Core Viewpoint - The company, NetDragon, has announced a shareholder return plan of over HKD 600 million, instilling significant confidence in the market while continuing to create value for shareholders through its AI-driven strategies in both education and gaming sectors [1][7]. Financial Performance - For the first half of 2025, NetDragon reported revenue of HKD 2.38 billion, with a gross profit of HKD 1.66 billion and a gross margin of 69.5%, reflecting a year-on-year increase of 2.9 percentage points [1]. - Operating expenses decreased by 15.6% year-on-year to HKD 1.35 billion, showcasing the initial effectiveness of AI in cost optimization and efficiency enhancement [1]. AI Strategy and Implementation - The company is pursuing a dual strategy of "AI + Education" and "AI + Gaming," leveraging technological innovation and ecosystem collaboration to seize new growth opportunities globally [1][2]. - AI has improved overall efficiency in the gaming sector by approximately 15%, with significant advancements in AI production centers enhancing content generation and collaboration across different game teams [2][3]. Market Expansion and Product Development - NetDragon has launched a new product, "Code MY," which has received positive feedback during its small-scale testing phase, and plans to expand its flagship IP "Magic Domain" into new language versions for overseas markets [3][4]. - The company is actively expanding its AI applications in education, having started AI research as early as 2017, and is now integrating AI into educational content and hardware to enhance market competitiveness [3][4]. Global Partnerships and Collaborations - NetDragon is focusing on key AI technology service projects and vocational education, collaborating with international entities such as the Thai Ministry of Higher Education and the World Bank to enhance digital education and equity [4][5]. Long-term Investment Value - The company emphasizes long-term growth and has a strong commitment to ESG principles, which positions it favorably in the current market environment [7]. - Despite short-term performance fluctuations, NetDragon maintains a high dividend yield, proposing a dividend of HKD 0.50 per share for the first half of 2025, representing a year-on-year increase of 25% [7][8]. Shareholder Return Initiatives - The recent announcement of a shareholder return plan, which includes dividends and buybacks, aims to reassure long-term investors and reflects the company's confidence in its future prospects [8].

网龙(00777)公布2025年中期业绩，收益为人民币23.81亿元，毛利为人民币16.55亿元，公司拥有人应占 溢利为约人民币3000万元，每股盈利5.57分，中期股息每股0.5港元。 上半年游戏及应用服务业务收入为人民币17亿元，公司重视游戏长线运营，打造长青游戏IP，受阶段性 因素影响游戏收入出现短期下滑，但公司持续提升玩家体验，促进用户增长和活跃度，为游戏业务的长 期可持续发展奠定坚实基础。伴随降本增效的深入推进，游戏及应用服务分类经营开支得到有效控制， 同比下降14.7%，经营性分类溢利环比回升至5.01亿元，展现出强劲韧性与积极向好的修復动能。 在游戏领域，公司全面部署AI生产中心，以推动组织效能持续提升：整体员工结构更加契合AI时代， 团队战斗力与凝聚力增强，带动游戏及应用服务板块的研发费用同比下降26.7%。在助力"降本"的同 时，AI+战略在"增效"方面也显着发力，同IP下的不同游戏团队通过AI生产中心实现高效整合，跨版本 的游戏内容协同与自动生成能力大幅提升。公司的研发创新工作亦紧扣AI趋势加速推进：重磅新品 《代号MY》已于2025年8月面向IP用户开启小规模测试，并持续推进正式上线工作 ...