IGG FY2025 Earnings Release

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accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or\
in reliance upon the whole or any part of the contents of this announcement.
IGG INC
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 799)
ANNUAL RESULTS ANNOUNCEMENT FOR
THE YEAR ENDED 31 DECEMBER 2025
The board of directors (the “
Board ”
) of IGG Inc (the “
Company ”
, together with its subsidiaries,
the “
Group ”
) hereby announces the audited results of the Company and its subsidiar\
ies for the
year ended 31 December 2025. This announcement, containing the full text of the 2025 annual
report of the Company, complies with the relevant requirements of the Ru\
les Governing the Listing
of Securities on The Stock Exchange of Hong Kong Limited (the “
Stock Exchange ”
) in relation to
information to accompany preliminary announcements of annual results.
Both the English and Chinese versions of this results announcement are a\
vailable on the websites
of the Company (www.igg.com) and the Stock Exchange (www.hkex.com.hk)\
.
The 2025 annual report of the Company will be published on the websites of the Company
(www.igg.com) and the Stock Exchange (www.hkex.com.hk) and will be despatched to the
shareholders of the Company in due course.
By order of the BoardIGG INC
Zongjian Cai
Chairman
Hong Kong, 25 March 2026
As at the date of this announcement, the Board comprises five executive Directors, namely, Mr. Zongjian Cai, Mr. Yuan Xu, Mr. Hong Zhang, Ms. Jessie Shen and Mr. F\
eng Chen; one non-executive Director, namely, Mr. Yuan Chi; and three independent non-\
executive Directors, namely, Mr. Kam Wai Man, Ms. Feng Li and Mr. Tan Hup Foi.

CONTENTS
Corporate Information2
Chairman ’
s Statement 4
Management Discussion and Analysis 6
Biographical Details of Directors and Senior Management 19
Corporate Governance Report 24
Corporate Social Responsibility Report 39
Directors ’
Report 87
Independent Auditor ’
s Report 134
Consolidated Statement of Proﬁt or Loss 140
Consolidated Statement of Comprehensive Income 141
Consolidated Statement of Financial Position 142
Consolidated Statement of Changes in Equity 144
Consolidated Cash Flow Statement 146
Notes to the Financial Statements 148
Financial Summary 230
Deﬁnition 231

2
BOARD OF DIRECTORS
Executive Directors
Mr. Zongjian Cai (Chairman and chief executive officer)
Mr. Yuan Xu
Mr. Hong Zhang
Ms. Jessie Shen
Mr. Feng Chen
Non-executive Director
Mr. Yuan Chi
Independent Non-executive Directors
Mr. Kam Wai Man
Ms. Feng Li
Mr. Tan Hup Foi (appointed on 28 May 2025)
Dr. Horn Kee Leong (resigned on 28 May 2025)
BOARD COMMITTEES
Audit Committee
Mr. Kam Wai Man (Chairman)
Ms. Feng Li
Mr. Tan Hup Foi (appointed on 28 May 2025)
Dr. Horn Kee Leong (resigned on 28 May 2025)
Nomination Committee
Mr. Tan Hup Foi (Chairman)
(appointed on 28 May 2025)
Mr. Zongjian Cai
Mr. Kam Wai Man
Ms. Feng Li
Dr. Horn Kee Leong (resigned on 28 May 2025)
Remuneration Committee
Ms. Feng Li (Chairman)
Mr. Zongjian Cai
Mr. Kam Wai Man
JOINT COMPANY SECRETARIES
Ms. Jessie Shen
Ms. Yin Ping Yvonne Kwong
(FCG, HKFCG)
AUTHORISED REPRESENTATIVES
Mr. Zongjian Cai
Ms. Jessie Shen
Ms. Yin Ping Yvonne Kwong
REGISTERED OFFICE
P.O. Box 31119, Grand Pavilion, Hibiscus Way
802 West Bay Road, Grand Cayman
KY1-1205 Cayman Islands
HEADQUARTERS AND PRINCIPAL
PLACE OF BUSINESS IN SINGAPORE
20 Pasir Panjang Road
#11-28 Mapletree Business City
Singapore 117439
PRINCIPAL PLACE OF BUSINESS IN
HONG KONG
40th Floor, Dah Sing Financial Centre
No. 248 Queen ’
s Road East
Wanchai
Hong Kong
AUDITOR
KPMG
Certiﬁed Public Accountants (Public Interest Entity Auditor registered in accordance with the Accounting and Financial Reporting Council Ordinance)
CORPORATE INFORMATION

3
LEGAL ADVISER AS TO HONG KONG LAWS
Jingtian & Gongcheng LLP
LEGAL ADVISER AS TO PRC LAWS
Jingtian & Gongcheng
PRINCIPAL SHARE REGISTRAR AND
TRANSFER OFFICE
Suntera (Cayman) Limited
Suite 3204, Unit 2A, Block 3, Building D
P.O. Box 1586, Gardenia Court
Camana Bay, Grand Cayman, KY1-1100
Cayman Islands
HONG KONG SHARE REGISTRAR
Computershare Hong Kong Investor Services Limited
17M Floor, Hopewell Centre
183 Queen ’
s Road East
Wanchai
Hong Kong
COMPANY WEBSITE
www.igg.com
PRINCIPAL BANKS
Citibank N.A. Singapore Branch
Standard Chartered Bank (Singapore) Limited
The Hongkong and Shanghai Banking Corporation
Limited
INVESTOR RELATIONS CONSULTANTS
Strategic Financial Relations Limited
CORPORATE INFORMATION

4
In 2025, despite a challenging and unpredictable geopolitical and market environment, we delivered solid results.
The Group achieved annual revenue of HK$5.5 billion and net profit of ne\
arly HK$590 million in 2025, a stable
performance compared to 2024. The market has experienced intense competi\
tion and significant consolidation.
While many competitors have entered in the strategy game ( “
SLG ”
) sector over the years, our commitment to a
long-term strategy has allowed us to build an enduring, diversiﬁed pr\
oduct portfolio that delivers stable growth and
sustainability.
We now have a diversified portfolio of “
legacy, mid-generation, and new ”
game titles, and our APP Business.
Notably, our mid-generation title “
Doomsday: Last Survivors ”
has displayed accelerated growth after years of
development, consistently setting new monthly gross billing records and \
driving the Group ’
s growth in 2026.
AN ENDURING FOUNDATION, A DECADE OF EXCELLENCE
In 2016, we released our classic title “
Lords Mobile ”
, which creatively blends strategy and role-playing genres. The
game achieved a significant 10-year milestone this year. Over the past d\
ecade, we have continually integrated
market-leading features into the game ’
s proven framework, sustaining its vitality. “
Lords Mobile ”
has generated
cumulative revenue of nearly HK$35 billion to date, establishing itself \
as a benchmark for longevity in the industry
and solidifying the Group ’
s position as a prominent player in the SLG sector. A decade of dedicate\
d operations has
yielded outstanding results, and we are committed to driving continued s\
uccess over the next ten years for “
Lords
Mobile ”
.
MID-GENERATION TITLES RAMP UP TO CONTINUE THE MOMENTUM
In 2021, our pursuit of innovation led us to blend strategy and tower de\
fense gameplay in “
Doomsday: Last
Survivors ”
, continuing the momentum established by “
Lords Mobile ”
. The game maintained solid performance in its
fourth year of operation, with monthly gross billings reaching a new rec\
ord of HK$130 million
1 in 2026, demonstrating
accelerated growth. In 2022, we launched the Viking-themed title “
Viking Rise ”
, exploring a novel combination
of strategy and simulation gameplay. Since its launch three years ago, “
Viking Rise ”
has consistently delivered
solid results. Together with “
Doomsday: Last Survivors ”
, these mid-generation titles now form the backbone of our
portfolio.
1 The monthly gross billing of “
Doomsday: Last Survivors ”
as of January 31, 2026.
CHAIRMAN’
S STATEMENT

5
NEW TITLE POISED FOR FUTURE GROWTH
In 2025, our new title “
Fate War ”
launched globally and was featured on Apple ’
s App Store and Google Play Store
for its creative integration of strategy and simulation gameplay and exc\
eptional visual quality. Following the launch,
we continued to enhance player experience and long-term performance metr\
ics. Moving into 2026, we will scale up
marketing efforts for “
Fate War ”
to unlock new growth potential for the Group.
APP BUSINESS GEARS UP FOR PLATFORM DEVELOPMENT
Following a decade of exploration and research and development, the APP \
Business achieved significant
breakthroughs and established a product portfolio of more than 10 applic\
ations over the past two years, accounting
for 19% of the Group ’
s revenue. In 2025, the APP Business generated annual revenue of HK$1.06\
billion and net
proﬁt of over HK$100 million. We are now focused on expanding our use\
r base and strengthening our traffic pool to
gear up for platform development.
PROSPECT
Artiﬁcial Intelligence (“AI”) technology has been rapidly evolving over the past few years. We embr\
aced this trend
early, implementing AI solutions internally a couple of years ago, parti\
cularly across development and operations.
This initiative has yielded significant cost savings and efficiency gain\
s. AI has now evolved into an intelligent
assistant to our staff, broadening perspectives and empowering us to sha\
pe the future together.
Entering 2026, we celebrate our 20th anniversary. Embracing the corporat\
e spirit of “
Innovators at Work, Gamers at
Heart ”
, we continue to create exceptional products and user experiences.
Zongjian Cai
Chairman and Executive Director
25 March 2026
CHAIRMAN’
S STATEMENT

6
GLOBAL PRESENCE
Established in 2006, IGG is a renowned developer and publisher of mobile\
games and applications with a strong
global presence and an international customer base. Leveraging its success in client and browser PC online games,
the Group changed its strategy to target the mobile games market in 2013\
. After years of effort, the Group ’
s mobile
games are now available in 23 different languages worldwide with approximately 1.6 billion users in total and
nearly 17 million monthly active users ( “
MAU ”
). Following a decade of sustained development, the APP Business
has gained significant momentum in recent years and has emerged as an im\
portant business division of the
Group. Embracing our corporate spirit of “
Innovators at Work, Gamers at Heart ”
, the Group is dedicated to creating
high-quality and enjoyable games and applications that will stand the te\
st of time.
IGG is headquartered in Singapore with local offices in the United State\
s, China, Canada, Japan, South Korea,
Thailand, the Philippines, Indonesia, Brazil, Türkiye, Italy and Spai\
n, and users from more than 200 countries and
regions worldwide. Over the years, IGG has aggressively pursued a strate\
gy of globalisation in R&D and operations,
establishing long-term relationships with over 100 business partners, in\
cluding global platforms, advertising channels,
and vendors such as Apple, Google, and Meta. The Group ’
s international presence and partnerships have enhanced
its competitive advantage in the industry.
BUSINESS REVIEW
In 2025, the Group recorded a stable annual revenue of HK$5.5 billion. Despite a slight year-on-year ﬂuctuation
in revenue, the Group successfully maintained full-year proﬁt at near\
ly HK$590 million (comprising approximately
HK$570 million in net profit from the Group ’
s core business (non-IFRS measure) and nearly HK$20 million from
investments) through refined management and business structure optimisa\
tion, demonstrating strong profitability
and risk resilience. Notably, mid-generation titles “
Doomsday: Last Survivors ”
and “
Viking Rise ”
maintained solid
momentum and achieved new revenue highs in their third year of operation\
. In 2025, “
Doomsday: Last Survivors ”

and “
Viking Rise ”
contributed approximately HK$1.14 billion and HK$720 million, respectiv\
ely, representing
year-on-year increases of 12% and 6%. The APP Business generated revenue\
of HK$1.06 billion. Together,
these three contributors accounted for 53% of the Group’s revenue in 2025, reﬂecting the continued success of its
diversiﬁed growth strategy. In addition, “Lords Mobile”, IGG’s ﬂagship title, reached its 10-year milestone and made
a signiﬁcant revenue contribution of HK$2.17 billion. During the Year\
, revenue from Asia, Europe and North America
accounted for 41%, 36% and 19%, respectively, of the Group ’
s total revenue.
MANAGEMENT DISCUSSION AND ANALYSIS

7
“Lords Mobile ”
“
Lords Mobile ”
, IGG ’
s blockbuster title, reached its 10-year milestone during the Year. It i\
s the Group ’
s first
cross-platform, multi-language game that integrates strategy, role-playi\
ng, and real-time competitive gameplay.
Lauded by Sensor Tower for its longevity
1, it is designed for a global audience. It has received widespread accla\
im
from gamers and consistently generates stable revenue for the Group. Dur\
ing the Year, “
Lords Mobile ”
launched
a series of IP collaborations, including the ﬁlm “Paciﬁc Rim”, the game “Angry Birds”, and, more recently, original
fantasy characters created by “
tokidoki ”
co-founder and artist Simone Legno, injecting renewed vitality and
immersive gameplay. As the bedrock of the Group ’
s operations, “
Lords Mobile ”
delivered revenue of HK$2.17 billion,
consistently contributing stable cash ﬂow to the Group.
“ Doomsday: Last Survivors ”
The mid-generation game “
Doomsday: Last Survivors ”
sustained its solid momentum and entered a new stage of
growth in its third year of operation. During 2025, “
Doomsday: Last Survivors ”
enhanced gameplay through the
launch of new battleﬁeld and squad equipment features. The game also \
collaborated with the renowned manga IP
“ Attack on Titan ”
which was well-received by its nearly 100 million users. In 2025, the g\
ame contributed revenue of
HK$1.14 billion. The title continued its upward trajectory, with monthly gross billings reaching record highs starting
from December at HK$130 million
2, demonstrating strong user engagement and future growth.
“ Viking Rise ”
“
Viking Rise ”
, the Group ’
s other mid-generation Viking-themed title, also contributed solid resul\
ts. During 2025, the
game introduced hybrid-casual combat gameplay, collaborated with renowne\
d IP “
How to Train Your Dragon (Live
Action) ”
, and rolled out offline competitions to strengthen engagement and socia\
l interaction among players. As of
31 December 2025, the game had 67 million registered users and revenue o\
f HK$720 million, representing a 6%
year-on-year increase.
New game
“ Fate War ”
, a new strategy game released in 2025, established a new growth trajector\
y. Upon launch, the game
was prominently featured on Apple ’
s App Store and Google Play Store worldwide because of its unique blend
of simulation and strategy gameplay. This recognition validates the titl\
e ’
s exceptional quality and builds strong
momentum for future revenue growth. As of 31 December 2025, the game ach\
ieved monthly gross billing of HK$30
million
3, with approximately 4.7 million registered users and 1.2 million MAU.
1 “
Lords Mobile ”
was awarded “
Best Evergreen Strategy Game ”
at the Sensor Tower APAC Awards 2025.
2 Monthly gross billing as of December 31, 2025 and January 31, 2026, resp\
ectively.
3 Monthly gross billing for December 2025.
MANAGEMENT DISCUSSION AND ANALYSIS

8
APP Business
Leveraging its global operational expertise and a base of more than 1 bi\
llion users, the Group established a second
growth curve through its APP Business. Contributing 19% of the Group ’
s revenue, this business validates the
Group’s user acquisition and monetisation capabilities beyond gaming, delivering genuine business diversiﬁcation. In
2025, it generated revenue of HK$1.06 billion and net proﬁt of over H\
K$100 million. As at 2025, the APP Business
had more than 67 million MAU, representing a year-on-year increase of 8%\
.
Investments
The principal objective of the Group ’
s investments is to broaden its ecosystem perspective and capture emerging
opportunities. By investing in private equity funds with outstanding performance and portfolios focused on
Internet-related businesses, the Group aims to deepen its presence in th\
e Internet industry and identify new growth
drivers for long-term development. During the Year, the Group recorded gains on investments of approxi\
mately
HK$19 million due to fair-value changes of investees.
PROSPECTS
Looking ahead to 2026, the Group has established a solid foundation for \
growth: the core gaming portfolio continues
to serve as a strong growth driver, with “
Doomsday: Last Survivors ”
expected to maintain its strong performance
trajectory; “
Fate War ”
, the Group ’
s new title, is entering a harvest period and will progressively generat\
e enhanced
revenue contributions; and the APP Business represents a well-defined se\
condary growth curve. The Group will
continue to deepen its global operational excellence and advance the coo\
rdinated development of its diversified
product matrix, with the objective of generating enduring, sustainable v\
alue for shareholders.
KEY FINANCIAL INFORMATION
Year ended 31 December 2025 2024
HK$ ’
000 HK$’
000
Revenue 5,497,0095,737,114
Cost of revenue (936,571)(1,126,244)
Other net gains 89,4996,394
Selling and distribution expenses (2,769,292)(2,811,049)
Administrative expenses (316,623)(348,735)
Research and development expenses (844,122)(787,408)
Proﬁt for the year 585,755582,580
Including: Net proﬁt for core business (non-IFRS measure) 566,714655,542
Gains/(losses) on investments 19,041(72,962)
Proﬁt for the year attributable to equity shareholders of the Company\
580,493580,676
Adjusted net income (non-IFRS measure) 615,690607,011
MANAGEMENT DISCUSSION AND ANALYSIS

9
NON-IFRS FINANCIAL MEASURES
To supplement the Group’
s consolidated financial statements prepared in accordance with IFRS Accounting
Standards (“IFRS”), we have presented net proﬁt for core business (non-IFRS measure) and adjusted net income
(non-IFRS measure) as additional financial measures not prepared in ac\
cordance with IFRS. We believe these
non-IFRS measures provide useful supplementary information for investors\
to evaluate the Group’s proﬁtability and
operating performance during the ﬁnancial year.
The following table provides a reconciliation of net proﬁt for core business (non-IFRS measure) and adjusted net
income (non-IFRS measure) to the most directly comparable ﬁnancial \
measures calculated and presented under
IFRS:
Year ended 31 December2025 2024
HK$ ’
000 HK$’
000
Proﬁt for the year 585,755582,580
Less:
Net fair value gains/(losses) on investments 40,256(83,342)
Gain on disposal of ﬁnancial assets at fair value through proﬁt or\
loss 4160
Dividend income 3,86923,590
Impairment loss on interests in associates (25,735)(26,511)
Net gains on disposal and deemed disposal of associates
and joint ventures –15
Share of results of associates and joint ventures 64713,126
Gains/(losses) on investments 19,041(72,962)
Net prot for core business (non-IFRS measure) 566,714655,542
Year ended 31 December
2025 2024
HK$ ’
000 HK$’
000
Proﬁt for the year attributable to equity shareholders of the Company\
580,493580,676
Add:
Equity-settled share-based payment expenses* 35,19726,335
Adjusted net income (non-IFRS measure) 615,690607,011
These non-IFRS measures should be considered as supplementary to, and no\
t as a substitute for, the Group
s
nancial performance measures prepared in accordance with IFRS. Furthermore, the denition of these non-IFRS
measures may differ from similar measures used by other companies.
* For the year ended 31 December 2025, this amount represents equity-settled share-based payment expenses attributable to equity shareholders of the Company, which is calculated by the amount of\
HK$36,217,000 recognised during the Year less
the amount of HK$1,020,000 attributable to non-controlling interests.
MANAGEMENT DISCUSSION AND ANALYSIS

10
FINANCIAL REVIEW
Revenue
The Group’
s revenue for the year ended 31 December 2025 was HK$5,497 million, repr\
esenting a minor decrease
of 4% compared to HK$5,737 million for the year ended 31 December 2024. Notably, the mid-generation titles of
“ Doomsday: Last Survivors ”
and “
Viking Rise ”
maintained solid momentum, contributing approximately HK$1,141
million and HK$724 million, respectively, representing year-on-year incr\
ease of 12% and 6%.
The following table sets forth a breakdown of the Group ’
s revenue for the years ended 31 December 2025 and 2024,
respectively:
Year ended 31 December
2025 2024
HK$ ’
000 %HK$’
000 %
Games:
“
Lords Mobile ”
2,165,251392,588,892 45
“
Doomsday: Last survivors ”
1,140,570211,020,890 18
“
Viking Rise ”
723,88413679,725 12
Other games 405,4328359,248 6
APP Business 1,061,872191,088,359 19
Total 5,497,0091005,737,114 100
Cost of revenue
The Group’
s cost of revenue for the year ended 31 December 2025 was HK$937 million\
, representing a decrease of
17% compared to HK$1,126 million for the year ended 31 December 2024, pr\
imarily due to the decrease in operating
costs of the Group.
Gross proft and gross proft margin
The Group’s gross proﬁt for the year ended 31 December 2025 was HK$4,560 millio\
n, representing a slight decrease
of 1% compared to HK$4,611 million for the year ended 31 December 2024, \
primarily due to the decrease in the
Group ’
s revenue during the Year.
The Group ’
s gross profit margin for the year ended 31 December 2025 was 83%, repre\
senting an increase of 3
percentage points as compared to 80% for the year ended 31 December 2024\
. The increase in gross proﬁt margin
was primarily due to the decrease in the Group ’
s operating costs.
MANAGEMENT DISCUSSION AND ANALYSIS

11
Other net gains
The Group’
s other net gains for the year ended 31 December 2025 were approximately\
HK$89 million, representing
an increase of approximately 13 times from HK$6 million for the year end\
ed 31 December 2024, primarily due to the
increase in fair value of invested companies and funds. More details on \
other net gains are set out in note 5 to the
ﬁnancial statements, and details on the Group’s investments are set out below in the “Investments” section.
Selling and distribution expenses
The Group ’
s selling and distribution expenses for the year ended 31 December 2025 \
were HK$2,769 million,
representing a slight decrease of 1% compared with HK$2,811 million for \
the year ended 31 December 2024. During
the Year, the Group adopted a long-term business strategy for promotion,\
with a focus on long-term proﬁtability.
The selling and distribution expenses-to-revenue ratio for the Year was \
50%, representing a slight increase of 1
percentage point as compared with 49% in 2024.
Administrative expenses
The Group ’
s administrative expenses for the year ended 31 December 2025 were HK$31\
7 million, representing a
decrease of 9% compared with HK$349 million for the year ended 31 Decemb\
er 2024. Such decrease was primarily
attributable to optimisation of cost structure. The administrative expen\
ses-to-revenue ratio for the Year was 6%,
remaining stable as compared with 2024.
Research and development expenses
The Group ’
s research and development expenses for the year ended 31 December 2025 \
were HK$844 million,
representing an increase of 7% compared with HK$787 million for the year\
ended 31 December 2024. Such increase
was primarily due to several new incubation projects during the Year, which led to an increase in the Group ’
s
research and development headcount. The research and development expense\
s-to-revenue ratio for the Year was
15%, representing a slight increase of 1 percentage point as compared wi\
th 14% in 2024.
Share of results of associates and joint ventures
The Group ’
s share of results of associates and joint ventures for the year ended 3\
1 December 2025 was a net gain of
HK$0.6 million, representing a sharp decrease compared with HK$13 million for the year ended 31 December 2024.
This was primarily due to the decrease in recognised share of proﬁts \
from certain associates and joint ventures.
Further details are set out in note 11, Assets Held for Sale, and note 1\
7, Interests in Associates and Joint Ventures,
to the ﬁnancial statements. Details on the Group’s investments are set out below in the “Investments” section.
MANAGEMENT DISCUSSION AND ANALYSIS

12
Income tax expenses
The Group’
s income tax expenses for the year ended 31 December 2025 were HK$132 mi\
llion, representing an
increase of 36% compared with HK$97 million for the year ended 31 December 2024. The increase in incom\
e tax
expenses was due to a tax refund approved by the tax authorities and rec\
ognised in 2024, which reduced the income
tax expense for the prior year.
Capital expenditures
During the Year, the Group ’
s capital expenditures were incurred for the construction of a self-use office building
in Fuzhou, China, renovation of offices in various regions, purchases of servers and computers, and purchases of
software. Capital expenditures for the years ended 31 December 2025 and \
2024 are set forth as below:
Year ended 31 December2025 2024
HK$ ’
000 HK$’
000
Acquisition of property, plant and equipment:
Office premises and renovations
# 133,956 119,075
Servers and computers 20,84713,011
Purchase of intangible assets:
Software 1,5171,789
# This expenditure mainly represents a portion of the ﬁnal construction\
payments and renovation costs for the self-use office
building in Fuzhou paid during the Year.
MANAGEMENT DISCUSSION AND ANALYSIS

13
Liquidity, capital resources and gearing ratio
As at 31 December 2025, the Group had net current assets of HK$1,840 mil\
lion (31 December 2024: HK$1,613
million). The Group ’
s gearing ratio, calculated as total liabilities divided by total assets\
, was 25.3% (31 December
2024: 29.3%).
As at 31 December 2025, the Group had cash and cash equivalents of HK$2,\
414 million (31 December 2024:
HK$2,246 million).
Except for lease liabilities set out in note 24 to the ﬁnancial statements, the Group did not have any bank borrowings
or other ﬁnancing borrowings as at 31 December 2025 and 31 December 2\
024.
The table below sets forth selected cash ﬂow data from the consolidat\
ed cash ﬂow statement: Year ended 31 December2025 2024
HK$ ’
000 HK$’
000
Net cash generated from operating activities 682,7631,120,857
Net cash used in investing activities (122,274)(122,920)
Net cash used in ﬁnancing activities (399,244)(205,328)
Net change in cash and cash equivalents 161,245792,609
Cash and cash equivalents as at 1 January 2,245,6661,469,752
Effect of foreign exchange rate changes 7,364(16,695)
Cash and cash equivalents as at 31 December 2,414,2752,245,666
Operating activities
Net cash inﬂow from operating activities amounted to approximately HK\
$683 million for the year ended 31 December
2025, as compared with HK$1,121 million for the year ended 31 December 2\
024. The decrease in net cash inﬂow
from operating activities during the Year was primarily attributable to \
a decrease in revenue and increases in
research and development expenses and tax payments.
MANAGEMENT DISCUSSION AND ANALYSIS

14
Investing activities
Net cash outﬂow used in investing activities was HK$122 million for t\
he year ended 31 December 2025, and net cash
outﬂow for the year ended 31 December 2024 was HK$123 million. The cash outﬂow used in investing activities was
primarily attributable to payments for construction and renovation costs\
in connection with the self-use office building
in Fuzhou, China.
Financing activities
Net cash outﬂow used in ﬁnancing activities amounted to HK$399 mil\
lion for the year ended 31 December 2025,
and net cash outﬂow for the year ended 31 December 2024 was HK$205 million. The cash outﬂow used in ﬁnancing
activities was primarily attributable to the payment of dividends, share\
repurchase, and payments of lease rentals
classiﬁed as ﬁnancing activities.
Foreign currency risk
The Group ’
s sales and purchases during the Year were mostly denominated in USD and\
SGD. The management
team closely monitors foreign exchange exposure to ensure that appropriate measures are implemented in a timely
and effective manner. Historically, the Group has not incurred any signi\
ﬁcant foreign currency exchange loss in its
operation.
Legal compliance
As the Group is continuously expanding its businesses worldwide, it is r\
equired to comply with the new applicable
laws and regulations in different jurisdictions that are speciﬁcally relevant to the Group’s business, such as laws
relating to data protection, internet information security, intellectual\
property and gaming industry.
Protecting users ’
personal data is the top priority of operations, and the Group is fully\
aware that any misuse, loss
or leakage of users ’
data could have a negative impact on affected users and the Group ’
s reputation, and may
even lead to potential legal action against the Group. The Group is comm\
itted to safeguarding the security of users ’

personal data. In this regard, the update of privacy policy and the treatment and control measures of users ’
personal
data form part of this commitment. When collecting and processing such d\
ata, the Group explains the purpose of the
acquired data and obtains consents from users. Users also have rights to\
request to modify or delete their personal
data. In addition, information security keeps the personal data anonymous to the maximum extent possible through
effective management systems. The Group also employs internal processing\
mechanisms of data management,
separation of access and restrictions on access, to ensure the highest l\
evel of protection of personal data.
For further details, please refer to the section headed “
Corporate Social Responsibility Report – 6.6 Information
Security and Personal Data Protection ”
in this annual report.
MANAGEMENT DISCUSSION AND ANALYSIS

15
Dividend
The Board remains committed to enhancing returns to its shareholders thr\
ough prudent and strategic repurchases
of Shares and maintaining regular and stable cash dividend payments. The Board also tries to meet investors ’

expectations in sharing the profits of the Group by paying special divid\
ends from time to time in alignment with
the dividend policy. As a gesture of appreciation to the Company ’
s investors for their support and after taking into
account the Group ’
s operating performance, the needs for future growth and available reserves, the Board has
resolved to declare a second interim dividend of HK6.7 cents per ordinary Share, and a special dividend of HK47.7
cents per ordinary Share for the year ended 31 December 2025, totalling HK54.4 cents per ordinary Share. Together
with the interim dividend and special dividend of HK13.9 cents per ordinary Share paid in September 2025, the
total dividends for the year ended 31 December 2025 amounted to HK68.3 c\
ents per ordinary Share, representing
an aggregate amount of approximately HK$784 million (for the year ended 31 December 2024: HK14.9 cents per
ordinary Share, with an aggregate amount of approximately HK$175 million\
).
Share repurchase
The Group had repurchased 26,086,000 Shares during the Year at an aggreg\
ate cost of HK$107 million. Taking into
account the declared dividends attributable to the Year of approximately HK$784 million, the total amount of share
repurchases and declared dividends was approximately HK$891 million, rep\
resenting 152% of the proﬁt for the Year.
(For the year ended 31 December 2024: the Group repurchased 13,602,000 Shares, amounting to HK$47 million,
the aggregate amount of share repurchases and declared dividends represe\
nted 38% of the proﬁt for the year ended
31 December 2024.)
Human resources
As at 31 December 2025, the Group had 2,321 employees (31 December 2024\
: 2,028).
The Group ’
s total staff-related costs amounted to HK$981 million for the year ende\
d 31 December 2025 (for the year
ended 31 December 2024: HK$935 million).
MANAGEMENT DISCUSSION AND ANALYSIS

16
Investments
As at 31 December 2025, the Group’
s investments were HK$554 million (as at 31 December 2024: HK$580 milli\
on),
including interests in associates and joint ventures, ﬁnancial assets\
at fair value through proﬁt or loss and assets held
for sale.
The Group has established appropriate risk management, monitoring and ap\
proval mechanisms, with clearly deﬁned
investment limits in place. Risks and performance are assessed on a comp\
rehensive basis, taking into account
factors such as investment amount, payback period and liquidity. The Gro\
up conducts ongoing monitoring of the
operating performance and changes in the valuation of investees. Investment projects falling within the authority
delegated by the Board are approved and implemented by an Investment Committee comprising members of
management, while investments exceeding such authority are subject to re\
view and approval by the Board.
Details of the Group’s investments are set out in notes 11, 17 and 18 to the ﬁnancial stat\
ements.
Details of gains/(losses) on investments for the years ended 31 Decemb\
er 2025 and 2024 are set out below: Year ended 31 December2025 2024
HK$ ’
000 HK$’
000
Fair value changes and gains on disposal of other
ﬁnancial assets and dividend income
－ Griffin Gaming Partners, L.P. (5,618)(10,028)
－ MFund, L.P. 24,494(48,213)
－ Other funds and equity investments 25,253(1,351)
Impairment loss on interests in associates (25,735)(26,511)
Net gains on disposal and deemed disposal of associates
and joint ventures –15
Share of results of associates and joint ventures 64713,126
Total 19,041(72,962)
MANAGEMENT DISCUSSION AND ANALYSIS

17
Private equity funds
As at 31 December 2025, the Group held private equity funds at fair valu\
e through profit or loss amounting to
approximately HK$335 million, mainly comprised of MFund, L.P. and Griffi\
n Gaming Partners, L.P., which are set out
below:
Name of
investee company Percentage
of interests held by the Group Investments
cost as at
31 December 2024 Investments
cost as at
31 December 2025 Fair value
as at
31 December 2024 Fair value
as at
31 December 2025 Unrealised
gain/(loss)
on change in fair value
for the Year (exchange
gain or loss included) Realised
gain for
the Year Dividend
received/
receivable during
the Year
HK$ ’
000 HK$’
000 HK$’
000 HK$’
000 HK$’
000 HK$’
000 HK$’
000
MFund, L.P.( “
MFund ”
) 4.71% 23,286 23,286114,458 134,903 20,445 –4,340
Griffin Gaming Partners,
L.P.( “
Griffin ”
) 5.44%89,532 92,33299,40496,815 (5,389) ––
The Group ﬁrst entered into a limited partnership agreement with MFun\
d, an Independent Third Party private equity
fund, in 2014. The Group, as a limited partner, undertook to subscribe f\
or the share of assets in MFund at a sum
of US$3.0 million (equivalent to HK$23.29 million), representing approximately 4.37% of the interests in MFund
#.
MFund has a diversified investment portfolio, including equity investments in the mobile internet industry, which
is in alignment with the Group ’
s strategic investment objectives. The investment cost and fair value of the Group ’
s
interests in MFund comprised approximately 0.50% and 2.90% of the total \
assets of the Group as at 31 December
2025, respectively.
The Group ﬁrst entered into a limited partnership agreement with an Independent Third Party private equity fund
to subscribe for interests in Griffin in 2019. Griffin mainly focuses on\
investment in gaming related companies
worldwide, and its investment portfolio is in line with the Group ’
s strategic investment objectives. Subsequently in
2020, the Group entered into a subscription increase letter, pursuant to\
which the Group ’
s total commitment in Griffin
amounted to US$12.0 million (equivalent to approximately HK$93.30 milli\
on), representing an aggregate interest
of approximately 5.44%. As at 31 December 2025, the Group had contributed US$11.88 million (equivalent to
approximately HK$92.33 million) to Griffin, and the investment cost and\
fair value of the Group ’
s interests in Griffin
comprised approximately 1.98% and 2.08% of the total assets of the Group\
, respectively.
Save as disclosed above, there were no other material investments held b\
y the Group as at 31 December 2025.
# Due to the fund partner shareholding changes, the Group ’
s interest raised to 4.71%.
MANAGEMENT DISCUSSION AND ANALYSIS

18
Material acquisitions and disposals of subsidiaries and associates and j\
oint ventures
Except for assets held for sale as set out in note 11 to the ﬁnancial statements, for the years ended 31 December
2025 and 2024, the Group did not have any material acquisitions or dispo\
sals of subsidiaries, associates and
joint ventures. More details on investments in associates and joint vent\
ures are set out in note 17 to the ﬁnancial
statements.
To optimise the Group ’
s asset portfolio and facilitate capital utilisation focused on its core\
business, the Group
plans to dispose of 100% share capital in Renaissance Management Srl (t\
he “
Potential Disposal ”
), a wholly owned
subsidiary of the Company. This subsidiary holds a historical complex kn\
own as Palazzo Magnani Feroni in Borgo
S. Frediano 5, Florence, 50124, Italy. As at the date of this report, th\
e Group has not entered into any legally binding
agreement in relation to the Potential Disposal. The Potential Disposal \
may or may not proceed. If the Potential
Disposal materialises, it may constitute a disclosable transaction of the Company under the Listing Rules. Further
announcement(s) will be made by the Company in compliance with the Lis\
ting Rules as and when appropriate.
Save as disclosed above, the Group has no future plans for material inve\
stments or capital assets acquisitions as at
the date of this report.
Capital commitments
As at 31 December 2025 2024
HK$ ’
000 HK$’
000
Investment contracts 29,4713,726
Construction of self-use office building –41,970
Acquisition of ﬁxed assets –1,088
Total 29,47146,784
As at 31 December 2025, the Group had capital commitments of HK$29 million, which was mainly related to a
balance due regarding the contracted amount of investments in the mobile\
internet and gaming related funds (31
December 2024: HK$47 million).
Pledge on assets
Except for restricted deposits as set out in note 21 to the ﬁnancial \
statements, no asset of the Group was pledged as
a security for bank borrowing or any other ﬁnancing activities as at \
31 December 2025 and 31 December 2024.
Contingent liabilities
The Group had no contingent liabilities as at 31 December 2025 (31 Dece\
mber 2024: nil).
MANAGEMENT DISCUSSION AND ANALYSIS

19
DIRECTORS
Executive Directors
Mr. Zongjian Cai (ùš), aged 48, was appointed as an executive Director of the Company on 31 O\
ctober 2007
and is the chairman of the Board and chief executive officer of the Grou\
p. Mr. Cai is one of the Founders of the Group
and is primarily responsible for the corporate strategic planning and ov\
erall business development of the Group. Mr.
Cai also acts as a director of the Company ’
s subsidiaries, Skyunion Hong Kong Holdings Limited and OptiMobi. Mr.
Cai has approximately 26 years of experience in the online game industry\
. He worked at Fujian NetDragon Websoft
Co., Ltd.* ( 福建網龍計算機網絡信息技術有限公司 ), as a vice president from May 2000 to November 2003 and piloted
the development of 17173.com. Mr. Cai also worked as the chief executive\
officer of 17173.com, which was acquired
by Sohu.com Inc., a company listed on NASDAQ (Stock Code: SOHU), from November 2003 to January 2005 and a
consultant for both Beijing Sohu New Era Information Technology Co., Ltd\
.* ( 北京搜狐新時代信息技術有限公司) and
17173.com from January 2005 to June 2005. Mr. Cai graduated from Fuzhou \
University ( 福州大學) with a college
diploma in computer and accounting in June 1998.
Mr. Yuan Xu ( ¢©), aged 51, was appointed as an executive Director of the Company on 21 A\
ugust 2015 and is
the Group ’
s chief operating officer. Mr. Xu has approximately 26 years of experience in corporate management. He
joined the Group in September 2007 and is primarily responsible for glob\
al operation strategies of the Group. Prior to
joining the Group, Mr. Xu worked as a graduate researcher at University \
of California, Santa Cruz, from September
1999 to July 2004. He also worked at Nanoconduction Inc. as a project leader from September 2004 to June 2007.
Mr. Xu graduated from Beijing University of Technology ( 北京工業大學) with a bachelor ’
s degree in applied physics
in July 1998. He also graduated from University of California, Santa Cru\
z, with a degree of doctor of philosophy in
electrical engineering in June 2004.
Mr. Hong Zhang (
u·), aged 54, was appointed as an executive Director of the Company on 21 A\
ugust 2015
and is the Group ’
s chief technology officer. Mr. Zhang has approximately 29 years of expe\
rience in the information
technology industry. He joined the Group in December 2008 and is primari\
ly responsible for the overall technology
operation of the Group. Prior to joining the Group, Mr. Zhang worked at \
Charles Schwab as a senior staff technology
from August 2000 to November 2005. He was also employed by Corporate Com\
puter Services Inc. from November
2005 to November 2008 as a software engineer, assigned to Barclays Global Investors as an information technology
consultant. Mr. Zhang graduated from Zhejiang University ( 浙江大學) with a bachelor ’
s degree in engineering in June
1994, a master ’
s degree in engineering in June 1997. He also graduated from University \
of California, San Francisco,
with a master ’
s degree in science in September 2000.
* For identiﬁcation purpose only
BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

20
Ms. Jessie Shen (ÏŽ\), aged 55, was elected as an executive Director on 3 June 2016 and is th\
e Group ’
s
chief ﬁnancial officer and one of the joint company secretaries. Ms. \
Shen also acts as a director of the Company’s
subsidiaries, IGG Taiwan Ltd., IGG Capital, IGG Capital Limited, and IGG\
(Hainan) Capital. Ms. Shen has
approximately 29 years of experience in accounting and corporate management. She was appointed as the chief
ﬁnancial officer of the Group on 10 November 2014. She joined the Gro\
up in March 2009 as the senior vice president
of ﬁnance and has been primarily responsible for corporate ﬁnance,\
legal and listing compliance matters of the Stock
Exchange. Prior to joining the Group, she worked as an auditor at Diwan,\
Ernst & Young from July 1992 to August
1994, and a ﬁnance associate manager of Aurora Corporation, a company\
listed on the Taiwan Stock Exchange (Stock
Code: 2373), from March 1995 to March 1998 and from August 2001 to Janu\
ary 2002. Ms. Shen also held ﬁnance
and company secretary positions at Rock Mobile Group from January 2003 t\
o March 2007. She worked at Neo
Solar Power Corp., a company listed on Taiwan Stock Exchange (Stock Cod\
e: 3576), as a ﬁnance manager from
December 2007 to March 2009. Ms. Shen graduated from Tunghai University \
with a bachelor ’
s degree in accounting
in June 1992. She also graduated from Rutgers, The State University of N\
ew Jersey with a master ’
s degree in
business administration in October 1999. Ms. Shen passed the examination\
of American Institute of Certiﬁed Public
Accountants (AICPA), Certiﬁed Public Accountant examination in Taiw\
an, Certiﬁed Internal Auditor examination by
the Institute of Internal Auditors, and the certiﬁcation examination \
by Taiwan Institute of Internal Auditors.
Mr. Feng Chen ( Ó.), aged 53, was elected as an executive Director on 3 June 2016 and was on\
e of the individual
investors investing in the Company prior to the listing of the Company on the Stock Exchange in 2013. In April
2014, Mr. Chen joined the Company as the senior vice president of corporate strategy and has been responsible
for leading several strategic investments made by the Company in externa\
l startups and internal incubated projects.
Mr. Chen also acts as a director of the Company ’
s subsidiaries, Skylines Investment Holdings Pte. Ltd., SkyScape
Investment Holdings Pte. Ltd., IGG Capital, IGG Capital Limited, IGG (H\
ainan) Capital, and OptiMobi. Mr. Chen also
acts as a director of the Company ’
s joint venture, Tap Media Technology Inc., as well as a director of the\
Company ’
s
associates, Fujian Tianzhi Internet Information Technology Co., Ltd.* ( 福建天志互聯信息科技股份有限公司) and
Fuzhou Yunding Network Technology Co., Ltd.* ( 福州雲頂網絡科技有限公司). Prior to joining the Company, from
July 1996 to August 2001, Mr. Chen served as a senior design engineer at\
Broadcom Corporation (currently known
as Broadcom Ltd.), an American fabless semiconductor company, and was r\
esponsible for the development of
one of the world’s ﬁrst DOCSIS standard compliant cable modem chipset. From May 2002 t\
o June 2007, Mr. Chen
served various positions at NetDragon Websoft Holdings Limited ( 網龍網絡控股有限公司), an online game developer
and operator in the PRC listed on the Stock Exchange (Stock Code: 777)\
, including the senior vice president of
overseas business development. In August 2007, Mr. Chen founded Ingle Ga\
mes Ltd., a publisher that aimed at
publishing MMORPG games developed by Chinese game developers in the west\
ern market, and served as the chief
executive officer of Ingle Games Ltd. from August 2007 to December 2010.\
From March 2011 to March 2014, Mr.
Chen served as the senior vice president of overseas development at 91.c\
om, a mobile internet distribution platform
in the PRC. Mr. Chen graduated from University of California, Los Angele\
s with a Master of Science Degree in
electrical engineering in 1995.
* For identiﬁcation purpose only
BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

21
Non-executive Director
Mr. Yuan Chi (ë©), aged 69, was re-designated as a non-executive Director on 21 August 20\
15. Mr. Chi is one of
the Founders of the Group and also acts as a director of the Company ’
s subsidiary, Skyunion Hong Kong Holdings
Limited. Mr. Chi has approximately 28 years of experience in the informa\
tion technology industry. Prior to joining the
Group, Mr. Chi worked as the general manager of Fujian Window Network In\
formation Co., Ltd.* ( 福建之窗網絡信息
有限公司 ) (www.66163.com) from April 1998 to June 2007. He was the vice presi\
dent of Fujian Rongji Software Co.,
Ltd.* ( 福建榕基軟件股份有限公司 ), a company listed on the Shenzhen Stock Exchange (Stock Code: 002474\
), from
November 2000 to September 2003. Mr. Chi also worked at Fujian NetDragon\
Websoft Co., Ltd.* ( 福建網龍計算機
網絡信息技術有限公司 ), from October 2003 to November 2007. Mr. Chi graduated from Fuzhou Un\
iversity ( 福州大
學 ) with a bachelor ’
s degree in water resources and hydropower engineering in July 1982 and \
a master ’
s degree in
hydraulic structure in March 1990.
Independent Non-executive Directors
Mr. Kam Wai Man ( Z
O), aged 51, was appointed as an independent non-executive Director on 29 June 2023.
Mr. Kam has over 22 years of working experience in corporate ﬁnance. He has served as a managing director of
Innovax Capital Limited ( “
Innovax Capital ”
) and been a responsible officer of Innovax Capital for Type 6 regulated
activities (advising on corporate ﬁnance) under the SFO since 2017, and he is also one of the sponsor principals
of Innovax Capital. From April 2003 to November 2005, Mr. Kam served as \
a licensed representative at Kingsway
Capital Limited. He then worked at China Everbright Capital Limited from\
November 2005 to February 2017 with
his last position being the managing director and head of the corporate \
ﬁnance department. Mr. Kam has been an
independent non-executive director of Duiba Group Limited (Stock code: \
1753) since April 2019 and Haosen Fintech
Group Limited (formerly known as Wealthy Way Group Limited) (Stock code: 3848) since January 2020, both of
which are companies listed on the Stock Exchange. He obtained a bachelor\
of arts (honors) in business studies from
City University of Hong Kong in November 1997 and a Postgraduate Diploma\
in Professional Accountancy from the
Chinese University of Hong Kong in December 2004. Mr. Kam is a member of\
the Hong Kong Institute of Certiﬁed
Public Accountants and a CFA Institute charterholder.
* For identiﬁcation purpose only
BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

22
Ms. Feng Li (½þ), aged 62, was appointed as an independent non-executive Director on 29 \
May 2024. Ms.
Li has approximately 32 years of experience in enterprise management, 10\
years of experience as a university
teacher and 20 years of experience as a volunteer in public welfare orga\
nisations. Ms. Li has been serving as the
executive director of Fujian Boyi Consultation Co., Ltd.* ( 福建博弈諮詢有限公司) since 1994. She served as the
general manager of Fujian Chuanli Animation Technology Development Co Ltd* ( 福建傳立動漫科技開發有限公
司 ) from 2008 to 2015. Ms. Li served as the leader of education business \
at NetDragon Websoft Inc.* ( 網龍網絡有
限公司 ) from April 2004 to January 2006. She also served as a teacher in the department of business enterprise
management at Fujian Jiangxia College* ( 福建江夏學院) (formerly known as Fujian Economic Management Cadres
College* ( 福建經濟管理幹部學院 )) from 1985 to 1994. Since 2006, she has been a volunteer mentor in t\
he Fujian
Youth Entrepreneurship Promotion Association* ( 福建青年創業促進會) (an NGO), and in 2015, she received the
Mentor of the Year Award from the “
Youth Business International (YBI) ”
in Dubai, which is a globally unique award.
Currently, her social position is one of the ﬁrst batch of 10,000 out\
standing innovation and entrepreneurship mentors
recognised by the Ministry of Education of the People ’
s Republic of China. Ms. Li graduated from the Department of
Agricultural Economics at Fujian Agriculture and Forestry University* (\
福建農林大學), the People’
s Republic of China
(formerly known as Fujian College of Agriculture* ( 福建農學院)) in 1985 with a bachelor ’
s degree specialised in the
management and economics.
Mr. Tan Hup Foi ( Ó¥æ) (alias: Mr. Tan Hup Hoi), aged 75, was appointed as an independent non-executive
Director on 2