Intuitive Investments Group’s final results headline with the significant progress at Hui10 Inc (99%+ of the group's portfolio). Of the key metrics: a tripling of connected lottery shops to 7,016 from 2,222 last year; registered users to 861.1k in November 2025 from 243.1k in November 2024; lottery transaction value through Lucky World surged to ¥212,630,153 for the 11 months to November 2025, ¥719,663 in the prior year. There are strategic partnerships with China Poly Group and Sinopec Easy Joy, and post period yesterday’s news that UK investment manager Helikon Investments will provide £30m equity funding in staged payments. Net assets increased to £328.04m, though NAV/share saw a slight decrease to 150.3p (from 153.9p). Progressing to paperless lottery operations continues apace, as these results solidly underpin the investment case. Our intrinsic valuation of 1,284p (unchanged following these results) is based on a blended valuation of DCF, FCF and peer review.