Core Viewpoint - The company achieved significant revenue growth in 2024 and continued this trend into Q1 2025, driven by both established and new game titles, as well as effective cost management [1][2]. Group 1: Financial Performance - In 2024, the company reported revenue of 5.118 billion yuan, a year-on-year increase of 19.16%, and a net profit attributable to shareholders of 1.628 billion yuan, up 11.41% [1]. - For Q1 2025, the company achieved revenue of 1.353 billion yuan, a growth of 3.46%, with a net profit of 518 million yuan, reflecting a 21.57% increase [1][2]. Group 2: Game Operations and Releases - The revenue growth in 2024 was primarily due to the long-term operation of nostalgic games like "Original Legend" and "Blood of the Hero," as well as strong overseas performance, with international revenue reaching 375 million yuan, a 221% increase [2]. - The company has a rich pipeline of games, having announced 22 new titles, including "Dragon Valley World" and "Digital Monster: Source Code," with several games already launched or in testing phases [3]. Group 3: Shareholder Returns and Management Confidence - The company plans to distribute a cash dividend of 1 yuan per 10 shares for 2024, totaling approximately 214 million yuan, with a cash dividend ratio of 26.18% [4]. - Management has committed to not reducing their holdings from 2024 to 2028 and has already completed two rounds of share buybacks, demonstrating confidence in the company's future [4]. Group 4: Future Outlook - The company expects continued revenue growth driven by stable operations of existing games and the release of new titles, projecting revenues of 5.99 billion, 6.56 billion, and 7.18 billion yuan for 2025, 2026, and 2027, respectively [5]. - Net profits are forecasted to reach 2.13 billion, 2.38 billion, and 2.64 billion yuan for the same years, indicating a robust growth trajectory [5].

Financial Performance - In 2024, the company achieved a revenue of CNY 5.118 billion, a year-on-year increase of 19.16% [2] - The net profit attributable to shareholders was CNY 1.628 billion, up 11.41% year-on-year [2] - As of December 31, 2024, total assets reached CNY 8.026 billion, growing by 21.42% compared to the previous year [2] - For Q1 2025, revenue was CNY 1.353 billion, reflecting a 3.46% year-on-year growth [3] - The net profit attributable to shareholders for Q1 2025 was CNY 518 million, a significant increase of 21.57% [3] Business Growth Drivers - The growth in performance is attributed to the stable operation of long-term products such as "Original Legend" and "Blood of Heroes," as well as the successful launch of new products like "New Legend of the Dragon Slayer" and "Monster Alliance" [3] - The increase in net profit outpaced revenue growth due to a shift in business structure, with a higher proportion of R&D business and reduced marketing expenses [3] International Expansion - In 2024, overseas revenue reached CNY 375 million, marking a substantial year-on-year increase of 221.48% [3] - The company has established deep partnerships with various overseas channels and is actively expanding its global distribution strategy [4] Dividend Policy - In 2024, the company conducted two cash dividend distributions totaling CNY 425 million [5] - Future dividends will be balanced with business development needs and operational conditions to ensure stable returns for investors [5] Shareholder Confidence - The actual controller and executives have committed to not reducing their shareholdings for five years, reinforcing investor confidence [6] - In 2024, the chairman and executives collectively increased their holdings by approximately 979,950 shares, valued at about CNY 89.77 million [7] Product Pipeline - The company has several upcoming products, including "Tomb Raider: Journey" and "Douluo Continent: Evil Suppression Legend," which are expected to enhance its market presence [7] - A diverse range of IPs has been accumulated, including popular titles like "Gundam" and "Overlord," supporting the company's product diversification strategy [10] Strategic Investments - As of March 31, 2025, the company completed an investment in Tyrell AI Limited, acquiring over 16% of the shares, which is expected to enhance its capabilities in AI-driven gaming applications [12]