Core Viewpoint - Cheer Holding, Inc. reported solid financial performance for the fiscal year ended December 31, 2025, with a focus on artificial intelligence and plans for global expansion [2][6]. Financial Highlights - Total revenues increased by 1.1% to $148.8 million, compared to $147.2 million in 2024 [6]. - Income from operations rose by 2.7% to $26.3 million, up from $25.6 million in 2024 [6]. - Net income attributable to shareholders was $25.6 million, slightly down from $26.0 million in the previous year [6]. - Cash and cash equivalents increased to $242.1 million as of December 31, 2025, from $197.7 million at the end of 2024 [6]. - Cumulative app downloads reached 550 million, a 5.0% increase from 523.3 million as of December 31, 2024 [6]. Operational Highlights - Cheer Holding operates a comprehensive digital ecosystem that integrates platforms, applications, technology, and industry, focusing on AI-driven content creation, e-commerce, and metaverse development [4]. - The company is initiating a strategic pivot towards global markets, with a dedicated AI portrait and video product line expected to begin beta testing in the second quarter of 2026 [6].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date ...

Core Viewpoint - Cheer Holding, Inc. has announced the results of its Extraordinary General Meeting, where shareholders approved a proposal to reduce and amend the company's authorized share capital, subject to certain conditions being met [1][2]. Group 1: Share Capital Reduction - The authorized share capital will be reduced from US$500,700 to US$500,699.95, with a change in the structure of Class A ordinary shares from 10,000,000 shares of par value US$0.05 each to 3,333,333 shares of par value US$0.15 each [2][7]. - The proposal includes the cancellation of one authorized but unissued Class A ordinary share and the consolidation of the remaining Class A ordinary shares, where every three shares of par value US$0.05 will be consolidated into one share of par value US$0.15 [7]. Group 2: Company Overview - Cheer Holding, Inc. is a leading provider of advanced mobile internet infrastructure and platform services in China, focusing on creating a digital ecosystem that integrates platforms, applications, technology, and industry [3]. - The company is developing a 5G+VR+AR+AI shared universe space, leveraging cutting-edge technologies such as blockchain, cloud computing, extended reality, and digital twin [3]. - Cheer Holding's product portfolio includes various offerings like CHEERS Telepathy, CHEERS Video, CHEERS e-Mall, and AI-animated short drama series, which blend online/offline and virtual/reality elements [4]. Group 3: Strategic Focus - The core of Cheer Holding's digital ecosystem is "CHEERS+", which aims to utilize innovative product applications and technologies to drive long-term sustainable and scalable growth [5].

Group 1 - The Pro Cheer League has partnered with European Wax Center as the Official Wax Partner for its inaugural season, emphasizing athlete confidence and empowerment [1][1] - The Pro Cheer League features four co-ed teams of paid athletes: Atlanta Air, Dallas Drive, Golden State Grit, and Miami Metal, competing in five national events [1][1] - The championship match is scheduled to take place in Nashville on March 27, 2026, with live broadcasts available on ION [1][1] Group 2 - European Wax Center operates over 1,000 locations across 44 states and performed more than 23 million services in fiscal 2024, generating sales of $951 million [1][1] - The company is recognized for its innovative Comfort Wax® and a commitment to providing a professional personal care experience [1][1] - The Pro Cheer League aims to elevate the sport of cheerleading by showcasing elite-level cheer athletes and enhancing the fan experience [1][1]

Core Insights - The USANA Foundation's Kids Eat program delivered over 5,100 food bags to support children during winter break, providing essential meals to families in Utah [1][2] - The initiative involved 632 volunteers contributing nearly 1,900 hours of service, highlighting community engagement and support [3][4] - Food insecurity remains a significant issue in Utah, with one in nine children at risk of hunger, emphasizing the need for such programs [4] Program Impact - This year, 5,143 food bags were packed, equating to 205,720 meals, with a total value exceeding $128,575 in donations [2] - In 2025, USANA Kids Eat delivered 46,738 weekend bags, providing 327,166 meals to 49 schools, demonstrating ongoing commitment to combating food insecurity [5] Organizational Mission - The USANA Foundation, established in 2012, aims to create sustainable food networks and has provided hundreds of millions of meals across 44 countries [6] - The foundation's programs, including USANA Kids Eat, have significantly impacted local and global communities, showcasing the organization's dedication to fighting hunger [6]

Core Viewpoint - Cheer Holding, Inc. is implementing a share consolidation to increase its per share trading price and maintain its listing on Nasdaq due to previous non-compliance with listing requirements [4]. Group 1: Share Consolidation Details - The share consolidation will occur at a ratio of 1 post-split Class A ordinary share for every 50 pre-split ordinary shares, effective at 4:05 p.m. on December 22, 2025 [1]. - Post-consolidation, the number of issued and outstanding Class A ordinary shares will decrease from approximately 234,309,902 to about 4,686,199 [3]. - Outstanding warrants and other equity rights will be proportionately adjusted, and no fractional shares will be issued; any fractions will be rounded up to the next whole number [3]. Group 2: Nasdaq Listing Compliance - The share consolidation aims to help the company regain compliance with Nasdaq's continued listing requirements after receiving a notification of potential delisting due to stock prices closing at $0.10 or below for ten consecutive trading days [4]. - The company has scheduled a hearing for January 13, 2026, to appeal the delisting determination [4]. Group 3: Company Overview - Cheer Holding, Inc. is a leading provider of next-generation mobile internet infrastructure and platform services in China, focusing on building a digital ecosystem that integrates various technologies [6]. - The company's portfolio includes diverse products and services such as CHEERS Telepathy, CHEERS Video, and AI-animated short drama series, which blend online and offline elements [7]. - The company is committed to utilizing innovative technologies to drive long-term sustainable growth, with "CHEERS+" at the core of its digital ecosystem [8].

Core Insights - Air Canada reflects on a successful 2025, highlighting customer loyalty, employee dedication, and partnerships as key to its achievements [1][3] - The airline is optimistic about future growth and plans to build on its successes in 2026 [1][3] Expansion and Network Growth - Air Canada announced a significant expansion of its schedule to Latin America, introducing four new destinations, 13 new routes, and increasing capacity by 16% [4] - In 2025, the airline launched 12 new international destinations and announced seven more for 2026, enhancing its position as a major transatlantic carrier [10] Customer Experience Enhancements - The airline improved its Economy travel experience by offering complimentary beer, wine, and exclusive Canadian-made snacks on all flights, including routes to Mexico and the Caribbean [11] - New onboard features include fast, free Wi-Fi in North America and complimentary beverages for all customers [8] Awards and Recognition - Air Canada received the Five Star Global Airline Award for the sixth consecutive year at the APEX 2026 Awards, with its onboard Wi-Fi ranked as the Best Inflight Connectivity [5] - The airline was named the Best Airline in North America at the 2025 Skytrax World Airline Awards, along with multiple other accolades for its services and employee satisfaction [16] Loyalty Program Growth - Air Canada's Aeroplan loyalty program reached a milestone of 10 million members in 2025, expanding its partnerships to enhance rewards for members [6] Sustainability Initiatives - The airline achieved 100% electrification of its ground support equipment fleet at the Québec City station, transitioning from fossil fuel-powered equipment to electric alternatives [7] Operational Performance - Air Canada ranked in the Top 3 for on-time performance among North American carriers for three months in 2025, improving its on-time performance by three percentage points compared to 2024 [14] Community Engagement - The airline's "Dreams Take Flight" program successfully provided over a thousand children across Canada with magical experiences at theme parks in Florida and California [9] Infrastructure Developments - Air Canada opened two new Café locations at Montréal-Trudeau International Airport and Vancouver International Airport, designed to enhance customer experience [15]

Core Message - Cracker Barrel Old Country Store is promoting special holiday offerings to enhance family gatherings and celebrations during the festive season, including free toys with kids' meals and convenient meal solutions for hosting [1][2][5]. Group 1: Holiday Promotions - From December 10 to December 24, every dine-in kid's meal comes with a free toy valued at $5 or less, aimed at providing joy to families during the holiday season [1][2]. - The company is offering a "Meals for Two" promotion available Monday through Friday, starting at $19.99, which includes a shareable starter or dessert and two full-sized entrées [4][8]. - Holiday Heat & Serve meals are available for pre-order, designed to simplify hosting with fully prepared meals ready in three hours or less, available for pickup between December 21 and 28 [5][6]. Group 2: Product Offerings - The Holiday Heat & Serve meals include options such as a Holiday Ham Heat & Serve Feast serving 8-10 people, a Holiday Ham Heat & Serve Family Dinner serving 4-6 people, and a Prime Rib Heat & Serve Family Dinner also serving 4-6 people [6]. - Seasonal pies are offered in flavors like Apple Streusel, Pecan, Chocolate Pecan, and Cinnamon Roll, enhancing the holiday dining experience [6]. Group 3: Company Background - Cracker Barrel Old Country Store, Inc. has been serving homestyle food since 1969 and operates approximately 660 locations across 43 states, emphasizing a legacy of warmth and tradition [9].

Core Point - Krispy Kreme is launching its annual "Day of the Dozens" promotion, allowing customers to purchase a dozen Original Glazed® doughnuts for just $1 with the purchase of any dozen or 16-ct Minis at regular price [1] Group 1: Promotion Details - The promotion will take place on Friday, December 12, and is designed to spread holiday cheer among doughnut fans across the United States [1] - Customers can take advantage of this deal in-store, via drive-thru, or online [1]

Core Point - Krispy Kreme is partnering with Peanuts for the first time in the U.S. to launch the Krispy Kreme x Peanuts Collection during the festive season [1] Group 1 - The collaboration features characters like Snoopy and Charlie Brown, appealing to fans of the Peanuts franchise [1] - The special collection will be available in a custom dozen box starting Saturday, November 29 [1] - The promotion emphasizes the connection between holidays, beloved characters, and delicious doughnuts [1]