Home Blog Page 505

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.

 

 

Connecting the World, Empowering the Future

CAC2026 Opened in Shanghai, Building a Global Ecosystem for the Entire Crop Inputs Industry Chain

SHANGHAI, March 17, 2026 /PRNewswire/ — The 26th China International Agrochemical & Crop Protection Exhibition (CAC2026) grandly opened on March 17 at National Exhibition and Convention Center (Shanghai).

Guided by the mission of “Connecting the World, Serving the Industry, Empowering the Companies,” this year’s exhibition brings together 2,320 exhibitors from home and abroad across an exhibition space over 160,000 square meters. Through its four sub-exhibitions—CropProtection, FSHOW, CACE, and AgTech—CAC2026 creates a high-quality global trade platform that integrates both domestic and international markets, striving to build a “Global ecosystem for the entire crop inputs industry chain.” The opening day witnessed overwhelming attendance, with thousands of industry professionals from home and abroad gathering to chart a new sustainable future for the global agrochemical industry.


I. Global Industry Professionals Gather in Shanghai, Building a High-Quality Global Trade Platform

With 25 years of development, CAC2026 fully leverages its unique advantages in linking upstream and downstream industries and connecting domestic and international markets. The exhibition attracts 2,320 exhibitors from 37 countries worldwide. During the exhibition, over 50,000 industry professionals are expected to gather, with delegation visits from Argentina, Brazil, India, South Korea, Thailand, Vietnam, and others, a spectacular showcase of CAC’s extraordinary global influence. Today’s CAC not only meets exhibitors’ needs to explore global markets, fosters collaboration across the industry chain, but also serves the procurement demands of domestic agricultural input distributors. It has established itself as a high-quality global trade platform that integrates both domestic and international markets.

II. Four Sub-exhibitions Create a Panoramic Ecosystem, Covering the Entire Value Chain of Agricultural Modernization

With the grand vision of “Where the Agrochemical World Meets”, this year’s exhibition features four sub-exhibitions—CropProtection, FSHOW, CACE, and AgTech—dedicated to building a “Global Ecosystem for the Entire Crop Inputs Industry Chain.”


CropProtection, serving as a barometer of the global pesticide industry, comprehensively showcases key segments across the entire value chain, from pesticide technical materials, formulations, and intermediates to biopesticides and biocontrol technologies, adjuvants and formulation technologies, testing services, industry consulting, and logistics services. The specially designated “Biopesticides & Biocontrol Technologies Pavilion” and “Sci-Tech Commercialization Pavilion” aim to promote the industrialization and internationalization of agricultural biological products, establish an innovative platform for deep industry-academia-research integration, and inject new momentum into high-quality and sustainable industry development.

FSHOW, as a bellwether of the global fertilizer industry, covers all product categories including mineral raw materials, compound fertilizers, specialty fertilizers, biostimulants, and fertilizer additives. FSHOW is dedicated to building a synergistic development system integrating “Resources-Technologies-Markets,” providing a professional exchange platform for fertilizer industry professionals worldwide and driving the transformation and upgrading of the fertilizer sector towards greater efficiency, environmental protection, and sustainable development.

CACE focuses on the intelligent, green, and sustainable future of agrochemical production, showcasing intelligent production equipments and operating systems, innovative packaging solutions, novel label design and applications, green technologies, and precision crop protection equipments. It presents cutting-edge technologies, innovations, and solutions across the entire agrochemical equipment industry chain, offering one-stop technology and equipment support for agrochemical enterprises pursuing green intelligent manufacturing and high-quality sustainable development, while also providing new solutions for precision pesticide application.

AgTech, under the theme “Innovation-driven, Technology-empowered.” panoramically presents cutting-edge technologies and equipments spanning the entire industry chain, including smart agriculture, modern seed industry, intelligent greenhouses, precision irrigation, agricultural IoT, and digital agriculture platforms. It creates an efficient global platform for trade matching and industry exchange, injecting new momentum into agricultural modernization.

III. Merge Global Expert Wisdom, Empowering Companies to Seize New Opportunities

CAC2026 is not merely a stage for product display and trade exchange—it is fertile ground for thought leadership, trend insights, and business opportunity cultivation. Through diverse conference activities, the exhibition truly “empowers the companies,” enabling global exhibitors and professional visitors to maximize their gains within a limited timeframe.

1. Merge Global Expert Wisdom, Creating Industry Information Feast

CAC Conference Week 2026, held during the exhibition, brings together global expert intelligence through three major conferences (CropProtection, FSHOW, and AgTech), 14 conference sessions, and over 100 expert reports. Covering topics such as industry policies, technological innovation, product applications, and market development, the conference week provides industry professionals with an information feast for knowledge updating and sustainable development.

Crop Protection Conference offers in-depth insights into global pesticide industry policies, market trends, biopesticide and biocontrol technologies, regulatory changes in registration management, market development experiences, nano-pesticide development, and the latest scientific and technological achievements, supporting the international and sustainable development of pesticides and upstream/downstream industries.

FSHOW Conference fully leverages its role as an industry bridge, focusing on global fertilizer markets, biologicals, fertilizer efficiency improvement, and agricultural sustainable development. Through keynote forums, specialized sub-forums, and international brand matchmaking sessions, it provides channels for policy interpretation, technological exchange, and market connections, promoting industrial collaboration and mutual success.

AgTech Conference aims to establish a high-level, international dialogue platform, conducting in-depth discussions around four core areas: smart equipment, seed industry innovation, modern greenhouses, and intelligent irrigation. It brings together cutting-edge industry trends and innovative practices to explore how advanced technologies can empower the entire agricultural production chain, collectively envisioning the future of agriculture and driving the global agricultural sector toward precision, intelligence, and sustainability.

2. Pesticide Industry Forum Supports Overseas Market Development of High-Quality Pesticides

This year’s forum invited leaders from China Petroleum and Chemical Industry Federation (CPCIF) and Institute for the Control of Agrochemicals, Ministry of Agriculture and Rural Affairs (ICAMA), Shanghai Customs, Yangshan Customs, along with representatives from 20 companies. In-depth exchanges and discussions focused on new situations, challenges, and difficulties encountered in China’s pesticide import and export, as well as new trends, directions, and approaches in trade and industrial development—providing valuable insights and recommendations for high-quality overseas market development.

IV. Strengthen CAC Brand Building, Enrich CAC Cultural Connotations

While promoting the development of the global crop inputs industry, CAC places great emphasis on its own brand building, having received international recognition as an UFI Approved International Event and honors such as “Shanghai Excellent Exhibition.”

During CAC2026, we proudly introduced the CAC mascot—Maimeng. Through Maimeng’s lively and lovely image, we aim to further enhance CAC brand visibility, enrich its cultural connotations, and advance the development of CAC’s global brand as we stride toward becoming a world-class brand exhibition.

V. Exhibition Services Further Upgraded, Co-creating a New Chapter for Industry Development

This year, we have innovated our exhibition and optimized our service system, placing greater emphasis on meeting the needs of both exhibitors and visitors. By simplifying the registration and badge collection process, enhancing the CAC Guide and Booth Navigation System, we have improved participant experience, supporting precise businesses connect with target partners and efficiently schedule business meetings. Our goal is to create an indispensable platform for exchange and collaboration within the industry and create a new chapter in industry development and make even greater contributions to safeguarding global food security and abundant harvests!

CONTACT: Vicky Li, lixiaoxuan@ccpitchem.org.cn 

Edo Shogun Roads Launches Global Promotion Campaign : Kickoff Ceremony to Be Held in the Greater Tokyo Region

TOKYO, March 16, 2026 /PRNewswire/ — The Kanto District Transport Bureau of Japan’s Ministry of Land, Infrastructure, Transport and Tourism (MLIT) and the Greater Tokyo Convention & Visitors Bureau will officially launch an international promotion campaign this spring for the tourism project “Edo Shogun Roads.” To mark the launch, a kickoff event will be held on March 20 at Tokyo Midtown Yaesu as part of a regional promotional fair titled “Edo Shogun Roads Fest Experience & Gourmet.” This release introduces the overview of the kickoff event. We spoke with the event organizers to learn more, reported by Tourism Media Service.

The event will feature a wide range of traditional experiences, including historical activities, cultural performances, local cuisine, and stage presentations showcasing the heritage of the Edo-period highways.

The project aims to promote tourism by highlighting the historical, cultural, and culinary resources found along Japan’s historic highways.

The Edo Shogun Roads Project is based on the historic road network that connected Edo (present-day Tokyo) with regions across Japan during the Edo period. It centers on the five major highways known as the “Gokaido”—the Tokaido, Nikkō Kaido, Oshu Kaido, Nakasendo, and Koshu Kaido—as well as their related branch routes.

By connecting tourism resources located along these historic routes, the project encourages visitors to explore multiple destinations across the wider Kanto region while supporting regional economies and sustainable tourism development.

The international promotion campaign will introduce tourism experiences inspired by Edo-period culture and historic travel routes through promotional videos and a dedicated online portal showcasing attractions throughout the Greater Tokyo region.

In addition, the campaign will collaborate with GREEN×EXPO 2027 (International Horticultural Expo 2027) scheduled to take place in Yokohama, presenting model travel routes themed around gardens, seasonal flowers, and nature.

Key components of the promotion include:

  • Release of promotional videos introducing the historic Edo highways
  • Launch of the Edo Shogun Roads tourism portal website
  • Presentation of 17 model travel routes highlighting seasonal flowers and nature
  • Announcement of 15 Edo cultural experience programs designed for international visitors

Through these initiatives, the project aims to establish a wide-area tourism route centered on historic highway culture and strengthen global awareness of the region.

During the kickoff ceremony, the promotional video and portal website will be officially unveiled, and the selected Edo cultural experience programs will be announced.

Special guest Kojiro Shiraishi, a world-renowned ocean adventurer, will also deliver remarks at the ceremony.

The project is supported by 11 prefectures and metropolitan areas across the Greater Tokyo region:
Tokyo, Kanagawa, Saitama, Chiba, Ibaraki, Tochigi, Gunma, Yamanashi, Niigata, Fukushima, and Nagano.

Kickoff Ceremony Overview

Date & Time: March 20, 2026 (Friday / National Holiday)
10:30 – 11:15

Venue:
Tokyo Midtown Yaesu – 1F Galleria
(3-minute walk from Tokyo Station)

Program

  • Opening remarks (Director-General, Kanto District Transport Bureau)
  • Guest remarks (Japan Tourism Agency)
  • Introduction of the Edo Shogun Roads promotion project
  • Announcement of Edo cultural experience programs
  • Special guest speech (Ocean adventurer Kojiro Shiraishi)
  • Flag-raising ceremony

Related Event

Edo Shogun Roads Cultural Travel Fair – “Strolling the Edo Highways”

A regional cultural promotion event showcasing the heritage of the Edo-period highways will be held at Tokyo Midtown Yaesu. Visitors can enjoy historical experiences, traditional culture, regional cuisine, and stage performances representing the Edo Shogun Roads regions.

Official Social Media

Instagram
https://www.instagram.com/edokaido0320/

Facebook
https://www.facebook.com/edoshogunfest/

▼About Tourism Media Service:

An online news platform specializing in the tourism industry. It provides the latest news on regional development and travel information, as well as feature articles on topics such as trends and observations, contributed by over 100 experts, every day.

Matrixdock Launches XAGm, Bringing LBMA Good Delivery Silver On-Chain Under the FRS Framework

SINGAPORE, March 17, 2026 /PRNewswire/ — Matrixdock, a Real-World Asset (RWA) tokenization platform, today announced the launch of XAGm, an institutional-grade tokenized silver asset backed by fully allocated physical silver. The introduction of XAGm expands Matrixdock’s on-chain precious metals stack, bringing LBMA-aligned silver into programmable financial environments and introducing a silver-backed instrument suitable for collateralization, trading, treasury diversification, and DeFi composability.

As real-world assets continue migrating into blockchain-based financial systems, market focus is shifting from whether assets can be tokenized to which assets can operate sustainably on-chain over time. Silver, driven by both investment demand and industrial consumption, has long played a structurally important role in traditional markets. With XAGm, this widely utilized precious metal becomes accessible within on-chain financial infrastructure, expanding the range of institutionally structured assets available for on-chain financial applications.

Unlike gold, which primarily functions as a store-of-value asset, silver exhibits stronger cyclical sensitivity due to its dual role across monetary and industrial demand. In on-chain markets, this characteristic supports a broader range of trading, collateralization, and asset allocation scenarios. If gold anchors the reserve layer of wealth preservation, silver introduces additional market velocity and cyclical responsiveness, thereby expanding the functional spectrum of on-chain reserve assets.

As one of the few institutionally structured tokenized silver offerings currently available, XAGm is backed by fully allocated silver in the form of LBMA Good Delivery bars, held in professional, institutional-grade vaulting facilities. Through clearly defined allocation arrangements and disclosure mechanisms, the linkage between tokens and underlying silver holdings can be independently verified within an established framework, providing an auditable foundation for institutional on-chain silver exposure.

XAGm adopts Matrixdock’s Fungible Reserve Standard (FRS), a programmable token framework designed to transparently and programmatically align on-chain supply dynamics and each token’s representation with the real-world economics of holding the underlying asset. FRS preserves the economic integrity of the underlying asset while accounting for custody and audit costs over time, establishing a structurally sustainable model for long-duration RWA assets operating on-chain.

The asset will initially be deployed on the Ethereum network, with support for additional blockchain ecosystems planned in subsequent phases to enhance cross-market accessibility.

The launch of XAGm marks a continued expansion of Matrixdock’s Reserve Layer framework rather than the introduction of a standalone product. With both gold and silver now integrated, Matrixdock is advancing the foundation of on-chain precious metals infrastructure, incorporating assets influenced by different economic cycles to build a diversified reserve structure designed for long-term stability and functionality in on-chain finance.

“The market still lacks truly institutional-grade tokenized silver products,” said Eva Meng, Head of Matrixdock. “With XAGm, we are bringing fully allocated, professionally vaulted silver on-chain within a clear and verifiable framework. While gold primarily anchors wealth preservation, silver serves a complementary dual role shaped by both industrial demand and monetary dynamics. Together, they form a more complete and functionally resilient foundation for on-chain precious metals infrastructure.”

Matrixdock will continue expanding its suite of high-quality real-world assets, advancing the development of resilient, transparent reserve assets for the on-chain financial ecosystem.

About Matrixdock

Matrixdock is a leading real-world asset (RWA) tokenization platform in Asia, focusing on institutional-grade tokenized products designed to bring high-quality traditional assets into on-chain markets through transparent and verifiable structures.

The platform’s products include tokenized precious metals – Matrixdock Gold XAUm and Silver XAGm, which are fully backed by physical LBMA-accredited gold and silver bullions, respectively, and tokenized short-term U.S. Treasuries – STBT. Each asset is supported by leading blockchain rails, reputable custody, and rigorous transparency standards.

Matrixdock is the core tokenization partner for sovereign asset tokenization initiatives, and architected the TER gold token for GMC in the Kingdom of Bhutan.

By transforming assets such as precious metals and sovereign-grade instruments into transparent, verifiable, and credible tokenized form, Matrixdock is building the robust reserve layer for next-generation on-chain finance.

Fractal Introduces LLM Studio to Bring Enterprise-Grade GenAI Customization with NVIDIA NeMo and NVIDIA NIM Microservices

New enterprise workbench helps organizations design, build, evaluate, and operate domain-specific language models using open-source models and NVIDIA AI infrastructure.

NEW YORK, March 17, 2026 /PRNewswire/ — Fractal (www.fractal.ai), a publicly listed global enterprise AI company serving Fortune 500® organizations, today announced the launch of LLM Studio, an enterprise platform that helps organizations build and run language models tailored to their business. It is designed for teams that want more control over how models are governed, deployed, and managed in production. LLM Studio will be demonstrated at NVIDIA GTC 2026, the premier AI and accelerated computing conference by NVIDIA, taking place from March 16–19, 2026, at the San Jose McEnery Convention Center in California.

Enterprises are moving beyond one-size-fits-all, API-only large language models for high-value use cases. Today, business and technology leaders need clearer guardrails for governance, predictable costs, and reliable performance. At the same time, industry research points to growing adoption of smaller, purpose-built models that can be tuned to specific functions and domains.

LLM Studio enables businesses to design, build, evaluate, and operate domain-adapted language models using open-source models, powered by NVIDIA AI infrastructure and software stack. It brings together two modules:

  • AutoLLM: Helps businesses create smaller, specialized models for specific tasks or industries. It supports open-source model selection, synthetic data generation, model customization, evaluation, and performance benchmarking.
  • LLMOps: Helps teams manage the full life cycle after a model is created. It supports deployment, monitoring, and governance.

LLM Studio helps keep model responses tied to an organization’s approved data and context. This reduces hallucinations and improves the quality of reasoning. The resulting models remain proprietary to the organization. Teams can then use these models in agents or other generative AI applications to deliver more reliable performance, often at a fraction of the cost of running larger foundation models.

LLM Studio, developed by the AI Client Services team at Fractal, is built on NVIDIA reference architectures, using NVIDIA NeMo for key model development workflow capabilities and NVIDIA NIM microservices for model hosting. This design helps businesses standardize how models are deployed and governed across major cloud environments, reducing the need for custom builds in each setup. Fractal is planning to use NVIDIA Nemotron open models for development.

“Enterprises are past the experimentation phase with generative AI. They need solutions that are governed, cost predictable, and reliable in production. With LLM Studio, we are giving organizations a practical way to build and operate domain-specific language models using open-source options, while taking advantage of NVIDIA AI infrastructure,” said Pranay Agrawal, Chief Executive Officer, Fractal.

LLM Studio supports a wide range of applications. It is built for enterprise users, including teams with limited or no coding experience. Businesses can tailor models to their content and train them to follow specific instructions or build models designed for tasks that need stronger reasoning.

For more information, visit: https://fractal.ai/solutions/llm-studio

About Fractal

Fractal (NSE: FRACTAL) is a publicly listed global enterprise AI company with a vision to power every human decision in the enterprise.

Fractal’s suite of businesses includes Asper.ai (enabling interconnected decisions for revenue growth) and Analytics Vidhya (among the world’s largest data science communities). Fractal spun out Qure.ai, a global healthcare AI leader enhancing the rapid identification and management of tuberculosis, lung cancer, and stroke. Fractal’s dedicated AI Research team is focused on foundational AI advancements, including knowledge-based foundational models, reasoning-based systems, and agentic systems. The team has launched successful products, including MarshallGoldsmith.ai, Vaidya.ai, Kalaido.ai, and the open-source reasoning model Fathom-R1-14B and tool-based reasoning model Fathom-DeepResearch.

Fractal employs over 5,000 professionals across global locations, including the United States, Canada, the UK, the Netherlands, Ukraine, India, Singapore, South Africa, the UAE, and Australia. It has consistently earned recognition as one of India’s Best Companies to Work For (Top 100, 2025), a ‘Great Workplace’ for eight consecutive years, and as one of ‘India’s Best Workplaces for Women’ for five years running by the Great Place to Work® Institute. Fractal was also named a Leader in the 2025 Forrester Wave™ for Customer Analytics Service Providers and earned leadership positions in the Everest Group Peak Matrix Assessment 2025 for AI and Analytics Services, and Information Services Group’s 2024 assessments for Data Engineering and Data Science Services.