中经记者 李哲 北京报道 天眼查信息显示，祖龙娱乐（09990.HK）方面在9月18日新增一条被执行信息，其作为被执行人，被苏 州工业园区人民法院执行15万元。 《中国经营报》记者获悉，因祖龙娱乐方面在微信广告平台中将"闪耀暖暖""无限暖暖""奇迹暖暖"等叠 纸公司旗下注册商标设置为搜索关键词后，当用户在微信平台搜索上述关键词时，系统会优先展示祖龙 娱乐方面游戏的广告内容，客观上导致部分用户产生混淆。最终，祖龙娱乐方面的上述行为被判定侵犯 叠纸公司商标专用权并构成不正当竞争。 宣发涉嫌侵权成被告 记者从叠纸公司方面了解到，2024年1月，叠纸公司通过监测发现，祖龙娱乐方面在微信广告平台中 将"闪耀暖暖""无限暖暖""奇迹暖暖"等设置为搜索关键词，用于推广其自研手游《以闪亮之名》。 《奇迹暖暖》是叠纸公司研发的一款女性向换装养成手机游戏，于2015年5月上线。随后，基于"暖 暖"这一IP，叠纸公司相继发布了《闪耀暖暖》《无限暖暖》等游戏作品。 《以闪亮之名》则是祖龙娱乐研发的女性向游戏，于2023年3月开启公测。 叠纸公司方面提供的信息显示，祖龙娱乐方面在微信广告平台中设置上述搜索关键词后，当用户检索相 关信息 ...

Core Viewpoint - The trademark infringement and unfair competition dispute between Die Paper and Zulong has concluded with Zulong being ordered to pay 150,000 yuan in damages, highlighting the importance of protecting intellectual property rights in the gaming industry [1][6][9]. Group 1: Legal Proceedings - The dispute originated in January 2024 when Die Paper discovered Zulong using its registered trademarks as search keywords on WeChat, leading to a lawsuit filed in March 2024 [6]. - The Jiangsu Provincial Intermediate People's Court upheld the initial ruling, confirming Zulong's infringement and ordering compensation of 150,000 yuan to Die Paper [6][9]. - Zulong failed to comply with the court's ruling, resulting in a forced execution of the payment [1][6]. Group 2: Company Backgrounds - Die Paper, established in 2013, has successfully dominated the dress-up game sector with its "Nuan Nuan" series and is expanding its IP through various initiatives, including a clothing brand and virtual idols [7]. - Zulong, founded in 1997 and listed on the Hong Kong Stock Exchange in 2020, has faced ongoing financial losses, with cumulative losses exceeding 2.4 billion yuan from 2020 to 2024 [9][10]. - Despite recent revenue growth of 44.4% in the first half of 2025, Zulong reported a net loss of 11.73 million yuan, indicating ongoing challenges in profitability [9][10]. Group 3: Industry Insights - The use of competitors' trademarks for promotional purposes is seen as a risky strategy that can lead to legal repercussions and may not be sustainable in a competitive market [7]. - The gaming industry is witnessing a shift, with companies needing to innovate to keep pace with rapidly evolving consumer preferences and competitive dynamics [10].

近日，备受游戏行业关注的苏州叠纸网络科技股份有限公司、上海暖叠网络科技有限公司（下称 "叠 纸"）与祖龙（天津）科技股份有限公司（下称 "祖龙"）侵害商标权及不正当竞争纠纷案尘埃落定。记 者从企查查 APP 及知情人士处获悉，该案历经一审、二审近一年半时间，江苏省中级人民法院于 2025 年 8 月作出终审判决，维持一审原判，认定祖龙构成商标侵权及不正当竞争，判令其向叠纸赔偿经济损 失及合理开支共计 15 万元。因祖龙到期未履行判决，目前已被江苏省苏州市苏州工业园区人民法院强 制执行。与此同时，祖龙此前反诉叠纸不正当竞争的案件，也于 2025 年 9 月主动撤诉，这场行业瞩目 的法律交锋暂时画上句号。 纠纷起因：关键词投放引发 "流量劫持" 争议 法院经审理认为，祖龙未经授权，将叠纸已注册的商标作为搜索关键词用于自身游戏推广，容易导致消 费者混淆，其行为已构成商标侵权；同时，该行为属于《反不正当竞争法》中禁止的 "误导性宣传"， 构成不正当竞争。2025 年 3 月 31 日，苏州工业园区人民法院作出一审判决，判令祖龙向叠纸赔偿经济 损失及合理开支共计 15 万元。 值得注意的是，此类将竞品商标设置为搜索关键 ...

Core Viewpoint - Zulong Entertainment (09990) has seen a nearly 12% increase in stock price following the successful launch of its female-oriented 3A simulation game "Shining Name" in South Korea, achieving top rankings on both iOS and Google Play free charts [1] Group 1: Game Performance - "Shining Name" has surpassed its average daily active user count in 2025 compared to the full years of 2023 and 2024, with record highs during the summer months of July and August [1] - The game has generated over 2 billion RMB in cumulative revenue globally [1] Group 2: Upcoming Releases - The strategy card game "Dragon Tribe: Cassel's Gate," based on the "Dragon Tribe" IP, is set to launch in the Greater China region in April 2025, achieving the top position on the iOS free game chart during the pre-download phase [1] - Upon its release in Hong Kong and Taiwan, the game ranked fifth and sixth respectively on the iOS best-seller charts [1] - The game also debuted in Thailand in August, 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 on both iOS and Google Play free game charts, marking a significant milestone in the company's global expansion strategy [1] - The game has previously topped charts in multiple regions including Hong Kong, Taiwan, Singapore, Malaysia, and Japan, demonstrating its strong market performance and user engagement [3] - The game has generated over 2 billion RMB in total revenue globally, indicating its commercial success [3] Group 1 - "Shining Name" offers a rich customization experience for players, catering to diverse aesthetic preferences across different regions, which has contributed to its popularity among female gamers [4] - The game leverages advanced technology, including the UE engine, to deliver high-quality graphics and realistic material representations, enhancing its appeal [4] - Zulong Entertainment has launched 24 mobile games in over 170 markets, with a total registered user base exceeding 200 million and total revenue surpassing 22 billion RMB [6] Group 2 - The company plans to expand its game "Dragon: Cassel's Gate" into Japan, South Korea, and other global markets in 2026, focusing on localized IP activities [7] - The gaming industry in China is experiencing a favorable policy environment, which aligns with Zulong's long-term strategy for global expansion [6] - According to data, China's self-developed games have seen overseas revenue reach 18.56 billion USD, reflecting a 13.39% year-on-year growth, showcasing the potential for further success in international markets [9]

Core Viewpoint - The company is focusing on the development of its theme parks by integrating well-known IPs into its operations, enhancing market competitiveness through diverse strategies [1] Group 1: IP Collaboration and Development - The company has established a "city IP entertainment main venue" development positioning, actively expanding IP collaborations [1] - In 2021, the company collaborated with Aofei Entertainment to create the "Super Wings Training Camp" theme area in Chongqing Happy Valley [1] - In 2024, the company plans to introduce the "Mini World" IP in the Shenzhen Happy Valley, launching the "Adventure Mountain" theme area [1] Group 2: Partnerships with Major IP Providers - The company has formed deep partnerships with leading IP providers such as Tencent and Shanghai Film Group [1] - Successful IP integrations include national-level IPs like "Havoc in Heaven," "Calabash Brothers," and "Chinese Folktales" from Shanghai Film Group, as well as "Honor of Kings," "League of Legends," and "Happy Landlord" from Tencent [1] - The company is creating immersive IP-themed street areas and character parades, enhancing the expression of IP content through various dimensions such as scene construction, performance interaction, and marketing promotion [1]

Core Insights - The company has achieved a significant revenue growth of 44.4% year-on-year, reaching 634 million RMB in the first half of 2025, marking a third consecutive increase in revenue [1][2] - The business structure has been optimized, with game publishing and operation revenue accounting for 91.3% of total revenue, up 5.6 percentage points from the previous year [1][2] - The company has launched 24 premium mobile games, covering various genres and supporting multiple languages, enhancing its market presence [3] Financial Performance - The adjusted net loss has been significantly reduced by 93.6% compared to the same period last year, with operating cash flow consumption decreasing by 47.1% [2] - The revenue from game publishing and operation reached 579 million RMB, a year-on-year increase of 53.8% [2] Product Success - Key mobile games such as "In the Name of the Shining" and "Dragon Tribe: Castle Gate" have contributed significantly to revenue growth, with "In the Name of the Shining" achieving over 2 billion RMB in cumulative revenue globally [4] - The company has demonstrated strong long-term operational capabilities with older titles like "Dream Fantasy" and "Dragon Tribe Fantasy" showing positive growth in revenue and user engagement [5] Competitive Advantages - The company's high growth is attributed to its core capabilities in R&D, positioning, and operations, creating a competitive barrier that is hard to replicate [6] - R&D personnel make up 76% of the workforce, with a focus on technological innovation and cost control, ensuring continuous upgrades of successful games [6] Product Strategy - The company employs a strategy of deepening core categories while exploring emerging segments, effectively covering diverse user needs and mitigating market risks [7] - The integrated "R&D and operations" model allows for precise player demand understanding and timely game updates, maximizing product lifecycle value [8] Future Outlook - The company plans to launch seven new games from the second half of 2025 to 2027, covering various genres and targeting both domestic and international markets [9][11] - A gradual strategy of focusing on Asia before expanding globally is in place, with successful launches in Southeast Asia and plans for further market entries [11]

Core Viewpoint - Zulong Entertainment, a leading mobile game company in China, continues to demonstrate high growth potential through its commitment to product integrity and innovation [1] Revenue Growth and Business Performance - For the first half of 2025, Zulong Entertainment reported a revenue of 634 million RMB, representing a year-on-year increase of 44.4%, marking the third consecutive revenue increase [2][3] - The company's game publishing and operation revenue reached 579 million RMB, a significant increase of 53.8% year-on-year, accounting for 91.3% of total revenue, up by 5.6 percentage points [2][3] - Adjusted net loss was reduced by 93.6% compared to the same period last year, with operating cash flow consumption decreasing by 47.1% [3] Product Portfolio and Market Strategy - Zulong Entertainment has launched 24 premium mobile games, available in over 170 markets and supporting 14 languages, covering various genres including MMORPG, female-oriented, strategy card games, and SLG [4] - Key titles such as "In the Name of the Shining" and "Dragon Tribe: Castle of Cassel" have significantly contributed to revenue growth, with "In the Name of the Shining" achieving over 2 billion RMB in global cumulative revenue [5] Long-term Operational Capability - The company has demonstrated strong long-term operational capabilities, with older titles like "Dream Fantasy" and "Dragon Tribe Fantasy" showing positive growth in revenue and user engagement [6] - Zulong's core competencies in R&D, positioning, and operations have created a competitive barrier that is difficult to replicate [7] Future Growth Prospects - Zulong plans to launch seven new games from the second half of 2025 to 2027, covering various genres and targeting both domestic and international markets [10][12] - The company aims to adopt a gradual strategy of deepening its presence in Asia before expanding globally, with successful launches already in Southeast Asia [12] Conclusion - Zulong Entertainment's focus on a premium strategy, technological innovation, and integrated R&D and operations model has led to improved operational quality [12] - With a robust pipeline of new games and a clear global expansion strategy, the company is positioned for sustained growth and long-term value creation for investors [12]

Core Insights - Zulong Entertainment (09990) shares rose over 6%, currently up 6.18% at HKD 1.89, with a trading volume of HKD 2.5287 million [1] Financial Performance - For the first half of 2025, Zulong Entertainment reported revenue of RMB 634.3 million, a year-on-year increase of 44.4%, marking a "three consecutive increases" in revenue [1] - The adjusted net loss was reduced by 93.6% compared to the same period last year, indicating continuous improvement in operational conditions [1] Growth Drivers - The improvement in performance is attributed to the launches of "Dragon Tribe: Kassel's Gate" and "Treading the Wind," which are set to go live in mainland China in the second half of 2024 and the first half of 2025, respectively, along with the stable performance of "Shining Name" [1] - The company plans to launch seven different types of game products globally between the second half of 2025 and 2027 to diversify its game portfolio [1]

Core Insights - The "2025 Gamescom" in Cologne, Germany, showcased nearly 40 Chinese companies, highlighting the growing influence of Chinese game developers in the global market [1] - The game "Love and Deep Space" by Paper Games has achieved significant success, ranking seventh among Chinese mobile game publishers with a 33% month-over-month revenue growth as of July 2025 [1][3] - The nomination of "Love and Deep Space" for Best Mobile Game at Gamescom marks a milestone for female-oriented games, reflecting both the potential and challenges within the industry [2][3] Industry Overview - The global female-oriented online gaming market is projected to grow from $5.004 billion in 2024 to $7.761 billion by 2031, with a compound annual growth rate of 6.9% [4] - The success of "Love and Deep Space" is indicative of the expanding female-oriented romance game market, which is experiencing rapid growth [5] Competitive Landscape - The market for female-oriented romance games is highly competitive, with leading products like "Love and Deep Space," "Infinite Warmth," and "In the Name of Shining" dominating market share [6] - Major companies such as Tencent, NetEase, and miHoYo are investing heavily in this sector, creating high barriers to entry for smaller developers [7] Challenges and Issues - The industry faces challenges such as gameplay homogenization and insufficient narrative depth, which can lead to player fatigue [7][8] - "Love and Deep Space" has faced criticism for discrepancies between promotional content and actual gameplay, resulting in over 1,500 complaints in a short period [7][8]