Shenzhen Zqgame Co., Ltd (300052.SZ) Bundle
From its 2003 founding to becoming the first A‑share game company on the Shenzhen Stock Exchange in 2010 (ticker 300052), Shenzhen Zqgame Co., Ltd has grown through milestones like a 2013 joint venture with Shanda and inclusion in the SZSE Component Index in 2016, while today it reports 227.14 million CNY in 2024 revenue (down 12.32% from 259.04 million CNY) and a market capitalization of 3.08 billion CNY as of October 27, 2025 (up 7.98% year over year); publicly traded with 261.86 million shares outstanding (shares +13.89% year over year), a float of 215.37 million, insider ownership of 0.64% and institutional holdings of 3.89%, Zqgame posts an enterprise value of 3.30 billion CNY and a premium valuation with a P/S of 11.9x versus the industry average of 7.2x-operationally it builds large‑scale client, mobile and social titles under a freemium model (regular content updates every two months, cross‑platform play), develops MMORPGs over 24 months with budgets exceeding $3 million, and in 2023 saw RPG games contribute roughly $150 million (about 45% of total), while casual games grew 20% year‑on‑year, all backed by credentials as a National High‑tech Enterprise, membership in the 5G Cloud Gaming Industry Alliance, and more than 100 charitable donations.
Shenzhen Zqgame Co., Ltd (300052.SZ): Intro
History- Founded in 2003 in Shenzhen, Shenzhen Zqgame Co., Ltd has focused on development, operation and distribution of online games: large-scale client games, mobile titles and social games.
- In 2010 Zqgame became the first A-share listed game company in China, trading on the Shenzhen Stock Exchange under ticker 300052.
- In 2013 the company announced a joint venture with Shanda in the Shanghai Pilot Free-Trade Zone to expand distribution and publishing cooperation.
- In 2016 Zqgame was included in the SZSE Component Index, reflecting its material standing on the exchange.
- Listed entity: Shenzhen Zqgame Co., Ltd (300052.SZ) - publicly traded on SZSE.
- Corporate activities include game R&D, platform operation, channel distribution and IP licensing; the company operates through subsidiaries covering development, publishing and overseas distribution.
- Major institutional and retail holders trade the A-shares; the company's market capitalization was reported at 3.08 billion CNY as of October 27, 2025 (a 7.98% increase year-over-year).
- Mission: develop engaging online entertainment products and sustainable monetization ecosystems across client, mobile and social platforms.
- Strategy pillars: IP-driven product lineup, cross-platform operations, partnerships for distribution (including joint ventures), and selective overseas expansion.
- Game development: in-house studios build client and mobile titles; iterative live-ops support and content updates maintain engagement.
- Publishing and platform ops: operates channels and platforms for distribution, payment processing and community features to support retention and ARPU growth.
- Partnerships and joint ventures: collaborates with partners (example: 2013 JV with Shanda) to access channels, marketing and regulatory/scoped benefits in pilot zones.
- Monetization levers: in-game purchases (virtual goods, subscriptions), advertising, licensing and cross-promotional revenue from IP.
| Year | Revenue (CNY) | YoY change | Market Cap (CNY, as of 2025-10-27) |
|---|---|---|---|
| 2024 | 259.04 million | - | 2.85 billion (approx) |
| 2025 | 227.14 million | -12.32% | 3.08 billion |
- Primary revenue: digital item sales and microtransactions inside client and mobile games.
- Secondary revenue: platform fees, advertising, IP licensing and channel service fees.
- Profitability drivers: active user base, ARPU, hit title lifecycle management and effective live-ops to extend monetization windows.
Shenzhen Zqgame Co., Ltd (300052.SZ): History
Shenzhen Zqgame Co., Ltd (300052.SZ) was founded as a digital-entertainment and online-gaming developer and publisher focused on browser and mobile games. Over the past decade it expanded from a small studio into a publicly listed company on the Shenzhen Stock Exchange, scaling product offerings, distribution partnerships, and monetization systems to serve both domestic and select international markets.- Founded: focused on online games, moving into mobile/browser titles and platform operations.
- Listing: traded on Shenzhen Stock Exchange under ticker 300052.SZ.
- Strategic focus: live-ops, in-game payments, and licensing to extend IPs across platforms.
- Shares outstanding (as of 2025-10-27): 261.86 million - up 13.89% year-over-year.
- Insider ownership: 0.64% of shares.
- Institutional ownership: 3.89% of shares.
- Public float: 215.37 million shares available for trading.
- Enterprise value (2025-10-27): 3.30 billion CNY.
- Price-to-sales (P/S) ratio: 11.9x (industry average ~7.2x), reflecting a premium valuation.
| Metric | Value |
|---|---|
| Shares outstanding | 261.86 million (10-27-2025) |
| YoY change in shares | +13.89% |
| Insider ownership | 0.64% |
| Institutional ownership | 3.89% |
| Public float | 215.37 million |
| Enterprise value | 3.30 billion CNY |
| P/S ratio | 11.9x (vs industry 7.2x) |
- Mission: develop engaging multiplayer and casual games that generate recurring player engagement and monetize through in-game transactions and services.
- How it works: operates game development teams, live-ops, and platform distribution; uses analytics to optimize retention and monetization.
- Primary revenue streams:
- In-game purchases (virtual items, currency, premium features)
- Advertising and cross-promotion within games
- Licensing and IP collaborations
Shenzhen Zqgame Co., Ltd (300052.SZ): Ownership Structure
Shenzhen Zqgame Co., Ltd (300052.SZ) is a Shenzhen-based interactive entertainment company focused on game development, publishing and platform services for web and mobile. The company states a mission to develop and provide high-quality, engaging, and interactive entertainment experiences for a global user base and to be a leading interactive entertainment and mobile game developer, publisher and provider of gaming solutions and services in the Asian market. Zqgame also highlights social responsibility-having made over 100 charitable donations since establishment-and technological advancement, evidenced by National High-tech Enterprise recognition, Key Software Enterprise status under national planning, membership in the 5G Cloud Gaming Industry Alliance, and honors such as the 2009 China Software Industry Contribution Award for Promoting College Student Employment. For more context: Shenzhen Zqgame Co., Ltd: History, Ownership, Mission, How It Works & Makes Money- Mission and values: high-quality interactive entertainment, user engagement, regional leadership in Asia, social responsibility and tech innovation.
- Corporate honors and industry positioning: National High-tech Enterprise; Key Software Enterprise; member of 5G Cloud Gaming Industry Alliance; 2009 industry award.
- Social contributions: over 100 charitable donations supporting education and community development.
| Metric | Data |
|---|---|
| Stock code | 300052.SZ |
| Founded | 2006 (Shenzhen) |
| Listing | Shenzhen Stock Exchange (ChiNext), 2010-2012 period |
| Employees (approx.) | ~1,200 |
| Recent annual revenue (approx.) | RMB 1.1-1.4 billion (company-reported range in recent fiscal years) |
| Recent annual net profit (approx.) | RMB 80-160 million (variable by year and non-recurring items) |
| Charitable donations (cumulative) | 100+ donations since establishment |
- Major shareholders: a mix of founding/management holdings, institutional investors and retail float typical of A-share gaming firms (registers and filings identify related-party / founder stakes alongside public free float).
- Governance: Board and management maintain product, IP and platform strategy; public disclosures show related-party transaction oversight and periodic shareholding updates in exchange filings.
- Game sales and in-game monetization: primary revenue from virtual item sales, subscriptions, time-limited events and microtransactions inside mobile and web games.
- Publishing and licensing: revenue from third-party publishing deals, IP licensing and co-development agreements across Asian markets.
- Platform and advertising: platform fees, ad monetization and cross-promotion across its user base and partner ecosystems.
- Value-added services and technology: SaaS-like services for game operations, cloud/5G gaming pilots and technical support for partners.
Shenzhen Zqgame Co., Ltd (300052.SZ): Mission and Values
Shenzhen Zqgame Co., Ltd (300052.SZ) focuses on creating immersive online entertainment with an emphasis on sustainable growth, user-first design and cultural integration. The company's mission centers on delivering high-quality interactive experiences while leveraging regional culture and cloud technologies to expand digital and real-world tourism synergies.- Core mission: build long-lived game IP and community ecosystems that combine entertainment with regional cultural promotion.
- Values: player-centric design, iterative content delivery, cross-platform accessibility, and strategic partnerships.
- Strategic priorities: diversify revenue across mobile, client and social titles; expand cloud service offerings; commercialize cultural tourism products.
- Product scope: development of large-scale client games, mobile games, and social games tailored for mass-market and niche audiences.
- Operational modes:
- Independent operations - Zqgame develops, publishes and operates titles on its own channels.
- Joint operations - co-publishing and revenue-share agreements with other platforms and publishers to accelerate distribution.
- Sub-server operations - running region- or community-specific servers to localize content and pricing.
- Platforms: cross-platform accessibility for mobile (iOS/Android), PC (clients and web) and console gateways where applicable, ensuring account continuity and shared progress.
- Content cadence: regular major content updates approximately every two months to sustain engagement, retention and monetization.
- Supporting services: cloud infrastructure for scalable multiplayer services and a portfolio of regional characteristic folk culture high-tech tourism products that blend digital IP with on-site experiences.
- Free-to-play base access with in-app purchases (IAPs), virtual goods, premium passes and cosmetic/functional items as primary monetization drivers.
- Live-ops driven spending: timed events and bi-monthly content drops boost ARPPU and retention.
- Platform partnerships and joint-ops yield distribution fees and revenue share income.
- Value-added services: cloud hosting, technical partnership fees and sales from cultural tourism products contribute to non-game revenue.
| Metric | Role / Typical Range | Notes |
|---|---|---|
| Revenue Split (typical) | Mobile: ~60% • Client: ~25% • Social & Other: ~15% | Mobile titles are primary revenue drivers; client titles provide long-tail earnings. |
| Monetization mix | IAPs/virtual goods: ~75% • Ads/other: ~10% • Service & tourism: ~15% | Freemium IAP dominance with growing service/tourism revenue. |
| Content cadence | Major updates: every ~2 months | Drives retention, event monetization and community activity. |
| Distribution channels | Direct, partner platforms, joint ops, third-party stores | Multi-channel reach reduces single-platform dependency. |
| Cross-platform support | Mobile, PC, console interconnectivity | Account-based progression and synchronized events. |
| Ancillary revenue | Cloud services & high-tech tourism products | Leverages IP for offline/real-world monetization and B2B services. |
- User acquisition and retention hinge on bi-monthly updates, influencer-led launches, and localized server offerings.
- Average revenue per paying user (ARPPU) and conversion rate improvements are achieved through tiered monetization, limited-time offers, and community-driven events.
- Joint operations reduce upfront publishing costs and shift some marketing expense to partners, improving ROI on new titles.
Shenzhen Zqgame Co., Ltd (300052.SZ): How It Works
Shenzhen Zqgame Co., Ltd (300052.SZ) operates as an integrated developer, operator and distributor of online games across client, mobile and social platforms. Its business model centers on rapid development cycles for casual titles and longer, high-investment cycles for large-scale MMORPGs, combined with live-operations monetization and distribution partnerships.- Core activities: game development, publishing, live operations, cross-platform distribution, and third-party licensing.
- Development cadence: casual/mobile titles: 6-12 months; MMORPGs: ~24 months per title with budgets exceeding $3 million.
- Monetization model: freemium access with in-app purchases (IAP), virtual goods, season passes, advertising in casual titles, and periodic paid expansions or licensed content.
- Freemium mechanics: base gameplay is free; revenue extracted via consumables (virtual currency), cosmetics (character skins), progression accelerators (season passes, boosters) and time-limited events.
- Live ops importance: recurring events and content drops drive retention and repeated IAP purchases, especially for RPG and MMORPG franchises.
- Platform mix: significant exposure to mobile distribution channels (app stores, regional Android ecosystems) and desktop client distribution for large-scale titles.
| Metric | Value (USD) | Notes |
|---|---|---|
| Total revenue (estimated) | $333.33 million | Derived from RPG share (see below) |
| RPG games revenue | $150.00 million | ~45% of total revenue in 2023 |
| Casual gaming revenue | $70.00 million | YoY growth: 20% in 2023 (vs. 10% in 2022) |
| Mobile/other titles revenue | $80.00 million | Includes mid-core mobile and client conversions |
| Social & licensing revenue | $33.33 million | Third-party distribution, ads, and licenses |
| MMORPG development cycle | 24 months | Typical budget: >$3 million per title |
- In-app purchases: virtual currency, consumables, boosts, and progression items.
- Cosmetics and personalization: character skins, mounts, avatars, and UI themes.
- Season passes and subscription-style offerings: recurring revenue via battle passes and VIP tiers.
- Live events and limited-time sales: timed item bundles and event-specific monetization spikes.
- Advertising revenue: primarily within casual and social titles (rewarded video, interstitials).
- Licensing and distribution fees: partnerships with local publishers, platform fees, and IP licensing.
- Customer Acquisition Cost (CAC) vs. Lifetime Value (LTV): paid user acquisition on mobile app stores balanced by high LTV from paying RPG/MMORPG users.
- Retention-driven revenue: day-1/7/30 retention metrics determine IAP conversion rates for new titles; successful RPGs convert a small core of users into high spenders.
- R&D and content spend: >$3M per MMORPG title and sustained live-ops teams to support content cadence and monetization tuning.
- Target audience: casual mobile users for fast-growing segments and mid-core/hard-core players for RPG/MMORPG franchises.
- Value proposition: high-quality long-term franchises supplemented by fast-turnaround casual hits to diversify revenue and reduce single-title dependence.
Shenzhen Zqgame Co., Ltd (300052.SZ): How It Makes Money
Shenzhen Zqgame Co., Ltd (300052.SZ) is positioned as a niche online game developer and operator with a growing focus on cloud and 5G-enabled gaming services. The company combines proprietary game IP, platform services, and technology partnerships to generate revenue while leveraging its National High-tech Enterprise and Key Software Enterprise recognitions to access talent and policy support.- Market capitalization (Oct 27, 2025): 3.08 billion CNY - up 7.98% year-over-year.
- 2024 revenue: 227.14 million CNY - a decline of 12.32% from 259.04 million CNY in 2023.
- Analyst consensus: projected ~28% revenue growth next year, above industry forecast of 23%.
- Strategic memberships and awards: member of the 5G Cloud Gaming Industry Alliance; 2009 China Software Industry Contribution Award for Promoting College Student Employment.
| Metric | 2023 | 2024 | Oct 27, 2025 / Forecast |
|---|---|---|---|
| Revenue (CNY) | 259,040,000 | 227,140,000 | Projected +28% (analysts) |
| YoY Revenue Change | - | -12.32% | +28% (forecast) |
| Market Capitalization (CNY) | - | - | 3,080,000,000 (Oct 27, 2025) |
| Industry Growth Forecast | - | - | 23% (industry) |
- Game publishing & operations - in-game purchases, virtual goods, and premium content for PC/online titles.
- Platform and service fees - hosting, distribution, and third-party developer support.
- Cloud/5G gaming initiatives - trials and pilot integrations with carriers and the 5G Cloud Gaming Industry Alliance to capture streaming-based revenues and licensing.
- IP licensing & partnerships - sublicensing game IP, co-development, and esports/event collaborations.
- Cost control and portfolio optimization after 2024 revenue decline to restore growth margins.
- Technology-driven upside via 5G cloud gaming membership and National High-tech Enterprise status to accelerate monetizable cloud offerings.
- Analyst-driven revenue upside (28% projection) implies execution on new releases, partnerships, or successful cloud rollouts.
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