Glacier Network: Expected profit of 436 million to 516 million yuan in 2025, turning losses into profits on a year-on-year basis.

Glacier Network disclosed its performance forecast on January 29, expecting a net profit attributable to shareholders of 4.36 billion to 5.16 billion yuan in 2025, a turnaround from a loss to a profit compared to a loss of 2.47 billion yuan in the same period last year. In the first three quarters of 2025, the company's sales expenses decreased significantly compared to the same period last year. In the fourth quarter of 2025, the company's new product "X-Clash" was simultaneously launched in multiple countries overseas, leading to an increase in sales expenses compared to the previous quarter. It is estimated that the non-recurring gains and losses for the whole year will be approximately 57 million yuan, mainly from government subsidies and deposit and investment income.