Tanwan (09890.HK) AI Game Precision Targeting
Under the comprehensive challenge of AI and artificial intelligence, many enterprises must adjust their market strategies to adapt to the industry's paradigm shift from "digital marketing" to "AI agents." $TANWAN(09890.HK), which recently announced its impressive 2025 performance, has already set a brilliant example. It is expected that with AI empowerment, its future prospects will be even more explosive.
Tanwan started with game marketing and is recognized as a top-tier game marketing expert in the industry. Over the years, the company has created many popular games, such as the classic game IPs Legend, ReXue JiangHu, and Miracle. In recent years, Tanwan has been actively developing overseas markets and has achieved excellent results. In 2025, Tanwan's revenue reached approximately 4.158 billion yuan, with overseas business revenue reaching 833 million yuan, a significant year-on-year increase of 33.6%; its share of total operating revenue rose from 11.1% in 2024 by 8.9 percentage points to 20.0%.
According to the company's performance announcement, Tanwan integrates the dual engines of "global distribution + local cultural adaptation" to comprehensively collaborate with overseas KOL cultivation and community partnerships. As of December 31, 2025, Tanwan has successfully launched and operated over 30 multilingual games in 11 different language versions across multiple international markets, including Southeast Asia, Greater China (Hong Kong, Macau, Taiwan), Japan, South Korea, Europe, and the United States. Several of its game products have achieved outstanding rankings on top charts. For example, titles like "Original Legend," "ReXue HeJi," "QuanMin JiangHu," and "ShenBing Miracle" have topped the bestseller lists on iOS and Google Play app stores in many regions worldwide, continuously enhancing the brand's international influence and market recognition. In 2026, Tanwan plans to launch several key products, including the open-world theme "Douluo Dalu: Zhu Xie Chuan Shuo" based on "Douluo Dalu," the domestic blockbuster "ReXue JiangHu: JueXing" from the "ReXue JiangHu" IP series, and large-scale MMORPG games like "Wang Zhe Chuan Qi 2" and "Lan Yue Tu Long" from the "Legend" series. It also plans to develop IP series such as "Jin Yong Wuxia," including "New She Diao Zhi Hua Shan Lun Jian" and "Xiao Ao JiangHu: Qun Xia Zhuan," as well as new works like "Shi Kong Lie Ren: JueXing" and "Meng Jing Yong Shi." This diversified, multi-IP product portfolio is expected to further expand its growth potential.
Benefiting from increased revenue generated by the overseas game distribution business, which has a relatively high operating profit margin, combined with the application of AI technology in game distribution and operations, as well as the optimization of advertising model algorithms, sales and distribution expenses have decreased. Additionally, the fair value gains from the company's holdings in other listed companies have increased significantly. As a result, Tanwan's net profit in 2025 exceeded 1.5 billion yuan, achieving rapid growth compared to 44 million yuan in the same period of 2024, delivering impressive results amid industry stock competition.
Through the application of AI multimodal large models, Tanwan has significantly improved efficiency in marketing, cost control, and channel utilization. This not only greatly enhances cost reduction and performance improvement but also helps the company reallocate its focus to App games, laying a solid foundation for continuously expanding its overseas market share in the future.
Furthermore, Tanwan has deeply integrated cutting-edge large models such as Seedance 2.0, significantly enhancing its self-developed game capabilities and efficiency. As AI large models continue to deepen their learning and develop more games that meet market demands, the potential value of Tanwan's game expansion overseas is far from being fully reflected. This is worth noting.
Written by: Professor Li Huifen, Greater Bay Area Family Office Association
(The author holds the above-mentioned stock)
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