Updated Jun 1, 2026 by Archosaur Games
Financial · April 26, 2026
Published by Archosaur Games
(Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立的有限公司 ) Contents Page Definitions Page Definitions 2 Corporate Information 8 Financial Summary 10 Chairman’s Statement 11 Financial P...
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
公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整,不存在虚假记载、误导性陈述或重大遗漏,并承担个别和连带的法律责 公司负责人刘伟、主管会计工作负责人任广露及会计机构负责人(会计主 管人员)邱晨声明:保证本年度报告中财务报告的真实、准确、完整。 公司已在本报告中详细描述未来将面临的主要风险及应对措施,详情请查 阅本报告“第三节、管理层讨论与分析”之“十一、公司未来发展的展望”部 分,本报告所涉及的未来计划、发展战略等前瞻性陈述,不构成公司对投资者 公司经本次董事会审议通过的利润分配预案为:以未来实施分配方案时股 权登记日的总股本扣减公司回购专用证券账户中股份总数为基数,向全体股东 每 10 股派发现金红利 1.90 元(含税),送红股 0 股(含税),不以公积金转增 第一节 重要提示、目录和释义 ................................................... 2 第二节 公司简介和主要财务指标 .................................................
The briefing presents FY2025 first‑quarter results for GREE, Inc., highlighting a net sales figure of ¥12.9 billion and an operating loss of ¥0.1 billion, largely driven by valuation losses in the Investment Business and foreign‑exchange impacts from yen appreciation. While Game and Anime, Metaverse, and DX segments exceeded forecasts—thanks to strong performance of the Chinese version of *Heaven Burns Red*, continued growth in platform and VTuber services, and solid DX profitability—the Investment Business posted a ¥0.8 billion operating loss due to crypto‑asset valuation declines and write‑downs on maturing funds. Variable costs rose from advertising spend and investment losses, whereas fixed costs remained relatively stable. Geographically, the company operates globally with significant overseas assets; the report notes a ¥1.4 billion FX loss affecting ordinary and net profit. The management plan positions Metaverse and DX as continuous‑growth businesses targeting a 120–140 % CAGR in operating profit, while Game and Anime are treated as long‑term investment assets. Medium‑term targets emphasize aggressive investment in VTuber talent and DX product development, with expectations of profitability from the VTuber segment by FY2026 and accelerated growth in DX by FY2027. Methodologically, the briefing relies on quarterly financial statements, segment‑level performance data, and investment portfolio valuations. The Investment Business’s dual GP/LP structure is explained to contextualize volatility, with an emphasis on long‑term stability despite short‑term losses. Overall, the company projects FY2025 results in line with prior forecasts but anticipates slightly lower Game and Anime sales, offset by higher operating profit from continuous‑growth segments.
Tencent Holdings demonstrated robust financial growth during the first half of 2019, characterized by a 21 percent year-on-year revenue increase to RMB 88.8 billion in the second quarter alone. Total revenue for the six-month period reached RMB 174.29 billion, with profit attributable to equity holders rising to RMB 51.35 billion. This performance was underpinned by strong momentum in smartphone gaming, digital content, and the newly established FinTech and Business Services segment, which generated RMB 44.68 billion in revenue. While the company faced headwinds in PC gaming and media advertising, these were offset by strategic investments in cloud services and a diversified digital ecosystem. The company maintained a stable financial position as of June 30, 2019, reporting total assets of RMB 816.86 billion and cash and cash equivalents of RMB 122.84 billion. Operational efficiency remained high, with net cash flows from operating activities reaching RMB 53.80 billion. To optimize its capital structure, Tencent expanded its Global Medium Term Note Programme to USD 20 billion and issued USD 6 billion in senior notes in April 2019. The firm also successfully integrated IFRS 16 accounting standards and maintained a healthy debt-to-adjusted EBITDA ratio of 1.54, ensuring compliance with all financial covenants. Beyond core operations, Tencent continued to leverage a substantial investment portfolio valued at RMB 417.05 billion, reflecting its commitment to long-term platform growth and strategic partnerships. The organization expanded its workforce to 56,310 employees, supported by active share-based compensation programs designed to retain talent. Governance remained a priority, with the company adhering to the Corporate Governance Code while navigating a complex landscape of international investments and enterprise-facing service expansion. These results underscore a transition toward a more diversified, service-oriented business model that prioritizes sustainable ecosystem development over traditional revenue streams.
XD Inc. achieved substantial financial growth throughout the 2025 fiscal year, characterized by a 15% increase in total revenue to RMB 5.76 billion and a significant surge in profit attributable to equity holders, which reached RMB 1.54 billion. This performance was underpinned by a 10.5% rise in gaming revenue, bolstered by the success of titles such as Heartopia and Torchlight: Infinite, alongside a 24.7% revenue increase within the TapTap platform. The company’s financial health was further strengthened by an improved gross margin of 73.8% and a robust cash position of RMB 3.77 billion, supported by a strategic reduction in the cost of revenues and a lower gearing ratio of 22.5%. The company’s strategic focus remains centered on cross-platform expansion and the integration of AI-driven development tools to secure long-term competitiveness. While financial metrics showed marked improvement, the company observed a decline in online game user metrics, specifically monthly active users and monthly paying users. To address these shifts, management has prioritized capital optimization through active share repurchases and the maintenance of employee incentive programs. Notably, the board opted against a final dividend for 2025, citing a commitment to capital reinvestment and a need to address corporate governance concerns regarding the consolidation of the chairman and CEO roles. These results reflect a period of operational consolidation and international market penetration for the China-based firm. The financial figures, which have been reviewed by the Audit Committee and aligned with the group’s consolidated statements, demonstrate a transition toward higher profitability and operational efficiency. By leveraging the acquisition of the Torchlight intellectual property and refining advertising algorithms on the TapTap platform, the company aims to sustain its growth trajectory despite the challenges posed by fluctuating user engagement metrics in the broader gaming sector.