Letter to Shareholders

In 2025, consolidated revenue totaled NT$8.87 billion, representing a 20% YoY decline. Net loss attributable to owners of the parent amounted to NT$269 million, with a loss per share of NT$1.53. The revenue decline was mainly due to the impact of competing products on core games and a high comparison base set by the major game expansion launched in 2024 and the revenue from Gash subsidiary recognized in the first half of the year. The net loss was impacted not only by a lower contribution from core game titles but also by continued investment in high-technology innovation initiatives and in-house game development. Full-year R&D expenses increased 21% YoY as the Group focused on strengthening its future product pipeline and technological capabilities. In addition, a one-time asset impairment was recognized in the fourth quarter to prudently reassess asset values, further reinforcing the Group's financial structure.

The Group has actively advanced product innovation and resource optimization. Since launching major update campaigns at the end of last year, core player engagement has shown meaningful improvement, with key operating indicators gradually stabilizing and laying a solid foundation for renewed growth momentum. The Group will continue to introduce new game titles while accelerating the commercialization of AI core technologies and expanding diversified business models to build a more resilient and growth-oriented operating structure.

Marking its 30th anniversary in 2025, Gamania continued to strengthen its technological foundation amid the digital transformation of the entertainment industry. With AI, big data, and platform capabilities at its core, the Group steadily enhanced technological expertise and broadened application scenarios across its diversified business portfolio. The gaming segment continued to demonstrate long-term IP value. MapleStory and Mabinogi celebrated 20 years of localized operations, leveraging crossovers with international animation IPs and offline experiential events to generate renewed market attention. Lineage REMASTERED launched its 25th anniversary summer campaign, driving strong core player engagement. Newly launched title Tree of Savior M debuted in Taiwan, Hong Kong, and Macau with promotional support from a popular pet influencer, boosting brand visibility. Meanwhile, Wars of Prasia, Lineage M, and Dragon Nest rolled out class optimizations and version updates, further reinforcing player retention.

Global digital transformation has significantly increased demand for AI and cloud cybersecurity services. Vyin AI continued advancing controllable generative AI commercialization, collaborating with well-known hospitality groups and robotics brands to deploy AI solutions in real-world operational scenarios. gamania CloudForce deepened its cloud infrastructure and cybersecurity capabilities, delivering differentiated solutions and achieving over 20% growth in its enterprise services segment. Within the broader entertainment ecosystem, the Group integrated proprietary IP with technological strengths, co-launching an AI virtual idol program with Pili International Multimedia, expanding the commercial potential of virtual talent technology. The MOJOIN comics and fiction platform partnered with trending games, leading YouTubers, and award-winning artists, generating over 20 million cumulative views and receiving international recognition. Meanwhile, hidol, centered on record-based social interaction, integrated AI voice and behavioral analytics to transform user interactions into personal digital assets and build a record-centric value chain.

Aligned with global sustainability standards, Gamania was selected for the S&P Global Sustainability Yearbook for the second consecutive year, ranking 3rd globally in the Interactive Media, Services & Home Entertainment industry, and remaining the only Taiwanese gaming company to achieve consecutive inclusion. The Group further strengthened global investor engagement, receiving four international awards from two leading IR organizations — IR Impact and IR Society — enhancing its visibility in domestic and international capital markets.

Looking ahead to 2026, Gamania will leverage its dual-engine strategy of technological innovation and flagship IP portfolio to strengthen core competitiveness and advance toward becoming a full-ecosystem technology enterprise. In gaming, accumulated R&D capabilities will accelerate the launch of multiple in-house titles, enhancing operational resilience. MapleStory will debut major global-first job updates and sixth-job skills, driving new growth momentum alongside Lineage REMASTERED, Tree of Savior M, and Lineage M. Vyin AI will continue advancing its AI brain integration for robotic platforms, combining voice interaction and recommendation modules to enhance commercial applications in retail and service environments. The Group will participate in major global technology exhibitions to showcase integrated AI robotics demonstrations and expand international visibility. Gamania Original will expand AI virtual idol collaborations across industries, redefining the application boundaries of virtual talent technology and amplifying the commercial value chain created through IP content and AI integration. In enterprise services, gamania CloudForce will expand into vertical industries such as healthcare, broadening service boundaries and strengthening the Group's diversified and stable growth trajectory.

In the face of a challenging macroeconomic environment, Gamania has never stopped moving forward. We sincerely thank our shareholders for their continued trust and support. Committed to sustainable operations, we will advance steadily with solid operational capabilities, striving to deliver a more resilient and diversified growth trajectory and share the results of our business with all shareholders.

I wish you
The best in all your endeavors and happiness and well-being of you and your loved ones!

Chairman and President
Liu, Po-Yuan