Core Insights - The National Press and Publication Administration released the approval information for domestic online games in October 2025, issuing a total of 159 domestic game licenses [1] - Among the newly approved licenses, 155 are for mobile games, 4 for client games, and 8 games received both mobile and client licenses [1] - A total of 7 new import game licenses were also issued, with 2 games receiving both mobile and client licenses [1] - As of October 2023, a total of 1,354 domestic game licenses have been issued this year [1] Domestic Game Licenses - Notable domestic games approved include titles from well-known companies such as: - 37 Interactive Entertainment's "Survival for 33 Days" - Eagle Horn's "Arknights" (client) - Youka's "Three Kingdoms Kill: Face-to-Face Duel" - Zulong's "Cloud Dream Westward" - Others from various developers [3] Import Game Licenses - The newly approved import game licenses include 7 titles, maintaining a stable overall quantity [4] - Notable titles include: - "Multiverse: Night Crisis" by Shanghai Haowan Orange - "Flying: Infinite Universe" by Beijing Ruiwo - "Crayon Shin-chan" by Shanghai Qizhuo [5] License Changes - There were also updates on changes to existing domestic game licenses, including: - Wangchen Technology's "NBA Peak Showdown" now has an added client version - Perfect World’s "Tower of Fantasy" has added a PS5 version [6][7]

Core Insights - Wangchen Technology Holdings (02458) reported a mid-year performance for 2025 with revenue of 470 million RMB, representing a year-on-year growth of 48.9% [1] - The profit attributable to the company's owners reached 53.712 million RMB, marking a significant increase of 110.3% compared to the previous year [1] - Basic earnings per share stood at 0.40 RMB [1] Revenue Growth Drivers - The increase in revenue is primarily attributed to the comprehensive upgrades in the core game "Best Club," which enhanced the game's core experience, IP content depth, and operational richness, significantly boosting its competitiveness in the niche market [1] - The strong performance of the newly launched game "NBA Peak Showdown," which went live in August 2024, also contributed to the revenue growth [1]

Core Insights - Wangchen Technology Holdings (02458) reported a mid-year performance for 2025 with revenue of 470 million RMB, representing a year-on-year growth of 48.9% [1] - The profit attributable to the company's owners reached 53.712 million RMB, marking a significant year-on-year increase of 110.3% [1] - Basic earnings per share stood at 0.40 RMB [1] Revenue Growth Drivers - The increase in revenue is primarily attributed to the comprehensive upgrades made to the core game "Best Club," which enhanced the game's core experience, IP content depth, and operational richness, significantly boosting its competitiveness in the niche market [1] - The strong performance of the newly launched game "NBA Peak Showdown," which went live in August 2024, also contributed to the revenue growth [1]

Core Viewpoint - The company expects to achieve revenue of RMB 460 million to 470 million in the first half of 2025, representing a year-on-year growth of approximately 46% to 49%, and a net profit of RMB 50 million to 55 million, reflecting a year-on-year increase of about 96% to 115% [1] Financial Performance - The anticipated growth in net profit is primarily attributed to the comprehensive upgrades of the core game "Best Club," which significantly enhanced its competitiveness in the niche market, leading to substantial revenue growth [1] - The strong performance is also supported by the upcoming launch of the new game "NBA Peak Showdown" in August 2024 [1] Strategic Initiatives - The company benefits from a dual-track strategy focused on technology-driven growth and global market penetration, contributing to robust financial performance [1] - Adjustments in the strategic timing of certain marketing projects have been made, with execution planned for the second half of the fiscal year [1] - The company will continue to focus on product experience iteration, tackling emerging markets, and integrating event resources, leveraging self-developed AI technology to strengthen its technological moat [1]

Core Viewpoint - Wangchen Technology Holdings (02458.HK) expects significant revenue and profit growth for the six months ending June 30, 2025, driven by product upgrades and strong performance of new game launches [1] Financial Performance - The company anticipates revenue between RMB 460 million and RMB 470 million, representing a growth of approximately 46% to 49% compared to the same period in 2024 [1] - Expected net profit is projected to be between RMB 50 million and RMB 55 million, indicating a growth of about 96% to 115% year-on-year [1] Product Development - The core game "Best Club" has undergone comprehensive upgrades in core experience, IP content depth, and operational richness, significantly enhancing its competitiveness in the niche market [1] - The new game "NBA Peak Showdown," launched in August 2024, has shown strong performance, contributing to revenue growth [1] Strategic Focus - The company is implementing a dual-track strategy of technology-driven growth and global market penetration, which is expected to bolster financial performance in the first half of 2025 [1] - Marketing promotion projects have been strategically adjusted, with execution timelines extended into the second half of the fiscal year, focusing on product experience iteration, emerging market expansion, and event resource integration [1] - The company aims to solidify its technological moat based on self-developed AI technology [1]