中手游2025中期报告

245283637383941424467 126 11125 PO BOX 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands 410 2025327 813 Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman KY1-1102Cayman Islands 183171712-1716 www.cmge.com 0302 1.20242025630 2025630763.038.1%644.3266.2 2025220242025120252 GO2025630235.033.2%30.8%108.7202520252025 (i)(ii)(iii)ARPPU(iv) ARPPU 2025627TapTap8104.556,0004.853 IP IP2025630656.4 IP 20254RPGIP1TapTap1TapTap1 20252025124102025 20255 IP2025511939 20251GO41APP(LTV) 2025630235.033.2%30.8% IP96·IP2025 202549112841IP 202522021 2025319215 20 IP IPIPIP ·20257311· 2025··2024 2025 IP20256AppUIP20256 IP2025IPSuplayIPQ 202520252025 202512025 IPIPIPRPG2026 2025630IP33.12024134.8% AIGC AIGCAIGCAIGCAI 202552025-2026IPIPIP20212023 2025180.01% 20257ESG 201713 2025 +AI 2025 D20APP IP IP 202571IP2025 IP2024920255202510 2025 20251020252025C ·20212025 2025731· 2025 AStationXR202510Apple VisionProVR2026 IP IPIPIPIP IP·IP STAREXVA2025 ··2024IPU2025 IPRWAWeb3Web3Web3Web3IPWeb3 IP 20252025IP202572025 IP IPRWA IPIPIPRWAIP IPIPIP Web3 Web3 Web3Web3Web3 Web3RWAWeb3 Web3202581Web3+ Web3Web3 Web3KKFun Esports Web3Web3KKFun Esports20252026KKFun EsportsWeb3Web3 20257292025815OSLOSLIP2025818Web3AIPanguWeb3PanguCyber CrashWeb2Web3Web3Web3KKFun Esports IP+IPIP 20256302024630 (i)(ii)(iii)IP 20246301,233.338.1%2025630763.0 (ii)2024630126.342.1%202563073.220252 (i)2024630999.934.4%2025630656.4IP2025627IP2024 (iii)IP2024630107.168.7%202563033.5IPIP202463014.1134.8%202563033.1IPIP (i)CP(ii)IP(iii)CPIP 2024630860.641.4%2025630504.5(i)CPIP(ii)IPCP2024IPIPCP2024 2024630372.830.6%2025630258.6202463030.2%202563033.9%2024 (i)(ii)(iii) 20246304.674.3%20256308.1 (i)(ii) 2024630148.6151.0%2025630372.9(i)20252(ii)2025GO (i)(ii) 202463082.34.3%202563085.8202463056.39.6%202563061.7 (i)(ii)(iii) 2024630110.214.8%202563093.9(i)202420252202463027.244.5%202563015.1(ii)2024 9202463062.916.8%202563052.32024 202463011.16.7%202563010.42024 202563020246302.8202563011.68.33.6 2024630175.861.7%2025630284.3(i)IP189.5(ii)76.7(iii)11.5 2024630210.62025630644.6 202463030.420256300.313.0 2024630241.12025630644.3 220.4293.3 202563020241231133.3101.8 2025630439.920241231512.8397.920241231462.034.32024123122.01.6%5.5%0%5.0%7.72024123128.820256307.72024123128.8 202563013.52024123122.5 (i)(ii)(iii)(iv)Infini GlobalMaster FundActoz SoftHong Kong Limited20241022 20256302024123176.714.249.820256303.2%73.5%23.3%202563020 20256301,270.81,108.4 20256301.15202412311.44 202563013.6%2024123113.2% 20256301,114.22024123118.5%567.6419.399.527.840402024MCN202572319.9% IP2025630 202563020241231104.7134.12025630IP 2025630 202563020241231 20241013202410222025630 20256307.72024123128.87.72024123128.8 2025630 INFINI GLOBAL MASTER FUNDACTOZ SOFTHONG KONG LIMITED 94.2202410132024102289.0 (i)2025630(ii)2025630(iii) 2025630 2025630 2025630C.2.1C.2.1 20256302024630 202571 202563013.51(2)(a)(e)(g) 2025827 2025112025630 20256303462024630837 13.1313.19 202563013.1313.19 2019920172025630 (1)20231202024424(2)20231202026119(a)20231202026119(b)20241202026119(3)20244242027424(4)1%17(5)12170.1%2025630(6)18 202563098,285,00099,608,000 2025630126,492,0002,995,413,7774.22% 2025630XVXV78352 (i) (1)L (2)20256302,995,413,777 (3)2025630785,358,067 (i)15,950,000(ii)ZSY HoldingTrident Trust Company (B.V.I.) Limited(a)BVI70,598,642(b)Profound PowerChangpeiCaymanAmbitious ProfitBVI64%Changpei CaymanFairviewRidge693,309,425(iii)5,500,000 (4)2025630824,887,663(i)2,328,000(ii)Silver Joyce123,750,238(iii)Profound PowerChangpei CaymanAmbitious ProfitSilver Joyce36%Changpei CaymanFairviewRidge693,309,425(iv)5,500,000 (5)20256302,518,000(i)918,000(ii)1,600,000 2025630400,000 2025630200,000 2025630400,000 (8) (9)2025630400,000 (1)31.53% 2025630XVXV78352 2025630XV23336 (7)ThebestInvestments LimitedThebest Investments LimitedClear BuildInvestments LimitedClear Build Investments Limited (1)L (2)20256302,995,413,777 (3)(i)15,950,000(ii)ZSY HoldingTrident TrustCompany (B.V.I.) Limited(a)BVI70,598,642(b)Profound PowerChangpei CaymanAmbitious ProfitBVI64%Changpei CaymanFairview Ridge693,309,425(iii)5,500,000785,358,067 2025630XV23336 CHANGPEI CAYMAN Changpei Cayman202563023.14%Ambitious ProfitBVISilver Joyce64%36% (4)(i)2,328,000(ii)Silver Joyce123,750,238(iii)ProfoundPowerChangpeiCaymanAmbitiousProfit SilverJoyce36%Changpei CaymanFairview Ridge693,309,425(iv)5,500,000824,887,663 2025630Changpei CaymanAmbitious Profit0.004%00260299.996% (5)Pegasus Technology LimitedPegasusBVIPegasus BVI0.4%99.6% (6)202563076,133,5902.54%Yichong TechnologyLimited0.4%99.6% 37662025630343434 2410 34 P060472025827 2025630 2024123120256303,900,207,0003,250,614,000 1. 2018320P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands 2. 2025630342024 3. 20242025202511 211 4. 2025630 4. 2024630 2025630 5. 2025630