China Ruyi Holdings Limited (China Ruyi) released its audited results for the year ended 31 December 2025, recording a strong turnaround to profitability on the back of robust gaming earnings, improved cost controls and sizeable investment gains.
Financial Highlights • Revenue: RMB 3.34 billion, down 8.9% YoY (2024: RMB 3.67 billion). • Net profit: RMB 1.79 billion vs. a RMB 0.21 billion loss in 2024. • Adjusted net profit: RMB 1.96 billion (+84.2% YoY), elevating the adjusted net margin to 59% (2024: 29%). • Basic/Diluted EPS: RMB 0.11419 (2024: loss per share RMB 0.01570). • Gross profit: RMB 1.18 billion (-38.0% YoY) on lower revenue; profit jump largely driven by a RMB 1.28 billion net gain on financial assets vs. a RMB 1.22 billion loss a year earlier. • Cash & term deposits: RMB 7.24 billion, more than doubled from RMB 3.49 billion. • Interest-bearing borrowings fell to RMB 0.73 billion (2024: RMB 1.70 billion); gearing ratio rose to 9.5% after HK$2.34 billion (≈RMB 2.12 billion) convertible bond issuance in April 2025. • Net assets increased 46.1% to RMB 23.87 billion; current ratio improved to 4.3x (2024: 2.5x).
Segment Performance (Revenue, 2025) • Online streaming & gaming: RMB 2.64 billion (-24.7% YoY); segment profit RMB 0.82 billion. • Content production: RMB 0.68 billion (+433.9% YoY); segment profit RMB 1.14 billion, reflecting higher-margin film and TV projects. • Other businesses: RMB 0.04 billion.
Business Developments 1. Content Production: Strengthened leadership with multiple box-office hits including “Detective Chinatown 1900” (RMB 3.60 billion Spring Festival gross) and “Dead to Rights” (over RMB 3.00 billion summer gross). Pipeline features marquee titles such as “Cold War 1994” and “The Wandering Earth III”. 2. Online Streaming & AI: Transitioned from AI-assisted to AI-native content creation, deploying proprietary multimodal platforms (“Linggou AI”, “Jingce AI”, “Changyu AI”, “Shuyan AI”) to cut production costs and scale output of AI animation and micro-dramas. 3. Jingxiu Games: Core titles like “Red Alert Online” exceeded cumulative revenue of RMB 6.00 billion. New launches “The Nova Era” and “Yanwu” broadened genre coverage, while global IP collaborations with Ubisoft and EA underpin the 3- to 5-year pipeline. 4. Strategic Investments: – Acquired 30% of Beijing Yonghang Technology (‘‘QQ Dance’’ franchise) for RMB 0.83 billion (cash plus 36.67 million new shares). – Took 40% in payment firm Kuaiqian to reinforce fintech capabilities. – Invested in AI video specialist AIsphere and toy IP company 52TOYS to deepen “AI + Content” and merchandising synergies.
Capital Actions • Share placements and subscriptions in February–December 2025 raised gross proceeds of HK$6.08 billion (≈RMB 5.77 billion). • April 2025 issuance of HK$2.34 billion (≈RMB 2.12 billion) 3.95% convertible bonds due 2030; potential dilution of 865.75 million shares at HK$2.704 conversion price.
Liquidity & Risk • Cash surge reflects fundraising and operating cash inflow. • No asset pledges or material contingent liabilities reported. • Majority of operations and monetary assets are RMB-denominated; currency risk deemed manageable.
Outlook Management will continue to leverage its “games for cash flow, premium content for growth, AI for efficiency” tri-pillar model while integrating recent investments to reinforce the ecosystem. A new HK$2.57 billion zero-coupon convertible bond issued in February 2026 is earmarked for game expansion, content pipeline and strategic deals.