联众2025年中期报告

Contents目錄 211252729313335Management Discussion and AnalysisOther InformationReport on Review of Condensed ConsolidatedFinancial StatementsCondensed Consolidated Statement of Profit orLoss and Other Comprehensive IncomeCondensed Consolidated Statement ofFinancial PositionCondensed Consolidated Statement ofChanges in EquityCondensed Consolidated Statement ofCash FlowsNotes to the Condensed ConsolidatedFinancial Statements Management Discussion and Analysis管理層討論及分析 Theboard(the“Board”)of directors(the“Directors”)of OurgameInternationalHoldings Limited(“Ourgame”or the“Company”)herebyannounces the unaudited condensed consolidated interim results of theCompany and its subsidiaries (collectively, the “Group”) for the six monthsended 30 June 2025. BUSINESS REVIEW In the first half of 2025, the Group continued to deepen its strategic positioningasa global intelligent sports and entertainment group,with its corebusinesses demonstrating strong resilience and steady growth momentum. In terms of the traditional strengths, the “Ourgame Hall” () PCbusiness continued to develop steadily. With community building and theintroduction of new product categories to enhance user activity and userexperience, as well as the continuous efforts to upgrade its AI and anti-cheating systems, the Group aims to create a fairer and healthier gamingenvironment, thereby earning the trust of players. Meanwhile, the Groupcontinues to upgrade its mobile-based products such as fight landlord andmahjong by optimising interfaces and playing methods to enhance userstickiness, while strengthening in-game community building and friendinteraction features to continuously improve users’ social experience andretention rates. Both mobile card and board game products, includingArcadeFishing Frenzy,Solo Landlord,ChineseChess,Quick LandlordandExpertMahjong, and leisure games, including Sky Soaringand Mystic Fairies, performed well during the period. PCAI AIITDeepSeekChatGPTAIAIAIAI In terms of frontier technology, the Group remains active in promoting thedeep integration and innovative application of AI technology across allbusiness operations. In workflow management, the Group has implementeda comprehensive transformation and upgrading on its cloud architecture,significantly improving the response speed and stability of the systems inhigh-load scenarios, enabling elastic resource scheduling and automatedoperations and maintenance, and effectively reducing IT operational costs.Additionally, the Group has successfully introduced cutting-edge large-scale AI models such as DeepSeek and ChatGPT to establish a localised AImodel system with notable improvement in art development and operationefficiency. In business operations, AI technology has been integrated intotraditional strengths, like chess and four-nation military chess, in order touncover the AI-driven new value through strategic cooperation. Management Discussion and Analysis (Continued)管理層討論及分析（續） 18–35IP119MCN Interms of innovative business,Beijing Huayang Intelligence SportsTechnology Co., Ltd. (“Huayang”), a subsidiary of the Group, focuses onintelligence competition events and content production and operations,providing comprehensive services including event commercialisation, gamedevelopment, and game distribution, aiming to build a young, competitiveandsustainable intelligence event ecosystem.Currently,with over 10million fans, Huayang’s events are primarily targeted to women users aged18 to 35. In respect of events, under the Mahjong Competitor ()series, the Mahjong Super Cup () and the Mahjong MastersCompetition () continue to rank among the top in terms ofviewership and click-through rates on online video platforms. The SichuanMahjong Star League () planned and organised by thesame team has been developed into a phenomenon-level celebrity mahjongevent IP. Since its launch in June 2025, it has set a new industry record withover 110,000 concurrent online viewers, surpassing the previous high ofover 90,000 concurrent online viewers recorded by the Mahjong MastersCompetition. In respect of commercial operations, Huayang focuses on thenew women and new entertainment market, and, in addition to eventoperations,it makes continuous efforts in MCN operations and thedevelopment of women-targeted leisure and entertainment products. ++ Furthermore,leveraging its outstanding capabilities in intellectualcompetition events and content production and operations, the Group hassigned a cooperation agreement with Youku to bring event content to theYoukuplatform.Meanwhile,the Group has also signed a cooperationagreement with the Management Office of Huanxin Yingwan Constructionunder the People’s Government of Danzhou City, Hainan Province andHuanxin Yingwan (Hainan) Industrial Operation Management Co., Ltd., in aneffortto bring the Group’s Intellectual Master Event()toHuanxin Yingwan, Danzhou, stimulate the regional development momentumand establish a new benchmark for sports and culture in the dig