青瓷游戏2025中期报告

2 4 5 20 27 29 31 33 35 86 PO Box 309, Ugland HouseGrand Cayman, KY1–1104Cayman Islands 45361008 24840 11125 8–101–3 50037 9901 1831717121716 45 1112 Maples Fund Services (Cayman) LimitedP.O. Box 1093Boundary Hall, Cricket SquareGrand CaymanKY1–1102Cayman Islands www.qcplay.com 6633 (1)MAU(i)MAU(ii)MAUMAU (2)MPU(i)MPU(ii)MPUMPU 2025 (1)20256ARPPU20030050% (2)2025 (3)EAI 2.473.4327.86%70.2645.0655.92% 2025630100.457.56%114.4047.50%14.0644.40%ARPPU289.795.26%(i)(ii) 2025630APPRogue-like RPGRPG Super Snail20206202563037.862,940.391.47 20213Rogue-like RPG6.87 2023621.52 202393.76 2024221.71 202466.76 220248RPG29.85 20168Rogue-like RPG20256302,50020253SteamTrending FreeIP3.91 20156Diablo-like20188RPG202312023123.30 –– 20256301,620.36QQTapTap8.22% RPGSLG 1. 2.(Tingus Goose)SteamSteamSteamPCIP 3.E IP (i)(ii)(iii)(iv) 20252024630 202426.2%2025630238.6 •202425.1%2025630147.4 •202427.9%202563091.220246220248 202456.6%20256302.7 202466.9%20256303.1 202429.1%20256 302.7 2024630130.828.9%202563093.0(i)(ii)IP(iii)(iv)(v) 20252024630 202419.4%202563055.8 IP202457.9%202563016.1IP20246220248 20249.8%20256305.5 202420.0%20256306.8 2024630211.827.2%2025630154.1202563062.4%61.8% (i)(ii)(iii) 2024630131.958.3%202563055.0220248 (i)(ii)(iii) 202463047.110.8%202563042.0 (i)(ii)(iii)(iv)(v) 202563027.427.4 (i)(ii) 202463042.14.8%202563044.1 (i)(ii) 20246300.8225.9%20256302.5 (i)(ii) 202463011.620256304.42025 20246300.81,555.6%202563012.5 202463038.290.2%202563072.7(i)(ii) 20241231450.012.6%2025630393.5(i)(ii) 202563020.070.0 20256301,748.9150.7202520246301,160.4%1,013.9% 202520246307.7%9.8% 2025630202412311,146.211.8%20256301,280.9(i)(ii)20256305% 2025630 2025630 2025630 20256301.720246301.1 2025630 2025630 63053616 20256 302024630 2025630XV(i)XV78(ii)352(iii)C3 (1)2025630691,330,500 (2)202217Keiskei Holding Ltd.29.81%Keiskei Holding Ltd.Yang FamilyHolding LimitedKeiskei QC Ltd.99%1%Yang Family HoldingLimitedPeter Yang Family TrustTMF (Cayman) Ltd.Peter Yang FamilyTrustPeter Yang Family TrustKeiskei Holding Ltd.Keiskei Holding Ltd. (3)202217Intelligence QC Holding Ltd.Intelligence QC Ltd.3.62%5.40%Intelligence QC Holding Ltd.Intelligence Future Holding LimitedIntelligence QC Ltd.99%1%Intelligence Future Holding LimitedIntelligence Future TrustTMF (Cayman) Ltd.Intelligence Future TrustIntelligence Future TrustIntelligence QC Holding Ltd.Intelligence QC Ltd.Intelligence QC Holding Ltd. (4)202217Gentle Tiger Holding Ltd.1.86%Gentle Tiger Holding Ltd.Sebastian Family Holding LimitedGentle Tiger Ltd.99%1%Sebastian Family Holding LimitedSebastian Family TrustTMF (Cayman) Ltd.Sebastian Family TrustSebastian Family TrustGentle Tiger HoldingLtd.Gentle Tiger Holding Ltd. (5)Cloud Rings Ltd.7,439,214Cloud Rings Ltd.7,439,214 XVXV78352 2025630336 (1)2025630691,330,500 (2)202217Keiskei Holding Ltd.29.81%Keiskei Holding Ltd.Yang Family Holding LimitedKeiskei QC Ltd.99%1%Yang Family Holding LimitedPeter Yang Family TrustTMF (Cayman) Ltd.Peter Yang Family TrustPeter Yang Family TrustKeiskei Holding Ltd.Keiskei Holding Ltd. (3) (4)202217Intelligence QC Holding Ltd.Intelligence QC Ltd.3.62%5.40%Intelligence QC Holding Ltd.Intelligence Future Holding LimitedIntelligence QC Ltd.99%1%Intelligence Future Holding LimitedIntelligence Future TrustTMF (Cayman) Ltd.Intelligence Future TrustIntelligence Future TrustIntelligence QC Holding Ltd.Intelligence QC Ltd.Intelligence QC Holding Ltd. (5)202217Rapid Yacht Limited7.26%Rapid Yacht LimitedRapid Yacht Limited (6)TMF (Cayman) Ltd.Intelligence Future TrustPeter Yang Family TrustSebastian Family Trust243,915,526TMF (Cayman) Ltd.243,915,526 (7) 336 20256(01920.HK)20257(02633.HK)20257Grande Group LimitedGRAN 20256(00695.HK) 13.51B(1) 2025630 20211216925.8 2025630 (1) C1 C3 3.213.10(2) 2025630 2025630 游 戏 2025827 戏 2985戏2025630343434 2410 34 20246302024822 P083222025827 2025630 2025630 2025630 1. 游 戲2021312 20211216 2. 20256303434 202420242025113 345 2025630 3. (a) 20241231 21 21 (b) 28109718–11 31 21791071 120261122027113 2025630 4. 4.1 2024 2025630 4.2 2025630 4. 4.3 (a) 20242025630 ••• 2025630 4. 4.3 (a) • ••4.3(c) 202563020246302025630 2025630 4. 4.3 (a) (i)202563020241231 (ii) 2025630 4. 4.3 (a) (iii)202563020241231 (b) 20252024630 2025630 4. 4.3 (b) 2025630 4. 4.3 (c) • •202563020241231 •EV/Revenue 2025630 4. 4.3 (d) 5. 2024 2025630 6. 202563020241231 20252024630 20252024630614 2025202463010% 2025630 6. 20252024630 20252024630 (a) 2025630 7. 2025630 8. 9. 2025630 11. 2025630 12. 16.5% 2025202463025% 2025202463015% 15% 200%20252024630 2025630 12. 20081110%10%5% 20256302472024255 750 2025630 12. 2025630 13. (a) 20252024630 (b) 20252024630 2025630 2025630 2025630 15. 2025630 15. 16. 2025630 17. 2025630 17. 2025630 17. 2025630 17. 202412312025630337.56369.4784.3989.6