Archosaur Games narrowed its net loss by 87.2% to RMB 36.7 million in FY 2025, driven by a 14.3% revenue increase to RMB 1,304.4 million following the launches of Dragon Raja: Cassell Gate and Immortal Skywalker.

According to "Archosaur Games Annual Report 2025": Archosaur Games narrowed its net loss by 87.2% to RMB 36.7 million in FY 2025, driven by a 14.3% revenue increase to RMB 1,304.4 million following the launches of Dragon Raja: Cassell Gate and Immortal Skywalker.

Operating losses decreased significantly to RMB 91.1 million from RMB 341.4 million in 2024, primarily achieved through a 19% reduction in selling and marketing expenses while maintaining flat R&D spending.

According to "Archosaur Games Annual Report 2025": Operating losses decreased significantly to RMB 91.1 million from RMB 341.4 million in 2024, primarily achieved through a 19% reduction in selling and marketing expenses while maintaining flat R&D spending.

Gross profit reached RMB 923.7 million, though the gross margin contracted to 70.8% due to increased commission costs paid to IP holders for licensed titles.

According to "Archosaur Games Annual Report 2025": Gross profit reached RMB 923.7 million, though the gross margin contracted to 70.8% due to increased commission costs paid to IP holders for licensed titles.

The company strengthened its liquidity position, ending the year with RMB 1.09 billion in cash and net current assets of RMB 1.48 billion, while operating cash usage dropped by 71.9%.

According to "Archosaur Games Annual Report 2025": The company strengthened its liquidity position, ending the year with RMB 1.09 billion in cash and net current assets of RMB 1.48 billion, while operating cash usage dropped by 71.9%.

Archosaur Games maintains a debt-free capital structure with RMB 2.24 billion in Level-3 fair-value investments, despite an increase in gearing to 24.6%.

According to "Archosaur Games Annual Report 2025": Archosaur Games maintains a debt-free capital structure with RMB 2.24 billion in Level-3 fair-value investments, despite an increase in gearing to 24.6%.

The company operates through a complex contractual framework across seven global entities to navigate foreign-investment restrictions while adhering to IFRS and HKCO reporting standards.

According to "Archosaur Games Annual Report 2025": The company operates through a complex contractual framework across seven global entities to navigate foreign-investment restrictions while adhering to IFRS and HKCO reporting standards.

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Key Insights

Archosaur Games Annual Report 2025

Archosaur Games~338 min full read

01
Archosaur Games narrowed its net loss by 87.2% to RMB 36.7 million in FY 2025, driven by a 14.3% revenue increase to RMB 1,304.4 million following the launches of Dragon Raja: Cassell Gate and Immortal Skywalker.
See it on page 23
02
Operating losses decreased significantly to RMB 91.1 million from RMB 341.4 million in 2024, primarily achieved through a 19% reduction in selling and marketing expenses while maintaining flat R&D spending.
See it on page 15
03
Gross profit reached RMB 923.7 million, though the gross margin contracted to 70.8% due to increased commission costs paid to IP holders for licensed titles.
See it on page 21
04
The company strengthened its liquidity position, ending the year with RMB 1.09 billion in cash and net current assets of RMB 1.48 billion, while operating cash usage dropped by 71.9%.
See it on page 24
05
Archosaur Games maintains a debt-free capital structure with RMB 2.24 billion in Level-3 fair-value investments, despite an increase in gearing to 24.6%.
See it on page 99
06
The company operates through a complex contractual framework across seven global entities to navigate foreign-investment restrictions while adhering to IFRS and HKCO reporting standards.
See it on page 53

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