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• Like a Decentraland focused on virtual real estate.
• Imagine Roblox combined with Alibaba for local businesses in China.

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• Digital Door Signs: Services for digitalizing physical stores through animation and other technical means, leveraging IoT technology.
• Electronic Tokens: Digital tokens provided for purchasing virtual real estate properties.
• Wuge Manor: An IoT and e-commerce integrated game platform connecting players with vendors and business owners in China.

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Major Customers of GD Culture (GDC)

Based on the company description, GD Culture (GDC) serves a diverse customer base. While the company offers digital door signs to physical stores (a business-to-business service) and facilitates connections for vendors and business owners through its Wuge Manor platform, a significant portion of its offerings targets individual consumers. Given the broad appeal and nature of its game and virtual real estate token services, the company primarily serves individual customers. The major categories of these individual customers include:

• Gamers and Players: Individuals who engage with and play "Wuge Manor," a game that integrates Internet of Things and e-commerce. These players interact with the platform and may consume in-game content or services.
• Virtual Real Estate Purchasers: Individuals who acquire the electronic tokens offered by GD Culture for the specific purpose of purchasing virtual real estate properties within digital environments.

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Xiao Jian Wang, Chief Executive Officer, President and Chairman of the Board

Mr. Xiao Jian Wang was appointed CEO, President, and Chairman of the Board of GD Culture Group Limited on April 21, 2023. Previously, he served as the Vice President of Business Development at Foregrowth Inc. in Vancouver, Canada.

Zihao Zhao, Chief Financial Officer and Director

Mr. Zihao Zhao was appointed Chief Financial Officer of GD Culture Group Limited, effective April 21, 2023. He previously worked as a senior audit assistant at PricewaterhouseCoopers (PwC) in Shanghai from 2016 to 2019. Mr. Zhao holds a Bachelor of Science in Taxation degree from Shanghai Lixin University of Accounting and Finance, which he received in 2016.

Lu Cai, Chief Operating Officer

Ms. Lu Cai serves as the Chief Operating Officer of GD Culture Group Limited.

Shuang Zhang, Vice President

Ms. Shuang Zhang is a Vice President at GD Culture Group Limited.

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Key Risks to GD Culture (GDC)

GD Culture Group Limited (GDC), formerly Code Chain New Continent Limited, faces several significant business risks, primarily stemming from its precarious financial health and operational environment.

The most pressing risk to GD Culture is the **risk of delisting due to Nasdaq non-compliance and severe liquidity challenges**. The company received a notification from Nasdaq on March 20, 2025, indicating non-compliance with the minimum stockholders' equity requirement of $2.5 million, as its reported stockholders' equity was only $2,643 for the fiscal year ended December 31, 2024. GD Culture also failed to meet alternative listing criteria based on market value or net income. Furthermore, the company exhibits a weak overall financial health score, a concerning current ratio of 0.02, negative EBITDA, and short-term obligations that exceed its liquid assets, signifying significant liquidity issues and a high risk of delisting if it cannot regain compliance.

A second key risk is the **ongoing financial losses and inability to generate consistent revenue**. GD Culture reported a net loss of $14,120,802 for the year ended December 31, 2024, and its revenue was not reported for both fiscal year 2024 and the previous year. Operating expenses increased by 18.1%, primarily due to the impairment of intangible assets resulting from the discontinuation of certain software and provisions for credit losses. This consistent lack of reported revenue and sustained losses highlight a fundamental challenge in achieving profitability and maintaining sustainable operations.

Finally, the company faces **regulatory and operational risks associated with its operations in China**. GD Culture operates primarily in China, and its business is subject to potential government interventions and changes in the country's regulatory landscape. Specifically, evolving cybersecurity and data protection laws in China could significantly impact the company's operations and compliance requirements.

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The most significant clear emerging threat to GD Culture is the potential for major Chinese technology and e-commerce companies (such as Alibaba, Tencent, JD.com, and Meituan) to integrate and offer superior, more comprehensive, and widely adopted digital solutions. These companies possess extensive ecosystems, vast user bases, and robust platforms for businesses and consumers. They could readily develop or incorporate more sophisticated and integrated digital presence tools for physical stores, advanced interactive e-commerce gaming experiences that rival Wuge Manor, or their own virtual economies and digital assets, thereby rendering GD Culture's specialized products like digital door signs and independent electronic tokens for virtual real estate less competitive or obsolete. Furthermore, the volatile and restrictive regulatory environment in China concerning electronic tokens and virtual assets poses a clear emerging threat, as any tightening of existing regulations or introduction of new policies could severely impact GD Culture's segment focused on electronic tokens for purchasing virtual real estate properties.

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GD Culture (GDC), operating through its subsidiary Code Chain New Continent Limited, focuses on several key product and service areas, each with a discernible addressable market in China and globally.

Digital Door Signs

The addressable market for digital door signs, categorized under digital signage, is substantial in China. The China digital signage market was valued at approximately USD 4.7 billion in 2024. This market is projected to grow significantly, reaching an estimated USD 9.55 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 8.2% from 2025 to 2033. Other estimates indicate the market could reach over USD 4.5 billion in 2025 and USD 4.6 billion by 2030, with a CAGR of 9.7% from 2025 to 2030. This growth is driven by the increasing demand for visually engaging and interactive content, advancements in display technologies, and the decreasing cost of digital displays, particularly within the retail, hospitality, healthcare, and transportation sectors in China.

Electronic Tokens for Virtual Real Estate

The company offers electronic tokens for purchasing virtual real estate properties, which falls within the broader metaverse real estate market. Globally, the metaverse in real estate market was valued at USD 2.99 billion in 2024. It is projected to reach approximately USD 67.40 billion by 2034, growing at a robust CAGR of 36.55% from 2025 to 2034. The Asia-Pacific region is anticipated to experience the fastest CAGR in this market during the 2025-2034 period. In China specifically, the virtual goods market, which includes digital assets like those related to virtual real estate, is expected to exceed USD 20 billion by 2025. The overall metaverse market in China is projected to grow at a 39.12% CAGR from 2025 to 2035. While specific market sizing for "electronic tokens for virtual real estate" within China is not explicitly detailed, the trends in the broader virtual goods and metaverse real estate markets indicate a rapidly expanding addressable market.

Wuge Manor (IoT and E-commerce Game)

GD Culture's Wuge Manor, a game combining Internet of Things (IoT) and e-commerce, operates within the expansive Chinese gaming market. The Chinese gaming market size is estimated at USD 66.66 billion in 2025 and is projected to reach USD 107.98 billion by 2030, with a CAGR of 10.13% from 2025 to 2030. Another estimate places the China gaming market revenue at approximately USD 58.6 billion in 2024, expected to grow to USD 97.6 billion by 2030 at an 8.4% CAGR from 2025 to 2030. Additionally, the Internet of Things (IoT) market in China, which supports the "IoT" aspect of Wuge Manor, generated approximately USD 7.26 billion in 2024. This IoT market is forecast to reach USD 22.19 billion by 2030, growing at a CAGR of 20.1% from 2025 to 2030, with retail and e-commerce being among the fastest-growing sectors for IoT device adoption in China.

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Expected Revenue Growth Drivers for GD Culture (GDC)

For GD Culture (NASDAQ: GDC), also known as Code Chain New Continent Limited, the expected drivers of future revenue growth over the next 2-3 years primarily revolve around its evolving focus on digital technologies and e-commerce. The company's main businesses include AI-driven digital human technology and live-streaming e-commerce.

1. Growth in AI-Driven Digital Human Creation and Customization: GD Culture is focusing on AI algorithms and software to generate realistic 3D or 2D digital human models, simulating human characteristics such as facial expressions, body movements, and speech patterns. This area is identified as a main business segment, suggesting an expectation for revenue generation from increasing demand for these advanced digital services.
2. Expansion and Development of Live Streaming and E-commerce Operations: The company's strategy includes a focus on live streaming and e-commerce. This involves leveraging interactive online platforms for sales and marketing, which is a growing sector, particularly in China where the company has historical operations with its Wuge Manor game combining IoT and e-commerce.
3. Entry into the U.S. Livestreaming E-commerce Market: GD Culture explicitly plans to enter the livestreaming market in the United States, with a specific focus on e-commerce through its wholly-owned U.S. subsidiary, AI Catalysis Corp. This strategic expansion into a new geographical market represents a key potential driver for future revenue growth.

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Share Repurchases

• GD Culture Group authorized a share repurchase program of up to $100 million on February 18, 2026, to be completed over the subsequent six months, ending August 17, 2026.
• The board authorized the sale of Bitcoin from its 7,500 Bitcoin reserve on February 25, 2026, with the proceeds intended to fund the previously announced share repurchase program.

Share Issuance

• On September 10, 2025, GD Culture Group issued 39,189,344 shares of common stock as part of a share exchange agreement to acquire Pallas Capital Holding Ltd.
• The company sold 1,115,600 shares and 9,380,582 pre-funded warrants, raising $4.5 million for working capital on May 8, 2025.
• GD Culture Group closed a private placement on October 27, 2025, selling 1,333,334 shares of common stock for approximately $2.8 million in gross proceeds.

Inbound Investments

• On May 12, 2025, GD Culture Group secured a Common Stock Purchase Agreement to sell up to $300 million in common stock to an accredited investor, intended to support its crypto asset treasury strategy by purchasing Bitcoin and a digital asset.
• A private placement on October 27, 2025, resulted in approximately $2.8 million in gross proceeds from the sale of shares to an investor.

Outbound Investments

• On September 10, 2025, GD Culture Group entered into a share exchange agreement to acquire Pallas Capital Holding Ltd., including its assets of 7,500 Bitcoin, as a strategic move to strengthen its crypto asset treasury strategy.

Capital Expenditures

• GD Culture Group reported capital expenditures of $5K in Q4 2023.