CHINA RUYI (00136) announced its 2025 financial results, with revenue reaching approximately 3.343 billion yuan. The company reported a net profit of around 1.786 billion yuan, marking a significant turnaround from a loss in the previous year. The adjusted net profit was approximately 1.963 billion yuan, representing a year-on-year increase of 84.29%. Throughout 2025, the group continued to optimize its strategic layout and upgrade its business structure. Through strategic investments and acquisitions, it expanded its industrial boundaries and established a synergistic business ecosystem. The company has successfully developed a three-pillar business model characterized by "stable cash flow from gaming, performance elasticity driven by content, and efficiency enhanced by AI," leading to a notable improvement in profitability. The profit growth was primarily attributed to an increased contribution from the gaming segment and optimized cost efficiency, which improved the overall profit structure and strengthened the group's endogenous profitability and resilience to economic cycles. In the film and television sector, the group maintained its market leadership. Multiple productions, including "Detective Chinatown 1900" and "Nanjing Photo Studio," achieved a combined box office revenue exceeding 3 billion yuan. Furthermore, "Pegasus 3," released during the 2026 Spring Festival period, secured the top spot as the period champion with an impressive cumulative box office of over 4 billion yuan. The group also has a robust pipeline of major projects, such as the upcoming "The Wandering Earth 3 (Part 1 and Part 2)." The group has established a mature, long-term operational system covering the entire product lifecycle. Through continuous version updates, refined user operations, and content innovation, it has ensured that its core products remain at the forefront of the industry. Notably, its flagship SLG title, "Red Alert OL," leveraging the influence of a classic IP and deep operational strategies, has consistently ranked in the top tier of China's iOS game bestseller list. As of August 2025, the game's cumulative gross transaction volume surpassed 6 billion yuan, setting a milestone for long-term operation in the domestic SLG category and demonstrating the group's core competitive advantage in adapting classic IPs for sustained operation. Other products, such as "Ragnarok: Love at First Sight" and "World Genesis," have also maintained stable user bases and revenue contributions. During the reporting period, the group, in collaboration with the globally renowned game developer Ubisoft, is preparing to launch "Heroes of Might and Magic: Lord's Conquest," expected to be officially released within 2026. Additionally, the group has entered into a comprehensive, top-tier IP self-development partnership with Electronic Arts (EA), covering the EA SPORTS FC football IP and the classic "Command & Conquer" series SLG products, which are anticipated to launch for global users in early 2027. By adopting an integrated model of IP self-development and self-publishing, the group aims to maximize IP value and gain full control over operational autonomy. Furthermore, the group has strategically positioned itself in the sports competition gaming sector, building a dual-core product matrix centered on the "EA SPORTS football IP and NBA basketball IP." This strategy aims to bridge the user bases of sports enthusiasts and gaming entertainment. The multi-platform title "NBA Moment" is expected to commence testing in 2026, forming a comprehensive sports gaming portfolio covering both football and basketball categories and establishing a new growth driver for the group. The large-scale application of AI technology has significantly reduced the unit cost of content production and increased the frequency of content supply, creating a sustainable lever for profit growth. Looking ahead, the group plans to elevate AI from a production tool to a core industrial engine. Driven by the dual forces of "AI + IP," it aims to build a globally leading intelligent content ecosystem. By continuously deepening technological applications and expanding commercialization pathways, the group will pursue a comprehensive intelligent transformation of its streaming media business, thereby establishing a differentiated advantage in the global competitive landscape.