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7-Eleven Malaysia Contributes RM27,888 to Masjid Negara Congregants Throughout Ramadan


KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 17 March 2026 – In the spirit of Ramadan, a time when communities come together to share blessings and strengthen bonds of compassion, 7-Eleven Malaysia contributed RM27,888 to the Persatuan Kebajikan Kakitangan Masjid Negara Kuala Lumpur to support the mosque’s Ramadan moreh programme for worshippers throughout the holy month.

The contribution was presented during a mock cheque presentation ceremony by Tan Sri Mohd Annuar Zaini, Chairman of 7-Eleven Malaysia Holdings Berhad, accompanied by Co-CEO of 7-Eleven Malaysia, Mr. Tan U-Ming.

The contribution will support the preparation and distribution of moreh meals at Masjid Negara following nightly tarawih prayers. Each evening during Ramadan, hundreds of congregants gather at the mosque not only to perform their prayers but also to share simple meals together, reflecting the values of generosity, togetherness and gratitude that define the sacred month.

Masjid Negara has long been a spiritual and community landmark where Malaysians from all walks of life come together during Ramadan. From families and students to workers and travellers passing through the city, the mosque becomes a place where people reconnect with their faith while experiencing the warmth of a community that looks after one another.

Through the Ramadan programme organised by the Persatuan Kebajikan Kakitangan Masjid Negara Kuala Lumpur, food packs are prepared and distributed nightly to congregants to ensure that worshippers who stay for evening prayers can enjoy a meal together before returning home. The initiative reflects the mosque’s ongoing commitment to serving the needs of the community during the holy month.

Tan Sri Mohd Annuar Zaini, Chairman of 7-Eleven Malaysia Holdings Berhad said that Ramadan is a meaningful time for communities to come together and support one another, and the company is honoured to play a small part in supporting the efforts of Masjid Negara in serving its congregants.

“Ramadan reminds us of the importance of compassion, humility and sharing our blessings with the community. We are honoured to support the efforts of Masjid Negara in bringing people together through their Ramadan moreh programme and hope that this contribution will help create meaningful moments of togetherness among worshippers.”

Beyond providing food, the moreh programme plays an important role in strengthening the bonds among congregants who gather nightly at the mosque. These shared moments of fellowship reflect the true spirit of Ramadan where acts of kindness and generosity help bring communities closer together.

This contribution is also part of Semurni Kasih, 7-Eleven Malaysia’s annual community initiative during the Ramadan period, which focuses on supporting meaningful programmes that uplift communities and promote the spirit of care and generosity. Through Semurni Kasih, the company continues to work with various community partners to extend assistance to those in need while encouraging Malaysians to share kindness with one another.

Through this contribution, 7-Eleven Malaysia hopes to play a meaningful role in supporting initiatives that uplift local communities and ensure that the spirit of giving continues to be shared throughout Ramadan.

Hashtag: #7ElevenMalaysia

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

About 7-Eleven Malaysia

7-Eleven Malaysia Holdings Berhad through its subsidiary 7-Eleven Malaysia Sdn. Bhd. is the owner and operator of 7-Eleven stores in Malaysia. Incorporated on 4 June 1984, 7-Eleven Malaysia has made its mark in the retailing scene and has been a prominent icon for over 40 years. 7-Eleven Malaysia is the pioneer and largest 24-hour standalone convenience store operator in Malaysia with over 2,700 outlets nationwide and serves more than 1 million customers daily. 7-Eleven stores can be found across bustling commercial districts to serene suburban residential compounds throughout Malaysia, from petrol stations and LRT stations to shopping malls and medical institutions. My7E loyalty app boasted an impressive membership of 3.6 million users. As we forge ahead, our commitment remains steadfast in enriching the experience for our valued members, offering an array of rewards that enhance their journey as My7E enthusiasts. 7-Eleven is Always There For You. To learn more, please visit our website at

/C O R R E C T I O N — Gesynta Pharma/

In the news release, First patient dosed in Gesynta Pharma’s endometriosis trial of vipoglanstat, issued 11-Mar-2026 by Gesynta Pharma over PR Newswire, the source was erroneously mentioned as Getinge Group rather than as Gesynta Pharma as incorrectly transmitted by PR Newswire. The complete, corrected release follows:

First patient dosed in Gesynta Pharma’s endometriosis trial of vipoglanstat

STOCKHOLM, March 17, 2026 /PRNewswire/ — Gesynta Pharma AB today announced that the first patient has been dosed in its Phase 2 clinical proof-of-concept trial (NOVA) of vipoglanstat, a novel non-hormonal, non-opioid drug candidate for endometriosis. This milestone marks an important step toward a new treatment for the approximately 190 million women worldwide living with this painful, often debilitating, chronic inflammatory condition, which is also a major cause of infertility.

The NOVA* trial is a randomized, double-blind, placebo-controlled Phase 2 clinical proof-of-concept trial of vipoglanstat. NOVA will evaluate the efficacy and safety of two different doses of vipoglanstat compared with placebo and will also provide valuable dosing information for future clinical development.

The trial will enroll approximately 190 women aged 18 to 45 across the UK, Italy, Poland, Romania, Bulgaria, the Czech Republic, and Hungary. Participants will receive either vipoglanstat or placebo, administered orally, for approximately four menstrual cycles. The primary objective is to evaluate the efficacy of vipoglanstat on endometriosis-related pain during non-menstrual days. Secondary objectives include evaluating the effect of vipoglanstat on period pain (dysmenorrhea), pain during sexual intercourse (dyspareunia), use of opioid rescue medication, and response to a quality-of-life assessment scale. Additionally, endometriotic lesions will be evaluated as an exploratory endpoint using MRI assessments. Top-line results are expected in 2027.

“This is an important step toward expanding therapeutic options for women living with endometriosis. Despite existing treatments, many patients continue to experience persistent pain and impaired daily functioning, underscoring the need for new approaches. I am excited to work with Gesynta to assess whether vipoglanstat can deliver meaningful, lasting improvements for patients,” says Christian Becker, Professor of Reproductive Sciences, Co-Director of the Oxford Endometriosis CaRe Centre, and International Coordinating Investigator for the NOVA trial.

Vipoglanstat targets mPGES-1, a key enzyme that produces the proinflammatory mediator prostaglandin E2 (PGE2) in endometriotic lesions. A preclinical proof-of-concept study using an advanced endometriosis model showed that vipoglanstat significantly reduced pain-related behaviors and endometriotic lesion load. Previous clinical studies confirm its safety, tolerability, and pharmacodynamic effects in humans, supporting further development of vipoglanstat for endometriosis.

“Dosing the first patient in the NOVA trial signifies a major milestone in developing vipoglanstat, aiming at providing a game-changer in the treatment of endometriosis. With a solid preclinical basis and positive clinical data on safety, tolerability, and pharmacokinetics, this trial aims to provide robust, controlled data on pain relief and quality of life for women with moderate to severe disease,” says Patric Stenberg, CEO of Gesynta Pharma.

About Endometriosis
Endometriosis is a painful chronic inflammatory disorder in which endometrium-like tissue grows outside the uterus, mainly in the pelvic cavity, causing inflammation, fibrosis, and the formation of endometriotic lesions and adhesions. It commonly presents with period pain (dysmenorrhea), non-menstrual chronic pelvic pain, pain during sexual intercourse (dyspareunia) , gastrointestinal symptoms, and infertility, and is typically managed with analgesics, hormonal therapies, and surgery.

Despite its high prevalence, affecting 10% of women of reproductive age, endometriosis remains largely underdiagnosed and undertreated, with few new treatment options available to patients. The often severe pain, diagnostic challenges, and limited treatment options make endometriosis profoundly challenging to live with for many women.

*NOVA: the Non-hormonal Option – a Vipoglanstat Assessment trial

For more information, please contact: 
Patric Stenberg, CEO
Tel: + 46 (0)733 83 66 70
E-mail: patric.stenberg@gesynta.se

About Gesynta Pharma
Gesynta Pharma’s research on targeting mPGES-1, an essential enzyme in inflammation, began at Karolinska Institutet in Sweden. The company’s lead compound, vipoglanstat, a non-hormonal, non-opioid treatment, is under development for endometriosis, a chronic inflammatory condition affecting roughly 10% of women of reproductive age. Vipoglanstat significantly reduced pain-related behaviors and endometriotic lesions in an advanced preclinical disease model. The drug candidate is currently being evaluated in the Phase 2 clinical proof-of-concept trial (NOVA).

Additionally, the company’s second candidate, GS-073, is ready to enter Phase 1 clinical trials for the treatment of chronic inflammatory pain.

Gesynta Pharma’s shareholders include Hadean Ventures, Industrifonden, Innovestor Life Science, Linc, HealthCap, XGen Venture, and other internationally renowned specialist investors.

For more information, please visit www.gesynta.se.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/gesynta-pharma/r/first-patient-dosed-in-gesynta-pharma-s-endometriosis-trial-of-vipoglanstat,c4319459

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Bybit EU Cooperates with PayPal to Simplify Crypto Funding

VIENNA, March 17, 2026 /PRNewswire/ — Bybit EU, the European arm of Bybit and a MiCAR-licensed crypto-asset service provider headquartered in Vienna, today announced the integration of PayPal as a new fiat funding and withdrawal method across EEA markets where the platform operates. The cooperation brings together one of the most recognised global payment brands and one of the EU’s best-known crypto platforms, offering users a secure and familiar way to move between fiat and digital assets.

For millions of Europeans, PayPal is synonymous with secure online payments. By integrating PayPal directly into its funding and withdrawal flows, Bybit EU removes a key barrier for newcomers: uncertainty around how to start. Users can now access crypto with the same payment method they already use for everyday purchases.

Bybit EU operates under the EU’s MiCA regulatory framework, ensuring clear consumer protections, transparent operations and compliance with European standards. The addition of PayPal is therefore more than a convenience upgrade. It represents a commitment to building a safe and trusted digital finance ecosystem in Europe.

“Integrating PayPal is an important milestone in our mission to offer secure, compliant and intuitive access to digital assets,” said Mazurka Zeng, Co-CEO of Bybit EU. “This collaboration aligns trusted payments with a regulated trading environment and gives users even greater confidence when entering the crypto space.

“As more consumers engage with crypto, trusted payment experiences are key to driving broader use of digital assets,” said Samba Natarajan, Senior Vice President and General Manager, Europe at PayPal. “By providing a fiat payment and withdrawal option to enable crypto -transactions on Bybit EU, we’re giving our users seamless access to the growing digital assets ecosystem with the same security and confidence they know PayPal for.

With PayPal, users can fund their Bybit EU accounts or withdraw crypto proceeds without opening new accounts or waiting for bank transfers. The integration provides a streamlined entry point for anyone looking for a fast, smooth and reliable way to get started with crypto under a regulated framework.

To accompany the launch, Bybit EU and PayPal will activate a co-branded reward campaign, within which users will be able to earn up to €30 worth of BTC in incentives when topping-up with PayPal. In addition, users who download or update to the latest app version will also benefit from zero Bybit fees on fiat deposits via PayPal for a limited time.

#BybitEU | #NewFinancialPlatform

About Bybit EU
Bybit EU GmbH is an Austrian Crypto-Asset Service Provider (CASP) authorized under the Markets in Crypto-Assets Regulation (MiCAR) in Austria. Bybit EU serves customers across the entire European Economic Area (EEA)—with the exception of Malta—via the bybit.eu platform.

Bybit EU GmbH is authorized to offer the following services:

  • custody and administration of crypto-assets on behalf of clients;
  • exchange of crypto-assets for funds;
  • exchange of crypto-assets for other crypto-assets;
  • placing of crypto-assets; and
  • transfer services for crypto-assets on behalf of clients.

Bybit EU GmbH is neither the operator of a trading platform for crypto-assets nor provides investment advice.

Media Contact: press@bybit.eu
www.bybit.eu

Disclaimer: This press release is provided for informational purposes only and does not constitute investment advice or an offer to buy or sell digital assets. The products and services mentioned herein are subject to applicable laws and regulations in the relevant jurisdictions and may not be available in certain regions.

Quality Building Award 2026 Finalists Announced

35 Project Teams Selected to Compete for the Industry’s Highest Honor


HONG KONG SAR – Media OutReach Newswire – 17 March 2026 – The much-anticipated Quality Building Award 2026 (QBA 2026) today officially announces its finalist list! A total of 35 outstanding project teams have successfully advanced to the final presentation stage. They will present their remarkable achievements to the judging panel this Saturday (20 March and 21 March), competing for the highest honor of the “Oscar of the Construction Industry.”

Held biennially, the Quality Building Award is jointly organized by ten leading professional institutes and organizations representing Hong Kong’s architecture and construction sectors. It aims to recognize exceptional projects that demonstrate outstanding teamwork in the design and construction of quality buildings. This year’s theme, “Smartly We Build | Sustainably We Thrive | Inclusively We Lead,” encourages the industry to adopt smart, sustainable, and inclusive solutions, steering the sector towards innovation and green development.

Comprehensive Coverage Across Eight Categories Showcasing Hong Kong’s Diverse Excellence

This year’s Award features eight major categories, comprehensively covering different types of building projects. These span residential and non-residential, government and non-government, renovation and revitalization, and temporary building categories. The response from local Hong Kong projects has been enthusiastic, with the finalists fully demonstrating the industry’s diverse creativity and professional expertise, reflecting the vibrant and flourishing state of local architecture.

Breaking Geographical Boundaries with Strong International Participation

Another highlight of this edition is the inclusion of the “Building in GBA (Not include Hong Kong)” and “Building Outside GBA (include International)” categories. These are open to all eligible projects from within and outside the region, with teams not required to provide proof of a Hong Kong registered company to participate. This initiative has successfully attracted numerous high-quality non-local projects, including outstanding entries from as far as Egypt. This underscores the international vision and regional influence of the Quality Building Award, further cementing Hong Kong’s status as a regional architectural hub.

Ms CHANG Yuk Kam, Patricia, Chairlady, QBA 2026 Organizing Committeestated: “We are thrilled by the enthusiastic response to this year’s Award. The finalist projects are of exceptional quality and span a diverse range of categories. The 35 finalist teams will showcase their innovative practices in smart construction, sustainable development, and social inclusion during their final presentations, fully embodying the spirit of this year’s theme. On behalf of the Organizing Committee, I thank all participating teams for their dedication and wish the finalists every success in their upcoming presentations.”

Ir ZA Wai Gin,Tony, Chairman, QBA 2026 Jury sub-committee remarked: “Throughout the selection process, the judging panel has placed particular emphasis on how projects integrate smart technology, environmental concepts, and human-centric design. The active participation of projects from the Greater Bay Area and the international community this year has brought a broader perspective to the Award. We look forward to gaining deeper insights into the design philosophies and practical achievements of the finalist teams during the presentations, and to jointly witnessing new milestones in the architectural world.”

Award Ceremony to be Held in June to Celebrate Excellence

The final results of the Quality Building Award 2026 will be unveiled at the Awards Ceremony to be held on 26 June this year. The event will bring together industry leaders to collectively witness the glorious moment celebrating outstanding architectural projects.

For more details about the Quality Building Award, please visit:
Official Website: www.qba.com.hk
Facebook: QBAHK
LinkedIn: QBAHK
Weibo: 優質建築大獎
WeChat Official Account: 優質建築大獎

Finalists of QBA 2026

(The list is in alphabetical order)

Hong Kong Residential (Single Building)
1 Belgravia Place I
2 ECHO House
3 Hong Kong-Shenzhen Innovation and Technology Park – Batch 1A Development : Building 11
4 JARDINI
5 One Central Place
6 Parkwood
Hong Kong Residential (Multiple Buildings)
1 Baker Circle
2 Casa Sierra
3 NOVO LAND
4 THE PAVILIA FOREST
5 Victoria Voyage
Hong Kong Non-Residential (New Building – Government, Institution of Community)
1 Hospital Authority Supporting Services Centre
2 Kai Tak District Cooling Plant No. 3 (KTDCS-P3)
3 Kai Tak Sports Park
4 Kowloon Tsai Swimming Pool Complex
5 Kwai Chung Hospital
6 The Pentecostal Holiness Church Wing Kwong Junior School
Hong Kong Non-Residential (New Building – Non-Government, Institution of Community)
1 98 How Ming Street
2 Hong Kong-Shenzhen Innovation and Technology Park – Batch 1A Development : Building 8 & Building 9
3 One Causeway Bay
Hong Kong Building (Renovation / Revitalization)
1 Conversion of the Old Wan Chai Police Station into the Headquarters of the International Organization for Mediation
2 Expansion of the Legislative Council Complex
3 Lo Pan Spirit Inheritance: Conservation of Lo Pan Temple
4 Tai Po Civic Centre
Temporary Building
1 Dedicated Rehousing Estate at Kwu Tung North Area 24 MIC Site Office
2 Light Public Housing at Olympic Avenue, Kai Tak (Phase 1)
3 Light Public Housing – Choi Hing Road, Ngau Tau Kok
4 Light Public Housing – Yau Pok Road, Yuen Long
5 WISE COMPLEX
Building Outside GBA (include International)
1 Arbour
2 Iconic Tower of New CBD of New Administrative Capital of Egypt
Building in GBA (Not include Hong Kong)
1 China State Construction Science and Technology Innovation Building
2 China Overseas Headquarter
3 Guangzhou Respiratory Center
4 Marisfrolg Industrial Park

Hashtag: #QualityBuildingAward2026

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

About Quality Building Award

The Quality Building Award (QBA) is a biennial award that recognizes buildings of outstanding quality and those that demonstrate outstanding teamwork. The provision of quality buildings is an essential ingredient of a prosperous and modern society, and the Quality Building Award aims to promote a collective commitment by the building industry to maintain the highest standards of professionalism and competitiveness.

The theme of QBA 2026 is “Smartly We Build | Sustainably We Thrive | Inclusively We Lead”, which aimed at recognizing the adoption of smart, sustainable, and inclusive solutions, driving innovation and eco-friendly practices to foster collective progress and ensure a thriving, sustainable future. As always, the QBA 2026 will continue to recognize outstanding contributions to society and drive the ongoing advancement of construction industry.

The Quality Building Award 2026 is jointly organized by ten leading professional institutions in Hong Kong, including:

  • The Hong Kong Institute of Housing (HKIH) (Rotating Chair of QBA 2026)
  • BEAM Society Limited (BSL)
  • The Hong Kong Construction Association (HKCA)
  • The Hong Kong Institute of Architects (HKIA)
  • The Hong Kong Institute of Construction Managers (HKICM)
  • The Hong Kong Institute of Engineers (HKIE)
  • The Hong Kong Institute of Surveyors (HKIS)
  • Hong Kong Quality Assurance Agency (HKQAA)
  • International Facility Management Association, Hong Kong Chapter (IFMAHK)
  • The Real Estate Developers Association of Hong Kong (REDA)

(in alphabetical order by English name)

Breaking through ‘last mile’ of green energy: CHN Energy’s solution for retired wind and solar equipment


BEIJING, CHINA – Media OutReach Newswire – 17 March 2026 – Wind power and photovoltaic energy are reshaping China’s energy landscape. As of March 2025, the combined installed capacity of wind and solar power nationwide has exceeded 1.48 billion kilowatts, surpassing thermal power in terms of total installed capacity in history.

image-1.jpeg

However, early-generation wind and solar equipment, designed to last 20 to 25 years, is now entering a phase of large-scale decommissioning. It is estimated that by 2050, decommissioned photovoltaic modules will amount to 20 million tonnes, while retired wind turbine blades are expected to reach 3 million tonnes by 2035. How to properly handle this massive volume of retired equipment has become a pressing challenge that the industry must confront.

“True green development lies in delivering green power while ultimately achieving a closed loop through comprehensive end-of-life solutions,” said Hou Bo, deputy general manager of China Energy Investment Corporation (CHN Energy) Longyuan Environmental Protection Co., Ltd.

CHN Energy holds the world’s largest installed wind power capacity. Its combined installed capacity of wind and solar power is close to 120 million kilowatts, accounting for nearly 10 percent of the national total. After several years of technological breakthroughs, in October 2025, the company put into operation a kiloton-scale photovoltaic module recycling demonstration line, independently developed and constructed by CHN Energy Longyuan Environmental Protection Co., Ltd. In 2026, CHN Energy Longyuan Environmental Protection Zhangjiakou Branch is expected to commence operations, with an annual processing capacity exceeding 10,000 tonnes of decommissioned wind and solar equipment.

Meanwhile, CHN Energy Longyuan Environmental Protection has taken the lead in establishing a specialized committee on the circular utilization of retired wind and solar equipment under the China Association of Circular Economy. It has led or participated in the drafting of approximately 17 international, national, and industry standards. While ensuring a stable supply of green electricity, the company also gives due consideration to the full life-cycle utilization of all equipment, including the impacts on environmental governance, in an effort to break through this critical “last mile.”

“By building an integrated industry–academia–research–application system, we aim to address shared challenges together and foster the growth of this emerging sector,” said Hou. For CHN Energy, closing the loop on wind and solar is more than an environmental goal; it is the defining test of true green power.

Hashtag: #ChinaNewsService

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

Tencent Music Entertainment Group Announces Fourth Quarter and Full-Year 2025 Unaudited Financial Results

SHENZHEN, China, March 17, 2026 /PRNewswire/ — Tencent Music Entertainment Group (“TME,” or the “Company”) (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment platform in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Financial Highlights

  • Total revenues were RMB8.64 billion (US$1.24 billion), representing 15.9% year-over-year increase, primarily due to strong growth in revenues from online music services.
  • Revenues from online music services were RMB7.10 billion (US$1.02 billion), representing 21.7% year-over-year growth. Revenues from music subscriptions were RMB4.56 billion (US$653 million), representing 13.2% year-over-year growth. Revenues from music services other than music subscriptions were RMB2.54 billion (US$363 million), representing 40.8% year-over-year growth.
  • Net profit attributable to equity holders of the Company was RMB2.20 billion (US$315 million), representing 12.6% year-over-year growth. Non-IFRS net profit attributable to equity holders of the Company[1] was RMB2.49 billion (US$355 million), representing 9.0% year-over-year growth.
  • Diluted earnings per ADS was RMB1.41 (US$0.20), up from RMB1.26 in the same period of 2024. Non-IFRS diluted earnings per ADS was RMB1.60 (US$0.23), up from RMB1.47 in the same period of 2024.
  • Total cash, cash equivalents, term deposits and short-term investments as of December 31, 2025 were RMB38.04 billion (US$5.44 billion).

Full Year 2025 Financial Highlights

  • Total revenues were RMB32.90 billion (US$4.71 billion), representing 15.8% year-over-year increase.
  • Revenues from online music services were RMB26.73 billion (US$3.82 billion), representing 22.9% year-over-year growth. Revenues from music subscriptions were RMB17.66 billion (US$2.53 billion), representing 16.0% year-over-year growth. Revenues from music services other than music subscriptions were RMB9.07 billion (US$1.30 billion), representing 39.2% year-over-year growth.
  • Net profit attributable to equity holders of the Company was RMB11.06 billion (US$1.58 billion), representing 66.4% year-over-year growth, as the Company has recognized a gain of RMB2.37 billion (US$339 million) on deemed disposal of an associate in the first quarter of 2025. Non-IFRS net profit attributable to equity holders of the Company[1] was RMB9.59 billion (US$1.37 billion), representing 25.0% year-over-year growth.
  • The Company’s board of directors approved an annual cash dividend of approximately US$368 million for the year ended December 31, 2025.

Mr. Cussion Pang, Executive Chairman of TME, commented, “In 2025, we executed our content-and-platform strategy with discipline, delivering accelerated revenue growth and sustained margin expansion. Fueled by the solid growth of our subscription services and the powerful momentum of music IP non-subscription offerings, we are deepening a differentiated, all-in-one music services platform. This enables us to unlock greater value from music IPs, creating new opportunities for artists, and address a larger market. As the competitive landscape in music continues to evolve, our track record in delivering integrated, expansive, and multi-faceted services gives us a distinct competitive edge. With disciplined investment and persistent innovation guided by long-term value creation, we are confident in spearheading industry advancement.”

Mr. Ross Liang, CEO of TME, continued, “Amid rapid advancements in AI technology and evolving consumer expectations, we remained agile, responding proactively on multiple fronts to better serve our users and strengthen our content platform flywheel. Our relentless focus on product enhancement and a multi-tiered, user-centric strategy drove effective subscriber conversion, deeper engagement, and increased wallet share throughout 2025. Notably, driven by differentiated, expansive content privileges and immersive experiences, our SVIP user base surpassed 20 million, with ARPPU continuing to trend upward. Our newly launched ad-supported subscription plan is gaining initial progress and will, over time, allow us to broaden user access and attract new audiences.”

Fourth Quarter 2025 Operational Highlights 

  • Key Operating Metrics

4Q25

4Q24

YoY %

MAUs – online music (million)

528

556

(5.0 %)

Paying users – online music (million)

127.4

121.0

5.3 %

Monthly ARPPU – online music (RMB)

11.9

11.1

7.2 %

CONTENT – Diversified and differentiated offering strengthened our content advantage and broadened audience appeal.

  • Unlocked and elevated classic repertoire value, a key driver of emotional connections and subscription conversion. 1) Renewed and deepened contracts with Warner Music Group and Bin-music, continuing to explore further collaboration in physical albums, merchandise, and live performances. 2) Expanded partnership with Media Asia Music to bring Dolby Atmos to over 300 iconic tracks from legendary artists like Eason Chan, Leslie Cheung, and Andy Lau[2] for the first time, giving audiences an immersive way to enjoy these classics.
  • Expansive and differentiated self-produced content resonated strongly with users which in return drove up streaming share. 1) The Mid-Autumn-themed song, Year After Year by artist Xiao Zhan, became an instant hit, charting globally in 17 countries and regions and amassing over 100 million views across social media platforms in a single day. 2) The recent bespoke OST suite produced for Tencent Video’s blockbuster drama Shine on Me, also topped multiple music charts, effectively boosting user engagement. 3) Several co-produced songs staged at the 2026 CMG Spring Festival Gala quickly went viral, with multiple tracks surpassing 10 million streams in less than a week.
  • Broadened genres popular among younger demographics boosted user engagement and streaming share. 1) Expansive K-pop content offerings strengthened by the recent renewed partnership with the Korean label P NATION CORPORATION, providing a 30-day head-start benefit for new releases from artists and groups such as PSY, CRUSH, HWASA, Baby DONT Cry and TNX. 2) Through Tencent Musician Platform, we partnered with more indie and emerging artists such as popular indie band Fine. The collaboration further enriched our catalog, highlighted by their hit single Breathing Decision.

IP-VALUE – Unlocked greater IP value through accelerating expansion of more live performance, curated merchandise, and broader strategic artist partnerships.

  • Cultivated premium live experiences to empower artists in expanding their audience reach. We successfully hosted multiple flagship live events in 2025, laying a solid foundation for future collaborations with world-class artists. Notably, we delivered end-to-end production for G-DRAGON’s 2025 tour, spanning 20 concerts across eight Asia Pacific cities and attracting over 260,000 attendees. The fourth quarter featured our largest-scale production for him, with two sold-out shows at the Taipei Dome drawing an audience of over 75,000.
  • By onboarding more strategic artists and collaborating across music promotion, live performances, artist management, and merchandise, we amplify the long-term value and versatility of our IP portfolio, paving the way to address a larger market with richer content experiences.
  • Expanded merchandise offerings, sparking new waves of music consumption. 1) Collaborated with Ed Sheeran to produce a KIT album for his new release Play, marking our first partnership with a top-tier Western artist in this hybrid music format. 2) Offered collectibles alongside physical releases to boost engagement and sales, from Esther Yu’s deluxe album Spicy Honey to tour-inspired items like Lay Zhang’s “GRANDLINE•BOUNDLESS” Tour Special Commemorative Gift Box and LUHAN’s SEASON4 ASIA TOUR Commemorative Album.

PLATFORM – Comprehensive product offerings and integrated use cases deepened user engagement, making music journeys more ubiquitous, enriching, and immersive.

  • Deepened multi-device coverage by integrating further into PC, in-car, smart speaker, and wearable ecosystems, making music consumption an integral part of users’ lives, whether they are commuting, at home, or at work.
  • Leveraged the multi-platform portfolio to serve a wide range of user with different preferences more effectively. While Kugou Music and QQ Music applications provide comprehensive music services to highly engaged users with a strong willingness to pay, lightweight sub-brands such as Bodian Music and Kugou Concept cater to casual listeners.
  • Deepened integration with Weixin Video Account to generate hit music charts and promote music consumption.
  • Introduced new social features within our music applications to amplify user reach and deepen user engagement. 1) QQ Music launched Weverse DM, onboarding around 170 artists from HYBE and other labels to deepen artist-fan interactions. 2) bubble enhanced its functionality by introducing intelligent song recognition and live performance streaming for domestic artists. 3) Our Annual Music report campaign, with personal letters and AI-generated voice messages from artists, drove social buzz and widespread sharing.

SUBSCRIPTION – SVIP memberships further scaled, capturing more users and deepening music consumption.

  • Benefiting from deepened collaborations with music labels, artists and the rollout of new, high valued benefits, SVIP subscribers exceeded 20 million by year-end 2025.
  • Appointed brand ambassadors for our SVIP program, including Ryan Ding, Ju Jingyi, and Karry Wang for QQ Music, and Liu Yuning for Kugou Music. Launched prioritized ticketing packages for QQ Music’s Top Music Night 2026 and the annual gala of Melody Journey 2, both of which resulted in effective SVIP adoption. Other SVIP benefits such as premium audio effects, personalized avatar outfits and feature-related perks further catalyzed SVIP acquisition and retention.

AI – Harnessed AI to empower music creation, elevate users’ music experiences, and drive well-rounded music consumption.

  • Enriched music content library with 1) Our one-stop AI music production platform, which empowered more than 150,000 artists and over 10 million users to create and produce music through an increasingly efficient process. 2) Leveraged AI to capture chorus highlights and generate video clips, making the music journey more fun and engaging.
  • Deepened cooperation with the broader Tencent ecosystem to enhance content distribution and consumption. 1) Leveraged self-developed multimodal large model to enhance recommendations, resulting in a record high share of recommendation-driven streams. 2) QQ Music seamlessly integrated with Tencent’s AI app Yuanbao, offering users more intelligent and personalized music streaming journeys.
  • QQ Music’s AI Agent, powered by Yuanbao, became a system-level hub, allowing users to handle complex tasks through natural-language commands. This evolution goes beyond music discovery to enable direct access to digital albums and merchandise purchases, creating a truly “intent-to-action” experience that drives conversion.

Fourth Quarter 2025 Financial Review

Total revenues increased by RMB1.18 billion, or 15.9%, to RMB8.64 billion (US$1.24 billion) from RMB7.46 billion in the same period of 2024.

  • Revenues from online music services increased by 21.7% to RMB7.10 billion (US$1.02 billion), compared with RMB5.83 billion in the same period of 2024. The increase was driven by solid growth in revenues from music subscription and offline performances, supplemented by growth in revenues from advertising services. Revenues from music subscriptions were RMB4.56 billion (US$653 million), representing 13.2% year-over-year growth, compared with RMB4.03 billion in the same period of 2024. The rapid growth was mainly driven by our continuous expansion of membership privileges, such as early access to offline performances, artist-related merchandise, and a wide range of premium offerings. Revenues from offline performances achieved robust year-over-year growth. We successfully staged many successful concerts for renowned artists both in China and overseas. The year-over-year increase in revenues from advertising was primarily due to our more diversified product portfolio and innovative ad formats, such as ad-supported mode.
  • Revenues from social entertainment services and others decreased by 5.2% to RMB1.54 billion (US$221 million) from RMB1.63 billion in the same period of 2024.

Cost of revenues increased by 13.7% year-over-year to RMB4.78 billion (US$683 million), mainly due to increased costs related to offline performances, advertising services and IP related costs, such as costs for artist-related merchandise. Meanwhile, revenue sharing fees decreased, resulting from declines in both revenue sharing ratio and revenues from social entertainment services.

Gross margin increased to 44.7% from 43.6% in the same period of 2024, primarily due to increased revenues from music subscriptions and advertising services, alongside a lower revenue sharing ratio for social entertainment services, and partly offset by increased revenues from offline performances.

Total operating expenses increased by 6.2% year-over-year to RMB1.25 billion (US$178 million). Operating expenses as a percentage of total revenues decreased to 14.4% from 15.7% in the same period of 2024. 

  • Selling and marketing expenses were RMB266 million (US$38 million), representing 7.3% year-over-year increase. The increase was primarily due to higher channel spending and content promotion expenses.
  • General and administrative expenses were RMB981 million (US$140 million), representing 5.9% year-over-year increase. The increase was primarily due to growth in employee-related expenses.

Total operating profit was RMB2.84 billion (US$406 million) in the fourth quarter of 2025, representing 17.9% year-over-year increase.

Income tax expenses for the fourth quarter of 2025 were RMB486 million (US$69 million), compared with RMB423 million in the same period of 2024. 

For the fourth quarter of 2025, net profit was RMB2.29 billion (US$327 million) and net profit attributable to equity holders of the Company was RMB2.20 billion (US$315 million). Non-IFRS net profit was RMB2.58 billion (US$369 million) and non-IFRS net profit attributable to equity holders of the Company was RMB2.49 billion (US$355 million). Please refer to the section in this press release titled “Non-IFRS Financial Measure” for details.

Basic and diluted earnings per American Depositary Shares (“ADS”) for the fourth quarter of 2025 were RMB1.43 (US$0.20) and RMB1.41 (US$0.20), respectively; non-IFRS basic and diluted earnings per ADS were RMB1.61(US$0.23) and RMB1.60 (US$0.23), respectively. For the fourth quarter of 2025, the Company had weighted averages of 1.54 billion basic and 1.56 billion diluted ADSs outstanding, respectively. Each ADS represents two of the Company’s Class A ordinary shares.

As of December 31, 2025, the combined balance of the Company’s cash, cash equivalents, term deposits and short-term investments amounted to RMB38.04 billion (US$5.44 billion), compared with RMB36.08 billion as of September 30, 2025.

Full Year 2025 Financial Review
Total revenues increased by RMB4.50 billion, or 15.8%, to RMB32.90 billion (US$4.71 billion) from RMB28.40 billion in 2024.

  • Revenues from online music services delivered a strong year-over-year increase of 22.9% to RMB26.73 billion (US$3.82 billion) from RMB21.74 billion in 2024. The increase was driven by solid growth in music subscription revenues, supplemented by growth in revenues from offline performances, advertising services and artist-related merchandise. Revenues from music subscriptions were RMB17.66 billion (US$2.53 billion), representing 16.0% year-over-year growth, compared with RMB15.23 billion in 2024. The rapid growth was mainly driven by our continuous expansion of membership privileges, such as early access to live performances, artist-related merchandise, and a wide range of premium offerings.
  • Revenues from social entertainment services and others decreased by 7.3% to RMB6.18 billion (US$883 million) from RMB6.66 billion in 2024.

Cost of revenues increased by 12.2% year-over-year to RMB18.37 billion (US$2.63 billion), mainly due to increased costs related to offline performances, IP related costs, such as costs for artist-related merchandise, and advertising costs. Meanwhile, revenue sharing fees decreased, resulting from declines in both revenue sharing ratio and revenues from social entertainment services.

Gross margin increased to 44.2% from 42.3% in 2024, primarily due to increased revenues from music subscriptions and advertising services, along with a lower revenue sharing ratio for social entertainment services, partly offset by increased revenues from offline performances and artist-related merchandise.

Total operating expenses increased by 3.9% year-over-year to RMB4.86 billion (US$695 million). Operating expenses as a percentage of total revenues decreased to 14.8% from 16.5% in 2024.

  • Selling and marketing expenses were RMB941 million (US$135 million), representing 8.8% year-over-year increase. The increase was primarily due to higher content promotion expenses and channel spending.
  • General and administrative expenses were RMB3.92 billion (US$560 million), representing 2.8% year-over-year increase. The increase was primarily due to growth in employee-related expenses.

Other gains, net were RMB2.63 billion (US$376 million) in 2025, which included a gain of RMB2.37 billion (US$339 million) on deemed disposal of an associate in Q1 2025. In March 2025, we received a 2% equity interests of Universal Music Group (“UMG”) through a distribution-in-kind from one of our associates, which was designated as financial assets at fair value through other comprehensive income, and recognized a gain of RMB2.37 billion (US$339 million) on deemed disposal of this associate. Following the distribution, we hold the equity interests of UMG directly.

Total operating profit was RMB13.36 billion (US$1.91 billion) for the full year of 2025, representing an increase of 53.4% year-over-year.

Income tax expenses for the full year of 2025 were RMB1.92 billion (US$275 million), compared with RMB1.60 billion in 2024.

For the full year of 2025, net profit was RMB11.35 billion (US$1.62 billion) and net profit attributable to equity holders of the Company was RMB11.06 billion (US$1.58 billion). Non-IFRS net profit was RMB9.92 billion (US$1.42 billion) and non-IFRS net profit attributable to equity holders of the Company was RMB9.59 billion (US$1.37 billion). Please refer to the section in this press release titled “Non-IFRS Financial Measure” for details.

Basic and diluted earnings per ADS for the full year of 2025 were RMB7.21(US$1.03) and RMB7.11 (US$1.02), respectively; non-IFRS basic and diluted earnings per ADS were RMB6.25 (US$0.89) and RMB6.17 (US$0.88), respectively. For the full year of 2025, the Company had weighted averages of 1.53 billion basic and 1.55 billion diluted ADSs outstanding, respectively.

Declaration of 2025 Dividend
For the fiscal year of 2025, the Company’s board of directors declared a cash dividend of US$0.12 per ordinary share, or US$0.24 per ADS, to holders of record of ordinary shares and ADSs as of the close of business on April 2, 2026. The aggregate amount of cash dividends to be paid will be approximately US$368 million and is expected to be paid on or around April 20, 2026 and on or around April 23, 2026 for holders of ordinary shares and holders of ADSs, respectively. Holders of the Company’s ADSs will receive the cash dividends through the depositary, The Bank of New York Mellon, subject to the terms of the deposit agreement.

Planned Disclosure Change
We adopted the number of paid subscribers and ARPPU as key operating metrics for our online music services at the time of our listing; however, our business model has significantly evolved in recent years. As advertising and other IP related offerings scale, and as we offer multi-tiered membership for online music subscriptions, the business impact of each paid membership varies. As a result, we are increasingly focused on revenue and profit as our primary performance indicators. Given this evolution, starting from next quarter, we will discontinue the disclosure of certain quarterly operating metrics, including online music MAU, paying users and ARPPU. We will instead report the number of total paying users across our music services annually, as of year-end.

Environmental, Social, and Governance (“ESG”)
We continued to enhance accessibility and inclusive design, broadening access for users of different ages and abilities. For example, QQ Music pioneered a Children’s Hearing Protection Mode, leveraging AI to optimize audio output for a healthy listening experience.

Exchange Rate
This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Non-IFRS Financial Measure
The Company uses non-IFRS net profit for the period, which is a non-IFRS financial measure, in evaluating its operating results and for financial and operational decision-making purposes. TME believes that non-IFRS net profit helps identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its profit for the period. TME believes that non-IFRS net profit for the period provides useful information about its results of operations, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

Non-IFRS net profit for the period should not be considered in isolation or construed as an alternative to operating profit, net profit for the period or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS net profit for the period and the reconciliation to its most directly comparable IFRS measure. Non-IFRS net profit for the period presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. TME encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

Non-IFRS net profit for the period represents profit for the period excluding amortization of intangible and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments and related income tax effects.

Please see the “Unaudited Non-IFRS Financial Measure” included in this press release for a full reconciliation of non-IFRS net profit for the period to its net profit for the period.

[1] Non-IFRS net profit attributable to equity holders of the Company was arrived at after excluding the combined effect of amortization of intangible assets and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments, and related income tax effects.

[2] Names grouped by artists and bands, sorted in alphabetical order by family names.

About Tencent Music Entertainment
Tencent Music Entertainment Group (NYSE: TME and HKEX: 1698) is the leading online music and audio entertainment platform in China, operating the country’s highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME’s mission is to create endless possibilities with music and technology. TME’s platform comprises online music, online audio, online karaoke, music-centric live streaming and online concert services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit ir.tencentmusic.com.

Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor Relations Contact
Tencent Music Entertainment Group
ir@tencentmusic.com  
+86 (755) 8601-3388 ext. 885034

 

TENCENT MUSIC ENTERTAINMENT GROUP

CONSOLIDATED INCOME STATEMENTS

Three Months Ended December 31

Year Ended December 31

2024

2025

2024

2025

 RMB 

 RMB 

 US$ 

 RMB 

 RMB 

 US$ 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 

(in millions, except per share data)

(in millions, except per share data)

Revenues

Online music services

5,831

7,099

1,015

21,742

26,726

3,822

Social entertainment services and others

1,627

1,542

221

6,659

6,176

883

7,458

8,641

1,236

28,401

32,902

4,705

Cost of revenues

(4,205)

(4,779)

(683)

(16,376)

(18,367)

(2,626)

Gross profit

3,253

3,862

552

12,025

14,535

2,078

Selling and marketing expenses

(248)

(266)

(38)

(865)

(941)

(135)

General and administrative expenses

(926)

(981)

(140)

(3,811)

(3,916)

(560)

Total operating expenses

(1,174)

(1,247)

(178)

(4,676)

(4,857)

(695)

Interest income 

315

258

37

1,196

1,054

151

Other gains/(losses), net

15

(33)

(5)

165

2,632

376

Operating profit

2,409

2,840

406

8,710

13,364

1,911

Share of net profit/(loss) of investments accounted
for using equity method

31

(8)

(1)

96

42

6

Finance cost

59

(60)

(9)

(94)

(129)

(18)

Profit before income tax

2,499

2,772

396

8,712

13,277

1,899

Income tax expense

(423)

(486)

(69)

(1,603)

(1,924)

(275)

Profit for the period/year

2,076

2,286

327

7,109

11,353

1,623

Attributable to:

Equity holders of the Company

1,957

2,203

315

6,644

11,056

1,581

Non-controlling interests

119

83

12

465

297

42

Earnings per share for Class A and Class B
ordinary shares

Basic

0.64

0.72

0.10

2.15

3.60

0.52

Diluted

0.63

0.71

0.10

2.12

3.56

0.51

Earnings per ADS (2 Class A shares equal to 1 ADS)

Basic

1.27

1.43

0.20

4.31

7.21

1.03

Diluted

1.26

1.41

0.20

4.24

7.11

1.02

Shares used in earnings per Class A and Class B
ordinary share computation:

Basic

3,075,189,032

3,079,832,739

3,079,832,739

3,084,230,029

3,067,255,442

3,067,255,442

Diluted

3,112,342,854

3,115,495,322

3,115,495,322

3,130,861,720

3,108,803,728

3,108,803,728

ADS used in earnings per ADS computation

Basic

1,537,594,516

1,539,916,369

1,539,916,369

1,542,115,015

1,533,627,721

1,533,627,721

Diluted

1,556,171,427

1,557,747,661

1,557,747,661

1,565,430,860

1,554,401,864

1,554,401,864

 

TENCENT MUSIC ENTERTAINMENT GROUP

UNAUDITED NON-IFRS FINANCIAL MEASURE

Three Months Ended December 31

Year Ended December 31

2024

2025

2024

2025

 RMB 

 RMB 

 US$ 

 RMB 

 RMB 

 US$ 

 Unaudited  

 Unaudited  

 Unaudited  

 Unaudited  

 Unaudited  

 Unaudited  

(in millions, except per share data)

(in millions, except per share data)

Profit for the period/year

2,076

2,286

327

7,109

11,353

1,623

Adjustments:

Amortization of intangible and other assets arising from
business acquisitions or combinations*

110

95

14

440

386

55

Share-based compensation

156

161

23

681

680

97

Losses/(gains) from investments**

94

78

11

110

(2,285)

(327)

Income tax effects***

(37)

(39)

(6)

(204)

(210)

(30)

Non-IFRS Net Profit

2,399

2,581

369

8,136

9,924

1,419

Attributable to:

Equity holders of the Company

2,280

2,485

355

7,671

9,588

1,371

Non-controlling interests

119

96

14

465

336

48

Earnings per share for Class A and Class B
ordinary shares

Basic

0.74

0.81

0.12

2.49

3.13

0.45

Diluted

0.73

0.80

0.11

2.45

3.08

0.44

Earnings per ADS (2 Class A shares equal to 1 ADS)

Basic

1.48

1.61

0.23

4.97

6.25

0.89

Diluted

1.47

1.60

0.23

4.90

6.17

0.88

Shares used in earnings per Class A and Class B
ordinary share computation:

Basic

3,075,189,032

3,079,832,739

3,079,832,739

3,084,230,029

3,067,255,442

3,067,255,442

Diluted

3,112,342,854

3,115,495,322

3,115,495,322

3,130,861,720

3,108,803,728

3,108,803,728

ADS used in earnings per ADS computation

Basic

1,537,594,516

1,539,916,369

1,539,916,369

1,542,115,015

1,533,627,721

1,533,627,721

Diluted

1,556,171,427

1,557,747,661

1,557,747,661

1,565,430,860

1,554,401,864

1,554,401,864

* Represents the amortization of identifiable assets, including intangible assets such as domain name, trademark, copyrights, supplier resources, corporate customer relationships and non-compete agreement etc., and fair value adjustment on music content (i.e., signed contracts
obtained for the rights to access to the music contents for which the amount was amortized over the contract period), resulting from business acquisitions or combination.

** Including the net gains/losses on deemed disposals/disposals of investments, fair value changes arising from investments, impairment provision of investments and other expenses in relation to equity transactions of investments.

*** Represents the income tax effects of Non-IFRS adjustments.

 

TENCENT MUSIC ENTERTAINMENT GROUP

CONSOLIDATED BALANCE SHEETS

As at December 31, 2024

As at December 31, 2025

 RMB 

 RMB 

 US$ 

 Audited 

 Unaudited 

 Unaudited 

(in millions)

ASSETS

Non-current assets

Property, plant and equipment

803

1,201

172

Land use rights

2,364

2,290

327

Right-of-use assets

295

287

41

Intangible assets

2,049

2,899

415

Goodwill

19,647

20,521

2,934

Investments accounted for using equity method 

4,669

1,659

237

Financial assets at fair value through other comprehensive income 

14,498

26,231

3,751

Other investments

309

303

43

Prepayments, deposits and other assets

425

365

52

Deferred tax assets

422

498

71

Term deposits

10,419

13,810

1,975

55,900

70,064

10,019

Current assets

Inventories

23

41

6

Accounts receivable

3,508

3,903

558

Prepayments, deposits and other assets

3,793

4,183

598

Other investments

46

83

12

Term deposits

13,999

15,763

2,254

Restricted Cash 

11

15

2

Cash and cash equivalents

13,164

8,470

1,211

34,544

32,458

4,641

Total assets

90,444

102,522

14,660

EQUITY

Equity attributable to equity holders of the Company

Share capital

2

2

0

Additional paid-in capital

29,035

29,919

4,278

Shares held for share award schemes

(520)

(801)

(115)

Treasury shares 

(550)

(664)

(95)

Other reserves

19,845

22,450

3,210

Retained earnings

20,051

29,381

4,201

67,863

80,287

11,481

Non-controlling interests

1,863

2,763

395

Total equity

69,726

83,050

11,876

LIABILITIES

Non-current liabilities

Notes payables

3,572

3,497

500

Other payables and other liabilities

379

54

Deferred tax liabilities

198

504

72

Lease liabilities

219

200

29

Deferred revenue 

179

303

43

4,168

4,883

698

Current liabilities

Accounts payable 

6,879

6,284

899

Other payables and other liabilities

3,381

3,558

509

Notes payables

2,154

Current tax liabilities

934

1,092

156

Lease liabilities

106

116

17

Deferred revenue

3,096

3,539

506

16,550

14,589

2,086

Total liabilities

20,718

19,472

2,784

Total equity and liabilities

90,444

102,522

14,660

 

TENCENT MUSIC ENTERTAINMENT GROUP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended December 31

Year Ended December 31

2024

2025

2024

2025

 RMB 

 RMB 

 US$ 

 RMB 

 RMB 

 US$ 

 Unaudited  

 Unaudited  

 Unaudited  

 Unaudited  

 Unaudited  

 Unaudited  

(in millions)

(in millions)

Net cash provided by operating activities 

2,480

2,391

342

10,275

10,231

1,463

Net cash provided by/(used in) investing activities 

1,324

(5,129)

(733)

(6,818)

(10,227)

(1,462)

Net cash used in financing activities

(815)

(15)

(2)

(3,830)

(4,649)

(665)

Net increase/(decrease) in cash and cash equivalents 

2,989

(2,753)

(394)

(373)

(4,645)

(664)

Cash and cash equivalents at beginning of the period/year

10,209

11,255

1,609

13,567

13,164

1,882

Exchange differences on cash and cash equivalents

(34)

(32)

(5)

(30)

(49)

(7)

Cash and cash equivalents at end of the period/year

13,164

8,470

1,211

13,164

8,470

1,211

 

KuCoin Launches First Tomorrowland Winter Activations Under Global Partnership, Bringing “Guided into the Future” to the Alps

From immersive alpine experiences to the “12 KuCoin Guardians,” the festival presence brings KuCoin’s brand philosophy to life by making trust visible for a global music community.

PROVIDENCIALES, Turks and Caicos Islands, March 17, 2026 /PRNewswire/ — KuCoin, a leading global crypto platform built on trust, today announced the launch of its immersive on-site activations for Tomorrowland Winter 2026, marking the first major festival experience under its global partnership with Tomorrowland.

Tomorrowland Winter will take place March 21-28, 2026 in the renowned alpine resort of Alpe d’Huez, welcoming more than 24,000 visitors on average per day for a week-long celebration of electronic music. The festival will feature internationally acclaimed artists including Steve Aoki, Steve Angello, Lost Frequencies, and Dimitri Vegas. With one week to go before the festival opens, KuCoin will bring its “Guided into the Future” campaign to the French Alps through a series of experiences designed to connect music, culture, and digital innovation.

Building on KuCoin’s previously announced 2026-2028 global partnership with Tomorrowland, the upcoming activations reflect a deeper alignment between global music culture and the evolving digital asset ecosystem— both rooted in the principles of community, creativity, and trust.

Reflecting on the collaboration, BC Wong, CEO of KuCoin, emphasized the shared community spirit behind the partnership. “Trust is the foundation of every thriving community,” said BC. “Tomorrowland has built one of the most vibrant global communities through music and creativity. At KuCoin, we believe the future of digital finance should be built on the same principles of openness, collaboration, and trust. Our presence at Tomorrowland Winter reflects our commitment to connecting technology with culture and empowering global communities.”

As part of its campaign at Tomorrowland Winter, KuCoin will introduce three immersive festival experiences across the mountain, transforming trust into a visible and shared experience for the global Tomorrowland community.

Follow the Green Glow: The 12 KuCoin Guardians

At the heart of KuCoin’s festival presence are the 12 KuCoin Guardians, inspired by Tomorrowland’s iconic festival guides.

Composed of six performers and six brass-band musicians, the Guardians will move throughout the festival grounds, energizing crowds and guiding attendees toward KuCoin experiences across the mountain.

In the Tomorrowland universe, Guardians are widely recognized as trusted helpers for festivalgoers. By bringing this role to life through KuCoin-inspired performances, KuCoin transforms the abstract idea of trust into a living presence within the festival community.

Sound on the Slopes: Day Time Mountain Sessions

During the daytime, KuCoin will host its primary alpine activation next to the Frozen Lotus stage at La Folie Douce, one of the most vibrant social hubs on the ski slopes.

Running daily from 12:00 PM to 4:30 PM, the space will feature DJ performances and a lively après-ski atmosphere, creating a natural gathering place for the international Tomorrowland community.

Immersive After Dark: Base Point in the Main Festival Area

In the evening, KuCoin will host the KuCoin Base Point in the Main Festival Area, open from 7:00 PM to midnight throughout the festival.

The experience will feature an immersive installation with dynamic green motion-tracking visuals, creating interactive photo and video moments designed to capture the energy of the festival while bringing KuCoin’s brand identity to life.

Over the past two decades, Tomorrowland has grown into one of the world’s most influential music festivals, bringing together hundreds of thousands of fans each year while reaching millions more through global broadcasts and digital experiences. Its winter edition in the French Alps blends music, travel, and culture into a unique alpine festival environment that attracts an international community of fans.

By collaborating with a globally recognized cultural platform like Tomorrowland, KuCoin continues expanding its presence beyond the crypto industry-connecting digital innovation with global audiences through shared cultural experiences. Through music, culture, and immersive storytelling, KuCoin’s presence at Tomorrowland Winter reflects its broader vision of building a global digital ecosystem where trust connects communities across borders and empowers the future of digital finance.

About KuCoin

Founded in 2017, KuCoin is a leading global crypto platform trusted by over 40 million users across 200+ countries and regions. The platform delivers innovative digital-asset services, offering access to 1,000+ listed tokens, spot and futures trading, institutional wealth management, and a Web3 wallet.

Recognized by Forbes and Hurun, KuCoin holds SOC 2 Type II and ISO 27001:2022 certifications, underscoring its commitment to top-tier security. With AUSTRAC registration in Australia and a MiCA license in Austria, KuCoin continues expanding its regulated footprint under CEO BC Wong, building a reliable and trusted digital-asset ecosystem.

Learn more: www.kucoin.com

About Tomorrowland

Tomorrowland was founded 20 years ago by Belgian brothers Manu & Michiel Beers and remains a family-owned business, driven by a creative and passionate team. Over the years, Tomorrowland has evolved into a global entertainment brand. The WEAREONE.world group consists of several business units, including Festival & Events, Music, Experiences, Leisure, Products, and Fiction. Today, over 350 passionate team members create magic from the headquarters in Antwerp (Belgium), as well as from local offices in Brazil, France and Ibiza.

 

China Literature Announces 2025 Annual Results

HONG KONG, March 17, 2026 /PRNewswire/ — China Literature Limited (“China Literature” or “the Company”, stock code: 0772), a leading online literature and intellectual property (“IP”) incubation platform in China, today announced the audited consolidated results for the year ended December 31, 2025.

Results Highlights (1)

  • Total revenues were RMB7,366.2 million (USD1,048.0 million), compared with RMB8,121.1 million of 2024.
    – Revenues from online business were RMB4,047.0 million (USD575.8 million), compared with RMB4,030.6 million in 2024.
    – Revenues from intellectual property operations and others were RMB3,319.1 million (USD472.2 million), compared with RMB4,090.5 million in 2024, mainly attributable to scheduling delays that led to fewer releases of drama series and film projects in 2025.
  • On an IFRS basis:
    – Operating loss was RMB804.5 million (USD114.5 million), compared with RMB336.1 million in 2024.
    – Loss attributable to equity holders of the Company was RMB776.1 million (USD110.4 million), compared with a loss of RMB209.2 million in 2024, primarily due to a RMB1.8 billion impairment loss of goodwill attributable to New Classics Media.
    – Basic loss per share was RMB0.76. Diluted loss per share was RMB0.76.
  • On a non-IFRS (2) basis, which is intended to reflect core earnings by excluding certain one-time and/or non-cash items:
    – Operating profit was RMB735.2 million (USD104.6 million), compared with RMB985.4 million in 2024.
    – Profit attributable to equity holders of the Company was RMB858.5 million (USD122.1 million), compared with RMB1,141.7 million in 2024.
    – Basic earnings per share was RMB0.84. Diluted earnings per share was RMB0.84.

(1) Figures stated in USD are based on USD1 to RMB7.0288.

(2) Non-IFRS adjustments exclude share-based compensation, M&A related impact such as impairment provisions, net losses/(gains) from investee companies and amortization of intangible assets, as well as related income tax effects.

(3) Certain figures included in this press release have been subject to rounding adjustments. Accordingly, figures shown as totals may not be an arithmetic aggregation of the figures shown in the breakdown items.

Mr. Hou Xiaonan, Chief Executive Officer of China Literature, commented, “In 2025, our premium content ecosystem delivered solid growth. For the first time, two blockbuster titles surpassed 300,000 average subscriptions per chapter, validating the massive, sustained demand for our premium content. We upgraded our IP operations by embracing new production models and technologies across our extensive library. This strategy drove robust results in traditional formats such as drama and animation, while sparking major breakthroughs in the fast-growing short drama and AI-animated drama formats. Our premium short drama strategy delivered frequent breakout hits, while the AI-animated drama business had a strong debut. Since the second half of 2025, we have released nearly 1,000 AI-animated dramas, with over 100 surpassing 10 million views and 12 exceeding 100 million views. Revenue from AI-animated drama in the second half of 2025 exceeded RMB100 million. Meanwhile, our IP merchandise business sustained rapid growth, with full-year GMV exceeding RMB1.1 billion, more than double the 2024 figure and a new record.

Looking ahead, we stand at the dawn of a new wave of transformation in the content industry. New business models are emerging, and AI is accelerating production workflows. Our leading ecosystems in literature, comics, and animation continue to thrive, and we are cultivating new content ecosystems in formats such as short drama and AI-animated drama. As we embrace AI, we are intensifying efforts to empower creators for the AI era. That said, regardless of how formats evolve, one timeless truth remains: high-quality content is and will always be at the core. This is the foundation of China Literature. We possess the industry’s deepest IP library and the most robust creator ecosystem, now with AI as a powerful accelerator. Together, these strengths are unlocking new value-creation opportunities for premium IPs. We will continue to deepen AI integration across creative assistance, premium production, IP development, and global expansion to drive China Literature’s sustainable, long-term, and high-quality growth.”

Financial Review (3)

Revenues were RMB7,366.2 million (USD1,048.0 million), compared with RMB8,121.1 million of 2024.

Revenues from online business were RMB4,047.0 million (USD575.8 million), compared with RMB4,030.6 million in 2024. A breakdown of this category is below:

i) Online business revenues from our self-owned platform products increased by 0.9% year-over-year to RMB3,562.3 million (USD506.8 million). This was mainly driven by the Company’s focus on improving core product operations and continuous production of high-quality content.

ii) Online business revenues from our channels on Tencent products decreased by 22.3% year-over-year to RMB190.6 million (USD27.1 million). This was mainly driven by a decrease in advertising revenues associated with the continuous refinement of content distribution practices of Tencent channels and prioritization of distribution through the Company’s core pay-to-read products.

iii) Online business revenues from third-party platforms increased by 15.7% year-over-year to RMB294.2 million (USD41.9 million), primarily due to expanded collaboration with third-party distribution partners.

Revenues from IP operations and others were RMB3,319.1 million (USD472.2 million), compared with RMB4,090.5 million in 2024.

i) Revenues from IP operations decreased by 20.0% year-over-year to RMB3,191.6 million (USD454.1 million). The decrease was primarily due to scheduling delays that led to fewer releases of drama series and film projects in 2025. Meanwhile, new businesses such as IP merchandise products, short dramas, and AI-animated dramas have been developing rapidly. In particular, the IP merchandise products business generated over RMB1.1 billion in GMV in 2025, over twice the RMB500 million in 2024; and our AI-animated dramas business generated over RMB100 million revenue in the second half of 2025.

ii) Revenues from the “others” category, mainly generated by sales of physical books, increased by 28.4% year-over-year to RMB127.5 million (USD18.1 million).

Cost of revenues decreased by 5.5% year-over-year to RMB3,969.4 million (USD564.7 million), primarily due to lower production costs of drama series and films, in line with the decrease in revenues from fewer releases during the year.

Gross profit was RMB3,396.8 million (USD483.3 million), compared with RMB3,921.9 million in 2024. Gross margin was 46.1%, compared with 48.3% in 2024.             

Selling and marketing expenses decreased by 11.1% year-over-year to RMB2,011.0 million (USD286.1 million), as a result of a decrease in marketing and promotional expenses associated with the lighter release schedule of drama series and film projects. As a percentage of revenues, selling and marketing expenses were 27.3% in 2025, compared with 27.8% in 2024.

General and administrative expenses decreased by 11.9% year-over-year to RMB1,007.3 million (USD143.3 million), primarily due to lower employee-related expenses. As a percentage of revenues, general and administrative expenses decreased to 13.7% in 2025, compared with 14.1% in 2024.

Net other losses were RMB1,245.8 million (USD177.2 million) in 2025, compared with net other losses of RMB973.9 million in 2024. The net other losses in 2025 were primarily due to a RMB1.8 billion impairment loss of goodwill attributable to New Classics Media, and was partially offset by gains from certain investee companies.

Interest income decreased by 6.4% year-over-year to RMB167.0 million (USD23.8 million).

Net provision for impairment losses on financial assets was RMB104.1 million (USD14.8 million) in 2025, primarily reflecting the provision for doubtful receivables associated with IP operation businesses.

Operating loss was RMB804.5 million (USD114.5 million) in 2025, compared with RMB336.1 million operating loss in 2024. On a non-IFRS basis, operating profit was RMB735.2 million (USD104.6 million), compared with RMB985.4 million in 2024.

Income tax expense increased by 44.7% year-over-year to RMB160.1 million (USD22.8 million), primarily due to an increase in taxable income.

Loss attributable to equity holders of the Company was RMB776.1 million (USD110.4 million) in 2025, compared with a loss of RMB209.2 million in 2024. On a non-IFRS basis, profit attributable to equity holders of the Company was RMB858.5 million (USD122.1 million), compared with a profit of RMB1,141.7 million in 2024.

Key Operating Information

– Average MAUs on the Company’s self-owned platform products and self-operated channels were 137.8 million in 2025, compared with 166.6 million in 2024. A further breakdown of MAUs is below:

i) MAUs on our self-owned platform products remained stable on a year-over-year basis at 104.1 million, compared with 103.8 million in 2024; and

ii) MAUs on our self-operated channels on Tencent products were 33.7 million, compared with 62.8 million in 2024, primarily due to our ongoing optimization of operational efficiency by concentrating more content distribution through our core pay-to-read products which resulted in a decline in user acquisition through free-to-read channels.

– Average MPUs on our self-owned platform products and self-operated channels were 9.0 million in 2025, compared with 9.1 million in 2024. This was mainly due to an increase in promotional activities during the year, which led to some low-spending users being classified as free users over the period.

– Monthly ARPU for our pay-to-read business was RMB32.9, increased by 2.8% year-over-year from RMB32.0 in 2024, mainly due to a decline in the proportion of low-spending users.

Other Key Information

– EBITDA was RMB477.4 million (USD67.9 million), compared with RMB729.3 million in 2024. Adjusted EBITDA was RMB614.0 million (USD87.4 million), compared with RMB923.1 million in 2024.

– As of December 31, 2025, the Company’s net cash position was RMB9,436.0 million (USD1,342.5 million).

Business Review

IP Creation

Our premium online reading content ecosystem continued to generate strong momentum. In 2025, our platform attracted 400,000 new writers, generated over 800,000 new novels, and added more than 42 billion characters, providing a steady pipeline of high-quality content. On our flagship Qidian Reading App, the number of new titles with over 100,000 average subscriptions per chapter grew 40% year-over-year, and for the first time, two blockbuster titles surpassed 300,000 average subscriptions per chapter, reflecting a material leap in top-tier creative output. Young writers showed strong commercial potential: writers born after 1995 accounted for 70% of new signers, and the number of post-2000 writers earning over RMB1 million annually surged by 150%, injecting strong momentum into our pipeline. Our community has also become more robust: works exceeding 100,000 collections increased by 80%, and titles receiving over 10,000 monthly tickets increased by 20%.

IP Visualization

In 2025, we delivered positive results across our traditional areas of strength, such as film, drama series, and animation, with China Literature’s IPs dominating various major industry rankings. More importantly, we embraced new production models and technologies, leveraging our rich IP library to expand into emerging businesses like short drama and AI-animated drama, achieving significant progress and laying the foundation for an “IP + AI” creation ecosystem.

In the premium drama series and film segment, several top-tier series adapted from our IPs premiered in 2025, such as “A Record of a Mortal’s Journey to Immortality (凡人修仙传)”, “Flourished Peony (国色芳华)”, and “I am Nobody (异人之下之决战!碧游村)”, all of which ranked No.1 on platform popularity charts during their respective broadcast periods. According to Enlightent, five out of the top 10 long-form dramas by cumulative views across all platforms of 2025 were adapted from our IPs. Meanwhile, our self-produced premium series “The Narcotic Operation (扫毒风暴)” debuted on Tencent Video, reaching a popularity index above 28,000 and earning praise from multiple mainstream media outlets. In early 2026, we also released the drama series “The Richest Poor Guy (年少有为)” and “The Devil Between Us (除恶)”, both of which received critical acclaim and strong audience traction.

In the animation segment, sequel series such as “Battle Through the Heavens (斗破苍穹)”, “Stellar Transformations (星辰变)”, and “Candle in the Tomb (鬼吹灯)” consistently ranked among the top titles on platform popularity charts. According to Enlightent, nine out of the top 10 animation series by cumulative views across all platforms of 2025 were adapted from our IPs, reinforcing our clear leadership in animation.

Our IPs have also demonstrated their appeal through award-winning adaptations. At Tencent Video’s 2025 Golden Goose Honors, drama and animation adaptations of China Literature’s IPs—such as “Guardians of the Dafeng (大奉打更人)” and “Lord of the Mysteries (诡秘之主)”—won multiple awards.

In the short drama segment, we launched more than 120 short dramas in 2025, delivering strong results from our premium-content strategy with frequent breakout hits. One representative title set a record with gross revenue exceeding RMB80 million and ranked No.4 on Enlightent’s viewership charts in 2025 with more than 3.5 billion views. We have expanded beyond our strength in modern romance into male-oriented genres, period and costume dramas, and more—building a diversified, high-quality premium content matrix with long lifecycles. The success of short drama is rooted in China Literature’s rich IP reserve, robust creator network, and end-to-end IP development capabilities. We are also extending our short drama footprint through strategic investments, further strengthening our advantage in premium content.

In the AI-animated drama segment, we launched four major initiatives to build a dedicated ecosystem.

  • IP resources: We opened our IP library, including annual top-ten hits and diverse genre content, for creators and production teams.
  • Creative support: We established a RMB100 million creation fund to support writers’ cross‑media experimentation and facilitate the growth of high‑quality teams.
  • Technology support: We launched AIGC tools such as the “AI‑Animated Drama Assistant (漫剧助手)”, providing end-to-end support from content analysis to asset production and significantly accelerating adaptation workflows.
  • Industry collaboration: We implemented full‑stack support across production, distribution, and IP partnerships to build an open, efficient, and mutually beneficial AI animated drama ecosystem.

These initiatives fueled rapid growth of our AI-animated drama business. Since its official launch in the second half of 2025, revenue from AI-animated drama series has surpassed RMB100 million, showing strong momentum and promising market potential.

IP Commercialization and Monetization

We achieved historic breakthroughs and accelerated our systematic build-out in 2025. GMV of the IP merchandise products business exceeded RMB1.1 billion, more than double the figure of 2024. This was driven by four core engines: product, channel, operation, and ecosystem.

  • Product: Our design capabilities and supply chain efficiency improved further, achieving industry-leading speed and quality. We expanded into new categories such as precious metals, vinyl plush toys, bags and accessories, and introduced new sales mechanics such as Ichiban Kuji draws.
  • Channel: We refined our self-operated e-commerce matrix comprising “self-operated live streaming rooms + flagship online stores + mini-programs”, and continued to expand offline self-operated stores across 10 core cities nationwide. We also teamed with over 10,000 channel partners to reach users across everyday consumption scenarios.
  • Operation: We ran a series of online and offline campaigns around multiple top IPs to strengthen IP influence and fan engagement.
  • Ecosystem: We advanced our “IP + Consumer” strategy by entering into licensing partnerships with over 200 leading consumer brands, embedding our IP across diverse everyday scenarios.

In the game segment, we continued to license high-quality IPs to partners. Our flagship title “Douluo Continent: Soul Hunting World (斗罗大陆猎魂世界)” recorded RMB300 million in gross billings in its first month after launching in the summer break of 2025. Several new games also secured publication licenses, including “Battle Through the Heavens (斗破苍穹)”, “Douluo Continent (斗罗大陆)”, “The Hidden Ones (异人之下)”, “Lord of the Mysteries (诡秘之主)”, “Dao of the Bizarre Immortal (道诡异仙)”, and “A Record of a Mortal’s Journey to Immortality (凡人修仙传)”.

New Technology Explorations and Practices

In 2025, we embedded AI across our entire content-production chain and built a suite of AI solutions spanning the full IP lifecycle.

  • Online literature: Our “Writer Assistant (作家助手)” creation platform received a major upgrade with the integration of the “Smart Pen Tongjian (妙笔通鉴)” AI engine, which can perform real-time, in-depth analysis of tens of millions of words to support writers. The tool is now officially available industry-wide.
  • IP adaptation: We launched the “Copyright Assistant (版权助手)”, which deep mines China Literature’s library of millions of works and accurately matches titles to meet downstream adaptation needs, significantly accelerating the sourcing, screening, and development of high-quality IP assets.
  • AI-animated drama: Our “AI-animated Drama Assistant (漫剧助手)” integrates with multiple leading multimodal large models, supporting a full production workflow from text to visuals, significantly improving adaptation efficiency and greatly lowering the barrier to animated drama production.
  • Global expansion: AI translation has substantially expanded the international reach of Chinese-language works. As at the end of 2025, more than 17,000 AI-translated works were available on WebNovel, with revenue increasing by 39% year-over-year and contributing more than one-third of the platform’s total revenues, making AI translation a key driver of overseas growth.

We believe the synergy between IP and AI will continue to power the industry forward. IP is the soul, AI is the engine. The role of technology is to maximize the impact of exceptional stories. From leading deployment in new formats such as AI-animated drama to systematic improvements in IP development efficiency and value creation, our “IP + AI” ecosystem will serve as a scalable engine that amplifies content value and drives China Literature’s sustainable, long-term growth.

About China Literature Limited

China Literature is dedicated to building a deep and immersive intellectual property (“IP”) universe for the Mandarin-speaking world. It incubates original IPs from its online literature platform, which are subsequently adapted to a range of digital entertainment mediums, including comics, animation, film, TV series, web series, games, short dramas and AI-animated dramas. The virtual world created by these digital offerings becomes an inseparable part of a user’s daily life. China Literature creates and promotes IPs mainly through Qidian Reading and QQ Reading, its leading online literature platforms, as well as New Classics Media, a renowned film and TV drama series production house in China. China Literature collaborates with Tencent, its shareholder and strategic partner, as well as other third-party partners to distribute and develop IP content and to enhance the value of its IP. Many of the Company’s online literature works have been successfully adapted into animation, TV series, web series, films, games, short dramas and AI-animated dramas, including Joy of Life, Candle in the Tomb, Soul Land, The King’s Avatar and My Heroic Husband. China Literature’s rich and extensive content library as well as its unparalleled capability and resources to adapt IP into various entertainment formats is a significant competitive advantage that lies at the core of its business model. For more information, please visit http://ir.yuewen.com/.

Non-IFRS Financial Measures

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

Our management believes that the presentation of these non-IFRS financial measures, when shown in conjunction with the corresponding IFRS measures, provides useful information to investors and management regarding the financial and business trends relating to the Company’s financial condition and results of operations. Our management also believes that the non-IFRS financial measures are useful in evaluating the Company’s operating performances. From time to time, there may be other items that the Company may include or exclude in reviewing its financial results.

Forward-Looking Statements

This press release contains forward-looking statements relating to the industry and 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.

 

CHINA LITERATURE

CONSOLIDATED STATEMENT OF LOSS

Year ended December 31,

2025

2024

(RMB in million, unless specified)

Revenues

Online business(1)

4,047.0

4,030.6

Intellectual property operations and others(2)

3,319.1

4,090.5

7,366.2

8,121.1

Cost of revenues

(3,969.4)

(4,199.1)

Gross profit

3,396.8

3,921.9

Gross margin

46.1 %

48.3 %

Selling and marketing expenses

(2,011.0)

(2,261.0)

General and administrative expenses

(1,007.3)

(1,143.5)

Other losses, net

(1,245.8)

(973.9)

Interest income

167.0

178.3

Net provision for impairment losses

on financial assets

(104.1)

(58.0)

Operating loss

(804.5)

(336.1)

Operating margin

(10.9 %)

(4.1 %)

Finance costs, net

(12.7)

(1.8)

Share of net profit of associates and joint ventures

200.8

239.0

Loss before income tax

(616.3)

(98.9)

Income tax expense

(160.1)

(110.7)

Loss for the year

(776.4)

(209.6)

Net margin

(10.5 %)

(2.6 %)

Loss attributable to:

Equity holders of the Company

(776.1)

(209.2)

Non-controlling interests

(0.3)

(0.4)

(776.4)

(209.6)

Loss per share

(in RMB per share)

– Basic loss per share

(0.76)

(0.21)

– Diluted loss per share

(0.76)

(0.21)

Notes:

(1) Revenues from online business primarily reflect revenues from online paid reading, online advertising and distribution of third-party online games on our platform.

(2) Revenues from intellectual property operations and others primarily reflect revenues from production and distribution of TV, web, and animated series; films; short
dramas; AI-animated dramas; licensing of copyrights; operation of self-operated online games; and sales of IP merchandise products and physical books.

 

 

CHINA LITERATURE

CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS

Year ended December 31,

2025

2024

(RMB in million)

Loss for the year

(776.4)

(209.6)

Other comprehensive income, net of tax:

Items that may not be reclassified to profit or loss

  Net (loss)/gain from change in fair value of financial
         asset at fair value through other comprehensive income

(8.5)

2.0

  Currency translation differences

(64.3)

79.4

Items that may be subsequently reclassified to profit or loss

Transfer of share of other comprehensive income
      to profit or loss upon deemed disposal of an associate

(1.3)

Share of other comprehensive income/(loss) of
      associates and joint ventures

0.2

(0.4)

Currency translation differences

21.1

(18.9)

(52.8)

62.1

Total comprehensive loss for the year

(829.1)

(147.5)

Total comprehensive loss attributable to:

Equity holders of the Company

(828.8)

(147.1)

Non-controlling interests

(0.3)

(0.4)

(829.1)

(147.5)

 

 

CHINA LITERATURE

SEGMENT INFORMATION

Year ended December 31,

2025

2024

(RMB in million, except percentages)

Revenues

Online business

4,047.0

4,030.6

Intellectual property operations and others

3,319.1

4,090.5

Total revenues

7,366.2

8,121.1

Cost of revenues

Online business

(1,971.6)

(1,975.0)

Intellectual property operations and others

(1,997.8)

(2,224.1)

Total cost of revenues

(3,969.4)

(4,199.1)

Gross profit

Online business

2,075.4

2,055.6

Intellectual property operations and others

1,321.4

1,866.4

Total gross profit

3,396.8

3,921.9

Gross margin

Online business

51.3 %

51.0 %

Intellectual property operations and others

39.8 %

45.6 %

Total gross margin

46.1 %

48.3 %

 

 

CHINA LITERATURE

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As of

December 31, 2025

December 31, 2024

(RMB in million)

ASSETS

Non-current assets

Property, plant and equipment

67.9

97.8

Right-of-use assets

173.5

149.8

Intangible assets

4,295.7

6,158.8

Investments in associates and joint ventures

577.4

928.2

Financial assets at fair value through profit or loss

1,324.1

1,039.6

Financial assets at fair value through other comprehensive income

648.1

6.3

Deferred income tax assets

458.1

497.2

Prepayments, deposits and other assets

188.4

298.2

Term deposits

1,709.0

2,308.0

9,442.0

11,484.0

Current assets

Inventories

576.6

693.0

Television series and film rights

649.4

529.8

Financial assets at fair value through profit or loss

2,735.3

3,252.9

Trade and notes receivables

1,905.0

1,703.4

Prepayments, deposits and other assets

1,283.0

907.4

Restricted bank deposits

4.5

4.5

Term deposits

3,303.5

1,106.2

Cash and cash equivalents

1,683.7

3,264.2

12,141.1

11,461.4

Total assets

21,583.1

22,945.4

EQUITY

Capital and reserves attributable to the equity holders of the Company

Share capital

0.6

0.6

Shares held for RSU scheme

(14.6)

(14.6)

Share premium

15,969.2

16,117.9

Other reserves

2,117.7

1,975.8

(Accumulated losses)/Retained earnings

(547.0)

294.7

17,526.0

18,374.4

Non-controlling interests

1.4

1.7

Total equity

17,527.4

18,376.2

As of

December 31, 2025

December 31, 2024

(RMB in million)

LIABILITIES

Non-current liabilities

Lease liabilities

116.8

85.0

Long-term payables

16.3

10.8

Deferred income tax liabilities

124.7

129.4

Deferred revenue

19.6

21.9

277.4

247.2

Current liabilities

Lease liabilities

64.5

81.2

Trade payables

1,210.4

1,044.6

Other payables and accruals

1,102.0

1,662.0

Deferred revenue

989.7

1,148.9

Current income tax liabilities

232.6

217.7

Financial liabilities at fair value through profit or loss

179.0

167.6

3,778.3

4,322.0

Total liabilities

4,055.7

4,569.3

Total equity and liabilities

21,583.1

22,945.4

 

 

CHINA LITERATURE

RECONCILIATION OF OPERATING LOSS TO EBITDA AND ADJUSTED EBITDA

Year ended December 31,

2025

2024

(RMB in million)

Reconciliation of operating loss to EBITDA and adjusted EBITDA:

Operating loss

(804.5)

(336.1)

Adjustments:

Interest income

(167.0)

(178.3)

Other losses, net

1,245.8

973.9

Depreciation of property, plant and equipment

38.1

40.3

Depreciation of right-of-use assets

63.6

72.0

Amortization of intangible assets

101.2

157.5

EBITDA

477.4

729.3

Adjustments:

Share-based compensation

131.2

126.4

Expenditures related to acquisition

5.4

67.5

Adjusted EBITDA

614.0

923.1

 

 

CHINA LITERATURE

RECONCILIATIONS OF IFRS TO NON-IFRS RESULTS

Year ended December 31, 2025

Adjustments

As
reported

Share-
based
compensation

Net losses
from investments
and acquisitions(1)

Amortization
of intangible
assets(2) 

Tax effect

Non-IFRS

(RMB in million, unless specified)

Operating (loss)/profit

(804.5)

131.2

1,389.4

19.0

735.2

(Loss)/profit for the year

(776.4)

131.2

1,389.4

19.0

94.9

858.2

(Loss)/profit attributable to equity holders of the Company

(776.1)

131.2

1,389.4

19.0

94.9

858.5

(Loss)/earnings per share (RMB per share)

– basic

(0.76)

0.84

– diluted

(0.76)

0.84

Operating margin

(10.9 %)

10.0 %

Net margin

(10.5 %)

11.7 %

Year ended December 31, 2024

Adjustments

As
reported

Share-
based
compensation

Net losses
from investments
and acquisitions(1)

Amortization
of intangible
assets(2) 

Tax effect

Non-IFRS

(RMB in million, unless specified)

Operating (loss)/profit

(336.1)

126.4

1,174.8

20.3

985.4

(Loss)/profit for the year

(209.6)

126.4

1,174.8

20.3

29.4

1,141.3

(Loss)/profit attributable to equity holders of the Company

(209.2)

126.4

1,174.8

20.3

29.4

1,141.7

(Loss)/earnings per share (RMB per share)

– basic

(0.21)

1.13

– diluted

(0.21)

1.12

Operating margin

(4.1 %)

12.1 %

Net margin

(2.6 %)

14.1 %

Notes:

(1)  Mainly includes goodwill impairment; the impairment provision, gains on disposal and deemed disposal,
      and fair value changes arising from our investee companies; the fair value changes of consideration liabilities
      related to the acquisition of NCM; and the compensation costs for certain employees and former owners related to acquisitions.

(2)  Represents amortization of intangible assets and TV series and film rights resulting from acquisitions.