Shanda Games Reports First Quarter 2012 Unaudited Results

Shanda Games Limited (“Shanda Games”, or the “Company”) (NASDAQ: GAME), a leading online game developer, operator and publisher in China, today announced its unaudited consolidated financial results for the first quarter ended March 31, 2012.

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Non-GAAP Financial Highlights

• Net revenues were RMB1,389.4 million (US$220.7 million), up 10.9% YoY and 2.5% QoQ.
• Gross profit was RMB899.8 million (US$143.0 million), up 13.8% YoY and 4.2% QoQ. Gross margin was 64.8%, up from 63.1% in Q1 2011 and 63.7% in Q4 2011.
• Operating income was RMB492.9 million (US$78.3 million), up 18.6% YoY and 11.3% QoQ. Operating margin was 35.5%, up from 33.2% in Q1 2011 and 32.7% in Q4 2011.
• Net income attributable to ordinary shareholders was RMB381.8 million (US$60.7 million), up 3.6% YoY and 13.8% QoQ.
• Earnings per diluted ADS were RMB1.36 (US$0.22), compared with RMB1.30 in Q1 2011 andRMB1.20 in Q4 2011.

GAAP Financial Highlights

• Net revenues were RMB1,389.4 million (US$220.7 million), up 10.9% YoY and 2.5% QoQ.
  • Online game revenues generated in China were RMB1,288.6 million (US$204.7 million), up 8.7% YoY and 2.1% QoQ.
  • Other revenues were RMB100.8 million (US$16.0 million), up 49.8% YoY and 7.2% QoQ.
• Gross profit was RMB873.6 million (US$138.8 million), up 14.8% YoY and 4.7% QoQ. Gross margin was 62.9%, up from 60.8% in Q1 2011 and 61.5% in Q4 2011.
• Operating income was RMB436.3 million (US$69.4 million), up 24.6% YoY and 8.8% QoQ. Operating margin was 31.4%, up from 27.9% in Q1 2011 and 29.6% in Q4 2011.
• Net income attributable to ordinary shareholders was RMB336.8 million (US$53.4 million), up 7.6% YoY and 10.7% QoQ.
• Earnings per diluted ADS were RMB1.20 (US$0.19), compared with RMB1.10 in Q1 2011 andRMB1.08 in Q4 2011.

Operating Highlights

• Average Monthly Active Users (average MAUs) for games operated in China were 19.1 million, compared with 20.4 million in Q4 2011.
• Average Monthly Paying Users (average MPUs) for games operated in China were 4.3 million, compared with 4.5 million in Q4 2011.
• Monthly Average Revenue per Paying User (ARPU) for games operated in China was RMB99.9, compared with RMB92.8 in Q4 2011.

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