Financial Performance - In 2020, Boyaa Interactive recorded revenue of approximately RMB 351.5 million, an increase of about 8.5% compared to 2019, primarily due to increased online gaming activity during the COVID-19 pandemic[15]. - The company reported an unaudited adjusted loss of approximately RMB 45.1 million for 2020, compared to an adjusted profit of approximately RMB 34.2 million in 2019, largely due to the economic downturn caused by the pandemic[16]. - Excluding non-operating one-time factors, the adjusted profit for 2020 would have increased by approximately 10.3% year-on-year, mainly due to the increase in revenue[16]. - The company reported a loss of approximately RMB 45.1 million for 2020, compared to a profit of approximately RMB 34.2 million in 2019, with a significant increase in loss in Q4 2020 compared to Q3 2020 by approximately 2,674.7%[25]. - Revenue for Q4 2020 was approximately RMB 77.6 million, a decrease of about 0.9% compared to RMB 78.3 million in Q4 2019[50]. - Mobile game revenue increased to approximately RMB 45.9 million, up about 5.0% from RMB 43.7 million in the same period last year[50]. User Engagement Metrics - The number of paying players decreased by approximately 29.6% from about 0.3 million in Q4 2019 to about 0.2 million in Q4 2020[27]. - Daily active users fell by approximately 36.5% from about 2.6 million in Q4 2019 to about 1.6 million in Q4 2020[27]. - Monthly active users decreased by approximately 37.2% from about 7.1 million in Q4 2019 to about 4.5 million in Q4 2020[27]. - The number of paying players decreased to 235,000 in 2020 from 334,000 in 2019, representing a decline of 29.6%[106]. - Daily active users fell to 1,626,000 in 2020, down 36.5% from 2,561,000 in 2019[106]. - Monthly active users decreased to 4,493,000 in 2020, a drop of 37.2% compared to 7,149,000 in 2019[106]. Cost and Expenses - The cost of revenue increased by approximately 6.4% to RMB 109.2 million in 2020 from RMB 102.7 million in 2019[34]. - Selling and marketing expenses increased by approximately 17.9% to RMB 24.6 million in 2020, representing about 7.0% of revenue, up from 6.4% in 2019[37]. - Administrative expenses rose by approximately 3.2% to RMB 121.3 million in 2020 from RMB 117.6 million in 2019[39]. - Cost of revenue rose to approximately RMB 27.2 million, an increase of about 5.2% from RMB 25.9 million in Q4 2019[51]. - Selling and marketing expenses increased by approximately 14.4% to RMB 6.6 million, up from RMB 5.7 million in Q4 2019[53]. - Administrative expenses rose to approximately RMB 34.3 million, a 10.4% increase from RMB 31.1 million in the same period last year[56]. Assets and Equity - The total assets of the company as of the end of 2020 were RMB 2,333.2 million, a decrease from RMB 2,393.2 million in 2019[24]. - The company's total equity decreased from RMB 2,110.2 million in 2019 to RMB 2,046.8 million in 2020[24]. - The company's non-current assets decreased from RMB 1,318.3 million in 2019 to RMB 1,158.0 million in 2020[24]. Investments and Financial Products - The fair value of equity investments classified as other comprehensive income increased to approximately RMB 67.2 million, up from RMB 45.2 million in the previous year[71]. - The fair value of investments measured at fair value through profit or loss as of December 31, 2020, was approximately RMB 708.0 million, a decrease of 29.0% from RMB 997.4 million as of December 31, 2019[72]. - The fair value loss recorded for investments measured at fair value through profit or loss was approximately RMB 140.6 million for the year ended December 31, 2020, representing a 132.8% increase compared to a loss of RMB 60.4 million for the year ended December 31, 2019[72]. - The group held bank wealth management products totaling approximately RMB 373.8 million as of December 31, 2020[90]. - The investment in the "Tianlibao" wealth management product from Industrial and Commercial Bank of China had an initial investment of RMB 200 million, with a fair value of RMB 215.3 million, representing 9.2% of the group's total assets[90]. - The "e Ling Tong" wealth management product from Industrial and Commercial Bank of China had an initial investment of RMB 128.5 million, with a fair value of RMB 136.9 million, representing 5.9% of the group's total assets[90]. Regulatory Compliance and Corporate Governance - The company plans to continue strict compliance with Chinese laws and regulations while focusing on high-quality intellectual competitive online games and events in 2021[19]. - The company has complied with all relevant Chinese laws and regulations, obtaining all necessary licenses and approvals for its operations in China during the fiscal year ending December 31, 2020[123]. - The company has established a system to prevent minors from becoming addicted to online games, in compliance with recent regulatory requirements[124]. - The company maintains close contact with relevant Chinese regulatory authorities to ensure compliance with contractual arrangements and applicable laws[118]. - The company has adopted internal procedures to ensure compliance with regulatory requirements in both domestic and overseas markets[118]. Employee and Operational Insights - The company has a total of 279 full-time employees, with 223 involved in game development and operations[83]. - The total employee costs for the year ended December 31, 2020, amounted to approximately RMB 82.7 million, accounting for about 32.4% of the total expenses[84]. - The company has a strong focus on employee development, offering various training programs and incentive measures to motivate its workforce[125]. - The company has implemented measures to manage risks associated with its expanding scale and business, including cost control and talent retention[118]. Shareholder and Dividend Information - The group did not recommend the payment of a final dividend for the year ended December 31, 2020[131]. - The group repurchased a total of 6,050,000 shares at a total cost of HKD 4,212,350 during the year ended December 31, 2020[147]. - The group canceled a total of 10,875,000 repurchased shares during the year ended December 31, 2020, reducing the issued share capital accordingly[147]. - The board has the authority to declare and distribute dividends based on the group's financial performance and cash flow situation[136]. - The group has a dividend policy that requires maintaining sufficient cash reserves for future growth and operational needs[135]. Risk Factors - The company faces significant risks, including reliance on the Texas Hold'em series, which accounted for over 65% of past revenues[112]. - The company must continuously improve existing games and enhance player experience to retain and attract users[112]. - The company relies heavily on social media and third-party payment providers for revenue generation, making these relationships critical[112]. - Regulatory changes in China could severely impact the company's contractual arrangements and operational rights[112]. Board and Management Changes - Independent non-executive director Mr. Sun Zihua resigned from the board effective July 16, 2020, with no disagreements with the board[196]. - Mr. Kong Fanwei was appointed as an independent non-executive director and member of the audit, nomination, and remuneration committees effective July 16, 2020[196]. - One-third of the directors are required to retire and be eligible for re-election at each annual general meeting, including Ms. Tao Ying and Mr. Zhang Yilin[197].

Revenue and Profitability - In Q2 2020, the company recorded revenue of approximately RMB 954 million, an increase of about 18.8% compared to RMB 803 million in Q2 2019[18]. - For the first half of 2020, the company achieved revenue of approximately RMB 1,885 million, reflecting a year-on-year increase of about 17.4%[18]. - The company reported an adjusted loss of approximately RMB 255 million in Q2 2020, a reduction of about 209.9% compared to the same period in 2019[19]. - The adjusted loss for the first half of 2020 was approximately RMB 136 million, a decrease of about 121.3% year-on-year[19]. - The company's gross profit for the three months ended June 30, 2020, was approximately RMB 67.4 million, representing a year-on-year increase of about 24.9% from approximately RMB 54.0 million in the same period of 2019[25]. - The company's gross profit for the six months ended June 30, 2020, was approximately RMB 132.6 million, representing a year-on-year increase of about 21.5% from approximately RMB 109.2 million in the same period of 2019[40]. - The company reported a loss attributable to owners of approximately RMB 13.6 million for the six months ended June 30, 2020, a decrease of about 121.5% compared to a profit of RMB 63.1 million in the same period of 2019[49]. User Metrics - The number of paying players decreased by 32.3% from approximately 430,000 in Q1 2020 to about 290,000 in Q2 2020[20]. - Daily active users fell by 12.8% from approximately 2.5 million in Q1 2020 to 2.2 million in Q2 2020[20]. - Monthly active users decreased by 22.4% from approximately 7.8 million in Q1 2020 to about 6.1 million in Q2 2020[20]. Expenses and Costs - For the three months ended June 30, 2020, the company's revenue cost was approximately RMB 28.0 million, an increase of about 6.4% compared to approximately RMB 26.3 million for the same period in 2019[24]. - Sales and marketing expenses for the three months ended June 30, 2020, were approximately RMB 6.1 million, a year-on-year increase of about 43.3% from approximately RMB 4.3 million in the same period of 2019[27]. - Administrative expenses for the three months ended June 30, 2020, were approximately RMB 31.2 million, an increase of about 12.5% compared to approximately RMB 27.8 million for the same period in 2019[29]. - The company experienced a significant increase in marketing and administrative expenses, totaling RMB 70,663,000 and RMB 59,150,000 respectively for the six months ended June 30, 2020[167]. Financial Position - The company's debt-to-asset ratio as of June 30, 2020, was 12.0%, slightly up from 11.8% as of December 31, 2019[53]. - As of June 30, 2020, the company had fixed deposits of approximately RMB 728.3 million, an increase from RMB 388.2 million as of December 31, 2019[54]. - Cash and cash equivalents amounted to approximately RMB 326.2 million as of June 30, 2020, down from RMB 487.3 million as of December 31, 2019[55]. - Total assets amounted to RMB 2,388,119 thousand, a slight decrease from RMB 2,393,155 thousand as of December 31, 2019[170]. - Total liabilities increased from RMB 282,912 thousand to RMB 286,372 thousand, with current liabilities rising from RMB 270,089 thousand to RMB 274,985 thousand[172]. - The net current assets improved from RMB 1,456,092 thousand to RMB 1,567,212 thousand, indicating a stronger liquidity position[172]. Investments and Acquisitions - The company has invested a total of RMB 300.0 million in the Jiaxing Boya Spring Thunder Equity Investment Partnership, representing 99.0% of the total committed capital, with a fair value of approximately RMB 203.8 million as of June 30, 2020[62]. - The company recorded a fair value loss of approximately RMB 71.1 million on investments measured at fair value through profit or loss for the six months ended June 30, 2020, compared to a fair value gain of RMB 4.9 million for the same period in 2019[60]. - The company reported a total of RMB 335,200 thousand in new acquisitions during the reporting period[195]. Corporate Governance and Compliance - The company complied with the Corporate Governance Code as of June 30, 2020, ensuring a balance of power and authority within the board[150]. - The board consists of two executive directors and three independent non-executive directors, ensuring a significant level of independence[150]. - The company is closely monitoring updates to the 2019 Foreign Investment Law to ensure compliance[104]. - The company has a trust structure that includes various stakeholders, ensuring diversified ownership[113]. Employee Incentives - The company aims to attract and retain skilled personnel through the restricted share unit plan, enhancing its future development and expansion efforts[123]. - The total number of options granted under the post-IPO share option plan and the post-IPO share option plan is 12,900,672[132]. - The company has appointed a trustee to manage and allocate restricted share units (RSUs) under the RSU plan, allowing for the issuance of shares to facilitate the exercise of RSUs[128]. Taxation - Income tax expenses for the six months ended June 30, 2020, were approximately RMB 14.0 million, an increase of about 47.6% from RMB 9.5 million for the same period in 2019[48]. - The actual income tax rate for Boya Shenzhen was 15% for the six months ended June 30, 2020, consistent with the previous year[100]. - Both Boya Shenzhen and Boya China benefit from a reduced income tax rate of 15%, which will not adversely affect the group's operating performance, particularly net profit and profit margin[100]. Cash Flow - Cash flow from operating activities increased to RMB 72,173 thousand for the six months ended June 30, 2020, compared to RMB 37,673 thousand in the same period of 2019, representing an increase of 91.5%[178]. - Cash used in investing activities amounted to RMB 224,842 thousand, a significant increase from cash inflow of RMB 203,336 thousand in the previous year[178]. - The company reported a significant reduction in restricted bank deposits, which were RMB 91,449 thousand in the previous year, indicating a strategic shift in cash management[178].

boyaa Boyaa Interactive International Limited 博雅互動國際有限公司 (於開曼群島註冊成立的有限公司) 股份代號:0434 2019# Annual Report 公司資料2 主席報告書4 財務概要6 管理層討論及分析7 董事及高級管理層履歷 17 董事報告書 19 企業管治報告書 57 環境、社會及管治報告 67 獨立核數師報告 80 綜合損益及其他全面收益表 84 綜合財務狀況表 85 綜合權益變動表 87 綜合現金流量表 88 綜合財務報表附註 90 目錄表 董事會 公司秘書 黎少娟女士 核數師 審核委員會 張毅林先生（主席） 蔡漢強先生 公司網站 提名委員會 陶穎女士（主席） 蔡漢強先生 公司資料 執行董事 戴志康先生（主席） 陶穎女士（代理首席執行官） 獨立非執行董事 張毅林先生 蔡漢強先生 由彩震先生（於二零一九年七月十四日退任） 孫自華先生（於二零一九年七月十四日獲委任） 由彩震先生（於二零一九年七月十四日退任） 孫自華先生（於二零一九年七月十四日獲委任） 由彩震先生（於二零一九年七月十四日退任） 孫自華先生（於二零一九年七月十四日獲委任） 薪酬委員會 ...

Financial Performance - In Q2 2019, Boyaa Interactive recorded revenue of approximately RMB 803 million, a decrease of about 35.5% compared to the same period in 2018[34]. - For the first half of 2019, the company reported revenue of approximately RMB 1,605 million, down approximately 43.5% year-on-year[34]. - The adjusted net profit for Q2 2019 was approximately RMB 232 million, a decrease of about 68.1% compared to Q2 2018[35]. - The adjusted net profit for the first half of 2019 was approximately RMB 635,000, down approximately 59.2% year-on-year[35]. - The company's profit attributable to owners for the three months ended June 30, 2019, was approximately RMB 23.0 million, a decrease of about 67.9% from RMB 71.8 million in 2018[51]. - For the six months ended June 30, 2019, the profit attributable to owners was RMB 63,114 thousand, down 58.9% from RMB 153,778 thousand in the same period of 2018[196]. - The net profit for the six months ended June 30, 2019, was RMB 63,114 thousand, down 59.0% from RMB 153,778 thousand in the previous year[194]. - The total comprehensive income attributable to owners for the six months ended June 30, 2019, was RMB 55,402 thousand, down 48.7% from RMB 108,000 thousand in the same period of 2018[196]. User Engagement - The number of paying users decreased by 17.8% from approximately 480,000 in Q1 2019 to about 400,000 in Q2 2019[36]. - Daily active users fell by 8.7% from approximately 2.6 million in Q1 2019 to 2.4 million in Q2 2019[36]. - Monthly active users decreased by 10.3% from approximately 8.3 million in Q1 2019 to about 7.4 million in Q2 2019[36]. Cost and Expenses - The cost of revenue for the same period was approximately RMB 26.3 million, down about 26.5% from RMB 35.8 million in 2018[40]. - Gross profit for the three months ended June 30, 2019, was approximately RMB 54.0 million, a decrease of about 39.1% from RMB 88.6 million in 2018[41]. - The gross margin for the three months ended June 30, 2019, was approximately 67.2%, compared to 71.2% for the same period in 2018[42]. - Sales and marketing expenses for the three months ended June 30, 2019, were approximately RMB 4.3 million, a decrease of about 49.3% from RMB 8.4 million in 2018[43]. - Administrative expenses for the same period were approximately RMB 27.8 million, down about 16.3% from RMB 33.2 million in 2018[45]. Investments and Financial Assets - The company made a cumulative investment of RMB 300.0 million in the Jiaxing Boya Spring Thunder Equity Investment Partnership, representing 99.0% of the total committed capital, with a fair value of approximately RMB 321.6 million as of June 30, 2019[78]. - The investment portfolio of Jiaxing Boya is primarily focused on the information technology sector (58.7%), agricultural technology (32.1%), and online gaming (9.2%), with no profits distributed from these investments as of June 30, 2019[85]. - The fair value of financial assets measured at fair value through profit or loss was approximately RMB 1,313.6 million, a decrease from RMB 1,409.0 million as of December 31, 2018, reflecting a decline of about 6.8%[75]. - The realized/unrealized fair value gains from financial assets measured at fair value through profit or loss for the six months ended June 30, 2019, were approximately RMB 4.9 million, significantly lower than RMB 47.4 million for the same period in 2018, indicating a decrease of approximately 89.7%[75]. Corporate Governance and Compliance - The company has implemented corporate governance measures to address any potential conflicts of interest between the group and its directors[118]. - The company has introduced independent non-executive directors to review and monitor compliance with contractual arrangements[118]. - The company is closely monitoring updates to the Foreign Investment Law to ensure compliance with all relevant laws and regulations[125]. - The company has taken steps to mitigate risks associated with contractual arrangements and potential tax implications[120]. - The group may face significant uncertainties regarding the legality and effectiveness of contractual arrangements under the new Foreign Investment Law[124]. Shareholder Information - Major shareholders include Zhang Wei with approximately 34.08% ownership and Cantrust (Far East) Limited with approximately 39.13% ownership[135]. - As of June 30, 2019, the company has issued 722,520,301 shares[132]. - The company has a stock option plan approved post-IPO, which has a remaining term of about 4 years and 4 months as of June 30, 2019[141]. - The company has implemented a Restricted Share Unit (RSU) plan approved by the board on September 17, 2013, aimed at incentivizing directors, senior management, and employees to contribute to the group's future development and expansion[146]. Cash and Liquidity - Cash and cash equivalents as of June 30, 2019, amounted to approximately RMB 818.6 million, an increase from RMB 390.3 million as of December 31, 2018[72]. - The company had no short-term or long-term bank borrowings as of June 30, 2019, indicating a strong liquidity position[79]. - The company reported a potential impact on its financial position due to the freezing of cash reserves amounting to RMB 350 million, which remains uncertain as of the report date[187]. Future Plans and Strategies - The company plans to enhance market research and innovate game play to improve player experience and expand overseas markets[37]. - The company plans to utilize internal resources and sustainable growth for expansion, investment, and operational financing[68]. - The company anticipates that the acquisitions will further enhance its game product offerings and expand its overseas market share[96].

舞 5018 Annual Report do Boyaa Interactive International Limited 博 雅 互 動 國 際 有 限 公 司 (於開曼群島註冊成立的有限公司) 股份代號: 0434 11:56 输赢封顶 12:40 10万金市 8 8 000 (加倍) 豆腐西施 ID: 230.6万 1000万 條1000 (加倍) ID: 123456 1000万 8 濠100 8 公司資料2 主席報告書4 財務概要6 管理層討論及分析7 董事及高級管理層履歷 17 董事報告書 20 企業管治報告書 62 環境、社會及管治報告 70 獨立核數師報告 81 合併損益及其他綜合收益表 88 合併資產負債表 90 合併權益變動表 92 合併現金流量表 94 合併財務報表附註 95 目錄表 公司資料 | --- | --- | |----------------------------------------------------------------|---------------------------------------------| | | | | 董事會 | 薪酬委員會 ...