Archosaur Games Inc. (HK:9990)
:9990
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Archosaur Games Inc.
(9990)
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Rating:48Neutral
Price Target:
HK$1.50
▼(-7.98% Downside)
Action:ReiteratedDate:04/27/26
The score is held down primarily by weak financial performance—ongoing operating losses and sustained negative operating/free cash flow—despite strong gross margins and a low-debt balance sheet. Technicals are modestly supportive in the near term but still weak longer term, while valuation is constrained by a negative P/E and no dividend yield support.
Positive Factors
High gross margins
Sustained gross margins near 71–72% indicate strong unit economics for game monetization. This durable margin buffer supports reinvestment in content and live operations, giving the company structural capacity to fund user acquisition and updates before operating leverage is achieved.
Negative Factors
Multi-year negative cash flow
Consistent negative operating and free cash flow since 2021 shows the business consumes cash rather than self-funds growth. That structural cash burn limits reinvestment capacity, increases reliance on external financing, and raises execution risk if cash-generation trends don't reverse.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Sustained gross margins near 71–72% indicate strong unit economics for game monetization. This durable margin buffer supports reinvestment in content and live operations, giving the company structural capacity to fund user acquisition and updates before operating leverage is achieved.
Read all positive factors
Archosaur Games Inc. (9990) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.25B
Dividend YieldN/A
Average Volume (3M)863.08K
Price to Earnings (P/E)―
Beta (1Y)1.42
Revenue Growth14.35%
EPS Growth87.20%
CountryHK
Employees1,083
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-0.04
Shares Outstanding803,369,600
10 Day Avg. Volume718,800
30 Day Avg. Volume863,076
Financial Highlights & Ratios
PEG Ratio0.36
Price to Book (P/B)0.56
Price to Sales (P/S)0.89
P/FCF Ratio-15.52
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)0.11
Revenue Forecast (FY)HK$1.34B
Archosaur Games Inc. Business Overview & Revenue Model
Company Description
Archosaur Games Inc., an investment holding company, develops and operates mobile games in Mainland China and internationally. It primarily focuses on the development of massively multiplayer online role-playing, simulation, female-oriented, shoot...
How the Company Makes Money
Archosaur Games Inc. primarily generates revenue from operating and publishing mobile games under a free-to-play, live-operations model. Its key revenue stream is in-game spending by players (e.g., purchases of virtual currency and virtual items u...
Archosaur Games Inc. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
66
Positive
Cash Flow
29
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.34B | 1.27B | 1.14B | 908.49M | 584.12M | 920.83M |
| Gross Profit | 957.08M | 899.78M | 826.00M | 650.41M | 423.62M | 713.53M |
| EBITDA | -221.48M | -102.36M | -309.62M | -265.27M | -697.48M | -220.93M |
| Net Income | -164.94M | -35.76M | -287.25M | -315.56M | -768.55M | -303.32M |
Balance Sheet | ||||||
| Total Assets | 2.70B | 2.67B | 2.60B | 2.74B | 2.95B | 3.52B |
| Cash, Cash Equivalents and Short-Term Investments | 1.60B | 1.82B | 1.58B | 1.98B | 2.03B | 2.70B |
| Total Debt | 137.14M | 130.41M | 15.55M | 44.30M | 102.72M | 135.88M |
| Total Liabilities | 641.32M | 655.18M | 493.08M | 409.69M | 363.13M | 351.69M |
| Stockholders Equity | 2.06B | 2.01B | 2.11B | 2.33B | 2.59B | 3.17B |
Cash Flow | ||||||
| Free Cash Flow | -180.69M | -73.18M | -208.81M | -83.93M | -525.61M | -176.54M |
| Operating Cash Flow | -155.78M | -52.77M | -188.01M | -79.54M | -514.53M | -151.75M |
| Investing Cash Flow | -107.97M | -59.00M | 122.46M | -589.10M | 85.66M | -1.09B |
| Financing Cash Flow | -32.86M | -31.69M | -60.20M | -19.16M | -118.31M | -114.77M |
Archosaur Games Inc. Technical Analysis
Positive
1.63
Price Trends
1.51
Positive
1.61
Negative
1.78
Negative
Market Momentum
<0.01
Negative
52.60
Neutral
64.58
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 above the 20-day moving average (MA) of 1.50, above the 50-day MA of 1.51, and below the 200-day MA of 1.78, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 52.60 is Neutral, neither overbought nor oversold. The STOCH value of 64.58 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 |
|---|---|---|---|---|---|---|---|
61 Neutral | HK$992.29M | 9.45 | 7.59% | ― | 7.36% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
56 Neutral | HK$1.73B | 17.64 | 3.09% | 7.30% | -2.73% | ― | |
54 Neutral | HK$1.88B | 16.23 | 6.38% | ― | -27.41% | 138.08% | |
48 Neutral | HK$1.25B | -31.76 | -1.78% | ― | 14.35% | 87.20% | |
43 Neutral | HK$823.74M | -0.72 | -50.58% | ― | -28.02% | 34.04% | |
39 Underperform | HK$908.34M | -21.27 | -27.26% | ― | -11.59% | ― |
* Communication Services Sector Average
HK:9990
Archosaur Games Inc.
1.56
0.12
8.33%
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Archosaur Games Inc. Corporate Events
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...
Archosaur Games Narrows 2025 Loss as Revenue Rises and Costs Tighten
Mar 20, 2026
Archosaur Games reported a 14.3% year-on-year increase in revenue to RMB1.30 billion for 2025, driven by higher gross profit despite a rise in cost of revenue. The company maintained heavy investment in research and development while cutting selli...
Archosaur Games Moves to Modernize Governance With Virtual and Paperless AGM Framework
Mar 20, 2026
Archosaur Games Inc. plans to adopt a fifth amended and restated memorandum and articles of association to align its corporate governance with updated Hong Kong listing regulations and a more digital, paperless regime. The revised articles will en...
Archosaur Games Sets March Board Meeting to Approve 2025 Results
Mar 10, 2026
Archosaur Games Inc. has scheduled a board meeting for 20 March 2026 to review and approve its annual results for the year ended 31 December 2025 and to authorize their publication. The board will also consider whether to recommend a final dividen...
Archosaur Games Grants 8.8 Million RSUs to Key Employees to Bolster Long-Term Growth
Feb 16, 2026
Archosaur Games has granted 8,800,000 restricted share units to 31 employees under its existing RSU scheme, with no purchase price and vesting over three years in staged tranches of 40%, 30% and 30%. The award, which excludes directors and substan...
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.