Event Production Drives Growth in 2H24. In 2H24, total net revenue rose 1.8% year-over-year to US$45.9 million, primarily driven by a 92.6% surge in event production revenue. Net loss widened to US$8.0 million from US$2.0 million in 2H23, while adjusted EBITDA declined to negative US$7.3 million from positive US$1.0 million in the prior year period. The growth in event production was supported by a higher volume of events, enabled by improved resource integration. However, gross profit margin for this segment fell to 9.9%, largely due to lower average margins from newly launched large-scale music events and front-loaded investments in staffing and marketing to secure Tier-1 festivals and arena events for 2025. Notably, the company will host a local Honor of Kings final. For full-year 2024, total revenue reached US$85.3 million, up 1.9% from US$83.7 million in 2023, but below our forecast of US$92 million. The shortfall was primarily attributable to a reduction in sponsorship and advertising revenue, driven by client-side promotional budget adjustments. The revenue mix also shifted from IP licensing of PC and console games toward mobile game league revenue sharing. We revise our 2025 revenue forecast downward from US$108 million to US$90 million to reflect this strategic transition.