✦ ENVOICE

evidence points the way.
resources ✦ updates ✦ accountability.

[✦ ENVOICE @ENVOICEs]

One! Two! Connect! Hello, we are EnVoice!

A fanbase created to support ENHYPEN through informed advocacy, transparency, and accountability. ✦

[✦ ENVOICE @ENVOICEs]

Engenes ! It’s 12 A.M KST. Today is the first Day of the mass tags compaign.
It’s officially the start of our project, thank you for everyone who will be able to participate.

Drop the tags, and don’t forget, every little action matters !
Let’s fight for our sevEN !!
​
​📌 TAGGING GUIDELINES:
• Keep your post focused, avoid adding unrelated or extra hashtags that could dilute our main tags.
• Add different emojis, numbers, or unique text to your posts so identical copy pastes don't get flagged as spam.
• Position the official hashtags at the very end of your post.
• Boost visibility by Reposting and Quote posts that carry the campaign tags.

◇◇◇◇

ENGENEs will maintain a financial boycott against HYBE indefinitely until the company begins treating ENHYPEN better, proper rest is given to them and the sevEN can reunite.

엔진은 공정함을 요구합니다.
#EN_MISTREATMENT_UNacceptable
#BOYCOTT_BELIFT_FOR_OUR_SEVEN

[En-House @EnHouseOT7]

IT’S 12KST🔔
MASS TAGGING DAY 1‼️CALLING ALL OT7s📢

Let us be as loud as we can in this project from @ENHYPENFANBASE_🧡 THANK YOU ENGENEs‼️(SEE THREAD)

엔진은 공정함을 요구합니다.
#EN_MISTREATMENT_UNacceptable
#BOYCOTT_BELIFT_FOR_OUR_SEVEN

[Agoren SevEN 🇧🇷 @AGOR7VEN]

⏰PRIMEIRA MASIVA – 12 A.M ⏰

Os jogos começaram e pedimos que por favor nos acompanhem hoje assim como nos próximos dias. Não há um número exato de comentários a serem alcançados nessa postagem, entretanto, alcancem essa meta invisível e então dobrem ela. Do Brasil não é esperado menos que a excelência.

Como auxílio para quem não sabe o que comentar mas quer ajudar: O que há ao redor de vocês nesse momento? Queremos tudo e, por gentileza, cada coisa em um comentário individual — já que o objetivo dos multirões é o volume.

엔진은 공정함을 요구합니다.
#EN_MISTREATMENT_UNacceptable
#BOYCOTT_BELIFT_FOR_OUR_SEVEN

[ENHYPEN7_BASE @ENHYPEN7_BASE]

ENGENEs, IT’S 12 AM KST! 🔊

​Our mass tag project is officially STARTING NOW! Time to reset the tags! 🏷️🔥

​Ahead of HYBE’s Q2 Conference Call this August 28th, we are strategically aligning our tags to demand corporate accountability and highlight the ongoing neglect of artist welfare directly to stakeholders.

ENGENEs will maintain a financial boycott against HYBE indefinitely until the company begins treating ENHYPEN better, proper rest is given to them and the sevEN can reunite.

엔진은 공정함을 요구합니다.
#EN_MISTREATMENT_UNacceptable
#BOYCOTT_BELIFT_FOR_OUR_SEVEN

​📌 GUIDELINES FOR TAGS:
• Do NOT mix them with other hashtags or add extra tags, this might interfere with main ones.
• Include the tags at the end of your post.
• DO RT and QRT posts using the official tags to help the trend.

​📍DISCLAIMER:
​These hashtags are meant for X (Twitter) trending only.
​Do NOT spam these tags on Instagram, TikTok, Weverse, YouTube, or any other platform.
​Do NOT use them under official ENHYPEN, EVAN, BELIFT, or HYBE official posts.

[EN-CONNECT7 💙 @ENCONNECT7_BASE]

Proud to join the OT7 Mass Tagging Event by @ENHYPENFANBASE_

Let's make our voices louder over the next 3 days! 💙

ENGENEs will continue boycotting HYBE until ENHYPEN is treated fairly.

엔진은 공정함을 요구합니다.

#EN_MISTREATMENT_UNacceptable
#BOYCOTT_BELIFT_FOR_OUR_SEVEN

[EN_CONNECT_SYSTEM_official @EN7CS_official]

⏰ 12:00 AM | 🗓️ DAY 1
🚨 PROJECT INITIATION 🚨
ENGENEs, the campaign starts now! Let’s stand united and make our voices heard.

📌 TAGGING GUIDELINES:
• Keep your post focused, avoid adding unrelated or extra hashtags that could dilute our main tags.
• Add different emojis, numbers, or unique text to your posts so identical copy pastes don't get flagged as spam.
• Position the official hashtags at the very end of your post.
• Boost visibility by Reposting and Quote posts that carry the campaign tags.

ENGENEs will maintain a financial boycott against HYBE indefinitely until the company begins treating ENHYPEN better, proper rest is given to them and the sevEN can reunite.

엔진은 공정함을 요구합니다.
#EN_MISTREATMENT_UNacceptable
#BOYCOTT_BELIFT_FOR_OUR_SEVEN

[ENHYPEN OT7 FANBASE @ENHYPENFANBASE_]

📢📢📢📢📢📢📢

ATTENTION ENGENES !!!

IT'S 12 A.M. KST !!!

IT'S DAY 1 OF OUR MASS TAGGING EVENT !

​📌 TAGGING GUIDELINES:
• Keep your post focused, avoid adding unrelated or extra hashtags that could dilute our main tags.
• Add different emojis, numbers, or unique text to your posts so identical copy pastes don't get flagged as spam.
• Position the official hashtags at the very end of your post.
• Boost visibility by Reposting and Quote posts that carry the campaign tags.

DROP THE MAXIMUM NUMBER OF TAGS POSSIBLE !!!!

ENGENEs will maintain a financial boycott against HYBE indefinitely until the company begins treating ENHYPEN better, proper rest is given to them and the sevEN can reunite.

엔진은 공정함을 요구합니다.
#EN_MISTREATMENT_UNacceptable
#BOYCOTT_BELIFT_FOR_OUR_SEVEN

[✦ ENVOICE @ENVOICEs]

✦︎ — ENVOICE BRIEFING 005

D-3 — Q2 2026 Shareholders Meeting

Our pre-meeting coverage is now underway.

In the days leading up to the meeting, EnVoice will continue examining HYBE’s 2025 Annual Report and Q1 2026 results, providing the corporate and financial context needed to better understand the upcoming discussions.

On the day of the meeting, we will share verified updates, clear summaries and relevant official documents as they become available.

Stay tuned as our coverage progresses.

[✦ ENVOICE @ENVOICEs]

✦︎ — ENVOICE CASE 003

HYBE 2025 ANNUAL REPORT
CHAPTER I: COMPANY OVERVIEW

Before examining HYBE’s business and financial performance, we first need to understand the corporate structure behind the numbers.

★ STRUCTURE, EXPANSION AND RESTRUCTURING

HYBE ended 2025 with 85 consolidated subsidiaries, compared with 78 at the beginning of the year. During the period, 11 companies were newly consolidated, four were removed and 12 were classified as major subsidiaries.

A consolidated subsidiary is a company controlled by HYBE whose financial activity is included in the group’s results. Therefore, the numbers reported under “HYBE” come from a wider network of labels, regional companies, management businesses, platforms and technology operations—not only the Korean parent company.

The new entities included operations connected to India, China, Japan, Latin America and the United States. This suggests that HYBE’s international strategy is moving beyond promoting Korean artists abroad: it is building local structures for artist development, production, management and content creation.

This may provide access to new artists, audiences and revenue sources. However, new regional businesses can require significant spending before becoming profitable, while also increasing costs and making the group harder to oversee.

Some companies were also liquidated, sold or merged. Binary Korea, for example, was absorbed into HYBE as part of an effort to integrate operations and improve efficiency.

Still, an intended result is not a proven result. Presenting a merger as an efficiency measure does not prove that costs were reduced or operations improved. Those outcomes must be compared with later financial performance.

★ OWNERSHIP, LEADERSHIP AND CONTROL

Bang Si-hyuk remained HYBE’s largest shareholder, while Lee Jae-sang served as CEO during 2025.

These roles are not identical. The largest shareholder holds concentrated voting influence, the board approves major decisions, and the CEO and management oversee daily operations and carry out strategy.

This distinction matters when discussing accountability. A major decision may involve management proposing it, the board approving it and shareholders influencing the wider governance structure.

Chapter I identifies who owns and manages the company, but the later governance chapters are needed to evaluate how oversight and responsibility work in practice.

★ SHARES, DILUTION AND EMPLOYEE COMPENSATION

HYBE’s issued common shares increased from 41,652,097 at the end of 2024 to 42,609,196 at the end of 2025.

That is an increase of 957,099 shares, or approximately 2.3%, caused by the conversion of convertible bonds into common shares.

Convertible bonds begin as debt but can later be exchanged for shares. Once converted, the total share count rises. Existing shareholders keep the same number of shares, but their proportional ownership can be reduced. This is dilution.

Dilution is not automatically unjustified. It may support financing, acquisitions or expansion. The key question is whether the capital raised created enough value to compensate shareholders for the larger share count.

HYBE also used treasury shares for employee stock-based compensation. This can help retain employees and link rewards to long-term performance. However, shareholders should still examine who receives the awards, what conditions apply and whether they reward sustainable value creation rather than expansion alone.

★ THE KEY POINT

Chapter I shows that HYBE entered 2026 as a larger, more international and more complex corporate group.

It explains the structure behind the numbers, but it does not prove that every subsidiary is profitable, that restructuring reduced costs, that international expansion is producing sustainable returns or that the value created justified dilution.

🔗 Full Chapter I analysis: https://t.co/h0r8GMr0sV

📄 Official annual report: https://t.co/JNYiY6h9uJ

For a quick overview, refer to the poster and for the complete analysis, read our Telegraph article. Should you have any questions or need further clarification, feel free to contact us through replies or direct messages, and we will do our best to assist.

Stay tuned for more!

[✦ ENVOICE @ENVOICEs]

✦︎ — ENVOICE BRIEFING 004

D-4 — Q2 2026, Shareholders Meeting

Over the next few days EnVoice will break down everything you need to know before the meeting, then provide live updates, verified summaries and official documents regarding the event.

Stay tuned for more updates!

[✦ ENVOICE @ENVOICEs]

📎: https://t.co/PqYSheOVEJ

[✦ ENVOICE @ENVOICEs]

✦︎ — ENVOICE CASE 002

Before we begin, here’s a quick overview of the Annual Report’s structure.

Each chapter covers a different aspect of HYBE, making it easier to navigate the report and follow the topics that interest you most.

Stay tuned for more!

[✦ ENVOICE @ENVOICEs]

📎: https://t.co/PqYSheOVEJ

[✦ ENVOICE @ENVOICEs]

✦︎ — ENVOICE CASE 001

We’re launching a new series analyzing HYBE’s 2025 Annual Report through the company’s official disclosures to shareholders.

No speculation, just documented information, context and a shareholder perspective.

Stay tuned to learn more!

[✦ ENVOICE @ENVOICEs]

📎 Official IR notice:
https://t.co/dzFQ120H8U

[✦ ENVOICE @ENVOICEs]

✦︎ — ENVOICE BRIEFING 003

D-5 — Q2 2026, Shareholders Meeting

Over the next few days EnVoice will break down everything you need to know before the meeting, then provide live updates, verified summaries and official documents regarding the event.

Stay tuned for more updates!

[✦ ENVOICE @ENVOICEs]

If there’s anything you’re still unsure about, leave your questions in the comments.

📎:
https://t.co/V2HtlvtckC

https://t.co/Ua71KXQY1D

https://t.co/HA81o3jC8S

[✦ ENVOICE @ENVOICEs]

✦︎ — ENVOICE BRIEFING 002

Understanding Cashtags

Before introducing $/HYBE into our posts, we wanted to take a step back and explain what a cashtag actually is.

This infographic covers the basics.

📎 Links below.