今年2月，吉比特发布公告，表示公司参与投资的创投基金"诺惟合悦"（2021年成立）投资期已到期，基金还剩余2.42亿元未投。诺惟合悦计划将未投资金 按比例，退回各出资人（LP），吉比特将收到1.01亿退款。 1个月后，吉比特参与的另外一个创投基金"坚果核力"（2019年成立）经营期限已届满，但尚有投资未退出，需要再延期两年。 相关公告唤起了游戏茶馆的记忆，原来游戏行业天量投资期成立的基金有的都已经到期了。 毫无疑问，吉比特是游戏行业内非常愿意支持初创团队的大公司。吉比特会谨慎地投一些行业上下游对业务有帮助或能够补全产品线的团队。上一轮游戏行 业扩张期，吉比特投资了大量初创团队。 历经近些年行业的沉浮，这些被投公司现状如何？游戏茶馆根据吉比特年报信息，进行了一番梳理。 01 上市前：只投熟人，成功率很高 吉比特上市前，在2016年就以6亿元设立投资平台"吉相资本"，进行产业投资，后续逐渐成为吉比特一项重要业务。 | | | 吉比特上市前投资游戏公司一览(游戏茶馆整理) | | | --- | --- | --- | --- | | 游戏厂商 | 代表产品 | 吉比特持股 | 近況 | | 青瓷游戏 | 最强蜗牛 ...

Core Insights - The domestic gaming market in China achieved actual sales revenue exceeding 168 billion yuan in the first half of 2025, marking a year-on-year growth of 14.08%, while self-developed games' overseas revenue reached 9.501 billion USD, up 11.07%, both setting historical highs for the industry [1] Company Performance - In the first half of 2025, the company reported a revenue of 247 million yuan and a net profit of 72.67 million yuan, reflecting a significant year-on-year increase of 90.2% [3] - Sales and marketing expenses were reduced by 58.3% to 55.04 million yuan, while R&D expenses were optimized by 10.8% to 42.02 million yuan [3] - The company surpassed 100 million registered players, with an average revenue per paying user (ARPPU) of 289.79 yuan, indicating strong business competitiveness and growth potential [3] Product Strategy - The flagship product "The Strong Snail" celebrated its fifth anniversary, introducing new characters and storylines, which significantly boosted user engagement and ARPPU from approximately 200 yuan to nearly 300 yuan, a 50% increase [4] - The diversified product matrix, including "Ares Virus 2" and "Fat Goose Gym," contributed to revenue stability, with "Ares Virus 2" generating 29.85 million yuan during the reporting period [5] - The classic IP "Incredible Maze" achieved notable success on the Steam platform, generating 3.91 million yuan in revenue and ranking sixth among popular free games globally [5] Global Expansion - The company is focusing on global expansion, with overseas market revenue accounting for 40.9% of total income, remaining stable compared to the previous year [6] - Upcoming releases include the Korean version of "The Strong Snail" and "Cardcaptor Sakura: Key to Memories" for the Vietnamese and Japanese markets, aiming to replicate previous successes [6] Future Growth Initiatives - The company plans to launch the nurturing casual game "God Golden Goose" on the Steam platform, targeting younger players, and is developing the strategic flagship "Project E," which has received positive feedback from core players [6][8] - The company is preparing for the release of several new titles, including "Project W," based on the "Great Master" IP, expected to launch in 2026 [9] Financial Health - The significant profit growth in the first half of the year is attributed to cost reduction and efficiency improvements, with a notable decrease in sales and marketing expenses [10] - The company maintains a solid cash flow and plans to invest in key projects while considering dividend distribution to shareholders in the future [12]

智通财经APP讯，青瓷游戏(06633)公布2025年中期业绩，实现收入约2.47亿元，毛利约1.54亿元，期内 录得利润净额7267万元，较去年同期的3820万元增长90.2%，盈利能力持续提升。截至2025年6月30 日，该集团拥有多款APP移动游戏，涵盖放置类游戏、Rogue-like RPG及其他RPG，以及小程序游戏。 (2)全球化布局稳步推进，海外市场再下一城：继在多个海外市场取得成功后，该集团正积极筹备《最 强蜗牛》韩国版本的上线工作，预计将于2025年下半年正式推出，进一步提升集团在核心市场的影响 力。《魔卡少女樱：回忆钥匙》于越南及日本地区的海外发行也在筹备中。海外业务的持续拓展，将为 集团收入增长提供更为多元和稳定的动力;及 公告称，净利增长主要由于集团高效的管理运营及成本控制，集团营销开支等较去年同期大幅减少;及 汇率正向波动及集团良好的外汇管理措施，带来的汇兑收益较去年同期大幅增加。 (3)研发管线聚焦突破，未来增长基石稳固：集团战略级自研大作《项目E》的研发进程顺利，已于近期 开启了面向核心玩家的"普朗克测试"，通过与玩家互动，加快游戏研发版本迭代。该游戏融合了地图探 索、背包管理、 ...

Core Viewpoint - Qingci Games has demonstrated resilience in a competitive gaming industry by establishing a clear product matrix and expanding its overseas business, solidifying its position among emerging game developers [1][8]. Financial Performance - In 2024, Qingci Games achieved total revenue of approximately 630 million yuan and gross profit of about 360 million yuan, despite a decline due to the maturity of main products. However, overseas business growth significantly contributed to a second growth curve, with overseas revenue share rising from 28.47% in 2023 to 43.93% in 2024 [2]. - The company reported a net profit of 47.128 million yuan, a substantial turnaround from a loss of 37.6 million yuan in 2023, marking a year-on-year change of 225% [2]. - As of the end of 2024, the total registered players reached nearly 98.28 million, a year-on-year increase of approximately 11.24%, driven by new game launches and global expansion [2]. Product Strategy - Qingci Games is in a critical transition phase between old and new products, actively transforming challenges into growth opportunities by iterating and optimizing main products and expanding mature products into overseas markets [3]. - The company is implementing a "premium + globalization" dual strategy, systematically building a tiered product matrix that includes incubation, growth, and maturity phases [4]. Key Products - The core product "The Strongest Snail" remains a cash cow, with cumulative registered users reaching 29.05 million and generating approximately 3.4 billion yuan in revenue [4]. - Other notable products include "Endless Adventure," "Ares Virus," and "BloodAge," which collectively generated 26.01 million yuan in revenue [4]. - New games such as "Ares Virus 2" and "New Sword and Fairy" have also shown strong performance, with revenues of 23.5 million yuan and 96.33 million yuan respectively [5]. Global Expansion - Qingci Games has successfully expanded its global footprint, with overseas revenue exceeding 40% in 2024, becoming a key driver of overall growth [6]. - "The Strongest Snail" has seen significant success in international markets, including Japan and Vietnam, where it topped the iOS free download charts [7]. Future Outlook - The management emphasizes a focus on "premium + globalization" as the key to future growth, with plans to enhance global capabilities and continue developing existing games for international markets [9]. - The company is also investing in AI technology to improve game development efficiency and user experience, indicating a commitment to innovation in the gaming industry [13].

Core Insights - Qingci Games (06633) reported a revenue of RMB 628 million for the year ending December 31, 2024, with a gross profit of RMB 363 million, achieving a profit of RMB 51.12 million, reversing a loss of RMB 37.37 million from the previous year [1] - The overseas revenue share increased from 28.47% to 43.93% year-on-year, indicating strong international market growth [1] - The total registered players reached 98.28 million, an 11.24% increase year-on-year, with an average monthly active user count of approximately 2.36 million and an average revenue per paying user (ARPPU) of RMB 265 [1] Game Performance - The flagship game "The Strong Snail" has generated cumulative revenue of approximately RMB 3.629 billion since its launch in June 2020, with a total of 29.05 million registered players [2] - The game celebrated its fourth anniversary in mainland China and has expanded its presence in overseas markets, including Japan, North America, and Australia, with significant collaborations and new language versions launched [2] - Other games like "Lighting and Dungeon" and "New Legend of Sword and Fairy" have also shown strong performance, contributing revenues of RMB 13.59 million and RMB 97.6 million respectively [3] Product Expansion - Qingci Games continues to expand its product matrix with several new releases in 2024, including "Fat Goose Gym" and "Aris Virus 2," which have received positive player feedback and generated revenues of RMB 59.74 million and RMB 23.18 million respectively [5] - The company has successfully launched a free version of "Incredible Maze" on Steam, achieving significant popularity and recognition [5] - The ongoing development and release of various games demonstrate the company's commitment to long-term IP management and market expansion [5]