On 29 march, the hong kong stock market company released its 2025 performance report on hand-swaking (00302. Hk). The report shows that for the year ending 31 december 2025, the company's gross operating income was 1. 390 billion yuan, and the adjusted net loss fell from 2,078 million yuan in the previous year to 1,471 million yuan. Based on the advantages and accumulation of middle-hand swimming in the area of game distribution and r & d, combined with its own strength of ip resources, while the performance of middle-hand swimming in 2025 was a loss, it was narrower than in the same period last year, and business performance had improved significantly in the second half of the year。
In 2025, circulation revenue was 1,161 million yuan, while overseas revenues amounted to 358 million yuan, an increase of 31. 6 per cent over the previous year, representing 30. 8 per cent of the total. Despite the challenges of self-studying the core game " fair sword world " , in 2025, and the lack of expected performance in some of the new markets, middle-hand swims continued to launch many fine games in mainland china, boosting the overseas game distribution business, enhancing long-line operations of the online game, and promoting in an orderly manner the operation of the " fair sword quest" ip to achieve smooth business development。
Core products were less than expected, but business resilience was strong
During the reporting period, sword world, a core game product that had taken more than three years to develop autonomously, did not perform as expected, with a significant impact on current performance. In the face of the failure of the fair sword world game project, a timely organizational restructuring and workforce optimization was undertaken, significantly reducing project inputs and replacing new project leaders and redesigning the commercialization model of the game with a view to maximizing pre-recovering inputs. These one-time costs resulting from the adjustments have been fully accounted for in 2025 and will have no continuing adverse financial impact in future years。
Nevertheless, companies have made steady progress in the distribution of games, with 10 new games launched globally in 2025, with an income of 1,161 million yuan。
The spring and autumn hyunche, launched in mid-2025 in mainland china, ranked top 10 on the best-selling list of micro-trust games, with a pay retention rate well above that of the same product, a cumulative flow of over rmb over three months on the line, a higher-than-anticipated collection performance and a profit recovery period in late 2025. New ip games, such as the new triple scripts and the fire ninja: a wood master, launched on the mainland market in china, have been well evaluated among the core target user groups and have generated new income contributions for middle-hand travel。
In mid-2025, overseas editions of multiple games were launched in overseas areas, in japan, " the three nations without double-holders " , in hong kong, china, australia, " the land of darrow: reversing time and space " , in hong kong, china, and in singapore and malaysia, " the dojo: no two " and " the bull head go " , among others, in viet nam, provided sufficient support for the growth of overseas operations. For the second year in a row, the company's income from overseas issuances grew in double digits, and its share of distribution earnings continued to rise。
In addition, multiple online games, such as the seafaring king's way, the new fairy sword quilling, the seafaring king's hot blood route, the gun god: border kings, the luxury wars queen, the joy man mahjong, and the true three-neighborhood, have entered the long line of operation, with a single game operating for more than 10 years. Through fine-tuning operations and continuous content overlaps, the number of online users of these long-line operating games has stabilized, and game collections and profit contributions have performed well, contributing to stable long-term business returns for middle-hand travel。
During the reporting period, ip authorized revenue amounted to $113 million, and in 2025 it was the thirtieth anniversary of the sword quest。
The animation of the swordsman iii, which was broadcast in december 2025 on a televised video, has exceeded 1 million appointments to the pre-opening platform; the heat peaks at 18,103 in the initial stations, followed by steady heat levels, and stable platforms at the top of the hot list, captures the attention and recognition of a large audience. At the same time, the launch of the brand-new sword quadrature, " the unusual of the sky " , which was broadcast over 2. 4 million people within 24 hours of the arrival of the beagle platform, reached a further 3 million within 48 hours, prompting a hot search of the top of the platform, triggered a wide-ranging discussion among players ' groups and industries, and fully highlighted the long-acting life and market appeal of the sword queen. On-line, the sword quest: a new start and the new sword questing, the sword ip tours, through continuous iterative content and the introduction of rich long-line operations, deep-spring fan communities operate to provide long-lasting content and service support to core user groups. A new card-playing mandate based on the zenjian legend ip was created by the cai-young network, a product planned to enter the development phase in 2026。
During the reporting period, china's middle-hands actively engaged in multi-circle cross-playing collaboration around fence sword ip, which was followed by the roll-out of front-runner games such as swordnet iii and big word west, effectively brought wider market exposure and attention to fing sword ip and further expanded its user boundaries. In celebration of the thirtieth anniversary of the swordman legend, in 2025, the company launched a nationwide "fixing sword-sword-a-sword" thematic tour exhibition, which included more than a dozen large sub-lineal events throughout the country covering 10 provinces, with a total area of 50,000 square metres. The bottom-up influence of the sword ip was further enhanced by interacting with fans through immersion-based end-of-line scenarios that effectively brought the ip closer to the core user。
It's over. New game in 2026
In 2025, strategic adjustments to products and new product layouts were completed in middle-hand and efforts were made to maximize the provision for non-operational impairments. Looking forward to 2026, mid-to-medium-to-medium will adhere to the development strategy of “small cost error, large operation roll-out, fast iterative”, relying on its own ip resource advantage, using the two-end layout of the “app+ game” as its core business model, synchronize the distribution of the global game with the autonomous r & d of legends, and build high-quality products competitive in the market and long-line operations with long-lasting profitability. At the same time, the company will continue to cultivate the ip values of the sword quest, making every effort to move the sword ip towards a world-class cultural ip and to restore firm performance to a steady growth trajectory through quality content creation, quality game development, multiple derivatives layouts and fine corporate fans。
In a strategic partnership with hangzhou dome interaction network technology ltd., authorized by the two classic ips, the hot blood legend and legend world, the two parties have jointly set up joint ventures to further consolidate resources and synergies, sustain deep-spreading legend games and expand business development space. In 2025, the divine interaction and fun game entered into an important collaboration on the intellectual property rights mandate associated with the hot blood legend and the legend world network games, which will monopolize the rights of the two main ips, the hot blood legend and the legend world in mainland china (not involving pc-side games). As a result of the accumulation of trades in the area of game distribution and autonomous research and development, companies have become one of the partners in the distribution of legendary games and in the development of the entire chain。
In the first half of 2026, mid-hand cruises will focus on the joint roll-out of the lunar and asterisk-type games, and will use their own flow acquisition and operational extension capabilities to provide strong support for product go-live and long-lasting operations。
An entirely new game of art, " night and night legends " , which is self-researched, has also started multiple rounds of testing, distributed by more than exclusive agents, and is expected to be officially online in 2026. This game goes hand-in-hand with the successful game of the legendary world's thunderbust, which has earned over $200 million of monthly water, and is confident that the game will not only be able to continue its previous market performance, but will also make a new breakthrough in many dimensions, such as the size of the user, the contribution of revenue and the influence of the brand, and will become an incisive interaction。
In 2026, mid-hands will travel to 19 new games worldwide, most of which are popular or classic ip-type games. In addition to the legendary games mentioned above, china's mainland market will also be served by such games as " yoon yeung hak " , " codename: shindoro " , " newtown spirit street " , " codename: yz " , " many new ip games " , many of which have already been edited, and by the new online " new tsing tsing cai " , " code: all stars of dreamworks " and " sing swords world " , on the japanese line, " triang ling chiu " , and " code: shsg " , on the russian line, " do rong land: shrek college " , " ding hing hing: no two " in in in india, and viet nam。
As the new game of mid-manoeuvring in the adjusted business strategy continues to take hold in the global market, companies are expected to be able to reverse their performance by 2026, free of the effects of the 2025 sting。
