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🇭🇰 港交所QINGCI GAMESCodex · 实盘不做把握 6/10
北京时间·🕒 发布 08-03 19:08:00时区推断·⟳ 抓取 08-03 19:09:17·⚡ 决策 08-04 12:34:33 +17h25m·84.3 天前

青瓷游戏预计2026年上半年净利同比增320%至361%,但核心毛利同比下降25%至45%

公告口径的净利增至约3.05亿至3.35亿元人民币,但主要来自短期投资公允价值收益,经营质量弱于标题数字。

📄 原文QINGCI GAMES↗ 原文
POSITIVE PROFIT ALERT IN RESPECT OF THE FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED JUNE 30, 2026
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 青瓷游戏(06633.HK)
同一催化已在内部早报/港股公告汇总中处理过,避免重复;即便重判,净利增长主要靠短期投资公允价值收益,核心毛利同比降25%至45%,公告前已涨19.22%且公告后午前反跌,不做多;看空又不是强到可开空的单一催化。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

🔎 新鲜度:最早出现 2026-08-03 · 扩散 medium · price-in 风险 high ↗ ↗ ↗

消息传播链

  1. 2026-08-03 16:00 HK市场反应price_snapshot非一手
    公告披露前一个交易日青瓷游戏收盘上涨19.22%,存在预期交易或消息抢跑风险。
    市场反应:06633.HK于2026-08-03上涨19.22%。
  2. 2026-08-03 19:08 HK官方确认/否认HKEX一手源原文 ↗
    青瓷游戏发布2026年中期盈喜,预计净利3.05亿至3.35亿元人民币,但同时披露毛利同比下降25%至45%。
  3. 2026-08-04 10:55 HK市场反应Futu非一手
    公告后首个交易日上午股价未继续上行,午前最新价3.13港元,较前收跌2.03%。
    市场反应:06633.HK报3.13港元,跌2.03%。

关键理由

  • 公告口径的净利增至约3.05亿至3.35亿元人民币,但主要来自短期投资公允价值收益,经营质量弱于标题数字。
  • 核心经营层面预计毛利仅8500万至1.15亿元人民币,同比下降25%至45%,原因是存量游戏流水自然回落且研发费用增加。
  • 青瓷游戏(06633.HK)市值约21.64亿港元,账面净利增量相对市值不小,但非经营性收益不可持续,且公告前交易日已涨19.22%、公告后午前反跌2.03%。

主要风险

  • 同一催化已在内部早报/港股公告汇总中处理过,本条不应重复推卡或重复生成风险。
  • 港股午前成交额很低,单票流动性不足会放大冲击成本和止损失效风险。

反向证据

  • 做多前查反向 · 来源 filing · 日期 2026-08-03 · 影响 invalidates
    净利大增主要来自投资公允价值收益,同时核心毛利同比下降25%至45%,削弱追多质量。
    检索:青瓷游戏 2026 中期 盈利预告 公允价值 收益 毛利 下滑 原文 ↗
  • 做空前查反向 · 来源 filing · 日期 2026-08-03 · 影响 weakens
    公司仍预计大额净利,并披露日本上线、韩国版和全球版发行计划等正面运营线索,看空催化强度不足。
    检索:青瓷游戏 新游戏 日本 韩国 迪士尼 书境传奇 最强蜗牛 原文 ↗
  • 做多前查反向 · 来源 search_processed_events · 日期 2026-08-04 · 影响 invalidates
    内部已处理事件库命中同日早报和港股重要公告汇总包含06633.HK,重复推卡应回避。
    检索:06633.HK processed events 72h
工具调用 · 历史记录,结果未知(5 种)
  • search_processed_events · 结果未知
  • stock_quote · 结果未知
  • kb_search · 结果未知
  • search_case_library · 结果未知
  • price_snapshot · 结果未知

原文全文

展开原文 · 5,272 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Qingci Games Inc. 青瓷游戲有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 6633)

# POSITIVE PROFIT ALERT IN RESPECT OF THE FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED JUNE 30, 2026

This announcement is made by Qingci Games Inc. (the “Company”, together with its subsidiaries, the “Group”) pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The board of directors of the Company (the “Board”) wishes to inform the shareholders (the “Shareholders”), investors and potential investors of the Company that, based on a preliminary review of the unaudited management accounts of the Group for the six months ended June 30, 2026 (the “Reporting Period”) and information currently available to the Board, the Group is expected to record a net profit ranging from approximately RMB305 million to approximately RMB335 million for the Reporting Period, as compared to a net profit of approximately RMB72.7 million for the corresponding period in 2025, representing an increase ranging from 320% to 361%.

The increase in net profit of the Group was primarily attributable to the increase in fair value gains of the Group’s short-term investments. The increase in net profit of the Group was partially offset by (1) the decreased gross profit resulting from the natural decline in gross billings of existing games; and (2) the increase in R&D expenses.

During the Reporting Period, the Group’s overall operations remained robust. As certain existing games were at maturity stages with natural declines in gross billings, during the Reporting Period, the Group is expected to record a gross profit of approximately RMB85 million to approximately RMB115 million, representing a decrease of approximately 25% to 45% on a year-on-year basis. Nevertheless, the Group continued to advance product operations and R&D innovation, including: (1) in June 2026, Cardcaptor Sakura: Memory Key (魔卡少女櫻:回憶鑰匙)was launched in Japan, topping the local iOS free games chart; (2) The Marvelous Snail/SuperSnail (最強蝸牛)launched its sixth-anniversary version in Chinese mainland and Hong Kong, Macao and Taiwan regions, demonstrating resilience in its long-term operations, and seeing a significant rise in payment depth of core users. During the event period, its average revenue per user (ARPU) and average revenue per paying user (ARPPU) both recorded double-digit increases as compared with the same period last year; and (3) the Group further increased R&D expenses in its pipeline games, while promoting the deep integration of AI across the full lifecycle of product R&D, publishing decision-making and operations management, providing effective support for refined game version management and enhanced content production efficiency.

Looking ahead to the second half of 2026, the Group will proceed in an orderly manner with the publishing plans for existing games (such as the Korean version of The Marvelous Snail/SuperSnail (最強蝸牛) and the global version of Lost Light (迷途之光)), and will continue to conduct testing and optimization for 迪士尼:書境傳奇and Project E (項目E). The Group will continue to adhere to its strategy of “Premiumization, Globalization, Long-term Development” (“精品化、全球化、 長線化”), and optimize its product and market positioning, thus laying a solid foundation for longterm and robust development.

The Company is in the process of finalizing the interim results of the Group for the Reporting Period. The information contained in this announcement is based solely on the preliminary assessment by the Board of the unaudited consolidated management accounts of the Group for the Reporting Period and the information currently available to the Board, which has yet to be reviewed by the audit committee and/or the independent auditors of the Company. Accordingly, the actual results of the Group for the Reporting Period may differ from the information disclosed in this announcement. Shareholders, investors and potential investors of the Company are advised to refer to the details in the interim results announcement of the Group for the Reporting Period, which is expected to be published by the end of August 2026.

Shareholders, investors and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company.

By Order of the Board Qingci Games Inc. Liu Siming

## Executive Director

Hong Kong, August 3, 2026

As at the date of this announcement, the Board comprises Mr. Yang Xu, Mr. Huang Zhiqiang, Mr. Liu Siming and Mr. Zeng Xiangshuo as executive Directors, and Professor Lam Sing Kwong Simon, Mr. Yuan Yuan and Ms. Fang Weijin as independent non-executive Directors.

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