With the continuous release of policy dividends in the gaming industry and steady recovery in consumer demand, capital markets are showing heightened interest in the gaming sector. Against this backdrop, QINGCI GAMES (06633) recently secured a licensing partnership with Walt Disney (China) Limited, drawing significant market attention. Under the agreement, QINGCI GAMES obtained a three-year license to develop and publish the game *Disney: Book of Legends*, which is expected to launch sequentially across mainland China, Hong Kong, Macau, Taiwan, Singapore, Malaysia, Thailand, and South Korea starting in 2026.
The game combines card battles and simulation management elements, set in a universe inspired by Disney and Pixar’s classic films, featuring iconic characters such as Elsa from *Frozen*, Captain Jack Sparrow from *Pirates of the Caribbean*, and Woody from *Toy Story*. Players can construct stylized buildings, enjoy simulation gameplay, and engage in strategic team battles, blending IP immersion with innovative mechanics. This collaboration positions QINGCI GAMES to expand its niche market presence and strengthen brand recognition among family and younger audiences.
Bolstered by its "high-quality, global, long-term" strategy, the Disney partnership is expected to generate steady licensing revenue while enhancing the company’s competitiveness in the global gaming market, providing sustained momentum for mid-to-long-term growth and valuation uplift.
**Validated Overseas Expansion Capabilities Accelerate Global Strategy** China’s gaming industry has increasingly prioritized overseas markets as a key profit driver. According to industry reports, China’s self-developed games generated $9.5 billion in overseas revenue in the first half of 2025, up 11% year-on-year, nearing the peak levels of 2021. Full-year projections estimate overseas revenue surpassing $20 billion, underscoring the sector’s growing global influence.
Policy tailwinds further support this trend. In April 2025, China’s Ministry of Commerce explicitly encouraged "game globalization" in its service sector expansion plan, promoting end-to-end industry chains from IP development to overseas operations. Meanwhile, Shanghai announced a dedicated fund to support original content and R&D, mitigating financial risks for developers.
Amid this industry wave, QINGCI GAMES has accelerated its global footprint, with overseas revenue rising to 40.9% of total revenue in H1 2025. Flagship title *The Strongest Snail* has achieved success in Japan, Vietnam, Thailand, and the U.S., topping iOS free charts in Vietnam. Casual game *Fat Goose Gym* dominated Japan’s iOS and Google Play free rankings, while *Cardcaptor Sakura: Memory Key* led iOS charts in Greater China, demonstrating the company’s localized operational expertise.
Looking ahead, *The Strongest Snail*’s Korean version is in final preparations, poised to reinforce QINGCI’s Southeast Asian presence, while *Cardcaptor Sakura: Memory Key* expands into Vietnam and Japan, driving sustainable growth.
**Precision Operations Sustain Growth as New Titles Await Launch** Alongside global expansion, QINGCI GAMES maintains a meticulous long-term operational strategy, maximizing the value of existing titles. As of June 30, 2025, cumulative registered players exceeded 100 million, up 7.56% year-on-year, with monthly active users (MAU) averaging 1.14 million and average revenue per paying user (ARPPU) rising steadily to RMB 289.79.
*The Strongest Snail* celebrated its fifth anniversary in 2025 with new content, including character "Gua Gua" and the "Persia" storyline, revitalizing player engagement. During the event, ARPPU surged 50% to nearly RMB 300, with cumulative global revenue surpassing RMB 3.79 billion and 29.4 million registered players.
Other titles, such as the top-down survival RPG *Ares Virus 2* (RMB 63.95 million cumulative revenue) and the nine-year-old classic *Maze of Mystery* (over 25 million players), continue to thrive, with the latter’s Steam release ranking sixth globally in free-to-play games.
Upcoming releases include the strategic SLG *Project E*, currently in beta testing and targeting a 2026 launch, alongside card RPG *Project W* (based on *The Great Ruler* IP) and survival-social game *Project F*, set for 2027.
Guided by its "high-quality, global, long-term" vision, QINGCI GAMES is poised for sustained growth—expanding market reach while deepening operational excellence. The Disney collaboration and *Project E*’s impending debut could unlock new revenue horizons.