Tanwan Inc. — Earnings Release 2025

Jul 21, 2025

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its 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.

ZX Inc. 中旭未来

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 9890)

POSITIVE PROFIT ALERT

This announcement is made by ZX Inc. (the "Company", together with its subsidiaries and Chinese operating entities¹, the "Group") pursuant to Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the inside information provisions of Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The Board (the "Board") of Directors (the "Director(s)") of the Company wishes to inform the shareholders of the Company (the "Shareholders") and potential investors that, based on a preliminary assessment of the latest available unaudited consolidated management accounts of the Group for the six months ended June 30, 2025 (the "Period"), the Group is expected to record a net profit for the Period in the range of approximately RMB600.0 million to RMB700.0 million, as opposed to a net loss of approximately RMB385.0 million for the six months ended June 30, 2024.

The Group achieved a significant increase in net profit compared with a net loss for the same period in the first half of last year, which was mainly attributable to the following factors: (i) an increase in fair value gains on financial assets at fair value through profit or loss in relation to shares of other listed company held by the Group; (ii) during the Period, some of the game product portfolios published and operated entered the maturity stage, and the brand effect reduced the cost of new customer acquisition. Meanwhile, the marketing expense as a percentage of revenue decreased by the automatic generation of promotional materials for game publishing and promotion by AI technology and the optimization of advertising model algorithm, thus driving the growth of profits in the game business; and (iii) revenue from overseas game publishing, which has a higher operating margin, increased.

¹ The PRC Operating Entities refer to the entities controlled by the Group through the Contractual Arrangements, the details of which are set out in the Company’s prospectus dated September 18, 2023.

---

The Company is still in the process of preparing and finalizing the interim results of the Group for the six months ended June 30, 2025. The information contained in this announcement is only based on management's preliminary assessment of the unaudited consolidated management accounts of the Group and the information currently available, which are subject to finalization and other potential adjustments, if any, and have not been reviewed or audited by the Company's auditor nor the audit committee of the Company and may therefore subject to changes.

Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company.

By order of the Board

ZX Inc.

Mr. WU Xubo

Chairman of the Board and Executive Director

Guangzhou, the PRC, July 21, 2025

As at the date of this announcement, the Board comprises Mr. WU Xubo and Ms. WU Xuan as executive Directors; and Ms. SONG Siyun, Mr. QIN Yongde and Ms. ZHENG Yi as independent non-executive Directors.

• 2 -