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Here are 1-2 brief analogies to describe GD Culture (GDC):

• Like an eBay for digital art and cultural collectibles.
• Like Roblox for digital cultural content and metaverse experiences.

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• Culture Tourism Development: Develops and operates cultural tourism projects, often integrating local heritage and experiences.
• New Media Content Creation: Produces and distributes diverse content for various digital platforms, including online videos and social media.
• AIGC Solutions: Provides services leveraging Artificial Intelligence Generated Content for creating new media assets and enhancing cultural tourism experiences.

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

Mr. 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. Before that, Mr. Wang held positions as a Private Banking Consultant and an Interbank Commercial Paper Trader at China Minsheng Bank in Chongqing, China. He earned his Bachelor of Science in Mathematics degree from the University of British Columbia in 2012.

Zihao Zhao, Chief Financial Officer & Director

Mr. Zhao was appointed as the Chief Financial Officer of GD Culture Group Limited on April 21, 2023, and became a director of the company on April 26, 2024. From 2016 to 2019, he worked as a senior audit assistant at PricewaterhouseCoopers (PwC) in Shanghai. 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. Cai was appointed Chief Operating Officer of the Company on February 9, 2023. She brings over 10 years of extensive experience in financial management and consulting. Since July 2020, Ms. Cai has served as the Chief Executive Officer of Beijing Boda Shengshi Financial Consulting Co., Ltd, a firm specializing in initial public offering and pre-marketing consulting services in China. Prior to this, from July 2017 to May 2020, she was a Vice President at SINO-TONE Beijing Consulting Co., Ltd, a consulting firm based in Beijing, China. Ms. Cai is a graduate of Beijing Foreign Studies University.

Yun Zhang, Independent Director

Ms. Zhang was appointed as a new director of GD Culture Group Limited on April 26, 2024, and chairs the Nominating Committee. Her background includes experience in project negotiation and financial management.

Lei Zhang, Independent Director

Mr. Zhang was appointed as a new director of GD Culture Group Limited on April 26, 2024, and chairs the Compensation Committee. He possesses over a decade of accounting expertise and has an academic background with distinction in teaching and research.

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The key risks to GD Culture's business include the potential for delisting from Nasdaq, its weak financial health and severe liquidity challenges, and significant exposure to the highly volatile cryptocurrency market.

1. Risk of Nasdaq Delisting due to Non-Compliance with Stockholders' Equity Requirements

   GD Culture received a notification from Nasdaq on March 20, 2025, indicating non-compliance with listing requirements because its stockholders' equity of $2,643 as of December 31, 2024, fell significantly below Nasdaq's minimum requirement of $2.5 million. The company has until May 4, 2025, to submit a compliance plan, and if accepted, may receive up to 180 days to demonstrate compliance. Failure to regain compliance could result in the delisting of its shares from the Nasdaq Capital Market.

2. Weak Financial Health and Severe Liquidity Challenges

   GD Culture exhibits significant financial distress, characterized by negative EBITDA of $11.4 million for the last twelve months (as of December 31, 2024). The company's overall Financial Health Score is rated as "WEAK" by InvestingPro, with a concerning current ratio of 0.02, indicating substantial liquidity issues. Additionally, its short-term obligations exceed its liquid assets, and the company is rapidly burning through cash. This weak financial position is further underscored by negative operating cash flow, which means its debt is not well covered.

3. Significant Exposure to Volatility in the Cryptocurrency Market

   GD Culture recently acquired Pallas Capital Holding, which included 7,500 Bitcoin, aligning with its crypto asset treasury strategy. This strategic shift exposes the company to the extreme volatility of the cryptocurrency market, which is influenced by factors such as regulatory uncertainty, macroeconomic headwinds, and market corrections. Following the announcement of the Pallas Capital acquisition, GD Culture's shares dropped by 28.16%. The "Crypto Fear & Greed Index" registering "extreme fear" in December 2025 highlights the substantial risk associated with holding significant cryptocurrency reserves.

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Rapid advancements in artificial intelligence (AI) and automation within the advertising technology (ad-tech) sector pose a clear emerging threat. Generative AI tools and sophisticated machine learning models are increasingly capable of automating tasks traditionally performed by digital marketing agencies, such as ad content creation (copy, visuals), audience targeting, campaign optimization, and performance analysis. This development enables advertisers to conduct more of their marketing efforts in-house or through automated platforms directly provided by major ad networks, potentially disintermediating companies like GD Culture and reducing the demand for their human-led digital marketing services.

The escalating regulatory scrutiny and tightening controls by the Chinese government over online content, data privacy, and specific advertising sectors present another clear emerging threat. New or stricter regulations, such as those concerning personal information protection (e.g., PIPL), content censorship, and restrictions on advertising certain industries (e.g., education, finance), can significantly limit GD Culture's operational scope, increase compliance costs, and constrain the types of campaigns they can run or the data they can leverage for targeting. This evolving regulatory landscape introduces substantial operational and strategic challenges.

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GD Culture Group Limited (GDC) operates in several distinct markets, including AI-driven digital human creation, live streaming and e-commerce, integrated marketing services, and book publishing.

AI-Driven Digital Human Creation and Customization

The global market for Digital Human (AI Avatars) was valued at approximately USD 5.1 billion in 2023 and is projected to reach USD 217 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 36.7% during this period. Other estimates place the global market size at USD 21.50 billion in 2023, with a projection to reach USD 454.75 billion by 2031 at a CAGR of 46.59%. North America held a significant share, accounting for around 41.02% of the global market in 2023, valued at approximately USD 8.82 billion. The Asia-Pacific region is anticipated to experience the highest CAGR of 45.8% from 2025 to 2030 in this market.

Live Streaming and E-commerce

The global live streaming e-commerce market size was estimated at USD 19.86 billion in 2025 and is forecasted to grow to around USD 258.76 billion by 2034, with a CAGR of 33.01%. Another report estimates the global live commerce market size at USD 128.42 billion in 2024, with a projection to reach USD 2,469.06 billion by 2033, growing at a CAGR of 39.9% from 2025 to 2033. The Asia Pacific region was the dominant force in 2024, holding the largest revenue share of 66.0% in the global live commerce market. The North American live commerce market is also expected to grow significantly, with a CAGR of 37.2% from 2025 to 2033.

Integrated Marketing Services

The global Integrated Marketing Communications (IMC) market was valued at USD 2.8 billion in 2023 and is expected to grow at a CAGR of 10.5% over the next eight years. Another perspective suggests the global integrated marketing communication market size was USD 2,965.2 million in 2024 and is projected to expand at a CAGR of 11.50% from 2024 to 2031. A broader view of the marketing agencies market, which includes integrated marketing services, estimates a global market size of USD 452.96 billion in 2025, expected to reach USD 571.53 billion by 2030, with a CAGR of 4.76%. North America held a major share of the global IMC revenue, exceeding 40% with a market size of USD 1,186.08 million in 2024. The Asia-Pacific region accounted for approximately 23% of the global IMC revenue, valued at USD 682.00 million in 2024, and is emerging as a significant market.

Book Publishing

The global book publishing industry is estimated to be approximately USD 126.9 billion in 2025. Other data indicates the global book publishing market grew from USD 82.25 billion in 2024 to USD 86.14 billion in 2025. It is further projected that the global book publishing market size will grow from USD 136.5 billion in 2024 to USD 229.5 billion by 2035, at a CAGR of 4.84%. North America is expected to hold the majority share of the global book publishing market, while Asia Pacific is anticipated to exhibit the fastest growth.

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• Expansion in Live-Streaming E-commerce: GD Culture plans to significantly expand its presence in the live-streaming e-commerce market, primarily through its wholly-owned U.S. subsidiary, AI Catalysis Corp.. The company has previously announced the launch of a live-streaming e-commerce business on platforms like TikTok and aims to grow this segment. This involves leveraging social media platforms for direct-to-consumer sales and brand promotion.
• Development and Commercialization of AI-driven Digital Human Technology: The company's main businesses include AI-driven digital human technology, focusing on the creation and customization of realistic 3D or 2D digital human models. GD Culture is investing in this area, including increasing Research and Development expenses, to develop offerings like new AI immersive reading software. This technology is expected to form a core part of its offerings and generate revenue from various applications.
• Introduction of Revenue-Generating Services within the Digital Asset and Decentralized Finance (DeFi) Ecosystem: GD Culture has undergone a significant transformation, with its valuation now substantially tied to cryptocurrency holdings, particularly after acquiring 7,500 units of Bitcoin through the Pallas acquisition. While current gains are largely unrealized from fair value changes of these digital assets, the company's stated ambition to become an "established player in the digital asset ecosystem" and to "leverage blockchain and decentralized finance (DeFi) solutions" suggests an intent to develop new revenue streams from these holdings and related services in the future. This could encompass services such as digital asset management, staking, lending, or other DeFi-related ventures.

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Share Issuance

• GD Culture Group Limited completed a private placement on October 27, 2025, raising approximately $2.8 million through the sale of 1,333,334 shares of common stock at $2.10 per share.
• On September 10, 2025, GDC entered into a share exchange agreement to acquire Pallas Capital Holding Ltd., which involved the issuance of 39,189,344 new common shares.
• In May 2025, GD Culture Group Ltd completed the sale of 1,115,600 shares at $0.524 per share and 9,380,582 pre-funded warrants, raising $4.5 million for working capital purposes.

Inbound Investments

• GD Culture Group Limited closed a private placement on October 27, 2025, securing approximately $2.8 million in gross proceeds from certain investors.
• In May 2025, the company announced a plan to sell up to $300 million of its common stock to invest in a crypto treasury, including Bitcoin and Trump Coin, after receiving a noncompliance warning from Nasdaq related to stockholder equity.
• GD Culture Group Ltd raised $4.5 million in gross proceeds from the sale of shares and pre-funded warrants on May 8, 2025, intended for working capital.

Outbound Investments

• GD Culture Group Limited acquired 100% of Pallas Capital Holding Ltd. in a transaction that closed on September 29, 2025, which included 7,500 Bitcoin held as a long-term digital asset reserve with a fair value of $857,735,191 as of September 30, 2025.
• During the fiscal year ended December 31, 2023, GDC transferred a total of $2,100,000 to its subsidiary AI Catalysis Corp.

Capital Expenditures

• Capital expenditures were approximately $2.92 million in 2023, $0.01 million in 2022, and $0.31 million in 2021.
• For the fiscal year 2020, capital expenditures were approximately $1.23 million.
• The company's primary business focus involves AI-driven digital human creation and customization, and live streaming and e-commerce, suggesting capital expenditures are directed towards these technological and operational areas.