Tian Ge Interactive Holdings Limited (TIANGE, HKEX: 01980) reported a 279.5% jump in 2025 revenue to RMB38.55 million, driven by a 447.4% surge in overseas online interactive entertainment sales to RMB30.88 million and a 69.9% rise in “Other” income to RMB7.68 million.

Gross profit reached RMB21.29 million, but margin narrowed to 55.2% from 79.8% in 2024 due to a 739.3% increase in cost of revenue linked to new product incubation and higher bandwidth, server and amortisation charges. Selling and marketing expenses rose 242.7% to RMB28.57 million, research and development spending more than doubled to RMB18.95 million, and administrative expenses edged up 3.2% to RMB59.96 million.

After recognising fair-value losses of RMB36.75 million on unlisted equity investments and RMB20.31 million on investment properties, the Group swung to a net loss of RMB13.30 million (vs. a RMB19.92 million profit in 2024). Adjusted net loss stood at RMB12.47 million versus an adjusted profit of RMB20.22 million a year earlier. Adjusted LBITDA was negative RMB14.24 million, compared with positive EBITDA of RMB25.83 million in 2024.

Key user metrics showed mixed trends. Fourth-quarter 2025 monthly active users climbed 25.5% year-on-year to 69,000, and quarterly average revenue per user increased 49.4% to RMB511. However, full-year MAUs fell 27.6% to 63,000 even as annual paying users more than doubled to 9,000 and ARPU jumped 57.6% to RMB490.

The balance sheet remained liquid with RMB427.94 million in cash and cash equivalents and RMB1.80 billion of financial assets at fair value through profit or loss, up 2.5% year-on-year. Borrowings rose to RMB206.86 million, lifting the gearing ratio to 9.6% from 8.9% in 2024. Capital expenditure totalled RMB56.40 million, including RMB19.80 million spent on acquiring the “Sila Chat” social-interactive platform.

The Board proposes a final dividend of HK$0.02 per share, subject to shareholder approval at the 29 May 2026 AGM, with payment slated for 18 June 2026.

Audit opinion: Deloitte Touche Tohmatsu issued a qualified opinion, citing limitations in verifying the 2023 fair-value assumptions for previously suspended Hong Kong-listed equity securities, which affected comparability with 2024 figures.

Governance update: Following a January 2025 board change, Tian Ge restored compliance with HKEX board-composition rules in March 2025. However, a mandatory unconditional offer by Truesense Trading and a pending partial offer by Sina Hong Kong have reduced the public float to 20.85%; it could fall to 17.92% upon full acceptance of the partial offer, below the 25% minimum. The Board plans to address float restoration after the offer period ends.

Share buy-backs: During 2025 the company repurchased 13.70 million shares on-market for HK$7.72 million, all of which have been cancelled.

Key dates: • AGM record date: 29 May 2026 • Book closure for dividend: 4–5 June 2026 • Dividend payment (subject to approval): 18 June 2026