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]