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Archosaur Games Inc.
(9990)
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Rating:44Neutral
Price Target:
HK$1.50
▼(-21.05% Downside)
Action:Reiterated
Date:09/10/26
The score is weighed down primarily by weak financial performance—persistent losses and multi-year negative operating/free cash flow—despite strong gross margins and low leverage. Technicals also remain bearish with the stock trading below major moving averages and negative MACD. Valuation is difficult to support with negative earnings and no dividend yield data.
Positive Factors
High gross margins
Persistently high gross margins indicate the company’s games generate substantial value after direct costs. If operating spending becomes more disciplined, this margin structure could support improved profitability and provide flexibility to reinvest in content, live operations, and publishing initiatives.
Negative Factors
Persistent operating losses
Recurring negative EBIT, EBITDA, and net income show that strong gross margins have not translated into sustainable operating profitability. Continued losses can constrain reinvestment, weaken returns on capital, and make the company’s ability to self-fund growth dependent on reversing its cost structure.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Persistently high gross margins indicate the company’s games generate substantial value after direct costs. If operating spending becomes more disciplined, this margin structure could support improved profitability and provide flexibility to reinvest in content, live operations, and publishing initiatives.
Read all positive factors
Archosaur Games Inc. (9990) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.39B
Dividend Yield0.53%
Average Volume (3M)186.37K
Price to Earnings (P/E)―
Beta (1Y)1.34
Revenue Growth-1.05%
EPS Growth41.09%
CountryHK
Employees1,143
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-0.12
Shares Outstanding800,360,660
10 Day Avg. Volume102,500
30 Day Avg. Volume186,366
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...
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 | 1.28B | 1.30B | 1.14B | 908.49M | 584.12M | 920.83M |
| Gross Profit | 905.42M | 925.12M | 826.00M | 650.41M | 423.62M | 713.53M |
| EBITDA | -214.08M | -139.72M | -309.62M | -265.27M | -697.48M | -220.93M |
| Net Income | -92.55M | -36.71M | -287.25M | -315.56M | -768.55M | -303.32M |
Balance Sheet | ||||||
| Total Assets | 2.49B | 2.67B | 2.60B | 2.74B | 2.95B | 3.52B |
| Cash, Cash Equivalents and Short-Term Investments | 1.47B | 1.82B | 1.58B | 1.98B | 2.03B | 2.70B |
| Total Debt | 116.49M | 130.41M | 15.55M | 44.30M | 102.72M | 135.88M |
| Total Liabilities | 637.29M | 655.18M | 493.08M | 409.69M | 363.13M | 351.69M |
| Stockholders Equity | 1.86B | 2.01B | 2.11B | 2.33B | 2.59B | 3.17B |
Cash Flow | ||||||
| Free Cash Flow | -165.25M | -73.18M | -208.81M | -83.93M | -525.61M | -176.54M |
| Operating Cash Flow | -140.71M | -52.77M | -188.01M | -79.54M | -514.53M | -151.75M |
| Investing Cash Flow | 155.71M | -59.00M | 122.46M | -589.10M | 85.66M | -1.09B |
| Financing Cash Flow | -31.75M | -31.69M | -60.20M | -19.16M | -118.31M | -114.77M |
Archosaur Games Inc. Technical Analysis
Negative
1.90
Price Trends
1.95
Negative
1.98
Negative
1.80
Negative
Market Momentum
-0.05
Positive
36.92
Neutral
23.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9990, the sentiment is Negative. The current price of 1.9 is above the 20-day moving average (MA) of 1.89, below the 50-day MA of 1.95, and above the 200-day MA of 1.80, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 36.92 is Neutral, neither overbought nor oversold. The STOCH value of 23.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | HK$3.55B | 6.07 | 17.09% | 4.81% | -1.22% | 1.26% | |
77 Outperform | HK$2.42B | 6.09 | 12.98% | 17.02% | 18.51% | 13.18% | |
71 Outperform | HK$20.99B | 11.76 | 37.85% | 0.92% | 5.88% | 13.11% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
52 Neutral | HK$4.34B | 21.44 | 2.92% | 13.40% | -15.56% | ― | |
52 Neutral | HK$980.59M | 150.49 | 0.56% | ― | 4.87% | ― | |
44 Neutral | HK$1.39B | -12.30 | -4.78% | 0.53% | -1.05% | 41.09% |
* Communication Services Sector Average
HK:9990
Archosaur Games Inc.
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Archosaur Games Inc. Corporate Events
Archosaur Grants 2.45 Million RSUs Under 2026 Incentive Scheme
Aug 31, 2026
Archosaur Games has granted 2,450,000 restricted share units to six group employees under its 2026 RSU Scheme, with the awards vesting over three years in 40%, 30% and 30% tranches and no purchase price or performance targets attached. The company...
Archosaur Games Shareholders Approve New 2026 RSU Incentive Scheme
Aug 19, 2026
Archosaur Games shareholders approved all resolutions at an extraordinary general meeting on 19 August 2026, including the adoption of a new 2026 restricted share unit scheme, subject to stock exchange approval for listing the underlying shares. T...
Archosaur Games Reshapes Company Secretarial and Hong Kong Compliance Roles
Aug 19, 2026
Archosaur Games Inc. announced the resignation of joint company secretary and authorized representative Ms. Zhang Xiao, who also served as the company’s Hong Kong process agent, effective 19 August 2026 due to work arrangements, with no disa...
Archosaur Games’ Interim Loss Widens as Marketing Costs Climb
Aug 19, 2026
Archosaur Games Inc. reported unaudited interim results for the six months ended 30 June 2026, showing revenue of RMB608.6 million, down 4.1% year-on-year, and gross profit of RMB433.1 million, a 4.4% decline. The gaming company continues to empha...
Archosaur Games Warns of Wider Interim Loss on Heavy Investment in New Titles
Aug 12, 2026
Archosaur Games has warned that its adjusted net loss for the six months ended 30 June 2026 will widen to between RMB60 million and RMB70 million, compared with RMB7.7 million a year earlier, with loss attributable to owners rising to RMB65 millio...
Archosaur Games Sets Board Meeting to Review Interim Results and Dividend Plan
Aug 7, 2026
Archosaur Games Inc. has scheduled a board meeting for 19 August 2026 to review and approve the group’s interim financial results for the six months ended 30 June 2026 and to decide on the publication of those results. The board will also co...
Archosaur Games Revamps Equity Incentive Plans With New 2026 RSU Scheme
Aug 4, 2026
Archosaur Games Inc. has proposed terminating its 2022 restricted share unit scheme as remaining award capacity is expected to be fully utilised soon, ensuring that existing granted awards remain unaffected and continue under the original terms. T...
Archosaur Games Seeks Shareholder Nod for New 2026 RSU Incentive Scheme
Aug 4, 2026
Archosaur Games Inc. has called an extraordinary general meeting for 19 August 2026 in Beijing to seek shareholder approval for a new 2026 restricted share unit scheme. The proposal would cap the aggregate number of shares issuable under all compa...
Archosaur Games Sets August EGM on Share Schemes and Closes Member Register
Jul 30, 2026
Archosaur Games Inc., incorporated in the Cayman Islands and listed in Hong Kong under stock code 9990, operates in the video games and interactive entertainment industry. The company focuses on developing and publishing online games for players i...
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...
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.