Tianzhi Hang: Net loss of 184 million yuan in 2025.

Tianzhihang released its performance report, achieving a total operating income of 283 million yuan in 2025, a year-on-year increase of 58.38%. The net loss was 184 million yuan, compared to a loss of 121 million yuan in the same period last year. The main reasons are: investment income decreased significantly compared to the same period last year; stock payment expenses increased significantly compared to the same period last year due to the implementation of restricted stock incentive plans; and deferred income tax expenses related to the reversal of previously recognized losses from prior years, resulting in an increase in income tax expenses compared to the same period last year.