NetDragon announces 2023 interim financial results

Despite the temporary slowdown in shipment volumes, NetDragon maintained global ex-China market share leadership as the company continued to achieve high win rates in the market.
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NetDragon, a Chinese company that develops and operates massively multiplayer online games, announced its financial results for the first half of 2023. NetDragon’s management team will hold a webcast to discuss the results and recent business development.

Despite the temporary slowdown in shipment volumes, NetDragon maintained global ex-China market share leadership as the company continued to achieve high win rates in the market. The results show that the revenue was RMB3.7 billion, representing a 13% decrease year-over-year (YoY), while revenue from the gaming business was RMB1.9 billion, representing 52% of the Group’s total revenue and an 8% increase YoY.

Revenue from the education business was RMB1.7 billion, representing 47% of the Group’s total revenue and a 29% decrease YoY. Gross profit was RMB 2.3 billion, representing a 2% decrease YoY.

Dr. Dejian Liu, Chairman of NetDragon, commented:

“As China entered into a new post-pandemic era, we were able to capitalize on the domestic economic recovery as our gaming business resumed its growth trajectory in the first half of 2023, achieving revenue of RMB1.9 billion, an 8% increase YoY. We remained focused on executing our multi-pronged strategy of driving consistent revenue growth of our existing flagship games, continually investing in R&D to expand our pipeline of new games, as well as driving innovation with new technologies.

As a result, our revenue growth for the period significantly exceeded the market growth again, both in the PC and mobile segments. This is a testament to not just the strength of our IPs but, more importantly, the deep capabilities of our team.”

Established in 1999, NetDragon is one of the most reputable and well-known online game developers in China, with a history of successful game titles, including Eudemons Online, Heroes Evolved, Conquer Online, and Under Oath.

Last year, the Chinese game developer announced that it had appointed Ms. Tang Yu, an AI bot, as the CEO of its flagship subsidiary, Fujian NetDragon Websoft.

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