专注网络棋牌游戏产品，继续加大力度投入web3游戏及生态

专注网络棋牌游戏产品，继续加大力度投入web3游戏及生态Focus on online chess and card game products&To increase investment in web3 games and ecosystems 最新动态 ➢宠物王国项目预计2026年可上线。PetLand宠物王国项目也将建立一个与MTTNetwork类似的基于PoS机制的区块链网络，加密货币的质押(Staking)也将在该区块链的治理方面起到重要作用，确保区块链及游戏活动的公平性、透明性、稳定性及安全性。游戏上线后，集团计划通过大量空投用于活动的宣传，以增加游戏的趣味性及吸引全球参与游戏的用户。截至2025年12月31日，该游戏在研发和优化阶段，预计2026年可上线。 ➢Web3游戏通用代币业务值得期待。公司计划在自研、投资或合作的Web3游戏项目达到5个以上时，才会启动Web3游戏通用代币业务项目。截至2025年12月31日，该项目处于早期规划阶段，暂时不具备实施的条件，暂未启动。该项目启动后预期将使用一定数量的比特币用于区块链网络质押（Network Staking）。 动向解读 ➢集团继续专注于网络棋牌游戏产品的研发和运营。2025H2开始，集团聚焦于港澳台及海外地区市场的游戏运营。2025年，集团港澳台及海外地区市场的游戏收益同比有所增加，尽管集团于2025年中剥离了中国大陆的游戏业务，但并未对公司总体网络游戏收入造成影响，2025年集团网络游戏收入同比继续保持稳定。收入稳定得益于集团2025年一定在线运营活动的举办（如加大节日活动运营力度，策划多主题限时活动，提升用户活跃与道具生态价值等）及对于游戏产品和玩法的持续优化（如优化赛事流程，提升参赛体验，引入观战功能，优化公平性与竞技性等），2025年，集团于东南亚、欧洲等地区市场共新增上线8款游戏，均为网络休闲棋牌游戏产品。 ➢集团继续加大力度投入Web3游戏及Web3生态相关基础设施的研发。Web3领域方面，集团继续为MTTSports游戏平台提供技术支持，并持续优化和继续研发集团Web3游戏及生态相关的项目，主要包括YAAKOWallet游戏钱包、MTT Network游戏公链及PetLand宠物王国。2025Q4，集团启动新的项目——博雅链（一款Web3游戏通用公链）的研发。 ➢公司2025Q4启动新的项目“博雅链”（一款Web3游戏通用公链）的研发。博雅链将是一款专为Web3游戏打造的高性能区块链。其核心在于通过超低延迟与快速交易确认构建稳定可靠的运行环境，为游戏开发者提供其打造沉浸式体验所需的底层工具，其优势在于高性能及易用性。博雅链将完全兼容EVM，并采用模块化执行引擎，使游戏工作室能够轻松部署智能合约，并借助强大的并行事务处理能力支撑海量游戏内操作、运行复杂的游戏经济系统。博雅链将免Gas费或赞助用户交易，同时提供账户抽象等功能，因此大大降低了玩家的进入门坎，让玩家轻松上手且可确保游戏的流畅响应。博雅链将助力游戏开发者打造新一代具备卓越的实时多人游戏体验和互动经济系统的Web3游戏。该项目上线后预期将使用一定数量的比特币用于区块链网络质押(NetworkStaking)，以增强网络运行的保障，确保区块链的安全与稳定。 风险提示 ➢加密货币敞口风险、财务与流动性的风险、政策监管风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，主要覆盖标的包括： 1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技； 2）能源&公用事业：中创新航、中集安瑞科、新奥能源、长江基建集团、中国能源建设、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、北京能源国际、绿色动力环保、中国光大绿色环保、首钢资源、新特能源、中裕能源、北京燃气蓝天、达力普控股； 3）有色&材料：中国宏桥、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、首佳科技、信义光能、华新水泥、华润建材科技、大明国际。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 188 01353537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understand and comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any