Shenzhen Bingchuan Network Co Ltd

Glacier Network released its 2026 interim report. First-half operating revenue was 1.19 billion yuan, down 5.3% year on year, while net profit attributable to the parent company showed a loss of 22.68 million yuan, a year-on-year decline of 106.8%. Second-quarter revenue was 569 million yuan, down 5.6% year on year, with a net loss attributable to the parent company of 12.92 million yuan. As of the end of the second quarter, the company's total assets stood at 2.616 billion yuan, down 6.6% from the end of the previous year, and net assets attributable to the parent company were 1.276 billion yuan, down 16.6%. The company flagged multiple operating risks, including risks related to its user-acquisition marketing model, new product development risks, and market competition risks.

Glacier Network disclosed its earnings forecast, expecting a net loss attributable to the parent company of 18.5 million to 26 million yuan in the first half of 2026, compared with a profit of 336 million yuan in the same period last year. The net loss after deducting non-recurring items is expected to be 49.2 million to 56.7 million yuan, compared with a profit of 319 million yuan a year earlier. The change in performance is mainly due to a significant increase in sales expenses caused by the large-scale market launch of the new game X-Clash, while the recharge revenue of mature products such as X-hero, Super World, and HeroClash declined year-on-year. The incremental revenue from new games is not yet sufficient to offset the natural decline in revenue from mature products, leading to a year-on-year decrease in total operating revenue. Non-recurring gains and losses during the reporting period are estimated at 30.7 million yuan, mainly from wealth management income and government subsidies.