创梦天地20250328

Summary of Conference Call Company Overview - The company, 创梦 (Chuangmeng), is a global game company focusing on game publishing, self-developed games, and AI technology to enhance operational efficiency and user experience [1][2][6]. Industry Insights - The gaming industry is experiencing rapid changes, with a focus on long-lifecycle games and the integration of AI technology to improve game development and user engagement [1][7][42]. Key Points and Arguments Business Performance and Strategy - In 2024, the total revenue was 1.51 billion RMB, a decrease compared to the previous year due to the cessation of non-core game operations and the transition of self-developed games to a net revenue recognition model [9][10]. - The company continues to focus on long-lifecycle games, with successful titles like 地铁跑酷 (Subway Surfers) and 梦幻花园 (Dream Garden) contributing to revenue [2][10]. - The self-developed game 卡拉比丘 (Karabichu) has been launched globally, with significant revenue potential expected from its multi-platform release [5][18]. Game Development and AI Integration - The company is leveraging AI technology to enhance game development efficiency, achieving over a 30% improvement in overall development effectiveness through AI integration [7][39]. - A joint innovation lab with Tencent Cloud has been established to focus on AI-assisted game development [7][38]. - The community platform Fanbook has been developed to connect with users and support long-term game operations [6][7]. Financial Performance - The adjusted gross margin for 2024 was around 30%, impacted by revenue structure and lower revenue-sharing ratios for some games [11][12]. - The company reported an adjusted loss of 30 million RMB, primarily due to ongoing development costs for 卡拉比丘 and the timing of its overseas PC version launch [11][12]. - Financial costs have decreased significantly, from 290 million RMB to 110 million RMB, due to debt repayment and reduced interest expenses [13][14]. Future Outlook - The company plans to enhance its game portfolio with new titles and expand its self-developed games globally, focusing on high-quality, competitive gameplay [18][44]. - The strategy includes optimizing the game publishing model to reduce risks while increasing revenue from long-lifecycle games [17][42]. - The company aims to maintain a strong balance sheet and improve operational stability through careful management of financial costs and capital structure [16][35]. User Engagement and Market Strategy - The company is adjusting its marketing strategies based on user feedback, particularly for 卡拉比丘, to better align with player preferences and improve user retention [20][22]. - The introduction of new gameplay modes, such as casual and cooperative play, is expected to attract a broader audience and enhance user experience [23][24]. Conclusion - 创梦 is committed to leveraging its strengths in game publishing and development while integrating advanced technologies like AI to enhance its competitive edge in the gaming industry. The focus on long-lifecycle games and user engagement strategies positions the company for future growth and profitability [18][44].