BEIJING, March 27, 2026 /PRNewswire/ -- Maoyan Entertainment ("Maoyan" or the "Company", 1896.HK), a leading platform providing innovative Internet empowered entertainment services in China, today announced its audited consolidated results for the year ended December 31, 2025.

Full Year 2025 Financial Highlights

• Revenue was RMB4,631.5 million, representing a year-over-year increase of 13.5%, compared with RMB4,082.2 million in 2024.
• Gross profit was RMB2,004.1 million, representing a year-over-year increase of 23.3%, compared with RMB1,625.0 million in 2024.
• Operating Profit was RMB724.4 million, representing a year-over-year increase of 269.8%, compared with RMB195.9 million in 2024.
• Profit was RMB563.1 million, representing a year-over-year increase of 209.6%, compared with RMB181.9 million in 2024.
• Adjusted EBITDA^[1] was RMB860.8 million, representing a year-over-year increase of 138.1%, compared with RMB361.6 million in 2024.
• Adjusted net profit^[2] was RMB677.1 million, representing a year-over-year increase of 118.7%, compared with RMB309.6 million in 2024.

BUSINESS REVIEW 

According to the data released by the China Film Administration (國家電影局), the total box office nationwide in 2025 reached RMB51.832 billion, representing a year-on-year increase of 21.95%, and the number of moviegoers in urban cinemas was 1.238 billion, representing a year-on-year increase of 22.57%. The offline performance market continued to maintain its vigorous upward development trend. According to the National Performance Market Development Briefing for 2025 (《2025全國演出市場簡報》) released by the China Association of Performing Arts (中國演出行業協會), the commercial performance box office revenue nationwide in 2025 was RMB61.655 billion, representing a year-on-year increase of 6.39%.

During the Reporting Period, the number of released movies in which the Company was involved and their box office performance continued to rank at the top among industry leaders. The number of movies for which we acted as a lead distributor continued to increase, and the core advantages of our promotion and distribution services were further enhanced. Our live entertainment business continued to outperform the overall market in GMV growth, and our market competitiveness continued to increase. With the profitability improving steadily, the Company continued with the arrangements for the shareholder return.

Entertainment Content Services

As a leading film promoter and distributor, we continued to actively participate in the promotion and distribution/production of movies, providing a wide range of services for an increasing number of domestic and imported movies, and further enhancing our promotion and distribution advantages. During the Reporting Period, we participated in the promotion and distribution/production of 73 films, including 55 domestic films and 18 imported films, with both the quantity and box office coverage reaching historic highs for the same period.

During the Reporting Period, we continued to leverage our promotion and distribution capabilities and advantages, and completed systematic iterations in three dimensions: strategic precision, rhythm compatibility, and infrastructure standardization. By combining the film types and their own characteristics, and based on our advantages such as data analysis and industry experience, we continued to optimize and iterate promotion and distribution strategies, crafting out highlight strategies such as emotional marketing and content co-creation promotion and distribution. This helped films achieve excellent box office results. For instance, in the promotion and distribution of Nobody (浪浪山小妖怪), we focused on details of life and the workplace, accurately capturing the emotional needs of the audience from "being watched" to "being empathized with". For The Legend of Hei 2 (羅小黑戰記2), we collaborated with over a thousand pop-up themed cinemas and hosted hundreds of innovative interactive ceremony sessions. By creating immersive consumption scenario experiences and stimulating the emotional resonance of moviegoers, we successfully boosted the box office. Similarly, Disney's ZOOTOPIA 2 (瘋狂動物城2), for which we played a key role in the promotion and distribution, grossed RMB4.593 billion, contributing to Hollywood reassessing the potential of the Chinese film market.

Leveraging our experience and advantages in promotion and distribution, as well as our evergrowing movie selection capabilities and data accumulation, we participated in the promotion and distribution of 68 movies during the Reporting Period, among which we acted as a lead distributor for 48 movies, setting a new record in terms of the number of movies. Furthermore, a number of the movies we distributed/produced delivered outstanding box office performance during several important release periods. For instance:

• During the Spring Festival season, DETECTIVE CHINATOWN 1900 (唐探1900), for which we acted as a lead distributor/producer, became the runner-up of the season with a box office of RMB3.612 billion. Based on this, for five consecutive years during the Spring Festival season, movies for which we acted as a lead distributor have maintained the outstanding performance of ranking in the top two of the season;
• During the May Day holiday, The Dumpling Queen (水餃皇后) and A Gilded Game (獵金•遊戲), for which we acted as a lead distributor/producer, ranked first and second in box office for the release period, respectively;
• During the Qingming Festival, Doraemon The Movie: Nobita's Art World Tales (哆啦A夢：大雄的繪畫奇遇記), for which we acted as a lead distributor/producer, and ENDLESS JOURNEY OF LOVE (時間之子), which we developed, ranked second and third in box office for the release period, respectively;
• During the summer movie season, Nobody (浪浪山小妖怪) and The Lychee Road (長安的荔枝), for which we  acted as a lead distributor/producer, ranked second and fourth in box office for the release period, respectively;
• During the National Day season, The Volunteers: Peace at Last (志願軍：浴血和平) and A Writer's Odyssey II (刺殺小說家2), for which we acted as a lead distributor/producer, ranked first and third in box office for the release period, respectively;
• During the Chinese New Year's release period, ZOOTOPIA 2 (瘋狂動物城2), Avatar: Fire and Ash (阿凡達3),  and Gezhi Town (得閒謹制), for which we acted as a promoter/distributor/producer, ranked among the top three of the season.

Moreover, several of the aforementioned movies won or were nominated for awards at the China Golden Rooster Awards (中國電影金雞獎), the Shanghai International Film Festival (上海國際電影節), the Macau International Movie Festival (澳門國際電影節), and the Golden Singa Awards (新加坡國際華語電影金獅大賞).

In addition, our promotion and distribution services for imported films achieved phased results. In 2025, we participated in the promotion/distribution/production of 18 imported films, setting a historic high for the same period in terms of service quantity. Notably, we provided promotion/distribution services for all of the top five imported films in terms of annual box office, achieving effective coverage of the core box office of imported films. Moving forward, we will continue to enhance our promotion and distribution service capabilities for top-tier imported movies.

Currently, a series of movies for which we acted as a distributor/producer are already scheduled, and we have a diverse pipeline of high-quality movie content covering varied themes, which are steadily progressing and will be released as opportunities arise, such as:

Online Entertainment Ticketing Services

The performance market has continued to remain robust since the beginning of 2025. We continued to strengthen investment in all aspects of the performance business, including establishing cooperation across the industry chain, and enhancing fundamental service capabilities including infrastructure construction and on-site team building, thereby consistently reinforcing the Company's core competitiveness. During the Reporting Period, our total performance GMV growth rate far exceeded the industry performance. In particular, the GMV and coverage of local performance projects continued to increase, with local Quyi shows, talk shows, and e-sports and other categories delivering outstanding results. For example, the GMV of local Quyi shows and talk shows increased by 90% and 70% year-on-year, respectively. During the Reporting Period, we provided high-quality service and on-site ticketing support as a general ticketing agent for thousands of large-scale performance projects, representing a year-on-year increase of over 30% in terms of the number of projects, providing services to artists including but not limited to Jacky Cheung (張學友), Jay Chou (周杰倫), Eason Chan (陳奕迅), Leehom Wang (王力宏), Han Geng (韓庚) and David Tao (陶喆). We also actively explored upstream content production for performance projects, by utilizing the business connection and synergy advantages of film + performance to form effective coordination between film and television artists/creators and the performance business. Such exploration has expanded the possibility of content reserve and stimulated new market demands.

It is noteworthy that in overseas regions, especially Hong Kong and Macau, the performance categories we serve have become increasingly diversified, with the sales scale achieving breakthrough high-speed growth. During the Reporting Period, we continued to maintain stable and good cooperation with multiple venues including AsiaWorld-Expo, Galaxy Macau, and Sands Macao. In addition, we maintained active cooperation with various organizers, with scope of cooperation covering multiple categories such as concerts, theater performances, and sports events, such as well-known sports events like WTT Champions Macao 2025 (WTT澳門冠軍賽2025), WTT Finals Hong Kong 2025 (WTT香港總決賽2025), and the RED on RED: Gerrard 11 vs Rio 11(雙紅會：謝拉特、費南迪邀請賽). In addition, we maintained stable cooperation with performance partners in a number of Southeast Asian countries and regions.

We continued to plough resources into the online movie ticketing business, thereby maintaining our leading position and consistently committing to actively providing professional full-chain services for the film industry. During the Reporting Period, we actively innovated commercial scenarios for movie ticketing, assisting theaters in refined operations and commercial marketing capabilities. Meanwhile, we helped to create an innovative mutual entertainment marketing model for the theater industry, using theaters as the core scenario to help realize a new ecosystem for local entertainment consumption. On the other hand, we further strengthened the synergy capabilities between our platform services and ticketing system partners, with services covering more than 4,000 cinemas nationwide, and continued to provide high-quality system services for more cinemas. Furthermore, we continued to enhance our service capabilities for film festivals and government-sponsored cultural activities. In addition to serving as the official ticketing platform for the Beijing International Film Festival for five consecutive years, we also provided full-process assurance such as ticketing and thematic promotional campaign for multiple film festivals including the 49th Hong Kong International Film Festival and the 12th Silk Road International Film Festival. During the Reporting Period, we also collaborated with government departments across multiple provinces, cities, and districts to implement a series of cultural benefit activities, helping to boost the vitality of the cultural consumption market.

Advertising Services and Others

We continued to explore the IP derivative business. Currently, we have established the fulllink capabilities spanning from IP copyright to development, production, and sales. During the Reporting Period, we participated in cooperation for 14 animated films, covering classic imported animation and Chinese original animation, while balancing mature IPs with new project exploration into rich project types and diverse styles. Through the gradual advancement of multiple projects, we have achieved verifiable results. On one hand, we are rooted in the upstream of the film and television industry chain, taking high-quality film content as a launchpad to explore diverse directions for film IP and derivative businesses. In 2025, we carried out joint cooperation in the "film promotion and distribution + IP derivatives" with films such as The Legend of Hei 2 (羅小黑戰記2) and Demon Slayer: Kimetsu no Yaiba Infinity Castle (鬼滅之刃：無限城篇). For example, created in collaboration with Chaoyang Culture & Tourism's Chaoyang Park, the "Meeting Hei" summer themed park achieved significant breakthrough effects and derivative revenue growth. In addition, we once again collaborated with Chaoyang Culture & Tourism to hold the Demon Slayer IP city-walk check-in event, with the gameplay spreading from a single point to regional radiation, achieving a larger scale of IP exposure and an immersive experience event focused on exhibition and sales. Meanwhile, we also continue to explore the IP path for original films. Based on the image of "Huhu", the panda IP image from the first Chinese pandathemed film series PANDA PLAN (熊貓計劃) developed by us, we developed and operated various derivatives that are extensively connected to the characteristics of Yunnan culture and tourism, thereby realizing the extension and synergy of "content-consumption-tourism" strategy. On the other hand, we are strategically developing our image-based IP portfolio, such as Xing You Ye and Potato Dog. This year, we will also cooperate with multiple domestic and foreign film projects on IP derivative rights, including Demon Agent (大唐妖探), All Wishes Come True! (八仙), Peppa Pig's Perfect Holiday (小豬佩奇•完美假期), Minions & Monsters (小黃人大眼萌3), and Toy Story 5 (玩具總動員5). We have also established deep strategic partnerships with companies such as Universal and Disney in areas including cinema distribution channels and Maoyan's proprietary IP channels. As for offline business operation, we will launch the new retail brand "MmmGoods吃穀子", which starts from film IPs and extends to diverse entertainment scenarios, covering all categories of IP merchandise. Our first IP-themed new retail flagship store is expected to officially commence operation in Beijing in the first half of this year.

We also continued to increase our investment and application in AI and big data infrastructure. In addition to utilizing big data algorithms to provide timely and accurate movie box office decision-making basis for the entire industry, we also strengthened the construction and reserve of box office forecast capabilities for performance projects, assisting the Company's participation and promotion and distribution decisions for performance business, and accumulating multiple successful cases and business logic for rapid replication and adaptation of crossover performance projects. In terms of movies, in addition to continuing to efficiently generate various promotion and distribution materials such as images and videos through AI technology, we established multi-level business and technology collaborations with various AI companies in the industry. For example, we carried out cross-border collaboration with Unitree Robotics to transform the virtual character "Huhu" from the movie into a touchable and interactive physical panda through robotic technology.

As a senior industry insider, Maoyan Research Institute (貓眼研究院) has always maintained its market acumen by continuing to release data insights for key seasons such as the Spring Festival, summer, and National Day, accurately conveying user feedback and empowering upstream creation with data. While simultaneously consolidating core services such as test screenings and promotion and distribution monitoring, it actively expanded research boundaries by introducing IP public opinion analysis and project target audience research based on big data. This helps projects accurately lock in audiences and effectively avoids risks during the development period.

OUTLOOK

As of March 24, 2026, the total box office nationwide in 2026 has exceeded RMB11.6 billion. Notably, during the Spring Festival season this year, PEGASUS 3 (飛馳人生3), for which we acted as a lead distributor/producer, became the box office champion of the season with a box office of RMB4.314 billion. This also marks the sixth consecutive year that films under our lead distribution have maintained the outstanding performance of ranking in the top two during the Spring Festival season.

As a key participant in China's film industry, we have witnessed and felt privileged to experience a year where Chinese cinema forged ahead on the path of high-quality development with fruitful results. In a complex and volatile market environment, we will adhere to the core development strategy of "Technology + Pan-Entertainment" to deepen our presence in the pan-entertainment industry, by consistently improving our core competitiveness and profitability, and upholding our original aspiration of serving as the "service provider" for the entire industry to better serve high-quality film content across the industry.

• We will continue to maintain and consolidate the market competitiveness of the entertainment content business, further leveraging our leading advantages and capabilities in movie promotion and distribution, continuing to focus on high-quality content, deepening the breadth and depth of our participation in the lead promotion and distribution and production of blockbusters, creating more high-quality and high-impact premium content to enhance brand competitiveness, as well as continuing to explore content creation and technological capability iteration;
• By tapping into the advantageous capabilities and resource spillover in the entertainment content, we will continue to focus on the IP derivative business, deepen the IP value and build a comprehensive IP ecosystem, building a new moat around our IP assets as the new business segment and creating a second growth curve for the next stage. In addition, we will continue to explore the application of AI across the entire film production, promotion and distribution chain, develop new scenarios and models in collaboration with partners such as cinemas, and further drive business exploration and innovation;
• We will continue to increase our long-term investment in the performance business, strengthen in-depth cooperation across the entire industry chain, and enhance infrastructure construction and service capabilities to further consolidate and enhance the Company's market competitiveness. At the same time, capitalizing on the existing platforms and business growth opportunities in Hong Kong and Macau, we will continue to expand our commercial cooperation scenarios in these regions and beyond, actively exploring new growth space and development potential.

Last but not least, we would like to express our sincere gratitude to all of our colleagues, shareholders, and industry partners for their trust and support. Let us forge ahead together and propel the high-quality development of the film industry, advancing China's transformation into a cinematic powerhouse.

About Maoyan Entertainment

Maoyan Entertainment (1896.HK) is a leading technology-driven entertainment company providing diversified services and valuable industry insights in China's pan-entertainment industry. The Company's mission is to make it easy to create, deliver, and enjoy great entertainment. Based on its core development strategy of "Technology + Pan-Entertainment", the Company has grown from an online movie ticketing service provider into an innovative one-stop platform with comprehensive entertainment services. For more information, please visit https://ir.maoyan.com/.

Non-IFRS Financial Measures

To supplement the consolidated results of the Company prepared in accordance with IFRS, certain additional non-IFRS financial measures (in terms of, operating profit, operating margin, profit for the period, net margin, profit attributable to equity holders of the Company, basic EPS and diluted EPS), have been presented in this press release. These unaudited non-IFRS financial measures should be considered in addition to, not as a substitute for, measures of the Company's financial performance prepared in accordance with IFRS. In addition, these non-IFRS financial measures may be defined differently from similar terms used by other companies.

The Company's management believes that the non-IFRS financial measures provide investors with useful supplementary information to assess the performance of the Company's core operations by excluding certain noncash items and certain impact of M&A transactions. In addition, non-IFRS adjustments include relevant non-IFRS adjustments for the Company's material associates based on available published financials of the relevant material associates, or estimates made by the Company's management based on available information, certain expectations, assumptions and premises.

Forward-Looking Statements

This press release contains forward-looking statements relating to the business outlook, forecast business plans and growth strategies of the Company. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in future. Underlying the forward-looking statements is a large number of risks and uncertainties. Further information regarding these risks and uncertainties is included in our other public disclosure documents on our corporate website.

HONG KONG, March 27, 2026 /PRNewswire/ -- Akeso, Inc. (9926.HK) ("Akeso" or the "Company") announced its 2025 annual results, highlighting a year of comprehensive, strategic leaps across all facets of its business.

Commercial Operations Enter a New Phase of Growth

In 2025, Akeso achieved record commercial sales revenue of RMB3,033.1 million, a 51.48% year-on-year increase. All approved products and indications are now included in China's National Reimbursement Drug List (NRDL). The strong commercial growth in 2025 was fueled by strong clinical validation and widespread adoption by both healthcare professionals and patients.

By the end of 2025, several high-impact indications were added to the latest NRDL, including:

• Ivonescimab: 1L PD-L1(+) NSCLC
• Cadonilimab: 1L gastric cancer and 1L cervical cancer
• Other products: Multiple indications for penpulimab, ebdarokimab and ebronucimab

With stable pricing for core first-line (1L) indications and improved hospital access, Akeso's commercial platform is positioned for a transformative 2026.

Advanced Clinical Development of IO 2.0 Bispecifics

Ivonescimab (PD-1/VEGF):

As the world's first and only approved PD-1/VEGF bispecific antibody, ivonescimab solidified its global leadership in 2025 by iterating upon existing Standards of Care (SOC) to reshape the oncology landscape. Ivonescimab has benefited approximately 70,000 patients to date.

Ivonescimab's IO 2.0 value is anchored by a series of landmark Phase III victories: in the HARMONi-2 study, ivonescimab achieved a head-to-head win against pembrolizumab in 1L PD-L1(+) NSCLC, establishing a new "chemo-free" standard. Additionally, the HARMONi-A study marked it as the first immunotherapy to reach dual PFS and OS positivity in EGFR-TKI resistant NSCLC, while HARMONi-6 demonstrated its superiority over tislelizumab (anti-PD-1 monoclonal antibody) in combination with chemotherapy in 1L squamous NSCLC, successfully overcoming traditional anti-VEGF contraindications for squamous histology.

Currently, the U.S. FDA has accepted the BLA from our partner Summit Therapeutics for ivonescimab plus chemotherapy in nsq-NSCLC following third-generation EGFR-TKI failure. As the only commercialized PD-1/VEGF bispecific globally, ivonescimab has secured two approved lung cancer indications in China (both NRDL-listed) with another sNDA under review for the first-line treatment of advanced squamous NSCLC. The Company's expansive global development program now encompasses 15 Phase III trials, including 5 global studies and 7 head-to-head studies against PD-1/L1 therapies, targeting critical 1L indications, IO-resistant, and "cold" tumors.

Cadonilimab (PD-1/CTLA-4):

Cadonilimab (PD-1/CTLA-4) is the world's first and only approved bispecific antibody of its class. With approximately 120,000 patients treated to date, it has demonstrated "all-comer" clinical benefits across multiple tumor types. Its exceptional efficacy in treating challenging cases, such as IO-resistant and "cold" tumors, has solidified its status as a cornerstone therapy in the IO 2.0 era.

Akeso is advancing 12 registrational or Phase III clinical trials for cadonilimab globally, covering more than 10 major cancer types and spanning the full treatment lifecycle and clinical scenarios. Furthermore, the Company is spearheading two international registrational studies: a head-to-head Phase III trial against nivolumab in first line gastric cancer, and a registrational trial for IO-resistant hepatocellular carcinoma (HCC). These high-efficiency global studies aim to address significant unmet medical needs, further unlocking cadonilimab's global therapeutic value.

Oncology Therapy Matrix Continues to Expand

Akeso is pioneering the IO 2.0 + ADC 2.0 strategy, expanding its portfolio from bispecifics into trispecifics and TCE platforms. the Company is fast-tracking the global development of its next-gen ADCs, such as the bispecific Trop2/Nectin4 AK146D1, and the HER3 AK138D1. By combining these with its core IO assets (cadonilimab and ivonescimab), Akeso aims to address the narrow therapeutic windows associated with traditional ADCs. With AK150 (trispecific) now in the clinic and more trispecific/multispecific antibodies and TCE bispecific/multispecific antibodies approaching clinical entry, Akeso is rapidly building a formidable, next-generation oncology matrix.

Paradigm Shift in Bispecific Excellence: Continuous Expansion of the Oncology Portfolio

Akeso is methodically extending its IO 2.0 leadership into the emerging ADC 2.0 landscape, thereby operationalizing its integrated "IO 2.0 + ADC 2.0" platform thesis while systematically advancing bispecific antibody expertise into higher order trispecific/multispecific antibodies and TCE platforms. In the area of IO, Akeso remains the sole global player with two approved immuno-oncology bispecifics, a distinction that confers both first-mover clinical validation and a proprietary data moat in dual-check point/dual-pathway blockade. On the ADC front, the Company's next-generation candidates, notably bispecific ADC AK146D1 and novel ADC AK138D1, are purpose-engineered to overcome the narrow therapeutic window that chronically plagues current ADCs, advancing the field into ADC 2.0.

Phase II trials combining these proprietary ADCs with cadonilimab and ivonescimab are now underway, with global expansion planned. Both IO bispecifics are also being explored broadly with external high-potential ADCs. Meanwhile, the Company's first trispecific antibody, AK150, is in clinical development, with more trispecific/multispecific and TCE assets approaching the clinic.

Immune and CNS Diseases Enter the Dual-Target Era

Beyond building global competitiveness in oncology, Akeso has created a powerful new growth engine in immune-related diseases. Leveraging its bispecific and multispecific antibody platforms, the Company is advancing a pipeline of novel candidates in autoimmune, respiratory, allergy, and CNS indications, including AK139, AK152 (siRNA), KF111 (siRNA), and KF115 (siRNA), alongside commercial-stage products like ebdarokimab, gumokimab and manfidokimab. This layered portfolio is rapidly strengthening Akeso's global presence beyond oncology.

AI-Powered R&D and Cutting-Edge Platforms

Building atop its globally competitive command in monoclonal and bispecific antibody development, Akeso has executed a deliberate expansion into frontier therapeutic modalities by embedding AI end-to-end across the entire R&D and manufacturing continuum - from discovery and cell-line/process development through to smart manufacturing. The outcome is a tightly orchestrated portfolio of differentiated platforms: the Tetrabody antibody technology platform, the AI-powered drug R&D platform, the Dual-Shield ADC technology platform, the Dual-Lock T-cell engager (TCE) technology platform, the Tissue-Smart siRNA/mRNA technology platform, and the cell therapy technology platform. These assets collectively solidifies Akeso's global innovation edge, unlocking 0-to-N breakthroughs across multiple high-barrier domains where conventional therapeutic modalities have historically stalled.

Akeso continues to iterate and scale its AI-powered, integrated drug discovery platform, which now provides comprehensive coverage across the entire R&D lifecycle for both antibody and nucleic acid therapeutics, while extending into additional frontier modalities. At its core lies a proprietary AI technology matrix that fuses high-precision structure prediction, immunogenicity prediction, fully automated humanization, and one-step sequence optimization. This closed-loop, data-rich architecture enables end-to-end precise engineering from sequence design to clinical development, significantly accelerating the efficient and high throughput development of innovative therapies.

Dr. Michelle Xia, Founder, Chairwoman, President, and CEO of Akeso, commented:

"2025 marked a definitive strategic leap for Akeso across commercialization, global clinical expansion, and our broadening multi-platform innovation ecosystem. We achieved over 50% sales revenue growth. This success provides a powerful springboard for continued commercial and clinical execution in 2026.

We are now pioneering a shift in therapeutic paradigms. Leveraging our leadership in IO bispecifics, we are expanding into 'IO 2.0 + ADC 2.0,' including bispecific ADCs, trispecifics, and TCE platforms. Beyond oncology, we are bringing the immense therapeutic benefit of bispecific antibodies to immunology, respiratory, and CNS diseases, all powered by our integrated AI discovery engine.

Our vision to bring transformative and life saving medicine to every patient on Earth is coming to fruition. With over ten products in international trials, including studies that includes ivonescimab and cadonilimab, we are advancing our mission to deliver world-class medicines to patients worldwide. By integrating global talent, capital, and R&D resources, and integrating AI into our research and development efforts, we are building a robust institutional framework to sustain Akeso's long-term leadership in innovation in the global biopharmaceutical industry."

About Akeso

Akeso (HKEX: 9926.HK) is a leading biopharmaceutical company committed to the research, development, manufacturing and commercialization of the world's first or best-in-class innovative biological medicines. Founded in 2012, the company has established a robust R&D innovation ecosystem centered on its Tetrabody antibody technology platform, AI-powered drug R&D platform, Dual-Shield ADC technology platform, Dual-Lock T-cell engager (TCE) technology platform, Tissue-Smart siRNA/mRNA technology platform, and cell therapy technology platforms. Supported by a global-standard GMP manufacturing infrastructure and a highly efficient, integrated commercialization model, the company has evolved into a globally competitive biopharmaceutical focused on innovative solutions. With fully integrated multi-functional platform, Akeso is internally working on a robust pipeline of over 50 innovative assets in the fields of cancer, autoimmune disease, inflammation, metabolic disease and other major diseases. Among them, 27 candidates have entered clinical trials (including 15 bispecific/multispecific antibodies and bispecific ADCs. Additionally, 7 new drugs are commercially available. Through efficient and breakthrough R&D innovation, Akeso always integrates superior global resources, develops the first-in-class and best-in-class new drugs, provides affordable therapeutic antibodies for patients worldwide, and continuously creates more commercial and social values to become a global leading biopharmaceutical enterprise.

Forward-Looking Statements

This announcement by Akeso, Inc. (9926.HK, "Akeso") contains "forward-looking statements". These statements reflect the current beliefs and expectations of Akeso's management and are subject to significant risks and uncertainties. These statements are not intended to form the basis of any investment decision or any decision to purchase securities of Akeso. There can be no assurance that the drug candidate(s) indicated in this announcement or Akeso's other pipeline candidates will obtain the required regulatory approvals or achieve commercial success. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in P.R.China, the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; Akeso's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the Akeso's patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

Akeso does not undertake any obligation to publicly revise these forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.

Anthropic, the developer behind Claude, is considering going public in the US as early as October, according to foreign media reports.

The company is currently in discussions with Goldman Sachs, JPMorgan, and Morgan Stanley. The fundraising amount could exceed USD60 billion.
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SpaceX is reportedly arranging an investor briefing to be held after Easter, accelerating preparations for what could be the largest IPO in US history.

SpaceX will conduct a "temperature check" meeting in April to provide investors with more detailed information to achieve its valuation target, sources divulged.

The company may submit a confidential listing application as early as this month, with a fundraising amount potentially reaching USD75 billion.
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Apple (AAPL.US) reportedly issued a rare special bonus to its iPhone product design team this week, with amounts ranging from USD200,000 to USD400,000, to retain talent.

Management is increasingly concerned about engineers being poached, particularly by OpenAI, which has invited former Apple design chief Jony Ive to participate in developing the next generation of AI devices.
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Alphabet (GOOG.US)'s Gemini introduced a new tool that allows users to import conversation records and personalized information from other AI applications, aiming to lure users from competitors to its platform.

Google stated that both free and paid users can upload compressed files to import chat content from other AI services into Gemini.

The company also provides standard prompts to help users organize personal background, interests, relationships, and plans, thereby accelerating the system's understanding of user needs.
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Iran turned down the US ceasefire proposal and presented five demands, while US President Donald Trump threatened to escalate the conflict, prompting higher oil prices and deepening downswing in US bourse on Thursday.

The DJIA settled down 469 points or 1% at 45,960. The Nasdaq plummeted 521 points or 2.4% to 21,408, down 10% from its earlier peak into correction territory. The S&P 500 ended down 114 points or 1.7% at 6,477.

The Los Angeles court ruled that Meta (META.US) and YouTube were negligent in a social media addiction case and must pay damages. Hence, Meta dived 8% and Alphabet (GOOG.US) slumped 3.1%.

Chip stocks tumbled, with Micron (MU.US) and AMD (AMD.US) both down 7%, Intel (INTC.US) down 6.5%, and NVIDIA (NVDA.US) down 4.2%. Amazon (AMZN.US) and Microsoft (MSFT.US) both fell over 1%, while Apple (AAPL.US) remained stable.
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Meta (META.US) announced on Thursday that its investment in the AI data center located in El Paso, Texas, US, will be expanded from the original USD1.5 billion to USD10 billion, with a target to achieve 1 gigawatt of computing power by 2028.
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Apple Inc. (AAPL.US) plans to open Siri to external AI assistants, aiming to enhance the iPhone's capabilities as an AI platform, foreign media reported.

Apple will reportedly conduct a comprehensive upgrade of Siri in the upcoming iOS 27 operating system update, which is part of the improvements to Siri's functionality.
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HONG KONG, March 26, 2026 /PRNewswire/ -- Newborn Town Inc. (Newborn Town or the company, together with the subsidiaries as the 'Group', stock code: 09911.HK), a leading global social entertainment company, released its annual results for 2025. 

For the year ended December 31, 2025, Newborn Town reported a total revenue of RMB 6,889 million, marking a 35.3% year-on-year increase. Net profit for the year reached RMB 964 million, up 22.3% year-on-year. Net profit attributable to owners amounted to RMB 935 million, surging by 94.6% year-on-year, while adjusted EBITDA totaled at RMB 1,215 million, demonstrating a year-on-year increase of 26.1%.  

By business segment, the social networking business remained the primary revenue driver. Flagship product TopTop continued to deliver strong growth, while MICO and YoHo provided stable contributions to both revenue and profit. The innovative business segment recorded a year-over-year surge of 59.3% in revenue, with quality games and social e-commerce maintaining solid and rapid growth, while the short drama business began to gain traction.

By market, the MENA region continued to demonstrate strong commercial momentum. Meanwhile, the Group accelerated its expansion into non-MENA markets, making encouraging progress in regions such as Latin America and Japan.

Deepening Competitive Moat in Social Networking Business, While Innovative Business Gained Strong Momentum

In 2025, the Group's social networking business sustained strong growth, with revenue reached RMB 6,142 million, representing a year-on-year increase of 32.9%.  

In particular, the game-oriented social networking platform TopTop delivered exceptional results, with profit growth exceeding 100%. Revenue for TopTop grew by over 70% year-on-year. Meanwhile, the live-streaming social platform MICO and the voice-based social platform YoHo continued to reinforce their leadership in their respective segments, contributing stable revenue and profit.

Leveraging its strong UGC-driven ecosystem, TopTop was steadily evolved into a household name in key MENA markets such as Saudi Arabia, and was named "Best Social Game Platform" at the Sensor Tower APAC Awards. According to Sensor Tower, TopTop ranked 5th in the Middle East social networking app revenue rankings in 2025.

As the Group's first social networking product, MICO has consistently maintained a leading position in the live-streaming social segment across markets such as the MENA region and Southeast Asia. The voice-based social platform YoHo also remained firmly positioned within the top tier of the MENA voice-based social market. According to DianDian data, YoHo ranked among the Top 10 grossing social apps on Google Play multiple times in markets including Saudi Arabia, Oman, and the UAE in 2025.

Meanwhile, the Group's diverse-audience social networking business continued to deliver steady progress. HeeSay, the flagship product of this business segment, further strengthened its presence in Southeast Asia, consistently ranking among the Top 10 grossing social apps on the App Store in markets such as Thailand and Vietnam.

During the year, the Group's innovative business recorded revenue of RMB 747 million, representing a year-on-year increase of 59.3%, working alongside the social networking business to drive steady overall growth. The Group's flagship games have entered long-term operation stages, while the development and pipeline of new game titles are progressing steadily.

The social e-commerce platform Heer Health continued its steady and rapid growth, further strengthened its presence in the fields of HIV prevention and sexual health services. Meanwhile, the Group's short drama business, which it has been actively investing in, has begun to gain early traction.

Accelerating Global Expansion with Solid Progress in Non-MENA Markets

In 2025, Newborn Town significantly accelerated its global expansion. During the year, the Group continued to strengthen its competitive advantages in key markets such as the MENA region and Southeast Asia.

In 2025, the Group's core products recorded year-on-year growth of nearly 50% in business scale in the MENA region. Meanwhile, the Group also made solid progress in new markets including Latin America, East Asia, and Europe, further expanding its global footprint.

In East Asia, TopTop successfully entered the high-barrier Japanese market, leveraging its differentiated positioning and refined localization strategy, and has begun to generate early monetization results. According to DianDian data, TopTop ranked 6th on the App Store free games chart in Japan in November 2025.

Newborn Town continued to advance its expansion in markets such as Europe, steadily broadening its global presence. In high-value markets including Japan, South Korea, and North America, the Group is actively refining its product offerings, deepening market understanding, and exploring further potential in both user scale and monetization.

In June 2025, Newborn Town officially established its global headquarters in Hong Kong, marking a new milestone in the Group's globalization strategy. Looking ahead, the Hong Kong headquarters will serve as a coordination hub, working closely with the Group's global R&D and operations centers to support continued overseas expansion.

AI Accelerated Deployment as a Full-Stack Capability "Multiplier"

In 2025, Newborn Town accelerated the deployment of AI across its business, deeply embedding AI into core functions such as R&D and operations to enhance overall efficiency. Meanwhile, the Group's AI product Aippy entered the consumer-facing AI application space, rapidly building a growing active user base since its launch.

During the year, the Group continued to strengthen its core technology capabilities, further expanding the application of AI across its business processes. Its self-developed multimodal algorithm model, Boomiix, continuing to undergo iterative upgrades, improving the accuracy of social matching and advancing the intelligence of operations.

Newborn Town also launched Siyu AI, an internal data intelligence platform, significantly shortened turnaround times for data queries, anomaly analysis, and report generation. Its proprietary AI-powered design platform KIVI continued to evolve, enhancing both production efficiency and content richness across key creative functions including the design of virtual gifts, campaign pages, and marketing assets, while materially shortening campaign and gifting operation cycles.

During the year, the Group launched Aippy, an AI-powered community for games, exploring new ways to deliver emotional value through AI-generated content. Since launch, Aippy has received positive user feedback, achieving an App Store rating of over 4.8. Building on this momentum, the Group has also continued to ramp up recruitment of top AI talent, further strengthening its technology foundation and positioning AI as a full-stack capability multiplier across local operations, scalable growth, product innovation, and compliance enhancement.

As AI became increasingly integrated with its social networking business, Newborn Town will continue to deepen its technological capabilities. By leveraging its strengths in agile product innovation, localized operations, and efficient user acquisition, the Group remains well-positioned to further expand in the global social entertainment market and create positive emotional value to users worldwide.