12 November 2025 — Asphere Innovations Public Company Limited [SET: AS] announced its financial results for the third quarter of 2025, reporting total revenue of THB 360.1 million and net profit of THB 53.7 million, representing an increase of 36.5% and 146.4%, respectively, compared to the previous quarter. The continued growth was primarily supported by the strong performance of its PC game portfolio, alongside increasing contributions from a new revenue stream, PlayPark Services, which offers marketing services to game developers.
For the first nine months of 2025, total revenue and net profit decreased 2.4% and 29.7%, respectively, year-over-year. The decline was mainly attributable to the termination of Cabal Mobile services in the Philippines, which affected mobile game revenues. Nevertheless, the Company’s PC game segment remained strong and continued to serve as a key driver of performance.
During the third quarter, the Company continued to focus on strengthening its PC game business, considered a strategic segment, through major content updates and integrated marketing initiatives. MapleStory SEA, servicing players in Singapore and Malaysia, launched a 20th-anniversary campaign featuring a series of in-game activities and offline fan events aimed at enhancing community engagement, resulting in 35.2% revenue growth quarter-on-quarter. Meanwhile, Audition in Thailand celebrated its 19th anniversary in August through a Nostalgia Marketing campaign to reconnect with both former and current players. The campaign further elevated brand perception and expanded visibility through the engagement of the popular music duo “Lipta” as campaign presenters. These initiatives led to a 11.8% increase in revenue and a 39.0% rise in player numbers from the previous quarter. In addition, the Company launched MU New Dawn in Southeast Asia on 28 September 2025, with full revenue recognition expected in the fourth quarter of 2025.
Beyond its core online game services, the Company continued executing its strategy to diversify revenue streams. PlayPark Services earned the trust of major game developers to oversee marketing activities for new titles launched in Thailand and the Philippines, marking solid progress in the Company’s strategy to build new revenue pillars.
Looking ahead to the fourth quarter of 2025, the Company launched the mobile game Real Yulgang Classic in Thailand on 16 October 2025 to broaden the existing user base of the original Yulgang Online franchise. The launch marks a continued expansion into the mobile gaming ecosystem, aiming to retain core users while building a long-term growth cycle in mobile game revenue.
Furthermore, PlayPark Services continues to provide marketing services to its existing partners while expanding outreach to new prospects. The Company presented its capabilities at the gamescom asia x Thailand Game Show 2025 in the Business (B2B) Zone held from 16–17 October, and at G-Star 2025 from 13–14 November 2025, creating new business opportunities and fostering future collaborations.
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