ARCHOSAUR GAMES EFRA 祖龍娛樂有限公司 Archosaur Games Inc. (Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立的有限公司 ) Stock Code 股份代號 : 9990 2025 ANNUAL REPORT 年 報 ANNUAL REPORT

Contents Contents Page Definitions Page Definitions 2 Corporate Information 8 Financial Summary 10 Chairman’s Statement 11 Financial Performance Highlights Financial Performance Highlights 14 Management Discussion and Analysis 15 Management Discussion and Analysis 15 Directors' Report 32 Directors’ Report 32 Biographical Details of Directors and Senior Management 65 Biographical Details of Directors and Senior Management 65 Corporate Governance Report 71 Corporate Governance Report 71 Independent Auditor's Report Independent Auditor’s Report 84 Consolidated Statement of Profit or Loss 90 Consolidated Statement of Comprehensive Income 91 Consolidated Balance Sheet 92 Consolidated Statement of Changes in Equity 94 Consolidated Statement of Cash Flows 96 Notes to the Consolidated Financial Statements 98

Definitions In this annual report, unless the context otherwise requires, the following expressions shall have the following meanings: “Amendment Date” 22 December 2022, being the date on which the amendments to the Share Option Scheme was approved by the Shareholders at the extraordinary general meeting of the Company held on 22 December 2022 “Articles of Association” the amended and restated memorandum and articles of association of the Company (as amended from time to time) “Audit Committee” the audit committee of the Company “Beijing Fantasy Mermaid” Beijing Fantasy Mermaid Technology Limited* (北京幻想美人魚科技有限公 司), a company established under the laws of the PRC with limited liability on 9 September 2014, which is wholly-owned by Famous Game Company Limited, our subsidiary and a WFOE “Beijing Loong” Beijing Loong Game Technology Limited* (北京祖龍遊科技有限公司), a company established under the laws of the PRC with limited liability on 9 September 2014 and one of the Registered Shareholders “Board” the board of Directors “BVI” the British Virgin Islands “Company” or “Archosaur Games” Archosaur Games Inc. 祖龍娛樂有限公司 , an exempted company incorporated under the laws of the Cayman Islands with limited liability, whose Shares are listed and traded on the Main Board of the Stock Exchange (stock code: 9990) “Consolidated Affiliated Entities” the entities we control through the contractual arrangements, namely Tianjin Loong and its subsidiaries established from time to time

an Islands with limited liability, whose Shares are listed and traded on the Main Board of the Stock Exchange (stock code: 9990) “Consolidated Affiliated Entities” the entities we control through the contractual arrangements, namely Tianjin Loong and its subsidiaries established from time to time “Cooperative Game” an online game developed by Chengdu Fantasy Mermaid Technology Limited based on (i) the adaptation from the Dragon Raja Original Work; and (ii) use of content from the Dragon Raja Animation, both granted to Chengdu Fantasy Mermaid Technology Limited by Tencent Penguin in accordance with the Licensing Agreement, that can be run on mobile operating systems on mobile terminal devices (including mobile phones, pad-like mobile devices other than mobile phones, and other mobile devices and simulators) and the relevant updates, upgrades and fixes “Corporate Governance Code” the Corporate Governance Code as set out in Appendix C1 to the Listing Rules

Definitions “Cresc Chorus” Cresc Chorus Limited, a business company incorporated under the laws of the BVI with limited liability and one of the controlling Shareholders of the Company “Director(s)” the director(s) of the Company “Dragon Raja Animation” the animated series of the literary work Dragon Raja (龍族) series “Dragon Raja Original Work” the literary work Dragon Raja (龍族) series in the form of novel “Eligible Employee” any full-time employee (excluding any director) of the Company and any subsidiary in accordance with the terms of the Share Option Scheme “Eligible Participant(s)” any Eligible Employee who may be invited by the Board to take up the Options in accordance with the terms of the Share Option Scheme “Equity Pledge Agreement” the equity pledge agreement dated 10 March 2020 entered into among Tianjin Loong, Beijing Fantasy Mermaid and the Registered Shareholders “Exclusive Agency and Operation the exclusive agency and operation agreement dated 26 August 2022 Agreement” entered into between the Group, Tencent Shanghai and Shenzhen Tencent Tianyou with respect to the grant of an exclusive and non-transferable right to advertise, promote and operate the Licensed Game in the Republic of Korea to the Group by Tencent Shanghai and Shenzhen Tencent Tianyou “Exclusive Option Agreement” the exclusive option agreement dated 10 March 2020 entered into among Tianjin Loong, Beijing Fantasy Mermaid and the Registered Shareholders “Exercise Price” the price per Share at which a Grantee may subscribe for the Shares on the exercise of an Option in accordance with the terms of the Share Option Scheme

option agreement dated 10 March 2020 entered into among Tianjin Loong, Beijing Fantasy Mermaid and the Registered Shareholders “Exercise Price” the price per Share at which a Grantee may subscribe for the Shares on the exercise of an Option in accordance with the terms of the Share Option Scheme “Global Offering” the initial public offering of the Shares for subscription by the public and the institutional, professional, corporate and other investors “Grantee” any Eligible Participant who accepts an Offer in accordance with the terms of the Share Option Scheme or (where the context so permits) his personal representative(s) who is/are entitled to any Option in consequence of the death of the original Grantee “Group”, “we” or “us” the Company and all of its subsidiaries and companies whose financial results have been consolidated and accounted as the subsidiaries of our Company by virtue of certain contractual arrangements, or, where the context so requires, in respect of the period before our Company became the holding company of our current subsidiaries, the business operated by such subsidiaries or their predecessors (as the case may be) “HK$” Hong Kong dollars, the lawful currency of Hong Kong