Financial Performance - For the fiscal year ending December 31, 2025, the revenue was approximately RMB 1,029.3 million, a decrease of 8.5% compared to RMB 1,124.5 million for the fiscal year ending December 31, 2024[2]. - The gross profit for the fiscal year ending December 31, 2025, was approximately RMB 116.7 million, down 23.0% from RMB 151.5 million for the fiscal year ending December 31, 2024[2]. - The adjusted net profit for the fiscal year ending December 31, 2025, was approximately RMB 6.7 million, a decrease of 45.3% from RMB 12.2 million for the fiscal year ending December 31, 2024[2]. - The company reported a net loss of approximately RMB 2.5 million for the fiscal year ending December 31, 2025, a decrease from a net loss of RMB 3.0 million for the fiscal year ending December 31, 2024[2]. - Total revenue for 2025 was RMB 1,029,269 thousand, a decrease of 8.5% from RMB 1,124,537 thousand in 2024[14]. - Revenue from broadcasting rights licensing was RMB 966,334 thousand in 2025, compared to RMB 1,124,141 thousand in 2024, indicating a decrease of 14.1%[17]. - Total other income and gains for 2025 reached RMB 26,318 thousand, a significant increase of 97% compared to RMB 13,346 thousand in 2024[24]. - The income tax expense for 2025 was RMB 14,002 thousand, a decrease of 19% from RMB 17,269 thousand in 2024[27]. - The adjusted net loss for the year ended December 31, 2025, was approximately RMB 2,538 million, compared to a net loss of RMB 2,960 million for the year ended December 31, 2024[85]. Assets and Liabilities - The total assets as of December 31, 2025, were approximately RMB 2,795.4 million, compared to RMB 2,664.8 million as of December 31, 2024, reflecting an increase[5]. - The total current liabilities as of December 31, 2025, were approximately RMB 995.3 million, an increase from RMB 901.5 million as of December 31, 2024[5]. - The total current assets as of December 31, 2025, were approximately RMB 2,564.3 million, compared to RMB 2,493.4 million as of December 31, 2024[5]. - The net asset value as of December 31, 2025, was approximately RMB 1,758.7 million, a slight increase of 0.3% from RMB 1,753.3 million as of December 31, 2024[2]. - The debt-to-asset ratio increased from 34.2% as of December 31, 2024, to 37.1% as of December 31, 2025[95]. - Total liabilities increased from approximately RMB 910.8 million as of December 31, 2024, to approximately RMB 1,036.7 million as of December 31, 2025[95]. Revenue Sources - Revenue from the main customer, Customer 1, was RMB 625,625 thousand in 2025, down from RMB 886,032 thousand in 2024, representing a decline of 29.4%[16]. - The company recognized contract liabilities of RMB 233,018 thousand during the reporting period, an increase from RMB 76,563 thousand in the previous year[18]. - Expected revenue to be recognized within one year from contract liabilities is RMB 112,334 thousand, down from RMB 245,726 thousand in 2024, reflecting a decrease of 54.4%[23]. - The group has a significant reliance on major customers, with Customer 1 and Customer 2 contributing over 10% of total revenue in 2025[16]. - The group’s revenue recognition is based on the transfer of goods at a point in time, with RMB 967,679 thousand recognized in 2025[17]. Expenses and Costs - The group's cost of goods sold for 2025 was RMB 879,250 thousand, down 8% from RMB 955,469 thousand in 2024[25]. - Selling and distribution expenses are projected to increase by 32.7% from approximately RMB 39.3 million for the year ending December 31, 2024, to approximately RMB 52.1 million for the year ending December 31, 2025, due to increased capital investment in sales and distribution activities[76]. - Administrative expenses are expected to decrease by 1.6% from approximately RMB 79.0 million for the year ending December 31, 2024, to approximately RMB 77.7 million for the year ending December 31, 2025, due to the termination of certain episodic projects[77]. - Total employee compensation expenses, including director remuneration, are approximately RMB 43.0 million for the year ending December 31, 2025, compared to RMB 41.4 million for the same period in 2024, reflecting a year-over-year increase of 3.9%[113]. Corporate Governance and Strategy - The company emphasizes maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[125]. - The company has not separated the roles of Chairman and CEO, believing that this structure benefits business prospects and management efficiency[126]. - The company will continue to review and monitor its corporate governance practices to ensure compliance with governance codes[127]. - The group aims to enhance its governance structure and decision-making efficiency while integrating ESG management into its business development processes[68]. - The group has made significant progress in team building and corporate governance, focusing on enhancing organizational efficiency and optimizing management processes[55]. Market and Content Development - The group has established itself as a major player in the Chinese film and episodic content industry since 2014, focusing on content investment, development, production, and distribution[51]. - The group is actively expanding its overseas market presence through licensing, enhancing revenue channels and facilitating content export[54]. - The group plans to enhance its diversified entertainment ecosystem centered around "super IP" in 2026, focusing on high-quality development goals[66]. - The anticipated airing of multiple series in 2026 indicates a strategic push for content diversification and market presence[57]. - The group is focusing on both original and adapted content, with a mix of series and micro-dramas in development[60]. Future Outlook - The company has a plan for future expansion and development of new content, including long and short series[143]. - The company aims to enhance its intellectual property portfolio for new productions[142]. - The company is focused on strategic partnerships to strengthen its market position[143]. - The group plans to continue adapting to industry trends while providing high-quality content and improving its business layout to strengthen core competitiveness[56]. - By 2026, the group plans to advance its strategic initiatives to build a more vibrant and competitive diversified entertainment ecosystem[68].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 承董事會命 稻草熊 娛 樂 集 团 主 席 劉小楓 中 國 南 京，2026年3月12日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事 劉 小 楓 先 生 及 翟 芳 女 士；非 執 行 董 事 王 曉 暉 先 生 及 劉 帆 女 士；及 獨 立 非 執 行 董 事 馬 中 駿 先 生、張 森 泉 先 生 及 鍾 創 新 先 生。 （於開曼群島註冊成立的有限公司） （股 份 代 號：2125） 董事會召開日期 稻草熊 娛 樂 集 团（「本公司」）董事會（「董事會」）謹 此 宣 佈，本 公 司 將 於2026年3月 24日（星 期 二）舉 行 董 事 會 會 議，藉 以（其 中 包 括）考慮並批准本公司及其附屬公 司截至2025年12月31日 止 年 度 業 績 及 其 發 佈，以 及 考 慮 建 議 派 發 末 期 股 息（如 有）。 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 稻草熊娱乐集团（於開曼群島註冊成立的有限公司） 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02125 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 第 1 頁 ...

Group 1 - Hong Kong film stocks experienced significant declines, with major drops including DaMai Entertainment down 9%, Maoyan Entertainment down 7.5%, and Huanxi Media down over 5% [1] - According to a report by CICC, as of February 23, 2026, the effective box office for the first six days of the Spring Festival period was 5.077 billion RMB, a decrease of 38.7% compared to the same period in 2025 [1] - The expected box office for the period may fall below the previously anticipated range of 6.5 to 8.5 billion RMB, primarily due to a high base and a lack of leading films [1] Group 2 - The leading film during this period is "Fast and Furious 3," followed by "Silent Awakening" in second place [1] - Upcoming domestic films such as "Genius Game" and "A Fortune for a Fortune" have been scheduled, along with imported films like "Wuthering Heights" and "Rescue Plan" [1] - Other domestic films in reserve include "Wild Forbidden Land," "Mind Flower," "Catch the Spy," and "Penghu Sea Battle," while imported films include "Odyssey" and "Avengers 5" [1]

Group 1 - Hong Kong film stocks experienced a strong afternoon rally, with major gains observed in several companies [1] - DaMai Entertainment (01060.HK) surged over 8%, while FengDeLi Holdings (00571.HK) rose more than 6% [1] - Other notable performers included NingMeng Film (09857.HK) and DaoCaoXiong Entertainment (02125.HK), both increasing over 5%, and MaoYan Entertainment (01896.HK), which climbed nearly 4% [1]

Core Viewpoint - The Hong Kong stock market's movie sector is experiencing significant activity, with companies like DaMai Entertainment rising over 8%, alongside other firms such as Straw Bear Entertainment and Maoyan Entertainment also seeing gains [1] Group 1: Market Activity - DaMai Entertainment has seen a rise of over 8% in its stock price [1] - Other companies in the movie sector, including Straw Bear Entertainment and Maoyan Entertainment, are also experiencing upward movement in their stock prices [1] Group 2: New Developments - Starting today, Qianwen APP has integrated with DaMai, allowing users to purchase movie tickets through a streamlined process that includes film recommendations, smart seat selection, and payment [1] Group 3: Investment Participation - The following films have notable investment participation: - "Flying Life 3": Investors include Tingdong Pictures, Maoyan Entertainment, DaMai Entertainment, Wanda Film, and Bona Film, with Maoyan Entertainment as the main distributor [1] - "Silent Awakening": DaMai Entertainment is the main investor, with participation from China Film and Wanda Film [1] - "Biao Ren: Wind Rises in the Desert": Investors include DaMai Entertainment, Dengfeng International, Huaxia Film, and China Film [1] - "Panda Project: Tribal Adventure": Maoyan Entertainment is the main investor, with Light Media and Huan Ying Era also participating [1] - "Star River in Dream": Produced by China Film, Hengdian Film, Shanghai Film, and Lianrui Film [1]

Group 1: Film Industry Insights - The Hong Kong film stocks have seen significant gains, with Fengde Li Holdings and Damai Entertainment rising over 6%, Ningmeng Film and Daocaoxiong Entertainment increasing over 5%, and Maoyan Entertainment up over 3% [1] - As of February 9, the pre-sale box office for new films during the 2026 Spring Festival has exceeded 70 million yuan, indicating strong market interest [1] - CICC's report estimates that the total box office for this year's Spring Festival could range between 6.5 billion yuan and 8.5 billion yuan, with the performance of leading films being crucial for the final box office outcome [1] Group 2: AI Video Technology Developments - ByteDance's AI video product, Seedance 2.0, has launched, generating highly realistic videos that exceed creators' expectations [2] - Seedance 2.0 can create cinematic-quality videos based on text or images, utilizing a dual-branch diffusion transformer architecture to generate both video and audio simultaneously [2] - Tim, a well-known tech blogger, praised Seedance 2.0 for its industry-level performance in generating precision, continuity of shots, and audio-visual synchronization, suggesting that traditional film processes are on the verge of being disrupted by AI advancements [2]

致：香港交易及結算所有限公司 公司名稱: 稻草熊娱乐集团（於開曼群島註冊成立的有限公司） 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02125 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年 ...

Group 1 - The "iQIYI (Nanjing) Creator Industrial Park" has been established in Nanjing Jiangbei New Area, aiming to serve as a micro-short drama industry base that integrates office space, various filming locations, and studios to meet the full process needs of film and television creation [1] - The park will leverage an integrated industry chain of "creation - shooting - production - distribution" to provide more filming space and opportunities for creators, focusing on shooting tourism-linked dramas that promote local cultural tourism [1] - The "Law Eye Theater" micro-drama cooperation plan has been launched, which will utilize real cases provided by the Legal Daily's film and television center as story blueprints, inviting high-quality scripts and production teams from the public to create meaningful micro-dramas [1] Group 2 - Jiangbei New Area has been actively developing the micro-short drama industry, currently hosting 104 short drama companies and having produced over 820 short dramas [2] - The upcoming Yangtze River Digital Audio-Visual Industrial Park, set to launch in autumn 2024, has signed contracts with 56 companies and is expected to produce over 480 short dramas, with a total estimated output value of 350 million yuan [2]

Group 1 - Nanjing has become a favored location for film and television productions due to its rich cultural heritage, beautiful scenery, and supportive government policies for micro-short films [1][2] - The "iQIYI (Nanjing) Creator Industrial Park" has been established in Nanjing's Jiangbei New Area, providing a comprehensive base for micro-short film production, including office space, filming locations, and studios [2] - The park aims to create an integrated industrial chain for creation, filming, production, and distribution, enhancing opportunities for creators and promoting tourism through linked content [2] Group 2 - The "Law Eye Theater" micro-drama cooperation plan was launched, focusing on creating high-quality micro-dramas based on real legal cases, emphasizing social relevance and emotional depth [3] - Jiangbei New Area is actively supporting the micro-short film industry, with 104 short drama companies and over 820 short dramas produced, indicating a trend towards mainstream and high-quality content [3] - The upcoming Yangtze River Digital Audio-Visual Industrial Park is expected to sign 56 companies and produce over 480 short dramas, with an estimated total output value of 350 million yuan [3]