仍 高达2.65亿元，与去年同期基本持平，销售及营销开支则上升至2.22亿元，同比增长28.7% 。 经营活动产生的现金流量净额为-3607.9万元，虽仍未转正，但较上年同期的-6831.3万元已有明显改善 。 《以闪亮之名》成为增长引擎 女性向手游《以闪亮之名》已成为祖龙娱乐的明星产品。该游戏自上线以来，已10余次跻身中国内地 iOS游戏畅销榜前十，2025年1月更创下上线以来的单月利润新高 。 截至业绩公告日，该游戏全球累计流水已突破20亿元，2025年上半年在中国内地的平均日活跃用户数 （DA ...

祖龙娱乐(09990)涨近12%，截至发稿，涨11.79%，报2.18港元，成交额477.65万港元。 消息面上，9月10日，祖龙娱乐旗下女性向3A级模拟生活游戏《以闪亮之名》(以下简称《闪名》)正式 在韩国上线，取得韩国iOS和谷歌游戏免费榜双榜第一的佳绩。值得一提的是，尽管在大陆地区上线已 超两年，2025年上半年《闪名》平均日活用户数超越2023年、2024年全年均值，在7月和8月暑期档平均 日活甚至再创2025年以来的新高。截至目前，《闪名》全球累计流水超人民币20亿元。 此外，根据《龙族》IP改编及开发的策略卡牌类游戏《龙族：卡塞尔之门》，于2025年4月在中国港澳 台地区上线，预下载阶段登顶iOS游戏免费榜榜首，随后取得中国香港和中国台湾地区iOS游戏畅销榜 第五名和第六名的成绩。8月登陆泰国，上线首日冲入iOS游戏免费榜前三名，后连续多日位列iOS游戏 免费榜前五名。 ...

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]

Core Viewpoint - Zulong Entertainment reported a significant increase in revenue and a reduction in adjusted net loss for the first half of 2025, indicating a strong performance driven by successful game launches and ongoing product popularity [1][2]. Financial Performance - In the first half of 2025, Zulong Entertainment achieved a revenue of 634.3 million yuan, representing a year-on-year growth of 44.4%, following growth rates of 25.6% in 2024 and 55.5% in 2023, marking a "three consecutive increases" in revenue [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 Development and Strategy - The revenue growth was primarily attributed to the successful launches of "Dragon Tribe: Cassel Gate" and "Treading Wind," along with the stable performance of "Shining Name" [1]. - Zulong Entertainment has adopted a "research and operation integration" model, allowing real-time feedback from operations to inform game development, thereby increasing the likelihood of creating successful titles [3]. Global Expansion and Market Strategy - The company is committed to a global strategy, customizing approaches for different markets while focusing on local market characteristics to enhance game quality and service [2]. - "Shining Name" achieved over 2 billion yuan in cumulative revenue globally, while "Treading Wind" topped the iOS free game chart shortly after its launch [2]. Product Portfolio and Quality - Zulong Entertainment has developed a diverse portfolio of high-quality games, including MMORPGs, female-oriented games, strategy card games, and SLGs, maintaining a gross margin above 70%, which is competitive within the industry [3]. - The company plans to explore AI applications in game development, integrating smart NPCs and combining UGC with AIGC to enhance game dynamics [3].