Core Viewpoint - The company reported a significant decline in revenue and incurred substantial losses in the first half of 2025, primarily due to quality issues with its core game and high marketing costs for new releases [1][3]. Financial Performance - The company achieved a revenue of RMB 763 million in the first half of 2025, a year-on-year decrease of 38.1% [1]. - The net loss for the period was RMB 644 million, with an adjusted net loss of RMB 638 million [1]. - Operating cash flow turned positive, reaching RMB 108 million, attributed to cost reduction and efficiency measures [3]. Game Development and Releases - The company launched several new games, including "Three Thousand Fantasy World" and "Daily Life of Chat Group," which received positive initial reception [3][5]. - The game "Spring and Autumn Mysteries" performed well, ranking in the top 10 of the WeChat mini-game sales chart shortly after its release [5]. Overseas and Mini Game Performance - Overseas revenue reached RMB 235 million, a 33.2% increase year-on-year, now accounting for 30.8% of total revenue [6]. - The mini-game segment is identified as a key growth driver, with "Spring and Autumn Mysteries" generating over RMB 100 million in revenue within three months of launch [5][6]. Future Outlook - The company anticipates a turnaround in the second half of 2025 with multiple game launches planned, including "Naruto: Leaf Master" and several others targeting international markets [9][10]. - The company has outlined a new update and promotion strategy for its core game, which may lead to reduced development and marketing costs moving forward [1].

Core Insights - The company reported a revenue of 763 million RMB for the first half of 2025, with an adjusted net loss of 638 million RMB [1] - The loss is attributed to high marketing expenses for new games "Spring and Autumn Mysteries" and "Sword and Fairy World," one-time restructuring costs, and write-offs of certain prepayments and financial asset impairments [1] - The company's overseas business revenue increased by 33.2% year-on-year, accounting for 30.8% of total revenue [1] - Operating cash flow turned positive, recording a net amount of 108 million RMB [1]

消息面上，中手游发盈警，预计截至2025年6月30日止六个月亏损不多于人民币6.5亿元，去年同期净亏 损为人民币2.41亿元。亏损增加主要因集团自研旗舰游戏《仙剑世界》发行后表现未达预期，期间收益 减少约40%；非经营性其他开支增加；及销售及分销开支大幅增加。 中手游(00302)跌超15%，截至发稿，跌15.87%，报0.53港元，成交额702.68万港元。 ...

消息面上，中手游发盈警，预计截至2025年6月30日止六个月亏损不多于人民币6.5亿元，去年同期净亏 损为人民币2.41亿元。亏损增加主要因集团自研旗舰游戏《仙剑世界》发行后表现未达预期，期间收益 减少约40%；非经营性其他开支增加；及销售及分销开支大幅增加。 （原标题：港股异动 | 中手游(00302)盈警后跌超15% 预计中期亏损扩大至最多6.5亿元） 智通财经APP获悉，中手游(00302)跌超15%，截至发稿，跌15.87%，报0.53港元，成交额702.68万港 元。 ...

（文章来源：证券时报网） 业绩下滑的主要原因包括：自研游戏《仙剑世界》发行后表现未达预期；国内收益同比下跌；非经营性 其他开支增加，主要为游戏预付版权金的撇销和金融资产公允价值亏损；销售及分销开支大幅增加，用 于《仙剑世界》的营销推广以及新游戏的推广费用。 中手游预计2025年上半年净亏损不超过6.5亿元人民币。整体收益预计较去年同期减少约40%。 ...

Core Viewpoint - The company, Zhongshouyou, anticipates a net loss of no more than RMB 650 million for the six months ending June 30, 2025, following a net loss of RMB 241 million for the six months ending June 30, 2024 [1] Group 1: Performance Overview - The decline in performance is attributed to several factors, including a significant drop in revenue from domestic operations compared to the same period in 2024, despite substantial growth in overseas business revenue [2] - The revenue for the six months ending June 30, 2025, is expected to decrease by approximately 40% compared to the same period in 2024 [2] Group 2: Expense Analysis - Non-operating expenses for the six months ending June 30, 2025, have increased compared to the same period in 2024, primarily due to the write-off of prepaid licensing fees for games that have not yet launched and increased fair value losses on financial assets [2] - Sales and distribution expenses have significantly increased, mainly due to extensive marketing efforts for the flagship game "Xianjian World" and promotional costs associated with the release of new games such as "Chunqiu Xuanqi" [2]

Core Viewpoint - The company expects a net loss of no more than RMB 650 million for the six months ending June 30, 2025, following a net loss of RMB 241 million for the same period in 2024, primarily due to underperformance of its flagship game and increased expenses [1] Group 1: Financial Performance - The revenue for the six months ending June 30, 2025, is expected to decrease by approximately 40% compared to the same period in 2024, despite significant growth in overseas business revenue [1] - The net loss for the six months ending June 30, 2024, was RMB 241 million [1] Group 2: Contributing Factors - The underperformance of the self-developed flagship game "Xianjian World," released in February 2025, and a decline in revenue generated from the domestic market contributed to the expected loss [1] - Non-operating expenses for the six months ending June 30, 2025, increased due to the write-off of prepaid licensing fees for games not yet launched and increased fair value losses on financial assets [1] - Sales and distribution expenses significantly increased due to extensive marketing for "Xianjian World" and promotional costs for new game releases such as "Chunqiu Xuanqi" [1]

公开资料显示，满天星工作室是中手游2021年上半年成立的三个研发工作室之一。姜某担任满天星工作室负责人后，率队研发《仙剑世界》项目，该游戏于 今年初上线，开发投入超过3亿元。目前，中手游官网已将姜某的介绍图撤下。 7月30日，中手游发布内部反腐通告称，旗下满天星工作室原总经理姜某因涉嫌严重职务犯罪，已被公安机关采取刑事拘留措施。 值得一提的是，姜某案并非孤例，游戏行业正经历一波"合规整肃期"。例如，完美世界拉黑多家问题外包商并处理公司高管，B站游戏合作部前负责人涉腐 被公安机关依法逮捕。 中手游表示，将继续配合调查，并重申以"正直守信"为核心价值观，呼吁员工及合作伙伴共同维护廉洁营商环境。 ...

7月30日，中手游（00302.HK，股价0.51港元，总市值15.28亿港元）发布内部信披露，原满天星工作室总经理姜某某涉嫌严重的职务犯罪行 为，经公司内审部调查并核实相关证据后，已第一时间向公安机关报案。目前姜某某已被公安机关依法采取刑事拘留措施。 7月31日，《每日经济新闻》记者从中手游方面得到证实，以上内部信内容属实。 满天星工作室是中手游在2021年上半年成立的三个研发工作室之一。姜某某担任工作室负责人后，曾率队研发中手游一度寄予厚望的《仙剑世 界》项目，该游戏已经于今年年初上线，但业绩却不及公司的预期。 此前，3月底曾有消息称中手游《仙剑世界》项目组大裁员，或将解散。对此，《仙剑世界》官方曾做出回应，表示基于项目长期发展的考 量，团队对部分研发工作职能和模块进行了优化调整，进而优化资源配置。官方承诺任何调整均不会影响既定的调优及后续版本发布计划。 而另一方面，中手游的业绩也在不断承压中。 反腐行动再次在游戏行业展开。 图片来源：新浪微博（@仙剑世界） 值得一提的是，今年下半年以来，游戏行业的反腐行动又进入了高频阶段。 7月1日，完美世界发布的针对反腐调查的内部公告显示，多人在职期间严重违反公司制度 ...

Core Viewpoint - The gaming industry is currently undergoing a significant anti-corruption campaign, with multiple companies reporting serious misconduct among their employees, which has led to criminal investigations and arrests [5][6]. Company Summary - On July 30, Zhong Mobile (00302.HK) reported that its former studio manager, Jiang, was involved in serious job-related crimes and has been detained by law enforcement [1]. - Jiang was responsible for the "Xianjian World" project, which launched earlier this year but failed to meet performance expectations, leading to significant layoffs within the project team [2]. - Zhong Mobile's financial performance has been under pressure, reporting a revenue of 1.93 billion RMB and an adjusted net loss of 2.08 billion RMB for the 2024 fiscal year, primarily due to delays in the launch of its core game [3]. Industry Summary - The anti-corruption efforts in the gaming industry have intensified, with Perfect World and Bilibili also reporting serious violations among their employees, leading to criminal charges [5]. - Analysts suggest that these anti-corruption measures are crucial for the healthy development of companies in the gaming sector, as many firms are now addressing internal misconduct that has been exposed due to improved regulations [6]. - The gaming industry faces unique challenges in establishing modern corporate governance, which necessitates ongoing adaptation to effectively combat corruption [6].