STRAWBEAR ENT (02125) announced its annual results for the period ended December 31, 2025. The group reported revenue of RMB1.029 billion. The loss attributable to the company's owners was RMB1.989 million, narrowing compared to the previous year, with a basic loss per share of RMB0.003. During the reporting period, leveraging its accumulated industry resources, mature platform-based operational model, and efficient "big middle-office" service support, the group accurately grasped industry trends and continuously refined its content production and supply system. It launched several high-quality productions throughout the year, demonstrating a clear operational rhythm.
In the long-form series segment, "Trident 2" was simultaneously broadcast on multiple platforms in the first half of the year. Praised for its solid narrative structure, realistic case design, and high production quality, the series was recognized as a benchmark police-themed work of the year, achieving both high viewership and critical acclaim during its broadcast. In the second half of the year, "Journey to the Mountains and Seas" and "Dual Tracks" were released successively. The former achieved success in both popularity and acclaim, while the latter delivered impressive performance domestically and internationally.
In the short-form series segment, the group precisely captured industry trends. Short-form series broadcast during the year performed strongly. "Bleach" became the first series in iQiyi's "Light On" theater to exceed 10,000 in heat index, ranking high on several annual charts. "Above the Clouds" topped the ratings charts on two provincial satellite TV stations during its premiere. "In the World" became the first Chinese-language series to be officially selected for screening at the Tribeca Festival in the United States.
In the micro-drama segment, multiple works covering diverse themes were released, including "Pray for Peace", "Song of the Boatman", "I Armor the General", "Cashing Out Life", "Don't Say You Love Me After Amnesia", and "A Million Miles of Red Makeup". Among them, "Pray for Peace" and "Song of the Boatman" were nominated for related awards at the Busan International Film Festival in South Korea, garnering social benefits and industry recognition.
Throughout the year, while consolidating its core content advantages, the group accelerated its strategy for full lifecycle IP development, building an integrated development framework that connects online and offline activities and synergizes domestic and international markets. In 2025, the group focused on optimizing its IP portfolio structure, concentrating on high-quality resources with potential for cross-format development and high derivative value. It prioritized IPs suitable for a combined long and short-form development model with high spin-off potential, while also advancing serialized IP development to build core momentum for future performance.
Simultaneously, the group actively expanded its overseas market presence, broadening revenue channels through international licensing and facilitating content distribution abroad. Furthermore, the group continued to deepen its integrated culture-sports-tourism layout, exploring paths for physical IP activation and derivative development. It created diverse derivative product lines around popular IPs, forming a synergy of "online content driving traffic, offline scene consumption," thereby further releasing IP value in physical settings and seeking to open up broader profit opportunities.
In 2025, the group achieved phased results in the systematic improvement of its core areas, including content creation, IP development, and team governance. Moving forward, the group will remain committed to its creative初心, proactively adapt to industry transformation trends, continuously strengthen its core competitiveness through higher-quality content supply and a more robust business layout, and steadily advance towards its strategic goal of becoming a diversified entertainment group, achieving long-term healthy and sustainable development.