공고 • Jul 17
Tanwan Inc. Launches Open Beta Testing For Space Hunter: Awakening Mobile Game Tanwan Inc. had published and operated a brand-new side-scrolling fighting mobile game based on the premium IP “Space Hunter", named Space Hunter: Awakening, and the open beta testing across all platforms for the New Game has been officially launched. Space Hunter, the first game under the IP “Space Hunter”, is China’s original classic phenomenal side-scrolling fighting mobile game. Since its official launch in 2013, it achieved the hightest monthly gross billings of over RMB 200 million and global cumulative gross billings of over RMB 6,000 million, and has accumulated more than 250,000,000 registered users. It has built deep brand recognition and emotional resonance among a broad player base, making it one of the most representative products in China’s side-scrolling fighting mobile game sector. “Space Hunter” was developed by Guangzhou Yinhan Technology Co. Ltd. (“Yinhan Technology”), one of the earliest Chinese developers to specialize in side-scrolling fighting mobile games. As a brand-new side-scrolling fighting mobile game that carries forward the core essence of the original IP, Space Hunter: Awakening fully inherits the original game’s core gameplay system and combat mechanics, while undergoing comprehensive iterative upgrades across multiple dimensions, including engine technology architecture upgrades, refined art quality, optimized control responsiveness, and systematic operational philosophy. The development and release of the new game reflect the Group’s strategic assessment of the long-term value of the side-scrolling fighting genre. The iteration and revitalization of premium IPs relies not only on robust underlying technological capabilities but also on precise insight into and effective response to the demands of core users. The launch of the New Game represents the Group’s further deployment in the side-scrolling fighting track built upon its “AI + Game” capability system. The Group has long been deeply engaged in the field of high-quality game publishing and operations, consistently prioritized user experience as a core guiding principle, and continuously advanced the development of premium IPs and the construction of a diversified product matrix. Leveraging its systematic “AI + Game” capabilities, the Group has built a full-chain business capabilities covering user insights, content optimization, user acquisition and refined operations. These capabilities will provide sustained impetus for subsequent version iterations, content updates and long-term operations of the New Game, helping the product achieve a long-term and stable lifecycle performance. In terms of IP operations, the Group will continue to adhere to the core strategy focusing on classic IP development and diversified product matrix. Centered on premium IPs including “Legend”, “MU”, “Yulgang”, “Soul Land”, “Jin Yong Martial Arts” and “Space Hunter”, the Group has built a systematic publishing and operation system, continuously transforming core copyright resources into iterable and reusable content assets. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$15.08, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 10x in the Entertainment industry in Hong Kong. Total returns to shareholders of 39% over the past year. Recent Insider Transactions • May 17
Key Founder recently bought HK$2.1m worth of stock On the 14th of May, Xubo Wu bought around 144k shares on-market at roughly HK$14.89 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Xubo has been a buyer over the last 12 months, purchasing a net total of HK$3.6m worth in shares. New Risk • May 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 84% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director Yi Zheng was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
