【GameLook Special Report, Reproduction Prohibited】 GameLook News – Bingchuan Network recently released its 2025 annual report, revealing total operating revenue of 2.554 billion yuan ($354 million), down 8.40% year-over-year. However, the company swung from a net loss of 250 million yuan in 2024 to a net profit of 480 million yuan ($66.7 million) in 2025, marking a dramatic turnaround driven by aggressive user acquisition spending.
From Deep Red to Black: The User Acquisition Pivot
In 2024, Bingchuan reported a staggering 250 million yuan loss, largely attributed to high marketing costs for its mobile games. The company's strategy shifted in 2025, doubling down on user acquisition (UA) for its core titles, particularly in the MMORPG and card game genres. This 'buy-to-grow' approach, while risky, paid off as revenue stabilized and profitability returned. The net profit of 480 million yuan represents a 292% improvement year-over-year.
Betting Big on SLG: The Next Frontier
Now, Bingchuan is placing a major bet on the strategy game (SLG) genre. The company has announced plans to launch multiple SLG titles in 2026, targeting both domestic and international markets. This move mirrors the success of competitors like Lilith Games and FunPlus, who have dominated the global SLG market. Bingchuan's CEO stated in the report that the company will allocate significant resources to R&D and UA for SLG projects, aiming to replicate the 'turnaround formula' that worked in 2025.
The SLG market is highly competitive, with established giants like 'Rise of Kingdoms' and 'Evony' holding strong positions. However, Bingchuan believes its data-driven UA strategy and localized content can carve out a niche. The company's 2025 success has provided the financial cushion needed to fund this ambitious expansion.
Industry analysts remain cautious. 'Bingchuan's 2025 recovery was impressive, but SLG is a different beast,' said a Beijing-based analyst. 'User acquisition costs are higher, and retention is tougher. They'll need top-tier game design and long-term live operations to succeed.'
Bingchuan's stock rose 3.2% following the report's release, reflecting cautious optimism. The company's next earnings call, scheduled for Q3 2026, will be closely watched for early SLG performance metrics.