Singapore
The main drag on the bottom line was finance costs, in particular, interest on bank loans.
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The company booked an impairment loss of $351.8m on investments in its subsidiaries.
Rest of Asia
US assets accounted for 44% of Mubadala’s portfolio in 2025.
Excluding these gains, the core business remained loss-making, though losses narrowed.
Indonesia
The company added over 90 stores in 2025, bringing its total network to 316 in Indonesia.
Vietnam
The Nasdaq-listed startup has made forays into Indonesia, India, and the Philippines.
Greater China
Zhipu has been expanding abroad, particularly in SE Asia.
The company said the operating environment in 2026 would remain challenging.
Philippines
The lender achieved a positive operating margin before provisions in Feb.
BYD could face a tougher earnings backdrop in 2026