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Utilities
On March 26, 2025, NetDragon Websoft Holdings Limited, a renowned internet community builder and leader in the entertainment and education sectors, announced its financial results for fiscal year 2024. The company, known for its stronghold in the Chinese gaming industry and its innovative educational solutions, provided insights into its strategic focus on artificial intelligence (AI) across its core businesses.
NetDragon's FY 2024 financial report showcased a revenue of RMB 6.0 billion, marking a 14.8% decrease year-over-year (YoY). The company's revenue is primarily derived from gaming and application services, which accounted for RMB 3.9 billion, or 65.1% of its total revenue, reflecting a 6.0% decrease YoY. The Mynd.ai business segment contributed RMB 2.1 billion, representing 34.8% of total revenue but experienced a 27.6% decline YoY[1].
Revenue Breakdown:
Total Revenue: RMB 6.0 billion
Gaming and Application Services: RMB 3.9 billion (65.1% of total, 6.0% decrease YoY)
Mynd.ai Business: RMB 2.1 billion (34.8% of total, 27.6% decrease YoY)
Profitability Indicators:
Gross Profit: RMB 3.9 billion (10.4% decrease YoY)
Core Segmental Profit from Gaming: RMB 925 million (33.9% decrease YoY)
Core Segmental Loss from Mynd.ai: RMB 297 million (vs. a loss of RMB 93 million in 2023)
EBITDA: RMB 1.4 billion (7.1% increase YoY)
Operating Profit: RMB 745 million (9.3% decrease YoY)
Profit before Tax: RMB 756 million (19.1% increase YoY)
Profit attributable to Owners: RMB 311 million (43.5% decrease YoY)[1].
NetDragon's strategic emphasis on integrating AI across its business segments underscores its ambition to harness AI's transformative power. In the gaming sector, the company leveraged AI to enhance production efficiency and content quality, pioneering "AI-native" games. Its flagship IP, Eudemons, underwent significant optimizations to improve player experience and ecosystem balance[1].
NetDragon reinforced its commitment to AI-driven education by winning the tender for China's "National Smart Education Platform Project" in July 2024. Additionally, it partnered with Thailand's Ministry of Higher Education to develop an AI-based online education platform[1].
Mynd.ai, NetDragon's U.S.-listed subsidiary, launched its next-generation interactive flat panel, ActivPanel 10, along with software solutions ActivSuite TM in January 2025. These innovations aim to solidify Mynd.ai's position in the AI-driven classroom technology market[1].
Despite facing significant headwinds in the interactive flat panel display market, NetDragon remains committed to optimizing its operational efficiency and enhancing its product offerings. The company expects economic challenges to persist in 2025 but is proactively expanding its portfolio and refining its go-to-market strategies[1].
NetDragon Websoft's FY 2024 results reflect its dedication to navigating the evolving landscape of AI-driven technologies. As the company continues to integrate AI across its gaming and education sectors, it positions itself for sustainable growth and innovation in a rapidly changing digital world.
