TIANGE (01980) announced that it expects to report a consolidated net loss not exceeding RMB 15 million for the fiscal year ending December 31, 2025. This contrasts with a consolidated net profit of approximately RMB 19.9 million achieved in the previous fiscal year ending December 31, 2024. The Board of Directors attributes the anticipated net loss for the 2025 fiscal year primarily to the following factors: (i) Increased costs associated with product incubation, as the Group has strategically shifted its focus towards simultaneously investing in and incubating multiple online interactive entertainment platforms across various regions, requiring significant resource allocation; (ii) Fair value losses on financial assets at fair value through profit or loss, mainly resulting from valuation adjustments for unlisted equity investments due to changes in the operational and financial conditions of the invested companies; and (iii) Fair value losses on investment properties, driven by adjustments in the real estate market conditions both domestically and in the UK.