Core Insights - The MMORPG game "热血江湖：归来" has achieved significant success in multiple markets, including topping sales charts in Thailand and Vietnam, and performing well in South Korea and traditional Chinese markets [1][3][15] - The game is developed by 凯英网络 and published by Game Lovin and Mgame, with Game Lovin being a new overseas brand established by 贪玩游戏 [3][17] - The game is based on the classic IP "热血江湖," which has a long history and was originally adapted into an online game in 2003, becoming a trendsetter in the Asian gaming market [4][5] Game Features and Innovations - "热血江湖：归来" aims to evoke nostalgia among older players by faithfully recreating the original game's martial arts, character classes, and gameplay mechanics [5][7] - The game has undergone visual upgrades, including high-definition processing of character models and environments, while maintaining a cute Q-version art style [10][12] - User experience has been enhanced with mobile-optimized features such as simplified controls and automated gameplay options, catering to casual gaming habits [13] Localization and Marketing Strategies - The game employs a robust localization strategy, incorporating local cultural elements and engaging popular local celebrities as brand ambassadors to enhance user connection [14][17] - In Thailand, the game has reached 3 million registered users, while the Taiwanese version has surpassed 1 million registrations through innovative marketing approaches, including short dramas on social media [14][15] - The Korean version has seen high pre-launch interest, with 1 million pre-registrations, marking a record for domestic mobile games in the region [15][26] Distribution and Expansion Strategy - 贪玩游戏's systematic overseas expansion strategy has prioritized culturally compatible markets, leading to rapid user acquisition in regions like Taiwan and Southeast Asia [27][29] - The company has successfully adapted its localization model for different markets, ensuring that the game resonates with local players while maintaining its core identity [29][31] - The focus on classic IPs and deep localization efforts has allowed 贪玩游戏 to carve out a niche in the competitive Korean MMO market, where established players like NCSoft and Nexon dominate [26][34]

Core Insights - The company reported a revenue of 5.58 billion yuan for the fiscal year 2024, a decrease of 14.3% year-on-year [2] - The net profit for 2024 was 44 million yuan, down 83.9% from 273 million yuan in 2023, with a net loss attributable to the parent company of 3.62 million yuan [2] - The decline in revenue is attributed to decreased game income under the cooperative operation model, underperformance of new game launches, and reduced income from consumer goods [2] Revenue Breakdown - The company achieved overseas revenue of 623 million yuan in 2024, marking a year-on-year increase of 44.9%, accounting for 11.2% of total revenue [3] - The self-operated game products generated 4.12 billion yuan in revenue, a decrease of 3.4%, while revenue from cooperative operations fell by 31.6% to 1.33 billion yuan [6] Cost Management - Research and development costs decreased by 25.4% to 128 million yuan in 2024, primarily due to a reduction in overall compensation related to R&D personnel [4] - Sales and distribution expenses remained high at 3.517 billion yuan but decreased by 9.4% from 3.88 billion yuan in 2023 [5] - Administrative expenses were recorded at 192 million yuan, down 27.6% from 265 million yuan in 2023 [5] Strategic Initiatives - The company is focusing on product matrix innovation, technology-driven strategies, and global expansion [6] - It has entered into a partnership to develop AI game business, aiming to optimize R&D processes and reduce costs [4] - The company is also expanding its portfolio in the mini-game sector, with successful launches such as "Little Soldier Battle" [7] Consumer Goods Performance - Revenue from the consumer goods sector fell by 52.2% to 102 million yuan in 2024, primarily due to a strategic focus on core gaming operations and intense market competition [7]