7Road FY2026 Annual Report

Annual Report 2025
Ë

CONTENT
目錄
2 Definitions
QÈ
7 Corporate Profile
®!Ø
10 Financial Performance Highlights
Ì
Œ$Ü
12 Chairman ’
s Statement
ô©çØ
16 Profiles of Directors and Senior Management
è+¿ ÷ tM#[p
§
23 Management Discussion and Analysis
M#4 À~±
39 Corporate Governance Report
†8M7S
58 Directors ’
Report
è+6S
86 Independent Auditor ’
s Report
ùmèpªS
92 Consolidated Financial Statements and Notes to the Consolidated Financia\
l Statements
]¥ Ì
Œ¿]¥ Ì
Œ
W
216 Environmental, Social and Governance Report
¤e_6¿M7S

2
“AGM ”
the forthcoming annual general meeting of the Company proposed to be held on
Tuesday, 26 May 2026
˜ p
„ Ë } 6™ Ý õZgZ¬ Ëž ÜZd¬Ú€K ‚ ZX Y I®! ˜ Ð £ p
„Ë} 6
“ ARPPU ”
the total revenue generated by the paying users for a particular game, a particular
type of game or all of our games, as applicable, during a certain period divided by
the number of paying users of the game, the type of game or all of our games, as
applicable, during such period
˜Ê¤ù
l\Ò;i× B™ S›7ÕeSó7ÕТAÔÞ7Õ€½G\Yù
l\ÒõTSl‚
œ«*
[Y<× Bd ðø›7Õeó7ÕТAÔÞ7Õ€½G\õ‚
œ«
Yù
l\Òpf
“ Articles of Association ”
the second amended and restated memorandum and articles of association of the
Company adopted on 23 May 2023 and became effective on the same date
˜Ý û Z Æ™ õZgZ gËž ÜZdgÚ
® v Y I®!KZ ã ¾ L ¿  \ Ý û } d
¿ÝûZÆdIõÚ
š[Ö
“ Audit Committee ”
the audit committee of the Board
˜2 è‰p6™ è+62 è‰p6
“ average MPUs ”
the average number of paying users in the relevant calendar month; average MPUs
for a particular period is the average of the MPUs in each month during that period
˜;iÊÜù
l\Ò™ õÞëÇÜYù
l\ÒY;i[piõ $›‚
œY;iÊÜù
l\ÒJ8õ
‚
œ«¢ÜYÊÜù
l\ÒY;ip
“ Board ”
the board of Directors
˜ è + 6™ è+6
“ CEO ”
the chief executive officer of the Company
˜ A <
R ™ I®! A <
R
“ CG Code ”
the Corporate Governance Code as set out in Appendix C1 of the Listing Rules
˜† 8 M 7 Â Æ ™ j9Æ }C1Ô1Y†8M7ÂÆ
“ Chairman ”
the chairman of the Board
˜ô ©™ è+6ô©
“ China ”
or “
PRC ”
for the purpose of this annual report only, the People ’
s Republic of China, unless
otherwise stated, excludes Hong Kong, the Macau Special Administrative Region
and Taiwan herein
˜•
7 ™
à ‰ IË fYd•
6[ O  q
7d ð¢ $ 9 ­ üdI Ö •”
< 0 ¥eæ
˜ $9A
¿(D
“ Company ”
or “
our Company ”
7Road Holdings Limited ( KV } 8
› pÞ “®! ), a company incorporated
under the laws of the Cayman Islands with limited liability on 6 September 2017
and the Shares of which are listed on the Main Board of the Stock Exchange on
18 July 2018 (Stock Code: 797)
˜I®!™ KV } 8
› pÞ”®!dS
œõZgSVËXܬÚì½
š
Ê¥, 7
W
ÓmYÞ”®!dIp…õZgS^ËVÜd^ÚõLtÔôj9€p…þîj
797 
Definitions
QÈ
7Road Holdings Limited KV } 8
› pÞ “®!

3
“Companies Act ”
the Companies Act, Cap 22 (Law 3 of 1961, as consolidated and revised) of the
Cayman Islands, as amended, supplemented or otherwise modified from time to
time
˜® ! , ™
š
Ê ¥ ®! , K22Ý€ S X ¬ S Ë K 3î,7d¾]¥¿Ld¾”ÛLe
þÐøIüÙÌL·
“ Consolidated Affiliated Entities ”
the entities that the Company controls through the Contractual Arrangements,
namely Shenzhen 7Road and its subsidiaries
˜; Œ  n ¼ ™ I®! À @ ¥Ò Ä
°
› S Y¼dC ­ KV } 8 ¿ In®!
“ Contractual Arrangements ”
certain contractual arrangements entered into on 13 April 2018 by us
˜¥ Ò Ä
°™ ¢A õZgS^Ë,ÜdgÚ¦ Yð  ¥ÒÄ
°
“ Director(s) ”
the director(s) of the Company
˜ è +™ I®!è +
“ Group ”
, “
we ”
, “
our ”
or “
us ”
the Company and all of its subsidiaries and companies whose financial results
have been consolidated and accounted as the subsidiaries of our Company
by virtue of the Contractual Arrangements, or, where the context so requires,
in respect of the period before our Company became the holding company of
our current subsidiaries, the business operated by such subsidiaries or their
predecessors (as the case may be)
˜I
«  ™e˜¢ A™Ð˜¢ A Y™ I®!¿ I Ôޝn®!¿ Ì
8 6 À @ ¥Ò Ä
° ] ¥ ;] ¿ ] *  * I®
! n®!Y®!dÐ ½ Ö È Ô 8d1 I®! Ó ‰ I $ޝn®!Y
› p®
!Ã ‚
œþ
d
n®!Ð Iî!€
V÷
‹ 1þ›Ô ¾Y8

“ HK$ ”
Hong Kong dollars, the lawful currency of Hong Kong
˜¥ ©™ ¥ ©d0 ¥ , › ¬ Æ
“ Hong Kong ”
the Hong Kong Special Administrative Region of the PRC
˜0 ¥™ •
70¥ $9A

“ Huoerguosi 7Road ”
Huoerguosi 7th Road Network Technology Co., Ltd. ( ’vKV}8c
Ŧޔ®! ), a company established under the laws of the PRC with limited
liability on 27 November 2015 and one of our Consolidated Affiliated Entities
˜ ‘ v K V } 8™ ’ vKV } 8 c
Å ¦ Þ “®!dS
œ õZgSžËd SÜZdVÚì
½•
7,ÓmYÞ”®!d¿‰¢AY;Œn¼˜S
“ IFRS ”
the International Financial Reporting Standards
˜
7 ç Ì
S _ Æ™
7ç Ì
S_Æ
“ IP ”
intellectual property
˜ IP™ ]Æ *Æ
“ Latest Practicable Date ”
17 April 2026, being the latest practicable date prior to the printing of this annual
report for ascertaining certain information contained herein
˜ð ¼ ç Ú ‚ ™ ZgZ¬Ë,ÜdVÚdCIËSù™Ã½›I•Ô1ðØYð
¼ çÚ‚
“ Listing ”
listing of the Shares on the Main Board of the Stock Exchange
˜j 9™ p …õ Lt Ôô j9
ZgZžË Annual Report 2025
Definitions (continued)
QÈ€ƒ

4
“Listing Date ”
the date on which the Shares were listed and initially commenced their dealings on
the Stock Exchange, i.e. 18 July 2018
˜j 9 Ú ‚ ™ p …õ Lt Ôj9¿/ã
š
o-YÚ‚dCZgS^Ë VÜd^Ú
“ Listing Rules ”
the Rules Governing the Listing of Securities on The Stock Exchange of Hong
Kong Limited (as amended from time to time)
˜j 9  Æ ™ 0¥L¥tøÔÞ”®!ÇNj9Æ€¾”ÛL
“ MAUs ”
monthly active users, refers to the number of people logged in to specific game(s)
in the relevant calendar month; average MAUs for a particular period is the average
of the MAUs in each month during that period
˜ Ê Ü z ” \ Ò™ ÊÜz ” \Òd8 ¯ Þ ë ÇÜ« î } $ › 7 Õ Y[ piõ $ › ‚
œ Y ;i Ê
Üz” \ÒJ8 ‚
œ¢ÜYÊÜz” \ÒY;ip
“ mobile game(s) ”
game(s) that is/are played on mobile devices
˜Ó Ú 7 Õ™Ð˜Ó 7™ ¯E
£êjëPY7Õ
“ Model Code ”
the Model Code of Securities Transactions by Directors of Listed Issuers as set out
in Appendix C3 to the Listing Rules
˜z _  ƙ j9Æ }C3Ô1Yj9ï[è+
†ÇNtøYz_ÂÆ
“ MPUs ”
monthly paying users, refers to the number of paying users in the relevant calendar
month
˜ÊÜù
l\Ò™ ÊÜù
l\Òd8õÞëÇÜYù
l\Ò[p
“ Nanjing Lingxing ”
Nanjing Lingxing Technology Co., Ltd.* ( Ì /ï Å ¦ p …Þ “®!), a joint
stock company with limited liability established under the laws of the PRC
˜Ì / ï ™ Ì/ïŦp…Þ”®!dS•ì½•
7,ÓmYp…Þ”®!
“ Ningbo Lianjun ”
Ningbo Meishan Bonded Port Area Lianjun Equity Investment Partnership (Limited
Partnership)* ( ¹*
à†­ü¥
L—pƳ¥«†8 (Þ”¥« )), a limited
partnership established under the laws of the PRC
˜¹ * L —™ ¹*
à†­ü¥
L—pƳ¥«†8€Þ”¥«dS
œì½•
7,Ó
mYÞ”¥«†8
“ Nomination Committee ”
the nomination committee of the Board
˜d¤‰p6™ è+6 d¤‰p6
“ online game(s) ”
video game(s) that is/are played over some forms of computer or mobile network
˜c
7 Õ ™ À@”SÌYeØÐÓÚc
ëPY
V…7Õ
7Road Holdings Limited KV } 8
› pÞ “®!
Definitions (continued)
QÈ€ƒ

5
“paying users ”
in any given period, (i) paying users of a particular game refers to all registered
users who charged their accounts for the game with virtual items purchased
from us at least once in such period regardless of whether such virtual items
were consumed by the registered users in such period; and (ii) paying users of a
particular type of game or all of our games refers to the simple sum of the paying
users of each game of such type or all of our games, as applicable, in such period
and a paying user that purchased virtual items for two or more games in such
period is counted as two or more paying users in such period
˜ù
l\Ò™ õ ‚ 8 › ‚
œd(i)TS› 7ÕYù
l\ÒJ8ÔÞ€õl‚
œ«ø£¢
A…
oY
HÝJ܉I7 Õ * Ò= ðÇSãY
W\Òd”
W\Òõ
l‚
œ«JI
ƒÞë
HÝJÜi¿ (ii)TSóè7ÕТAÔÞ7ÕYù

l\ÒJ8õl‚
œ«óè7Õ•¢›7ÕТAÔÞ7Õ€½G\Y
ù
l\ÒY

<qdþS¤€õl‚
œ‰G›Ðøj7Õ…
o
HÝJÜ
Yù
l\Òdõl‚
œ«
Z*‰G¤ÐøjYù
l\ÒQ
“ Prospectus ”
the prospectus issued by the Company dated 29 June 2018
˜Ý p Ý û ™ I®!
ïÚ‚ ‰ ZgS^ˬÜZdXÚY Ý p Ý û
“ Qianhai Huanjing ”
Shenzhen Qianhai Huanjing Network Technology Co., Ltd. ( ­9à ̤c

Ŧޔ®! ), a company established under the laws of the PRC with limited
liability on 12 July 2015
˜Ã Ì ¤ ™ ­9à ̤c
Ŧޔ®!dS
œõZgSžËVÜdZÚ콕
7
, Ó m Y Þ “®!
“ R&D ”
research and development
˜¼ ï™ ¼ú¿
šï
“ Registered Shareholders ”
Mr. Meng Shuqi, Mr. Hu Min, Mr. Liu Jing, Ningbo Bao Pu Xin Sheng Investment
Management Center (Limited Liability Partnership) ( ¹*Î4¥8³M#•
Ð (Þ”¥« )) and Shanghai Ting Can Entity Investment Center (Limited Liability
Partnership) ( j ’ p Æ ³ •Ð (Þ”¥« )), as the shareholders of
Shenzhen 7Road
˜î ¾ p ™ — ã ƒ ‹ [e á
½ ‹ [e h ‹ [e ¹ * Î 4¥ 8 ³ M # • Ð€Þ ” ¥ «
¿ j ’ p Æ ³ • Ð€Þ ” ¥ «d‰ ­ K V } 8 Y p
“ Remuneration Committee ”
the remuneration committee of the Board
˜Z G‰p6™ è+6 Z G‰p6
“ RMB ”
Renminbi, the lawful currency of the PRC
˜[ O Æ™ [ OÆd•
7 , › ¬ Æ
“ RSU Scheme ”
the restricted share unit scheme adopted by our Company on 6 March 2018
˜a ” S p …
Œ™ I®! õZgS^ËgܬÚ
® v Ya “S p …
Œ
“ RSU(s) ”
restricted share units granted pursuant to the RSU Scheme
˜a ” S p …
™ ì ½ a”Sp …
Œ
¬Ya”Sp …

“ senior management ”
the senior management of the Company
˜ ÷ t M # 4™ I®! ÷ tM # 4
ZgZžË Annual Report 2025
Definitions (continued)
QÈ€ƒ

6
“SFO ”
the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as
amended, supplemented or otherwise modified from time to time
˜Ç N ¿ ‚ ¬
â 7™ Ç N ¿ ‚ ¬
â 7€ 0 ¥ , 7 K571݁d¾”ÛLeþÐøIüÙÌL·
“ Share(s) ”
ordinary share(s) of US$0.000005 each in the issued share capital of the Company
˜ p …™ I®!Šï pI•Ê p &=0.000005Õ©Yw· p
“ Shareholder(s) ”
holder(s) of Shares
˜p ™ p … 5 Þ[
“ Shenzhen 7Road ”
Shenzhen 7Road Technology Co., Ltd. ( ­KV}8Ŧޔ®!), a company
established under the laws of the PRC with limited liability on 22 January 2008 and
one of our Consolidated Affiliated Entities
˜ ­ K V } 8™ ­ KV } 8Å ¦ Þ “®!dS
œ õZg g^ËSÜZdZÚì ½•
7 ,
ÓmYÞ”®!¿‰¢AY;Œn¼˜S
“ Shenzhen Qianqi ”
Shenzhen Qianqi Network Technology Co., Ltd. ( ­wƒc
Ŧޔ®
! ), a company established under the laws of the PRC with limited liability on 28
November 2013 and one of our Consolidated Affiliated Entities
˜ ­ w ƒ™ ­w ƒc
Å ¦ Þ “®!dS
œ õZgSgËd SÜZd^Úì ½•
7 ,
ÓmYÞ”®!¿‰¢AY;Œn¼˜S
“ Stock Exchange ”
The Stock Exchange of Hong Kong Limited
˜ L t Ô™ 0 ¥ L ¥tøÔÞ “®!
“ US$ ”
United States dollars, the lawful currency of the United States of America
˜Õ ©™ Õ ©dÕ;
: ¥:
7Y , › ¬ Æ
“ web game(s) ”
game(s) that is/are played in a web browser on a personal computer without
downloading any client base or application
˜c + 7 Õ ™ á
²h1‚ÒLÐÐ\û̯H[eØYc+펜ëPY7Õ
“ % ”
per cent
˜ %™ õ±â
*
For identification purposes only
*
Ã6Æ9˜\
7Road Holdings Limited KV } 8
› pÞ “®!
Definitions (continued)
QÈ€ƒ

7
董事會

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審核委員會
a8µ‹[ €ô ©
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聯 席公司 秘 書
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‰ ‚
Mûë‹[ € Z g Z ž Ë V Ü d Ú Î
‰ ‚
½MŒ‹[ € Z g Z ž Ë S Ü Z d ¬ Ú Î
Ø ‚

u
¼ù‹[ (C PA dFCCA) € Z g Z ž Ë
V Ü d Ú Î Ø ‚
BOARD OF DIRECTORS
Executive Directors
Mr. Meng Shuqi (Chairman)
Mr. Liu Zhizhen (appointed with effect from 26 January 2025)
Mr. Yang Cheng
Mr. Li Zhengquan
(resigned with effect from 26 January 2025)
Independent Non-executive Directors
Mr. Xue Jun
Ms. Li Yiqing
Mr. Lui Chi Ho
AUDIT COMMITTEE
Mr. Xue Jun (Chairman)
Ms. Li Yiqing
Mr. Lui Chi Ho
REMUNERATION COMMITTEE
Ms. Li Yiqing (Chairwoman)
Mr. Xue Jun
Mr. Lui Chi Ho
Mr. Meng Shuqi
NOMINATION COMMITTEE
Mr. Meng Shuqi (Chairman)
Mr. Xue Jun
Ms. Li Yiqing
Mr. Lui Chi Ho
JOINT COMPANY SECRETARIES
Mr. Yang Cheng (appointed with effect from 26 January 2025)
Mr. Cheng Ching Kit (appointed with effect from 10 July 2025)
Mr. Li Zhengquan (resigned with effect from 26 January 2025)
Mr. Cheung Kai Cheong, Willie (CPA, FCCA) (resigned with effect
from 10 July 2025)
Corporate Profile公司 資 料
二零二五年 報 Annual Report 2025

8
AUTHORIZED REPRESENTATIVES
Mr. Meng Shuqi
Mr. Cheng Ching Kit
(appointed with effect from 10 July 2025)
Mr. Cheung Kai Cheong, Willie (CPA, FCCA)
(resigned with effect from 10 July 2025)
AUDITOR
ZHONGHUI ANDA CPA Limited
Certified Public Accountants and
Registered Public Interest Entity Auditor
23/F, Tower 2
Enterprise Square Five
38 Wang Chiu Road
Kowloon Bay, Kowloon
Hong Kong
HONG KONG LEGAL ADVISER
Han Kun Law Offices LLP
Rooms 4301–10, 43/F
Gloucester Tower, The Landmark
15 Queen ’
s Road Central
Hong Kong
COMPANY WEBSITE
www.7road.com
STOCK CODE
797
REGISTERED OFFICE IN
THE CAYMAN ISLANDS
Vistra (Cayman) Limited
P. O. Box 31119, Grand Pavilion
Hibiscus Way, 802 West Bay Road
Grand Cayman, KY1-1205
Cayman Islands
授權代表
—ニ[
Mûë‹[
€ Z g Z ž Ë V Ü d Ú Î
‰ ‚

u
¼ù‹[ (C PA dFCCA) € Z g Z ž Ë
V Ü d Ú Î Ø ‚
核數師
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ÔÞ”®!

B 86ª¿

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0¥
X²X²D
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2 ­ 23 }
香港法律顧問
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43 }4 3 01–10
公司 網 頁
www.7road.com
股份代號
797
開曼群島註冊辦事處
Vistra (Cayman) Limited
P. O. Box 31119, Grand Pavilion
Hibiscus Way, 802 West Bay Road
Grand Cayman, KY1-1205
Cayman Islands
7Road Holdings Limited 第七 大 道 控 股有 限公司
Corporate Profile (continued)
公司資料（續）

9
PRINCIPAL PLACE OF BUSINESS IN
THE PRC
The 27th Floor, Xiangjiang Financial Centre
Nanshan District, Shenzhen
Guangdong Province
PRC
PRINCIPAL PLACE OF BUSINESS IN
HONG KONG
40th Floor, Dah Sing Financial Centre
No. 248 Queen ’
s Road East, Wan Chai
Hong Kong
PRINCIPAL SHARE REGISTRAR AND
TRANSFER OFFICE
Vistra (Cayman) Limited
P. O. Box 31119, Grand Pavilion
Hibiscus Way, 802 West Bay Road
Grand Cayman, KY1-1205
Cayman Islands
HONG KONG SHARE REGISTRAR
Computershare Hong Kong Investor Services Limited
17 M F l o o r
Hopewell Centre
183 Queen ’
s Road East
Wan Chai
Hong Kong
PRINCIPAL BANKS
Bank of China
Shenzhen Qianhai Bay branch
China Merchants Bank
Shanghai Xuhui Binjiang branch
中國主要營業地點
•
7
?²
­9̆

0 ê–D•Ð 27}
香港主要營業地點
0¥
Dú¬§}8 24 8î
}- –D•Ð 40}
主 要 股份過 戶及登 記 處
Vistra (Cayman) Limited
P. O. Box 31119, Grand Pavilion
Hibiscus Way, 802 West Bay Road
Grand Cayman, KY1-1205
Cayman Islands
香港證券登記處
0¥•/ÇNî ¾Þ”®!
0¥
Dú
¬§}8 18 3î
¥q•Ð
17 M }
主要往來銀行
•
7Õ
­Ã DÕ
Ý
Õ
j ±
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二零二五年 報 Annual Report 2025
Corporate Profile (continued)
公司資料（續）

10
CONDENSED CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
For the year ended 31 December
截至十二月三十一日止年度
2025 20242023 2022 2021
二 零二 五年 ZgZ,ËZgZ gËZgZ ZË Z g ZS Ë
(RMB ’
000) (RMB’
000) (RMB’
000) (RMB’
000) (RMB’
000)
（人 民 幣 千 元） €[ O Æ w ©€[ O Æ w ©€[ O Æ w ©€[ O Æ w ©

Revenue × B52 1, 2 9 1306,396 484,946 1 540,630 420,543
Profit/(loss) for the year Ë « P ; J€ f &  35,992 ( 74 ,15 6 )(14 4 , 8 9 4) 279,606 9 7, 9 9 0
Profit/(loss) for the year attributable to owners of the Company I®! ¹Þ[ Ð &Ë«
P ; J€ f &  3 7, 0 2 2(73,453)(146,461) 282,499 94,236

1. Restated.
2. For the year ended 31 December 2025, the total revenue amounted to approximately RMB521.3 million, representing an increase of approximately 70.1%
as compared with the year ended 31 December 2024.
3. For the year ended 31 December 2025, the Company recorded a profit for the year attributable to owners of the Company amounted to approximately RMB37.0
million, as compared to a loss attributable to owners of the Company amounted
to approximately RMB73.5 million for the year ended 31 December 2024,
representing a turnaround from loss to profit year-on-year.
簡明綜合全面收益表

1. ¾ f
2. Ú ZgZžËdZÜgd SÚß Ë d× B <
XÒ‰[OÆ 5 21. 3õ ¬ ©d0 Ú ZgZ , Ë
dZÜgd SÚß Ë # Ò 7 0 .1%f
3. Ú Z g Z ž Ë d Z Ü g d S Ú ß Ë dI ®
!}
{I®!¹Þ[Ð&Ë«P;Ò‰[OÆ
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ßËÆ}
{I®!¹Þ[Ð&f&Ò‰[O
Æ 73.5 õ¬©dâ©f‰®f
Financial Performance Highlights
財務表現摘要
7Road Holdings Limited KV } 8
› pÞ “®!

11
CONDENSED CONSOLIDATED
BALANCE SHEET
As at 31 December
於 十二月三十 一日
2025 20242023 2022 2021
二 零二 五年 ZgZ,ËZgZ gËZgZ ZË Z g ZS Ë
(RMB ’
000) (RMB’
000) (RMB’
000) (RMB’
000) (RMB’
000)
（人 民 幣 千 元） €[ O Æ w ©€[ O Æ w ©€[ O Æ w ©€[ O Æ w ©

Assets *
Non-current assets ¢t
*1, 0 6 9 ,16 31 , 5 4 7, 3 8 5 1, 9 2 8 ,1171, 9 5 5 , 212 1,535,214
Current assets t
*8 3 7, 7 2 82 5 7, 2 3 4 346,256 690,926 473,591

To t a l a s s e t s <*1,906,8911, 8 0 4 , 6192,274,3732,646,138 2,008,805
Equity and liabilities Æ B ¿
À
Total equity <Æ B1,713 , 0 8 91,679,611 1,75 4 , 3 8 8 1, 9 0 0 , 8 47 1, 6 21, 6 8 4

Non-current liabilities ¢ t

À 16 , 8 3111, 2 2 517 0 , 5 0 8 290,464 4 3 ,114
Current liabilities t

À17 6 , 9 7 1113 , 7 8 33 4 9,477 454,827 344,0 07

Total liabilities
À <X193,802125 , 0 0 8519, 9 8 574 5 , 2 9 1 3 8 7,1 2 1
Total equity and liabilities Æ B ¿
À <X1,906,8911, 8 0 4 , 6192,274,3732,646,138 2,008,805
簡明綜合 資 產負債表
二零二五年 報 Annual Report 2025
Financial Performance Highlights (continued)
財務表現摘要（續）

12
On behalf of the Board and the management of 7Road Holdings
Limited, I am pleased to present to you the financial results of the
Group for the year ended 31 December 2025, review our business
development during the year, and discuss the strategies and
prospects of the next year.
RESULTS FOR 2025
In the past 2025, the Company was committed to strengthening our
internal R&D capabilities and and market expansion efforts in games,
focusing on core products, strengthening operation, actively exploring
domestic and overseas markets, striving to bring more high-quality
and interesting gaming experience to players. In 2025, the Company
generated a total revenue of approximately RMB521.3 million,
representing an increase of approximately 70.1% as compared to
the total revenue of approximately RMB306.4 million in 2024. The
Company recorded a profit attributable to owners of the Company of
approximately RMB37.0 million in 2025, representing a turnaround
from loss to profit year-on-year as compared to 2024. In 2025, the
gross profit margin of the Company was 70.8%, and the gross profit
of the Company was RMB369.0 million, with the latter representing
an increase of approximately 73.8% as compared to approximately
RMB212.3 million in 2024.
The increase in revenue and gross profit is primarily due to the strong \
performance of our new game launched in 2025, resulting in a year-
on-year increase in revenue and gross profit.
BUSINESS REVIEW FOR 2025
In terms of our gaming business in 2025, the Company ’
s online
game revenue was approximately RMB521.3 million, as compared
to approximately RMB299.6 million in 2024, representing a year-
on-year increase of approximately 74.0%, of which revenue from
mobile games and web games accounted for 80.7% and 19.3%,
respectively. I[+þŒKV}8
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OUTLOOK FOR 2026
Looking ahead to 2026, the Group will continue to focus on its
two classic IPs, “
DDTank ”
( AA
@ ) and “
Wartune ”
( ZÜ ), remain
user-centric, maintain a global perspective and meticulously develop
game products. At the same time, the Group will closely track
changes in market trends, actively analyze market opportunities,
conduct forward-looking research and assessments, and continue
to promote various self-developed or agency products to seize
market opportunities, gain a first-mover advantage, expand business
boundaries and enhance corporate value.
With overseas platforms beginning to support mini-program
applications at the end of 2025, this change has brought new
opportunities and challenges. Launching mini-program products
that have been successfully published in China into overseas
markets, after giving full consideration to the specific factors of
overseas expansion, is expected to be an optimal strategic choice.
In 2026, the mini-program and app versions of the Company ’
s “
New
DDTank ”
( -AA
@ ) will also be prepared for overseas expansion,
with launches scheduled in various overseas regions at opportune
times to consolidate the Group ’
s dominant position in the “
projectile
gameplay ”
sub-category in overseas regions.
In terms of our new product deployment, the multi-platform product
for the “
DDTank ”
IP, “
DDTank Classic Edition ”
( AA
@¾JH ), has
completed the development of its basic version and an application
for a publication number has been submitted. It is expected
to commence its first testing in China during the summer. The
co-developed “
I’
m MT 5 ”
( ¢# MT5) (formerly the 3D version of “
I’
m
MT ”
( ¢# MT)) has also obtained a publication number and entered
the testing and debugging phase. The new pre-research Wartune
product, code-named “
Wartune Rebirth ”
( ZÜ Rebirth), will undergo
innovative R&D based on the classic world view of the “
Wartune ”
( Z
Ü ) IP, striving for new creations in its art style and gameplay content.\

7Road Holdings Limited 第七 大 道 控 股有 限公司
Chairman
s Statement (continued)
主席致（續）

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In 2026, we will continue to optimize our data analysis capabilities at \
the technical and operational levels to improve the accuracy of user
profiling, thereby achieving more efficient marketing and operational
strategies. We will also continue to deepen the application of AI
technology. While enhancing R&D efficiency and product quality,
we will actively explore the integration of AI with game products to
provide users with a more convenient, high-quality and interesting
gaming experience.
Games create happiness. The Group will continue to deepen the
innovative development and long-term operation of its two core IPs,
“ DDTank ”
( AA
@ ) and “
Wartune ”
( ZÜ ), continuously exploring the
depth and breadth of their brand value and profoundly understanding
the underlying bond of interaction between users and the IPs. At the
same time, we will also actively explore and arrange for multi-style
game categories and build a more diversified and balanced product
matrix, so as to participate in market competition with a more
comprehensive approach and discover potential new growth drivers.
We will continue to provide users with rich and interesting game
content as well as high-quality and immersive gaming experience.
In the field of investment, the Group will adhere to the principles of
prudence and proactivity. Focusing on the Group ’
s development
strategy, we will continue to monitor and, at appropriate times, make
strategic investments in, conduct mergers and acquisitions of, and
pursue business cooperation with high-quality companies or assets
within the pan-Internet industry chain that possess growth potential
and synergistic value, in order to follow market trends and enhance
the overall competitiveness of the Group.
In summary, the Group will focus on the value of its core IPs, seize
new market opportunities, pursue a global presence and refine its
game product portfolio. At the same time, we will control operational
risks, optimize resource allocation, embrace the AI transformation
and enhance our comprehensive capabilities, with a view to creating
more value for shareholders.
Meng Shuqi Chairman
Shenzhen, the PRC, 30 March 2026
ZgZžË Annual Report 2025
Chairman
s Statement (continued)
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16
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Below are the brief profiles of our current Directors and senior
management.
DIRECTORS
The Board currently comprises six Directors, of which three are
executive Directors and three are independent non-executive
Directors. The following table sets forth the information regarding the
Directors:
Name AgePosition Date of Appointment as
Director
姓名 年齡職位 董 事 委 任日期

Executive Directors
執行董事
Mr. Meng Shuqi 48Chairman and executive Director 6 September 2017
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Mr. Liu Zhizhen 43Executive Director
(appointed with effect from
26 January 2025),
chief executive officer 26 January 2025
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Mr. Yang Cheng 49Executive Director, vice president, chief
financial officer and joint company secretary
(appointed as chief financial officer and joint company secretary with effect from 26 January 2025)
29 October 2018
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Mr. Li Zhengquan 49Executive Director, chief financial officer and
joint company secretary
(resigned with
effect from 26 January 2025)
30 April 2019
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獨立非執行董事
Mr. Xue Jun 51Independent non-executive Director 14 December 2018
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Ms. Li Yiqing 53Independent non-executive Director 30 September 2019
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Mr. Lui Chi Ho 53Independent non-executive Director 1 December 2021
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Profiles of Directors and Senior Management
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7Road Holdings Limited 第七 大 道 控 股有 限公司

17
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EXECUTIVE DIRECTORS
Mr. Meng Shuqi , aged 48, is our executive Director and Chairman.
He has been appointed as the Chairman since the Listing Date,
and is responsible for the overall management, strategic planning
and decision-making of our Group. Mr. Meng is also the chairman
of the Nomination Committee and a member of the Remuneration
Committee.
Mr. Meng has more than 18 years of experience in the internet and
gaming industry. Mr. Meng joined Shenzhen 7Road in June 2009. He
had served as the chief operation officer and a director of Shenzhen
7Road since May 2011. He ceased to be the director of Shenzhen
7Road in May 2013 and subsequently retired from his role as the
chief operation officer in February 2014. In August 2015, Mr. Meng
returned to Shenzhen 7Road and has been the director, chairman
of the board and general manager of Shenzhen 7Road since then.
Mr. Meng was also the chief executive officer of the Company from
March 2018 to September 2019.
Mr. Meng is a director of Ben 7Road Holdings Limited, a substantial
shareholder of the Company.
二零二五年 報 Annual Report 2025
Profiles of Directors and Senior Management (continued)
董事及高級管理人員簡（續）

18
Mr. Liu Zhizhen (劉志振), aged 43, joined the Group in September
2019 and was appointed as the chief executive officer of the
Company with effect from March 8, 2024. He was mainly responsible
for managing the Group ’
s R&D. In September 2022, Mr. Liu was
appointed as the vice president of the Company and began
participating in the overall management of the Group. Before and
after joining the Group, Mr. Liu ’
s background in the R&D of games
was extensive with over 20 years of experience. He has served as a
game producer and R&D leader in a number of large and well-known
gaming companies, has led the R&D and team management of
multiple types of gaming projects and achieved excellent performance
results. From April 2005 to July 2006, Mr. Liu was a gaming project
planner at Netstar Square Enix Network Technology (Beijing) Co., Ltd.*
( cK&4þ’54vc
Ŧ (/ )Þ “®! ). From August
2006 to September 2007, Mr. Liu was the chief gaming project planner
and assistant producer at Beijing Guoji Chuanshi Network Technology
Co., Ltd.* ( /
7¦
Âð c
¦ ”Þ “®! ). From November 2007
to September 2011, Mr. Liu was a producer in the gaming division of
Beijing Wuzhou Zongheng Sports Development Co., Ltd.* ( /žr
=Ñ+8ïÞ”®! ), and from September 2011 to August
2019, he was a producer of games at Giant Network Group Co., Ltd.
( 6 [ c

«  p …Þ “®! ), a company listed on the Shenzhen
Stock Exchange (stock code: 002558).
Since September 2007, Mr. Liu has been an external lecturer at the
Academy of Arts & Design of Tsinghua University (
ö
6}ª Õ”ª
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the Art and Technology Innovation Base* ( µ ”~ Å ¦ô-
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Mr. Yang Cheng
, aged 49, is our executive Director, vice president,
chief financial officer and joint company secretary. Mr. Yang has over
23 years of experience in financial management. Mr. Yang managed
the overall financial affairs of Besttone Holding Co., Ltd ( îõ
› p
p …Þ “®! ), a listed company on the Shanghai Stock Exchange
(Stock Code: 600640), for more than 10 years, as the general
manager of the planning and finance department and the chief
financial officer. Mr. Yang obtained a bachelor ’
s degree in Economics
from East China University of Science and Technology (
6 #ˆ
}ª ) in July 2000, and a master ’
s degree in financial management
from the same university in March 2003. Mr. Yang obtained the
qualification of senior accountant in December 2009.
INDEPENDENT NON-EXECUTIVE
DIRECTORS
Mr. Xue Jun , aged 51, is our independent non-executive Director. He
is also the chairman of the Audit Committee and a member of each
of the Remuneration Committee and the Nomination Committee,
respectively. Mr. Xue has over 25 years of experience in auditing
and financial management. Mr. Xue served as an audit manager in
PricewaterhouseCoopers from July 1998 to October 2005. He has
been a partner and the deputy chairman of Shanghai My Whole
Way Certified Public Accountants ( j þ6ª+
Ô) since
October 2005. Mr. Xue obtained his bachelor ’
s degree in Economics
from Shanghai Jiaotong University ( j t · }ª) in June 1998, and
obtained the qualifications of Chinese Certified Public Accountant and
Chartered Financial Analyst in December 2001 and November 2010,
respectively.
二零二五年 報 Annual Report 2025
Profiles of Directors and Senior Management (continued)
董事及高級管理人員簡（續）

20
Ms. Li Yiqing, aged 53, is our independent non-executive Director.
She is also the chairman of the Remuneration Committee, and
a member of each of the Audit Committee and the Nomination
Committee, respectively. Ms. Li has substantial experience in
corporate management and investment. Ms. Li has been the
chairwoman of Hangzhou Li Zi Cultural Technology Co., Ltd. ( ÈP
ַŦޔ®! ) from September 2018; a director of Hangzhou
Shunwang Technology Co., Ltd. ( È
± c Å ¦ p …Þ “®!), a
company whose shares are listed on the Shenzhen Stock Exchange
(Stock Code: 300113) from September 2018 to May 2022, and the
director of Chengdu Hua Qi Yun Technology Co., Ltd. ( ÓÇ
6
®
Ŧޔ®! ) since August 2018. From April 2017 to April 2018,
Ms. Li was the chairwoman of the investment committee of De Qing
Pu Hua Equity Investment Fund Enterprise (Limited Partnership) ( C

öÎ
6pƳ
?–¥«†8( Þ”¥«)). From May 2018 to
March 2020, Ms. Li was the chairperson of the Investment Committee
of Puying Guoshi (Shanghai) Equity Investment Fund Partnership
(Limited Partnership) ( ή
7
V(j ) pƳ
?–¥«†8 (Þ
“¥« )). From September 2012 to September 2015, Ms. Li was the
chairwoman and chief executive officer of Hua Shu Media Holdings
Co., Ltd. (
6 p
Â&
› p p …Þ “®! ), a company whose shares
are listed on the Shenzhen Stock Exchange (Stock Code: 000156),
and was a director and chief executive officer of such company from
September 2015 to March 2017. From December 2009 to November
2015, Ms. Li was the chairwoman and the chief executive officer of
Huashu Media Network Co., Ltd. From July 2001 to December 2009,
Ms. Li was the senior vice president of Hua Shu Digital Television
Media Group Co., Ltd (
6pp¿e
V
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Ms. Li obtained her bachelor ’
s degree in finance from the Zhejiang
University of Finance and Economics ( ê ̾ }ª) (formerly
known as Zhejiang Institution of Finance and Economics ( ê Ì
¾ª ë )) in July 1995 and further obtained her master ’
s degree
in business administration from Zhejiang University ( ê}ª) in
M a r c h 2 0 01.
Mr. Lui Chi Ho , aged 53, is our independent non-executive Director.
He is also a member of each of the Audit Committee, Remuneration
Committee and the Nomination Committee, respectively. Mr. Lui has
extensive experience in advising banking, corporate finance and
cross-border project finance transactions. 勵怡青女士
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董事及高級管理人員簡（續）

21
Mr. Lui is a partner of Ince & Co. and has been qualified as a lawyer
in Hong Kong and England & Wales since July 1999 and May 2004,
respectively. Mr. Lui is also a China Appointed Attesting Officer
appointed by the Ministry of Justice of the PRC. In addition, Mr.
Lui has also been appointed as a member of each of the Solicitors
Disciplinary Tribunal Panel and Fishermen Claims Appeal Board.
SENIOR MANAGEMENT
Mr. Liu Zhizhen, see “—
Executive Directors ”
in this section for details.
Mr. Yang Cheng, see “—
Executive Directors ”
in this section for details.
Mr. Peng Shuo ( 彭碩), 40, is our chief operating officer. A graduate
of Nanjing University, Mr. Peng began his career at Shanghai
Qinhe Internet Co., Ltd.* ( j
Ï q  L c Þ “®! ) as a product
manager, where he participated in the design of the company ’
s
voice-based social products. He later worked at Beijing Feiliu Jiutian
Technology Co., Ltd.* ( /-tXÂŦ®! ) and Shanghai
Black Peach 51 Technology Co., Ltd.* ( j
½ù51Ŧޔ®! )
as a business manager, and was responsible for product acquisition
and channel operations. In 2019, he joined the Group, as the head
of publishing, overseeing the Group ’
s overall operations and market
publishing efforts.
Mr. Yuan Ye ( 袁野), 33, is our vice president. With ten years of experience
in game operations and R&D management, Mr. Yuan specializes in
the incubation, development, and operation of casual and massively
multiplayer online game IP products. He has been responsible for the
management of the Company ’
s core IPs, including “
DDTank ”
( AA
@ )
and “
Wartune ”
( ZÜ ). In 2015, he joined the Group and was responsible
for the overseas game operations of the web game “
DDTank ”
( AA
@ ).
In 2016, he was promoted to operations manager, and deputy director
of operations in 2018. In 2019, Mr. Yuan became the head of studio. In
June 2024, he was appointed as a vice president of the Group, mainly
responsible for managing projects in