Boyaa Interactive International Limited 博雅互動國際有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 承董事會命 博雅互動國際有限公司 主席兼執行董事 戴志康 於本公告日期，本公司執行董事為戴志康先生和陶穎女士；本公司獨立非執行董事為 張毅林先生、蔡漢強先生和馬靖淳先生。 （於開曼群島註冊成立的有限公司） （股份代號：0434） 董事會會議召開日期 博雅互動國際有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於二零二五年 八月十一日（星期一）舉行董事會會議，藉以（其中包括）批准本公司及其附屬公司截至 二零二五年六月三十日止六個月的未經審核中期業績。 香港，二零二五年七月三十日 ...

Group 1 - The core viewpoint of the article highlights the strong performance of cryptocurrency-related stocks in the Hong Kong market, with notable gains in several companies [1] - Blue Ocean Interactive (08267.HK) saw an increase of 9.33%, indicating a significant rise in investor interest [1] - OSL Group (00863.HK) and Boyaa Interactive (00434.HK) also experienced gains of 4.94% and 4.36% respectively, reflecting a positive trend in the sector [1][1]

Group 1 - The virtual asset market is rapidly developing, with Hong Kong accelerating its efforts to establish itself as an international virtual asset center, attracting Chinese brokerage firms to enter the market [1] - The Hong Kong government views Web3.0 and virtual assets as core strategies to reshape financial competitiveness, having released the "Virtual Asset Policy Declaration" in 2023 to support industry innovation [1] - The Hong Kong Securities and Futures Commission (SFC) has tightened regulations, implementing a "dual license" system for virtual asset trading platforms, with 11 institutions already obtaining formal licenses [1] Group 2 - Hong Kong is exploring the issuance of an official stablecoin, the "Digital Hong Kong Dollar," aimed at providing an anchor asset for the virtual economy and enhancing cross-border payment capabilities [2] - Companies listed in Hong Kong are accelerating their layout in the Web3.0 sector, covering various areas such as trading platforms, data analysis, and asset tokenization [2] - OSL Group, as Hong Kong's first licensed virtual asset trading platform, reported a 79% year-on-year revenue increase to HKD 375 million in 2024, with a trading volume exceeding HKD 100 billion [2] Group 3 - Other Hong Kong-listed companies, such as Boyaa Interactive, Victory Securities, and Blueport Interactive, have also made moves in the cryptocurrency space, with stock price increases of 97%, 176%, and 60% respectively this year [3]

Group 1 - The cryptocurrency concept stocks in the Hong Kong market have shown strong performance, with Okex Chain (01499.HK) rising by 4.84%, Blueport Interactive (08267.HK) also increasing by 4.84%, OSL Group (00863.HK) up by 4%, and Boya Interactive (00434.HK) gaining 1.94% [1] - Blueport Interactive has established the LK CRYPTO division to accelerate its layout in WEB3 and RWA cryptocurrency assets [1]

Group 1 - Hong Kong cryptocurrency concept stocks experienced a pullback during trading [1] - OK Group (01499.HK) fell nearly 6% [1] - Boya Interactive (00434.HK) and Guotai Junan International (01788.HK) both dropped over 4% [1] - Guofu Quantum (00290.HK) declined nearly 2.5% [1]

Summary of Key Points Core Viewpoint - As of July 11, a total of 167 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the stock price increases [1]. Group 1: Top Performing Stocks - The top three stocks with the highest increase rates are: - Mistrategy Equity (02902) with a high rate of 67.86% and a closing price of 1.600 [1] - Kexuan Power Holdings (00476) with a high rate of 58.73% and a closing price of 1.000 [1] - Xingzheng International (06058) with a high rate of 36.00% and a closing price of 0.590 [1] Group 2: Notable Stock Performance - Other notable stocks include: - China National Cultural Industry (00745) with a high rate of 34.62% [1] - Aluminum Corporation of China International (02068) with a high rate of 28.21% [1] - Shandong Xinhua Pharmaceutical (00719) with a high rate of 13.20% [1] Group 3: Additional Stocks with Significant Increases - Additional stocks with significant increases include: - Yuyuan Agriculture (09858) with a high rate of 12.62% [1] - WuXi AppTec (02359) with a high rate of 11.70% [1] - Kailai Ying (06821) with a high rate of 10.90% [1] Group 4: 52-Week Low Rankings - The 52-week low rankings show: - XI II Nan CO (07311) with a low rate of -12.60% [5] - XI II Nan Strategy (07399) with a low rate of -11.18% [5] - Ying Tai Medical (01501) with a low rate of -10.67% [5]

Group 1 - Hong Kong cryptocurrency stocks saw significant gains, with Boyaa Interactive (00434.HK) rising over 10% [1] - New Fire Technology Holdings (01611.HK) increased by more than 9% [1] - Other stocks such as OK Blockchain (01499.HK) and Guotai Junan International (01788.HK) also experienced upward movement [1] Group 2 - Bitcoin has surpassed $112,000 for the first time [1]

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]