Results Highlights

• Leveraging the dual-drive strategy of "Globalisation" and "Mid-to-High-End", TCL Electronics has achieved quality growth in global business and continuously strengthened overall profitability. In 2025, the Company's revenue increased by 15.4% year-on-year (YoY) to HK$114.58 billion, profit after tax increased by 36.7% YoY to HK$2.53 billion, and adjusted profit attributable to owners of the parent increased by 56.5% to HK$2.51 billion compared with the previous year.
• In 2025, TCL TV's shipment ranking consistently remained at the second position among global branded TVs ^[1]; TCL Mini LED TV global shipment surged by 118.0% YoY, with its scale consistently ranking the first globally ^[2]. The continuous advancement of the "Mid-to-High-End" strategy has driven the gross profit margin of the large-sized display business to increase by 1.3 percentage points YoY to 16.8% during the year.
• The internet business sustained high profitability. In 2025, internet business revenue increased by 18.3% YoY to HK$3.11 billion, with a gross profit margin as high as 56.4%. The Company's overseas flagship models were among the first in the industry to integrate Google Gemini. As at the end of 2025, TCL Channel's global cumulative user base exceeded 45.70 million, with commercialisation and monetisation capabilities significantly strengthened.
• The innovative business continued to expand in scale, with revenue in 2025 surging by 31.9% YoY to HK$35.63 billion. Among these, the photovoltaic business revenue increased by 63.6% YoY to HK$21.06 billion, demonstrating outstanding market competitiveness and development resilience.
• The Board proposed a final cash dividend of HK49.80 cents per share for 2025, with a dividend payout ratio of approximately 50% of adjusted profit attributable to owners of the parent.

HONG KONG, March 28, 2026 /PRNewswire/ -- TCL Electronics Holdings Limited ("TCL Electronics" or the "Company", 01070.HK) announced its annual results for the year ended 31 December 2025. In 2025, the Company continued to make breakthroughs in product mix, technological leadership and quality enhancement, achieving healthy growth in business scale. During the year, the Company achieved revenue of HK$114.58 billion, representing a YoY increase of 15.4%, and its gross profit reached HK$17.90 billion, representing a YoY increase of 15.1%.

The Company continued to strengthen the building of various core capabilities, fully introduced AI applications across R&D, manufacturing, supply chain and sales, and comprehensively enhancing operational efficiency, with the overall expense^[3] ratio decreasing by 0.7 percentage points YoY to 11.1%. In 2025, the Company achieved continuous improvement in internal operational efficiency and its overall profitability continued to be optimised. Its profit after tax increased by 36.7% YoY to HK$2.53 billion, and adjusted profit attributable to owners of the parent reached HK$2.51 billion, representing an increase of 56.5% compared with HK$1.61 billion of the previous year.

To reward Shareholders for their long-term support and share development results, the Board proposed a final cash dividend of HK49.80 cents per share for 2025, with a dividend payout ratio of approximately 50% of adjusted profit attributable to owners of the parent. The final dividend per share increased significantly by 56.6% as compared with the previous year.

Mid-to-high-end display products and international market becoming core growth drivers, with TCL Mini LED TV maintaining global No. 1 position

Benefitting from effective enhancement of brand influence, efficient expansion of global channels and continuous optimisation of product mix, the Company's display business revenue in 2025 increased by 9.2% YoY to HK$75.80 billion, gross profit increased by 16.4% YoY to HK$12.48 billion, and gross profit margin increased by 1.1 percentage points YoY to 16.5%.

The large-sized display business achieved revenue of HK$64.71 billion during the year, representing a YoY increase of 7.7%; gross profit reached HK$10.90 billion, representing a YoY increase of 17.2%, with gross profit margin increasing by 1.3 percentage points YoY to 16.8%. In 2025, TCL TV's global shipment market share reached 14.7%, representing a YoY increase of 0.8 percentage points, consistently ranking second globally^[4]; TCL Mini LED TV global shipment surged by 118.0% YoY, with shipment proportion increasing by 6.8 percentage points YoY to 13.0%, and shipment market share reaching 31.1%, ranking firmly at the first position globally^[5], demonstrating the Company's technological leadership and market competitiveness in the high-end display segment.

In terms of the international market, the large-sized display business' revenue reached HK$47.50 billion, representing a YoY increase of 15.7%, with gross profit increasing by 29.4% YoY to HK$7.17 billion. The large-screen trend in the international market continued to accelerate, with overseas shipment of 65-inch and above TCL TVs surging by 50.0% YoY and shipment proportion increasing by 6.7 percentage points YoY to 24.2%; shipment of TCL Mini LED TV in the international market surged by as much as 228.0% YoY, with shipment proportion increasing by 7.1 percentage points to 10.6%. Benefitting from the optimisation of product mix, the gross profit margin from the international market increased by 1.6 percentage points YoY to 15.1%, with the premiumisation strategy delivering remarkable results. In the European market, the Company achieved full coverage of key channels, driving revenue increased by 13.9% YoY. The product mix shifted towards higher value and higher gross profit margin. In the North American market, the Company successfully implemented the "Mid-to-High-End" strategy, achieving dual improvement in revenue and ASP. During the year, the revenue increased by 11.2% YoY, while ASP recorded an over 20% YoY increase. In emerging markets such as Latin America, the Middle East and Africa, and Asia-Pacific, the Company actively promoted localised operations and continued to advance the dual-track strategy of synergistic development between offline channels and e-commerce platforms, driving a 19.8% YoY increase in TCL TV revenue and effectively unleashing the potential for scale growth. In 2025, TCL TV ranked among the top 3^[6] in terms of retail sales volume in over 20 countries worldwide.

In terms of the PRC market, while the overall industry shipment volume declined due to weak consumer demand, the Company's large-sized display business achieved steady gains in market share against the market headwind, supported by the "Mid-to-High-End" strategy. During the year, the Company's core high-end products delivered outstanding performance. Among them, TCL Mini LED TV shipment increased by 33.6% YoY, with shipment proportion increasing by 7.2 percentage points YoY to 22.5%; TCL QLED TV shipment increased by 29.6% YoY with shipment proportion increasing by 6.4 percentage points YoY to 21.2%. The high-end product portfolio continued to expand. Product mix upgrades further deepened the large-screen and mid-to-high end trends. The mid-to-high end trend also made the large-screen trend more prominent. The shipment proportion of 65-inch and above TCL TVs in the PRC market rose to 57.6% in 2025, with the average size increasing to 64.3 inches. The significant improvement in product mix drove the overall gross profit margin to increase by 1.9 percentage points YoY to 21.7%, with significant improvement in profitability and steady enhancement in operational quality.

During the year, the small-and-medium-sized display business adhered to the strategy of "prioritising efficiency and focusing on key markets", deeply cultivated tier-one network carrier channels in Europe and North America, and consolidated strategic relationships with core partners, achieving steady development. In 2025, revenue of the Company's small-and-medium-sized display business increased by 17.8% YoY to HK$9.97 billion, with gross profit increasing by 10.4% YoY to HK$1.44 billion.

In addition, the Company's smart commercial display business leveraged the globally leading resource advantages of its TV business, and focused on four major scenarios of office, retail, catering business and exhibition, thus continuously enhancing product competitiveness. In 2025, revenue of the smart commercial display business increased by 28.4% YoY to HK$1.12 billion, with gross profit increasing by 24.0% YoY to HK$0.14 billion.

Deepening collaboration with global giants and driving TV interaction and upgrade through AI to achieve growth in both revenue and profit for internet business

TCL Electronics continuously seized global new opportunities arising from AI technology development and deeply cultivated the global home internet sector, placing users at the core, strengthening the construction of AI and content ecosystems, and continuously enhancing user experience. During the year, the Company's internet business achieved simultaneous improvement in business scale and profitability quality, with revenue increasing by 18.3% YoY to HK$3.11 billion, gross profit increasing by 18.8% YoY to HK$1.75 billion, and gross profit margin standing at 56.4%, maintaining strong profitability.

In the international market, TCL Electronics continued to deepen strategic cooperation with international giants such as Google, Roku and Netflix, with flagship models pioneering the industry to integrate Google Gemini, and upgraded the AI interactive experience, whilst completing a comprehensive upgrade of its content aggregation application, TCL Channel. The proportion of local premium content doubled, driving a substantial YoY increase of 150.0% in average daily total usage duration. By the end of 2025, TCL Channel's global cumulative users exceeded 45.70 million, with content appeal and commercialisation and monetisation capabilities significantly strengthened, further solidifying the leading advantages in the global home internet business.

In the domestic market, leveraging its proprietary OTT smart device operating platform, the Company focused on AI content generation and interactive experience upgrades. In terms of product innovation, the Company focused on upgrading AI technology on the TV front to deliver an even more immersive interactive experience. Meanwhile, the Company created a proprietary copyright "Content Factory" through AI, achieved large-scaled implementation of AI-generated content in the children's segment, and improved AI-generated animation creation efficiency through self-developed tool Agent. The AI hardware product Amby Uni was successfully launched to the market. During the year, the Company continuously optimised the business structure and consolidated its leading position in the global home internet sector.

Driving high-quality growth of photovoltaic business through the asset-light operating model while building long-term competitive advantages via diversified AI layout

By consistently increasing R&D investment, the Company focused on AI technology to cultivate its second growth curve. By leveraging the enhancement of global marketing and brand influence, the innovative businesses achieved continuous expansion during the year, with revenue surging by 31.9% YoY to HK$35.63 billion in 2025.

The photovoltaic business adhered to a relatively asset-light approach in the domestic market. It developed market-based electricity trading capabilities, strengthened channel partnerships, and steadily enhanced operational efficiency and competitiveness, entering a phase of high-quality development. The overseas business focused on key European countries, leveraged SunPower to enhance brand synergy, and accelerated the "solar-storage-heating" product layout and business expansion. In 2025, the photovoltaic business' revenue increased by 63.6% YoY to HK$21.06 billion, with gross profit increasing by 47.5% to HK$1.81 billion. In 2025, the photovoltaic business achieved new installed capacity of 8.0 GW domestically and cumulatively contracted over 340 industrial and commercial projects, with cumulative dealer channels exceeding 2,530 and contracted rural households totaling nearly 360,000.

In the AR/XR sector, RayNeo, incubated by the Company, continued to maintain its industry-leading position. In 2025, RayNeo held a 32% market share in the PRC AI/AR glasses market, ranking first with an absolute advantage^[7]; in the PRC AR glasses online market in 2025, RayNeo held a 35.4% sales volume share, maintaining rapid growth amid intensifying market competition, and ranking first in the PRC online omni-channel market for four consecutive years^[8]. In terms of product innovation, the Company launched in October 2025 the world's first HDR glasses, RayNeo Air 4, integrating seven major technological highlights and leading industry technology development. At CES 2025, the Company launched TCL AiMe, the world's first modular AI companion robot, perfectly integrating AI technology, IoT control and home companionship functions. As the smart home ecosystem matures, innovative products such as TCL AiMe are expected to become widely seen in future homes, demonstrating enormous market potential.

Future Outlook: Driving industrial upgrade through AI, focusing on dual enhancement of profitability and scale, and achieving high-quality development

Looking ahead, the Company will continue to uphold the business philosophy of "Strategy Guidance, Innovation Driven, Advanced Manufacturing and Global Operation". The core business will adhere to the dual-drive strategy of "Globalisation" and "Mid-to-High-End", while new business segments will take AI innovation and digital intelligence empowerment as key drivers. The Company is committed to continuously expanding its global scale, improving profitability, and achieving high-quality sustainable development. In terms of Shareholder return, the Company attaches great importance to the long-term value of Shareholders. Going forward, while maintaining sound business growth, the Company will continuously optimise its capital structure, aiming to deliver sustainable, high-quality and long-term returns to Shareholders through solid performance.

About TCL Electronics
TCL Electronics Holdings Limited (01070.HK, incorporated in the Cayman Islands with limited liability) has been listed on the Main Board of The Stock Exchange of Hong Kong Limited since November 1999. Its business scope covers display business, innovative business, and internet business. Guided by the business philosophy of "Strategy Guidance, Innovation Driven, Advanced Manufacturing and Global Operation", TCL Electronics actively embraces transformation and innovation and focuses on breaking into the mid-to-high-end global market, and strives to the all-category layout for the "Smart IoT Ecosystem". Dedicated to providing users with all-scenario smart healthy living experiences, TCL Electronics aims to become a leading global intelligent terminal enterprise. TCL Electronics is included in the list of eligible shares for Shenzhen-Hong Kong Stock Connect. It is a constituent stock of the Hang Seng Stock Connect Hong Kong Index, the Hang Seng Composite LargeCap & MidCap Index, and the Hang Seng Composite MidCap Index. Since 2018, the Company has been awarded an ESG rating of A by Hang Seng Indexes Company for several consecutive years.

For more information, please visit TCL Electronics' investor relations website at http://electronics.tcl.com, or access the official WeChat account of TCL Electronics Investor Relations.

業績亮點

• TCL電子憑藉「全球化」與「中高端化」的雙輪驅動戰略，在全球市場取得高質量增長，盈利能力持續增強。2025年，收入同比增長15.4%至1,145.8億港元，除稅後利潤同比增長36.7%至25.3億港元，經調整歸母淨利潤較去年增長56.5%至25.1億港元。
• 2025年，TCL TV出貨量排名穩居全球品牌TV前二^[1]；TCL Mini LED TV全球出貨量同比大幅增長118.0%，規模穩居全球首位^[2]。中高端戰略的持續推進，帶動大呎吋顯示業務在年內毛利率同比提升1.3個百分點至16.8%。
• 互聯網業務維持高盈利水平，2025年收入同比增長18.3%至31.1億港元, 毛利率高達56.4%。海外旗艦機型率先接入Google Gemini，截至2025年底TCL Channel累計用戶突破4,570萬，商業化變現能力顯著增強。
• 創新業務規模持續擴張，2025年收入同比高增31.9%至356.3億港元，其中光伏業務收入同比增長63.6%達210.6億港元，展現出卓越的市場競爭力與發展韌性。
• 董事會建議派發2025年末期股息每股現金49.8港仙，派息率達經調整歸母淨利潤的約50%。

香港2026年3月27日 /美通社/ -- TCL電子控股有限公司（「TCL電子」或「公司」，01070.HK）今天公佈截至2025年12月31日止之年度業績。2025年，本公司在產品結構、技術領先、品質提升等方面持續突破，業務規模健康增長，年內實現收入1,145.8億港元，同比增長15.4%；毛利同比增長15.1%至179.0億港元。

公司持續強化各項核心能力建設，在研發、製造、供應鏈及銷售等環節全面導入AI應用，全面提升運營效率，年內的整體費用^[3]率同比下降0.7個百分點至11.1%。2025年，公司不斷提升內部運營效率，整體盈利水平持續優化，年內除稅後利潤同比增長36.7%至25.3億港元，經調整歸母淨利潤達25.1億港元，較去年16.1億港元增長56.5%。 

為回饋股東長期支持並共享發展成果，董事會建議派發2025年末期股息每股現金49.8港仙，派息率達經調整歸母淨利潤的約50%，末期股息較去年大幅增加56.6%。

中高端顯示產品及國際市场成增長動力  TCL Mini LED TV穩居全球第一 

憑藉品牌影響力有效提升，全球渠道高效拓展及產品結構持續優化，2025年公司的顯示業務整體收入同比增長9.2%至758.0億港元，毛利同比增長16.4%至124.8億港元，毛利率同比增長1.1個百分點至16.5%。

其中，大呎吋顯示業務在年內實現收入647.1億港元，同比增長7.7%；毛利達109.0億港元，同比增長17.2%，毛利率同比提升1.3個百分點至16.8%。2025年，TCL TV全球出貨量市佔率達14.7%，同比提升0.8個百分點，排名穩居全球品牌TV前二^[4]；TCL Mini LED TV全球出貨量同比大幅增長118.0%，出貨量佔比同比提升6.8個百分點至13.0%，出貨量市佔率達31.1%，穩居全球首位^[5], 充份表現公司在高端顯示領域的技術領先優勢和市場競爭力。

在國際市場方面，大呎吋顯示業務收入達475.0億港元，同比增長15.7%，毛利同比增長29.4%至71.7億港元。國際市場大屏化進程持續加速，65吋及以上TCL TV海外出貨量分別同比大幅增長50.0%，出貨量佔比同比提升6.7百分點至24.2%；TCL Mini LED TV國際市場出貨量同比增幅更達至228.0%，出貨量佔比提升7.1個百分點至10.6%。產品結構的優化推動國際市場毛利率同比提升1.6個百分點至15.1%，高端化戰略成效顯著。其中，歐洲市場實現了重點渠道的全面覆蓋，年內收入同比增長13.9%，產品結構向高價值及高盈利方向發展；北美市場中高端戰略有效落地，實現了收入和ASP雙提升，年內收入同比增長11.2%，ASP同比提升超20%；而在拉美、中東非及亞太等新興市場，公司積極推進本土化運營，並持續加強線下渠道與電商平台協同發展的雙軌策略，帶動TCL TV收入同比增長19.8%，有效釋放規模增長潛力。2025年，TCL TV在海外超20個國家市佔率排名前3^[6]。

在國內市場方面，在終端需求疲軟影響行業整體出貨規模下滑的情況下，公司憑藉中高端產品戰略，大呎吋顯示業務逆勢實現市場份額的持續提升。年內，公司核心高端產品表現亮眼。其中，TCL Mini LED TV出貨量同比增長33.6%，出貨量佔比同比提升7.2個百分點至22.5%；TCL量子點TV出貨量同比增長29.6%，出貨量佔比同比提升6.4個百分點至21.2%，高端產品陣容持續擴容。中高端化亦帶動大屏化趨勢持續凸顯，2025年國內65吋及以上TCL TV出貨量佔比提升至57.6%，平均尺寸擴大至64.3吋。產品結構的顯著改善帶動國內市場整體毛利率同比提升1.9個百分點達21.7%，盈利水平大幅改善、經營質量穩步增長。

年內，中小呎吋顯示業務堅持「效率優先，聚焦重點市場」的策略，深耕歐洲、北美一線網絡運營商渠道，鞏固與核心合作夥伴的戰略關係，實現了穩健發展。2025年，本集團中小呎吋顯示業務收入同比增長17.8%至99.7億港元，毛利同比增長10.4%至14.4億港元。

此外，本公司的智慧商顯業務復用TV全球領先的資源優勢，聚焦辦公、零售、餐飲、展覽四大場景，不斷提升產品競爭力，於2025年錄得收入同比增長28.4%至11.2億港元，毛利同比增長24.0%至1.4億港元。

深化與國際巨頭合作，AI驅動TV端交互升級，互聯網業務量利齊增

TCL電子持續在全球範圍內緊抓AI技術發展新機遇，深耕全球家庭互聯網賽道，以用戶為中心，強化AI與內容生態構建，不斷提升用戶體驗的。年內，公司之互聯網業務實現業務規模與盈利質量同步提升，收入錄得同比增長18.3%至31.1億港元；毛利同比增長18.8%至17.5億港元；毛利率高達56.4%，盈利能力持續強勁。

在國際市場，TCL持續深化與Google、Roku、Netflix等國際巨頭的戰略合作，旗艦機型率先接入Google Gemini，升級AI交互體驗，同時完成內容聚合應用TCL Channel全面升級，優質內容佔比翻倍，刺激日均使用總時長同比大幅提升150.0%。截至2025年底，TCL Channel全球累計用戶規模突破4,570萬，內容吸引力與商業化變現能力同步顯著增強，進一步夯實全球化家庭互聯網業務的領先優勢。

國內市場依托自有OTT智能終端運營平台，聚焦AI內容生成與交互體驗升級。在產品創新方面，重點聚焦TV端AI體驗升級，打造更為極致的交互體驗。同時，公司以AI技術打造自主版權「內容工廠」，在少兒領域實現AIGC內容規模化落地，並通過自研工具Agent提升AI漫劇創作效率，同時AI硬件Amby Uni成功投放市場。年內持續優化互聯網業務結構，鞏固在全球家庭互聯網領域的領先地位。

輕資產模式驅動光伏業務高品質增長，多元AI佈局構建長期競爭優勢

公司憑藉持續加大研發資源投入，聚焦AI技術研發，佈局第二增長曲線，並借助全球營銷及品牌力的提升，年內創新業務規模持續擴張，2025年收入同比大幅增加31.9%至356.3億港元。

光伏業務在國內市場堅持「相對輕資產」模式，建設電力市場化交易能力，並深化渠道合作，運營效率與相對競爭力持續提升，進入高品質發展階段；海外業務聚焦歐洲重點國家，協同SunPower品牌優勢，加快推進「光儲熱」產品及業務發展。2025年，光伏業務收入同比增長63.6%至210.6億港元，毛利額同比增長47.5%至18.1億港元。2025年，光伏業務在國內新增裝機量達8.0GW，累計工商簽約項目超340個，累計經銷商渠道超2,530家，累計簽約農戶近36萬戶。

在AR/XR賽道方面，公司旗下孵化的雷鳥創新持續保持行業領先地位。2025年，雷鳥創新中國AI/AR眼鏡市場份額32%，以絕對優勢位居第一^[7]；2025年中國AR眼鏡線上市場，雷鳥創新銷量份額為35.4%，在市場競爭快速升溫的背景下保持高速上漲，連續四年穩居中國線上全渠道市場的第一^[8]。在產品創新方面，公司於2025年10月發佈全球首款HDR眼鏡雷鳥Air 4，集成七大技術亮點，引領行業技術發展。在CES 2025上，公司發佈全球首款分體式智能家居陪伴機器人TCL AiMe，將AI技術、物聯網控制和家庭陪伴功能完美融合，隨着智能家居生態日趨成熟，TCL AiMe等創新產品有望成為未來家庭標配，展現出巨大的市場潛力。

未來展望:以AI驅動產業升級，聚焦盈利與規模雙提升，實現高質量發展

展望未來，公司將持續秉持「戰略引領、創新驅動、先進製造、全球經營」的經營理念，主航道業務堅定「全球化」與「中高端化」雙輪戰略，新業務板塊以AI創新與數智賦能為重要驅動，持續擴張全球規模，全力提升盈利能力，實現高品質可持續發展。股東回報方面，公司高度重視股東長期價值。未來，公司將保持業務穩健增長的同時持續優化資本結構，以確定性的業績為股東兌現可持續、高質量的長期回報。

有關 TCL 電子

TCL 電子控股有限公司（01070.HK，於開曼群島註冊成立之有限公司），自 1999 年 11 月起於香港聯交所主板上市，業務範圍涵蓋顯示業務、創新業務以及互聯網業務。TCL 電子以「戰略引領、創新驅動、先進製造、全球經營」為經營理念，積極變革創新，聚焦突破全球中高端市場，努力夯實「智能物聯生態」全品類佈局，致力為用戶提供全場景智慧健康生活，致力成為全球化經營的領先智能終端企業。TCL 電子已獲納入深港通之合資格港股通股份名單，是恒生港股通指數、恒生綜合中大型股指數及恒生綜合中型股指數基準指數成份股，並從 2018 年起連續多年獲得恒生指數公司授予 ESG 評級 A。

如欲查詢更多資料，請瀏覽 TCL 電子投資者關係網站 http://electronics.tcl.com，或訪問 TCL 電子投資者關係官方微信公眾號。

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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