Question · Q4 2025
Tina Wang asked about the reasons behind GameHouse's fiscal year 2025 net profit declining more significantly than revenue, seeking insights into future margin trends. She also inquired about the potential impact of further restrictive actions by Apple and Google on B2C payments and GameHouse's mitigation strategies.
Answer
Shawn Zhiyuan Zhang, Senior Director of IR & Capital Markets, explained that the net margin was affected by one-off items related to listing preparation, noting a clear improvement in Q4 standalone net income. He highlighted an internal, non-GAAP operational metric (revenue minus cost of revenue and sales/marketing, divided by revenue) which showed improvement. CEO Yimin Cai addressed B2C payments, stating the DTC strategy launched after Apple's policy change, with 'Tidal Grant Cash slot' exceeding 10% DTC share in the US Apple Store. He emphasized compliance within evolving legal frameworks, multi-layered contingency plans, and the value of direct user relationships over commission savings.