吉比特(603444):G-BITS NETWORK TECHNOLOGY (XIAMEN) CO., LTD. 2023 ANNUAL REPORT (SUMMARY)
原标题:吉比特:G-bits Network Technology (Xiamen) Co., Ltd. 2023 Annual Report (Summary) G-bits Network Technology (Xiamen) Co., Ltd. 2023 Annual Report (Summary) March 2024 Should there be any discrepancy between the English version and the Chinese version of this Report, Part I Important Notes I. The summary of the Annual Report is extracted from the full text of the Annual Report. To gain a thorough understanding of the Company's operational achievements, financial status, and future development plans, investors are advised to carefully read the full Annual Report on the website www.sse.com.cn. II. The board of directors (or the “Board”), supervisory board, directors, supervisors, and senior management of the Company guarantee the truthfulness, accuracy, and completeness of the annual report, ensuring that there are no false records, misleading statements, or material omissions. They also bear individual and joint legal responsibilities. III. All directors of the Company attended the board meeting for the review of the Annual Report. IV. KPMG Huazhen LLP has issued a standard unqualified audit opinion for the Company. V. The profit distribution proposal or reserve capitalization proposal for the Reporting Period approved by the Board of directors In recent years, the number of R&D personnel in the Company has been continuously increasing. By the end of 2021, 2022, and 2023, the company had 530, 692, and 855 R&D personnel, respectively, with a sustained increase in R&D investment. However, due to factors such as intensified market competition and changes in consumer willingness to spend, the core product revenue of the Company experienced a decline. Taking into account the aforementioned factors, as well as the potential capital investment in subsequent reserve projects, the capital needs for overseas business development, and the funding requirements for the execution of repurchase plans, the Board of Directors of the Company, at its 20th meeting of the 5th session, deliberated and decided not to distribute cash dividends for the year 2023, nor to distribute profits in any other form. To share the operational achievements and boost investor confidence, it is proposed to (including the semi-annual and first three quarters) under the following conditions and implement it within the specified period: (1) The Company is profitable for the period, and the accumulated undistributed profits are positive. After evaluating the current operating conditions and the funds required for sustainable future development, the Board of Directors deems the funds to be sufficient, and it is suitable to distribute cash dividends for the period; (2) The cumulative amount of cash dividends during the period shall not exceed 100% of the net profit attributable to shareholders of the Company. The above proposal is subject to approval by the shareholders' meeting. The Company completed the cash dividend distribution for the 2023 interim period on September 27, 2023, totaling RMB 504 million. The cash dividend amount for the full year 2023 accounted for 44.82% of net profit attributable to shareholders of the Company in the Company's 2023 consolidated financial statements. Part II Basic Information of the Company I. Company Profile
i. Overview of Main Game Revenue and Profits 1. Domestic Game Business （1） The operating revenue and profit of Asktao (PC) this year remained basically flat compared to last year; （2） The operating revenue of Asktao (Mobile) this year decreased compared to last year, with distribution expenses remaining basically stable, resulting in a decrease in overall profit compared to last year; （3） The operating revenue and distribution expenses of Overmortal (Mainland Version) decreased significantly compared to last year. However, the decrease in operating revenue compared to the decrease in distribution expenses was greater this year, resulting in a significant decrease in overall profit compared to last year; （4） Aobi Island: Dreamland was launched in July 2022. The operating revenue this year decreased compared to last year, but the decrease in distribution expenses this year was greater (mainly due to the large distribution expenses at the initial launch in 2022). The product profits turned losses into profits this year; （5） Dragon POW! was launched in August 2023, contributing incremental revenue. The initial distribution expenses was substantial, and as of the end of this period, it has not yet made a profit; （6） Beasts Evolved 2 and Pica Town: Dream Origin Gameplay were launched in December 2023, and as of the end of the reporting period, the games are still in a loss-making state. 2. Overview of Overseas Business This year, the Company's overseas revenue totaled RMB 272 million, an increase of 5.03% compared to last year. The Company primarily launched Overmortal (European and American version) overseas this year. As of the end of the reporting period, the overall overseas gaming business has not yet generated profits. ii. Overview of Company Personnel 1. At the end of the reporting period, the total number of employees was 1,447, an increase of 193 compared to the end of the previous year (a growth of 15.39%). Among them, the number of R&D personnel increased by 163, and the number of operational personnel increased by 24. 2. The average monthly number of employees in the Company this year was approximately 1,386, an increase of approximately 246 compared to last year (a growth of 21.58%). Among them, the number of R&D personnel increased by approximately 159, and the number of operational personnel increased by approximately 83. The number of Company employees increased compared to the previous year, resulting in corresponding increases in basic salaries and related expenses. However, bonuses provided by the Company based on operational performance decreased compared to the previous year, resulting in a slight decrease in overall personnel-related expenses. iii. Overview of Equity Investment Business The Company's investment targets mainly consist of upstream and downstream enterprises in the game industry or industry investment funds. There were a few new equity investments this year. The total return from investment business this year (including investment income, gains or losses from changes in fair value, assets impairment losses, etc.) are detailed in the table below: Unit: RMB Yuan
The period-end central parity rate of the USD against the RMB was 7.0827, representing an increase of 1.70% compared to the end of the previous year. Some of the Company's transactions are settled in USD, and the Company holds a relatively large amount of USD. The income generated from exchange rate changes this year amounted to RMB 31.51 million (of which RMB 19.17 million is attributable to shareholders of the Company). In comparison, the income generated from exchange rate changes in the same period last year was RMB 173 million (with the exchange rate at the end of the previous year increasing by 9.24% compared to the end of the year before last), This year's income generated from exchange rate changes decreased by RMB 141 million compared to the previous year. v. Overview of Operating Cash Flow 1. The net cash flow from operating activities for the current year decreased by 32.35% compared to last year, mainly due to a year-on-year decrease in revenue from core products, resulting in a decrease in cash inflows from operating activities. 2. The year-on-year decrease in operating revenue for the current year was 19.02%, which is roughly equivalent to the decrease in cash inflows from operating activities (a year-on-year decrease of 17.78%). However, the year-on-year decrease in cash outflows from operating activities was only 10.76%. Therefore, the decrease in net cash flow from operating activities exceeded the decrease in operating revenue. vi. Overview of Deferred Game Revenue As of December 31, 2023, the Company's unamortized deferred game revenue balance amounts to 441 million yuan, a decrease of RMB 115 million compared to the previous year-end balance of RMB 556 million. The main reasons are: 1. The Company's cooperation with the developer of Mole's World expired on May 26, 2023, and the Company recognized the deferred revenue balance as operating revenue during the reporting period, as the performance obligations are no longer required. 2. The decrease in revenue from core products led to a corresponding decrease in the balance of deferred revenue. vii. Adjusted Net Profit Attributable to Shareholders of the Company To better reflect the operating performance of the Company's main business, the impact of exchange rate changes and equity investment activities on profit has been excluded. The adjusted net profit attributable to shareholders of the Company for the year 2023 decreased by 21.35% compared to last year. The summary is as follows: Unit: RMB Yuan
1. The decrease in fourth-quarter revenue compared to the third quarter is mainly due to a decrease in revenue from core products and a relatively small contribution from newly launched products. 2. The increase in net profit attributable to shareholders of the Company in the fourth quarter compared to the third quarter is mainly due to: （1） In the first three quarters of the year, the provision for bonuses was relatively sufficient based on operating performance. However, at the year-end, a portion of the bonuses was offset based on the Company's annual operating performance, project performance, and employee performance. （2） In the fourth quarter of the year, Xiamen Leiting Interactive Network Co., Ltd. offset the difference between the provision for income tax based on a 25% rate in 2022 and the actual settlement and payment of taxes. Based on cautious consideration, income tax was still provisioned at a rate of 25% for the year 2023. 3. The increase in net cash flow from operating activities in the fourth quarter compared to the third quarter is mainly due to: （1） The Company typically pays salaries on the 5th of each month. However, due to the National Day holiday, salaries were paid at the end of September, resulting in lower salary payments in the fourth quarter compared to the third quarter. （2） Fluctuations in quarterly performance and the tax declaration period resulted in lower tax payments in the fourth quarter compared to the third quarter. III. Shareholder Composition （I） Number and shareholding of the Company's shareholders
（III） Diagram of Equity and Control Relationships Between the Company and the Ultimate Controlling Party Part III Management Discussion and Analysis I. Discussion and Analysis of Business Operations The Company specializes in the development and operation of online games, with a focus on nurturing innovative talent and promoting efficiency. The Company’s mission is to present unique products and enriching entertainment to a global audience. In terms of in-house game development, the Company's self-developed products such as Asktao (PC), Asktao (Mobile) and Overmortal have garnered a strong following among players and maintained solid profitability. Asktao (PC) has been in continuous operation for nearly 18 years since its launch in 2006, releasing key updates such as New Year versions, anniversary versions, mid-year versions, and zodiac-themed versions, all of which have been well-received by players. Asktao (Mobile), available for almost 8 years, has consistently performed well, with an average ranking of 35th on the App Store's bestselling games list during the reporting period, with a peak ranking of 10th place. Overmortal, launched in February 2021, has maintained an average ranking of 44th on the App Store's bestselling games list during the reporting period, with a peak ranking of 7th place. In terms of game operation, the Company maintains a "boutique" approach through its self-operated platform, Leiting Game, implementing a differentiation strategy. Over years of accumulation and refinement, Leiting Game has developed outstanding game operation capabilities and has successfully operated a diverse portfolio of games, including Asktao (Mobile), Overmortal, Aobi Island: Dreamland, Dragon POW!, World Flipper, Tale of Immortal (PC), Dungeon Survivor II: Dark Tide (Android), Dungeon Survivor III: Dark Genesis, Funny Fighters: Battle Royale, and Gumballs, among others. In the future, the Company will continue to iterate and update existing products to enhance game performance and user experience, as well as prolong the lifecycle of products through continuous IP development. In terms of new product research and development, the Company will remain focused on MMORPG, idle game categories, and SLG while exploring content-oriented products. The goal is to consistently strengthen the engineering capabilities of the R&D team and develop high-quality games that combine entertainment, playability, and commercially viable design. Regarding product licensing, the Company will continue to focus on classic gaming IPs, multiplayer competitive games, mid-core games, and commercially viable games with experiential differences. This approach will be adjusted according to market dynamics and other relevant factors. The Company will increase its investment in overseas markets continuously. Apart from a few reserved IP-based products, all in-house developed products must be targeted towards overseas markets to be considered for approval. The Company will also continue to recruit outstanding producers and distribution teams with profound insights into various cultures worldwide to accelerate the development of its overseas business. （I） Major Product Performance Overview of Launched Products: team and develop high-quality games that combine entertainment, playability, and commercially viable design. Regarding product licensing, the Company will continue to focus on classic gaming IPs, multiplayer competitive games, mid-core games, and commercially viable games with experiential differences. This approach will be adjusted according to market dynamics and other relevant factors. The Company will increase its investment in overseas markets continuously. Apart from a few reserved IP-based products, all in-house developed products must be targeted towards overseas markets to be considered for approval. The Company will also continue to recruit outstanding producers and distribution teams with profound insights into various cultures worldwide to accelerate the development of its overseas business. （I） Major Product Performance Overview of Launched Products: Asktao (PC) In-house Developed Turn-Based MMORPG April, 2006 Asktao (Mobile) In-house Developed Turn-Based MMORPG April, 2016 Idle Taoist Immortality Overmortal In-house Developed February, 2021 Cultivation Game Aobi Island: Dreamland Licensed Casual Simulation July, 2022 Fantasy Roguelike Shooting Dragon POW! Licensed August, 2023 Game First-Person Shooting PC Outpost: Infinity Siege In-house Developed March, 2024 Game Monster Never Cry In-house Developed Western Fantasy Idle Game March, 2024 Beasts Evolved 2 Licensed Strategy Card Game December, 2023 Funny Fighters: Battle In-house Developed Casual Competitive RPG July, 2019 Royale Licensed, in Charge World Flipper of Localization RPG with Pinball Element October, 2021 Development Dungeon Survivor III: Licensed Dungeon RPG October, 2021 Dark Genesis Note: All the games are mobile games except Asktao (PC) and Outpost: Infinity Siege. i. Asktao (PC) The Company’s first product, Asktao (PC), an online game that the Company developed independently, was launched in April 2006 and quickly became a favorite among gamers, even reaching a peak of nearly one million concurrent users. The game's excellence was recognized with the Best Design for Digital Balance and the Best 2D (characters/scenes) Art Design awards at the 5th annual CGDA (China Game Developers Awards). It was also nominated as one of the Top 10 Outstanding PC Games in 2022 by CADPA (China Audio-Video and Digital Publishing Association). Since its release in 2006, Asktao (PC) has won players' hearts with its high-quality gameplay and reasonable business design. To prolong the game's life cycle and increase its IP value, the Company adapts to market trends and player feedback to update the game consistently. Every year, the Company release four major updates, the new year, annual, mid- year, and zodiac updates, to keep the game fresh and maintain its profitability. ii. Asktao (Mobile) In April 2016, the Company launched Asktao (Mobile), an in-house developed MMORPG. It retains the narrative and world setting of Asktao (PC). Harnessing the loyal user base and IP value the PC version built over the past decade, and with extensive user research, it was deeply user feedback into regular updates to ensure the game meets player expectations. To extend the game's life cycle, the Company persistently work on enhancing the Asktao brand and its IP value. Due to its exceptional performance, Asktao (Mobile) has gained industry recognition, and was chosen as the 6th game to win the China Excellent Publication Award (Audio-Visual Electronic Game Publication) from the CADPA. It also won several other awards as well, including Best Original Mobile Game at the 2016 Golden Plume Awards, and Best Game Music Design at the 9th CGDA. It was voted one of the Top Ten Most Popular Original Mobile Online Games of 2016. During the reporting period, Asktao (Mobile) continued its tradition of four major version update from previous years. In January, the new year's costume was launched. The 7th-anniversary grand event in April featured a fireworks festival, a new server ceremony, and other special events. The 7th-anniversary theme song, performed by singer Xianzi, awakened the sentimental feelings of fellow players in the game. In July, the summer event provided players with exclusive stress-relief gameplay. In October, the National Day event was introduced with the launch of the custom short film. In November, adopting a “Fellow Daoists Create Together” approach, the game introduced its first animated series - Wulong Daoist Adventures in Zhongzhou, presenting players with a rich and immersive gaming world. During the reporting period, Asktao (Mobile) maintained an average ranking of 35th on the App Store's bestselling game list, with a peak ranking of 10th. iii. Overmortal Overmortal is an in-house developed, idle Taoist immortality cultivation mobile game with a traditional Chinese ink wash art style. The game depicts a Taoist realm inhabited by humans, immortals, monsters, and demons. It faithfully recreates the stages and mechanisms of Taoist spiritual cultivation, as well as displaying abilities and techniques from similar novels of the genre. Accompanied by dynamic lighting and sound effects, players will enjoy an immersive and engaging gaming experience. With outstanding game development and operational performance, Overmortal has received high industry recognition, winning awards such as the Best Concept Art Design award at the 12th CGDA, the Best Creativity for Mobile Games award at the 14th CGDA, and nominations for the Top 10 Outstanding Creative Games and Top 10 Emerging Games by the CADPA in 2021.In 2023, Overmortal officially launched the "Guardian Heritage" cultural public welfare project. It has successfully implemented various intangible cultural heritage public welfare activities, including cuju (ancient Chinese football), paper cutting, traditional opera, shadow puppetry, and more. The game was honored with the "Outstanding Cultural Heritage Game of the Year" award at the 8th Golden Gyro Award. After over three years of operation, Overmortal has accumulated over 25 million registered users. In the subsequent operational strategy, the Company will focus more on existing users, refining user acquisition to reduce inefficient spending. In terms of promotion, there will be a continued emphasis on brand exposure, moderate adjustments and control of performance- based advertising expenses, and active exploration of innovative marketing methods. For user operations, activities such as daily live streaming, Key Opinion Consumer (KOC) promotion, content creation, e-commerce initiatives, and community re-engagement will be carried out to continually enhance user engagement and interaction. Simultaneously, Overmortal will persist in IP development, enriching game content with diverse derivative materials such as novels, music, comics, and animations to boost brand influence and foster a unique IP culture recognition among players. During the reporting period, Overmortal maintained an average ranking of 44th on the App Store's bestselling game list, with a peak ranking of 7th. iv. Aobi Island: Dreamland Aobi Island: Dreamland is a casual mobile game based off an existing IP launched on July 12, 2022. The game retains many iconic elements from its web-based predecessor, while introducing various social interaction features and integrating fashion trends such as modernized Chinese traditional styles. Players can engage in various in-game features such as character development, management simulation, and outfit changing. The game has been updated at a rapid pace since its release, providing players with a fresh and varied gaming experience. Since its launch, the game has maintained a rapid iteration and update pace, continuously introducing new events, gameplay features, and various brand/IP collaborations. Collaborations have included partnerships with CCTV Animation Journey to the West, The Legend of Nezha, The Adventures of Little Carp, and other classic Chinese animation IPs), as well as Pleasant Goat and Big Big Wolf, totaling 11 well-known brands/IPs. A series of exciting events have been launched, providing players with a diverse and enriching gaming experience. v. Dragon POW! Launched on August 11, 2023, Dragon POW! is a top down shoot 'em up mobile game with a unique gameplay mechanic of counterattacking by devouring bullets. Players take on the role of a dragon knight who travels through various kingdoms with a small black dragon to retrieve the lost treasures of the dragons. Instead of dodging enemy attacks, players can swallow incoming bullets to unleash powerful counterattacks, resulting in a thrilling gameplay experience. Since the game's launch, it has been widely loved by players due to its innovative differentiation in theme and gameplay. vi. Outpost: Infinity Siege Outpost: Infinity Siege is a first-person shooting PC game that focuses on multiplayer cooperative survival, exploration, and construction. It was officially released on the Steam on March 27th, 2024. The game combines three gameplay elements: FPS (first-person shooter), RTS (real-time strategy), and TD (tower defense). Players can build their own exclusive outposts, casually combine a variety of weapons and ammunition, and experience diverse game modes, varied terrains, and exploration and battles filled with random elements. （II） Overview of Main Reserve Products The Company's main reserve products are as follows： Main Reserve Products (In-house Developed) Products Estimated Status of Game Planned Regions for Developed In- Genre Release Date ISBN Licensing Release House Mainland China, Idle Taoist Hong Kong, Macao, M72 (Code Name) ISBN License Applied Cultivation TBD Taiwan, and Simulation Southeast Asia Mainland China, Hong Kong, Macao, Second Half Fantasy Idle M88 (Code Name) ISBN License Applied and Taiwan, as well of 2024 Cultivation Game as Japan and South (Overseas) Korea ISBN License Fortress Battle Tower Defense SLG Worldwide TBD Obtained Western Fantasy M11 (Code Name) Not Yet Applied Worldwide TBD Idle Game Note: The ISBN License is a mandatory government approval required to legally launch a game in China. Main Reserve Products (Licensed) ISBN Authorized Estimated Release Licensed Products Genre License Regions Date 3D Vertical One Piece: Dream Owned Adventure Mobile Mainland China April 1st, 2024 Pose Game Science Fiction Second Half of 2024 Theme Card Game Billion Light Years Owned Worldwide with Light SLG （Mainland China） Elements League of Gods： Owned Chinoiserie RPG Mainland China Second Half of 2024 Fantasyland Mainland China, Business Simulation Hong Kong, Macao, 2024 Chinese Cuisine Cruise Owned Game Taiwan, and （Overseas） Singapore, Malaysia Lost Castle 2 Not Owned Roguelike Worldwide TBD Note: 1. The games listed above are some of the Company's reserved products, among which One Piece: Dream Pose is co-distributed by Leiting Games in collaboration with other companies. product reserve inventory are subject to uncertainty and may depend on products and market conditions. Please stay up to date with the latest news and announcements from Leiting Games. 3. The game Billion Light Years is identified by the codename, and this codename is provisional and does not represent the final official name. The introduction of some reserve products is as follows: i. M72 (Code Name) M72 (Code Name) is an idle mobile game with a Taoist immortality theme. You start as a novice Taoist and gradually grow into an important member of your sect, engaging in breathtaking adventures across three realms. The game brings to life 3D aerial combat, recreating the mid-air battles and the use of magical talismans, reminiscent of renowned Chinese fantasy tales. Having applied for a license by the end of 2023, M72 (Code Name) is now passionately under development. ii. M88 (Code Name) M88 (Code Name) is an immersive idle MMORPG mobile game. Within the game, players have the freedom to customize their characters, combine diverse skillsets, and select their preferred class branches. Employing strategies to combat formidable foes, players explore the realm of lost mysterious legends in this world of sword and magic. You can build your own homes, engage in guild activities, participate in team battles, and embark on adventurous journeys with other players, relaxing in the laid-back idle gaming experiences. The overseas version of M88 (Code Name) is scheduled to be launched in the second half of 2024. iii. One Piece: Dream Pose One Piece: Dream Pose is an immersive 3D mobile game, designed for portrait mode, and officially licensed by Toei Animation, based on the beloved One Piece IP. As captains, players can rally companions from the New World, and step into the shoes of the Straw Hat Pirates, reliving their epic adventures in the One Piece universe. The game's world is crafted with stunning details and graphics. The game has secured its license and is scheduled to be launched on April 1st, 2024. iv. Billion Light Years Billion Light Years is an engaging space warfare strategy game. Players begin their gaming experience with a midcore strategy card game, which seamlessly transitions into a more casual SLG gameplay as they progress. Within the game, players can immerse themselves in adrenaline-fueled real-time battles, strategize on ship customization and weapon combinations, and collect various types of sci-fi battleships. Additionally, players can set sail on thrilling expeditions, experience unexpected events, and team up with allies for epic cosmic battles. The game has secured its license and is scheduled to be launched in the second half of 2024. （III） Overseas Business Overview The Company has been actively expanding its overseas operations, gradually establishing a comprehensive system for testing and releasing products abroad, covering most regions overseas. This enables the Company’s Minimum Viable Product (MVP) approach can be easily applied in overseas markets, allowing for earlier participation in paid testing compared to the domestic market. This provides more comprehensive basic information and data for product selection, development, and optimization. In 2023, the Company's overseas business achieved operating revenue of RMB 272 million, representing a year-on-year growth of 5.03%. During the Reporting Period, the Company successfully launched products overseas, including Overmortal (European and American version), Overmortal (Vietnamese version), and Funny Fighters: Battle Royale (Southeast Asian version). In January 2024, Dragon POW! was launched in the Hong Kong, Macau, Taiwan regions, and South Korea, while other previously launched projects continued to operate steadily. Furthermore, several in-house developed products from the Company have undergone multiple rounds of testing in overseas markets, adopting the MVP approach for rapid iteration. The Company also has a reserve of several licensed products for overseas distribution, including Code M88, Billion Light Year, Chinese Cuisine Cruise, Lost Castle 2, and more. （IV） Investment Activities Overview The Company continues to deepen its presence in the gaming market, focusing on the research and development as well as operational aspects of online gaming. Simultaneously, it invests in upstream and downstream enterprises related to the game industry, including high-quality game developers, publishers, and industry funds. Below are introductions to some of the enterprises in which the Company has invested or holds shares: i. Qingci Games Inc. Qingci Games, established in March 2012, specializes in online game development and operations. It's known for The Marvelous Snail, the idle mobile game with a beautiful hand-drawn art style, and the roguelike game Gumballs. It was listed on the Hong Kong Exchanges in December 2021, and G-bits holds an 18.55% stake in Qingci Games. According to publicly disclosed information from Qingci Games, the game The Marvelous Snail has been released in multiple overseas regions, including Japan, the United States, Canada, Australia, and Thailand. As of the end of 2023, the total revenue of The Marvelous Snail both domestically and internationally has reached approximately RMB 3.26 billion, with a cumulative registered user count exceeding 26.72 million. ii. TapTap TapTap, founded in March 2016, manages the TapTap platform. G-bits holds a 9.67% stake in TapTap. TapTap platform is a renowned third-party platform connecting game developers, publishers, and players, allowing users to download high-quality games and share their experiences with others. From January to June 2023, the average monthly active users for the TapTap Chinese version App were approximately 33.97 million people, while the TapTap international version app had an average of around 7.14 million monthly active users. iii. Xiamen Yongshi Technology Co., Ltd. game development and production. G-bits holds a 20.00% stake in Xiamen Yongshi. Azure Lane, an anime-style game co-developed by Xiamen Yongshi, is the first domestically produced second-dimensional game to top the Japanese iOS bestselling list. It received the Google Play Best Game Award in 2017 and holds a 9.4 rating on TapTap. Another in-house developed game, Eye of Deep Space, was honored with the "Best 3D Game Award" on the 2021 Made with Unity China list, and has garnered over 0.13 million five-star reviews on the App Store. iv. Xiamen Taojin Interactive Network Co., Ltd. Established in June 2013, Xiamen Taojin Interactive Network Co., Ltd. focuses on online game development and production. Xiamen Taojin created the popular roguelike series Dungeon Survivor. G-bits holds a 30.00% stake in Xiamen Yongshi. Developed by Taojin Interactive, Dungeon Survivor II: Dark Tide (Android Version) and Dungeon Survivor III: Dark Genesis are operated by Leiting Game. As of the end of 2023, Dungeon Survivor II: Dark Tide (Android Version) has accumulated a registered user count exceeding tens of millions. v. Xiamen Zhenyouqu Information Technology Co., Ltd. （未完）  |