Boutique + Globalization + Multi-platform: QINGCI GAMES (06633) builds a "triple leverage" of long-term value.

On March 26, Qingci Games (06633, hereinafter referred to as "Qingci") presented a stable and growing report card to the market, demonstrating its unique resilience and strategic determination as a high-quality game developer and operator. During the reporting period, the company achieved revenue of 456 million yuan, with a year-on-year profit increase of 138% to 122 million yuan, significantly improving its profitability. It is worth noting that its core user indicator - cumulative registered players surpassed 100 million, with an increase in ARPPU of 7.92%, not only confirming the deep vitality of its "evergreen products", but also indicating that the company has entered a new stage of high-quality development with a focus on "evergreen value extension, globalization depth, and multi-platform synergy" from the early stage single-product explosion. The operation of core assets "evergreenization" has released stock value, and flagship products have constructed a stable cash flow base. In the game asset valuation model, "evergreen products" with long life cycles are the core elements to measure the bottom-line value of a company. These assets not only provide sustainable operating cash flow, but also form brand barriers and conversion costs that are difficult to erode through the deep sedimentation of user communities. The significant improvement in profit by Qingci in 2025 is essentially the result of its flagship product "The Strongest Snail" successfully transitioning from a "single-product cycle" to an "evergreen asset". Having been online for five years, "The Strongest Snail" achieved a year-on-year increase of over 30% in average monthly ARPU in the reporting period in the mainland market, surpassing the conventional expectations of natural decline in revenue for mature games. The driving factor behind this performance was not incremental investment in user acquisition, but rather the improvement of the payment depth and active duration of existing users through high-granularity version iteration and user segmentation operations. It contributed a total revenue of 274 million yuan domestically and internationally, with a cumulative revenue exceeding 3.922 billion yuan, confirming the stable attributes of this asset as a cornerstone of the company's operating cash flow. It is understood that Qingci has built a "one-strong, many-strong" asset portfolio centered around the flagship product "The Strongest Snail" and multiple high-quality games. Among them, products such as "Lanterns and Dungeons" and "New Swordsmen's Romance: Sword and Love" have stabilized revenue contributions through steady version rhythms, which are not entirely related to the flagship product's cycle, effectively reducing the volatility of the company's overall revenue. This portfolio structure financially represents risk diversification and revenue smoothing, enhancing the predictability of operational resilience. In addition, the size of the "Qingci Iron Fans Community" exceeded 16.2352 million people, and the continued accumulation of this user asset, combined with a 7.92% increase in ARPPU, formed a positive feedback loop. The community serves multiple functions, such as a low-cost customer acquisition channel, user behavior data sedimentation, and a sample for testing new games, rather than just a user pool. The continuous release of its value reduces the market validation costs for new product launches, forming a self-reinforcing mechanism as a moat. Through the operation of "evergreenization" of core assets, Qingci has shifted its revenue source from "pulse growth driven by new products" to "value mining of stock assets". This transformation is financially reflected as higher operating leverage and more stable profit expectations, providing a more certain bottom support for the company's valuation. Cross-platform publishing capabilities achieve cross-sectional development, reshaping revenue structure and valuation logic. In the valuation framework of game companies, platform dependency is a key variable that affects the central valuation. The breakthrough progress in the PC platform in 2025 marks Qingci's successful transition from single-platform dependence on mobile to a structural leap in publishing capabilities. This breakthrough not only opens up incremental revenue sources but also fundamentally reshapes the company's growth narrative and valuation logic. The launch of the Steam version of "Wonderland Maze" verified the extended capabilities of Qingci's classic IP across multiple platforms. With global rankings of sixth on the popular free games list, "very good reviews," and over 570,000 downloads eight years after its release, this achievement has financial significance beyond direct revenue contributions. Steam platform users have higher game appreciation and willingness to pay, laying a solid foundation for high-value product launches in the future. Furthermore, with limited overlap between PC and mobile users, the company has reached a new group of incremental customers, achieving substantial expansion of its user base. Furthermore, the successful release of "Neuro Goose" on the Steam platform showcased another dimension of Qingci's capabilities in multi-platform domains precise identification and efficient distribution of high-quality imported games, not just the multi-platform transplantation of self-developed IPs. The game sold over 20,000 units in less than 48 hours and nearly 50,000 units in seven days, earning a nomination for the Best Overseas Work at indiePlay, proving the universality of the company's publishing system. The construction of this capability means that Qingci can more flexibly allocate product combinations among multiple platforms in the future, reducing the risk of dependence on a single product line or IP. Through its practice in 2025, Qingci successfully conveyed a substantial expansion of its capabilities to the market from a "mobile game developer and operator" to a "multi-platform high-quality game publisher." This transformation is financially reflected in the diversification of revenue sources and operational risk mitigation, and is expected to drive its pricing system closer to that of a comprehensive game company with cross-platform capabilities. Dual-drive globalization and high-quality games, AI technology enabling the construction of a long-term value base. Against the backdrop of intensified competition in the stock market, the long-term value of game companies depends on their ability to build sustainable growth engines. Qingci's strategic layout in 2025 vividly outlines a long-term development path with "globalization" and "high-quality games" at its core, supported by technology empowerment, laying a solid foundation for the company to navigate through the industry cycle. In November 2025, Qingci reached a cooperation agreement with Walt Disney (China) to develop and distribute "Disney: Book Realm Legend." This game combines card battles and placement management, bringing together many classic characters from Disney and Pixar, and is expected to be launched in multiple regions starting in 2026. The global influence and user outreach capabilities of Disney IP will significantly enhance Qingci's brand awareness and customer acquisition efficiency in international markets, becoming a key catalyst for its globalization strategy to shift from "point breakthroughs" to "systematic advancement." Additionally, during the reporting period, "Cardcaptor Sakura: Memory Key" was released in the Vietnamese market, topping the iOS free charts and ranking eighth on the best-selling charts, validating the company's ability to publish IP products in the Southeast Asian market. Meanwhile, preparations for the Korean version of "The Strongest Snail" and the Japanese version of "Cardcaptor Sakura: Memory Key" are progressing steadily. From Southeast Asia to Northeast Asia, from self-developed IPs to agent IPs, Qingci's overseas market map is shifting from single-region expansion to deep cultivation and coordination. This layout will financially reflect the diversification of revenue sources and effectively reduce the impact of market fluctuations on the company's overall performance. Most importantly, Qingci has achieved a focused breakthrough in self-developed pipelines and dual guarantees of technology empowerment. The strategic self-developed product "Project E" has initiated multiple rounds of core player testing, integrating innovative gameplay such as map exploration, backpack management, and resource collection, accelerating version updates through deep interaction with users, aiming to create the company's next milestone product. At the same time, Qingci continues to optimize its development process, embracing emerging technologies like AI comprehensively. Technology power is extending from efficiency enhancement to certainty assurance. This dual pursuit of "development efficiency" and "product certainty" is the core capability of mature game companies to reduce project risks and enhance the output-to-input ratio of resources. In conclusion, in 2025, Qingci successfully established three major value pillars: the continuous blood-producing ability of stock assets, the cross-platform expansion capability of incremental space, and the global and technological reserve capabilities for future growth. From an investment perspective, Qingci is evolving into a "platform-based" company with a mature research and operation system, a global distribution network, and top-tier IP acquisition capabilities. The introduction of top-tier IP breaks the ceiling on user growth, regional market risk diversification, technology empowerment to improve operational efficiency and product certainty these three elements together form the underlying logic for the long-term value growth of the company, providing investors with a scarce combination of growth potential and certainty.