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，並表明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。 自願公告 Tanwan Inc. （ 於 開 曼 群 島 貪玩 註 冊 成 立 的 有 限 公 司 ） （股份代號：9890） (2) 該計劃的參與者 該計劃的參與者（「合資格人士」）包括該計劃涉及的僱員參與者、關連實 體參與者或服務提供商。 – 1 – 根據2026年受限制股份單位計劃購買股份 本公告由貪玩（「本公司」，連同其附屬公司及中國經營實體，統稱為「本集團」） 自願刊發，旨在知會本公司股東（「股東」）及有意投資者有關根據本公司董事 會於2026年2月5日採納的受限制股份單位計劃（「2026年受限制股份單位計劃」） 購買股份的情況。 主要條款概要 2026年受限制股份單位計劃的主要條款如下： (1) 該計劃的目的 該計劃旨在吸引新人才並留住對本集團長期發展與成功具有重要貢獻的 員工，表彰並獎勵合資格人士（定義見下文）對集團的貢獻，為合資格人士 提供獲取公司股權的機會，並激勵其持續為本公司發展貢獻力量， ...

Financial Performance - For the fiscal year ending December 31, 2025, the company's total revenue was RMB 4,158.2 million, a decrease of 25.4% compared to RMB 5,580.1 million in 2024[10]. - The net profit for the year was RMB 1,560.2 million, significantly up from RMB 44.0 million in 2024, marking a substantial increase[10]. - The gross profit for 2025 was RMB 2,373.9 million, down 41.0% from RMB 4,024.3 million in 2024, resulting in a gross margin of 57.1% compared to 72.1% in 2024[38]. - Other income and gains significantly increased to RMB 1,882.3 million in 2025, up 1,055.3% from RMB 162.9 million in 2024, primarily due to fair value gains on financial instruments[39]. - The company recorded a profit of RMB 1,560.2 million for the year ended December 31, 2025, a significant increase from RMB 44.0 million in 2024, driven by fair value gains and reduced expenses[48]. - Total comprehensive income for the year was RMB 1,958,141 thousand, up from RMB 42,765 thousand in 2024[82]. - Basic earnings per share for 2025 was RMB 2.83, compared to a loss in 2024[82]. - The total income tax expense for 2025 is RMB 408,702,000, compared to RMB 54,396,000 in 2024[102]. Market Trends - The global gaming market is projected to reach USD 197 billion in 2025, with a year-on-year growth of 7.5%, while the mobile gaming market is expected to reach USD 108 billion, growing by 7.7%[5]. - The domestic gaming market in China is forecasted to generate actual sales revenue of RMB 350.79 billion in 2025, reflecting a year-on-year growth of 7.68%[7]. - The number of domestic gaming users in China is expected to reach 683 million in 2025, with a growth rate of 1.35% year-on-year[7]. - The small program game market in China is projected to reach RMB 53.54 billion in 2025, reflecting a significant year-on-year growth of 34.39%[18]. Business Strategy and Development - The company aims to leverage AI technology to enhance its game publishing business, focusing on precision marketing and long-cycle operations to maximize product value[11]. - The company has adopted a multi-platform distribution strategy, including apps and mini-programs, to reach a broader user base and expand its audience[11]. - The company is expanding its game offerings into new genres, including casual games and strategy games, to broaden its user base and create a sustainable gaming ecosystem[20]. - The company has established a comprehensive AI-driven game business model covering the entire lifecycle from development to marketing[24]. - The company is leveraging AI technology to improve operational efficiency and user engagement, enhancing game development, content creation, and player services[34]. Intellectual Property and Product Development - The "Legend" IP is projected to have a market size of RMB 35.55 billion in 2025, maintaining a consistent value around RMB 30 billion annually[13]. - The company successfully transitioned the "Legend" IP games from PC to mobile internet, achieving significant success in mini-program distribution, with notable titles ranking in the top sales charts[14]. - "热血江湖：归来" achieved top rankings on multiple platforms, including 1 on App Store free charts in South Korea and Taiwan, showcasing strong global appeal[15]. - The company has successfully launched over 30 multilingual games in international markets, achieving top rankings on iOS and Google Play for titles like "原始传奇" and "全民江湖" in various regions[21]. - The company is actively adapting classic IPs for small program games, successfully driving cross-platform user engagement[18]. Financial Management and Investments - The company plans to repurchase up to HKD 300 million of its shares within 12 months, having already repurchased 11,418,000 shares, representing 2.1% of its total issued share capital[32]. - The company successfully issued zero-coupon convertible bonds totaling HKD 468 million, fully subscribed by LMR Multi-Strategy Master Fund Limited, to support AI-related strategic investments[33]. - 50% of the net proceeds from the convertible bonds will be allocated to AI-related business development, including infrastructure and technology upgrades[72]. - The company plans to use the remaining 50% of the net proceeds from the convertible bonds for potential acquisitions in the AI sector[72]. Operational Efficiency - Selling and distribution expenses decreased by 46.7% to RMB 1,875.9 million in 2025 from RMB 3,516.7 million in 2024, attributed to AI technology optimization and reduced customer acquisition costs[40]. - Administrative expenses decreased by 11.3% to RMB 170.4 million in 2025 from RMB 192.1 million in 2024, mainly due to reduced overall compensation related to administrative personnel[41]. - Research and development costs decreased by 23.0% to RMB 98.3 million in 2025 from RMB 127.7 million in 2024, reflecting a reduction in compensation for R&D personnel[42]. - The company has achieved an AI penetration rate exceeding 80% in art content generation, with efficiency improvements of over 70%[26]. Corporate Governance - The company changed its name from "ZX Inc." to "Tanwan Inc." effective August 8, 2025[64]. - The board has been authorized to repurchase up to 10% of the issued shares as of June 21, 2024, and again on June 19, 2025[69]. - The company will not declare a final dividend for the year ending December 31, 2025[71]. - The audit committee has reviewed the financial performance for the year ending December 31, 2025, confirming compliance with relevant accounting standards[75]. - The board will continue to review the effectiveness of the corporate governance structure[68].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the local market index [8]. Core Insights - The company is expected to achieve significant net profit growth in 2025, with a forecasted net profit of no less than 1.5 billion RMB, a substantial increase from 44 million RMB in 2024 [10]. - The successful issuance of 468 million HKD in convertible bonds will accelerate the company's AI+ gaming strategy, enhancing operational efficiency and growth potential [10]. - The company has a rich pipeline of new games for 2026, which is anticipated to drive revenue growth, including titles like "King's Legend 2" and "New Moon Continent" [10]. Financial Summary - Total revenue is projected to decline from 6,514.59 million RMB in 2023 to 4,607.70 million RMB in 2025, before rebounding to 5,621.05 million RMB in 2026 and 6,432.11 million RMB in 2027, reflecting a growth rate of 22.0% in 2026 [4]. - Net profit is expected to recover dramatically from a loss of 3.62 million RMB in 2024 to 1,571.99 million RMB in 2025, with a projected profit of 1,208.54 million RMB in 2026 and 1,495.21 million RMB in 2027 [4]. - The company’s PE ratio is forecasted to improve significantly from 98.94 in 2023 to 5.80 in 2025, indicating a more favorable valuation as earnings recover [4]. Game Product Pipeline - The company has developed a diverse product matrix, including popular IPs such as "Legend," "Miracle," and "Blood of the River," with several new titles set for release in 2026 [12]. - Key upcoming games include "King's Legend 2," "New Moon Continent," and "Douluo Dalu: The Legend of the Evil," which are expected to contribute to future revenue growth [12].

Group 1 - The core viewpoint of the report is that the company maintains a "Buy" rating for 贪玩 (09890), with projected EPS for 2025-2027 being 2.94, 2.26, and 2.80 RMB respectively, and a target price of 30.92 HKD based on a 12x dynamic PE for 2026 [1] - The company expects a significant increase in net profit for 2025, projected to be no less than 1.5 billion RMB, compared to 44 million RMB in 2024, driven by increased fair value gains from financial assets, improved revenue from overseas game publishing, and reduced marketing expenses [1] - The company has successfully issued zero-coupon convertible bonds totaling 468 million HKD, with funds earmarked for strategic investments in AI, enhancing its AI technology capabilities across publishing, operations, and R&D [2] Group 2 - The company has a rich pipeline of new games for 2026, including key titles such as "King's Legend 2," "New Moon Continent," and "Code: HD," which are expected to contribute to future revenue growth [3]

Group 1 - The core viewpoint of the report is that the company maintains a "buy" rating for the stock, with expected EPS for 2025-2027 at 2.94, 2.26, and 2.80 RMB respectively, and a target price of 30.92 HKD based on a 12x dynamic PE for 2026 [1] - The company forecasts a net profit of no less than 1.5 billion RMB for 2025, a significant increase from 44 million RMB in 2024, driven by fair value gains from financial assets, improved revenue from overseas gaming, and reduced marketing expenses due to AI technology applications [1][2] - The company has successfully issued 468 million HKD in zero-coupon convertible bonds to accelerate its AI and gaming strategy, with a comprehensive AI technology system already in place [2] Group 2 - The company has a rich pipeline of new games for 2026, including key titles such as "King's Legend 2," "New Moon Continent," and "Code: HD," which are expected to contribute to future revenue growth [3]

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，並表明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。 Tanwan Inc. （ 於 開 曼 群 島 貪玩 註 冊 成 立 的 有 限 公 司 ） 貪玩（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司謹訂於2026年3 月27日（星期五）舉行董事會會議，藉以（其中包括）考慮及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，並考慮派發末期股息（如有）。 承董事會命 貪玩 董事會主席兼執行董事 吳旭波先生 中國‧廣州市，2026年3月10日 於本公告日期，董事會包括執行董事吳旭波先生及吳璇女士；以及獨立非執行董事宋司筠女 士、覃永德先生及鄭怡女士。 （股份代號：9890） 董事會召開日期 ...

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，並表明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。 本公司董事會（「董事會」）謹此通知本公司股東（「股東」）及潛在投資者，根據 本集團截至2025年12月31日止年度（「報告期間」）之未經審核綜合管理賬目以及 董事會目前所得其他資料所作出的初步評估。本集團預期錄得報告期間淨利 潤不低於人民幣1,500百萬元，較2024年同期淨利潤人民幣44.0百萬元呈現顯著 增長。 本集團於報告期間實現淨利潤的大幅增長，主要歸因於以下因素：(i)與本集團 持有的其他上市公司股份有關的按公平值計入損益的金融資產的公平值收益 顯著增加；(ii)具有較高營業利潤率的境外遊戲發行業務產生的收益增加；(iii) 銷售及分銷開支有所下降，原因是(a)AI技術在遊戲發行運營中的應用以及投放 1 中國經營實體指本集團透過合約安排控制的實體，其詳情載列於本公司日期為2023年9 月18日的招股章程（「招股章程」）。 – 1 – 模型算法優化；(b)本集團對於部分儲備遊戲產品尚在不斷優化調整中， ...

致：香港交易及結算所有限公司 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2月28日 狀態: 新提交 公司名稱: 贪玩 (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) | 09890 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | USD | | 0.00002 USD | | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | | 本月底結存 | | | 2,500,000,000 | USD | | 0.00002 USD | | | 50,000 | ...

Group 1 - The core viewpoint of the news is that Jiangxi Tanwan has completed a strategic investment in the game development company of "Tianlong Babu 2: Feilong Zhantian" and obtained exclusive operating rights for the app version in mainland China [1][2] - Jiangxi Tanwan acquired a 35% stake in Shanghai Yuelong for RMB 15 million and paid RMB 30 million to the developer for exclusive operating rights [1] - The game is based on Jin Yong's classic martial arts novel and aims to provide an immersive experience with a vast open world and deep storyline [2] Group 2 - The acquisition is part of Jiangxi Tanwan's strategy to deepen its "premium IP + multi-terminal layout," enhancing its product matrix and competitiveness in the martial arts RPG segment [2] - The company has successfully operated and reserved several top martial arts IP resources, including "Tianlong Babu," "Xiao Ao Jiang Hu," and "She Diao San Bu Qu" [2] - The strategic investment allows Jiangxi Tanwan to extend its value chain from distribution to upstream development, solidifying its long-term supply of premium IP game products [3] Group 3 - Looking ahead, Jiangxi Tanwan aims to focus on "long-term operation of premium IP," promoting product diversification and global market expansion [4] - The company plans to strengthen its distribution and refined operation systems while deepening the integration of IP and user ecosystems [4] - The goal is to provide a more immersive gaming experience for global players and create sustainable, high-quality long-term returns for investors [4]

Group 1 - The core viewpoint of the news is that Ganwan (09890) has secured exclusive operational rights for the game "Tianlong Babu 2: Feilong Zhantian" and acquired a 35% stake in the game developer Shanghai Yuelong [1][2] - Ganwan has paid RMB 15 million to acquire the 35% equity stake in Shanghai Yuelong, and has also signed an agreement to obtain exclusive operational rights for the App version of the game [1] - The company has further signed an exclusive agency cooperation agreement and a network game cooperation agreement with Shanghai Yuelong to gain exclusive agency rights for the H5 version of the game, which is a mini-program version [1][2] Group 2 - The strategic investment in Shanghai Yuelong allows the company to extend its operations from the distribution end to the upstream development end, enhancing its ability to supply stable premium IP products [3] - The acquisition of exclusive operational rights for both the App and mini-program versions of "Tianlong Babu 2: Feilong Zhantian" is a significant step in the company's strategy to build a "Jin Yong martial arts IP game matrix" by 2025 [2] - The company has successfully operated and reserved other Jin Yong martial arts IP games, including "Tianlong Babu 2: Feilong Zhantian," "Xiao Ao Jiang Hu," and "She Diao San Bu Qu" [2]