"Crafting products with sincerity, pioneering paths through innovation" - ARCHOSAUR GAMES (09990), a leading Chinese mobile game company, has once again delivered on its high-growth attributes.

**Three Consecutive Revenue Increases, Premium Strategy Shows Significant Results**

On August 22, ARCHOSAUR GAMES released its 2025 interim results announcement, showing comprehensive improvement in core operating indicators and sustained consolidation of high-growth momentum. During the period, the company achieved revenue of 634 million yuan (RMB), representing a year-on-year increase of 44.4%. Considering growth rates of 25.6% in 2024 and 55.5% in 2023, operating revenue has successfully achieved "three consecutive increases."

Meanwhile, the company's business structure was further optimized, with comprehensive game publishing and operations revenue reaching 579 million yuan, a significant year-on-year increase of 53.8%. Comprehensive game publishing and operations accounted for 91.3% of company revenue, up 5.6 percentage points year-on-year.

On the profit side, ARCHOSAUR GAMES' adjusted net loss in the first half significantly reduced by 93.6% compared to the same period last year, while operating cash flow consumption decreased by 47.1%. The significant optimization of core indicators demonstrates ARCHOSAUR GAMES' solid achievements in cost control and operational efficiency improvement. As the product portfolio enters a profit release phase, it establishes a solid foundation for achieving full-year profitability.

As of the results announcement date, ARCHOSAUR GAMES has launched 24 premium mobile games across over 170 regional markets, supporting 14 languages in multiple regional versions. The current product portfolio includes various genres such as MMORPG, female-oriented games, strategy card games, and SLG.

In the first half, ARCHOSAUR GAMES' premium mobile games "Shining Nikki," "Dragon Raja: Card Battle," and "Against the Wind" advanced together as "three driving forces," providing strong support for performance growth.

Among them, the female-oriented flagship product "Shining Nikki" continued to reach new performance heights, with January 2025 single-month profit hitting a historical peak since launch. First-half profits achieved significant growth both year-on-year and quarter-on-quarter, with global cumulative revenue exceeding 2 billion yuan as of the announcement date.

The success of "Shining Nikki" lies in precisely capturing female players' needs for "emotional companionship" and "personalized expression." Through the intelligent NPC "Lizhi Miao" created using large language models, it provides players with warm interactive experiences. Cross-industry collaborations with Happy Valley, "Empresses in the Palace," and the Palace Museum have allowed the game to transcend entertainment boundaries and become a cultural communication platform. Its TapTap rating remains stable at 9.0, with user stickiness ranking at the industry forefront.

The strategy card game "Dragon Raja: Card Battle" launched in mainland China in September 2024, consistently topping the iOS free games chart for a week after launch and entering the top ten of the game revenue chart for multiple consecutive days, with first-month revenue exceeding 100 million yuan. It launched in Hong Kong, Macao, and Taiwan in April 2025, topping the iOS free games chart during pre-registration and achieving fifth and sixth places on the iOS game revenue charts in Hong Kong and Taiwan respectively.

The new game "Against the Wind," created with Unreal Engine 4 as a Chinese-style cultivation idle RPG, topped the iOS free games chart on its pre-registration day after launching in mainland China in May.

Notably, ARCHOSAUR GAMES' long-term operational capabilities are equally prominent in older products. "Fantasy Jade Dynasty," a turn-based MMORPG operating for over 8 years, achieved positive growth in both revenue and new user acquisition in the first half despite market headwinds. "Dragon Raja," operating for over 6 years, also maintains stable user activity. These "evergreen products" provide continuous contributions that complement new products' high growth.

**Strengthening Core Capabilities, Building High Competitive Barriers**

ARCHOSAUR GAMES' high performance growth is not accidental but results from the synergistic effects of core capabilities in "R&D, positioning, and operations" accumulated through long-term development, forming difficult-to-replicate competitive barriers.

As a game company driven by R&D, ARCHOSAUR GAMES has always prioritized technological innovation strategically. As of June 30, 2025, R&D personnel accounted for 76% of staff, with first-half R&D investment reaching 266 million yuan. Through refined project management and technology reuse, the company has controlled costs while ensuring continuous iterative upgrades of games like "Shining Nikki" and "Dragon Raja: Card Battle."

The company's deep cultivation of advanced engine technology has become the core source of product competitiveness. Whether it's the next-generation 3A-level rendering effects of "Shining Nikki" or the Chinese-style scene construction of "Against the Wind," both rely on Unreal Engine 4's technological advantages to achieve "graphics as selling points" breakthroughs.

ARCHOSAUR GAMES is also deeply exploring AI applications in game development, enhancing game dynamic vitality by embedding intelligent NPCs in games and combining UGC (User Generated Content) with AIGC (AI Generated Content).

Regarding product positioning, against the backdrop of rapid category dividend rotation and diversified user needs in the gaming industry, ARCHOSAUR GAMES has achieved comprehensive coverage of different user groups through a strategy of "deep cultivation in core categories + exploration of emerging tracks." From female-oriented games and MMORPGs to strategy card games and idle RPGs, the company's product portfolio covers mainstream gaming categories, with benchmark products in each category, dispersing market risks.

In game operations, ARCHOSAUR GAMES leverages an "integrated R&D and operations" model, breaking traditional barriers where R&D doesn't manage operations and operations doesn't understand development. This enables the company to more precisely grasp player needs and timely optimize and update games, maximizing value throughout the product lifecycle.

During product development, operations teams participate in demand research, incorporating market data and user feedback into gameplay design. After launch, R&D teams quickly respond to operational needs through high-frequency version updates and event planning to maintain user activity.

Taking "Shining Nikki" as an example, the operations team releases new versions every three weeks based on user feedback, with new gameplay and collaboration activities continuously launched according to user needs. In the "Divine Feast" version launched by "Shining Nikki" in July, the theme song "Mother Goddess Nuo" garnered over 3 million views within three days of its release on Bilibili and simultaneously launched on major music platforms, receiving high attention from players.

This "R&D-operations synergy" model allows this product, which has been online for over two years in mainland China and over three years in first launch regions outside mainland China, to maintain growth vitality, demonstrating the industry-leading nature of the company's long-term operational capabilities.

**Abundant New Game Pipeline, Global Strategy Opens Growth Ceiling**

Looking ahead, ARCHOSAUR GAMES is expected to replicate domestic success in overseas markets through global distribution of high-quality new games, while leveraging overseas localized operations to enhance new game vitality and open long-term growth ceiling.

According to interim results disclosure, ARCHOSAUR GAMES plans to launch 7 different types of games from the second half of 2025 to 2027, covering multiple categories including female-oriented, strategy card, MMORPG, and action shooting games.

Among them, the project codenamed "Xiaoyao," planned for external testing in the second half of 2025, is a turn-based MMORPG that combines Chinese style with cartoon aesthetics, dedicated to creating an immersive turn-based experience for players.

As a gaming company with international vision, ARCHOSAUR GAMES will adopt a progressive strategy of first deeply cultivating Asia then expanding globally for subsequent new game releases. "Dragon Raja: Card Battle" successfully launched in Southeast Asia in August this year. "Shining Nikki" plans to enter the Korean market in 2025, while "Against the Wind" plans to launch in Asian regions outside mainland China in 2026.

As overseas markets gradually scale up, ARCHOSAUR GAMES is expected to form a dual-engine growth pattern of "domestic + overseas."

In summary, in the first half of 2025, ARCHOSAUR GAMES, with its premium strategy as core and leveraging technological innovation and the "integrated R&D-operations" model, delivered an operational report card showing continuous improvement in operational quality. Looking forward, abundant new game reserves and clear global expansion plans will continue to inject development momentum into the company. In the long term, ARCHOSAUR GAMES is expected to grow into a game manufacturer with both domestic competitiveness and global influence, creating long-term stable value returns for investors.