Netdragon Websoft Holdings Limited · HKEX:777
Netdragon Websoft — FY2025 Earnings Presentation
33 slides from Netdragon Websoft's earnings presentation, Mar 27, 2026
Slide 1: 2025 Annual Earnings Presentation
NetDragon Websoft Holdings Limited Stock Code: 777 HK 2025 Annual Earnings Presentation March 27, 2026
Slide 2: Disclaimer
Disclaimer This presentation is prepared by NetDragon Websoft Holdings Limited (the “Company”, together with its subsidiaries referred to as the “Group” in this presentation) solely for information purposes and is not to be construed as a solicitation of an offer to buy or sell any securities of the
Slide 3: Opening Remarks
Opening Remarks Dr. Simon Leung Group Vice Chairman 2
Slide 4: Agenda
Agenda Topic Speaker 2025 Highlights Dr. Simon Leung, Group Vice Chairman 2025 Financials Wood Lau, Group Interim CFO Gaming Lin Chen, Group Senior Vice President Mynd.ai Dr. Simon Leung, Group Vice Chairman AI Now Dr. Simon Leung, Group Vice Chairman Outlook Dr. Simon Leung, Group Vice Chairman Q&A
Slide 5: Key Highlights
Key Highlights Gaming Mynd.ai • Q4 2025 adj. EBITDA loss decreased by 62% QoQ, • Core segmental profit margin for gaming and due to continual cost optimization amidst market application services business increased by 3.9 ppts uncertainties YoY based on comprehensive AI adoption • Our expanded instal
Slide 6: Financial Highlights
Financial Highlights Wood Lau Group Interim CFO 5
Slide 7: Profitability recovered significantly in 2H25
Profitability recovered significantly in 2H25 Operating Profit in 2H25 grew Operating Margin in 2H25 grew Opex in 2H25 dropped by 47.7% YoY and 41.4% HoH by 3.9ppts YoY and 3.0ppts HoH by 28.4% YoY and 7.0% HoH (RMB Millions) 1,752 (RMB Millions) (%) 164 7.9% 116 1,350 111 1,255 4.9% 4.0% 2H24 1H25
Slide 8: Key Financial Highlights
Key Financial Highlights (RMB million) 2025 2024 YoY Notes Revenue 4,475 6,047 -26.0% Gaming and Application Services 3,276 3,938 -16.8% Optimization of flagship IP to support its long-term development and sustainability Primarily due to the impact of disposal of Singapore early education business i
Slide 9: Segmental Financial Highlights
Segmental Financial Highlights (RMB million) Gaming and Application Services Mynd.ai 2025 2024 YoY 2025 2024 YoY Revenue 3,276 3,938 -16.8% 1,197 2,106 -43.2% Gross profit 2,852 3,399 -16.1% 299 547 -45.3% Gross profit margin (%) 87.1% 86.3% +0.8 ppts 25.0% 26.0% -1.0 ppts Core segmental profit (los
Slide 10: Lin Chen
Lin Chen Group Senior Vice President
Slide 11: Building Sustainable IP
Building Sustainable IP Sustained Growth of Active Users New Formats & Regional Expansion Content Innovation for Sustainability • MAU +11.1% YoY, PCU +7.8% YoY • Legend of Eudemons mini-game launched on major • Jan 2025: Spring Festival event collaborated with • PC MAU +7.3% YoY, Pocket Edition MAU
Slide 12: Reducing Payment & Return Barriers
Reducing Payment & Return Barriers Payment Threshold -30%, Payment Rate +30% YoY Returning Users +10% YoY User satisfaction continues to improve Key return point thresholds continue to be lowered 11
Slide 13: Driving User Loyalty & Retention
Driving User Loyalty & Retention • Anniversary Quests • 99 Carnival • New/Returning Player Quests • Annual Appearances • Autumn Eudemon Preview • Horse Eudemons & Brand • Liuyang Cultural Collab • Spirit Beast Expansion • Divine Fire Expansion • New Curios Day Previews • Qishi Zone 8 Launch Closed B
Slide 14: MMO + Casual Social Games Driving Global Expansion of Martial Arts Culture
MMO + Casual Social Games Driving Global Expansion of Martial Arts Culture Overseas Business Achievements • Overseas revenue +9% YoY (local currency +23.6%) • Overseas revenue accounts for nearly 70% of total Driving Global Expansion of Martial Arts Culture • Two major updates "Martial Zen" and "The
Slide 15: "Content + Esports" Engine Driving Revenue Growth
"Content + Esports" Engine Driving Revenue Growth • 10th Anniversary & Commercial Innovation: ARPPU +37.6% YoY • Crossover with Great Journey of Teenagers: boosted player engagement; multiple major IP collaborations planned throughout 2026 • Esports Ecosystem Thriving: total online viewership exceed
Slide 16: "Game+" Strategy Continues Driving User Engagement
"Game+" Strategy Continues Driving User Engagement Conquer Online × Three Lanes and Eudemons Online × Wuyi Mountains This Is Fujian Seven Alleys Oct 2025 Feb 2026 Jan 2026 "Game+" Strategy Expected to Drive Further Growth in 2026 • In 2025, NetDragon, guided by the Fujian Provincial Department of Cu
Slide 17: AI-Driven Organization
AI-Driven Efficiency Deepens, Integrating Games into NetDragon’s AIGC Strategy 2025 - AI Augmentation Era 2026 - AI-Native Era Future-AGI • Operating margin +3.9 ppts YoY; R&D cost • Strategic Focus & Efficiency Goals: Focus -33% YoY, achieving significant cost- on "AI-Native" initiatives; deploy 1,
Slide 18: AI-Native Game Development Matures; Multiple Projects Underway
AI-Native Game Development Matures; Multiple Projects Underway AI Creative Core Transformation of Center R&D Models Define gameplay via natural language; Generate worldbuilding Traditional Model and full design • Team Size: Dozens to hundreds; high communication costs • Iteration Cycle: Monthly; hea
Slide 19: AI Applications Scaling Across Multiple Scenarios
AI Applications Scaling Across Multiple Scenarios, Enhancing User Experience AI Anti-Cheat AI Companion - Integrated into Intelligent NPCs - Integrated into Our AI anti-cheat features have covered Heroes Evolved Zero Online multiple core gameplay scenarios of Human-like, high-skill AI adapts to adva
Slide 20: AI Strategic Outlook
AI Strategic Outlook 1. AI-Enabled Content Development for Greater Efficiency Sustained Operations of 2. Intelligent NPCs Boost Retention & Monetization Existing IPs 3. AI-Driven Innovation in Operations 1. Exploration of 10+ AI games, spanning short drama + game, casual + game, etc.; Exploration of
Slide 21: Mynd.ai
Mynd.ai Dr. Simon Leung Group Vice Chairman 20
Slide 22: On track to capture the coming cycle of recovering demand
On track to capture the coming cycle of recovering demand Adjusted EBITDA loss reduced significantly QoQ Market demand* to resume growth 1.66 (USD m) m Units 1.49 1.32 1.23 (2.7) (7.1) Q3 2025 Q4 2025 2026E 2027E 2028E 2029E 4Q 2025 adjusted EBITDA loss decreased by 62% QoQ IFPD/IWB shipment to grow
Slide 23: Rolled out next-gen solution to capture the growth
Rolled out next-gen solution to capture the growth Brand New ActivPanel 10 Series – Freedom of Choice, Simplicity and Adaptability The ActivPanel SuiteTM Software – Bring AI Empowered Solutions to all OS Environments 22
Slide 24: Expanded portfolio to meet various demand segments
Expanded portfolio to meet various demand segments ActivPanel LE ActivPanel D-Series - Value Market - Digital Signage 23
Slide 25: Extensive industry-wide accolades
Extensive industry-wide accolades Company of the Year at BETT Awards 2026 Best of Show Award at ISE 2026 Mar. 2025: Tech & Learning Awards of Excellence 24
Slide 26: AI Now
AI Now Dr. Simon Leung Group Vice Chairman 25
Slide 27: AI Now – National Projects
AI Now – National Projects • In Thailand, our AI-driven vocational education project • In Cameroon, we launched the AI Smart Classroom project in collaborated with the Ministry of Higher Education, Science, Mar 2026, witnessed by the prime minister of the country. Research, and Innovation (MHESI) wa
Slide 28: AI Now – AI Employee Matrix
AI Now – AI Employee Matrix Rapid Production ◼ Reconstructs the entire content production chain, breaking through the efficiency bottlenecks of traditional human- powered processes Creative ◼ The AI employees complete the full closed-loop workflow Video Ideation Rendering AI 7X24 without interruptio
Slide 29: Outlook
Outlook Dr. Simon Leung Group Vice Chairman 28
Slide 30: Remain committed to enhancing shareholder returns
Remain committed to enhancing shareholder returns Total dividend Core segmental profit of Net cash and liquid Expected total Expecting shareholder for the year gaming and application investments by shareholder return in return in the next 12 services business in 2025 end of 2025 the next 12 months m
Slide 31: Continue to excel in ESG performance
Continue to excel in ESG performance Our MSCI ESG rating rose to A 30
Slide 32: Outlook
Outlook Gaming Mynd.ai ◆ Target EBITDA breakeven in 2026 with aggressive ◆ Continue to promote the in-depth costs optimization (including the use of AI) and development of our AI + gaming strategy slight market recovery ◆ Ensure our flagship IP Eudemons achieves ◆ Optimized hardware product portfoli
Slide 33: Q&A
Q&A Investor Relations Email：ir@netdragon.com 32
NetDragon Websoft Holdings — FY2025 Earnings Presentation on 6ix