A：In the era of generative AI, the traditional copy and cut piracy mode has changed. Now piracy can be generated by AI, involving the protection of intellectual property rights at the element level, such as characters and sounds, which makes the protection work from a simple copy level to a deeper level. For example, a video may be generated with countless element assets, which brings new challenges to enterprises engaged in copyright protection.

A：The application of AI technology, especially multimodal AI, in the entertainment industry is a key point, which not only brings new ideas and possibilities, but also raises copyright issues. To solve the copyright problem and make the industry generate revenue, we need to find a compromise solution, that is, to use the latest technology such as AIGC to generate content under the premise of respecting intellectual property rights, which will bring great positive promotion to the whole industry. In the AI era, by changing the production end, small and medium-sized creators can create high-quality content more efficiently, which is an upgrading and subversion of the industrial chain. For example, AI can simulate real scenes and effects, greatly reducing the cost and risk of physical shooting, while greatly improving content production efficiency and quality. In addition, the massive content produced at low cost can find a suitable business model in the Internet ecology through new distribution channels and effect-based distribution mechanisms, which has brought great changes to the industry.

A：AI technology is having a profound impact on the content industry, breaking the traditional business model and making a new content industry ecosystem based on trusted data measurement possible. Through AI-enabled production, it is possible to achieve high returns on low-cost inputs, breaking the previous model of having to invest on a large scale to make a profit. In addition, the combination of AI technology and blockchain and RWA technology provides significant opportunities for creators to realize their creative works quickly and form an economic cycle of continuous creation.

A：max platform is a platform designed to solve copyright issues and promote the confirmation, registration, automatic distribution and realization of creative assets. Through this platform, users can use blockchain technology to automatically issue and trade property rights in the form of tokens, thus realizing the liquidity of intellectual property rights and solving the problem of realizing massive innovative content.

A：The core of copyright operation is to master a large number of copyright libraries. For example, Warner Exploration is competed by major film and television companies, and its value can reach hundreds of billions of dollars. The application of AI, blockchain and other technologies has changed this situation, allowing creators to directly benefit from creative content, forming a positive economic cycle. For example, through new trading platforms (such as the RW trading platform based on blockchain technology), a large number of sleeping assets can be awakened and activated, allowing the free circulation of the creator's assets and promoting the development of the fan economy, thus realizing the awakening and explosion of the creative economy.

A：The company has made significant progress in music rights management and services, especially with the introduction of a vertical model in 2025 that accurately determines whether music content is generated by AI, and has commercialized it with multiple music playback platforms and publishers. At the same time, through the acquisition of Pax music assets to expand the multi-modal field of power, as well as in the AI music generation model traceability breakthrough, for music copyright management to provide strong support. In addition, the company has also made a major breakthrough in the service of micro-short series slow drama, becoming a large-scale service provider of the domestic head platform, effectively reducing the cost of copyright monitoring for customers, and successfully helping to AI the commercial application of slow drama in the domestic market and the global demand for copyright protection.

A：In 2025, the company has fully integrated ecological-level cooperation with several major platforms such as byte series (including red fruit skits, soda music and other products), Tencent, Aliyun, and Fast Hand. In cooperation with the byte system platform, the company has formed in-depth cooperation in a number of content categories such as music, short dramas, such as soda music month active users close to 0.1 billion. At the same time, it is also actively involved in the content creation of tremolo and tomato novels, and the pace of cooperation continues to accelerate, and more projects are in progress.

A：As the most important service partner for NBA copyright in China, the company provides a full range of copyright services from live broadcast to fragmented dissemination, covering a wide range of areas such as drama skits and content going to sea.

A：The company maintains in-depth cooperation with Ali and Ant Group, especially in the AI and cloud computing scenarios, the two sides have carried out substantial business cooperation in the model layer and computing power layer, and specific progress will be reported in due course.

A：In 2025, the company provides fast hands with music, micro-drama, variety content and a large number of star live broadcast of comprehensive in-depth services. In terms of data on AI asset types, the ending value of active assets as of Q3 2025 was 4.69 million, of which 9.2 per cent were related to AI production; by 31 December 2025, the number of active assets reached 4.86 million, an increase of 3.6 per cent. In the current litigation environment, the company found that a large number of content using customer IP has been temporarily shelved. If calculated according to the original judgment standard, this part of content could have generated good revenue on the platform. If this part of assets is included, as of December 31, 2025, the number of active assets can reach 5.2 million, and the proportion of AI content will reach 17%.

A：Through its accumulated element-level management capabilities, the company has implemented copyright asset management and realization services on platforms such as YouTube, and has launched a dataset service capability to monitor and capture the use of AI in the creative process, and to showcase daily new views and estimated revenue streams through the Max platform.

A：Make platform from the initial natural language generation content, to the development of raw maps, raw video, and access to intelligent body technology, to achieve model aggregation, to serve professional creators. The platform has been used by North American universities such as Friedel University for content production competitions and course sales. In addition, the company is committed to contributing to the determination of rights and copyright management by cooperating with copyright owners, using large model technology and intelligent body technology, in order to promote the wider application of AI tools in the field of content creation.

A：Under the framework of cooperation at that time, we did provide certain services for Disney. However, the impact of this termination on our Group is limited as the value added component of the AI does not account for a significant proportion of the overall partnership. We have been providing technical support services to Disney, including monitoring content usage in online datasets. Because Disney's attempts at AI were very modest and not applied on a large scale, the partnership had little material impact on our business.

A：We work with domestic partners such as Red Fruit, Tencent, Ali and Fast Hand to adopt SaaS subscription mode, mainly to find infringement off the shelf, but also to provide value-added services and share. The revenue generated by AI active assets corresponds to our value-added services, I .e. when AI active assets can generate revenue and obtain copyright claims, we believe that these assets are effective.

A：As of the end of February, the 1.6 billion zero interest conversion progress is small. In terms of the progress of the use of funds, according to the purpose of last year, the current use is good, but the specific data are not detailed in the dialogue. In terms of overseas technology investment, there is no clear answer as to whether there is a similar downward revision clause with A- share convertible bonds.

A：The sources of technology are diverse, but not detailed in the dialogue. It is mentioned that Disney attaches great importance to technology and has a history of accumulating innovative technologies through mergers and acquisitions and technical cooperation.

A：Disney has a high degree of recognition of AI technology. Although the Hollywood industry has a cautious attitude towards AI, within Disney, senior executives such as Bob Iger attach great importance to the revolutionary impact of AI technology on the industry. Although there is a three-year agreement not to touch AI, with the change of senior management and technological development, Disney's attitude has changed and it has tried to cooperate with AI in a limited way.

A：AI-generated content can increase the activity and liquidity of effective assets, increase viewing, and thus increase overall revenue. Although the traditional business is still dominant due to certain factors in the near future, in the long run, changes in the environment of AI enabling creation and digital entertainment industry will bring great opportunities, especially the higher acceptance of AI technology by small and medium-sized independent producers, which may promote the rapid development of AI active assets.

A：We have invested heavily in AI technology, especially in large models and recognition technology. This is because AI technology plays an important role in content generation and solving complex problems. Just like the relationship between missiles and supersonic interceptors, the wide application of AI technology has prompted us to continue to increase research and investment in this field.

A：There are currently some conversions of convertible bonds in the early 1.5 billion s remaining. In fact, on the books, our cash reserves have been reduced to about 0.3 billion, and while operations remain benign, we can solve the funding problem even without financing, and there is no serious debt pressure.

A：Yes, compared with China, Hong Kong and other places are more flexible in terms of price adjustment of convertible bonds. We can respond to market changes by issuing new convertible bonds or implementing strategic investment and issuance of shares, with various financing channels.

A：Q4 We have encountered some phased setbacks in revenue, mainly because the part that focuses on large customers and large copyright owners cannot be realized for the time being and is put into the observation pool, which has a direct impact on our revenue. However, this situation is phased, not a trend decline, and growth is expected to resume after the first quarter.

A：We have completed the technical development of the RW platform, but as a Hong Kong listed company is subject to relevant regulatory rules, the first asset to be launched must be approved by the Hong Kong regulator. Although the waiting process may be slightly delayed, we believe that ensuring compliance is a very important first step. This will lay a solid foundation for the opening of subsequent platform applications, and we expect to see actual progress in the first half of the year. The Dream Maker platform has begun to be put into use and has been applied in overseas fields such as universities. Although the revenue has not yet reached a large scale, the platform has been launched and accepted by the market.

A：Based on the current synchronization of business and financial indicators, we expect to maintain the growth trend of 2025 for the whole year of 2026, which is based on the judgment of the certainty of the core business. In addition, the music part is expected to realize large-scale income in 2026. The litigation between the AI model and large copyright owners is expected to be promoted efficiently and reach the landing of rules, thus accelerating the conversion of assets in the waiting pool into income. IWA, as an innovative content realization channel, although it may not bring about a huge increase in revenue and cost in the initial stage, it is of great significance to empower the distribution side of small and medium-sized content in the AI era. Combining the above three points, we are confident of bringing additional surprises to investors in 2026.