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Archosaur Games Inc.
(9990)
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Rating:44Neutral
Price Target:
HK$2.00
▲(5.26% Upside)
Action:Reiterated
Date:06/10/26
The score is held down primarily by persistent losses and sustained negative operating/free cash flow, despite strong gross margins and a conservatively levered balance sheet. Technically, momentum is weak with price below key moving averages and a negative MACD, while valuation remains difficult to support due to negative earnings and no dividend data.
Positive Factors
High, stable gross margins
Sustained ~71–72% gross margins show strong unit economics and pricing power in core game products. This durable margin base allows the company to cover fixed live‑ops costs and, if operating expenses are controlled, supports a path to profitability and scalable incremental profit as revenue grows.
Negative Factors
Multi-year negative operating and free cash flow
Consistent cash burn over multiple years means the business does not self‑fund operations or growth, forcing reliance on external financing or asset sales. That structural weakness limits reinvestment capacity, raises funding risk if markets tighten, and constrains long‑term strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
High, stable gross margins
Sustained ~71–72% gross margins show strong unit economics and pricing power in core game products. This durable margin base allows the company to cover fixed live‑ops costs and, if operating expenses are controlled, supports a path to profitability and scalable incremental profit as revenue grows.
Read all positive factors
Archosaur Games Inc. (9990) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.43B
Dividend Yield0.53%
Average Volume (3M)186.33K
Price to Earnings (P/E)―
Beta (1Y)1.33
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. Volume147,800
30 Day Avg. Volume186,333
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...
How the Company Makes Money
null...
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
-0.04
Positive
39.51
Neutral
35.00
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 1.90, below the 50-day MA of 1.95, and above the 200-day MA of 1.80, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 39.51 is Neutral, neither overbought nor oversold. The STOCH value of 35.00 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$3.63B | 6.08 | 17.09% | 4.70% | -1.22% | 1.26% | |
77 Outperform | HK$2.38B | 6.07 | 12.98% | 17.09% | 18.51% | 13.18% | |
71 Outperform | HK$21.69B | 12.43 | 37.85% | 0.89% | 5.88% | 13.11% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
53 Neutral | HK$980.59M | 150.56 | 0.56% | ― | 4.87% | ― | |
44 Neutral | HK$1.43B | -12.31 | -4.78% | 0.53% | -1.05% | 41.09% | |
41 Neutral | HK$4.41B | 23.53 | 2.92% | 13.42% | -15.56% | ― |
* Communication Services Sector Average
HK:9990
Archosaur Games Inc.
1.74
-0.18
-9.37%
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2.18%
Archosaur Games Inc. Corporate Events
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.