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]

比特币重上10万美元，港股比特币概念股造好，欧科云链(01499)涨超13%，雄岸科技(01647.HK)涨超 6%，博雅互动(00434.HK)涨6%。 ...

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 ...

Group 1 - The core viewpoint is that Boyaa Interactive's stock price has increased over 150% in the month, with a 11.67% rise today [1] - The company's Q3 performance shows a revenue increase of 8.1% year-on-year and a net profit increase of 149.4%, primarily due to gains from cryptocurrency appreciation and increased revenue from online games [1] Group 2 - The company holds a significant amount of Bitcoin and Ethereum, with plans to hold long-term and expand its reserves [2]

Core Viewpoint - The company reported a revenue of approximately 318 million RMB for the first three quarters of 2024, representing a year-on-year growth of 8.1%, and a net profit of 212 million RMB, reflecting a significant year-on-year increase of 149.4% [1]. Group 1 - The growth is primarily attributed to the appreciation of digital assets and an increase in revenue from online games [2]. - Despite a slight decline in the number of paying players, both the total user count and active user count have increased [3]. - The company successfully hosted the BPT brand event, enhancing brand influence, and plans to intensify the development of Web3 game products, explore operational models, and expand into overseas markets to promote business growth in the Web3 sector [3]. Group 2 - The group plans to expand its Bitcoin reserves, aiming for long-term holding and increasing the quantity of Bitcoin to support its strategic development in the Web3 field [4].

Revenue Performance - Total revenue for the nine months ended September 30, 2024, was RMB 318.193 million, an 8.1% increase year-over-year[4] - Net game revenue for the nine months ended September 30, 2024, was RMB 305.456 million, a 3.8% increase year-over-year[4] - Mobile game revenue for the nine months ended September 30, 2024, was RMB 216.303 million, a 5.6% increase year-over-year[4] - Revenue from "Texas Hold'em" for the nine months ended September 30, 2024, was RMB 197.915 million, a 6.2% increase year-over-year[6] - Revenue from other language versions (excluding Simplified Chinese) for the nine months ended September 30, 2024, was RMB 292.613 million, a 4.4% increase year-over-year[6] - Total revenue for the three months ended September 30, 2024, was RMB 104.826 million, a 4.8% increase year-over-year[4] - Mobile game revenue for the three months ended September 30, 2024, was RMB 72.350 million, a 3.9% increase year-over-year[4] - Revenue from "Texas Hold'em" for the three months ended September 30, 2024, was RMB 66.727 million, a 5.0% increase year-over-year[6] - Revenue from other language versions (excluding Simplified Chinese) for the three months ended September 30, 2024, was RMB 96.062 million, a 0.2% increase year-over-year[6] - Total revenue for the nine months ended September 30, 2024, was approximately RMB 318.2 million, an increase of 8.1% year-over-year, driven by digital asset appreciation and increased online gaming revenue[10] - Q3 2024 revenue was approximately RMB 104.8 million, up 4.8% year-over-year, primarily due to digital asset appreciation[10] - Revenue for the three months ended September 30, 2024, was approximately RMB 104.8 million, a 4.8% increase compared to RMB 100.0 million in the same period last year, driven by digital asset appreciation gains[17] - Revenue breakdown for the three months ended September 30, 2024: mobile games (69.0%), web games (26.6%), and digital asset appreciation (4.4%)[17] - Revenue for the nine months ended September 30, 2024, was RMB 318.2 million, an increase from RMB 294.3 million in the same period in 2023[57] - Total revenue for the nine months ended September 30, 2024, was RMB 318,193 thousand, compared to RMB 294,320 thousand in the same period last year[87] - Revenue from games in Simplified Chinese for the three months ending September 30, 2024, was RMB 4,218 thousand, a slight increase from RMB 4,155 thousand in the same period in 2023[96] - Revenue from games in other languages for the three months ending September 30, 2024, was RMB 96,062 thousand, slightly up from RMB 95,880 thousand in the same period in 2023[96] - Total revenue for the three months ending September 30, 2024, was RMB 100,280 thousand, compared to RMB 100,035 thousand in the same period in 2023[96] - The company's revenue for the nine months ended September 30, 2024, was RMB 318,193 thousand, an 8.1% increase year-over-year[158] Digital Assets and Cryptocurrency - Bitcoin growth rate as of September 30, 2024, compared to December 31, 2023, was 52,600.0%[4] - The company plans to increase its Bitcoin reserves as part of its strategic development in the Web3 sector, potentially raising funds through secondary market offerings[14] - The company has been authorized to purchase up to $200 million in cryptocurrencies, which are stored in licensed platform accounts and cryptocurrency wallets, generating interest and rewards[18] - The company expects to continue increasing its cryptocurrency holdings and generating digital asset appreciation income as it develops and operates Web3 games[19] - Bitcoin growth rate for the three months ended September 30, 2024 was 26.7%, and for the nine months ended September 30, 2024, it was 52,600.0%[36] - Total Bitcoin holdings as of September 30, 2024 were 2,635, with an average cost of approximately $54,022 per Bitcoin[41] - Fair value of digital assets as of September 30, 2024 was approximately RMB 1,569.0 million, compared to RMB 78.6 million as of December 31, 2023[41] - The company holds approximately 2,688 Bitcoins as of the announcement date, with an average cost of approximately $54,385 per Bitcoin[41] - The company holds approximately 14,447 Ether as of the announcement date, with an average cost of approximately $2,755 per Ether[41] - The company's Bitcoin holdings increased from 5 as of December 31, 2023, to 2,635 as of September 30, 2024[37] - The company's digital assets fair value gain for the nine months ended September 30, 2024 was approximately RMB 98.1 million[41] - Investment in digital assets amounted to RMB 1,451,191 thousand during the nine months ended September 30, 2024[67] - Web3-related business generated RMB 12,737 thousand in revenue from digital asset appreciation for the nine months ended September 30, 2024[88] - Investment in digital assets: RMB 1,568,981,000 as of September 30, 2024 (2023: RMB 78,598,000)[133] Profit and Loss - Non-IFRS adjusted net profit for the nine months ended September 30, 2024, was approximately RMB 216.4 million, a 148.5% increase year-over-year, mainly due to digital asset fair value gains and increased revenue[11] - Q3 2024 non-IFRS adjusted net loss was approximately RMB 71.9 million, compared to a net profit of RMB 30.1 million in Q3 2023, due to reduced digital asset fair value gains[11] - Gross profit for the three months ended September 30, 2024, was approximately RMB 74.0 million, a 7.7% increase compared to RMB 68.7 million in the same period last year, with a gross margin of 70.6%[22] - Other losses net for the three months ended September 30, 2024, were approximately RMB 143.3 million, a significant increase compared to RMB 13.8 million in the same period last year, primarily due to a decrease in the fair value of digital assets[26] - The company's loss attributable to owners for the three months ended September 30, 2024, was approximately RMB 72.1 million, compared to a profit of RMB 29.6 million in the same period last year, mainly due to changes in the fair value of digital assets[31] - Adjusted loss for the three months ended September 30, 2024 was approximately RMB 71.9 million, compared to an adjusted profit of RMB 30.1 million for the same period in 2023[33] - Gross profit for the nine months ended September 30, 2024, was RMB 225.7 million, up from RMB 198.4 million in the same period in 2023[57] - Operating profit for the nine months ended September 30, 2024, was RMB 219.7 million, compared to RMB 58.2 million in the same period in 2023[57] - Net profit attributable to the company's owners for the nine months ended September 30, 2024, was RMB 212.3 million, up from RMB 85.1 million in the same period in 2023[57] - Segment profit for mobile games was RMB 136,540 thousand, while Web3-related business contributed RMB 110,819 thousand in segment profit for the nine months ended September 30, 2024[77] - Pre-tax profit for the nine months ended September 30, 2024, was RMB 233,318 thousand, a significant increase from RMB 97,777 thousand in the same period last year[77] - Gross profit for the nine months ended September 30, 2024, was RMB 255,694 thousand, a 13.7% increase year-over-year[158] - Operating profit for the nine months ended September 30, 2024, was RMB 219,698 thousand, a 277.4% increase year-over-year[158] - Net profit for the nine months ended September 30, 2024, was RMB 212,325 thousand, a 149.4% increase year-over-year[158] - Non-IFRS adjusted net profit for the nine months ended September 30, 2024, was RMB 216,354 thousand, a 148.5% increase year-over-year[158] User Metrics and Engagement - Daily active users (DAU) increased by 4.4% quarter-over-quarter to 1.17 million in Q3 2024, while monthly active users (MAU) rose by 10.5% to 4.5 million[13] - Paying players decreased by 2.9% quarter-over-quarter to 201,000 in Q3 2024, with mobile gaming paying players down 2.5% to 199,000[13] - Mobile gaming ARPPU for "Texas Hold'em" increased by 25.3% quarter-over-quarter to RMB 226.9 in Q3 2024[13] - The company successfully hosted the BPT brand series event in Q3 2024, attracting approximately 78.6 thousand participants from multiple countries and regions[13] Financial Position and Assets - Cash and cash equivalents as of September 30, 2024 were approximately RMB 66.9 million, compared to RMB 744.3 million as of December 31, 2023[43] - The company's cash and cash equivalents are denominated in RMB (14.4%), USD (58.6%), and other currencies (27.0%)[43] - The fair value of equity investments measured at fair value through other comprehensive income was approximately RMB 10.5 million as of December 31, 2023, but decreased to approximately zero as of September 30, 2024[44] - The company sold all its shares of Xiaomi Group (HKEX: 1810) in the public market during the nine months ended September 30, 2024, with proceeds used for general working capital[44] - The fair value of investments measured at fair value through profit or loss was approximately RMB 79.4 million as of September 30, 2024, down from RMB 208.5 million as of December 31, 2023, with a fair value loss of RMB 13.1 million for the nine months ended September 30, 2024[46] - The company's capital expenditure for the nine months ended September 30, 2024, was approximately RMB 3.6 million, a decrease from RMB 10.1 million in the same period in 2023[52] - Total assets increased to RMB 2,168,469 thousand as of September 30, 2024, compared to RMB 1,928,672 thousand as of December 31, 2023[61] - Digital assets surged to RMB 1,568,981 thousand as of September 30, 2024, up from RMB 78,598 thousand as of December 31, 2023[61] - Total equity rose to RMB 1,834,272 thousand as of September 30, 2024, from RMB 1,598,789 thousand as of December 31, 2023[63] - Net cash from operating activities was RMB 206,792 thousand for the nine months ended September 30, 2024, compared to RMB 86,267 thousand for the same period in 2023[67] - Cash and cash equivalents decreased to RMB 66,905 thousand as of September 30, 2024, from RMB 744,260 thousand as of December 31, 2023[67] - Prepayments for investment properties were RMB 56,272 thousand as of September 30, 2024[61] - Total liabilities increased slightly to RMB 334,197 thousand as of September 30, 2024, from RMB 329,883 thousand as of December 31, 2023[63] - Net cash used in investing activities was RMB 845,722 thousand for the nine months ended September 30, 2024[67] - The company repurchased ordinary shares worth RMB 5,110 thousand during the nine months ended September 30, 2024[65] - Total assets for the mobile game segment as of September 30, 2024, were RMB 534,812 thousand, while Web3-related business assets stood at RMB 1,633,657 thousand[79] - Non-current assets in Mainland China increased to RMB 77,499 thousand as of September 30, 2024, from RMB 35,024 thousand as of December 31, 2023[79] - Trade receivables: RMB 25,406,000 as of September 30, 2024 (2023: RMB 29,369,000)[130] - Accounts receivable aged 0-30 days decreased to RMB 24,734 thousand as of September 30, 2024, from RMB 25,677 thousand as of December 31, 2023[134] - Accounts receivable aged 31-60 days and 61-90 days decreased to RMB 234 thousand and RMB 142 thousand respectively as of September 30, 2024, from RMB 2,975 thousand and RMB 448 thousand as of December 31, 2023[134] - Accounts receivable aged 365 days and above decreased to RMB 25,406 thousand as of September 30, 2024, from RMB 29,369 thousand as of December 31, 2023[134] - Trade payables aged 0-30 days increased to RMB 837 thousand as of September 30, 2024, from RMB 659 thousand as of December 31, 2023[134] - The company repurchased 3,445,000 shares for a total amount of RMB 5,110,000 at an average price of HKD 1.63 per share as of September 30, 2024[138] - The company's issued and fully paid ordinary shares remained at 709,576,301 as of September 30, 2024, unchanged from December 31, 2023[137] - The 2024 Share Option Plan was adopted on April 19, 2024, with a term of 10 years from the date of grant[141] - The number of outstanding share options decreased to 4,872,429 as of September 30, 2024, from 5,022,429 as of September 30, 2023[142] - The 2024 Restricted Share Unit Plan was adopted on March 28, 2024, with a term of 8 years from the date of adoption[146] - The company granted 5,650,000 restricted share units (RSUs) to employees on August 27, 2021, with a fair value of HKD 0.445 per share[147] - On April 15, 2022, the company granted 15,000,000 RSUs to employees, with a fair value of HKD 0.465 per share[148] - On June 19, 2024, the company granted 1,900,000 RSUs to employees, with a fair value of HKD 1.89 per share[150] - As of September 30, 2024, the total number of outstanding RSUs was 10,235,000, a decrease from 23,488,089 at the beginning of the year[151] - 10,848,923 RSUs were vested and converted during the period, with a weighted average share price of HKD 1.17 per share[151] Expenses and Costs - Sales and marketing expenses decreased by 26.7% to approximately RMB 10.0 million for the three months ended September 30, 2024, compared to RMB 13.6 million in the same period last year[23] - Dividend income from investments measured at fair value through profit or loss for the three months ending September 30, 2024, was RMB 4,064 thousand, a significant increase from RMB 1,006 thousand in the same period in 2023[97] - Foreign exchange loss for the three months ending September 30, 2024, was RMB 3,220 thousand, compared to a gain of RMB 303 thousand in the same period in 2023[97] - Interest income for the three months ending September 30, 2024, was RMB 1,818 thousand, a decrease from RMB 15,671 thousand in the same period in 2023[99] - Lease interest expense for the three months ending September 30, 2024, was RMB 355 thousand, up from RMB 318 thousand in the same period in 2023[100] - Current income tax expense for the three months ending September 30, 2024, was RMB 5,258 thousand, compared to RMB 2,988 thousand in the same period in 2023[101] - Deferred tax benefit for the three months ending September 30, 2024, was RMB 26,461 thousand, compared to a benefit of RMB 34 thousand in the same period in 2023[101] - The actual income tax rate for Boyaa Network Game Development (Shenzhen) Co., Ltd. for the nine months ending September 30, 2024, was 15%, consistent with the same period in 2023[103] - Hong Kong profits tax provision: The first HKD 2,000,000 of taxable profits are provisioned at 8.25%, and any amount exceeding HKD 2,000,000 is provisioned at 16.5% for the nine months ended September 30, 2024 and 2023[110] - Singapore profits tax provision: All taxable profits are provisioned at 17% for the nine months ended September 30, 2024 and 2023[111] - Depreciation included in employee costs: RMB 244,000, and included in other administrative expenses: RMB 927,000[