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Public company info - Qingci Games Inc. , 06633.HK

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Qingci Games Inc., 06633.HK - Company Profile
Chairman Yang Xu
Share Issued (share) 685,000,000
Par Currency U.S. Dollar
Par Value 1.0E-5
Industry E-Commerce & Internet Services
Corporate Profile Business Summary: The group is an established mobile game developer and publisher in China, offering mobile games that are designed to provide captivating content as well as distinctive and engaging gameplay experiences to players in mainland China and overseas. Performance for the year: In 2018, 2019, and 2020, the group’s revenues amounted to RMB98.4 million, RMB88.7 million and RMB1,226.9 million, respectively, representing a CAGR of 253.1% from 2018 to 2020, and the group’s net profit amounted to RMB24.9 million, RMB19.6 million and RMB103.7 million, respectively, representing a CAGR of 104.3% from 2018 to 2020. Business Review The group is an established mobile game developer and publisher in China, offering mobile games that are designed to provide captivating content as well as distinctive and engaging gameplay experiences to players in mainland China and overseas. the group’s games are particularly popular among the young generation that is aged 30 or below. As a leader in casual games, especially idle games, and rogue-like RPGs in China, the group have developed, published and operated a number of popular games. As of the Latest Practicable Date, the group operated six mobile games and the group had a pipeline of 10 mobile games. The group’s Existing Games The group’s landmark mobile games, such as The Marvelous Snail (最強蝸牛), have recorded significant gross billings and achieved high rankings on the game lists widely recognized in the group’s industry. For example, The Marvelous Snail recorded gross billings exceeding RMB400 million in the first month following its launch in June 2020 and had an average MAU of 4.4 million from June to December 2020. It also obtained the highest ranking of No. 2 on the iOS Bestseller Games List in China in 2020. This game generated revenues of RMB1,170.0 million and RMB516.5 million in 2020 and the six months ended June 30, 2021, respectively, accounting for 95.3% and 67.7% of the group’s total revenues in these respective periods, and therefore it was the main driver for the group’s net profit growth in these periods. The gross billings of Lantern and Dungeon exceeded RMB185 million in the first month following its launch in March 2021. It also topped the iOS Top 10 Free Games Chart in China for six consecutive days after its launch and obtained the ranking of No. 4 on the iOS Bestseller Games List in China. the group’s outstanding game publishing and operation capabilities enable us to reach a broad, active player base. In the six months ended June 30, 2021, the average MAU for all of the group’s games amounted to 3.1 million. According to Frost & Sullivan, the group have achieved the following remarkable results: • the group ranked third and second among all mobile game companies in China in 2020 in terms of gross billings from casual games and idle games, respectively. • the group ranked second among all mobile game companies in China in 2020 in terms of gross billings from self-developed rogue-like RPGs. • the group ranked fourth, in terms of average gross billings per self-developed game in 2020, among all mobile game companies in China that had aggregate gross billings from self-developed games of over RMB1.0 billion. Consistent with industry practice, the group normally conduct significant marketing and promotion activities for a game before and around the time the group officially launch this game and when the group release new versions with substantial updates of this game. Accordingly, the gross billings, revenue contribution and key operating metrics such as average MAUs and average MPUs for a game could be relatively high in the first month after its launch or the release of new version with substantial updates. That is, key operating metrics of the group’s games could fluctuate around the time of a new game’s launch and the release of new versions of the game supported by the group’s corresponding marketing and promotion activities. For example, while The Marvelous Snail and Lantern and Dungeon have recorded the highest gross billings in the first month after their respective launch dates, Gumballs & Dungeons (only considering gross billings generated from the group’s publishing of this game) and Eternal Adventure have recorded the highest monthly gross billings in the sixth and 51st month after their respective launch dates, which resulted from releases of their new versions with substantial updates. In addition, the Marvelous Snail experienced a slowdown in revenue growth in the first six months of 2021 compared to the year of 2020, as it moved to the maturity stage. Likewise, this game experienced declines of its average MAUs and average MPUs from 4,417 thousand and 701 thousand, respectively, in 2020 to 1,481 thousand and 257 thousand, respectively, in the six months ended June 30, 2021. These changes represented a natural development along a new game’s lifecycle. During the Track Record Period, the group’s revenue and profit were materially affected by the fluctuations in performance of a limited number of landmark games. As the group launch more games in future, the group expect that the group will rely less on a single landmark game, which would be able to reduce the fluctuations of the group’s revenue and profit. Prospects: The group intend to pursue the following strategies to further grow the group’s business: • Continue to enrich the group’s high-quality game portfolio and content offerings; • Continue to strengthen the group’s game development and operation capabilities to enhance profitability; • Expand the group’s player base and improve player stickiness and engagement; • Continue to expand the group’s overseas business; and • Enter into strategic alliances, investments and acquisitions.

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