Changyou International Group Limited (Changyou Int'l GP) released its audited results for the year ended 31 December 2025.

Revenue and Operating Performance • Revenue increased 6.3% year-on-year to RMB192.10 million, driven by expanded product offerings and higher platform activity. • Gross profit rose 11.7% to RMB43.85 million, lifting gross margin from 21.7% to 22.8%. • Administrative and R&D expenses fell 16.3% and 16.1%, respectively, reflecting continued cost discipline. • Operating profit reached RMB10.69 million, reversing a RMB2.41 million operating loss in 2024. • Finance costs declined 20.1% to RMB16.63 million, following the restructuring of convertible bonds and shareholder loans. • Net loss attributable to equity shareholders narrowed to RMB16.08 million (2024: RMB19.52 million); basic and diluted loss per share improved to RMB0.89 cent from RMB1.08 cents.

Business Metrics • Transaction volume on the Changyou Alliance platform grew 9.8% to RMB269.40 million. • Registered users reached 293.2 million, an annual increase of 41.4 million.

Liquidity and Capital Structure • Cash and cash equivalents stood at RMB33.64 million (2024: RMB8.23 million). • Net current assets turned positive at RMB10.85 million versus net current liabilities of RMB53.99 million a year earlier, lifting the current ratio to 1.08. • Total borrowings, comprising convertible bonds and shareholder loans, amounted to RMB174.74 million. Net liabilities were RMB161.40 million, and the debt-to-assets ratio was 2.08. • During the year, a supplemental agreement deferred CB2 interest payments to maturity (April 2027), generating a RMB2.45 million modification gain. Shareholder loans totaling HK$62.46 million were also extended to 2027 with a RMB0.30 million gain on modification.

Going Concern Management relies on financial support from Century Investment, including unused loan facilities of HK$48.54 million and the extension of existing facilities and convertible bonds. Auditors highlighted a material uncertainty related to going concern.

Dividend The Board proposed no final dividend for 2025.

Outlook Management will prioritise enlarging the points-based SaaS business, deepening ecosystem partnerships, and enhancing mini-program capabilities within WeChat and Alipay to drive traffic conversion and revenue diversification in 2026.