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Mannings Introduces City-Wide Immersive Wellness Pop-Up “Mannings BoostUP – Your Wellness & Beauty Fiesta” Debuts This April in West Kowloon Cultural District

Reimagining Wellness and Inspiring a New State of Everyday Wellbeing


HONG KONG SAR – Media OutReach Newswire – 24 March 2026 – In a fast‑paced city where pressure and information overload are part of daily life, the definition of health has expanded beyond the absence of illness. For many Hongkongers, health now encompasses sleep quality, emotional balance, appearance confidence, and a sense of connection with others – for a more holistic, lifestyle‑driven state of wellbeing. It is highly individual, yet strengthened through community support.

Mannings BoostUP debuts this April in West Kowloon Cultural District

This April, Mannings is teaming up with Charlz Ng, a Hong Kong–based wellness advocate, brand strategist, and community builder, to bring Wellness from concept to everyday practice through the Mannings BoostUP Fiesta. The wellness & beauty discovery playground pop up will take place on 25–26 April at the West Kowloon Cultural District. Designed as a Wellness Buffet”, Mannings BoostUP blends interactive experiences, mind‑body sessions, community‑driven activities, and a range of complimentary health assessments from the Mannings Professional Health Team. The goal is simple but transformative: to inspire everyone to move beyond reactive health habits and discover their own version of a good state at their own pace, in their own way.

Mannings Redefines Wellness Elevating Everyday Wellbeing

As Hong Kong’s leading Health & Beauty retailer with deep roots in the city for over 50 years, Mannings has accompanied generations of customers with authentic products, trusted advice and caring service. In recent years, the Mannings brand has evolved into The Trusted Advisor for Wellness, reflecting a growing public desire for more complete and balanced approach to wellbeing – not just physically, but emotionally, socially, and in everyday confidence. For younger generations in particular, they are looking for wellness that feels fun, relatable and part of real life.

That’s why Mannings is stepping outside the store and into the community, creating fresh, lively and varied wellness experiences that are easy to join and enjoyable for all. Through Mannings BoostUP, we are bringing together local wellness experts, movement leaders, and diverse communities to reimagine what Wellness can look and feel like, turning it into a “Wellness Buffet” where everyone can explore and try something new, elevating their holistic wellbeing. From young people to families to anyone curious about feeling better, Mannings BoostUp aims to spark a more vibrant, connected wellness culture across the city.

Alex Liu, Managing Director of Mannings Hong Kong, Macau and China, said: “Today’s customers see health as much more than ‘pills when you’re ill’. They aspire to build a richer, more vibrant life for themselves, nurturing their physical, emotional, appearance and social wellbeing every day. As Hong Kong’s Trusted Advisor for Wellness, Mannings is committed to supporting our customers on this journey – through professional expertise, technology and community networks. Mannings BoostUP marks an important milestone in how we re-imagine wellness and embodies our commitment to grow together with the city.”

Doreen Cheng, Marketing Director for DFI Retail Group Health & Beauty, North Asia, and H&B Own Brand Power Brand added: “Our customers are increasingly embracing wellness as a holistic, lifestyle‑driven pursuit. Mannings BoostUP is an experiential platform where wellness becomes immersive, uplifting and part of everyday life. Through these experiences, we invite customers to reconnect meaningfully with their complete selves, so that everyone can explore their own version of ‘being in good state’, at their own pace.”

Charlz Ng, Hong Kong–based wellness advocate, brand strategist, community builder and Founder of 120 Collective shared: “At Mannings BoostUP, you don’t need to be an athlete or gym enthusiast. We aren’t chasing records or keeping score, we’re here to help people understand themselves a little better. That’s why partnering with Mannings felt natural to us. We share the belief that wellness should be part of daily life, and that everyone should be able to engage with it in their own way. It’s about the courage to try something new, the joy of discovery, and the magic that happens when we move together.”

Six-zone Playground with 40+ Immersive Experiences – One Ticket, Access to Everything

Six-zone Playground with 40+ Immersive Experiences

The two‑day festival brings together over 50 wellness experts, movement leaders and community builders, offering 40+ experiences across six curated zones. Whether you’re a seasoned athlete or simply health‑curious, the Fiesta is designed for absolutely everyone – it’s fun, accessible, social and endlessly explorable.

  1. Mannings House: Mannings understands that everyone’s wellness journey is different, which is why the Mannings House sits as the starting point, an inviting space where guests can ease into their experience by getting to know their own mind-body condition. The Mannings Professional Health Team will offer a range of complimentary wellness assessments, including the Health Pod, Skin Assessment, AI Hair & Scalp Assessment, Modern Chinese Medicine Consultation, Cardiovascular & Stress Monitor, and Body Composition Analysis. With personalised insights based on ndividual results, participants can quickly understand their wellness needs and navigate the rest of the themed zones with clarity – helping them discover their own wellness track towards holistic health.
  2. BoostUP Stage: Get ready for countless unexpected collaborations on the BoostUP Stage! From Cantopop to classical music, high-energy workouts to mindfulness breathing, and coffee to matcha – there are untold paths toward wellness waiting to be encountered. The BoostUP Stage is primed to deliver an unprecedented sensory experience for every participant.
  3. Bloom Garden: Offers a variety of experiences to rejuvenate body and mind. From pilates to sound healing and aroma workshops, the garden leads visitors to rediscover passion and curiosity, through holistic experiences that relax mind, body and spirit, bringing a deeper understanding of individual preferences, opening new goals for inner and outer well-being, on the journey towards being your best self.
  4. Wellness Village: A curated marketplace offering an array of innovative wellness and beauty products, including brands: Mannings Guardian, 50 Megumi, Abbott, Colgate, Dermacept, DR. ALTHEA, FATION, FineNutri, G-NiiB, lilyeve, narka, REAL BARRIER, SHIMBI METHOD and TORRIDEN. Participants explore the latest health trends and experience comprehensive nourishment and rejuvenation, inside-out and outside-in.
  5. Play Zone: Where friendly competition meets pure fun. Team challenges, playful games, and moments of laughter, because wellness is a natural state and humans naturally like to play.
  6. Breathing Corner: A quiet corner to pause and reset. No instructions, no schedule. Just space to breathe, rest, and be.

Community × Citywide Celebration: A Wellness Festival Made for Hong Kong

The Mannings BoostUP is more than an event, it’s a citywide celebration inviting Hong Kong people to reconnect with themselves and with one another. Set against our magnificent harbour on the stylish West Kowloon Cultural District, Mannings BoostUP blends movement, music, recovery and restorative stillness, encouraging everyone to step back from the rush and touch the earth again. By bringing together diverse wellness communities, the event aims to spark conversation, connection, and insight – bringing Wellness back into neighbourhoods and city lifestyles, making it feel accessible, personal, and the natural way forward.

Mannings BoostUP Fiesta – Event Details
Date: 25–26 April 2026 (Saturday + Sunday), 9:00am – 7:00pm
Venue: Great Lawn, West Kowloon Cultural District, Tsim Sha Tsui

Programme Highlights: Six themed zones, two stages, 40+ experiences, star‑coach classes, Play Zone movement challenges, mind‑body recovery workshops, wellness expert talks, and more. (* Some sessions have limited capacity and will be available on a first‑come, first‑served basis.)

Early-Bird Tickets: HK$100 (1‑day pass), HK$180 (2‑day pass)
Standard Tickets: HK$200 (1‑day pass), HK$360 (2‑day pass)
On-Site Tickets: HK$300 (1-day pass)
Ticket Sales: On sale now. Early‑bird offer available until 15 April 2026
Ticket Link: https://manningsboostup.com/

Hashtag: #Mannings #TrustedAdvisorForWellness #HealthandBeauty #ManningsBoostUP #ReimagineWellnessTogether #WellnessAndBeautyFiesta #DFIRetailGroup

The issuer is solely responsible for the content of this announcement.

About Mannings

Mannings, the health and beauty business of DFI Retail Group, is Hong Kong’s largest health and beauty retailer, recognised No.1 Most Preferred Brand* for 6 consecutive years (2021-2026), operating over 300 outlets, including more than 60 in-store pharmacies, across Hong Kong and Macau. With a diverse range of products and services, Mannings is committed to integrating the concept of Wellness into our daily lives while pioneering a new era of health. By offering innovative health technologies, AI solutions, preventive healthcare, self-managed health tools, and digital wellness and beauty solutions, Mannings empowers individuals and families to prioritize their well-being. Mannings also provides complimentary professional services to safeguard the community’s health and beauty.

Cheetah Mobile Announces Fourth Quarter and Fiscal Year 2025 Unaudited Consolidated Financial Results

AI and Others revenue grew 84.7% year over year and accounted for 46.5% of total revenue in 2025

BEIJING, March 24, 2026 /PRNewswire/ — Cheetah Mobile Inc. (“Cheetah Mobile” or the “Company”) (NYSE: CMCM), a China-based IT company with a commitment to AI innovation, today announced its unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2025.

Full Year 2025 Financial Highlights

Total revenues increased by 42.6% year over year to RMB 1,150.4 million (US$164.5 million) in 2025, driven by strong expansion across business segments.

  • Revenue from the Internet business increased by 19.0% year over year to RMB 615.3 million (US$88.0 million) .
  • Revenue from the AI and Others segment increased by 84.7% year over year to RMB 535.2 million (US$76.5 million), reflecting continued scaling of the Company’s emerging initiatives. The AI and Others segment accounted for 46.5% of total revenues in 2025, compared with 35.9% in 2024.

Gross profit increased by 53.0% year over year to RMB 834.0 million (US$119.3 million). Gross margin improved to 72.5% in 2025 from 67.6% in 2024. On a non-GAAP basis, gross profit was RMB 834.0 million (US$119.3 million), and non-GAAP gross margin was 72.5%.

Operating loss decreased by 59.0% year over year to RMB 179.4 million (US$25.7 million) in 2025. On a non-GAAP basis, operating profit was RMB 14.2 million (US$2.0 million), compared with a non-GAAP operating loss of RMB 231.8 million in 2024.

  • The Internet business generated adjusted operating profit of approximately RMB 114.9 million in 2025, representing a 82.8% year-over-year increase and reflecting improving profitability and strong cash flow generation. Adjusted operating margin for this segment was 18.7% in 2025, compared with 12.1% in 2024.
  • The AI and Others segment reported an adjusted operating loss of approximately RMB 274.5 million in 2025, representing a 42.1% year-over-year reduction, as the Company continued improving operating efficiency while scaling emerging initiatives.

Cash and cash equivalents were RMB 1,506.6 million (US$215.4 million) as of December 31, 2025.

Fourth Quarter 2025 Financial Highlights

Total revenues increased by 30.3% year over year and 7.5% quarter over quarter to RMB 308.9 million (US$44.2 million) in the fourth quarter of 2025.

  • Revenue from the Internet business was RMB 155.9 million (US$22.3 million) in the fourth quarter of 2025. While Internet business revenue declined slightly year over year, it increased 9.5% quarter over quarter.
  • Revenue from the AI and Others segment reached RMB 153.0 million (US$21.9 million), representing a 98.8% year-over-year increase and a 5.5% quarter-over-quarter increase, reflecting continued growth momentum of the Company’s emerging initiatives. The AI and Others segment accounted for 49.5% of total revenues in the fourth quarter of 2025, compared with 32.5% in the same period last year, representing nearly half of total revenue.

Gross profit increased by 18.9% year over year to RMB 205.4 million (US$29.4 million) in the fourth quarter of 2025. On a non-GAAP basis, gross profit increased by 19.2% year over year to RMB 205.4 million (US$29.4 million).

Operating loss decreased by 29.6% year over year to RMB 145.8 million (US$20.8 million) in the fourth quarter of 2025. On a non-GAAP basis, operating profit was RMB 15.5 million (US$2.2 million), compared with a non-GAAP operating loss of RMB 42.5 million in the fourth quarter of 2024.

  • The Internet business generated adjusted operating profit of approximately RMB 46.7 million in the fourth quarter of 2025, representing a 78.1% year-over-year increase, and continued to serve as a stable profit contributor to the Company.
  • The AI and Others segment reported an adjusted operating loss of approximately RMB 183.3 million in the fourth quarter of 2025, representing a 19.7% year-over-year reduction in operating loss.

Management Commentary

Fu Sheng, Chief Executive Officer of Cheetah Mobile, commented: “2025 marked a turning point for Cheetah Mobile. We delivered revenue growth while meaningfully improving operating efficiency and achieved full-year non-GAAP operating profitability. Our robotics business, which represented approximately 18.9% of total revenue in the fourth quarter, increased 93.6% year over year and 42.9% quarter over quarter, showing strong growth momentum. We are expanding our robotic product portfolio with a consumer-facing smart wheelchair, leveraging our existing autonomous mobility technologies. Our internet business remained a stable cash-generating platform, supporting disciplined investment in AI-driven capabilities. Leveraging our long-standing utility product experience, we continued to enhance our AI agent products, with the introduction of EasyClaw, our AI coworker platform designed to help users create and deploy AI agents more easily. While monetization remains at an early stage, these initiatives are part of our long-term strategy to build sustainable growth engines.”

Thomas Ren, Chief Financial Officer of Cheetah Mobile, commented: “In 2025, we continued to strengthen operating discipline and improve cost efficiency across the organization. Although we reported a GAAP operating loss for the year, operating loss narrowed significantly year over year. On a non-GAAP basis, we achieved operating profitability, reflecting an improved cost structure and increasing operating leverage. Within our Internet business, internet value-added services, which contributed 74.8% of this segment’s revenues in the fourth quarter of 2025, expanded by 32.0% year over year and 16.2% quarter over quarter, enhancing earnings visibility and margin stability. In our AI and Others segment, revenue contribution increased year over year and accounted for nearly half of total revenues in the fourth quarter of 2025, while operating loss narrowed as we maintained selective investment and cost control. We ended the year with a solid cash position, providing financial flexibility to support disciplined capital allocation.”

Conference Call Information

The Company will hold a conference call on March 24, 2026, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time) to discuss its financial results. Listeners may access the call by dialing the following numbers:

Main Line:
International: 1-412-317-6061
United States Toll Free: 1-888-317-6003
Mainland China Toll Free: +86-4001-206115
Hong Kong Toll Free: 800-963976
Conference ID: 8826704

English Translation:
International: 1-412-317-6061
United States Toll Free: 1-888-317-6003
Mainland China Toll Free: +86-4001-206115
Hong Kong Toll Free: 800-963976
Conference ID: 6928279

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.cmcm.com.  

Exchange Rate

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars in this press release were made at a rate of RMB6.9931 to US$1.00, the exchange rate in effect as of December 31, 2025, as set forth in the H.10 statistical release of the Federal Reserve Board. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars at that rate or any other rate, or to be the amounts that would have been reported under accounting principles generally accepted in the United States of America (“U.S. GAAP”).

About Cheetah Mobile Inc.

Cheetah Mobile is a China-based IT company with a commitment to AI innovation. It has developed and launched a diversified suite of software products for PCs and mobile devices, designed to address users’ needs in document processing, system optimization, image editing and web browsing, among others. Cheetah Mobile provides advertising services to advertisers worldwide, value-added services including the sale of premium membership to its users, multi-cloud management platform to companies globally, as well as robotic products to international clients. At the same time, it actively engages in research and development of advanced technologies to empower its products and services. Cheetah Mobile has been listed on the New York Stock Exchange since May 2014.

Safe Harbor Statement

This press release contains forward-looking statements. These statements, including management quotes and business outlook, constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Such statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in the forward-looking statements, including but are not limited to the following: Cheetah Mobile’s growth strategies; Cheetah Mobile’s ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobile’s ability to monetize its platform; Cheetah Mobile’s future business development, financial condition and results of operations; competition with companies in a number of industries including internet companies that provide online marketing services and internet value-added services; expected changes in Cheetah Mobile’s revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Cheetah Mobile’s filings with the U.S. Securities and Exchange Commission. Cheetah Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Use of Non-GAAP Financial Measures

This release contains non-GAAP financial measures, including but not limited to:

  • Non-GAAP cost of revenues excludes share-based compensation expenses;
  • Non-GAAP gross profit excludes share-based compensation expenses;
  • Non-GAAP gross margin excludes share-based compensation expenses;
  • Total non-GAAP operating expenses exclude share-based compensation expenses, amortization of intangible assets  resulting from business acquisitions, impairment of goodwill and intangible assets resulting from business acquisitions;
  • Non-GAAP research and development expenses exclude share-based compensation expenses, amortization of intangible assets  resulting from business acquisitions;
  • Non-GAAP selling and marketing expenses exclude share-based compensation expenses , amortization of intangible assets  resulting from business acquisitions;
  • Non-GAAP general and administrative expenses exclude share-based compensation expenses;
  • Non-GAAP operating profit/loss excludes share-based compensation expenses, amortization of intangible assets  resulting from business acquisitions and impairment of goodwill and intangible assets resulting from business acquisitions;
  • Non-GAAP net income/loss attributable to Cheetah Mobile shareholders excludes share-based compensation expenses, amortization of intangible assets  resulting from business acquisitions, impairment of goodwill and intangible assets resulting from business acquisitions;
  • Non-GAAP diluted earnings/losses per ADS excludes share-based compensation expenses, amortization of intangible assets  resulting from business acquisitions, impairment of goodwill and intangible assets resulting from business acquisitions.

The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of share-based compensation expenses, amortization of intangible assets, amortization of intangible assets  resulting from business acquisitions, impairment of goodwill and intangible assets resulting from business acquisitions, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the tables captioned “Cheetah Mobile Inc. Reconciliation of GAAP and non-GAAP Results”.

Investor Relations Contact

Helen Jing Zhu
Cheetah Mobile Inc.
Tel: +86 10 6292 7779
Email: ir@cmcm.com 

 

 

CHEETAH MOBILE INC.

Condensed Consolidated Balance Sheets

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

As of

December 31, 2024

December 31, 2025

RMB

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

1,833,031

1,506,625

215,445

Short-term investments

335

9,527

1,362

Accounts receivable, net

473,619

468,058

66,931

Prepayments and other current assets, net

1,365,761

1,154,774

165,132

Due from related parties, net

106,934

94,821

13,559

Total current assets

3,779,680

3,233,805

462,429

Non-current assets:

Property and equipment, net

51,564

40,238

5,754

Operating lease right-of-use assets

26,323

16,833

2,407

Intangible assets, net

190,665

54,069

7,732

Goodwill

424,099

460,034

65,784

Long-term investments

817,330

688,459

98,448

Deferred tax assets

128,581

112,913

16,146

Other non-current assets

86,059

77,521

11,085

Total non-current assets

1,724,621

1,450,067

207,356

Total assets

5,504,301

4,683,872

669,785

LIABILITIES, MEZZANINE EQUITY
AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

219,566

211,689

30,271

Accrued expenses and other current liabilities

2,756,805

2,264,659

323,842

Due to related parties

69,606

18,613

2,662

Income tax payable

35,804

54,430

7,783

Total current liabilities

3,081,781

2,549,391

364,558

Non-current liabilities:

Deferred tax liabilities

43,046

21,711

3,105

Other non-current liabilities

172,348

154,422

22,082

Total non-current liabilities

215,394

176,133

25,187

Total liabilities

3,297,175

2,725,524

389,745

Mezzanine equity:

Redeemable noncontrolling interests

189,725

197,560

28,251

Shareholders’ equity:

Ordinary shares

248

254

36

Additional paid-in capital

2,722,504

2,736,117

391,260

Accumulated deficit

(1,232,577)

(1,490,947)

(213,203)

Accumulated other comprehensive income

410,423

362,245

51,800

Total Cheetah Mobile Inc. shareholders’
equity

1,900,598

1,607,669

229,893

Noncontrolling interests

116,803

153,119

21,896

Total shareholders’ equity

2,017,401

1,760,788

251,789

Total liabilities, mezzanine equity and
shareholders’ equity

5,504,301

4,683,872

669,785

 

 

CHEETAH MOBILE INC.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for number of shares and per share(or ADS) data)

For The Three Months Ended

For The Year Ended

December 31,
2024

December 31,
2025

December 31,
2025

December 31,
2024

December 31,
2025

December 31,
2025

RMB

RMB

USD

RMB

RMB

USD

Revenues

237,089

308,851

44,165

806,877

1,150,444

164,511

     Internet business

160,152

155,896

22,293

517,188

615,281

87,984

     AI and others

76,937

152,955

21,872

289,689

535,163

76,527

Cost of revenues (a)

(64,317)

(103,475)

(14,797)

(261,682)

(316,411)

(45,246)

Gross profit

172,772

205,376

29,368

545,195

834,033

119,265

Operating income and expenses:

Research and development (a)

(65,506)

(149,863)

(21,430)

(243,391)

(346,152)

(49,499)

Selling and marketing (a)

(104,851)

(72,657)

(10,390)

(342,421)

(362,735)

(51,870)

General and administrative (a)

(56,281)

(87,101)

(12,455)

(244,385)

(266,522)

(38,112)

Impairment of goodwill and intangible
assets

(152,890)

(41,563)

(5,943)

(152,890)

(41,563)

(5,943)

Other operating (expense)/income

(377)

31

4

637

3,496

500

Total operating income and expenses

(379,905)

(351,153)

(50,214)

(982,450)

(1,013,476)

(144,924)

Operating loss

(207,133)

(145,777)

(20,846)

(437,255)

(179,443)

(25,659)

Other income/(expenses):

Interest income, net

9,862

5,484

784

44,422

30,629

4,380

Foreign exchange (losses)/gains

(32,236)

14,156

2,024

(21,726)

30,783

4,402

Other expense, net

(82,300)

(74,481)

(10,651)

(139,769)

(108,652)

(15,537)

Loss before income taxes

(311,807)

(200,618)

(28,689)

(554,328)

(226,683)

(32,414)

Income tax (expenses)/benefits

(51,064)

13,722

1,962

(47,258)

(8,469)

(1,211)

Net loss

(362,871)

(186,896)

(26,727)

(601,586)

(235,152)

(33,625)

Less: net income attributable to
noncontrolling interests

3,913

3,843

550

15,971

22,561

3,226

Net loss attributable to Cheetah
Mobile shareholders

(366,784)

(190,739)

(27,277)

(617,557)

(257,713)

(36,851)

Net loss per share

Basic

(0.2438)

(0.1262)

(0.0180)

(0.4161)

(0.1754)

(0.0251)

Diluted

(0.2439)

(0.1262)

(0.0180)

(0.4162)

(0.1764)

(0.0252)

Net loss per ADS

Basic

(12.1907)

(6.3082)

(0.9000)

(20.8042)

(8.7724)

(1.2550)

Diluted

(12.1947)

(6.3082)

(0.9000)

(20.8097)

(8.8185)

(1.2600)

Weighted average number of shares
outstanding

Basic

1,512,707,145

1,550,604,238

1,550,604,238

1,503,054,847

1,533,473,068

1,533,473,068

Diluted

1,512,707,145

1,550,604,238

1,550,604,238

1,503,054,847

1,533,473,068

1,533,473,068

Weighted average number of ADSs
outstanding

Basic

30,254,143

31,012,085

31,012,085

30,061,097

30,669,461

30,669,461

Diluted

30,254,143

31,012,085

31,012,085

30,061,097

30,669,461

30,669,461

Other comprehensive income/(loss) ,
net of tax of nil

Foreign currency translation adjustments

51,667

(25,511)

(3,648)

49,045

(50,422)

(7,210)

Unrealized gains/(losses) on available-
for-sale securities, net

7,277

(5,541)

(792)

2,642

1,121

160

Other comprehensive income/(loss)

58,944

(31,052)

(4,440)

51,687

(49,301)

(7,050)

Total comprehensive loss

(303,927)

(217,948)

(31,167)

(549,899)

(284,453)

(40,675)

Less: Total comprehensive income
attributable to noncontrolling
interests

2,199

1,889

270

14,089

21,438

3,066

Total comprehensive loss attributable to
Cheetah Mobile shareholders

(306,126)

(219,837)

(31,437)

(563,988)

(305,891)

(43,741)

For The Three Months Ended

For The Year Ended

December 31,
2024

December 31,
2025

December 31,
2025

December 31,
2024

December 31,
2025

December 31,
2025

(a) Share-based compensation expenses

RMB

RMB

USD

RMB

RMB

USD

Cost of revenues

(460)

2

81

16

2

Research and development

1,280

1,007

144

1,924

1,193

171

Selling and marketing

(495)

290

41

(662)

773

111

General and administrative

4,819

7,867

1,125

24,758

17,858

2,554

Total

5,144

9,166

1,310

26,101

19,840

2,838

 

 

CHEETAH MOBILE INC.

Reconciliation of GAAP and Non-GAAP Results

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for per share data )

For The Three Months Ended December 31, 2025

For The Year Ended December 31, 2025

GAAP

Share-based

Amortization
of

Impairment

Non-GAAP

GAAP

Share-based

Amortization
of

Impairment

Non-GAAP

Result

Compensation

intangible
assets*

of goodwill
and

intangible
assets

Result

Result

Compensation

intangible
assets*

of goodwill
and

intangible
assets

Result

RMB

RMB

RMB

RMB

RMB

USD

RMB

RMB

RMB

RMB

RMB

USD

Revenues

308,851

308,851

44,165

1,150,444

1,150,444

164,511

Cost of revenues

(103,475)

2

(103,473)

(14,797)

(316,411)

16

(316,395)

(45,244)

Gross profit

205,376

2

205,378

29,368

834,033

16

834,049

119,267

Research and development

(149,863)

1,007

108,471

(40,385)

(5,775)

(346,152)

1,193

127,171

(217,788)

(31,143)

Selling and marketing

(72,657)

290

2,070

(70,297)

(10,053)

(362,735)

773

5,078

(356,884)

(51,033)

General and administrative

(87,101)

7,867

(79,234)

(11,330)

(266,522)

17,858

(248,664)

(35,558)

Impairment of goodwill and
intangible assets

(41,563)

41,563

(41,563)

41,563

Other operating income, net

31

31

4

3,496

3,496

500

Total operating income and
expenses

(351,153)

9,164

110,541

41,563

(189,885)

(27,154)

(1,013,476)

19,824

132,249

41,563

(819,840)

(117,234)

Operating (loss)/income

(145,777)

9,166

110,541

41,563

15,493

2,214

(179,443)

19,840

132,249

41,563

14,209

2,033

Net loss attributable to Cheetah
Mobile shareholders

(190,739)

9,166

110,541

41,563

(29,469)

(4,217)

(257,713)

19,840

132,249

41,563

(64,061)

(9,159)

Diluted losses per ordinary share
(RMB)

(0.1262)

0.0059

0.0714

0.0268

(0.0221)

(0.1764)

0.0129

0.0863

0.0271

(0.0501)

Diluted losses per ADS (RMB)

(6.3082)

0.2950

3.5682

1.3400

(1.1050)

(8.8185)

0.6450

4.3135

1.3550

(2.5050)

Diluted losses per ADS (USD)

(0.9000)

0.0422

0.5082

0.1916

(0.1580)

(1.2600)

0.0922

0.6158

0.1938

(0.3582)

 

For The Three Months Ended December 31, 2024

For The Year Ended December 31, 2024

GAAP

Share-based

Amortization of

Impairment

Non-GAAP

GAAP

Share-based

Amortization of

Impairment

Non-GAAP

Result

Compensation

intangible
assets*

of goodwill
and

intangible
assets

Result

Result

Compensation

intangible
assets*

of goodwill
and

intangible
assets

Result

RMB

RMB

RMB

RMB

RMB

RMB

RMB

RMB

RMB

RMB

Revenues

237,089

237,089

806,877

806,877

Cost of revenues

(64,317)

(460)

(64,777)

(261,682)

81

(261,601)

Gross profit

172,772

(460)

172,312

545,195

81

545,276

Research and development

(65,506)

1,280

6,156

(58,070)

(243,391)

1,924

24,624

(216,843)

Selling and marketing

(104,851)

(495)

469

(104,877)

(342,421)

(662)

1,876

(341,207)

General and administrative

(56,281)

4,819

(51,462)

(244,385)

24,758

(219,627)

Impairment of goodwill and intangible
assets

(152,890)

152,890

(152,890)

152,890

Other operating income, net

(377)

(377)

637

637

Total operating income and expenses

(379,905)

5,604

6,625

152,890

(214,786)

(982,450)

26,020

26,500

152,890

(777,040)

Operating loss

(207,133)

5,144

6,625

152,890

(42,474)

(437,255)

26,101

26,500

152,890

(231,764)

Net loss attributable to Cheetah Mobile
shareholders

(366,784)

5,144

6,625

152,890

(202,125)

(617,557)

26,101

26,500

152,890

(412,066)

Diluted losses per ordinary share (RMB)

(0.2439)

0.0034

0.0044

0.1011

(0.1350)

(0.4162)

0.0174

0.0176

0.1017

(0.2795)

Diluted losses per ADS (RMB)

(12.1947)

0.1700

0.2200

5.0547

(6.7500)

(20.8097)

0.8700

0.8800

5.0847

(13.9750)

 

* This represents amortization of intangible assets resulting from business acquisitions.

 

 

CHEETAH MOBILE INC.

Information about Segment

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for percentage)

For The Three Months Ended  December 31, 2025

For The Year Ended December 31, 2025

Internet Business

AI and others

Consolidated

Internet Business

AI and others

Consolidated

RMB

RMB

RMB

USD

RMB

RMB

RMB

USD

Revenues

155,896

152,955

308,851

44,165

615,281

535,163

1,150,444

164,511

Operating Costs and expenses

Cost of revenues(i)

31,300

72,173

103,473

14,797

106,606

209,789

316,395

45,244

Selling and marketing(i)

45,326

27,041

72,367

10,349

220,312

141,650

361,962

51,759

Research and development(i)

10,367

138,489

148,856

21,286

110,060

234,899

344,959

49,328

Other segment items(i)

22,237

98,529

120,766

17,269

63,436

223,295

286,731

41,001

Adjusted operating income/(losses)

46,666

(183,277)

(136,611)

(19,536)

114,867

(274,470)

(159,603)

(22,821)

Unallocated amounts-share based compensations

(9,166)

(1,310)

(19,840)

(2,838)

Operating loss

(145,777)

(20,846)

(179,443)

(25,659)

Reconciliation of segment profit/(loss)

Interest income, net

5,484

784

30,629

4,380

Foreign exchange gains, net

14,156

2,024

30,783

4,402

Other expense, net

(74,481)

(10,651)

(108,652)

(15,537)

Loss before income taxes

(200,618)

(28,689)

(226,683)

(32,414)

 

For The Three Months Ended December 31, 2024

For The Year Ended December 31, 2024

Internet
Business

AI and others

Consolidated

Internet
Business

AI and others

Consolidated

RMB

RMB

RMB

RMB

RMB

RMB

Revenues

160,152

76,937

237,089

517,188

289,689

806,877

Operating Costs and expenses

Cost of revenues(i)

21,174

43,603

64,777

79,812

181,789

261,601

Selling and marketing(i)

70,243

35,103

105,346

200,945

142,138

343,083

Research and development(i)

30,651

33,575

64,226

115,476

125,991

241,467

Other segment items(i)

11,877

192,852

204,729

58,122

313,758

371,880

Adjusted operating income/(losses)

26,207

(228,196)

(201,989)

62,833

(473,987)

(411,154)

Unallocated amounts-share based compensations

(5,144)

(26,101)

Operating loss

(207,133)

(437,255)

Reconciliation of segment profit/(loss)

Interest income, net

9,862

44,422

Foreign exchange gains, net

(32,236)

(21,726)

Other expense, net

(82,300)

(139,769)

Loss before income taxes

(311,807)

(554,328)

 

(i) Share-based compensations were not allocated to segments. Other segment items include general and administrative expenses and other operating expenses allocated to the respective segments.

 

 

CHEETAH MOBILE INC.

Reconciliation from Net Loss Attributable to Cheetah Mobile Shareholders to Adjusted EBITDA (Non-GAAP)

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

For The Three Months Ended

For The Year Ended

December 31,
2024

December 31,
2025

December 31,
2025

December 31,
2024

December 31,
2025

December 31,
2025

RMB

RMB

USD

RMB

RMB

USD

Net loss attributable to Cheetah Mobile
shareholders

(366,784)

(190,739)

(27,277)

(617,557)

(257,713)

(36,851)

Add:

Income tax expenses/(benefits)

51,064

(13,722)

(1,962)

47,258

8,469

1,211

Interest income, net

(9,862)

(5,484)

(784)

(44,422)

(30,629)

(4,380)

Depreciation and other amortization

14,619

114,426

16,363

51,453

147,235

21,054

Net income attributable to noncontrolling
interests

3,913

3,843

550

15,971

22,561

3,226

Other expense, net

114,536

60,325

8,627

161,495

77,869

11,135

Share-based compensation

5,144

9,166

1,310

26,101

19,840

2,838

Impairment of goodwill and intangible
assets

152,890

41,563

5,943

152,890

41,563

5,943

Adjusted EBITDA

(34,480)

19,378

2,770

(206,811)

29,195

4,176

 

WEMADE’s Legend of YMIR Launches on Steam April 7 with New Combat Class

Major update includes the debut of the “Rune Fighter” class to drive global growth and user engagement

SEOUL, South Korea, March 24, 2026 /PRNewswire/ — Leading global game developer WEMADE, parent company of the global blockchain ecosystem WEMIX, has announced that the highly anticipated global version of its flagship MMORPG, Legend of YMIR, will officially launch on the PC gaming platform Steam on April 7, 2026, at 10:00 AM KST.

The launch on Steam represents a pivotal milestone in the Legend of YMIR global expansion strategy. Circumventing traditional platform constraints, WEMADE aims to tap into the massive Steam ecosystem to secure a sustainable, long-term user base and enhance accessibility for players worldwide. By leveraging Steam’s robust global infrastructure, this move is designed not only as a platform addition but a core component of a broader effort to establish Legend of YMIR as a premier global PC franchise.

To coincide with the Steam launch, a massive content expansion will introduce a new combat class, the “Rune Fighter”, a formidable new hero that wields the ancient power of runes to deliver a unique and versatile combat style. Unlike standard content patches, this update is designed to expand the game’s tactical depth to attract new players while providing significant fresh content to incentivize the return of veteran users.

Michael Kim, Head of Game Business Division, WEMADE, said: “Our goal is to provide a premium PC gaming experience that lives up to the standards of the Steam community. Launching on a new platform alongside the ‘Rune Fighter’ expansion marks the beginning of a new era for our players.”

Earlier this month, WEMADE and leading gaming lifestyle brand Razer partnered to host the inaugural YMIR Cup World Championship, bringing together elite talent from across the globe. Following the event’s success as well as a Steam debut and major expansion on the horizon, WEMADE continues to scale the Norse mythology-inspired title into a long-term competitive IP built to support its global audience.

For more information about Legend of YMIR, please visit https://www.legendofymir.com. Pre-register on Steam and join the community today via the official Discord, YouTube, and Facebook channels for real-time updates and interaction.

About WEMADE
WEMADE is the only company combining over two decades of AAA game development success with a fully operational, game-proven blockchain ecosystem-built entirely on its proprietary Layer-1 mainnet, WEMIX3.0. Known for global hits such as The Legend of Mir, MIR4, NIGHT CROWS and Legend of YMIR, WEMADE is leading the industry in seamlessly integrating gameplay, tokenomics, NFTs, stablecoin payments, and blockchain infrastructure. Through WEMIX PLAY, WEMADE delivers a unified digital economy where players, creators, and investors can own, trade, and benefit from digital assets-powering the next generation of interactive entertainment and driving the evolution of Web3 gaming. For more information, please visit https://wemade.com/.

Laos Seeks Approval for USD 1.3 Billion Railway to Vietnam

Laos Vietnam railway project
This image is used only for representational purpose

The Lao government has submitted a proposal to the National Assembly to move forward with a planned railway linking Laos to Vietnam’s Vung Ang Port.

Deputy Prime Minister Saleumxay Kommasith presented the project on 24 March during the opening session of the 10th National Assembly, describing it as a key national infrastructure priority for the 2026–2030 development period.

Railway to Link Laos to the Sea

The proposed railway will stretch 562 kilometers from Vientiane Capital to Vung Ang Port in Ha Tinh Province, Vietnam, creating a direct route from Laos to the sea.

The project is divided into three sections. The first phase, covering 147 kilometers from Thakhek to the Moua border crossing, will be developed first. The remaining sections will extend the line across Vietnam to the port and connect Vientiane to Thakhek.

The railway will use standard gauge tracks, the same as the Laos–China Railway, and is designed for passenger speeds of up to 150 kilometers per hour and freight speeds of 80 kilometers per hour.

Timeline and Earlier Plans

The proposal builds on earlier plans announced in December, when officials said construction on the Lao section is expected to begin in 2026, with full operations targeted by 2030.

At that time, authorities said most preparatory work had already been completed, including feasibility studies, design, and environmental assessments.

The project is being developed as a public–private partnership involving Petroleum Trading Lao Public Company and Vietnam’s Deo Ca Group.

Vietnam is expected to begin construction on its section in 2027.

The section currently under review by the National Assembly is valued at around USD 1.3 billion and will be developed under a long-term concession model.

However, the full railway project is estimated to cost up to USD 6.6 billion.

Strategic Importance

Officials say the railway would provide Laos with a direct route to the sea, reducing reliance on road transport and lowering logistics costs for trade and exports.

The project is also expected to strengthen economic cooperation between Laos and Vietnam and improve regional supply chains.

Lastly, as part of the agreement, Laos will to receive priority access to key facilities at Vung Ang Port, which can handle large cargo volumes.

The National Assembly is set to decide on initial approval before the current session concludes on 27 March.

DualityBio (9606.HK) Announces 2025 Annual Results

HONG KONG, March 24, 2026 /PRNewswire/ — Duality Biotherapeutics, Inc. (Hong Kong Stock Exchange Code: 09606.HK, hereinafter referred to as “DualityBio” or the “Company”), a leading global clinical-stage innovative biopharmaceutical company, today announced its first annual results since listing on April 15, 2025 (for the year ended December 31, 2025), providing a comprehensive update on its global clinical pipeline and corporate operations.

Dr. John Zhu, Founder, founder and Chief Executive Officer of DualityBio, stated:

“Over the past decade, the innovative pharmaceutical industry has evolved from partial exploration to systematic development. Today, we stand at a brand-new starting point – an era that is more open, more uncertain yet more imaginative. Technological advancement is reshaping industry boundaries, global clinical and regulatory systems are gradually integrating, and innovation is no longer confined to a single region but occurs collaboratively worldwide, marking the ‘Great Voyage Era of Innovative Drugs’. In 2025, DualityBio anchored on innovation and forged ahead steadily in the ADC track. Leveraging the profound accumulation of our four core technology platforms, we drove the full-speed advancement of core assets: the enrollment of over 3,200 patients globally has verified our R&D strength and original aspiration for global layout; in-depth collaborations with partners such as BioNTech and Avenzo have continuously amplified innovation value, injecting strong momentum for long-term development.

In 2026, we will build on this momentum to accelerate the commercialization of core products, deepen pipeline iteration and technological breakthroughs, and steadily advance the A-share listing plan, responding to every expectation with a clearer growth path and more solid performance. The road to innovation is long and challenging. DualityBio will always be guided by unmet clinical needs, keep forging ahead in the journey of overcoming intractable diseases, and embark on a journey of value growth with all partners.”

Financial Highlights

During the reporting period, the Company achieved total revenue of RMB1.852 billion , providing a solid financial foundation for the continuous advancement of business. R&D investment remained at a high level, with annual R&D expenses reaching RMB838 million; the adjusted loss for the year was RMB389 million (calculated by deducting the fair value change of preferred shares issued prior to the Global Offering from the loss for the year. Such fair value changes arose from the preferred shares issued in connection with previous equity financings prior to the Global Offering on April 15, 2025. From this date onward, these preferred shares ceased to exist, and there will be no further profit or loss impact of this nature in subsequent financial periods). The Company maintained a healthy cash flow position, with cash and bank balances of RMB3.325 billion as of the end of the period (comprising cash and cash equivalents, restricted cash and term deposits with initial term over three months), and achieved a net cash inflow from operating activities of RMB195 million, which has been positive for three consecutive years, providing sufficient capital support for the Company’s long-term growth, subsequent pipeline advancement, clinical research and commercialization layout.

Milestone of First-Wave Assets: Pivotal Clinical and Regulatory Progress

In 2025, DualityBio drove the accelerated global clinical progress of its ADC pipeline relying on four core technology platforms. The Company currently has 10 clinical stages self-developed ADC candidates. Global clinical trials have enrolled over 3,200 patients cumulatively, with more than 1,200 new patients enrolled in 2025 alone, of which approximately 50% are located in the U.S., EU, Australia and other regions outside China, covering 17 countries and over 300 clinical centers, fully verifying the Company’s global clinical development capabilities.

The clinical development of Trastuzumab pamirtecan (DB-1303/BNT323 or “T-
Pam”) achieved a milestone breakthrough in 2025. In September 2025, the Independent Data Monitoring Committee (“IDMC”) reviewed the interim data of a Phase 3 registrational trial (DYNASTY-Breast01; NCT06265428) and confirmed that the trial had achieved the primary endpoint of Progression-Free Survival (“PFS”), as evaluated by Blinded Independent Central Review (“BICR”), relative to the control arm. This trial is conducted in China to evaluate the efficacy of DB-1303/BNT323 versus T-DM1 in patients with HER2+ unresectable and/or metastatic Breast Cancer (“BC”) previously treated with trastuzumab and taxane. Another Phase 3 trial of the product in China (NCT06265428) targets patients with HER2+ unresectable/metastatic breast cancer previously treated with trastuzumab and taxane, and the Biologics License Application (“BLA”) has been submitted to the Center for Drug Evaluation (“CDE”) of the National Medical Products Administration (“NMPA”), which is currently in the formal acceptance and review stage. A potential registrational cohort in a global Phase 1/2 trial for HER2-expressing advanced/recurrent Endometrial Cancer (“EC”) has completed enrollment, and partner BioNTech plans to submit a BLA to the U.S. Food and Drug Administration (“FDA”) in 2026. In addition, the global Phase 3 trial of the product (DYNASTY-Breast02; NCT06018337) completed enrollment in February 2026, targeting advanced or metastatic HR+, HER2-low breast cancer, with interim data expected to be available in 2026.

As the Company’s core ADC product targeting the B7-H3 antigen, DB-1311/BNT324 has continuously released positive clinical data in multiple solid tumor indications. In June 2025, the Company presented data from 73 heavily pretreated patients with metastatic Castration-Resistant Prostate Cancer (“mCRPC”) at the American Society of Clinical Oncology (“ASCO”) Annual Meeting; the 6-month Radiographic Progression-Free Survival (“rPFS”) rate was 67.7% (as of March 4, 2025). In February 2026, at the ASCO Genitourinary (“GU”) Cancers Symposium, the Company further presented updated data from 146 heavily pretreated mCRPC patients, with a median rPFS of 11.3 months and a median Overall Survival (“mOS”) of 22.5 months; in patients with no prior exposure to Lutetium-177 (“Lu-177”), the median rPFS reached 13.6 months; in patients who had previously received Lu-177 (with a median of 5 prior lines of therapy), the median rPFS remained 11.3 months, and the median OS was not yet reached. Safety findings were consistent with prior reports; nausea and hematologic events were the most common adverse events and were mainly Grade 1-2; in the 6 mg/kg dose group (n=110), the incidence of Grade ≥3 Treatment-Related Adverse Events (“TRAE”) was 20.0%, the discontinuation rate due to TRAE was 5.5%, and no treatment-related deaths were reported. Meanwhile, the product also demonstrated considerable potential in gynecological tumors. Data presented at the European Society for Medical Oncology (“ESMO”) Asia Congress in December 2025 showed that in previously treated cervical cancer patients (n=30), DB-1311/BNT324 achieved an Unconfirmed Objective Response Rate (“uORR”) of 43.3%, a Confirmed Objective Response Rate (“cORR”) of 33.3%, a Disease Control Rate (“DCR”) of 86.7%, and a median Progression-Free Survival (“mPFS”) of 7.0 months; in Platinum-Resistant Ovarian Cancer (“PROC”) patients (n=12), the cORR was 58.3%, DCR was 75.0%, and mPFS was 8.2 months. The above data fully confirm the broad application potential of the product in various solid tumors. Based on the excellent preliminary data, the first global Phase 3 trial (NCT07365995) evaluating DB-1311/BNT324 compared to docetaxel in taxane-naïve mCRPC patients is planned to start in 2026, with primary endpoints of PFS and OS.

As an innovative ADC developed by the Company targeting the HER3 antigen, DB-1310 has achieved important clinical breakthroughs in both Non-Small Cell Lung Cancer (“NSCLC”) and breast cancer(“BC), and obtained two Fast Track Designations from the U.S. FDA. In June 2025, the Company presented clinical data from patients with Epidermal Growth Factor Receptor mutation (“EGFRm”) NSCLC at the ASCO Annual Meeting. As of April 11, 2025, across the 1.5 mg/kg to 6.5 mg/kg dose range in 172 subjects, DB-1310 demonstrated a manageable safety profile, with Grade ≥3 TRAE occurring in 36% of patients and a low treatment-related discontinuation rate of 3.5%; among 46 efficacy-evaluable patients, the uORR was 43.5%, cORR was 28.3%, DCR was 91.3%, mPFS was 7.03 months, and mOS was 18.89 months; in the 5 mg/kg dose group (n=16), the cORR was 37.5%, DCR was 87.5%, mPFS was 8.28 months, and mOS was not reached. In December 2025, at the San Antonio Breast Cancer Symposium (“SABCS”), the Company presented data from pretreated HR+/HER2- breast cancer patients. In patients receiving DB-1310 at doses of 5.0-5.5 mg/kg (n=18), DB-1310 achieved a uORR of 55.6%, a cORR of 50.0%, and a confirmed DCR of 94.4%, with a manageable safety profile primarily involving Grade 1-2 hematologic and gastrointestinal events, a TRAE-related discontinuation rate of 4.5%, and no new safety signals. At the regulatory level, the R&D process of DB-1310 has been accelerated: in July 2025, it received Fast Track Designation from the FDA for the treatment of adult patients with advanced, unresectable or metastatic non-squamous NSCLC with an EGFR exon 19 deletion or L858R mutation who have progressed on or after treatment with a third-generation EGFR Tyrosine Kinase Inhibitor (“TKI”) and platinum-based chemotherapy; in December 2025, it received an additional Fast Track Designation from the FDA for the treatment of adult patients with advanced/unresectable or metastatic HR-positive/HER2-negative (IHC 0, IHC 1+ or IHC 2+/ISH-) breast cancer who have received prior endocrine-based therapy, CDK4/6 inhibitor, with or without chemotherapy for unresectable or metastatic disease, or developed disease recurrence during or within 6 months of completing adjuvant chemotherapy.

Deepen Global Cooperation and Unleash Strategic Synergies

DualityBio continues to advance the “Duality Flywheel Model”, deepen global cooperation, and maximize the value of self-developed assets. The Company has established a robust global cooperation network, entering into multiple out-licensing and collaboration agreements with leading industry players worldwide, including core partners such as BioNTech, BeOne, Adcendo, GlaxoSmithKline (“GSK”) and Avenzo, with a total transaction value exceeding US$6 billion, fully demonstrating the industry’s high recognition of the Company’s independent R&D technology platforms.

Exploration of IO2.0+ADC Combination Therapies

Next-generation IO+ADC combination therapy is a core development trend in the global biopharmaceutical industry. The “bispecific antibody + ADC” combination can not only improve the efficacy of indications already covered by bispecific antibody combined with chemotherapy but also expand the scope of indications that cannot be covered by existing therapies, making it an important development direction in the field of tumor treatment. The Company is collaborating with BioNTech to explore the combination potential of DB-1303/BNT323, DB-1311/BNT324 and DB-1305/BNT325 with pumitamig (PD-L1xVEGF bispecific antibody) to expand their frontline application in various solid tumors.

DB-1303/BNT323 in Combination with Pumitamig: In May 2025, the first patient was dosed in a global Phase 1/2 clinical trial evaluating the combination therapy in patients with HR+ or HR-, HER2-low, ultralow, or null advanced metastatic breast cancer or Triple-Negative Breast Cancer (“TNBC”), with trial data expected to be available in 2026.

DB-1311/BNT324 in Combination with Pumitamig: In May 2025, the first patient was dosed in a global Phase 1/2 clinical trial evaluating the combination therapy in patients with advanced lung cancers; in July 2025, the first patient was dosed in a global Phase 2 clinical trial evaluating DB-1311/BNT324 in combination with pumitamig or with DB-1305/BNT325 in patients with advanced solid tumors, with data from both trials expected to be available in 2026. For DB-1311, DualityBio holds an exclusive option to share the development and commercialization costs and profits and losses from the exploitation of the first DB-1311 product in the United States, in accordance with the terms set out in the agreement. As of the date of this announcement, the Company has not exercised this cost & profit/loss sharing option and retains the right to do so in the future.

DB-1305/BNT325 in Combination with Pumitamig Clinical Readout: In April 2025, the first clinical data evaluating the combination of pumitamig and DB-1305/BNT325 were presented at the 2025 American Association for Cancer Research (“AACR”) Annual Meeting. Interim data from 67 patients showed that the combination therapy had a manageable safety profile with a low incidence of overlapping toxicities and early signs of anti-tumor activity in patients with PROC, NSCLC or TNBC; among evaluable PROC patients (n=13), seven achieved partial response and three had stable disease.

In addition, DualityBio has established cooperative partnerships with companies such as BeOne, Adcendo, GSK and Avenzo, leveraging complementary advantages in R&D and global commercialization to jointly drive value growth.

Next-Generation Innovation Progress: Continuously Expand Moat with Diversified Platforms and Product Pipelines

In addition to first-wave core assets, the Company has advanced the rapid development of a series of high-potential ADCs and Bispecific ADCs (“BsADCs”):

DB-2304 (BDCA2 ADC): A potential First-in-class ADC for the treatment of Systemic Lupus Erythematosus (“SLE”) and Cutaneous Lupus Erythematosus (“CLE”), with the first patient dosed in the Phase 2a study. Data from a Phase 1 randomized controlled study (Clinical Trial Code: NCT06625671, Phase 1/2a study) was presented orally at the 53rd Autumn Immunology Conference (“AIC 2025”). The results showed that DB-2304 was generally safe and well-tolerated in healthy subjects, with linear Pharmacokinetics (“PK”) characteristics, and could effectively bind to the target, verifying its pharmacologic mechanism.

DB-1418/AVZO-1418 (EGFR×HER3 BsADC): Partner Avenzo has announced the first patient dosed in the Phase 1 portion of a global Phase 1/2 trial in patients with advanced solid tumors. In November 2025, Avenzo announced that DB-1418/AVZO-1418 received Fast Track Designation from the FDA for the treatment of patients with unresectable, locally advanced, or metastatic NSCLC with an EGFR exon 19 deletion or exon 21 L858R mutation whose disease has progressed on or after therapy with an EGFR TKI.

DB-1419 (B7-H3×PD-L1 BsADC): Currently the only B7-H3×PD-L1 BsADC under clinical development globally, a global Phase 1/2a trial is being conducted in patients with advanced/metastatic solid tumors and is currently enrolling patients.

DB-1317 (ADAM9 ADC): A next-generation ADC targeting ADAM9, a highly expressed antigen in gastrointestinal cancers, a global Phase 1a/1b trial is being conducted in patients with selected advanced/metastatic solid tumors and is currently enrolling patients.

DB-1324 (CDH17 ADC): Licensed to GSK for development outside Greater China, received IND clearance from the FDA in December 2025, and a global Phase 1/2 clinical trial is being conducted in patients with advanced/metastatic gastrointestinal tumors and is currently enrolling patients.

2026: Build on Momentum and Forge Ahead

To fully prepare for commercialization in the Chinese market, DualityBio has established a core commercial team, with senior leaders appointed in key functional areas including strategic planning, market access and commercial partner management. In January 2025, DualityBio entered into a collaboration agreement with 3SBIO Inc. (HKEX: 1530, “3SBIO”), leveraging its professional Contract Sales Organization (“CSO”) capabilities to accelerate launch preparations for Trastuzumab pamirtecan, ensuring rapid and targeted access to key markets and customer segments. In the Territory (Mainland China, Hong Kong and Macau), 3SBIO will also provide related commercialization services – including market access, medical affairs, and channel management – to support the product’s commercial activities. The Company has submitted a BLA to the CDE for Trastuzumab pamirtecan (DB-1303) for the treatment of breast cancer. Globally, partner BioNTech is also actively advancing the process of submitting a BLA to the U.S. FDA for HER2-expressing endometrial cancer.

In addition to clinical execution, in line with the Company’s global development and domestic commercialization layout, on October 17, 2025, the Board of Directors of the Company resolved to propose the issuance of RMB-denominated ordinary shares to be listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange.

Looking ahead, DualityBio will always implement the strategic original aspiration of “Global Team, Global Clinical Trials, Global Market”, aiming to evolve into a global leading pharmaceutical enterprise and provide therapeutic options for patients worldwide.

About DualityBio

DualityBio (HKEX:09606) is a clinical-stage biotechnology company dedicated to the discovery and development of next-generation antibody-drug conjugates to treat cancer and autoimmune diseases.DualityBio has built several advanced ADC technology platforms with global intellectual property protection. Leveraging a robust pipeline, the company is conducting multiple global clinical trials across 17 countries and has enrolled more than 3,200 patients across its clinical-stage ADC candidates.

The company has established strategic collaborations with global pharmaceutical companies and biotechnology innovators to accelerate the development and commercialisation of its therapies.

For more information, please visit: www.dualitybiologics.com

HashKey Chain Supports the On-Chain Issuance of Hong Kong’s First Regulated Silver Backed RWA Tokens

HONG KONG, March 24, 2026 /PRNewswire/ — HashKey Chain, a leading institutional-grade public chain under HashKey Group, has announced its support for the on-chain issuance and operation of the regulated silver backed Real World Asset (RWA) Tokens.

As a crucial underlying carrier of HashKey Group’s next-generation financial infrastructure, HashKey Chain continues to offer on-chain RWA assets such as the onboarding of institutional funds, and on-chain issuance and circulation. The project is initiated by Timeless Resources Holdings Limited (Stock Code: 8028) and its subsidiary Silver Times Limited, which supplies the underlying physical assets, is Hong Kong’s first regulated silver RWA product that provides professional investors with an efficient, transparent, secure, and convenient channel to participate in the silver investment market.

This partnership marks a significant breakthrough for precious metal RWAs in Hong Kong and also further demonstrates HashKey’s practical capabilities in advancing the on-chain issuance and circulation of real assets within a compliant framework.

The Silver Tokens enable professional investors to own fractional interests in physical silver, with each token backed one-to-one by one troy ounce of .9999 fine physical silver stored in secured vaults operated by a reputable independent third party service provider. As an Ethereum Layer-2 solution, HashKey Chain provides robust smart contract functionality, low transaction costs, and broad compatibility with the Ethereum ecosystem. This technological infrastructure is dedicated to ensure that all transactions are efficient, secure, and verifiable on-chain.

With the global capital market’s growing acceptance of tokenized assets driven by demand from artificial intelligence infrastructure, photovoltaic energy, and the electric vehicle industry—commodities like silver are becoming important categories of RWAs. The launch of Silver-backed tokens that signifies a substantial step forward in the tokenization of traditional commodities under a compliant framework. The project is technically supported by HashKey Group for blockchain infrastructure and smart contract development. Eddid Securities and Futures Limited (“Eddid Securities”), an uplift SFC Type 1 licensed corporation engaged in virtual asset trading and product distribution services, acts as the project coordinator and offers placement capabilities and market access, enabling the Company to reach a broad base of professional investors. This collaboration has built a complete value chain from asset generation and on-chain mapping to compliant distribution and market circulation. This sets a precedent for future related RWA projects.

Leo Li, CEO of the On-chain Business Group at HashKey, commented: “Silver Tokens are a classic RWA showcase. HashKey CaaS not only provides technical support but also leads the implementation of the overall on-chain solution as the infrastructure layer. We believe that as more assets enter the chain through standardized infrastructure, the integration of traditional finance and blockchain will accelerate. This is a crucial step for the on-chain financial infrastructure that HashKey is committed to building.”

Ronald Tan, Chief Executive Officer of Timeless Resources Holdings Limited, stated: “We are thrilled to announce the launch of Silver Tokens, representing Hong Kong’s first regulated silver RWA. This project reflects our commitment to innovation and our belief in the transformative potential of blockchain technology to democratize traditional investment products. Silver presents a compelling investment opportunity driven by structural deficits and growing industrial demand. We are proud to offer professional investors an efficient secure, transparent, and accessible way to participate in this market. Our partnership with HashKey and Eddid Securities ensures that we deliver institutional-grade infrastructure and regulatory compliance to our professional investors.”

As a vital component of HashKey Group’s business map, HashKey Chain is dedicated to serving institutional users and addressing the demand for bringing real assets on-chain. In the future, the platform plans to further promote the comprehensive on-chaining and interoperability of assets such as precious metals, commodities, money market funds, bonds, and structured products. It will also support stablecoins and on-chain payment scenarios, explore the combined application of AI and on-chain data, and gradually form a closed-loop on-chain financial ecosystem to build a sustainable digital financial environment.

About HashKey Chain

HashKey Chain is a compliance-friendly, institutional-grade blockchain under HashKey (stock code: 3887.HK), designed to rebuild global financial markets on-chain. Anchored in compliance, security, and innovation, it provides the foundational environment for the next era of on-chain finance — where stablecoins, RWA, and Institutional DeFi operate seamlessly together.

About HashKey CaaS

HashKey CaaS delivers a secure, compliant, high-performance Web3 engine for institutions with one-stop end-to-end tokenization services. Our four modular solutions cover asset tokenization, DAT/ETF staking, on-chain trading & payments, and security & risk control, empowering business growth and simplifying asset onboarding.

About Timeless Resources Holdings Limited

Timeless Resources Holdings Limited is a diversified software and mining company listed on GEM of the Stock Exchange (stock code: 8028). The Company is committed to exploring innovative opportunities in the digital asset industry, with a focus on bridging traditional business with blockchain technology.

About Eddid Financial

Anchored in Hong Kong, Eddid Financial is an all-encompassing financial group centered around fintech and dedicated to integrating latest technologies into its enterprise DNA. The diversified businesses of Eddid Financial range from retail to institutional and include but are not limited to fintech, internet finance, wealth management, asset management, investment banking, and digital assets. Eddid Financial is committed to providing one-stop financial services and products to customers through high-quality investment solutions. Members of the Group, including Eddid Securities, hold a variety of licenses and memberships across key financial markets. These include Hong Kong Securities and Futures Commission (SFC) regulated activities (“RA”) licenses for types 1, 2, 3, 4, 5, 6, and 9; SEHK and HKCC participant (OTP-C broker number: 0974 and 0977), Insurance Broker Company license; Trust or Company Service Provider License in Hong Kong. Additionally, our fully owned U.S. broker-dealer subsidiary, Eddid Securities USA Inc., maintains approved membership with the Financial Industry Regulatory Authority (FINRA), the National Futures Association (NFA), the Securities Investor Protection Corporation (SIPC), the Nasdaq Stock Market LLC (NQX), the New York Stock Exchange (NYSE) and NYSE American, and is a registered with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the United States. Our Singapore subsidiary, Eddid Financial Singapore Pte. Ltd., holds the Capital Markets Services License (License No.: CMS101839) issued by the Monetary Authority of Singapore (MAS).

Product Disclaimer

Silver Tokens are intended for professional investors who understand the associated risks. Past performance is not indicative of future results. Investors should carefully consider whether their financial situation and risk tolerance are appropriate before investing in Silver Tokens. The value of Silver Tokens may fluctuate significantly, and there is no guarantee that investors will receive any return on their investment.

Eddid Financial Backs Hong Kong’s First Regulated Silver RWA Offering

HONG KONG, March 24, 2026 /PRNewswire/ — Timeless Resources Holdings Limited (“Timeless”, Stock Code: 8028.HK) and Eddid Financial today officially launched “Silver Tokens”, Hong Kong’s first regulated silver real-world asset tokenisation (“RWA”) project. Silver Times, an indirect non-wholly owned subsidiary of Timeless, and Eddid Securities and Futures, a subsidiary of Eddid Financial, have entered into a placing agreement for the project, marking its official market debut and opening a new chapter in the precious metals RWA space.

High Compliance Standards

The project’s product design, issuance structure, token on-chain mechanism, custody arrangements, and sales model have all been reported to the Hong Kong Securities and Futures Commission (“SFC”) and have secured its confirmation of no further comment, underscoring the project’s exceptionally high compliance standards.

Fully Backed by Physical Silver

Under the terms of the agreement, each silver token is fully backed by one ounce of physical silver assets. All of the project’s physical silver assets will be irrevocably transferred to and held by the trust to ensure that the rights and interests of token holders are thoroughly protected.

Setting a Digital Benchmark in Precious Metals

By synergizing Timeless’s extensive footprint in the precious metals industry with Eddid Financial’s formidable expertise in capital markets and digital asset compliance, the partnership aims to construct an investment ecosystem characterized by enhanced efficiency, unparalleled transparency, and lowered barriers to entry. This pioneering initiative not only offers investors a secure, compliant, and forward-looking avenue for asset allocation but also establishes a highly replicable and successful blueprint for the tokenisation of diversified assets in the future. Looking ahead, Eddid Financial will leverage its comprehensive licences to expand its RWA presence, driving continuous market innovation and high-quality growth.

About Timeless

Timeless and its subsidiaries (collectively the “Timeless Group”) are principally engaged in the exploration, development and exploitation of mines, precious metal processing and trading and the provision of integrated IT solutions and other related services. Management of the Timeless Group has over 40 years of experience in metal trading, including gold, silver, copper and nickel, with in-depth knowledge for metal and related business. In addition, the Timeless Group also extensively involved in the information technology sector, providing services including hardware and software solutions on digital management software transformation, centralized data storage and AI data analysis aimed for efficient operations; self-developed software, including enterprise business information systems, data asset management system, BI system, business finance integration system, data exchange services system, deployable to cloud for SaaS and to local integration device; and continuous development of high performance hardware and software system which help customers to achieve sustainable business growth.

About Eddid Financial:

Anchored in Hong Kong, Eddid Financial is an all-encompassing financial group centered around fintech and dedicated to integrating latest technologies into its enterprise DNA. The diversified businesses of Eddid Financial range from retail to institutional and include but are not limited to fintech, internet finance, wealth management, asset management, investment banking, and digital assets. Eddid Financial is committed to providing one-stop financial services and products to customers through high-quality investment solutions. Members of the Group hold a variety of licenses and memberships across key financial markets. These include Hong Kong Securities and Futures Commission (SFC) regulated activities (“RA”) licenses for types 1, 2, 3, 4, 5, 6, and 9; SEHK and HKCC participant (OTP-C broker number: 0974 and 0977), Insurance Broker Company license; Trust or Company Service Provider License in Hong Kong. Additionally, our fully owned U.S. broker-dealer subsidiary, Eddid Securities USA Inc., maintains approved membership with the Financial Industry Regulatory Authority (FINRA), the National Futures Association (NFA), the Securities Investor Protection Corporation (SIPC), the Nasdaq Stock Market LLC (NQX), the New York Stock Exchange (NYSE) and NYSE American, and is a registered with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the United States. Our Singapore subsidiary, Eddid Financial Singapore Pte. Ltd., holds the Capital Markets Services License (License No.: CMS101839) issued by the Monetary Authority of Singapore (MAS).

Learn more: www.eddid.com.hk/en

Stop AI from Guessing: Appier Enables Agents to Assess Confidence Before Acting

New Framework Boosts Reliability, Cost Efficiency, and Scalability for Enterprise AI

SINGAPORE, March 24, 2026 /PRNewswire/ — As an AI-native Agentic AI-as-a-Service (AaaS) company, Appier today announced its latest research paper, On Calibration of Large Language Models: From Response to Capability, as part of its ongoing investment in advanced AI innovation. The study introduces Capability Calibration[1]—a new framework designed to address the overconfidence and hallucination challenges of large language models (LLMs) by enabling AI systems to better assess their own ability to solve a given task.

This research equips AI agents with a critical capability: estimating the likelihood of solving a problem before generating an answer. By introducing a quantifiable self-assessment mechanism, AI systems can make more reliable decisions and allocate computational resources more efficiently—improving the reliability, cost efficiency, and scalability of enterprise AI deployments.

From Response Accuracy to Problem-Solving Capability
Traditional LLM calibration focuses on response-level confidence, estimating whether a single generated answer is correct. However, because LLM outputs are inherently stochastic, the same query may produce different responses across multiple attempts. Therefore, a single response often fails to reflect the model’s true capability.

In practice, organizations are less concerned with whether one answer is correct and more interested in whether a model can consistently solve the task. Appier’s capability calibration framework addresses this by shifting evaluation from single-response confidence to the model’s expected success rate for a given query. This moves the evaluation target from a single answer to the model’s broader problem-solving capability, providing a more practical measure of real-world performance.

Teaching AI Agents to “Know Their Limits”
“AI agents should not only generate answers but also understand the limits of their own capabilities,” said Chih-Han Yu, CEO and Co-Founder of Appier. “With capability calibration, an agent can estimate its probability of success before responding and allocate resources intelligently. Simple queries can be handled quickly, while complex tasks can automatically leverage stronger models or additional compute. This transforms AI from a passive tool into a system that actively manages resources, optimizes costs, and improves decision quality—an essential foundation for scaling enterprise-grade AI agents.”

Experimental Results: High-Quality Calibration at Low Cost
The research clarifies the theoretical relationship between capability calibration and traditional response calibration[2], and evaluates multiple confidence estimation approaches across three large language models and seven datasets covering knowledge-intensive and reasoning-intensive tasks. Methods tested include:

  • Verbalized confidence[3]: The model explicitly states its confidence, in text or as a percentage.
  • P(True)[4]: Estimates the probability that the answer is correct based on generation signals.
  • Linear probes[5]: Use internal model signals to assess whether it truly understands.

Results show that the linear probe method provides the best balance between cost and performance, with computational cost even lower than generating a single token while maintaining reliable confidence estimation.

Two Key Applications: Improving Inference Efficiency and Resource Allocation
The framework enables two practical use cases. First, pass@k[6] prediction, a widely used metric for evaluating LLMs in complex tasks. Capability-calibrated confidence estimates the probability that a model will produce at least one correct answer after k attempts, without actually generating multiple responses. Second, inference resource allocation, where computational resources are dynamically distributed based on predicted task difficulty. Harder problems receive more attempts, allowing more tasks to be solved within the same compute budget.

Building a Decision Foundation for Trustworthy AI Agents
Capability calibration enables AI agents to establish a stable and quantifiable confidence signal before taking action. This allows agents to determine whether they can solve a task independently, when to call external tools, and when to seek human assistance—helping AI systems operate more reliably in uncertain environments.

Advancing Capability Calibration to Power Agentic AI Applications
Looking ahead, Appier’s AI research team will continue advancing capability calibration by improving model evaluation methods and expanding the framework to applications such as model routing, human–AI collaboration, and trustworthy AI systems. Leveraging Appier’s deep expertise in AI and marketing technology, these research advances will be translated into product capabilities, accelerating the deployment of Agentic AI in advertising and marketing decision-making and helping enterprises operate more efficiently in an increasingly complex digital landscape.

About Appier
Appier (TSE: 4180) is an AI-native Agentic AI as a Service (AaaS) company that empowers business decision-making with cutting-edge AdTech and MarTech solutions. Founded in 2012 with the vision of “Making AI Easy by making software intelligent,” Appier endeavors to help businesses turn AI into ROI with its Ad Cloud, Personalization Cloud, and Data Cloud solutions. Now Appier has 17 offices across APAC, the US and EMEA, and is listed on the Tokyo Stock Exchange. Visit www.appier.com for more company information, and visit ir.appier.com/en/ for more IR information.

[1] Capability Calibration – A method for evaluating an AI model’s overall problem-solving ability by estimating the probability that it will successfully answer a given query, rather than judging a single response.

[2] Response Calibration – A traditional AI evaluation approach that measures a model’s confidence in the correctness of a single generated response.

[3] Verbalized Confidence – A method where the model explicitly states its confidence in the correctness of an answer in natural language, such as a percentage or confidence level.

[4] P(True) – A technique that estimates the probability that an answer is correct by analyzing the token probability distribution generated by the model.

[5] Linear Probe – A lightweight linear classifier trained on a model’s internal representations to analyze whether the model has learned specific knowledge or capabilities, and to estimate confidence.

[6] pass@k – A common AI evaluation metric estimating the probability that a model produces at least one correct answer within k attempts, reflecting the need to explore multiple reasoning paths in complex tasks.

For media queries, please email pr@appier.com