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Archosaur Games Inc.
(9990)
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Rating:44Neutral
Price Target:
HK$2.00
▲(22.70% Upside)
Action:Reiterated
Date:06/10/26
The score is held down primarily by persistent losses and sustained negative operating/free cash flow, despite strong gross margins and a conservatively levered balance sheet. Technically, momentum is weak with price below key moving averages and a negative MACD, while valuation remains difficult to support due to negative earnings and no dividend data.
Positive Factors
High gross margins
Sustained gross margins around 71–72% indicate strong unit economics and pricing power in the mobile games business. These margins provide structural room to cover operating expenses and fund live-ops/content, improving the pathway to durable profitability if operating costs are controlled.
Negative Factors
Persistent operating losses
EBIT and EBITDA have been negative across multiple years, showing the company has yet to achieve operating profitability. Persistent losses constrain reinvestment, depress returns on equity, and require continued external funding or drastic cost reductions to achieve a durable profit profile.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Sustained gross margins around 71–72% indicate strong unit economics and pricing power in the mobile games business. These margins provide structural room to cover operating expenses and fund live-ops/content, improving the pathway to durable profitability if operating costs are controlled.
Read all positive factors
Archosaur Games Inc. (9990) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.64B
Dividend YieldN/A
Average Volume (3M)863.08K
Price to Earnings (P/E)―
Beta (1Y)1.49
Revenue Growth14.35%
EPS Growth87.20%
CountryHK
Employees1,083
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-0.05
Shares Outstanding803,369,600
10 Day Avg. Volume718,800
30 Day Avg. Volume863,076
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)0.53
Price to Sales (P/S)0.81
P/FCF Ratio-14.51
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.13
Revenue Forecast (FY)HK$1.34B
Archosaur Games Inc. Business Overview & Revenue Model
Company Description
Archosaur Games Inc. operates as an investment holding entity primarily engaged in the creation and management of mobile games, serving both the domestic market in Mainland China and international audiences. The enterprise's core expertise lies in...
How the Company Makes Money
null...
Archosaur Games Inc. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
66
Positive
Cash Flow
29
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.30B | 1.14B | 908.49M | 584.12M | 920.83M |
| Gross Profit | 925.12M | 826.00M | 650.41M | 423.62M | 713.53M |
| EBITDA | -139.72M | -309.62M | -265.27M | -697.48M | -220.93M |
| Net Income | -36.71M | -287.25M | -315.56M | -768.55M | -303.32M |
Balance Sheet | |||||
| Total Assets | 2.67B | 2.60B | 2.74B | 2.95B | 3.52B |
| Cash, Cash Equivalents and Short-Term Investments | 1.82B | 1.58B | 1.98B | 2.03B | 2.70B |
| Total Debt | 130.41M | 15.55M | 44.30M | 102.72M | 135.88M |
| Total Liabilities | 655.18M | 493.08M | 409.69M | 363.13M | 351.69M |
| Stockholders Equity | 2.01B | 2.11B | 2.33B | 2.59B | 3.17B |
Cash Flow | |||||
| Free Cash Flow | -73.18M | -208.81M | -83.93M | -525.61M | -176.54M |
| Operating Cash Flow | -52.77M | -188.01M | -79.54M | -514.53M | -151.75M |
| Investing Cash Flow | -59.00M | 122.46M | -589.10M | 85.66M | -1.09B |
| Financing Cash Flow | -31.69M | -60.20M | -19.16M | -118.31M | -114.77M |
Archosaur Games Inc. Technical Analysis
Positive
1.63
Price Trends
2.03
Positive
1.77
Positive
1.84
Positive
Market Momentum
-0.02
Negative
54.76
Neutral
53.02
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9990, the sentiment is Positive. The current price of 1.63 is below the 20-day moving average (MA) of 1.92, below the 50-day MA of 2.03, and below the 200-day MA of 1.84, indicating a bullish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 54.76 is Neutral, neither overbought nor oversold. The STOCH value of 53.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:9990.
Archosaur Games Inc. Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | HK$3.73B | 6.37 | 17.91% | 3.82% | -4.19% | 0.41% | |
78 Outperform | HK$2.24B | 5.49 | 13.44% | 13.83% | -6.66% | -19.70% | |
72 Outperform | HK$21.67B | 12.18 | 45.14% | 1.18% | 14.94% | 86.33% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
48 Neutral | HK$3.78B | 21.52 | 2.70% | 8.76% | -26.02% | -51.13% | |
47 Neutral | HK$619.32M | 29.48 | -27.26% | ― | -11.59% | ― | |
44 Neutral | HK$1.64B | -35.28 | -1.80% | ― | 14.35% | 87.20% |
* Communication Services Sector Average
HK:9990
Archosaur Games Inc.
2.04
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Archosaur Games Inc. Corporate Events
Archosaur Games Wins Strong Shareholder Backing for Governance and Capital Mandates
Jun 26, 2026
Archosaur Games Inc. reported that all resolutions at its 26 June 2026 annual general meeting were passed by poll, including adoption of the 2025 audited financial statements, re-election of directors, reappointment of PricewaterhouseCoopers as au...
Archosaur Games issues 2.4 million RSUs to key employees
Jun 26, 2026
Archosaur Games has granted 2.4 million restricted share units to two group employees under its existing RSU scheme, with no purchase price and a reference share price of HK$1.87. The awards vest over three years in 40%, 30% and 30% tranches and a...
Archosaur Games Sets 2026 AGM to Approve Accounts and Share Issuance Mandate
Apr 22, 2026
Archosaur Games Inc. has called its annual general meeting for 26 June 2026 in Beijing, where shareholders will review and adopt the audited consolidated financial statements for the year ended 31 December 2025 and the related directors’ and...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.