Earnings release
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– 1 – 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. XD Inc. ʮ̡ (Incorporated in the Cayman Islands with limited liability) (Stock code: 2400) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2026 The Board is pleased to announce the unaudited consolidated interim results of the Group for the six months ended June 30, 2026. The results have been reviewed by the Auditor in accordance with International Standard on Review Engagements 2410 “Review of interim financial information performed by the independent auditor of the entity” issued by the International Auditing and Assurance Standards Board, and by the Audit Committee. FINANCIAL HIGHLIGHTS For the six months ended June 30, 2026 2025 Change (RMB’000) (RMB’000) % (Unaudited) (Unaudited) Revenue 3,312,235 3,081,986 7.5 Gross profit 2,329,285 2,252,758 3.4 Profit for the period 724,312 810,596 -10.6 Profit attributable to equity holders of the Company 714,297 754,856 -5.4 Adjusted profit for the period* 783,510 852,855 -8.1 Adjusted profit attributable to equity holders of the Company* 771,984 795,650 -3.0 * To supplement our consolidated financial statements which are presented in accordance with IFRS Accounting Standards, we also use adjusted profit for the period and adjusted profit attributable to equity holders of the Company as additional financial measures to evaluate our financial performance by eliminating the impact of fair value changes on long-term investments measured at fair value through profit or loss, and share-based compensation expenses. See “Non-IFRS Accounting Standards Measures” for details.
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– 2 – KEY OPERATING INFORMATION For the six months ended June 30, 2026 2025 Change (in thousands) (in thousands) % Online Games Average MAUs(1) 12,548 11,409 10.0 Average MPUs(2) 1,440 1,322 8.9 TapTap Average App MAUs in TapTap PRC 45,397 43,625 4.1 Average App MAUs in TapTap International 3,115 5,020 -37.9 (1) Our average MAUs for online games are calculated by dividing the aggregate of the total MAUs of each online game for the respective period by the number of months of that period. (2) Our average MPUs for online games are calculated by dividing the aggregate of the total MPUs of each online game for the respective period by the number of months of that period.
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– 3 – MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW AND OUTLOOK Since the beginning of 2026, we have been applying AI across our research and development and operational activities to improve efficiency, piloting AI-native products and exploring organizational transformation for the AI era. In January 2026, we commenced the invitation-only testing of TapTap Maker, an AI game creation agent. To date, users have used the agent to develop and publish more than 6,000 games on TapTap. After the Reporting Period, in July 2026, we open-sourced Cindy, an AI agent for office work previously used internally, with the aim of helping more enterprises deploy AI tools efficiently in their daily operations. During the first half of 2026, our revenues increased while net profit decreased. In the games business, Heartopia (ːਗʃᕄ) gained popularity following its global launch, while Torchlight: Infinite (ࠢcontinued to perform steadily, together driving an 11.9% period-over-period increase in our game revenue. In the platform business, the user base and revenue of the TapTap PRC App remained stable, while TapTap PC continued to grow. The following is an overview of our major products and services: Our Games As at June 30, 2026, our existing game portfolio consisted of 23 online games and 52 premium games. Online Games For the first half of 2026, the average MAUs of our online games increased by 10.0% period-over-period, while the average MPUs increased by 8.9% period-over-period. This growth was primarily attributable to the launch of Heartopia in multiple overseas countries and regions and its popularity among gamers. This increase was partially offset by declines in user metrics of certain existing games. For the six months ended June 30, 2026, Heartopia (ːਗʃᕄ), Torchlight: Infinite (ࠢBlue Protocol: Star Resonance ( ჼ), Etheria: Restart (ͺ) and Sausage Man (࿁) were our top five games in terms of revenue contribution. The following is an overview of certain major existing games: — Heartopia (ːਗʃᕄ): This self-developed life simulation game was launched in Chinese Mainland in July 2024 and in multiple countries and regions globally in January 2026. Currently, its user base has decreased from the initial launch period in the respective markets. We seek to achieve sustained success for the game by providing gamers with higher-quality content updates.
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– 4 – — Torchlight: Infinite (ࠢ:)This self-developed loot-based action role-playing game was launched in markets outside Chinese Mainland in October 2022 and in Chinese Mainland in May 2023. At the end of 2025, we acquired the intellectual property rights of the Torchlight series games and related intangible assets. In the future, we hope to attract more gamers through more engaging seasonal updates and further expand the influence of the Torchlight IP. — Blue Protocol: Star Resonance (ჼ): This is a massively multiplayer online role-playing game (MMORPG) developed by a third-party developer and published by us. The game was launched in Japan and South Korea in December 2025 and is currently operating steadily. Games in Development We regard our self-developed games as one of the cornerstones of our growth, and have made large-scale investments in game research and development. As at June 30, 2026, we had three online games under development. In addition, we had several new games in the pre-development stage, which may be initiated depending on project progress. Premium Games Premium games are a distinctive component of our business, meeting users’ demand for high-quality pay-to-play games and adding diversity to the TapTap ecosystem. In the first half of 2026, revenue from premium games increased by 30.9% period-over-period, primarily due to the contribution from the mobile version of Dave the Diver (Ꮦ˃) following its launch. The mobile version of Dave the Diver (Ꮦ˃) offers progress synchronization with the TapTap PC version, allowing gamers to continue their gaming experience more flexibly across devices. We also plan to enable progress synchronization between the TapTap PC and mobile versions for more games, further enriching the content ecosystem of TapTap across different devices. TapTap TapTap is our key competitiveness and one of the cornerstones of our growth. Our game development and publishing businesses provide TapTap with high-quality exclusive content, which drives user growth of TapTap. TapTap leverages its product and operational advantages to retain users and generate revenue, which in turn supports content creation by first-party and third-party game developers, generating more high-quality content and further driving TapTap’s growth.
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– 5 – TapTap PRC For the six months ended June 30, 2026, the average App MAUs of TapTap PRC were 45.4 million, representing an increase of 4.1% on a period-over-period basis. In April 2025, we officially released TapTap PC, which allows users to download and launch PC games. After more than one year of development, TapTap PC has entered into deep cooperation with numerous game developers and publishers, enriching its game ecosystem, while its user base has continued to grow. In January 2026, we commenced the invitation-only testing of TapTap Maker, with the aim of creating a zero-barrier AI game creation agent for game enthusiasts. To date, more than 6,000 games have been developed using the agent and published on TapTap. TapTap International For the six months ended June 30, 2026, the average App MAUs of TapTap International were 3.1 million, representing a decrease of 37.9% on a period-over-period basis. We have not yet monetized TapTap International. Our international team continues to explore opportunities for long-term growth with relatively limited resource allocation. FINANCIAL REVIEW Revenue Our revenues are mainly derived from (i) games, the principal operating business where we generate revenue primarily from sales of in-game virtual items in online games and sales of premium games through third-party and our proprietary distribution platforms; and (ii) TapTap platform, where we generate revenue primarily from providing online marketing services on TapTap. The following table sets forth our revenues by line of business for the six months ended June 30, 2026 and 2025. For the six months ended June 30, 2026 2025 Amount % of revenue Amount % of revenue (Unaudited) (RMB in thousands, except for percentages) Games 2,317,903 70.0 2,071,260 67.2 Game operating 2,282,350 68.9 2,045,113 66.4 Online games 2,199,821 66.4 1,982,085 64.4 Premium games 82,529 2.5 63,028 2.0 Others 35,553 1.1 26,147 0.8 TapTap platform 994,332 30.0 1,010,726 32.8 Total revenue 3,312,235 100.0 3,081,986 100.0
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– 6 – Games Our revenues from game business increased by 11.9% to RMB2,317.9 million for the six months ended June 30, 2026 on a period-over-period basis. In particular, — Our revenues from online games increased by 11.0% to RMB2,199.8 million for the six months ended June 30, 2026 on a period-over-period basis, primarily due to the increases in revenue from our self-developed games Heartopia (ːਗʃᕄ) and Torchlight: Infinite (ࠢcoupled with the new launch of Blue Protocol: Star Resonance (ჼ) in December 2025. This increase was partially offset by the decreases in revenue from certain of our existing games. — Our revenues from premium games increased by 30.9% to RMB82.5 million for the six months ended June 30, 2026 on a period-over-period basis, primarily due to the increase in revenue from Dave the Diver (Ꮦ˃). This increase was partially offset by the decrease in revenue from certain of our existing premium games. The following table sets forth a breakdown of our game operating revenue by revenue recognition method for the six months ended June 30, 2026 and 2025. For the six months ended June 30, 2026 2025 Amount % Amount % (Unaudited) (RMB in thousands, except for percentages) Revenue recognized on a gross basis 2,168,245 95.0 1,760,461 86.1 Revenue recognized on a net basis 114,105 5.0 284,652 13.9 Total game operating revenue 2,282,350 100.0 2,045,113 100.0 Our game operating revenue recognized on a gross basis increased by 23.2% to RMB2,168.2 million for the six months ended June 30, 2026 on a period-over-period basis, primarily due to the increases in revenue from Heartopia (ːਗʃᕄ), Torchlight: Infinite (ʘΈj ࠢand Blue Protocol: Star Resonance (ჼ). This increase was partially offset by the decreases in revenue from certain existing games, such as GoGo Muffin (ځ and Sword of Convallaria (ཕᚆʘᄏ). Our game operating revenue recognized on a net basis decreased by 59.9% to RMB114.1 million for the six months ended June 30, 2026 on a period-over-period basis, primarily due to the decrease in revenue from Ragnarok M: Classic (̀ྤෂႭM：in overseas markets.
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– 7 – TapTap platform Our revenues from TapTap platform business slightly decreased by 1.6% to RMB994.3 million for the six months ended June 30, 2026 on a period-over-period basis. The decrease in revenues was primarily attributable to the decrease in other revenue from the TapTap platform business, while online marketing service revenue remained broadly stable at RMB972.3 million. We have not yet monetized TapTap International. Cost of Revenues Our cost of revenues increased by 18.5% to RMB983.0 million for the six months ended June 30, 2026 on a period-over-period basis. The following table sets forth our cost of revenues by line of business for the six months ended June 30, 2026 and 2025. For the six months ended June 30, 2026 2025 Amount % of segment revenue Amount % of segment revenue (Unaudited) (RMB in thousands, except for percentages) Games 835,161 36.0 663,812 32.0 TapTap platform 147,789 14.9 165,416 16.4 Total 982,950 29.7 829,228 26.9 Our cost of revenues for game business primarily consists of commissions charged by distribution platforms and payment channels where we act as a principal, sharing of proceeds to game developers, cloud service, bandwidth and server custody fees and employee benefit expenses. Our cost of revenues for TapTap platform business primarily consists of cloud service, bandwidth and server custody fees and employee benefit expenses. Our cost of revenues for game business increased by 25.8% to RMB835.2 million for the six months ended June 30, 2026 on a period-over-period basis, primarily attributable to (i) higher distribution platform and payment channel commissions and cloud service, bandwidth and server custody fees, relating to the overseas operation of Heartopia (ːਗ ʃᕄ) and Blue Protocol: Star Resonance (ჼ); and (ii) higher intangible assets amortization costs, relating to the acquisition of the IP rights of the Torchlight series games in December 2025. These increases were partially offset by lower sharing of proceeds to game developers.
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– 8 – Our cost of revenues for TapTap platform business decreased by 10.7% to RMB147.8 million for the six months ended June 30, 2026 on a period-over-period basis, primarily attributable to lower employee benefit expenses and certain other operating costs, partially offset by higher cloud service, bandwidth and server custody fees related to our advertising algorithm system. Gross Profit and Gross Margin As a result of the foregoing, our gross profit increased by 3.4% to RMB2,329.3 million for the six months ended June 30, 2026 on a period-over-period basis. Our gross margin was 70.3% for the six months ended June 30, 2026, which was lower than the gross margin of 73.1% for the six months ended June 30, 2025. The decrease was primarily due to a decrease in the gross margin of the game segment from 68.0% to 64.0%, reflecting a higher proportion of game operating revenue recognized on a gross basis and increased distribution commissions and related operating costs. This was partially offset by an improvement in the gross margin of the TapTap platform segment from 83.6% to 85.1%. Selling and Marketing Expenses Our selling and marketing expenses primarily consist of (i) promotion and advertising expenses paid to external advertising agencies and professional information dissemination companies; and (ii) employee benefit expenses relating to our selling and marketing personnel. Our selling and marketing expenses increased by 3.4% to RMB769.5 million for the six months ended June 30, 2026 on a period-over-period basis, which was primarily attributable to higher promotion and advertising expenses, in line with our revenue growth, partially offset by lower performance-based compensation for our selling and marketing personnel. Research and Development Expenses Our research and development expenses primarily consist of (i) employee benefit expenses relating to our research and development employees; and (ii) professional and technical services fees including art design and technical support for our games. Our research and development expenses increased by 16.5% to RMB639.2 million for the six months ended June 30, 2026 on a period-over-period basis. This was primarily due to increases in AI-related computing costs and professional and technical service fees, as we continued to invest in TapTap Maker and other AI agents and tools. The number of our research and development personnel was 1,093 as at June 30, 2026, compared with 1,106 as at December 31, 2025 and 1,033 as at June 30, 2025.
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– 9 – General and Administrative Expenses Our general and administrative expenses primarily consist of (i) employee benefit expenses relating to our administrative employees; (ii) professional and technical services fees, such as fees paid to audit and law firms; (iii) office expenses incurred in the ordinary course of business; and (iv) depreciation of property, plant and equipment and right-of-use assets in connection with our office space in Shanghai. Our general and administrative expenses increased by 9.7% to RMB138.2 million for the six months ended June 30, 2026 on a period-over-period basis, mainly due to an increase in tax surcharges and partially offset by lower performance-based compensation for our general and administrative personnel. Other Gains, Net Our other gains, net primarily consist of net foreign exchange gains and fair value changes of wealth management products issued by commercial banks. We recorded other gains, net, of RMB6.7 million for the six months ended June 30, 2026, compared to other gains, net, of RMB13.6 million for the corresponding period in 2025. This was primarily due to lower foreign exchange gains. Income Tax Expenses We recorded income tax expenses of RMB140.0 million for the six months ended June 30, 2026, compared to income tax expenses of RMB70.1 million for the corresponding period in 2025. Current income tax expenses amounted to RMB205.8 million, partially offset by deferred income tax credits of RMB65.8 million. Profit for the Period As a result of the foregoing, our profit for the period was RMB724.3 million for the six months ended June 30, 2026, compared with a net profit of RMB810.6 million for the six months ended June 30, 2025.
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– 10 – Profit for the Period Attributable to Equity Holders of the Company Our net profit for the period attributable to equity holders of the Company was RMB714.3 million for the six months ended June 30, 2026, compared to RMB754.9 million for the corresponding period of 2025. Our net profit for the period attributable to non-controlling interests was RMB10.0 million, primarily derived from the non-controlling interests in those entities operating our TapTap platform and AI-driven marketing platform. Other Financial Information The following table reconciles our operating profit to our EBITDA and adjusted EBITDA for the periods presented: For the six months ended June 30, 2026 2025 (RMB’000) (RMB’000) (Unaudited) (Unaudited) Operating profit 846,119 861,361 Adjustments Other income (54,246) (17,187) Other gains, net (6,673) (13,603) Depreciation of property, plant and equipment and right-of-use assets 25,965 26,098 Amortization of intangible assets 51,570 18,053 EBITDA 862,735 874,722 Share-based compensation expenses 59,198 42,259 Adjusted EBITDA 921,933 916,981
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– 11 – Non-IFRS Accounting Standards Measures To supplement our consolidated financial information which is presented in accordance with IFRS Accounting Standards, we set forth below our adjusted profit for the period and adjusted profit attributable to equity holders of the Company as additional financial measures which are not presented in accordance with IFRS Accounting Standards. We believe these non-IFRS Accounting Standards financial measures provide investors with useful supplementary information to assess the performance of the Group’s core operations by excluding certain items, namely (i) fair value changes on long-term investments measured at fair value through profit or loss; and (ii) share-based compensation expenses. The following table reconciles our adjusted profit for the period and adjusted profit attributable to equity holders of the Company to the most directly comparable financial measure calculated and presented in accordance with IFRS Accounting Standards: For the six months ended June 30, 2026 2025 (RMB’000) (RMB’000) (Unaudited) (Unaudited) Profit for the period 724,312 810,596 Add: Fair value changes on long-term investments measured at fair value through profit or loss — — Share-based compensation expenses 59,198 42,259 Less: Income tax effects — — Adjusted profit for the period 783,510 852,855 For the six months ended June 30, 2026 2025 (RMB’000) (RMB’000) (Unaudited) (Unaudited) Profit attributable to equity holders of the Company 714,297 754,856 Add: Fair value changes on long-term investments measured at fair value through profit or loss — — Share-based compensation expenses 57,687 40,794 Less: Income tax effects — — Adjusted profit attributable to equity holders of the Company 771,984 795,650
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– 12 – These unaudited non-IFRS Accounting Standards financial measures should be considered in addition to, not as a substitute for, measures of the Group’s financial performance prepared in accordance with IFRS Accounting Standards. In addition, these non-IFRS Accounting Standards financial measures may be defined differently from similar terms used by other companies. Liquidity and Capital Resources Our cash positions and short-term investments as at June 30, 2026 and December 31, 2025 are as follows: As at June 30, 2026 As at December 31, 2025 (RMB’000) (RMB’000) (Unaudited) (Audited) Cash and cash equivalents 3,778,775 3,689,375 Short-term investments — Term deposits with initial terms over three months 22,000 — — Wealth management products 96,672 81,033 3,897,447 3,770,408 As at June 30, 2026, our short-term investments mainly consisted of wealth management products issued by large reputable commercial banks. These wealth management products invest principally in low-risk and liquid fixed-income instruments that are quoted on the interbank market or exchanges in China. The returns of such wealth management products are not guaranteed or protected by the issuing banks. The increase in our cash positions and short-term investments was primarily due to the net cash flows generated from operating activities of RMB711.9 million for the six months ended June 30, 2026, and partially offset by cash payments for share repurchases of RMB512.0 million, and cash payments for long-term investments and equity investments of RMB32.4 million. As at June 30, 2026, we did not have any borrowings or unutilized banking facilities. Gearing Ratio Our gearing ratio was 22.5% as at June 30, 2026, which remained relatively stable when compared with 22.5% as at December 31, 2025. The gearing ratio was calculated as total liabilities divided by total assets multiplied by 100%.
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– 13 – CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2026 Six months ended 30 June 2026 2025 Notes RMB’000 RMB’000 (Unaudited) (Unaudited) Revenues 4 3,312,235 3,081,986 Cost of revenues 4, 5 (982,950) (829,228) Gross profit 2,329,285 2,252,758 Selling and marketing expenses 5 (769,500) (743,857) Research and development expenses 5 (639,233) (548,871) General and administrative expenses 5 (138,210) (125,983) Net impairment reversal/(losses) on financial assets 5 2,858 (3,476) Other income 6 54,246 17,187 Other gains, net 7 6,673 13,603 Operating profit 846,119 861,361 Finance income 19,037 22,661 Finance costs (3,306) (4,272) Finance income, net 8 15,731 18,389 Share of results of investments accounted for using the equity method 2,470 938 Profit before income tax 864,320 880,688 Income tax expenses 9 (140,008) (70,092) Profit for the period 724,312 810,596 Other comprehensive (loss)/income: Items that may not be reclassified to profit or loss — Currency translation differences (55,945) (4,217) Items that may be reclassified to profit or loss — Currency translation differences 10,023 (16,340) Total comprehensive income for the period 678,390 790,039
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– 14 – Six months ended 30 June 2026 2025 Notes RMB’000 RMB’000 (Unaudited) (Unaudited) Profit for the period attributable to: Equity holders of the Company 714,297 754,856 Non–controlling interests 10,015 55,740 724,312 810,596 Total comprehensive income for the period attributable to: Equity holders of the Company 668,557 737,026 Non–controlling interests 9,833 53,013 678,390 790,039 Earnings per share for profit for the period attributable to the equity holders of the Company Basic earnings per share (RMB) 10 1.49 1.57 Diluted earnings per share (RMB) 10 1.44 1.54
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– 15 – CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026 As at 30 June 2026 As at 31 December 2025 Notes RMB’000 RMB’000 (Unaudited) (Audited) ASSETS Non–current assets Property, plant and equipment 21,889 19,661 Right–of–use assets 90,167 104,865 Intangible assets 446,747 511,588 Deferred tax assets 97,727 31,301 Investments accounted for using the equity method 117,861 91,891 Long term investments measured at fair value through profit or loss 113,145 107,346 Prepayments, deposits and other non–current assets 33,670 40,165 921,206 906,817 Current assets Trade receivables 11 593,367 411,198 Prepayments, deposits and other current assets 112,068 131,214 Short–term investments 118,672 81,033 Cash and cash equivalents 3,778,775 3,689,375 4,602,882 4,312,820 Total assets 5,524,088 5,219,637
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– 16 – As at 30 June 2026 As at 31 December 2025 Notes RMB’000 RMB’000 (Unaudited) (Audited) EQUITY Share capital 12 335 339 Share premium 12 7,016,272 7,341,217 Treasury Shares 12 (84,373) — Shares held for share award schemes 12 (226,540) (153,682) Other reserves (4,765,403) (4,756,466) Retained earnings 2,094,110 1,379,813 Equity attributable to equity holders of the Company 4,034,401 3,811,221 Non–controlling interests 244,667 234,834 Total equity 4,279,068 4,046,055 LIABILITIES Non–current liabilities Lease liabilities 83,883 77,606 Deferred tax liabilities 11,255 10,641 95,138 88,247 Current liabilities Trade payables 13 270,864 194,382 Advance from customers 57,805 58,927 Other payables and accruals 310,051 423,330 Contract liabilities 291,696 248,156 Current income tax liabilities 190,573 115,768 Lease liabilities 28,893 44,772 1,149,882 1,085,335 Total liabilities 1,245,020 1,173,582 Total equity and liabilities 5,524,088 5,219,637
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– 17 – NOTES TO THE CONDENSED FINANCIAL STATEMENTS 1 General information XD Inc. (the “Company”) is an exempted company with limited liability incorporated under the laws of the Cayman Islands on 25 January 2019, and was listed on The Stock Exchange of Hong Kong Limited on 12 December 2019. The Company is an investment holding company. The Company and its subsidiaries, including structured entities (collectively, the “ Group”) are principally engaged in the development, operation, publishing and distribution of mobile and web games and operation of TapTap, a game community and platform, in the People’s Republic of China (the “PRC”) and other countries and regions. The condensed consolidated financial statements for the six months ended 30 June 2026 (the “Interim Financial Statements”) are presented in Renminbi (“RMB”) and all values are rounded to the nearest thousand (RMB’000) unless otherwise stated. 2 Basis of preparation The Interim Financial Statements have been prepared in accordance with International Accounting Standard 34 (“IAS 34”), “Interim Financial Reporting”. The Interim Financial Statements should be read in conjunction with the annual consolidated financial statements of the Group for the year ended 31 December 2025, which have been prepared in accordance with International Financial Reporting Standards as issued by the IASB (“IFRS Accounting Standards”) as set out in the 2025 annual report of the Company dated 27 March 2026 (the “2025 Financial Statements”).
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– 18 – 3 Material accounting policy information Except for the estimation of income tax (Note 9) and as described below, the accounting policies adopted in the Interim Financial Statements are generally consistent with those applied in the preparation of the 2025 Financial Statements in all material aspects. The following amendments to standards have been adopted by the Group for the first time for the financial year beginning on 1 January 2026: • Amendments to the classification and measurement of financial instruments — Amendments to IFRS 9 and IFRS 7 • Contracts Referencing Nature-dependent Electricity — Amendments to IFRS 9 and IFRS 7 • IFRS 1 First-time Adoption of International Financial Reporting Standards — Volume 11 • IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7 — Volume 11 • IFRS 9 Financial Instruments — Volume 11 • IFRS 10 Consolidated Financial Statements — Volume 11 • IAS 7 Statement of Cash Flows — Annual Improvements to IFRS Accounting Standards — Volume 11 The new and revised standards above did not have a material effect on the Interim Financial Statements. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amended standards. The following new standards and amendments to standards have not come into effect for the financial year beginning 1 January 2026 and have not been early adopted by the Group in preparing the Interim Financial Statements. None of these new standards and amendments to standards is expected to have a significant effect on the consolidated financial statements of the Group.
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– 19 – Effective for accounting year beginning on or after IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027 Amendment to IAS 21 Translation to a Hyperinflationary Presentation Currency 1 January 2027 IFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027 Amendments to IAS 28 and IFRS 10 Sale or contribution of assets between an investor and its associate or joint venture To be determined Amendments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36 and IAS 37 Disclosures about Uncertainties in the Financial Statements To be determined The Group is in the process of assessing the impact of these new or amended standards and interpretations, certain of which are relevant to the Group’s operations. The adoption of IFRS 18 will mainly impact the presentation and disclosure of income and expenses and adds new disclosure requirements on management-defined performance measures within the consolidated financial statements. According to the preliminary assessment made by the Group, except for IFRS 18, none of these is expected to have a significant effect on the consolidated financial statements of the Group. 4 Segment information and revenue The Group’s business activities, for which discrete financial information is available, are regularly reviewed and evaluated by the chief operating decision–maker (“CODM”). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the executive directors of the Company that make strategic decisions. As a result of this evaluation, the Group determined that it has operating segments as follows:
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– 20 – Game segment The game segment offers game publishing and operating services on its own and via other Distribution Channels. Revenues from the game segment are primarily derived from game publishing and operating services. TapTap platform segment The TapTap platform segment offers online marketing services to game developers, game publishers or their agents, through the Group’s self-developed game community and platform. Revenues from TapTap platform segment are primarily derived from performance–based online marketing services. The CODM assesses the performance of the operating segments mainly based on segment revenues and cost of revenues of each operating segment. Thus, segment result would present revenues, cost of revenues and gross profit for each segment, which is in line with the CODM’s performance review. The Group’s cost of revenues for the game segment primarily consists of (a) commission paid to Payment Channels and Distribution Channels; (b) sharing of proceeds to game developers; (c) cloud service, bandwidth and server custody fees; (d) amortization of intangible assets; and (e) employee benefit expenses. The Group’s cost of revenues for the TapTap platform segment primarily consists of (a) cloud service, bandwidth and server custody fees; (b) employee benefit expenses; and (c) amortization of intangible assets. No separate segment assets and segment liabilities information was provided to the CODM, as the CODM does not use this information to allocate resources to or evaluate the performance of the operating segments. As at 30 June 2026, substantially all of the non–current assets of the Group were located in the PRC. The reconciliation of gross profit to profit before income tax is shown in the condensed consolidated statements of comprehensive income.
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– 21 – The segment information provided to the Group’s CODM for the reportable segments is as follows: Six months ended 30 June 2026 Game segment TapTap platform segment Total (Unaudited) RMB’000 RMB’000 RMB’000 Game operating revenues — Online Games (free-to-play) 2,199,821 — 2,199,821 — Premium Games (pay-to-play) 82,529 — 82,529 Subtotal 2,282,350 — 2,282,350 Online marketing service revenue — 972,321 972,321 Others 35,553 22,011 57,564 Total revenues 2,317,903 994,332 3,312,235 Cost of revenues (835,161) (147,789) (982,950) Gross profit 1,482,742 846,543 2,329,285 Gross margin 64% 85% 70%
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– 22 – Six months ended 30 June 2025 Game segment TapTap platform segment Total (Unaudited) RMB’000 RMB’000 RMB’000 Game operating revenues — Online Games (free-to-play) 1,982,085 — 1,982,085 — Premium Games (pay-to-play) 63,028 — 63,028 Subtotal 2,045,113 — 2,045,113 Online marketing service revenue — 976,083 976,083 Others 26,147 34,643 60,790 Total revenues 2,071,260 1,010,726 3,081,986 Cost of revenues (663,812) (165,416) (829,228) Gross profit 1,407,448 845,310 2,252,758 Gross margin 68% 84% 73% Revenues of approximately RMB1,004 million and RMB982 million for the six months ended 30 June 2026 and 2025, respectively, were from the five largest single external customers. Revenue from one customer in the TapTap platform segment accounted for 15% and 21% of the Group’s total revenue during the six months ended 30 June 2026 and 2025, respectively.
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– 23 – The table below sets forth a breakdown of the Group’s revenue by timing of recognition for the six months ended 30 June 2026 and 2025, respectively: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Service transferred at a point of time 1,603,231 1,675,669 Service transferred over time 1,709,004 1,406,317 3,312,235 3,081,986 The table below sets forth a breakdown of the Group’s game operating revenue by geographical areas for the six months ended 30 June 2026 and 2025, respectively: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Chinese mainland 799,741 1,029,406 Other areas (Note a) 1,482,609 1,015,707 Total 2,282,350 2,045,113 (a) Revenue from other areas mainly includes revenue from local versions operated in Hong Kong, Macau, Taiwan province of China, Southeast Asia, North America and South Korea.
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– 24 – 5 Expenses by nature Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Promotion and advertising expenses 668,204 610,717 Employee benefit expenses 631,831 698,000 Commissions charged by payment channels and distribution channels 450,446 331,772 Cloud service, bandwidth and server custody fees 186,927 140,201 Professional and technical service fees 143,087 118,757 Sharing of proceeds to game developers and content owners 122,004 157,168 AI-related computing costs 71,064 683 Share–based compensation expenses 59,198 42,259 Amortization of intangible assets 51,570 18,053 Tax surcharges 39,495 35,329 Office expenses 29,120 22,712 Depreciation of right–of–use assets 17,839 18,314 Impairment of non–financial assets 14,903 20,471 Depreciation of property, plant and equipment 8,126 7,784 Rental expenses and utilities 4,729 6,973 Net impairment (reversal)/losses on financial assets (2,858) 3,476 Auditor’s remuneration — Audit service 2,050 1,760 — Non-audit service 574 435 Others 28,726 16,551 Total 2,527,035 2,251,415
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– 25 – 6 Other income Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Government subsidies 53,716 16,858 Interest income from short-term investments measured at amortized cost — 329 Others 530 — Total 54,246 17,187 There are no unfilled conditions or contingencies related to the above government subsidies. 7 Other gains, net Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Net foreign exchange gains 4,834 9,854 Fair value changes of wealth management products issued by commercial banks 788 1,104 Others 1,051 2,645 Total 6,673 13,603
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– 26 – 8 Finance income, net Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Finance income Interest income from bank deposits 19,037 22,661 Finance costs Interest expenses on lease liabilities (2,669) (3,728) Bank charges (637) (544) Finance income, net 15,731 18,389 9 Income tax expenses Income tax expense is recognized based on the management’s best knowledge of the effective income tax rates expected for the full financial year. Cayman Islands Under the current laws of the Cayman Islands, the Company and its subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. British Virgin Islands Under the current laws of the British Virgin Islands, entities incorporated in British Virgin Islands are not subject to tax on their income or capital gains. Hong Kong Hong Kong profits tax rate is 8.25% for the first HKD2 million assessable profits, and 16.5% for assessable profits in excess of HKD2 million. Singapore The corporate income tax rate in Singapore is 17%.
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– 27 – PRC corporate income tax (“CIT”) PRC CIT provision was made on the estimated assessable profits of entities within the Group incorporated in the PRC and was calculated in accordance with the relevant regulations of the PRC after considering the available tax benefits from refunds and allowances. The general PRC CIT rate is 25% during the six months ended 30 June 2026 and 2025. Certain subsidiaries of the Group in the PRC are qualified as “high and new technology enterprise” and entitled to a preferential income tax rate of 15% during the six months ended 30 June 2026 and 2025. According to the relevant laws and regulations promulgated by the State Taxation Administration of the PRC that were effective from 2018 onwards, enterprises engaged in research and development activities are entitled to claim 175% of their research and development expenses so incurred as tax deductible expenses when determining their assessable profits for that year (“Super Deduction”). According to the relevant laws and regulations that were effective from 2022, the tax deductible ratio was increased to 200%. The Group has made its best estimate for the Super Deduction to be claimed for the Group’s entities in ascertaining their assessable profits during the six months ended 30 June 2026 and 2025. PRC Withholding Tax (“WHT”) According to the applicable PRC tax regulations, dividends distributed by a company established in the PRC to a foreign investor with respect to profits derived after 1 January 2008 are generally subject to a 10% WHT. The withholding tax rate may be lowered to a minimum of 5% if there is a tax arrangement between China and the jurisdiction of the foreign investors. Since the Group intends to permanently reinvest earnings to further expand its businesses in the PRC, it does not intend to declare dividends to its immediate foreign holding entities in the foreseeable future. Accordingly, no deferred income tax liability on WHT was accrued at the end of each reporting period. Cumulative undistributed earnings of the Company’s PRC subsidiaries intended to be permanently reinvested were RMB2,320 million as at 30 June 2026.
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– 28 – Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Current income tax 205,824 67,755 Deferred income tax (65,816) 2,337 Total income tax expenses 140,008 70,092 In the first half of 2026, in response to the developments in regulatory interpretations regarding certain preferential tax benefits enjoyed by the Company historically, the Company conducted a self-assessment. Following the self-assessment, the Company made supplementary payments of corporate income tax as well as relevant surcharges, among which RMB96.7 million was recognized as income tax expense for the current period. 10 Earnings per share Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of shares in issue during the respective periods. Six months ended 30 June 2026 2025 (Unaudited) (Unaudited) Profit attributable to equity holders of the Company (RMB’000) 714,297 754,856 Weighted average number of shares in issue (thousands) 479,363 481,286 Basic earnings per share (in RMB) 1.49 1.57
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– 29 – Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. For the six months ended 30 June 2026 and 2025, the Group had dilutive potential ordinary shares arising from share options and restricted share units. Six months ended 30 June 2026 2025 (Unaudited) (Unaudited) Profit attributable to equity holders of the Company (RMB’000) 714,297 754,856 Weighted average number of shares in issue (thousands) 479,363 481,286 Adjustments for share options and restricted share units (thousands) 18,336 9,819 Weighted average number of ordinary shares used as the denominator in calculating diluted earnings per share (thousands) 497,699 491,105 Diluted earnings per share (in RMB) 1.44 1.54 11 Trade receivables As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Online marketing service customers 306,729 205,366 Distribution Channels and game publishers 291,227 212,701 597,956 418,067 Less: allowance for impairment (4,589) (6,869) 593,367 411,198
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– 30 – (a) Distribution channels and game publishers and online marketing service customers usually settle the amounts within 30–120 days. Related parties are granted a credit period of 90 days. Aging analysis of trade receivables based on the recognition date of the gross trade receivables at the respective reporting dates is as follows: As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Within 3 months 550,685 384,905 3 months to 6 months 46,431 28,341 6 months to 1 year 65 4,226 1 to 2 years 775 489 Over 2 years — 106 597,956 418,067 (b) Movements on the Group’s allowance for impairment of trade receivables are as follows: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) At the beginning of the period 6,869 1,489 (Reversal)/Provision (2,264) 3,220 Currency translation differences (16) 164 At the end of the period 4,589 4,873 The provisions and reversal of provisions for impaired receivables have been included in “Net impairment reversal/(losses) on financial assets” in the condensed consolidated statements of comprehensive income.
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– 31 – (c) The directors of the Company consider that the carrying amounts of the trade receivables balances approximated their fair value as at 30 June 2026 and 31 December 2025. (d) The carrying amount of the Group’s trade receivables is denominated in the following currencies: As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) RMB 321,830 226,257 United States Dollar (“USD”) 253,572 170,970 Hong Kong Dollar (“HKD”) 4,708 8,851 Others 17,846 11,989 597,956 418,067 (e) The maximum exposure to credit risk as at 30 June 2026 and 31 December 2025 was the carrying value of the trade receivables. The Group did not hold any collateral as security.
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– 32 – 12 Share capital, share premium, treasury shares and shares held for share award schemes Number of shares Nominal value of shares Equivalent nominal value of shares Share premium Treasury Shares (a) Shares held for share award schemes (b) ’000 USD’000 RMB’000 RMB’000 RMB’000 RMB’000 (Unaudited) Authorized As at 30 June 2026 and 31 December 2025 1,000,000 100 — — — — Issued and fully paid As at 1 January 2025 491,049 48 336 7,217,458 — (48,561) Exercise of share options 1,988 —* 2 50,643 — — Vesting of awarded restricted share units — — — 10,431 — — Repurchase of shares — — — — — (59,098) As at 30 June 2025 493,037 48 338 7,278,532 — (107,659) As at 1 January 2026 494,890 49 339 7,341,217 — (153,682) Exercise of share options 242 —* —* 10,596 — — Cancellation of shares (5,825) —* (4) (354,743) 354,747 — Vesting of awarded restricted share units — — — 19,202 — — Repurchase of shares — — — — (439,120) (72,858) As at 30 June 2026 489,307 49 335 7,016,272 (84,373) (226,540) * The amount is less than 1,000 (a) During the six months ended 30 June 2026, the Company repurchased an aggregate number of 7,882,600 of its own shares from the market, out of which 2,058,000 had not been cancelled as at 30 June 2026. (b) During the six months ended 30 June 2025 and 2026, the Trustee purchased a total of 2,243,000 and 1,537,000 ordinary shares that are listed on the Stock Exchange, at total considerations of RMB59 million and RMB73 million, respectively, and such shares are accounted for and recorded as “Shares held for share award schemes”.
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– 33 – 13 Trade payables As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Trade payables 270,864 194,382 Trade payables are primarily related to the purchase of services for server custody, advertisement and sharing of proceeds due to game developers. The credit terms of trade payables granted to the Group are usually 0 to 90 days. Aging analysis of trade payables based on the recognition date of the trade payables at the respective reporting dates is as follows: As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) Within 3 months 262,532 189,882 Over 3 months 8,332 4,500 270,864 194,382
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– 34 – The carrying amount of the Group’s trade payables is denominated in the following currencies: As at 30 June 2026 As at 31 December 2025 RMB’000 RMB’000 (Unaudited) (Audited) RMB 181,647 120,861 SGD 57,817 28,639 USD 31,400 44,882 270,864 194,382 As at 30 June 2026 and 31 December 2025, the fair value of trade payables approximated their carrying amount. 14 Dividends The Directors did not recommend the payment of an interim dividend for the six months ended June 30, 2026 (for the six months ended June 30, 2025: Nil).
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– 35 – OTHER INFORMATION PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY During the Reporting Period, the Trustee has purchased certain Shares for the purpose of the 2024 RSU Scheme as further described in the sub-section headed “The 2024 RSU Scheme”. During the Reporting Period, the Company repurchased a total of 7,882,600 Shares on the Stock Exchange for an aggregate consideration of approximately HK$493.2 million before expenses under automatic share buy-back programs, and the Shares repurchased by the Company have all been cancelled. Among the Shares repurchased by the Company, 5,824,600 Shares had been cancelled as at June 30, 2026 and the remaining 2,058,000 Shares were cancelled on August 11, 2026. The particulars of the Shares repurchased during the Reporting Period are as follows: Price paid per Share Trading month in 2026 Number of Shares purchased Highest price paid Lowest price paid Aggregate consideration paid (HK$) (HK$) (HK$) January 233,400 89.35 77.80 19,289,221 February 646,200 90.65 73.50 50,716,951 March 2,360,000 75.65 60.00 163,968,363 April 2,300,000 66.90 60.60 146,624,301 May 285,000 64.15 61.60 17,879,026 June 2,058,000 51.55 42.54 94,733,850 Total 7,882,600 493,211,712 The Board believes that the repurchase of Shares reflects the Company’s confidence in its long-term business prospects and growth potential. In addition, the Company believes that actively optimizing the capital structure through the repurchase of Shares is expected to enhance the shareholders’ returns. Save as disclosed above, during the Reporting Period, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any listed securities (including sale or transfer of treasury shares as defined under the Listing Rules) of the Company. As at June 30, 2026, the Company did not hold any treasury shares for the purpose of the Listing Rules.
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– 36 – INTERIM DIVIDEND The Board has resolved not to declare any interim dividend for the six months ended June 30, 2026. THE 2024 RSU SCHEME The Company adopted the 2024 RSU Scheme on May 7, 2024, to, among other things, recognize the contributions by the participants by providing them with an opportunity to acquire a proprietary interest in the Company and encourage and retain such individuals for the continual operation and development of the Group. The 2024 RSU Scheme shall be solely funded by existing shares to be purchased by the Trustee on the market. During the Reporting Period, the Trustee has purchased a total of 1,537,000 Shares on the Stock Exchange at a total consideration of approximately HK$81.7 million pursuant to the terms of the trust deed entered into by the Company and the Trustee in connection with the 2024 RSU Scheme. Subsequent to the Reporting Period and up to the date of this announcement, the Trustee has not purchased any Shares. NO MATERIAL CHANGES Save as disclosed in this announcement, during the Reporting Period, there were no material changes affecting the Group’s performance that need to be disclosed under Paragraphs 32 and 40(2) of Appendix D2 to the Listing Rules. EVENTS AFTER THE REPORTING PERIOD 1. Grant of Share Options The Company had one Share Option Plan which remained valid and effective during the six months ended June 30, 2026. On July 10, 2026, a total of 85,894 share options (the “Options”) were granted by the Company under the Share Option Plan to certain eligible participants, including 61,376 Options granted to Mr. Huang Yimeng, an executive Director. For details, please refer to the announcement of the Company dated July 10, 2026. 2. Exercise of Share Options Subsequent to the Reporting Period, 800 share options granted under the Share Option Plan were exercised by certain eligible participants to subscribe for 800 ordinary shares of the Company.
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– 37 – Save as disclosed above, there were no other material events affecting the Group after the Reporting Period and up to the date of this announcement. COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE The Group is committed to implementing high standards of corporate governance to safeguard the interests of the shareholders of the Company and enhance the corporate value as well as the responsibility commitments. The Company has adopted the CG Code as its own code of corporate governance. The Company has complied with all applicable code provisions of the CG Code during the six months ended June 30, 2026 and up to the date of this announcement, except for a deviation from code provision C.2.1 of part 2 of the CG Code, which provides that the roles of chairman and chief executive should be separate and should not be performed by the same individual. Mr. Huang Yimeng is currently both the chairman of the Board and chief executive officer of the Company. In view of his substantial contribution to the Group since its establishment and his extensive experience in the game industry, the Board considers that vesting of the roles of chairman and chief executive officer in the same individual provides the Group with strong and consistent leadership in the development and execution of long-term business strategies and does not impair the balance of power and authority between the Board and the management of the Company. As at the date of this announcement, the Board comprises three executive Directors (including Mr. Huang Yimeng), one non-executive Director and three independent non-executive Directors and therefore has a fairly strong independence element in its composition.
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– 38 – The Board will continue to review the effectiveness of the corporate governance structure in order to assess whether separation of the roles of chairman and chief executive officer is necessary. COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS The Company has adopted the Model Code as its code for dealing in securities in the Company by the Directors. All Directors have confirmed, following specific enquiry by the Company, that they have complied with the Model Code during the six months ended June 30, 2026. No incident of non-compliance by the Directors was noted by the Company during the Reporting Period. REVIEW OF THE INTERIM RESULTS BY THE AUDIT COMMITTEE The Company has established an Audit Committee in compliance with Rules 3.21 and 3.22 of the Listing Rules and code provision D.3 of part 2 of the CG Code, and has adopted written terms of reference. The Audit Committee comprises three members, namely Mr. Xin Quandong, Mr. Pei Dapeng and Ms. Liu Qianli. The Audit Committee is currently chaired by Mr. Xin Quandong, who possesses suitable professional qualifications. The Audit Committee, together with the Auditor, has reviewed the Group’s unaudited consolidated financial statements for the six months ended June 30, 2026. The Audit Committee has also reviewed the accounting principles and practices adopted by the Group and discussed auditing, risk management, internal control and financial reporting matters. PUBLICATION OF INTERIM RESULTS AND INTERIM REPORT ON THE WEBSITES OF THE STOCK EXCHANGE AND THE COMPANY The interim results announcement is published on the website of the Stock Exchange (www.hkexnews.hk) and that of the Company (2400.hk). The interim report of the Group for the six months ended June 30, 2026 will be available on the website of the Stock Exchange and that of the Company in due course.
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– 39 – DEFINITIONS Unless the context otherwise requires, the following expressions in this announcement shall have the following meanings: “2024 RSU Scheme” the restricted share unit scheme adopted by the Company on May 7, 2024; “AI” artificial intelligence; “Audit Committee” the audit committee of the Company; “Auditor” PricewaterhouseCoopers, the independent auditor of the Company; “Board” the board of Directors of the Company; “CG Code” the Corporate Governance Code set out in Appendix C1 to the Listing Rules; “Company” XD Inc. (ʮ̡), an exempted company incorporated in the Cayman Islands with limited liability on January 25, 2019, the shares of which are listed on the Stock Exchange under stock code 2400; “Director(s)” the director(s) of the Company; “Group” the Company, its subsidiaries and its PRC consolidated affiliated entities from time to time; “HK$” or “HKD” Hong Kong dollars, the lawful currency of Hong Kong; “Hong Kong” the Hong Kong Special Administrative Region of the People’s Republic of China; “IFRS Accounting Standards” IFRS Accounting Standards, which include standards and interpretations as issued from time to time by the International Accounting Standards Board; “IP” intellectual property; “Listing Rules” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited;
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– 40 – “MAU(s)” monthly active user(s), which refers to the number of users who log into a particular game or all of our games, as applicable, in the relevant calendar month for games, and refers to the number of users who access the TapTap mobile app in the relevant calendar month for TapTap, both of which include multiple accounts held by one single user. Average MAUs for a particular period are calculated by dividing the aggregate of the MAUs during that period by the number of months of that period; “MMORPG” massively multiplayer online role-playing game; “Model Code” the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Listing Rules; “MPU(s)” monthly paying users, which refers to the number of paying users in the relevant calendar month in our games; “PC” personal computer; “PRC” or “China” the People’s Republic of China, which for the purposes of this announcement, excludes Hong Kong, Macau Special Administrative Region of the PRC and Taiwan, China; “PRC CIT” PRC corporate income tax as defined in the “Corporate Income Tax Law of the People’s Republic of China”; “premium games” games for which gamers need to pay a fixed price before downloading such games, after which the users will have unlimited access to play such games; “Reporting Period” the financial period for the six months ended June 30, 2026; “RMB” Renminbi, the lawful currency of the PRC; “RSU(s)” restricted share unit(s); “SGD” Singapore dollars, the lawful currency of Singapore; “Share” ordinary shares in the share capital of the Company with a par value of US$0.0001; “Share Option Plan” the share option plan of the Company adopted on June 25, 2021;
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– 41 – “Stock Exchange” The Stock Exchange of Hong Kong Limited; “subsidiary(ies)” has the meaning ascribed thereto under the Listing Rules; “Trustee” the trustee engaged by the Company for the purpose of the 2024 RSU Scheme; “US$” or “USD” United States dollars, the lawful currency of the United States of America; and “%” per cent. By order of the Board XD Inc. HUANG Yimeng Chairman and Chief Executive Officer Shanghai, China, August 28, 2026 As at the date of this announcement, the Board comprises Mr. HUANG Yimeng, Mr. DAI Yunjie and Mr. FAN Shuyang as executive Directors, Mr. WU Meng as non-executive Director and Mr. PEI Dapeng, Mr. XIN Quandong and Ms. LIU Qianli as independent non-executive Directors.