Genius Group Ltd (GNS) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Genius Group Investor Call. I am Roger James Hamilton, the Founder and CEO of Genius Group. And I'm joined today by our CFO, Gaurav Dama. We also have Shah Hamza here, who is operating our slides. And Shah, if you want to just share the slides, we'll make sure everyone can see these as we go.

早安，歡迎參加 Genius Group 投資人電話會議。我是 Genius Group 的創辦人兼執行長 Roger James Hamilton。今天與我一同出席的還有我們的財務長 Gaurav Dama。我們也有 Shah Hamza 在場，負責操作投影片。Shah，如果你願意先分享投影片，我們會確保大家在進行時都能看到。

And we're going to get started. So first of all, today, we're presenting our 2025 full year results alongside our plans for 2026. We'll be walking through our three business units: Genius School, Genius Academy and Genius Resorts and also our Genius City development, our Bitcoin Treasury strategy, current legal cases, our share count and our guidance for the year ahead. So moving on to the next slide. Before we begin, I'd like to remind everyone that this call contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995.

我們現在開始。首先，今天我們將在說明 2025 全年業績的同時，分享我們對 2026 年的規劃。我們將帶大家走過三個事業單位：Genius School、Genius Academy 與 Genius Resorts，以及我們的 Genius City 開發、我們的比特幣財庫策略、目前的法律案件、我們的流通股數，以及對未來一年的指引。接著請看下一張投影片。在開始之前，我想提醒各位，本次電話會議包含依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所定義的前瞻性陳述。

These are subject to risks and uncertainties that could cause actual results to differ materially from those stated. And for a full discussion, please see our most recent filings with the SEC. We undertake no obligation to update any forward-looking statement to reflect events occurring after this call. And during the call, we will also reference non-IFRS financial measures, including adjusted EBITDA and pro forma revenues. Reconciliations to the most directly comparable IFRS measures are in the press release and slide deck, which we are also issuing this morning.

這些陳述受到風險與不確定性影響，可能導致實際結果與所述內容有重大差異。如需完整討論，請參閱我們最近向美國證券交易委員會（SEC）提交的文件。我們不承擔任何義務更新任何前瞻性陳述，以反映本次電話會議後發生的事件。此外，在本次會議中，我們也會引用非 IFRS 財務衡量指標，包括調整後 EBITDA 與備考（pro forma）營收。與最直接可比的 IFRS 指標之調節表載於新聞稿與投影片簡報中，我們也將於今天上午一併發布。

Both documents are available on our Investor Relations website at irgeniusgroup.net, where you can also access our Form 20-F, which we are also presenting today for the year ended December 31, 2025, which we are filing with the SEC this morning. So coming to our next slide and our introduction, which is leading the AI-powered education revolution towards an exponential future. So let me take a moment to introduce Genius Group for those who are joining us for the first time. My entire life has been driven by a single question. And for the last decade, our team at Genius Group has been focused on answering that same question together.

兩份文件皆可於我們的投資人關係網站 irgeniusgroup.net 取得；您也可在該網站存取我們的 Form 20-F。我們今天也將就截至 2025 年 12 月 31 日止年度的 Form 20-F 進行說明，並於今天上午向 SEC 提交。接著來到下一張投影片與我們的介紹：引領 AI 驅動的教育革命，邁向指數型未來。我想花一點時間向首次加入我們的朋友介紹 Genius Group。我一生都被一個問題所驅動。而在過去十年，我們 Genius Group 的團隊也一直專注於共同回答同一個問題。

Will we pass the final exam. So when I was a student at Cambridge University, a mentor of mine, Futurist Buckminster Fuller, he warned of a future in which technology will accelerate beyond human intelligence. And this is what he called the final exam. He believed the outcome as to whether we passed or failed this final exam would not depend on the technology, it would depend on us on whether humanity raises consciousness fast enough to harness the technology and solve the world's greatest challenges or whether we would fail and technology would destroy us. And he said this around 50 years ago, and we still had time at that point.

我們能否通過期末考。當我在劍橋大學就讀時，我的一位導師、未來學家 Buckminster Fuller，曾警告一個未來：科技將加速發展並超越人類智慧。他將此稱為「期末考」（final exam）。他相信，我們是否能通過或未能通過這場期末考，並不取決於科技本身，而取決於我們——取決於人類是否能夠足夠快速地提升意識，以駕馭科技並解決世界上最重大的挑戰；或是我們將會失敗，科技反而摧毀我們。他在大約 50 年前說了這些話，而在那個時候，我們仍然還有時間。

Today, we are now at that threshold. Genius Group was founded to help us pass the final exam. We're an AI-powered education group, preparing students, entrepreneurs, businesses and governments for the future of work. We teach the ABCs of the future; artificial intelligence; the future of work; Bitcoin and blockchain; the future digital economy; and our community, the foundation of human connection in a post-singularity world. We serve 6.1 million students across more than 100 countries through our three business units, which are Genius School, Genius Academy and Genius Resorts.

而今天，我們已經來到那個門檻。Genius Group 的成立，就是為了幫助我們通過這場期末考。我們是一個 AI 驅動的教育集團，為學生、創業者、企業與政府，做好迎接未來工作的準備。我們教授未來的 ABC：人工智慧；未來工作型態；比特幣與區塊鏈；未來數位經濟；以及我們的社群——在後奇點（post-singularity）世界中人類連結的基礎。我們透過三個事業單位——Genius School、Genius Academy 與 Genius Resorts——在超過 100 個國家服務 610 萬名學生。

And we're developing our first Genius City at Nuanu in Bali, Indonesia as our lifelong learning campus model. Our aspiration is an ambitious goal of impacting 100 million students, launching 100 Genius Cities and achieving a $1 billion valuation by 2030. So turning to our company mission and metrics on the next slide. As Nelson Mandela said, "Education is the most powerful weapon, which you can use to change the world." So this is Genius Group's mission, not to train humans to be better machines, better repetition, calculation and memorization, but to teach humans to be better humans through self-awareness, self-mastery and self-expression. Buckminster Fuller said the real task of humanity is not to invent more jobs.

我們也正在印尼峇里島 Nuanu 開發第一座 Genius City，作為我們終身學習校園模式的示範。我們的願景是一個雄心勃勃的目標：在 2030 年前影響 1 億名學生、啟動 100 座 Genius Cities，並達成 10 億美元估值。接著請看下一張投影片，了解我們的公司使命與指標。正如 Nelson Mandela 所說：「教育是最強大的武器，你可以用它來改變世界。」因此，Genius Group 的使命不是訓練人類成為更好的機器——更擅長重複、計算與記憶——而是透過自我覺察、自我精進與自我表達，教導人類成為更好的人。Buckminster Fuller 說，人類真正的任務不是發明更多工作。

It is to rethink learning itself to go back to school and think about whatever it was we were thinking about before somebody came along and told us we had to earn a living. Our Genius Curriculum is not about waking up to your day's work, but waking up each day to your life's work by aligning to your highest purpose, your passions, your ambitions and harnessing technology to get there. In a post-singularity world, which we will soon be entering, humans do not become more relevant by trying to be smarter machines. They become more valuable by becoming wiser, more creative and more fully themselves. As robots become better robots, the purpose of education is for humans to become better humans.

而是重新思考學習本身：回到學校，去思考在有人出現並告訴我們必須謀生之前，我們原本在思考的事情。我們的 Genius 課程不是關於每天醒來去做你的日常工作，而是每天醒來去做你的人生志業——透過對齊你最高的使命、熱情與抱負，並運用科技來達成。在我們即將進入的後奇點世界中，人類不會因為努力成為更聰明的機器而變得更重要。人類會因為變得更有智慧、更有創造力、也更完整地成為自己而更有價值。當機器人變得更像機器人時，教育的目的就是讓人類成為更好的人類。

The word genius comes from the Latin roots, meaning to give birth and unique spirit and this same origin gives us genie, genes, genesis and generation. Genius Group's name is inspired by the insight that everybody is a genius. And we ask the right question instead of judging a fish by ability to climb a tree, we help every learner discover who they are uniquely here to be. So turning to our metrics. As of December 31, 2025, our total assets stood at $137 million.

「genius」一詞源自拉丁語詞根，意指「誕生」與「獨特的精神」；同樣的詞源也衍生出 genie、genes、genesis 與 generation。Genius Group 的名稱靈感來自一個洞見：每個人都是天才。我們提出正確的問題；我們不會用「爬樹」的能力來評斷一條魚，而是幫助每位學習者發現自己獨特地來到這裡要成為誰。接著來看我們的指標。截至 2025 年 12 月 31 日，我們的總資產為 1.37 億美元。

Our stockholder equity is now also, as you can see, at a much higher number, which we're going to go through with our CFO at $97 million and our pro forma revenue for 2025 at $13.6 million is an 80% increase year-on-year. Our current market cap is $96 million, and 2025 was a year of restructuring where we were defending the company with a series of corporate actions and the filing of various legal cases as well as consolidating our growth around a high-tech, high-touch model focused on free courses and paid mentoring and experiences. The result was a 10x increase in the average revenue per student. We are now focusing on building on this profitable model for 2025.

如各位所見，我們的股東權益目前也來到更高的水準；我們將與財務長一同說明，為 9,700 萬美元；而我們 2025 年的備考（pro forma）營收為 1,360 萬美元，年增 80%。我們目前的市值為 9,600 萬美元；2025 年是重整的一年，我們透過一系列公司行動以及提起多項法律案件來捍衛公司，同時也將成長聚焦於「高科技、高接觸」的模式，主軸為免費課程與付費導師輔導及體驗。其結果是每位學生的平均營收提升了 10 倍。我們現在將專注於在 2025 年這個獲利模式的基礎上持續打造與擴張。

So turning to our next slide, year one of the Genius generation. Before we move on to the numbers and plans, I want to share why I believe this is the most important year in Genius Group's history and why I believe entrepreneurial education and reskilling is one of the biggest opportunities for both income and impact in 2026 and the years ahead. We've reached a tipping point in the acceleration of AI and the urgent need to prepare humanity for the coming disruption.

接著請看下一張投影片：Genius 世代的第一年。在我們進入數字與計畫之前，我想分享為什麼我相信這是 Genius Group 歷史上最重要的一年，以及為什麼我相信創業教育與再技能培訓（reskilling）在 2026 年及未來幾年，將是兼具收入與影響力的最大機會之一。我們已經來到 AI 加速發展的臨界點，也迫切需要讓人類為即將到來的顛覆做好準備。

This January, Elon Musk posted on X, We have entered the singularity. Sam Altman, CEO of Open AI, wrote last June, We are past the event horizon, the takeoff has started. And Geoffrey Hinton, the godfather of AI warned CNN in December, 2026 is likely to be the year the jobless boom begins.

今年 1 月，Elon Musk 在 X 上發文表示：我們已經進入奇點。OpenAI 執行長 Sam Altman 去年 6 月寫道：我們已經越過事件視界（event horizon），起飛已經開始。而 AI 教父 Geoffrey Hinton 於 12 月接受 CNN 訪問時警告：2026 年很可能是「失業潮」開始爆發的一年。

The World Economic Forum's Future of Jobs Report reports that 59 out of every 100 workers will need reskilling or upskilling by 2030, that 92 million jobs will be displaced and 170 million new roles are expected to emerge, but only to those who are prepared for them. So there is an urgent need for future school models designed more on harnessing technology than competing with it.

世界經濟論壇（WEF）的《未來工作報告》指出，到2030年，每100名勞工中將有59人需要再培訓或技能提升；將有9,200萬個工作被取代，並預期將出現1.7億個新職位，但只會屬於那些已做好準備的人。因此，迫切需要以善用科技而非與科技競爭為核心所設計的未來學校模式。

This is the gap that Genius Group is filling and plans to keep filling as the gap grows. 2026 is year 1 of 15 of the Genius generation. Strauss and Howe's Generational Theory posits that society moves through 80- to 100-year cycles after millennials, Gen Z and Generation Alpha, the last of the pre-singularity human generations. In 2025, we began year 0 of Generation beta, the first exponential generation, which will include humans, robots and AI. This is the Genius Generation, and 2026 is year one.

這正是Genius Group正在填補、並計畫在缺口擴大時持續填補的落差。2026年是「Genius世代」15年中的第1年。史特勞斯與豪（Strauss and Howe）的世代理論主張，社會在千禧世代、Z世代與Alpha世代（奇點前最後一批人類世代）之後，將以80至100年的週期運行。2025年，我們進入Beta世代的第0年——第一個指數型世代，將包含人類、機器人與AI。這就是Genius世代，而2026年是第1年。

This Genius generation will see us through the singularity and the fourth turning. The education this generation needs is not the education the last generation received. While the 21st century industrial education model is designed on getting a job, our Genius entrepreneurial curriculum is designed on creating a job. In the past nine-to-five model, work was defined as what you get paid for, your money work. In the future, we believe humans who design their life's work will have three types of work: your money work defined by what you get; your village work, defined by what you give; and your personal work, defined by how you grow.

這個Genius世代將帶領我們走過奇點與「第四轉折」。這一代所需要的教育，並不是上一代所接受的教育。21世紀的工業化教育模式是以「找到一份工作」為設計目標；而我們的Genius創業課程則是以「創造一份工作」為設計目標。在過去朝九晚五的模式中，工作被定義為你拿到報酬的事——你的「金錢工作」。在未來，我們相信能設計自己人生志業的人，將擁有三種工作：你的金錢工作，以你獲得什麼來定義；你的村落工作，以你付出什麼來定義；以及你的個人工作，以你如何成長來定義。

Our Genius Curriculum focuses on all three, combining money, village and personal work to make each student an MVP in their own design. In such a system, as AI assists and frees up time from money work, life meaning will go up, not down, as more time goes into how you give and how you grow. In short, our Genius Curriculum is designed for both income and impact, guiding each student to live a more meaningful, fulfilling life of abundance, balance and connection, the future ABCs, in a singularity world. So now moving on to next slide, the company outlook for 2025. Here is how we are going to grow profitably in 2026.

我們的Genius課程聚焦於這三者，結合金錢、村落與個人工作，讓每位學生都能依其自身設計成為MVP。在這樣的系統中，當AI協助並釋放金錢工作的時間後，人生意義將上升而非下降，因為更多時間將投入於你如何付出與如何成長。簡而言之，我們的Genius課程同時為「收入」與「影響力」而設計，引導每位學生在奇點世界中，活出更有意義、更充實的豐盛、平衡與連結（未來的ABC）人生。接著進入下一張投影片：公司對2025年的展望。以下是我們將如何在2026年實現獲利性成長。

In 2025, we reorganized Genius Group around three business units that together form our Genius City Campus model. Genius School for children from early learning to high school graduation, Genius Academy for adult learning and reskilling in entrepreneur, investor, AI, Web3 and future skills; and Genius Resorts, our learning locations where we turn the old education paradigm of a production line to the new paradigm of a 5-star customer-first experience. In Q4 2025, the three units achieved operational profitability for the first time as a group. This is a milestone we are building on in 2026. Genius School.

2025年，我們將Genius Group重組為三個事業單位，三者共同構成我們的Genius City Campus（天才城市校園）模式。Genius School：服務從幼兒啟蒙到高中畢業的孩子；Genius Academy：提供成人學習與再培訓，涵蓋創業者、投資人、AI、Web3與未來技能；以及Genius Resorts：我們的學習場域，將舊有「生產線式」教育典範，轉變為以顧客為先的五星級體驗新典範。在2025年第四季，三個單位首次以集團整體達成營運獲利。這是我們在2026年將持續深化的重要里程碑。Genius School。

In November 2025, we completed the acquisition of a 51% majority stake in Pro Ed in Bali, operating under the Cambridge International Education System. We're integrating our Genius School model built on the World Economic Forum's 8 Future Schools framework. And in 2026, Genius School is targeting profitable operations with revenue of over $6 million, including the launch of our Genius School Space Capsules, which are Starlink enabled, connected and can be dropped into any school within the Asia Pacific region. Genius Academy, we serve 6.1 million students worldwide, and these are adult students. Revenue per paying student reached $1,856 in 2025, which is up 1,053% year-on-year.

2025年11月，我們完成收購峇里島Pro Ed 51%的控股權，該校採用劍橋國際教育體系營運。我們正整合以世界經濟論壇「8項未來學校」框架打造的Genius School模式。2026年，Genius School目標達成獲利性營運，營收超過600萬美元，並推出我們的Genius School太空艙（Space Capsules），具備Starlink連線、可互聯，並可投放至亞太地區任何學校。Genius Academy方面，我們在全球服務610萬名學生，且皆為成人學員。2025年每位付費學生的平均營收達1,856美元，年增1,053%。

So a 10x increase as we shift from mass free access to high-value premium learning journeys. And in 2026, Genius Academy is targeting profitable operations with revenue of over $6 million, expanding our investor and entrepreneur academies globally and launching GEM-powered community features. And our Genius Resorts. In August 2025, we acquired Entrepreneur Resorts, bringing Tau Game Lodge and Matla Game Lodge in South Africa and Vision Villas and Genius Cafe Beach Club in Bali. And Genius Resorts generated already $2.2 million in revenues in 2025 in just five months of operations under the group.

也就是在我們從大規模免費使用轉向高價值的高端學習旅程之際，實現了10倍成長。2026年，Genius Academy目標達成獲利性營運，營收超過600萬美元，並在全球擴展我們的投資人與創業者學院，同時推出由GEM驅動的社群功能。接著是Genius Resorts。2025年8月，我們收購Entrepreneur Resorts，納入南非的Tau Game Lodge與Matla Game Lodge，以及峇里島的Vision Villas與Genius Cafe Beach Club。Genius Resorts在2025年僅以五個月納入集團營運的期間，就已創造220萬美元營收。

In 2026, it targets over $8 million, including the commencements of Genius City construction for our 2027 and 2028 launch. So together, these three units are the proof of concept for the Genius City model. The vision works, the model is profitable, and we are now ready to scale. So moving into each of these one by one. If we go to slide 7, this is Genius School, Asia's leading Future school.

2026年，目標營收超過800萬美元，並包含為2027與2028年啟用所展開的Genius City建設動工。因此，這三個單位共同構成Genius City模式的概念驗證（PoC）。願景可行、模式可獲利，而我們現在已準備好擴張規模。接下來我們將逐一說明。若我們看第7張投影片，這是Genius School——亞洲領先的未來學校。

When I was founding Chairman of Green School Bali, the question we were asked was what kind of skill prepares children for a world that doesn't yet exist. Today, that question is more urgent than ever because the world our children will graduate into is one in which many of the jobs that will exist by 2030 have not yet been invented. We began the work there in building a new future school curriculum focused on nurturing young change-makers to become the environmental leaders of tomorrow.

當我擔任Green School Bali的創辦董事長時，我們被問到的問題是：什麼樣的技能，能讓孩子為一個尚未存在的世界做好準備？今天，這個問題比以往任何時候都更迫切，因為我們的孩子畢業後將進入的世界中，許多到2030年才會存在的工作，現在尚未被發明。我們當時便開始著手打造新的未來學校課程，聚焦於培育年輕的變革者，成為明日的環境領袖。

And as a result, when the World Economic Forum published its White Paper, Schools of the Future, it featured the Green school as the number one school example of what was possible. In the White Paper, the WEF identified eight future skills that every child needs to thrive: Global citizenship, innovation and creativity, technology fluency, interpersonal intelligence, personalized self-placed learning, accessible and inclusive learning, problem-based collaborative learning, and lifelong student-driven learning.

因此，當世界經濟論壇發布《未來學校》（Schools of the Future）白皮書時，將Green School列為最具代表性的第一名學校案例，展示何謂可能。在白皮書中，WEF指出每個孩子要茁壯成長所需的八項未來技能：全球公民素養、創新與創造力、科技素養、人際智慧、個人化自定進度學習、可及且共融的學習、以問題為本的協作學習，以及終身的學生主導學習。

The OECD then built on these principles in its learning Compass 2030 framework for future schools, pointing to the importance of teaching values and skills being as important, if not more important, than the traditional school focus on teaching knowledge. This combination of values, skills and knowledge personalized to ignite the genius and each student is the foundation for our Genius Curriculum and our Genius School model.

經濟合作暨發展組織（OECD）隨後在其「學習羅盤2030」（Learning Compass 2030）未來學校框架中，基於這些原則進一步發展，指出教授價值觀與技能的重要性，至少與傳統學校著重知識傳授同等重要，甚至更為重要。這種將價值觀、技能與知識結合，並以個人化方式點燃每位學生天賦的組合，正是我們Genius課程與Genius School模式的基礎。

Following the completion of our agreement with Nuanu City, Asia's City of the Future in Bali to take a majority interest in their two school campuses in Umalas and Nuanu, in 2026, we are introducing our Genius School model as an AI-powered personalized learning system, integrating with the world's two top certification systems for international schools globally. And these are the Cambridge International Education System and the International Bacclaureate system, the IB system. We are also running Genius Camps, a Genius Apprentice Program, connecting students to entrepreneurial enterprises and our Genius Educator Certification to equip teachers and parents globally to adopt the Genius School system.

在完成與峇里島「亞洲未來之城」Nuanu City的協議、取得其位於Umalas與Nuanu兩個校區的控股權之後，2026年我們將以AI驅動的個人化學習系統導入Genius School模式，並整合全球國際學校兩大頂尖認證體系。分別是劍橋國際教育體系（Cambridge International Education System）與國際文憑課程（International Baccalaureate，IB）體系。我們也將營運Genius Camps、Genius Apprentice Program（天才學徒計畫），把學生連結到創業企業，並推出Genius Educator Certification（天才教育者認證），協助全球教師與家長採用Genius School系統。

And this year, the launch of our Starlink-connected Future School Space Capsules, solar-powered, off-grid, modular learning pods that can be installed anywhere on earth will enable us to deliver immersive AI-powered education to any school, village or remote location. The goal of Genius School is to ignite the genius and every student and to design a life that links to their purpose, passions and talents to wake every day, not to the day's work, but to their life's work.

而今年，我們將推出Starlink連線的未來學校太空艙：以太陽能供電、可離網運作、模組化的學習艙體，可安裝於地球上任何地方，讓我們能向任何學校、村落或偏遠地區提供沉浸式、AI驅動的教育。Genius School的目標，是點燃每位學生的天賦，並設計一種與其使命、熱情與才能相連的人生，讓他們每天醒來，不是為了「一天的工作」，而是為了「一生的志業」。

In 2026, our Genius School goal is to build a proven, scalable future school model while also achieving profitable operations with revenue of over $6 million. On the next slide, we talk about AI-powered education for adults, Genius Academy. Genius Academy is our AI-powered lifelong learning platform for adults to learn the AI, Web3, entrepreneurial and investing skills they need to succeed in the future of work.

在 2026 年，我們的 Genius School 目標是打造一個經驗證、可擴展的未來學校模型，同時實現獲利營運，營收超過 600 萬美元。在下一張投影片，我們將談到面向成人的 AI 驅動教育：Genius Academy。Genius Academy 是我們面向成人的 AI 驅動終身學習平台，協助成人學習在未來工作中取得成功所需的 AI、Web3、創業與投資技能。

It delivers AI-powered personalized education at scale through our entrepreneur, investor, AI and Bitcoin academies. We have 6.1 million students and users across the group, and our adult learners follow a similar process to our younger students, where they begin by getting clear on where they are, their purpose, passions and talents through our AI-powered assessments, where they want to go and then take the steps to get there through our courses and community. We call this the Genius Code. The customer journey is a freemium to premium pathway. Learners join a free event or course, meet their AI guide, personalize their journey, follow an AI-powered learning path and build a learning profile.

它透過我們的創業家學院、投資人學院、AI 學院與比特幣學院，以規模化方式提供 AI 驅動的個人化教育。我們集團共有 610 萬名學生與使用者；成人學習者的流程與年輕學生相似：先透過我們的 AI 驅動評估，釐清他們目前的位置、人生目的、熱情與天賦，確認想去的方向，接著透過我們的課程與社群採取行動、一步步到達目標。我們稱之為 Genius Code。客戶旅程是一條從免費增值（freemium）到付費高階（premium）的路徑。學習者先參加免費活動或課程，認識他們的 AI 導師，個人化學習旅程，遵循 AI 驅動的學習路徑，並建立學習檔案。

And from there, they progress up different levels of our impact meter from $97 a year plus membership where they can earn and redeem GEM rewards to $970 per year Pro membership where they can earn as certified mentors and junior city leaders as well as adding their own courses and content to our GEM marketplace. We anticipate that as digital content becomes increasingly free, online education will also be largely free with students willing to pay for mentoring and live experiences such as summits, workshops, accelerators and retreats.

接著，他們會在我們的影響力量表上逐步升級：從每年 97 美元加上會員方案（可賺取並兌換 GEM 獎勵），到每年 970 美元的 Pro 會員（可作為認證導師與初階城市領袖賺取收益），並可將自己的課程與內容上架到我們的 GEM 市集。我們預期，隨著數位內容愈來愈免費，線上教育也將大多免費；學生願意付費的將是導師輔導與現場體驗，例如高峰會、工作坊、加速器與靜修營。

In 2025, we moved towards this model, reducing the cost of online programs and increasing the options of paid IRL programs, In Real Life, to choose from. The result was that our average revenue per student grew 1,053% from $161 per student to $1,856 per student, and this contributed to our move to profitability. In 2026, Genius Academy is expected to achieve profitable operations with revenue of over $6 million, and our plans include expanding our Investor Academy and Entrepreneur Academy globally, launching AI-enabled GEM-powered community features.

在 2025 年，我們朝此模式轉型，降低線上方案成本，並增加可選擇的付費 IRL（In Real Life，線下）方案。結果是，我們每位學生的平均營收從每人 161 美元成長 1,053% 至每人 1,856 美元，並促成我們轉為獲利。在 2026 年，Genius Academy 預計將以超過 600 萬美元營收達成獲利營運；我們的計畫包括在全球擴展投資人學院與創業家學院，並推出 AI 啟用、GEM 驅動的社群功能。

GEM is our in-house credit system, which stands for Genius Education Merits and also growing our Bali-based AI Labs and Genius Masters Retreats and delivering our AI-powered educator tools and course builders. And on the next slide, we talk about Genius Resorts, which is quite revolutionary, our experiential learning hospitality. So further to our move towards in-person experiences, Genius Resorts bridges the digital and physical worlds of the Genius experience by turning learning into a 5-star experience.

GEM 是我們的內部點數／信用系統，代表 Genius Education Merits；同時我們也將擴大以峇里島為基地的 AI Labs 與 Genius Masters Retreats，並交付我們的 AI 驅動教育者工具與課程建置器。下一張投影片我們將談到 Genius Resorts，這相當革命性——我們的體驗式學習旅宿（hospitality）。延續我們朝向線下體驗的轉型，Genius Resorts 透過把學習變成五星級體驗，連結 Genius 體驗的數位與實體世界。

We acquired the profitable locations of Entrepreneur Resorts Limited in August 2025, bringing four world-class learning destinations into the group, Tau Game Lodge and Matla Game Lodge in Madikwe Game Reserve in South Africa; Luxury Safari Lodges serving as venues for entrepreneurial leadership immersion programs; and Vision Villas and Genius Cafe Beach Club in Nuanu in Bali, which are the basis for our upcoming Genius City in Nuanu, Villa Retreat and Community Hubs at the heart of our Genius City development. Genius Resorts generated $2.2 million in audited revenue from August to December 2025 alone.

我們於 2025 年 8 月收購 Entrepreneur Resorts Limited 的獲利據點，將四個世界級學習目的地納入集團：位於南非 Madikwe 野生動物保護區的 Tau Game Lodge 與 Matla Game Lodge；作為創業領導力沉浸式課程場地的豪華野奢旅館；以及位於峇里島 Nuanu 的 Vision Villas 與 Genius Cafe Beach Club，這些將成為我們即將在 Nuanu 打造的 Genius City 的基礎——作為我們 Genius City 開發核心的 Villa Retreat 與社群樞紐。Genius Resorts 僅在 2025 年 8 月至 12 月期間，就創造了 220 萬美元的經審計營收。

And in 2026, it will deliver a full year of revenue contributing over $8 million as we launch new locations, including Genius Beach at Genius City Bali, growing our Genius [Calendar of] camps, workshops and retreats and begin Phase 1 development of Genius City's Living Hub, Learning Hub and Student Hub. While many adults do not have budgets set aside for lifelong learning, they do have budgets for travel and holidays, and everyone has budgets for food and drink.

而在 2026 年，隨著我們啟動新據點（包括位於 Genius City Bali 的 Genius Beach）、擴大我們的 Genius [Calendar of] 營隊、工作坊與靜修營，並開始 Genius City 第 1 期開發（Living Hub、Learning Hub 與 Student Hub），將貢獻全年營收超過 800 萬美元。雖然許多成人沒有為終身學習預留預算，但他們有旅遊與假期預算，而且每個人都有餐飲預算。

By turning learning into hospitality and entertainment expense, we are tapping into existing budgets and annual calendars, making lifelong learning a lifestyle. In 2026, we are launching our Genie AI App with point-of-sale purchase and redemption, enabling the GEM rewards that our learners earn for taking steps in their learning, living, earning and giving to be spent within our Genius community.

透過把學習轉化為旅宿與娛樂支出，我們正在切入既有預算與年度行事曆，讓終身學習成為一種生活方式。在 2026 年，我們將推出 Genie AI App，具備 POS（銷售點）購買與兌換功能，使學習者在學習、生活、賺取與付出過程中所獲得的 GEM 獎勵，能在我們的 Genius 社群內消費使用。

Our long-term goal within our post-singularity vision is that the amount that each learner can learn by how they give and grow each day, contributing to the community with their time and knowledge, the earnings will be sufficient for them to pay for all living expenses without the need to get a money job to pay their way.

在我們後奇點（post-singularity）願景下的長期目標是：每位學習者每天透過付出與成長、以時間與知識回饋社群所獲得的收益，將足以支付其全部生活開支，而無需為了糊口去做一份「賺錢的工作」。

And that brings us to the next slide, Genius City, where it brings it all together in a lifelong learning campus. Our three business units come together in this Genius City model. In November 2025, we signed and closed a joint venture for Genius City at Nuanu Creative City, Bali for the development of our first Genius City. Nuanu sits on 44 hectares of oceanfront land between Tanah Lot and Canggu in the West Coast of Bali. It is already a world-class creative community attracting entrepreneurs, investors and artists from around the globe.

接著來到下一張投影片：Genius City——在一個終身學習校園中把一切整合起來。我們的三個事業單位在 Genius City 模型中匯聚。在 2025 年 11 月，我們在峇里島 Nuanu Creative City 簽署並完成 Genius City 的合資案，用於開發我們第一座 Genius City。Nuanu 坐落於峇里島西海岸、介於 Tanah Lot 與 Canggu 之間的 44 公頃臨海土地上。它已是一個世界級的創意社群，吸引來自全球的創業者、投資人與藝術家。

It is a host for international summits and festivals, including Coinfest, Asia's largest crypto festival and our own Future Summit, which we hosted to a sold-out crowd in November 2025. Situated in the center of Nuanu and near the current Pro Ed primary and secondary school campuses, Genius City Nuanu will become Nuanu's first and fully integrated living and learning campus. Our architect, Inspiral, you can see their graphics here, our award-winning designers who have created a structure inspired by Buckminster Fuller's Spaceship Earth bio architecture.

這裡也是國際高峰會與節慶的主辦地，包括 Coinfest（亞洲最大的加密貨幣節）以及我們自辦的 Future Summit；我們於 2025 年 11 月舉辦時全場售罄。Genius City Nuanu 位於 Nuanu 的中心，且鄰近現有的 Pro Ed 小學與中學校區，將成為 Nuanu 第一個且完全整合的居住與學習校園。我們的建築師 Inspiral——你可以在此看到他們的圖像——是屢獲獎項的設計團隊，打造出受 Buckminster Fuller「太空船地球」（Spaceship Earth）生態建築啟發的結構。

And they have completed the concept plans and begun the second phase of the design and development process already this year. The development includes 100 key MICE hotel, MICE standing for conferences and exhibitions as our living hub, an 800-seat multipurpose dome, spaceship Earth as part of our learning hub and a future high school teaching our Genius Curriculum as our student hub [Of] share co-working, creative labs, media labs and tech labs to drive a robust shared revenue model.

他們已完成概念規劃，並在今年已開始第二階段的設計與開發流程。本開發案包含：作為 Living Hub 的 100 間關鍵 MICE 飯店（MICE 指會議與展覽）；作為 Learning Hub 的 800 席多功能圓頂「太空船地球」；以及作為 Student Hub 的未來高中，教授我們的 Genius 課綱；並包含共享共創空間、創意實驗室、媒體實驗室與科技實驗室，以推動穩健的共享營收模式。

Built on 15,500 square meters of land, the project cost is $28.3 million with a target three year revenue of $19.8 million per year and operating profit of $5.8 million annually. Targeting enterprise value of this project alone is $46.4 million to be funded through a nondilutive RWA, which is real-world asset, blockchain-based property fund. Construction begins this year with completion targeted by the end of 2027. This is our prototype. And once it is proven, our aim is to replicate the model globally, targeting 20 Genius Cities by 2030 and ultimately 100 Genius Cities around the world.

本專案建於 15,500 平方公尺土地上，專案成本為 2,830 萬美元，目標三年期營收為每年 1,980 萬美元，年度營運利潤為 580 萬美元。僅此專案的目標企業價值為 4,640 萬美元，將透過非稀釋性的 RWA（Real-World Asset，實體資產）——基於區塊鏈的不動產基金——來籌資。今年開始動工，目標於 2027 年底完工。這就是我們的原型。一旦驗證成功，我們的目標是在全球複製此模式，於 2030 年前達成 20 座 Genius City，最終在全球打造 100 座 Genius City。

We anticipate each Genius City will have its own AI-powered community where all learners can instantly connect to the mentors, projects, opportunities, apprenticeships that match their purpose, passions and talents, where each Genius City will have its own sovereign fund, investing in start-ups, ventures and robot -- return to the community and where the micro economy is built on collaboration and contribution.

我們預期每一座 Genius City 都將擁有自己的 AI 驅動社群，讓所有學習者能即時連結到符合其人生目的、熱情與天賦的導師、專案、機會與學徒制（apprenticeships）；每一座 Genius City 也將擁有自己的主權基金，投資新創、事業與機器人——回饋社群；而其微型經濟將建立在協作與貢獻之上。

The Genius City model is based on the Balinese Banjar Village model, where each member of the village identifies more with their village job than their money job, where everyone has their living and food covered and the calendar of festivals and community events provide ongoing opportunity to create, connect and celebrate. The Bali Tri Hita Karana, three sources of Harmony philosophy is about attaining fulfillment, happiness and peace through the balance of spirit, nature and humanity. And the three hubs of Genius City are entered through the Spirit Gate, Nature Gate and Village Gate with Spaceship Earth at the center. And that brings us to the next slide, the size of our market.

Genius City 模式以峇里島的 Banjar 村落模式為基礎，在那裡，村民對自己的村落職務的認同感勝過對賺錢工作的認同；每個人的居住與食物都獲得保障，而節慶與社區活動的行事曆持續提供創造、連結與慶祝的機會。峇里島的 Tri Hita Karana（和諧的三大來源）哲學，是透過靈性、自然與人性之間的平衡，來獲得圓滿、幸福與平和。而 Genius City 的三個樞紐，分別透過靈性之門、自然之門與村落之門進入，並以「地球號太空船」為中心。接著帶我們進入下一張投影片：我們市場的規模。

Lifelong learning, which is our market, is a $10 trillion opportunity. Global education and upskilling spend is on track to reach $10 trillion by 2030 according to HolonIQ. It is growing at 4.5% CAGR over 6% of global GDP. K-12 education alone will exceed $5 trillion. And sitting behind these numbers is something more urgent.

終身學習，也就是我們的市場，是一個 10 兆美元的機會。根據 HolonIQ，全球教育與技能提升支出預計將在 2030 年達到 10 兆美元。其以 4.5% 的年複合成長率（CAGR）成長，規模超過全球 GDP 的 6%。僅 K-12 教育就將超過 5 兆美元。而在這些數字背後，還有更迫切的因素。

As I earlier cited, the World Economic Forum estimates that 59 out of 100 workers worldwide will require reskilling or upskilling by 2030. That is hundreds of millions of people who need new skills, new purpose and new pathways. The corporate training market alone stands at $361 billion today and is projected to reach $800 billion by 2035, not because companies want to spend more in training, but because they have no choice. The world of work is being disrupted at a pace that no previous generation has experienced. This is a historic moment in time we've been preparing for.

如我先前引用，世界經濟論壇估計，到 2030 年全球每 100 名勞工中將有 59 人需要再培訓或技能提升。這代表有數以億計的人需要新技能、新目標與新途徑。僅企業培訓市場目前就達 3,610 億美元，並預計到 2035 年將達到 8,000 億美元；並非因為企業想在培訓上花更多錢，而是因為他們別無選擇。工作世界正以過去任何世代都未曾經歷的速度被顛覆。這是我們一直在為之準備的歷史性時刻。

And we believe the most powerful solution of this moment is education that is personalized, experiential and lifelong. So coming to the next slide, this slide provides you with details of our corporate actions, legal progress and shareholder rewards. As many of our investors are aware, 2025 was not an easy year for us. We reported throughout the year the challenges we faced from third parties and the corporate actions, legal actions we have been taking. The good news is that the combination of the various actions we have taken, whilst distracting from our core business has enabled us to be successful in defending the company, and we do believe that we continue to make positive progress on these cases and these actions.

我們相信，此刻最有力的解方是個人化、體驗式且終身的教育。接著到下一張投影片，本頁將提供各位我們的公司行動、法律進展與股東回饋的細節。許多投資人都知道，2025 年對我們而言並不容易。我們在全年持續揭露第三方帶來的挑戰，以及我們所採取的公司行動與法律行動。好消息是，雖然各項行動分散了我們對核心業務的注意力，但這些行動的組合使我們成功捍衛公司；我們也相信在這些案件與行動上仍持續取得正向進展。

On our corporate actions, we got shareholder approval and executed a series of share buybacks. Our directors, officers and I also purchased shares of Genius on the open market, and we're successful in releasing all liens on our assets from third parties related to earlier debt agreements, which were repaid in full. We also commenced the dual listing process on the Australian Stock Exchange.

在公司行動方面，我們取得股東核准並執行了一系列庫藏股回購。我們的董事、主管以及我也在公開市場買進 Genius 的股票；同時，我們也成功解除第三方就先前債務協議對我們資產所設定的所有留置權，該等債務已全數清償。我們也啟動在澳洲證券交易所（ASX）的雙重上市流程。

And just on that note, while we looked at all the different exchanges, there were a number of exchanges, including Hong Kong and including Taiwan, where because of the regulations and the rules didn't allow us to be able to be on those exchanges in the short term, whereas with ASX, there is already a good history of dual listings with U.S. companies, which includes [block].

順帶一提，當我們評估各個不同交易所時，有一些交易所（包括香港與台灣）因為法規與規則限制，短期內不允許我們在其上市；相較之下，ASX 已有美國公司進行雙重上市的良好歷史，其中包括[block].

On our legal actions, we are successful in our filing with the appeals court to have the preliminary injunction on our ability to sell shares, raise financing and by Bitcoin stayed until the arbitration case with LZGI is completed, after which the case will be closed. In the arbitration, we are seeking to recover 7.4 million junior shares and $6.6 million in funds paid to LZGI and expected -- and we did expect a ruling in the arbitration case by the end of this January. However, the ICC has extended that date to give a final ruling at the end of this month of March. Last year, we also filed a RICO complaint and a class action lawsuit against various parties collectively seeking damages of $1 billion. These cases are currently in progress, and we are pleased to be leaving these cases in the capable hands of our lawyers, allowing the company to put its full focus on executing our operational plan.

在法律行動方面，我們已成功向上訴法院提出聲請，使針對我們出售股票、籌資以及買入比特幣能力的初步禁制令，暫緩執行直至與 LZGI 的仲裁案結束；之後該案將結案。在仲裁中，我們尋求追回 740 萬股 junior shares 以及支付給 LZGI 的 660 萬美元資金；我們原本預期仲裁案可在今年 1 月底前作出裁決。然而，ICC 已將期限延後，預計於 3 月底作出最終裁決。去年，我們也提出 RICO 訴狀並對多方提起集體訴訟，合計求償 10 億美元。這些案件目前仍在進行中；我們很高興將案件交由我們律師的專業團隊處理，讓公司能將全部重心放在執行營運計畫上。

On shareholder rewards, in 2026, we encouraged shareholders to keep shares in book entry form at our share transfer agent, Vstock. And we announced a $0.10 per share Bitcoin loyalty payment program for shares held in book entry form from November 28, 2025 through to May 28, 2026. And in addition, ERL began distribution of GNS shares to ERL shareholders on February 15, 2026, with the majority of these shares also receiving the benefit of the loyalty program by remaining in shareholders' names at Vstock. Currently, there's a total of 17.3 million shares that are held at Vstock as part of this reward program. We also held a share count on February 15, coinciding with the commencement of the ERL share distribution.

在股東回饋方面，2026 年我們鼓勵股東將股份以簿記（book entry）形式保留在我們的股票過戶代理機構 Vstock。我們也宣布針對於 2025 年 11 月 28 日至 2026 年 5 月 28 日期間，以簿記形式持有股份者，提供每股 0.10 美元的比特幣忠誠回饋支付計畫。此外，ERL 於 2026 年 2 月 15 日開始向 ERL 股東分配 GNS 股票，其中多數股份也因仍以股東姓名保留在 Vstock 而可享有忠誠計畫的利益。目前，作為此回饋計畫的一部分，Vstock 共持有 1,730 萬股。我們也在 2 月 15 日進行了股數盤點，與 ERL 股份分配開始時間一致。

We were expecting to be able to provide the results of this by now, but are still in the process of collecting data, and we will be reporting on this in full details once complete. I expect that to be fairly shortly. And on a final note, while we have a goal of building our Bitcoin treasury and access to funding via an SEC-approved shelf and ATM, we are mindful to only be using our ATM when it's accretive to the business and so have made use of it only conservatively in 2025, and we'll continue to maintain a conservative balance between financing activities, Bitcoin purchases and share buybacks with an ongoing view of continuing to maximize shareholder value while building the performance and profitability of our core operations. And with that, I'm going to hand it over on the next slide, which is our financial summary and guidance to Gaurav Dama, our CFO.

我們原本預期現在就能提供結果，但仍在蒐集資料的過程中；完成後我們將就此作完整詳細的報告。我預期很快就會完成。最後補充一點，雖然我們的目標是建立比特幣庫存（treasury），並透過 SEC 核准的 shelf 與 ATM 取得資金，但我們謹慎地只在對業務具增益（accretive）時才使用 ATM，因此在 2025 年僅保守使用；我們也將持續在融資活動、比特幣購買與股票回購之間維持保守的平衡，並持續以最大化股東價值為目標，同時提升核心營運的表現與獲利能力。接下來我將把時間交給下一張投影片，也就是我們的財務摘要與 2026 年展望，由我們的財務長 Gaurav Dama 來說明。

Thank you, Roger.

謝謝你，Roger。

Hey, Gaurav.

嗨，Gaurav。

Good morning, everyone. On slide 13, we present our audited financials for the year 2025. Our 20-F will be filed today together with our guidance for 2026. Given our two significant acquisitions during the year, which is Genius Resort in July and Pro Education in November, we present both audited financials and pro forma financials, the latter reflecting a full year contribution from both the businesses. In terms of our revenue, the audited revenue for 2025 was $8.4 million for the full year, which was up from $7.6 million in 2024.

各位早安。在第 13 張投影片，我們呈現 2025 年度經審計的財務報表。我們的 20-F 將於今日提交，並同時提供我們對 2026 年的指引。鑑於我們在年度內完成兩項重大收購——7 月的 Genius Resort 與 11 月的 Pro Education——我們同時提供經審計財務數字與備考（pro forma）財務數字；後者反映兩項業務在完整年度的貢獻。就營收而言，2025 年全年經審計營收為 840 萬美元，高於 2024 年的 760 萬美元。

On the pro forma basis, incorporating the full year contribution from Genius Resort and Pro Education, our revenue was $13.6 million, 80% increase year-on-year. You can see that clearly in the revenue chart, the 2024 bar is reflecting $7.3 million in core operations, plus $0.3 million from discontinued operations making 80% growth in our core business from 2024 to 2025, clearly visible. Our gross profit, which rose to $4.9 million on a pro forma basis, which is a significant improvement of 110% year-on-year. Our adjusted EBITDA loss was about $13.1 million for the year. The reported net loss of $56 million, including $42.9 million in noncash items.

以備考基礎計算，納入 Genius Resort 與 Pro Education 的全年貢獻後，我們的營收為 1,360 萬美元，年增 80%。你可以在營收圖表中清楚看到：2024 年的長條反映核心營運 730 萬美元，加上已終止營運 30 萬美元；因此我們核心業務從 2024 年到 2025 年成長 80%，一目了然。我們的毛利在備考基礎下提升至 490 萬美元，年增 110%，改善幅度顯著。我們全年調整後 EBITDA 虧損約 1,310 萬美元。報告的淨虧損為 5,600 萬美元，其中包含 4,290 萬美元的非現金項目。

These are mainly impairment -- asset impairment from discontinued operations, restructuring, provisions, share-based compensation. These are predominantly one of the costs associated with our consolidated and transformation. On an underlying operational basis, we achieved operational profitability from our business unit in Q4 2025. On our cash used in operations improved dramatically down from 76% from $46.3 million in 2024 to $10.6 million in 2025, this reflects significant tighter operational discipline across business and the elimination of extraordinary costs, which occurred in 2024. On our balance sheet, our total assets grew 37% to $136.9 million.

這些主要是減損——來自終止營運的資產減損、重組、準備金、以股份為基礎的薪酬。這些大多屬於與我們整合與轉型相關的成本之一。以基本營運口徑來看，我們在 2025 年第四季的事業單位已達成營運獲利。我們的營運所用現金大幅改善，從 2024 年的 4,630 萬美元降至 2025 年的 1,060 萬美元，降幅達 76%；這反映出我們在各業務上更嚴格的營運紀律，以及 2024 年發生之非經常性成本的消除。在資產負債表方面，我們的總資產成長 37% 至 1.369 億美元。

Our shareholders' equity is $96.6 million. Subsequent to year-end, we sold approximately 102.6 Bitcoin at an average price of $71,035 per Bitcoin, which is for the total $7.3 million. This helps us to reduce our Bitcoin-backed loan from $8.5 million to $3.3 million, which further strengthened our balance sheet. Our total student grew from 5.8 million to 6.1 million in 2024 -- in 2025 compared to 2024. Revenue per paying student grew 1,053% from $161 to $1,856, a strongest leading indicator of our shift in premium integrated high-tech and high-touch model.

我們的股東權益為 9,660 萬美元。在年末之後，我們以每枚比特幣平均 71,035 美元的價格出售約 102.6 枚比特幣，合計約 730 萬美元。這有助於我們將比特幣擔保貸款從 850 萬美元降至 330 萬美元，進一步強化了我們的資產負債表。我們的學生總數從 580 萬成長至 610 萬（2025 年相較 2024 年）。每位付費學生的收入從 161 美元成長 1,053% 至 1,856 美元，這是我們轉向高端整合式高科技與高互動（high-touch）模式的最強領先指標。

Turning to 2026 guidance, which you see on the right-hand side of the slide, we are guiding to $20 million to $22 million in terms of revenue, which is 48% growth from our 2025 pro forma and a positive EBITDA from our operation of $1.5 million to $2 million. All three business units, which are expected to achieve profitable operations, which is Genius School over $6 million, Genius Academy over $6 million and Genius Resort over $8 million. With that, I'll hand it back to you, Roger.

接著談 2026 年指引，如投影片右側所示，我們預期營收為 2,000 萬至 2,200 萬美元，較 2025 年備考（pro forma）成長 48%，並且營運端 EBITDA 為正，約 150 萬至 200 萬美元。三個事業單位皆預期達成獲利營運：Genius School 超過 600 萬美元、Genius Academy 超過 600 萬美元，以及 Genius Resort 超過 800 萬美元。接下來我把時間交還給你，Roger。

Thank you very much, Gaurav. We are now entering 2026 with the strongest foundations in Genius Group's history. Our three business units profitable together for the first time. Genius City signed and underway, $137 million in total assets and over $1 billion in damages being pursued by our legal team. And on top of that, a dual listing on the ASX is in process.

非常感謝你，Gaurav。我們正以 Genius Group 歷史上最強的基礎邁入 2026 年。我們的三個事業單位首次同時實現獲利。Genius City 已簽約並正在推進中，總資產達 1.37 億美元，且我們的法務團隊正追訴超過 10 億美元的損害賠償。此外，於澳洲證券交易所（ASX）的雙重上市也在進行中。

So moving to our final slide, the future ABCs. I want to close with a message that resonates with all of our students and sets us apart from other education companies. The result of our Genius Education is a shift in focus on the ABCs that we are teaching and what we are currently experiencing. If you look below, the left column are the present ABCs experienced by many children and adults today. These are the ABCs of anxiety, burnout and crisis.

接著來到最後一張投影片：未來的 ABC。我想以一段訊息作結，這段訊息能引起我們所有學生的共鳴，也讓我們與其他教育公司有所區隔。Genius 教育的成果，是把我們所教導的 ABC，以及我們目前所經歷的 ABC，轉換焦點。如果你看下方，左欄是當今許多兒童與成人正在經歷的 ABC。這些是焦慮（anxiety）、倦怠（burnout）與危機（crisis）的 ABC。

These are not abstract words. These are the lived experience of hundreds of millions of people right now. Workers facing displacement, parents watching their children prepare for a world that no longer exists, leaders trying to navigate unprecedented change, the anxiety of not knowing what comes next, the burnout of running faster just to say still and the crisis of a system built for a world that is ending. The right column are the future ABCs that our learners experience from Genius, abundance, balance, connection. These are not ideals.

這些不是抽象的詞語。這是此刻數億人正在真實經歷的生活體驗。勞工面臨被取代，父母看著孩子為一個已不復存在的世界做準備，領導者試圖在前所未有的變局中前行；對下一步將發生什麼的未知所帶來的焦慮、為了勉強維持原地不動而不得不跑得更快的倦怠，以及一個為正在終結的世界所打造之系統所引發的危機。右欄則是我們的學習者在 Genius 所體驗到的未來 ABC：豐盛（abundance）、平衡（balance）、連結（connection）。這些不是理想。

These are outcomes. The abundance that comes when technology takes care of scarcity and humans take care of each other. The balance that comes when we work to live, not live to work. The connection that comes when we start competing and start creating together. How we do this is through the ABCs we teach.

這些是成果。當科技照顧匱乏，而人類彼此照顧時，就會出現的豐盛。當我們為了生活而工作，而不是為了工作而活時，就會出現的平衡。當我們停止競爭、開始一起創造時，就會出現的連結。我們做到這一切的方式，就是透過我們所教的 ABC。

This is a central 3, the Genius Code: AI, Blockchain, Community. These are not just technologies, they are the tools of liberation. AI is not to replace human intelligence, but to amplify it. Blockchain is not just about Bitcoin and digital currency, but also digital trust, digital ownership, digital sovereignty. And community, because none of us can pass the findings exam alone.

這是一個核心三要素——Genius Code：AI、區塊鏈、社群。這些不只是技術，它們是解放的工具。AI 不是用來取代人類智慧，而是用來放大它。區塊鏈不僅關乎比特幣與數位貨幣，也關乎數位信任、數位所有權、數位主權。還有社群，因為我們沒有人能獨自通過期末考。

We pass it together or not at all. The image here that you see is the Genius City that we are building at Nuanu in Bali and that we aim to replicate in 100 locations around the world, a place where anxiety can turn to abundance, where burnout can turn to balance and where the sense of crisis and separation is replaced with lifelong connection and belonging. While some of our shareholders listening may be new to Genius, I know many of you have been long-time investors who have continued to support us through the challenging times because you believe in the importance of our mission as much as we do. And I want to say to you, thank you so much for continuing to be on this journey with us. 2026 is a year that I personally am changing my own ABCs from anxiety, burnout and crisis to abundance, balance and connection as we deliver on this mission.

我們要嘛一起通過，要嘛就都無法通過。你在這裡看到的影像，是我們正在峇里島 Nuanu 打造的 Genius City，我們也希望在全球 100 個地點複製它——一個能讓焦慮轉為豐盛、讓倦怠轉為平衡，並以終身的連結與歸屬感取代危機與分離感的地方。在收聽的股東中，有些人可能是第一次認識 Genius；但我知道你們之中也有許多長期投資人，在艱難時期仍持續支持我們，因為你們和我們一樣相信這項使命的重要性。我想對你們說：非常感謝你們持續與我們同行。2026 年，當我們落實這項使命時，我個人也將把自己的 ABC 從焦慮、倦怠與危機，轉變為豐盛、平衡與連結。

We are in the year of the singularity. We are at the beginning of the Genius Generation, we're at the moment Bucky Fuller spent his life preparing us for, and we have been building exactly the right vehicle at exactly the right time to pass the final exam. This is the work we are committed to. This is the future we are building. Thank you for joining our journey.

我們正處於奇點之年。我們正站在 Genius 世代的起點，正處於巴克敏斯特·富勒（Bucky Fuller）畢生為我們準備的時刻；而我們一直在恰當的時間打造出恰當的載具，以通過期末考。這是我們所承諾投入的工作。這是我們正在建構的未來。感謝你加入我們的旅程。

And with that, we're going to bring this shareholder meeting to a close, and we look forward to continuing the conversation online. Thank you very much, everyone.

接下來，我們將結束本次股東會議，並期待在線上持續交流。非常感謝各位。