Group 1 - The cryptocurrency concept stocks in Hong Kong experienced a volatile rise in early trading, with notable gains in several companies [1] - Guotai Junan International (01788.HK) saw an increase of over 7% [1] - Other companies such as Guofu Quantum (00290.HK), New Fire Technology Holdings (01611.HK), and Boya Interactive (00434.HK) also followed with upward movements [1]

Core Insights - The report highlights the "Cost-Effectiveness Ratio" (费效比) as a key metric for evaluating management efficiency, indicating the profit generated per unit of labor cost [3][29] - Shenzhen's listed companies demonstrated a revenue growth of 5.73%, reaching a total revenue of 83,765 billion yuan, while labor costs increased by 8.86%, outpacing net profit growth of 3.7% [5][8] - The report categorizes Shenzhen's listed companies into three tiers based on their performance: leading companies show strong momentum, mid-tier companies are stabilizing, and long-tail companies have potential for improvement [19][20] Overview of Shenzhen Listed Companies - A total of 549 companies are listed in Shenzhen, with 423 on A-shares and 126 on H-shares, where private enterprises constitute 61.93% of the total [6][8] - The average revenue per company in Shenzhen is 152.58 million yuan, with an average net profit of 12.53 million yuan [5][6] Human Capital Investment - The increase in labor costs exceeding revenue growth by 3.13 percentage points indicates a belief among Shenzhen companies that investing in human capital will accelerate value release [8][19] - The 90th percentile cost-effectiveness ratio is 1.15, significantly higher than the industry median of 0.19, highlighting the impact of human resource management on net profit [12][19] Revenue and Profit Distribution - Shenzhen's listed companies achieved a total revenue of over 8.3 trillion yuan, with private enterprises contributing 42.3% [22][24] - Private enterprises also accounted for 42.7% of the total net profit, demonstrating their significant role in the local economy [24][27] Cost-Effectiveness Rankings - The top companies in terms of cost-effectiveness include Ping An Bank with a ratio of 2.33 and BYD with a strong focus on labor efficiency [28][73] - The report emphasizes the importance of measuring cost-effectiveness to ensure that contributions exceed costs, which is crucial for business incentives [29][31] Sector-Specific Insights - The report identifies leading companies in various sectors, such as Tencent and BYD, showcasing their ability to leverage high salaries for high returns [31][85] - The analysis reveals that companies with high labor costs can still achieve high efficiency through strategic investments in talent and technology [31][70] Future Outlook - The report suggests that Shenzhen's listed companies are well-positioned for future growth, with potential for enhanced efficiency through digital transformation and organizational restructuring [19][70] - The emphasis on human capital and strategic management practices indicates a robust framework for sustaining competitive advantages in a complex economic environment [19][31]

Revenue and Profitability - Revenue for the first quarter ended March 31, 2025, was HKD 111,892,000, a decrease of 6.4% compared to HKD 119,570,000 in the same period last year[3] - Gross profit for the first quarter was HKD 77,464,000, down 8.8% from HKD 84,962,000 year-over-year[3] - The company reported a net loss attributable to shareholders of HKD 223,561,000, compared to a profit of HKD 387,592,000 in the same period last year[3] - Revenue for Q1 2025 was approximately HKD 111.9 million, a decrease of about 6.4% year-over-year, attributed to market factors and seasonal operational impacts[11] - The adjusted profit for Q1 2025, excluding non-operating factors, decreased by approximately 38.9% year-over-year due to a slight decline in revenue and reduced interest income from bank deposits[6] - The company reported a basic loss per share of HKD (33.33) compared to a profit of HKD 58.72 in the same period last year[41] - The total comprehensive loss for the period was HK$197,630,000, compared to a loss of HK$223,561,000 in the previous period, indicating an improvement of 11.6%[44] User Metrics - The number of paying users increased to 227,000, up 2.7% from 221,000 in the previous quarter[4] - Daily active users reached 1,246,000, an increase of 8.7% year-over-year[4] - Monthly active users grew to 4,389,000, reflecting a 5.5% increase compared to the same period last year[4] - The number of paying players increased by 12.9% from approximately 200,000 in Q4 2024 to approximately 230,000 in Q1 2025, while daily active users rose by 3.7% to approximately 1.25 million[8] Expenses and Costs - The company's gross profit for Q1 2025 was approximately HKD 77.5 million, down 8.8% from approximately HKD 85.0 million in the same period last year, resulting in a gross margin of 69.2%[15] - Sales and marketing expenses for the three months ended March 31, 2025, were approximately HKD 14.7 million, an increase of 82.2% compared to approximately HKD 8.1 million for the same period in 2024, primarily due to increased investment in new games[16] - Administrative expenses for the three months ended March 31, 2025, were approximately HKD 34.8 million, a year-on-year increase of 17.2% from approximately HKD 29.7 million in the same period of 2024, mainly due to higher employee compensation and benefits[17] - Research and development expenses amounted to HKD 16,039,000 for the three months ended March 31, 2025, down from HKD 18,070,000 in the previous year, representing a decrease of approximately 11.3%[67] Digital Assets and Cryptocurrency - Bitcoin growth rate was reported at 2.4%, significantly lower than the previous year's 65,324%[3] - Other sources of revenue increased by 63.3% to HKD 2,608,000, primarily from digital asset appreciation[3] - In Q1 2025, the company recorded an adjusted loss of approximately HKD 213 million, compared to an adjusted profit of approximately HKD 388 million in Q1 2024, primarily due to a decline in Bitcoin prices affecting the fair value of digital assets[6] - The fair value of digital assets as of March 31, 2025, was approximately HKD 2,334.0 million, down from HKD 2,548.6 million as of December 31, 2024, reflecting an unrealized fair value loss of approximately HKD 315.6 million[27] - The company holds approximately 3,351 Bitcoins with an average cost of $58,628 per Bitcoin as of March 31, 2025[27] - The company has authorized a total of up to $100 million for cryptocurrency purchases, with approximately $45 million allocated for Bitcoin and Ether, and up to $10 million for USDT and USDC[26] Financial Position - Total assets as of March 31, 2025, were HKD 2,949,405,000, a decrease from HKD 3,200,316,000 as of December 31, 2024[42] - Total liabilities decreased to HKD 477,463,000 from HKD 540,836,000 in the previous quarter[43] - Net current assets were HKD 2,126,353,000, down from HKD 2,421,190,000 in the previous quarter[43] - The company’s cash and cash equivalents decreased to HKD 58,439,000 from HKD 138,656,000 in the previous quarter[42] Segment Performance - The mobile gaming segment generated revenue of HKD 109,284, while the Web3 segment contributed HKD 2,608 for the three months ended March 31, 2025[57] - The company recorded a segment profit of HKD 35,899 from mobile gaming, but a significant loss of HKD 318,570 from the Web3 segment, resulting in a total segment loss of HKD 282,671[55] Shareholder Information - The company has not declared an interim dividend for the three months ended March 31, 2025, consistent with the previous year[68] - The company repurchased 3,445,000 shares at a total cost of HKD 5,636,330, with an average price of HKD 1.63 per share, all of which were subsequently cancelled[75] - The total number of stock options available for exercise as of March 31, 2024, was 4,872,429, unchanged from the previous period[78] Compliance and Reporting - The company has not yet applied new and revised International Financial Reporting Standards that have been issued but are not yet effective, and is currently assessing their potential impact[51] - The board approved the financial statements on May 29, 2025, emphasizing that the financial data is based on unaudited management accounts[89]

Company Overview - Boyaa Interactive International Limited was founded in 2004 and listed on the Hong Kong Stock Exchange in November 2013 [2] - The company is a leading developer and operator of card games in China, with over 30 online games, primarily based on classic card games [2] - Boyaa Interactive has a strong mobile card game portfolio, with the largest collection of mobile card games among Chinese online game companies on the Apple App Store [2] - The company has over 530 million registered players across more than 100 countries and regions [2] Financial Performance - As of December 31, 2024, Boyaa Interactive reported total revenue of 457 million yuan, a year-on-year increase of 15.79% [1] - The net profit attributable to shareholders was 884 million yuan, reflecting a significant year-on-year growth of 654.21% [1] - The gross profit margin stood at 72.7%, with a debt-to-asset ratio of 16.9% [1] Market Position and Valuation - Boyaa Interactive's price-to-earnings (P/E) ratio is 4.41, ranking fourth in the software services industry, which has an average P/E ratio of -6.43 [1] - The company aims to expand its game portfolio, increase market penetration, and enhance player earnings while strengthening its global business [2]

Group 1 - Bitcoin price recently surpassed $111,000, reaching a historical high, driven by bullish sentiment in the cryptocurrency market [1] - The Trump administration's clear support for cryptocurrencies and significant institutional investment have made Bitcoin a focal point for global investors [1] - Progress in U.S. stablecoin legislation has led to a surge in Bitcoin prices, reflecting strong market expectations for clearer regulatory policies [1] Group 2 - Bitcoin is increasingly viewed as a "safe-haven asset," particularly in the context of rising deficit spending concerns amid U.S. budget negotiations [1] - In the options market, investors are betting on further Bitcoin price increases, with demand for call options at strike prices of $110,000, $120,000, and even $300,000 surging [1] - Corporate buying activity is a significant driver of Bitcoin's rise, with Michael Saylor's Strategy company accumulating over $50 billion in Bitcoin [1] Group 3 - Boyaa Interactive (00434) issued a profit warning, expecting a loss of approximately $200 million to $220 million for the three months ending March 31, 2025, compared to a profit of about $388 million in the same period last year [2] - The company's anticipated decline in revenue and reduced bank interest income due to cryptocurrency purchases contributed to the expected loss [2] - Boyaa Interactive increased its Bitcoin holdings by purchasing approximately 100 Bitcoins for about $7.95 million, with an average purchase cost of $79,495 per Bitcoin [2]

Group 1 - The Hong Kong mobile gaming stocks are experiencing a strong upward trend, with Zhongyou Mobile (00302.HK) rising over 15% [1] - Boyaa Interactive (00434.HK) has increased by more than 12% [1] - Other companies such as Bilibili (09626.HK) and Xindong Company (02400.HK) are also seeing gains [1]

Group 1 - Bitcoin has surpassed $100,000, leading to positive performance in Hong Kong's Bitcoin-related stocks [1] - OK Group (01499) has seen an increase of over 13% [1] - Xiong'an Technology (01647.HK) has risen by more than 6% [1] - Boya Interactive (00434.HK) has also increased by 6% [1]

Financial Performance - The company recorded total revenue of approximately RMB 4.569 billion for the fiscal year 2024, representing an increase of about 15.8% compared to the same period in 2023[9]. - The adjusted net profit for the fiscal year 2024 was approximately RMB 8.863 billion, a significant increase of about 645.2% year-on-year, primarily due to the appreciation of cryptocurrency assets and increased revenue[9]. - For the fiscal year ending December 31, 2024, the company reported revenue of approximately RMB 456.9 million, a year-on-year increase of about 15.8% compared to RMB 394.6 million in 2023[18]. - The company achieved a net profit of approximately RMB 886.3 million for the fiscal year 2024, representing a significant year-on-year increase of about 645.2% from RMB 117.2 million in 2023[19]. - The company's gross profit increased by approximately 22.4% from RMB 271.3 million for the year ending December 31, 2023, to approximately RMB 332.1 million for the year ending December 31, 2024, primarily due to higher digital asset appreciation income[33]. - The gross margin for the year ending December 31, 2024, is approximately 72.7%, compared to 68.8% for the year ending December 31, 2023[33]. - The company's adjusted net profit for Q4 2024 was approximately RMB 670.0 million, a year-on-year increase of about 2,002.6% compared to Q4 2023[19]. - The company recorded a revenue of approximately RMB 138.7 million in Q4 2024, a year-on-year increase of about 38.3% compared to Q4 2023[18]. Digital Assets and Cryptocurrency - The company held approximately 3,351 Bitcoins with an average cost of about $58,628 per Bitcoin, and approximately 295 Ether with an average cost of about $1,661 per Ether as of the report date[8]. - The company achieved a fair value gain of approximately RMB 860 million from digital assets during the fiscal year 2024[9]. - The company aims to expand its Bitcoin reserves and remains optimistic about the long-term value of Bitcoin, considering financing options such as share placements and bond issuance[13]. - The company plans to continue expanding its Bitcoin reserves, reflecting a long-term optimistic view on the cryptocurrency market[17]. - The company received shareholder approval for an additional USD 100 million cryptocurrency purchase authorization, totaling USD 200 million[23]. - As of December 31, 2024, the company held approximately 3,274 Bitcoins at an average cost of USD 57,930 per coin and 298 Ether at an average cost of USD 1,676 per coin[23]. - The fair value of digital assets as of December 31, 2024, is approximately RMB 2,360 million, a significant increase from RMB 78.6 million as of December 31, 2023[60]. - The company recorded a fair value gain of approximately RMB 864.7 million for digital assets in the fiscal year ending December 31, 2024, compared to a gain of RMB 0.9 million in the previous year[60]. Business Strategy and Operations - The company plans to continue its focus on the traditional online gaming business while increasing efforts in the development and investment of Web3 gaming products and related infrastructure[11]. - The company is actively investing and incubating projects in the Web3 sector, aiming to innovate and create industry-leading Web3 gaming products[17]. - The company emphasizes compliance with legal regulations in different jurisdictions while striving to build a leading Web3 gaming company[13]. - The company will continue to enhance user experience and explore operational models for Web3 gaming products, focusing on high-quality game product incubation[11]. - The company is committed to developing and operating online card games and advancing Web3 gaming, aiming to position itself as a leading Web3 listed company[101]. - The company is focused on expanding its game distribution platform and increasing penetration in existing markets while exploring new domestic and international markets[101]. User Engagement and Market Performance - The company maintained a stable number of paying players at approximately 0.20 million in Q4 2024, while daily active users increased by 2.8% to about 1.20 million[20]. - The number of paying players decreased to 201,000 in December 2024 from 206,000 in December 2023, representing a decline of 2.4%[89]. - Daily active users increased to 1,201,000 in December 2024, up 6.3% from 1,130,000 in December 2023[89]. - Monthly active users rose to 4,151,000 in December 2024, reflecting a growth of 5.4% compared to 3,940,000 in December 2023[89]. - The company reported significant year-on-year growth in online gaming revenue in the Middle East region[21]. Expenses and Financial Management - Sales and marketing expenses decreased by approximately 15.9% from RMB 48.3 million for the year ending December 31, 2023, to approximately RMB 40.6 million for the year ending December 31, 2024, representing a reduction in the expense ratio from 12.2% to 8.9%[34]. - Administrative expenses increased by approximately 5.8% from RMB 98.9 million for the year ending December 31, 2023, to approximately RMB 104.6 million for the year ending December 31, 2024, mainly due to increased fees related to digital asset purchases and share-based compensation[35]. - The income tax expense for the year ending December 31, 2024, was approximately RMB 159.7 million, a significant increase from RMB 9.8 million for the year ending December 31, 2023, mainly due to the substantial increase in the fair value of digital assets[39]. Shareholder Returns and Dividends - The board proposed a final dividend of approximately HKD 75,596,000, equating to about HKD 0.1064 per ordinary share, which includes 20% of the operating net profit and 5% of the fair value increase of digital assets[10]. - The board proposed a final dividend of HKD 0.1064 per ordinary share for the year ending December 31, 2024, which is an increase from HKD 0.0372 per share for the previous year[112]. - The final dividend for 2024 represents 20% of the group's operating profit, along with 5% of the fair value increase of digital assets and 5% of capital gains[112]. - The revised dividend policy states that the company will pay dividends of no less than 20% of operating profit annually over the next four years[113]. Compliance and Risk Management - The company emphasizes compliance with legal regulations in different jurisdictions while striving to build a leading Web3 gaming company[13]. - The company has established a dedicated virtual asset management and risk control department to oversee cryptocurrency trading and management policies[100]. - The company has complied with all relevant Chinese laws and regulations, obtaining all necessary licenses and approvals for its operations in China[102]. - The company is closely monitoring the evolving regulatory environment in China and has engaged external legal advisors to ensure compliance with contractual arrangements[101]. - The interpretation of laws and regulations related to contractual arrangements in China remains uncertain, which could lead to significant compliance costs for the company[96]. Employee and Management Structure - As of December 31, 2024, the group has a total of 222 employees, with 174 in game development and operations, 36 in game support, and 12 in administrative and senior management roles[106]. - The company’s executive director, Mr. Dai Zhikang, has extensive experience in blockchain and Web3 technology, contributing to strategic planning and management[80]. - Ms. Tao Ying, an executive director, has over 13 years of management experience and has been with the company for more than 11 years[81]. - Independent non-executive director Mr. Zhang Yilin has served on various boards and has a strong background in finance and accounting[82]. - Mr. Cai Hanqiang, another independent non-executive director, is a recognized expert in blockchain law and has provided legal advice for over 30 blockchain financing projects[83]. Shareholder Structure and Governance - The company had issued 710,183,730 shares as of December 31, 2024[185]. - Major shareholders include Mr. Zhang with 255,628,474 shares (35.99%) and Cantrust (Far East) Limited with 282,737,474 shares (39.81%) in trust[181]. - The company has no significant transactions or contracts with its controlling shareholders or related entities during the reporting period[178]. - The company’s board includes Mr. Dai as Chairman and Executive Director, and Ms. Tao as Executive Director and Acting CEO[176].

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was approximately RMB 456.9 million, an increase of about 15.8% compared to RMB 394.6 million in 2023[5] - The gross profit for the fiscal year ending December 31, 2024, was approximately RMB 332.1 million, representing a 22.4% increase from RMB 271.3 million in 2023[5] - The profit attributable to the company's owners for the fiscal year ending December 31, 2024, was approximately RMB 883.8 million, a significant increase of about 654.2% from RMB 117.2 million in 2023[5] - The adjusted net profit, excluding share-based compensation expenses, for the fiscal year ending December 31, 2024, was approximately RMB 886.3 million, up 645.2% from RMB 118.9 million in 2023[5] - The basic earnings per share for the fiscal year was RMB 133.10, reflecting a 650.3% increase from RMB 17.74 in 2023[6] - The company reported a profit before tax of RMB 1,043,521 million, a substantial increase from RMB 126,950 million year-over-year[106] - The company's annual profit for 2024 was RMB 883,779,000, a significant increase from RMB 117,179,000 in 2023[138] Dividends and Shareholder Returns - The board proposed a final dividend of approximately HKD 75,596,000, equating to about HKD 0.1064 per ordinary share, which is 20% of the operating profit for the fiscal year[5] - The company revised its dividend policy to distribute at least 20% of operating profit as dividends annually over the next four years, excluding gains from digital assets[5] - The proposed final dividend for the year ending December 31, 2024, is HKD 0.1064 per share, an increase from HKD 0.0372 per share for the year ending December 31, 2023[179] Digital Assets and Cryptocurrency - The unrealized fair value gain from digital assets was RMB 864.7 million for the fiscal year, a substantial increase from RMB 911 thousand in 2023[6] - The company reported a Bitcoin growth rate of 65,324% for the fiscal year, indicating significant performance in digital asset investments[6] - The company is actively expanding its Bitcoin reserves, viewing Bitcoin as having long-term value[13] - The company plans to innovate and develop industry-leading Web3 gaming products by integrating existing internet games with Web3 technology[13] - The company plans to continue expanding its cryptocurrency reserves and maintain a long-term holding strategy[27] - The company anticipates that the quantity of cryptocurrencies purchased will continue to increase, contributing to ongoing digital asset appreciation revenue[31] - The fair value gain from digital assets was approximately RMB 860 million, with an additional RMB 50 million in appreciation gains for the fiscal year ending December 31, 2024[22] User Engagement and Market Performance - Daily active users reached 1,201 thousand, an increase of 6.3% year-on-year[11] - Monthly active users totaled 4,151 thousand, marking a year-on-year increase of 5.4%[11] - The company significantly increased its online gaming revenue in the Middle East, indicating successful market expansion efforts[19] - The number of daily active users increased by 2.8% from approximately 1.17 million in Q3 2024 to about 1.20 million in Q4 2024[17] - Monthly active users decreased by 7.9% from approximately 4.5 million in Q3 2024 to about 4.2 million in Q4 2024, primarily due to a decline in active users on the mobile Texas Hold'em platform[18] Operational Efficiency and Expenses - Administrative expenses for the year ended December 31, 2024, were approximately RMB 104.6 million, an increase of about 5.8% from RMB 98.9 million in 2023[36] - Sales and marketing expenses decreased by approximately 15.9% to about RMB 40.6 million for the year ended December 31, 2024, representing 8.9% of revenue compared to 12.2% in 2023[34] - Total employee costs for the year ended December 31, 2024, amounted to approximately RMB 807 million, representing about 29.9% of the total expenses[93] - Research and development expenses totaled RMB 57,888,000 in 2024, slightly up from RMB 57,428,000 in 2023[136] Asset Management and Investments - As of December 31, 2024, the company held approximately 3,274 Bitcoins at an average cost of $57,930 per Bitcoin and approximately 298 Ether at an average cost of $1,676 per Ether[22] - The fair value of digital assets as of December 31, 2024, is approximately RMB 2,360.0 million, up from RMB 78.6 million on December 31, 2023[68] - The company has cumulatively invested RMB 300.0 million in Jiaxing Boya, holding a 99.0% stake, but the fair value of this investment is approximately zero as of December 31, 2024[81] - The company has no short-term or long-term bank borrowings and no outstanding bank financing as of December 31, 2024[84] Corporate Governance and Compliance - The board has reviewed and complied with all applicable code provisions of the Corporate Governance Code during the year ending December 31, 2024[184] - The company established a dedicated management and risk control department for virtual assets to oversee cryptocurrency transactions and compliance with regulations[71]

财联社12月5日讯（编辑 胡家荣） 受益于市场多重利好，部分港股加密货币概念股走强。截至发稿，博 雅互动(00434.HK)、美图公司(01357.HK)、蓝港互动(08267.HK)分别上涨6.83%、3.85%、3.08%。 从近日表现来看，比特币的价格从11月27日的大约9万美元低点稳步攀升至如今的10万美元以上。 不过，美图公司昨晚公告称，公司自11月起开始在市场上出售其已购买的加密货币。截至12月4日，美 图已售出所持有的全部已购买加密货币，包括31000枚以太币和940枚比特币，总套现金额为1亿美元和 0.8亿美元，预计获利7963万美元。 特朗普提名加密支持者担任SEC主席 根据最新报道，美国候任总统特朗普周三提名向来支持加密货币的保守派律师阿特金斯(Paul Atkins)出 任美国证券交易委员会(SEC)主席。这位长期对金融监管持怀疑态度的人士，预计将致力于减少繁文缛 节，并制约SEC的执法部门。阿特金斯即将上位的消息，也引燃了新一轮的比特币大涨行情。 同时近日报道指出，纽约投资银行The Benchmark Company的高级分析师Mark Palmer表示，他预计比特 币到2026年年 ...