Glacier Network (300533.SZ) Performance Brief: Net profit of 479 million yuan in 2025

Gelonghui, February 26 — BingChuan Network (300533.SZ) announced its 2025 annual performance brief. During the reporting period, the company achieved a total revenue of 2.55 billion yuan, a decrease of 8.40% compared to the same period last year; net profit attributable to shareholders of the listed company was 479 million yuan, an increase of 293.77% year-over-year; basic earnings per share were 2.04 yuan/share, up 292.45% from the same period last year; and the weighted average return on net assets was 32.62%, an increase of 49.66 percentage points compared to the same period last year.

(1) During the reporting period, mature game products such as “X-hero,” “Super Power World,” and “HeroClash” experienced a decline in recharge revenue as their operational cycles extended. The revenue growth from new games launched by the company was not enough to fully offset the natural decline in revenue from these mature products, resulting in an overall revenue decrease of 8.40% year-over-year.

(2) In the first three quarters of 2025, the company’s sales expenses significantly decreased compared to the same period last year, mainly due to: on one hand, the company is still optimizing and adjusting some new products, cautiously evaluating the launch intensity through multiple rounds of testing, and has not yet carried out large-scale promotion; on the other hand, based on the initial investment recovery data and medium- to long-term operational performance of mature products like “X-hero,” “Super Power World,” and “HeroClash,” the company reduced its promotional volume. In the fourth quarter of 2025, the company’s new SLG game “X-Clash” was simultaneously launched in multiple overseas countries, leading to a month-over-month increase in sales expenses.