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Refining our Identity After Years of Strategic Growth

Since its inception, PFIS Group has undergone an extraordinary journey of expansion. What began as a specialised boutique advisory practice in cross-border insurance has evolved into a formidable international platform. Today, the firm operates 8 offices worldwide, holds intermediation licenses in 34 countries, and has successfully advised on the structuring and restructuring of over USD 1 billion in private wealth.

“After years of rapid international expansion and hundreds of complex client engagements, we realised that our identity needed to catch up with our evolution,” said Mr. Samy Reeb, CEO of Alpina Legacy. “This rebranding comes at a pivotal moment. After establishing a robust global footprint, we are returning to our roots—not by shrinking our horizons, but by deepening the Swiss values that have always been the bedrock of our success.”

A Name that Bridges Heritage and Future

The new name, Alpina Legacy, was meticulously chosen to reflect the dual pillars of the firm’s value proposition:

• Alpina: A tribute to the firm’s Swiss foundation. It symbolises the precision, discretion, and unwavering regulatory discipline associated with the Swiss financial tradition. In an increasingly volatile global landscape, “Alpina” represents the stability and rigour that the firm’s institutional partners and clients rely upon.
• Legacy: Defines the firm’s ultimate purpose. It underscores a commitment to helping internationally mobile families, entrepreneurs, and investors protect and transmit their wealth across jurisdictions and generations through compliant, sophisticated insurance solutions.

Strengthening Partnerships and Roots

The transition to Alpina Legacy also reinforces the firm’s commitment to its global network of private banks, asset managers, and institutional partners.

“Our business partners are the lifeblood of our operation. By rebranding to Alpina Legacy, we are signalling our long-term commitment to the standards they expect from a Swiss-rooted firm,” added Samy Reeb. “As we look back on our years in operation, we recognise that our growth was only possible because we remained close to our roots while remaining agile in the face of complex regulatory environments.”

A New Chapter in Wealth Structuring

While the name and visual identity have changed, Alpina Legacy’s dedication to excellence remains constant. The firm will continue to provide bespoke cross-border planning and international insurance solutions, ensuring that the wealth created today becomes the enduring legacy of tomorrow.
Hashtag: #AlpinaLegacy

The issuer is solely responsible for the content of this announcement.

About Alpina Legacy

Alpina Legacy (formerly PFIS Group) is a leading international insurance and wealth structuring firm. With a global reach spanning 8 offices and licenses in 34 countries, Alpina Legacy specialises in providing compliant, cross-border life insurance and wealth planning solutions for high-net-worth individuals and international families.

For more information, please visit the newly launched website at:
https://www.alpinalegacy.com/ (formerly https://www.pfisgroup.com/).

HONG KONG SAR – Media OutReach Newswire – 19 March 2026 – Li Ning Company Limited (the “Company” or “Li Ning Company”; together with the subsidiaries, the “Group”; stock codes: 2331 (HKD counter) and 82331 (RMB counter)) today announced its audited annual results for the year ended 31 December 2025 (the “Year”).

Financial Results

In 2025, the Group continued to enhance the technological features of its products, optimising channel efficiency, and strengthening the brand’s professional positioning, delivering stable operating performance. During the year, the Group’s revenue amounted to RMB29,598 million, representing an increase of 3.2% compared with 2024 (2024: RMB28,676 million). Gross profit amounted to RMB14,489 million, up 2.4% from 2024 (2024: RMB14,156 million). The overall gross profit margin decreased by 0.4 percentage points to 49.0% (2024: 49.4%).

During the year, the net profit attributable to equity holders was RMB2,936 million (2024: RMB3,013 million). The margin of net profit attributable to equity holders was 9.9% (2024: 10.5%). Return on equity attributable to equity holders was 10.9% (2024: 11.9%). Basic earnings per share was RMB113.91 cents (2024: RMB116.98 cents). The Board has recommended the payment of a final dividend of RMB23.36 cents per ordinary share for the year ended 31 December 2025. Together with the interim dividend of RMB33.59 cents per ordinary share paid in September 2025, the total dividend for the year ended 31 December 2025 will amount to RMB56.95 cents per ordinary share or a total dividend payout ratio of 50% (2024: 50%).

In cash flow management, the Group’s net cash generated from operating activities during the year amounted to RMB4,852 million (2024: RMB5,268 million). As at 31 December 2025, cash and cash equivalents (including cash at banks and on hand, and fixed-term deposits with an original maturity of no more than three months) amounted to RMB16,717 million, an increase of RMB9,218 million compared with 31 December 2024. Adding back the amount recorded as fixed-term deposits held at banks, cash balance at 31 December 2025 amounted to RMB19,973 million, representing a net increase of RMB1,833 million compared with 31 December 2024. During the year, revenue increased year-on-year, while cash-based expenses including marketing costs and tax payments rose, coupled with the settlement time lag of e-commerce platforms, leading to a year-on-year decrease in net cash generated from operating activities. Meanwhile, the maturity and redemption of time deposits led to a significant increase in net cash generated from investing activities. The Group will continue to place extra emphasis on cash flow management to ensure the stable development of the Company in the long term.

Operational Summary

In 2025, the Group remained anchored in its “Single Brand, Multi-categories, Diversified Channels” strategy, advancing development through product upgrades, channel optimisation, and brand marketing.

The Group focused on six core categories—running, basketball, training, badminton, table tennis and sports casual—while actively pursuing opportunities in emerging fields and exploring new sports subcategories, such as outdoor, tennis and pickleball. During the year, the Group continued to upgrade its products through technological innovation and enhance the deployment of professional sports resources, guided by three key pillars: reinforcing a professional sports mindset, showcasing sports-fashion aesthetics, and honouring Chinese cultural heritage. In addition, it worked proactively to strengthen brand influence and increase brand recognition and visibility through diversified, and comprehensive marketing campaigns.

As the official partner of the Chinese Olympic Committee, the Group leveraged its deep expertise and strong professional sports credibility to blend sportsmanship with cutting-edge technology and Eastern aesthetics—all under the narrative theme “China’s Glory, Together with LI-NING.” During the year, it opened the world’s first LI-NING “Loong Store” and launched the “Glory Gold Label” product series, transforming exclusive, top-tier scarce sports resources into a driving force for brand reputation and market recognition, continuously strengthening consumers’ perception of LI-NING’s professional capabilities and product reliability.

In terms of channel development, the Group continued to advance a multi-dimensional channel network layout to expand market coverage while enhancing operational efficiency. In high-end markets, the Group deepened synergistic collaborations with top-tier commercial complexes and leading outlet malls, jointly promoting the planning and implementation of innovative stores. During the year, the Group successfully launched an independent outdoor store “COUNTERFLOW”, marking an important milestone for the brand’s official entry into the outdoor segment. The Group actively carried out cross-industry collaborations, partnering with top IPs embodying Chinese cultural heritage such as the Palace Museum, and launched marketing campaigns by collaborating with channel partners through diverse initiatives, effectively improving brand reach and conversion. In terms of efficiency enhancement, the Group continued to optimize the channel structure and improved rental structures and cooperation models, enhancing overall channel health and operational sustainability through a series of strategic optimization measures. As of 31 December 2025, the LI-NING brand (including LI-NING Core Brand and LI-NING YOUNG) operated a total of 7,609 conventional stores, flagship stores, China LI-NING stores, factory outlets, and multi-brand stores, representing a net increase of 24 POS compared with 31 December 2024.

In terms of retail operations, the Group built a highly profitable, efficient, and replicable single-store operating model. In high-level markets, targeted brand strategies were implemented across key regions, strengthening brand image and improving product operation efficiency through optimised channel structure, store product mix, and shopping experience. The Group established a distribution management model to improve operational efficiency and sustainable development capabilities of the distribution system. In addition, the Group strengthened the efficient coordination between retail outlets and the logistics system. Through refined planning systems, flexible supply chain construction and digital support, channel inventory turnover and full lifecycle product management were realised, thereby comprehensively improving operational quality and efficiency.

In terms of e-commerce operations, the Group made precise deployments that effectively enhanced consumer awareness and market share during major e-commerce campaigns such as Tmall Celebration Day and Tmall Super Product Day. During the year, core IP products such as “Zhui Feng”, “DLO”, “ULTRALIGHT” and “LI REN” delivered outstanding performance, successfully penetrating multiple consumer segments including Gen Z, professional sports and trendy fashion, ranking highly in both sales and reputation across segmented markets. By leveraging top athletes, celebrities, trending events and channel resources, the Group not only enhanced product exposure and achieved traffic acquisition and promotional sales conversion, helping inventory optimisation, but also supported offline business and drove overall revenue growth.

In terms of supply chain, the Group continuously optimised the supplier matrix, aligning high-quality supplier resources for high-end sports, outdoor, premium and sponsored product lines. Meanwhile, the Group aligned with its major product plan by adopting segmented production planning and data-driven management to achieve high-level coordination among product planning, supply chain, logistics, and retail outlets. To improve operational efficiency, the Group adopted multiple measures such as integration of fabric resources, optimization of process structures, large-scale procurement of materials and staggered production scheduling, further improving the cost structure, while enhancing production efficiency. In addition, the Group continued to integrate sustainable development into supply chain management and promoted green products, with the proportion of eco-friendly products exceeding annual targets during the year.

In terms of logistics, the Group launched a channel logistics project to connect the order system with logistics operations, improving product circulation efficiency and fulfilment timeliness. On the digital front, the Group introduced a warehouse coordination system and adopted SKU-level refined management. In terms of automation, automated equipment was introduced into various warehouses, enabling multi-scenario coverage and data visualization management. In December 2025, the East China and North China warehouses took the lead in adopting RFID full-process warehouse management, achieving full-process traceability of logistics data, greatly strengthening inventory management precision, and deployment across all warehouses is expected to be completed in the first quarter of 2026 to continuously drive cost reduction and efficiency improvement.

In terms of its kidswear business, LI-NING YOUNG continued to focus on professional sports and children’s developmental needs, advancing product optimization and exclusive IP creation. In terms of channel strategy, the Group continued to strengthen outlet channel development, improve single-store efficiency and optimize overall channel structure while accelerating its e-commerce deployment. LI-NING YOUNG maintained a coordinated development of wholesale and direct retail. Through refined management and strategic layout, both scale and quality were improved. In terms of marketing, LI-NING YOUNG centred its efforts around three core pillars “Event Cooperation + User Stories + IP Collaboration” to build professional recognition and accumulate its user foundation, successfully expanding its influence among youth and family demographics. As at 31 December 2025, the total number of LI-NING YOUNG POS was 1,518, representing a net increase of 50 POS since 31 December 2024.

Outlook

Entering 2026, the Group will seize the development opportunities arising from the continuous release of domestic demand potential. The Group will remain committed to its core value of “serving the public with sportsmanship,” meticulously refine its “LI-NING’s experience value,” and strive to become the preferred professional sports brand.

1. Technology-driven product upgrades: The Group will firmly implement the development strategy of “Single Brand, Multi-categories, Diversified Channels”, empowering product iterative upgrades with technology to build core competitiveness and market differentiation barriers. Relying on the technical accumulation and R&D of the LI-NING technology innovation platform, the Group will focus on deep cultivation of core categories and actively expand into emerging segments such as outdoor sports. The Group aims to respond to increasingly diversified and personalised consumer demands, achieving full-scenario coverage from professional competitive sports to daily wear. By promoting the ingenious integration of cutting-edge technology and fashion design, the Group will create a product system that combines excellent functionality, technological texture, and aesthetic value. Furthermore, the Group will continuously strengthen the efficiency of transforming scientific and technological achievements, promoting the rapid realization of frontier technologies into product competitiveness.

2. Olympic marketing empowering the brand: The Group will drive value creation through sports marketing, establish emotional connections with consumers, and facilitate the steady enhancement of brand value. By continuously deepening the cooperation with the Chinese Olympic Committee, the Group will seize the development window of the Olympic cycle and promote the brand to achieve a leap from resource cooperation to value co-creation. LI-NING will fully explore the diversified value of the cooperation with the Chinese Olympic Committee. Through systematic marketing layout and technological equipment support, it will convey the story of the mutual growth of LI-NING and Chinese sports, highlighting the technological strength and cultural confidence of the national brand.

3. Dual improvement in quality and efficiency of business operations: The Group will continue to focus on improving quality and efficiency across all aspects of its business. By deepening channel layout, strengthening product operations, and optimising supply chain management, the Group aims to build an efficient operational system, achieve simultaneous improvements in operational quality and efficiency, and lay a solid foundation for the high-quality growth of the enterprise. Offline channels will focus on improving efficiency in high-tier markets and penetrating emerging markets, while exploring new business models. Online channels will strengthen domain synergy and resource integration, promoting complementarity between online and offline channels. In terms of product operations, the Group will optimize the precision of full-chain planning and flexible supply capabilities, and accelerate inventory turnover. The supply chain will achieve coordinated optimization of cost, quality, and delivery time across the entire chain, thereby enhancing overall operational efficiency.

4. Consolidating the foundation to safeguard development: The Group will continuously strengthen three core support capabilities: talent, finance, and digital intelligence, to lay a solid bedrock for high-quality development. In terms of talent strategy, talent development will focus on selection, incentives, and efficiency. In terms of financial management, emphasis will be placed on precise resource allocation and risk control. In terms of digitalization, the Group will promote the deep integration of AI and big data with business operations, enhance operational efficiency and the scientific nature of decision-making, and provide systematic safeguards for the long-term development of the Group.

Mr. Li Ning, Executive Chairman and Joint CEO of the Group, concluded: “2026 marks the first year of the 15^th Five-Year Plan. With the strategic goal of accelerating the development of a sports powerhouse, the nation will further unlock sports consumption potential while driving the transformation and upgrading of the sporting goods manufacturing industry. We expect this to release domestic demand potential and create both strong support and a vast stage for the sports industry to thrive.”

“We will remain rooted in the local market while looking ahead, seizing opportunities of the era with greater foresight and more efficient execution. We will continue to deepen the Group’s ‘Single Brand, Multi-categories, Diversified Channels’ strategy, optimising and upgrading our core category matrix while exploring emerging segments. Most importantly, we will keep strengthening the core advantages of our products—professional performance, technological capability, and sports experience—by empowering them with innovative technology and design aesthetics to reward consumer trust.”

Hashtag: #LiNing

The issuer is solely responsible for the content of this announcement.

About Li Ning Company Limited

Li Ning Company Limited is one of the leading sports brand companies in China, mainly operating professional and leisure footwear, apparel, equipment and accessories under the LI-NING brand. The Group has comprehensive research and development, design, manufacturing, marketing, distribution and retail management capabilities. It has established an extensive retail distribution network and supply chain management system in China. We are committed to be the most prominent, stylish, world-leading sports brand from China.

In addition to its core LI-NING brand, the Group also manufactures, develops, markets, distributes, sells various sports products which are self-owned by or licensed to the Group, including Double Happiness (table tennis), AIGLE (outdoor sports) and Kason (badminton), which are operated through joint venture/associate with third parties of the Group.

In 2025, Ho Chi Minh City recorded the highest visitor volume nationwide, welcoming over 53.5 million arrivals, including approximately 8.5 million international tourists. Yet, a persistent paradox remains. Despite its status as the country’s primary entry point, the city largely functions as a transit node rather than a destination where visitors choose to linger. Many travelers stay only briefly before continuing to established coastal destinations such as Vung Tau, Phu Quoc, or Phan Thiet.

Ho Chi Minh City has yet to fully evolve into a tourism ecosystem capable of sustaining extended stays. The limitation is not solely due to the absence of large-scale, destination-defining developments, but also stems from a more fundamental constraint, connectivity infrastructure. For years, the southern region’s interprovincial transport network has developed unevenly, resulting in prolonged travel times and overreliance on a limited number of arterial routes.

That landscape, however, is entering a period of inflection.

A new wave of infrastructure investment – arguably the most extensive in the region’s history – is being deployed, with Can Gio at its epicenter. The convergence of strategic transport corridors is not only reducing travel friction between economic and tourism centers, but also unlocking the long-overlooked potential of Can Gio, gradually reshaping the broader economic and tourism geography of southern Vietnam.

The city’s long-term vision positions Can Gio as a new growth pole, with projected capacity to attract approximately 40 million visitors annually. This ambition contributes to Vietnam’s national target of welcoming 30-35 million international tourists and 160-180 million domestic travelers by 2030.

A 40-Million-Visitor Hub and the Transformation of Southern Tourism

Historically, Can Gio has been recognized as the “green lung” of Ho Chi Minh City, home to a vast mangrove ecosystem and a UNESCO-recognized biosphere reserve spanning approximately 75,000 hectares. Under a new development vision, the district is gradually repositioning itself as “Saigon’s seaside”, a large-scale coastal tourism center located just beyond a metropolitan population of over 10 million.

A series of major infrastructure projects is now converging to redefine Can Gio’s accessibility. For the first time, the area will benefit from a multi-layered transport network, effectively dismantling the geographic isolation that has persisted for decades.

On the aviation axis, Can Gio will connect directly to Long Thanh International Airport, designed to handle up to 100 million passengers annually, via Rung Sac Road and the Ben Luc – Long Thanh Expressway.

On the urban rail axis, the Ben Thanh – Can Gio metro line, expected to commence operations in Q3 2028, will reduce travel time from the city center to the coast to just 13 minutes, shorter than a typical coffee break, effectively integrating Can Gio into the daily living, working, and leisure radius of both residents and visitors.

On the road network, the Can Gio Bridge, scheduled for completion in 2029, will replace the existing Binh Khanh ferry and establish seamless connectivity with regional expressways, embedding Can Gio into both domestic and international logistics networks.

Meanwhile, the Can Gio – Vung Tau sea-crossing route, targeted for completion in early 2029, will open a new coastal tourism corridor, enabling Can Gio to capture a share of the more than 18 million annual visitors currently traveling to Vung Tau.

Complementing this infrastructure backbone, the emergence of Vinhomes Green Paradise is widely viewed as a catalytic force, one capable of activating a new “southern economic and tourism super-map.”

Conceived as an ESG mega-urban development, the project is designed not only to deliver integrated hospitality, entertainment, and lifestyle offerings, but also to function as a central gateway and distribution hub for regional tourist flows.

A True ‘Must-play’ Destination

Commenting on the Vinhomes Green Paradise project in Can Gio, Mike Gorman, Senior Project Architect at RTJ II Golf Course Architects, remarked: “This is going to be completely unique to Vietnam. It will become something people from around the world travel to experience, a true ‘must-play’ destination.”

Its large-scale, experience-driven ecosystem includes: VinWonders Can Gio, envisioned as one of the region’s leading entertainment complexes; two international-standard 18-hole golf courses; a network of 5–6 star hotels and boutique properties totaling nearly 7,000 rooms; the 7-hectare Song Xanh Theater; a five-star Vinmec hospital in collaboration with Cleveland Clinic (USA); and Vin New Horizon, a senior living urban model. This diversified offering enables year-round operations, catering to a wide spectrum of visitor demographics and preferences.

Vinhomes Green Paradise has been conceptualized to align with evolving tourism trends, urban utility integration, and experiential demand, while leveraging Can Gio’s ecological assets to create distinctive, place-based experiences for both visitors and residents. Among hundreds of global participant, Vinhomes Green Paradise has been selected as the first official participant in the “7 Wonders of Future Cities” campaign organized by New7Wonders. Jean-Paul de la Fuente, Director of New7Wonders and President of the campaign, described the project as a compelling model for the concept of a future city, where progress is measured by quality of living across generations.

From an investment perspective, the formation of this “southern economic and tourism super-map” signals not only expanded headroom for the tourism sector, but also the influx of capital and the prospect of sustained real estate value appreciation.

For context, Singapore welcomed approximately 16.5 million international visitors in 2025, generating around SGD 29 billion (equivalent to USD 22.6 billion) in tourism revenue. Against this benchmark, Can Gio’s target of 40 million annual visitors serves as a foundation for long-term asset value growth, as the area evolves into a leading coastal economic and tourism urban center in Vietnam and the wider region.

Hashtag: #Vinhomes

The issuer is solely responsible for the content of this announcement.

Trading across major Asian markets reflected a cautious tone, with benchmark indices in Tokyo, Hong Kong, Seoul and Shanghai posting losses amid persistent volatility in energy markets. Investors reacted to the sustained rise in crude prices, which has added to worries about input costs, supply disruptions and the potential for central banks to maintain tighter monetary policies for longer than anticipated.

Brent crude climbed above $111 a barrel, driven by a combination of constrained supply and geopolitical tensions affecting key energy-producing regions. Analysts noted that limited spare capacity among major producers and continued uncertainty around output from certain exporting nations have kept oil markets tight. West Texas Intermediate also traded at elevated levels, reinforcing concerns that energy inflation could remain entrenched.

The sharp move in oil has had a ripple effect across equities, particularly in Asia where many economies are heavily dependent on imported energy. Airlines, manufacturing firms and transport companies bore the brunt of selling pressure as investors reassessed earnings prospects under a higher-cost environment. Export-oriented sectors, which typically benefit from stable input prices, faced additional headwinds.

Market sentiment was further dampened by declines on Wall Street, where major indices closed lower amid renewed concerns about inflation and interest rates. Technology stocks, which are sensitive to borrowing costs, continued to underperform, dragging broader markets down. The negative momentum from the United States spilled over into Asian trading hours, reinforcing risk aversion among investors.

Currency markets reflected the shift towards caution, with the US dollar strengthening against several Asian currencies. A stronger dollar typically tightens financial conditions globally, particularly for emerging markets with significant dollar-denominated debt. Economists warned that sustained currency pressure could complicate policy decisions for central banks across the region, which are already balancing growth concerns against inflation risks.

Energy producers were among the few bright spots in Asian trading, with shares in oil and gas companies posting gains as higher crude prices improved revenue outlooks. However, the broader market impact remained negative, as rising energy costs tend to weigh on consumption and corporate margins.

Central banks are facing a complex policy environment shaped by persistent inflation and uneven economic recovery. While some policymakers have signalled a willingness to pause rate hikes if growth weakens, elevated oil prices could limit that flexibility. Higher fuel costs feed directly into headline inflation and indirectly affect food prices and transportation costs, raising the risk of prolonged price pressures.

Economic data from several Asian economies has shown mixed signals, with manufacturing activity slowing in some regions while services sectors demonstrate resilience. Analysts suggest that the trajectory of energy prices will play a crucial role in determining whether growth can stabilise or faces further downside risks.

Geopolitical factors continue to influence oil markets, with supply disruptions and production decisions by major exporters remaining key variables. Traders are also monitoring inventory levels and demand trends, particularly in large consuming nations, to gauge the sustainability of current price levels.

Investor positioning indicates a shift towards defensive assets, including commodities and safe-haven currencies, as uncertainty persists. Portfolio managers are increasingly cautious about exposure to sectors vulnerable to cost pressures, while seeking opportunities in areas that can benefit from elevated commodity prices.

Under this agreement, SinoUnited Health will serve as HMG’s anchor hospital and primary healthcare hub in Shanghai. The partnership establishes a standardized framework for cross-border care, focusing on clinical excellence and financial predictability. HMG members will gain access to SinoUnited Health’s elite specialist network across Shanghai, Hangzhou, and Suzhou, supported by fully transparent fee structures.

The collaboration is backed by HMG’s significant operational scale. Currently ranking within the top three in the industry for total new business premium, HMG supports its insurance partners in serving over 700,000 clients. With HK$150 million in medical expenses processed to date, HMG’s network connects 700 specialists and 13 private hospitals in Hong Kong with over 2,000 hospitals across Mainland China.

“The demand for cross-border medical services is increasing rapidly,” said Mr. KC Chan, Founder of HealthMutual Group. “Partnering with SinoUnited Health is a natural expansion of our robust GBA network. SUH’s reputation for excellence ensures that our vision—maintaining medical insurance as a sustainable funding source for quality care—now extends firmly into the Shanghai region.”

Sharon Cheng, Vice President of Business Development, SinoUnited Health added: “This collaboration aligns perfectly with our ‘patient-first’ philosophy. By combining HMG’s massive regional reach with our world-class medical care, we are creating a seamless ‘home-away-from-home’ experience for patients. We are proud to serve as the Shanghai gateway for HMG’s 700,000+ policyholders, offering them professional integrity and access to the latest medical technologies.”

To ensure long-term service quality, the two groups will conduct quarterly professional exchanges and site inspections, allowing Hong Kong insurance partners to directly interface with SUH’s international medical teams and advanced clinical facilities.

Hashtag: #HealthMutualGroup #HMG #SinoUnitedHealth #互康

The issuer is solely responsible for the content of this announcement.

About HealthMutual Group

Established in 2014, HealthMutual Group has emerged as a premier leader in healthcare management across Hong Kong and the Greater China Region. We are committed to leveraging healthcare management to position insurance as a sustainable funding source for healthcare through our Medical Concierge and other essential value-added services. Our knowledge-based, transparent and innovative approach benefits all stakeholders: the insured, insurers and the medical sector, fostering sustainable growth and development. Headquartered in Hong Kong, HMG also operates branch offices in Qianhai and Hainan.

About SinoUnited Health

SinoUnited Health, founded in 2016 and headquartered in Shanghai, ranks among the largest premium private healthcare providers in the Eastern China. As a “physician-driven” medical institution, our “General practitioner + Specialist” model provides patients with holistic, professional, and customized solutions, making high-quality private healthcare truly accessible for every family.

Distinguished guests attended the conference, including Cloud Zhang, Head of ByteDance’s Game Business and CEO of MOONTON Games; Yaguang Ma, also known as Link Ma, Head of MOONTON Games’ Lighthouse Studio; renowned screenwriter Ran Ping; celebrated author Jiang Nan; acclaimed animation director Shen Youbafang; Wang Shanshan (Film and Television Director of Science Fiction World); as well as leaders from the National Radio and Television Administration; the Hong Kong Trade Development Council; numerous media representatives; and industry peers.

Founded in 2014, MOONTON Games has crafted a portfolio of classic game IPs loved by gamers worldwide. Its debut at Hong Kong FILMART marks the launch of MOONTON Games’ global incubation journey for premium IPs with a brand-new vision, completing a cross-dimensional creative leap from a digital game kingdom to a cinematic light and shadow realm, and empowering Chinese culture-rooted original content to shine on the international stage. MOONTON Games’ Lighthouse Studio, the core vehicle for its film-game IP development, made its official debut at the conference, and its unwavering commitment to long-termist creative philosophy has become the cornerstone of Moonton’s film-game integration layout. The three distinctive original IPs form MOONTON Games’ first film-game IP matrix; all anchored in high-quality content, they pose profound emotional inquiries around What it means to be human, what it means to live, with unique themes and expressive formats.

You Ming Zhi: Rooted in Chinese Folk Customs, Forging a Benchmark for Eastern Fantasy Theatrical Animated Films

As MOONTON Games’ maiden cross-border film and television project, the Eastern fantasy IP You Ming Zhi—deeply rooted in Chinese folk culture—officially kicked off at the conference. The IP builds a distinctive worldview where the world is governed by animal Spirits of Light, and humans embark on a quest to uncover their own history and the meaning of survival. Breaking free from the clichés of traditional immortal and chivalric fantasy, it returns to a narrative core rooted in mortal life and journey experiences. The growth story of protagonist Zhou Chu mirrors the self-discovery and identity exploration of contemporary young people, embodying both profound Chinese cultural heritage and universal emotional resonance.

The IP’s first concept short film made a stunning debut at the conference. Wanzhou Yu, the IP producer, shared that creative inspiration stemmed from personal emotional resonance, aiming to create a humanistic Eastern fantasy work where the protagonist achieves inner growth through witnessing rather than conquering. Cloud stated that this IP was chosen as the starting point of MOONTON Games’ cross-border endeavor for its compelling narrative rooted in Chinese folk customs that transcends media boundaries; it reflectsand MOONTON Games’ aspirations to set an aesthetic and narrative benchmark for it with the ceremonial essence of film. Yaguang Ma highlighted the IP’s pure creative team, original worldview and systematic aesthetic system, believing it to be an IP seed with sustainable growth potential for a decade. A landmark announcement was made: national first-class screenwriter Ran Ping officially joined the project as the animated film’s screenwriter. Ran Ping noted that the IP’s allure lies in exploring profound propositions of civilization, loneliness and coexistence through a fantasy lens, integrating the traditional heritage of ancient supernatural tales with modern narrative consciousness, and a great fantasy work ultimately reflects reality. The MOONTON Games team presented Ran Ping with a framed original art poster of the IP, marking his official joining in a highly ceremonial way.

Cetus: Debut of a Dieselpunk Sci-Fi IP, Launching a Global Co-creation Plan

Following You Ming Zhi, MOONTON Games released the high-concept sci-fi IP Cetus, with the first concept short film of its dieselpunk post-apocalyptic adventure animated series also unveiled at the event. The IP constructs a post-apocalyptic world shrouded in a sea of clouds, where humans have built a unique civilization based on whaling in an isolated island setting, and cling to hope and resolve amid ruins and steel.

Cetus boasts celebrated author, Jiang Nan, as co-creator and acclaimed sci-fi animation director, Shen Youbafang, as director—two core creative forces with profound expertise in building grand worldviews and crafting sci-fi animations. Yaguang Ma commented that Jiang Nan has endowed Cetus with a profound textual foundation and epic grandeur, while Shen Youbafang masterfully captures and presents the distinctive texture of this sea of clouds world to audiences. Jiang Nan explained that the core of Cetus is to depict the essence of humanity in desperate situations: even if only one tower remains in the world, there will still be stories, warmth, and dignity. Shen Youbafang frankly shared that the challenge and joy of creation both lie in building a dieselpunk visual system that blends industrial ruggedness with the warmth of life, making every gear and rust mark an integral part of the narrative. Moonton also announced the official launch of the Cetus Global Co-creation Plan at the conference, opening up the IP’s worldview setting to global sci-fi writers, illustrators, animators and game designers, and inviting creators worldwide to jointly build this magnificent sea of clouds universe. The plan is jointly promoted by MOONTON Games and Science Fiction World, the benchmark platform for Chinese sci-fi literature. Cloud, Wang Shanshan and three other distinguished guests launched the plan with a jigsaw puzzle ceremony, marking Cetus as the first Chinese dieselpunk sci-fi IP nurtured by global creators.

Project: Lovania: A Cozy Game Surprise Debuts, Creating a Spiritual Haven

As a delightful surprise at the conference, MOONTON Games launched the original cozy game, Project: Lovania, whose promotional short film brought a warm and heartfelt experience to the audience. The game builds a fairy-tale wonderland named the Hometown Never Forgotten, where players take on the role of a little puppet and embark on a magical adventure following a long-eared star. In the game, players can build exclusive homes, customize their avatars, and pursue the starlight and the moon hidden in fascinating stories. In an era driven by efficiency, Project: Lovaniacenters on the core of healing, serving as a warm emotional complement to MOONTON Games’ IP matrix and adding greater diversity to the company’s film-game IP layout.

For The Future: MOONTON Games Releases the Core Strategy for Film-Game Integration

At the conference, MOONTON Games showcased the creative aspirations and team spirit of Lighthouse Studio through a corporate short film, with original aspiration and unwavering faith as the studio’s core tenets. On behalf of the studio, Yaguang Ma released MOONTON Games’ core strategy for film-game integration, stating that the establishment of Lighthouse Studio stems from MOONTON Games’s persistent commitment to long-termist content creation. The studio rejects rushed content production, focuses on returning to the essence of creation itself, and builds a tailored creative ecosystem for the sustainable growth of premium IPs.

MOONTON Games’ film-game integration layout is not a simple cross-media expansion, but is centered on building a living, evolving world. Each IP is enabled to naturally evolve into diverse formats including games, films and animations, based on a complete worldview and a profound emotional core. Cloud emphasized that MOONTON Games has always believed that a good story transcends media and time, and the core of film-game integration is to take high-quality original content as the foundation, allowing IPs to realize value amplification and enduring vitality across different media. The three IPs released at the event represent the first implementation of this core strategy, and Moonton will continue to deepen its focus on original content creation, fueling the incubation and growth of more film-game IPs in the future.

Industry Elites Gather at the Forum to Explore the Key to Success for the Future of Film-Game Integration

After the IP release session, MOONTON Games hosted an industry forum themed What is the Decisive Factor for the Future of IP-Based Film-Game Integration, moderated by Li Xingwen, a famous cultural critic and Chief Editor of Film and Television Critic. Cloud, Ran Ping, Jiang Nan, and Huang Haibo, Director of Phoenix TV Movie Channel, engaged in an in-depth discussion from diverse professional perspectives.

The forum delved into core topics including the key factors for translating film-game integration concepts into practical execution, the essential traits of IPs with sustainable cross-media vitality, the creative differences between animation and traditional film and television production, the creative adaptation of literary IPs for film and game cross-border development, the new forces urgently needed in the film and television industry, as well as the opportunities and challenges for game enterprises venturing into the film and television sector. Combining their rich practical experience and insightful industry observations, the guests offered multi-dimensional insights and ideas for the industrial development of film-game integration, helping the on-site audience gain a clearer and more in-depth understanding of its future development trends.

MOONTON Games’ film-game IP launch conference at Hong Kong FILMART marks the official launch of the company’s global film-game IP layout, emerging as a pivotal practice for game enterprises in cross-border film-game integration. From deepening its roots in the game industry to incubating film-game IPs, MOONTON Games takes these three original IPs as its starting point, integrating the essence of Chinese culture with modern creative expression. With its long-termist creative philosophy and open co-creation operation model, Moonton sets a new paradigm for the development of the global film-game integration industry. As the conference theme From Spark to Spotlight implies, this launch is not the end of MOONTON Games’ cross-border film and game journey, but the beginning of a new chapter. In the future, Moonton’s Lighthouse Studio will continue to polish high-quality original content, drive the in-depth integration and global development of film-game IPs, and let Chinese original film-game IPs shine brightly on the world stage.

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About MOONTON Games

Established in 2014, MOONTON Games is a global video game company dedicated to gaming development, publication, and esports. With more than 2,000 employees worldwide, the company operates offices in Indonesia, Malaysia, Singapore, the Philippines, Latin America, and China. It has successfully launched several high-profile mobile games globally and has built long-term relationships with governments and esports organizations in more than 30 countries around the world. Mobile Legends: Bang Bang is its current star game and the leading mobile multiplayer online battle arena (MOBA) game worldwide. For more information, visit https://en.moonton.com.

About Lighthouse Studio

Lighthouse Studio is a studio under MOONTON Games that creates original content. It currently owns 3 IPs: You Ming Zhi, Cetus, and Project: Lovania. The studio adheres to the principle of “Innovation as the Core, Content Is King”, deeply exploring the integration of storytelling and artistic expression in its commitment to building an immersive art world that combines emotional resonance and visual tension.

With its relentless pursuit of quality, Lighthouse Studio leverages its cutting-edge aesthetic vision and technical capabilities to continuously push the boundaries of creativity, establish a complete chain from the core settings of IP, aesthetic innovation to multi-form content development, and create benchmark IPs with global recognition and cultural influence—whether it’s games, film and television, or animation.

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Energy consultancy FGE NexantECA indicates that Beijing is nearing a decision to utilise privately held and state-influenced reserves to cushion domestic markets against potential disruptions from escalating conflict in the Middle East. The move reflects growing concern that sustained tensions involving Iran could constrain exports through critical shipping routes, including the Strait of Hormuz, a chokepoint for a significant share of global oil flows.

China has accumulated vast inventories over the past decade, combining strategic petroleum reserves with commercial storage held by state-owned refiners and independent operators. Analysts estimate that total holdings run into hundreds of millions of barrels, giving authorities a substantial buffer to stabilise supply without immediately increasing imports at elevated prices.

The prospect of tapping these reserves comes as benchmark crude prices show heightened volatility, driven by fears of supply interruptions and insurance risks for tankers navigating Gulf waters. Traders have been pricing in the possibility of reduced Iranian exports, either through direct disruption or tighter enforcement of sanctions amid shifting geopolitical alignments.

Officials in Beijing have not publicly confirmed any imminent release, but market signals suggest preparatory steps are under way. Refining margins in Asia have narrowed, while import patterns indicate a degree of caution, with some buyers delaying cargoes or seeking alternative suppliers outside the Middle East. The strategic calculus appears focused on avoiding panic buying that could exacerbate price spikes.

China’s approach differs from coordinated releases led by the International Energy Agency, which typically involve government-controlled reserves. Instead, the country has increasingly relied on a hybrid system where commercial inventories can be mobilised through administrative guidance. This model allows for flexibility while maintaining a degree of opacity, limiting the market impact of official announcements.

Industry experts note that the scale of China’s stockpiles gives it a unique capacity to influence regional demand dynamics. A measured release could dampen immediate import requirements, easing pressure on global benchmarks. At the same time, sustained withdrawals would need to be balanced against the need to rebuild inventories, particularly if geopolitical risks persist.

The Iran factor remains central to the outlook. Despite sanctions, China has continued to import significant volumes of Iranian crude, often through indirect channels. Any escalation that disrupts these flows would force refiners to seek replacements from other producers, including Russia, Saudi Arabia and Iraq, potentially reshaping trade patterns across Asia.

Shipping constraints add another layer of complexity. Insurers have raised premiums for vessels operating in high-risk zones, while some operators are reconsidering routes to minimise exposure. These developments could tighten effective supply even if production levels remain unchanged, reinforcing the rationale for drawing on stored barrels.

Domestic considerations also play a role. China’s economic recovery has been uneven, with industrial activity and transport demand fluctuating. Authorities are keen to prevent energy costs from becoming a drag on growth, particularly as policymakers navigate broader challenges in the property sector and export markets. Using reserves offers a tool to smooth price shocks without resorting to aggressive monetary or fiscal measures.

The move aligns with a broader trend among major economies to reassess energy security strategies in an era of heightened geopolitical risk. Strategic stockpiles, once seen primarily as emergency buffers, are increasingly being deployed as active instruments of market management. China’s large-scale storage capacity positions it at the forefront of this shift.

Market participants are closely watching for signs of implementation. A sustained drawdown could influence price expectations, especially if combined with policy signals discouraging speculative buying. Conversely, a limited or symbolic release may have only a modest effect, serving more as a reassurance to domestic consumers than a decisive intervention.

Producers in the Middle East are also monitoring developments. Any reduction in Chinese import demand could affect export volumes and pricing strategies, particularly for grades competing directly with Iranian crude. At the same time, alternative suppliers may see opportunities to capture market share if disruptions intensify.

Deepens “One Core and Two Wings” Strategy Continues to Strengthen Core Competitiveness to Enhance Shareholder Returns

HONG KONG SAR – Media OutReach Newswire – 18 March 2026 – The world’s largest telecommunications infrastructure service provider China Tower Corporation Limited (“China Tower”, or the “Company”) (Stock Code: 0788.HK) is pleased to announce its annual results for the year ended 31 December 2025.

Performance Highlights

In 2025, the Company’s operating revenue maintained stable growth and profitability remained strong. Operating revenue for the year reached RMB100,411 million, an increase of 2.7% year-on-year. EBITDA reached RMB65,814 million, a decrease of 1.1% year-on-year, with an EBITDA margin^[2] of 65.5%. Profit attributable to the owners of the Company reached RMB11,630 million, an increase of 8.4% year-on-year, with a net profit margin of 11.6%.

Hashtag: #ChinaTower

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About China Tower (Stock Code: 0788.HK)

China Tower is the world’s largest telecommunications tower infrastructure service provider, and the Company always adheres to the philosophy of shared development and implements the “One Core and Two Wings” strategy. The Company is principally engaged in the construction, maintenance and operation of base station ancillary facilities such as telecommunications towers, public network coverage in railway tunnels and subways, and large-scale indoor Distributed Antenna Systems (DAS). Meanwhile, relying on unique resources to provide energy application services such as information application and intelligent battery exchange and power backup to the society, the Company strives to build itself into a world-class integrated digital infrastructure service provider, and a highly competitive information and new energy applications provider. As of the end of 2025, the Company’s total assets amounted to RMB336,579 million. China Tower operated and managed 2.119 million tower sites across 31 provinces, municipalities and autonomous regions in the PRC, and served over 3.856 million tenants with the tenancy ratio of 1.79.

The campaign is anchored on the principle that good intentions (niat yang baik), when demonstrated through kind and thoughtful actions (amal budi yang indah) will lead to meaningful outcomes. This theme is brought to life through a self-produced Ramadan Aidilfitri 2026 brand video, available on the Bank’s official YouTube channel.

NIAT TO EMPOWER THE COMMUNITY : SALAM PRIHATIN 4.0

Hashtag: #AEONBank

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