Group 1 - The company Baio Family Interactive (02100) reported a mid-year revenue of approximately 303 million yuan, representing a year-on-year increase of 11.2% [1] - Gross profit for the period was about 149 million yuan, showing a year-on-year growth of 18.9% [1] - Adjusted net profit reached 6.446 million yuan, marking a return to profitability compared to the previous year [1] Group 2 - The online entertainment business generated approximately 301 million yuan in revenue, an increase of 10.6% year-on-year, driven by strong performance of existing games and continuous content updates [1] - Other business revenue was around 1.8 million yuan, reflecting a significant increase of 1,100% year-on-year, primarily due to sales of game-related products [1] Group 3 - The company has been focusing on game content innovation and gameplay upgrades, enhancing user engagement through high-frequency cross-border collaborations and interactive gameplay [2] - The core mobile game "Aoqi Legend" has shown impressive monetization, with new character releases and themed events boosting user retention [2] - The game "Aobi Island: Dream Kingdom" has adapted to younger market aesthetics through innovative gameplay and commercialization, achieving record high monthly active users [2] Group 4 - Baio is exploring the cultural value of games by integrating traditional Chinese cultural elements, successfully linking cultural heritage with younger audiences [3] - A collaborative event with the Foshan Intangible Cultural Heritage Protection Center showcased traditional craftsmanship within the game, enhancing community reputation and driving revenue growth [3]

Core Viewpoint - The company reported a revenue increase of 11.2% year-on-year, driven by strong performance in existing games and the introduction of new content [1] Financial Performance - Revenue for the six months ending June 30, 2025, reached RMB 303 million, up from the previous year [1] - Gross profit was RMB 149 million, reflecting an 18.9% increase year-on-year [1] - Adjusted net profit stood at RMB 6.446 million, with adjusted EBITDA at RMB 10.632 million [1] Business Segments - Online entertainment revenue amounted to RMB 301 million, marking a 10.6% increase compared to the same period last year [1] - The company focused on core game segments such as female-oriented and pet collection games, enhancing user experience through AI and other advanced technologies [1] Strategic Initiatives - The company is committed to refining its commercialization model and implementing precise operational strategies to strengthen its business foundation [1] - Continuous updates and new thematic versions of existing games have been pivotal in providing a diverse and rich gaming experience for users [1]

[Interim Results Announcement for the First Half of 2025](index=1&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%94%E4%BA%94%E5%B9%B4%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Baioo Family Interactive's revenue grew 11.2% to RMB 302.7 million, with operating profit turning positive and adjusted net profit and EBITDA significantly increasing, reflecting improved profitability [Summary of Income Statement](index=1&type=section&id=Summary%20of%20Income%20Statement) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | Period Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 302,706 | 272,284 | 11.2% | | Gross Profit | 149,172 | 125,490 | 18.9% | | Operating Profit / (Loss) | 4,051 | (25,675) | 115.8% | | Adjusted Net Profit / (Loss) | 6,446 | (9,770) | 166.0% | | Adjusted EBITDA | 10,632 | (12,978) | 181.9% | [Summary of Balance Sheet](index=2&type=section&id=Summary%20of%20Balance%20Sheet) | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 935,487 | 819,906 | | Current Assets | 933,840 | 1,055,145 | | Total Assets | 1,869,327 | 1,875,051 | | Total Equity | 1,575,558 | 1,599,085 | | Total Liabilities | 293,769 | 275,966 | | Total Equity and Liabilities | 1,869,327 | 1,875,051 | [Business Overview](index=3&type=section&id=Business%20Overview) Baioo innovated content and business models in 1H 2025, focusing on female-oriented and pet games, integrating AI, with key mobile titles like Aola Star and Obi Island performing strongly through IP collaborations and new gameplay - The company specializes in core game segments such as female-oriented, pet collection, and nurturing games, driven by user demand and integrating AI technology to create immersive gaming experiences[6](index=6&type=chunk) - The core mobile game **Aola Star** achieved revenue growth and significantly increased community activity through its New Year version, anniversary events, and collaboration with the well-known IP 'Nailong'[7](index=7&type=chunk) - **Obi Island: Dream Kingdom** saw gameplay innovation and business model iteration, accumulating 13 IP collaborations in the first half, driving monthly active users to a two-year high[7](index=7&type=chunk) - The company explored the cultural value of games, with **Aola Star Mobile Game** and **Aola Star Web Game** collaborating with Foshan Intangible Cultural Heritage Center to create a joint event centered on Xiangyunsha silk craftsmanship, achieving breakthroughs in both cultural dissemination and commercial value[8](index=8&type=chunk) [Industry Trends](index=4&type=section&id=Industry%20Trends) The gaming industry benefits from overseas expansion policies and faces intensified competition for quality content, while AI technology, particularly Baioo's AIGC platform and large model integration, is reshaping the ecosystem to boost efficiency and player immersion - The Ministry of Commerce's policy supports game overseas expansion, extending the entire industry chain from IP creation, production, and distribution to overseas operations, injecting new growth momentum into the domestic gaming industry[9](index=9&type=chunk) - The mobile game market has entered a phase of **premium content competition**, where high-quality content and novel gameplay are crucial for building long-term operational capabilities[9](index=9&type=chunk) - AI technology is reshaping the gaming industry ecosystem, with Baioo's AIGC tech platform enabling bidirectional conversion of 2D and 3D creative resources and cross-project utilization, significantly enhancing content generation and asset reuse efficiency[9](index=9&type=chunk) - Integration of large models like DeepSeek supports code generation, improving game development efficiency; multimodal AI technology makes NPC behavior more intelligent and natural, enhancing player immersion[9](index=9&type=chunk) [Outlook for the Second Half of 2025](index=5&type=section&id=Outlook%20for%20the%20Second%20Half%20of%202025) Baioo plans to empower core IPs with technology, deepen player engagement, extend game lifecycles, launch new card games 'Doodle Color World' and 'Under the Night Sky,' and expand its international market presence in 2H 2025 - In the second half, the company will continue to empower core IPs with cutting-edge technology, deepening player emotional connections through novel gameplay and rich experiences, thereby extending the full lifecycle of existing core games[10](index=10&type=chunk) - Accelerating product R&D, self-developed trendy card game **Doodle Color World** and card-style mobile game **Under the Night Sky** have both obtained licenses, entering the mid-to-late stages of development, and will be launched successively[10](index=10&type=chunk) - Regarding international expansion, the company will intensify overseas market development, promote global R&D around its proprietary IP products, and customize innovative products to penetrate overseas niche markets, enhancing international market influence and brand recognition[10](index=10&type=chunk) [Operating Data](index=6&type=section&id=Operating%20Data) As of June 30, 2025, Baioo's average quarterly active accounts grew 26.3% to 7.2 million, paying accounts increased 12.5% to 0.9 million, and ARPPU rose 6.9% to RMB 175.9, reflecting enhanced user engagement and monetization Operating Metrics | Metric | 1H 2025 | 1H 2024 | Period Change (%) | | :--- | :--- | :--- | :--- | | Average Quarterly Active Accounts (Millions) | 7.2 | 5.7 | 26.3% | | Average Quarterly Paying Accounts (Millions) | 0.9 | 0.8 | 12.5% | | Average Revenue Per Quarterly Paying Account (RMB) | 175.9 | 164.6 | 6.9% | - The increase in average quarterly active accounts was primarily due to the outstanding performance of existing games attracting more users[12](index=12&type=chunk) - The increase in average quarterly paying accounts was mainly due to novel game content attracting more paying users[12](index=12&type=chunk) - The increase in average revenue per quarterly paying account was primarily due to captivating game experiences enhancing user willingness to pay[12](index=12&type=chunk) [Overall Business and Financial Performance](index=7&type=section&id=Overall%20Business%20and%20Financial%20Performance) The company's revenue grew 11.2% with gross margin at 49.3%, operating profit turned positive due to revenue growth and cost control, and non-IFRS adjusted net profit and EBITDA significantly increased, indicating enhanced profitability [Revenue](index=8&type=section&id=Revenue) | Revenue Source | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | Period Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 302,706 | 272,284 | 11.2% | | Online Entertainment Business | 300,954 | 272,134 | 10.6% | | Other Businesses | 1,752 | 150 | 1,100% | - The growth in online entertainment business revenue was primarily due to the strong performance of existing games, which provided more diverse and richer gaming experiences through continuous content updates and new themed versions[15](index=15&type=chunk) - The significant increase in other business revenue was mainly due to the sales of game merchandise[15](index=15&type=chunk) [Cost of Sales](index=8&type=section&id=Cost%20of%20Sales) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of Sales | 153,534 | 146,794 | | Cost of Sales for Online Entertainment Business | 153,200 | 146,800 | - The increase in cost of sales was primarily attributable to the increase in revenue[18](index=18&type=chunk) [Gross Profit](index=9&type=section&id=Gross%20Profit) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | Period Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 149,172 | 125,490 | 18.9% | | Gross Profit Margin | 49.3% | 46.1% | 3.2 percentage points | - The increase in gross profit margin was mainly due to a decrease in the revenue contribution from mobile games published by third parties, which typically have a higher revenue sharing ratio[19](index=19&type=chunk) [Selling and Marketing Expenses](index=9&type=section&id=Selling%20and%20Marketing%20Expenses) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | Period Change (%) | | :--- | :--- | :--- | :--- | | Selling and Marketing Expenses | 25,891 | 20,180 | 28.2% | - The increase in selling and marketing expenses was primarily due to increased game marketing and promotional costs[20](index=20&type=chunk) [Administrative Expenses](index=9&type=section&id=Administrative%20Expenses) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | Period Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 28,888 | 32,003 | -9.7% | - The decrease in administrative expenses was mainly due to a reduction in staff welfare expenses related to the granting of restricted share units to employees[21](index=21&type=chunk) [Research and Development Expenses](index=9&type=section&id=Research%20and%20Development%20Expenses) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | Period Change (%) | | :--- | :--- | :--- | :--- | | Research and Development Expenses | 88,222 | 99,597 | -11.4% | - The decrease in research and development expenses was primarily due to a reduction in staff welfare expenses[22](index=22&type=chunk) [Net Impairment Loss on Financial Assets](index=9&type=section&id=Net%20Impairment%20Loss%20on%20Financial%20Assets) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Impairment Loss on Financial Assets | 765 | 103 | [Other Income](index=9&type=section&id=Other%20Income) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Other Income | 150 | 607 | - Other income represents government grants received by the company upon satisfying certain performance conditions[24](index=24&type=chunk) [Other (Losses) / Gains — Net](index=10&type=section&id=Other%20(Losses)%20%2F%20Gains%20%E2%80%94%20Net) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Other (Losses) / Gains — Net | (1,505) | 111 | - The net other losses primarily represent losses recognized from the termination of lease contracts[25](index=25&type=chunk) [Operating Profit / (Loss)](index=10&type=section&id=Operating%20Profit%20%2F%20(Loss)) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Operating Profit / (Loss) | 4,051 | (25,675) | [Finance Income — Net](index=10&type=section&id=Finance%20Income%20%E2%80%94%20Net) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Finance Income — Net | 8,369 | 13,705 | - Net finance income primarily comprised interest income from bank deposits and exchange gains / (losses) on cash and bank balances, partially offset by interest expenses on lease liabilities[27](index=27&type=chunk) [Share of Loss of Associates](index=10&type=section&id=Share%20of%20Loss%20of%20Associates) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Share of Loss of Associates | (6,677) | (2,990) | [Profit / (Loss) Before Income Tax](index=10&type=section&id=Profit%20%2F%20(Loss)%20Before%20Income%20Tax) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit / (Loss) Before Income Tax | 5,743 | (14,960) | [Income Tax (Expense) / Credit](index=10&type=section&id=Income%20Tax%20(Expense)%20%2F%20Credit) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Income Tax (Expense) / Credit | (94) | 79 | [Profit / (Loss) for the Period](index=10&type=section&id=Profit%20%2F%20(Loss)%20for%20the%20Period) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit / (Loss) for the Period | 5,649 | (14,881) | [Non-IFRS — Adjusted Net Profit / (Loss) / EBITDA](index=10&type=section&id=Non-IFRS%20%E2%80%94%20Adjusted%20Net%20Profit%20%2F%20(Loss)%20%2F%20EBITDA) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | Period Change (%) | | :--- | :--- | :--- | :--- | | Adjusted Net Profit / (Loss) | 6,446 | (9,770) | 166.0% | | Adjusted EBITDA | 10,632 | (12,978) | 181.9% | - Adjusted net profit and adjusted EBITDA both exclude the impact of share-based non-cash compensation expenses to better reflect core business performance[4](index=4&type=chunk)[17](index=17&type=chunk) [Liquidity and Capital Resources](index=11&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company maintained a healthy 16% total liabilities to total assets ratio, with RMB 1,161.3 million in cash and deposits, no bank loans, and prudent treasury policies, while capital expenditures focused on construction and intangible assets [Cash and Cash Equivalents, Restricted Cash, Short-term Deposits and Long-term Deposits](index=12&type=section&id=Cash%20and%20Cash%20Equivalents%2C%20Restricted%20Cash%2C%20Short-term%20Deposits%20and%20Long-term%20Deposits) | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 550,300 | 495,700 | | Short-term Deposits | 230,000 | 449,000 | | Long-term Deposits | 381,000 | 245,000 | | **Total** | **1,161,300** | **1,189,700** | - As of June 30, 2025, the company had no restricted cash[36](index=36&type=chunk) - The effective annual interest rate for bank cash balances and deposits was **1.72%** (1.88% as of December 31, 2024)[36](index=36&type=chunk) [Bank Loans and Other Borrowings](index=12&type=section&id=Bank%20Loans%20and%20Other%20Borrowings) - As of June 30, 2025, the Group had no bank loans or other borrowings[38](index=38&type=chunk) [Treasury Policy](index=12&type=section&id=Treasury%20Policy) - The Group adopts a prudent treasury policy in cash and financial management and does not use any financial instruments for hedging purposes[39](index=39&type=chunk) [Foreign Exchange Risk](index=12&type=section&id=Foreign%20Exchange%20Risk) - As of June 30, 2025, **RMB 166.5 million** of the company's financial resources were held in non-RMB deposits[40](index=40&type=chunk) - Due to the lack of economically effective hedging measures, the company may face the risk of losses arising from foreign exchange rate fluctuations related to bank cash balances[40](index=40&type=chunk) [Capital Expenditures](index=13&type=section&id=Capital%20Expenditures) | Capital Expenditure Item | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Payments for Construction in Progress and Other Long-term Assets | 24,453 | 41,644 | | Purchase of Intangible Assets | 8,008 | 1,679 | | Purchase of Property, Plant and Equipment | 2,334 | 207 | | **Total** | **34,795** | **43,530** | [Contingent Liabilities](index=13&type=section&id=Contingent%20Liabilities) - As of June 30, 2025, the Group had no material contingent liabilities, guarantees, or lawsuits against the company[43](index=43&type=chunk) [Pledge of Assets](index=13&type=section&id=Pledge%20of%20Assets) - As of June 30, 2025, the Group had not pledged any of its assets[44](index=44&type=chunk) [Future Plans for Material Acquisitions and Investments](index=13&type=section&id=Future%20Plans%20for%20Material%20Acquisitions%20and%20Investments) - During the reporting period, the Group had no material acquisitions or disposals of subsidiaries, associates, and joint ventures, nor any material investment activities[45](index=45&type=chunk) - The Group currently has no specific plans for other material investments or acquisitions of significant capital assets or other businesses, but will continue to seek new business development opportunities[45](index=45&type=chunk) [Employees and Remuneration Policy](index=14&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 676 full-time employees, predominantly in R&D, with remuneration including salaries, share-based awards, and performance bonuses; staff costs for 1H 2025 were RMB 135.4 million, or 44.7% of revenue Employee Distribution | Function | Number of Employees (As of June 30, 2025) | Percentage of Total | | :--- | :--- | :--- | | Business | 25 | 3.7% | | Research and Development ('R&D') Business | 155 | 22.9% | | R&D | 381 | 56.4% | | Sales and Marketing | 58 | 8.6% | | General and Administrative | 57 | 8.4% | | **Total** | **676** | **100%** | - The company provides incentives such as salaries, share-based awards (e.g., restricted share units), and performance bonuses[46](index=46&type=chunk) Employee Costs | Metric | 1H 2025 (RMB millions) | 1H 2024 (RMB millions) | Percentage of Revenue (2025/2024) | | :--- | :--- | :--- | :--- | | Staff Costs | 135.4 | 151.6 | 44.7% / 55.7% | | Total Contributions to Employee Social Insurance Schemes | 29.1 | 30.6 | - | - As of June 30, 2025, no restricted share units were granted or outstanding under the 2023 Restricted Share Unit Scheme[47](index=47&type=chunk) [Dividends](index=15&type=section&id=Dividends) Shareholders approved a special dividend of **HKD 0.012** (approx. **RMB 0.011**) per share for 2024, paid on July 31, 2025, while the Board did not recommend an interim dividend for 1H 2025 - Shareholders approved a special dividend of **HKD 0.012** (equivalent to approximately **RMB 0.011**) per share for the year ended December 31, 2024, which was paid on July 31, 2025[48](index=48&type=chunk) - The Board of Directors did not recommend the payment of any interim dividend for the six months ended June 30, 2025[48](index=48&type=chunk) [Changes Since December 31, 2024](index=15&type=section&id=Changes%20Since%20December%2031%2C%202024) No other material changes to the Group's financial position or information disclosed in the 2024 annual report's Management Discussion and Analysis, beyond those in this interim results announcement - Except as disclosed in this interim results announcement, there have been no other material changes to the Group's financial position or the information disclosed in the Management Discussion and Analysis section of the 2024 annual report[49](index=49&type=chunk) [Significant Events After June 30, 2025](index=15&type=section&id=Significant%20Events%20After%20June%2030%2C%202025) To the best knowledge of the Board, no significant events occurred for the Group after June 30, 2025 - To the best knowledge of the Board, there have been no significant events for the Group after June 30, 2025[50](index=50&type=chunk) [Financial Statements](index=16&type=section&id=Financial%20Statements) This section presents the unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, including the income statement, statement of comprehensive income, and balance sheet, detailing the company's financial performance and position [Interim Condensed Consolidated Income Statement](index=16&type=section&id=Interim%20Condensed%20Consolidated%20Income%20Statement) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 302,706 | 272,284 | | Gross Profit | 149,172 | 125,490 | | Operating Profit / (Loss) | 4,051 | (25,675) | | Profit / (Loss) for the Period | 5,649 | (14,881) | | Basic Earnings / (Loss) Per Share (RMB cents) | 0.207 | (0.549) | [Interim Condensed Consolidated Statement of Comprehensive Income](index=17&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit / (Loss) for the Period | 5,649 | (14,881) | | Other Comprehensive Income | — | — | | Total Comprehensive Income / (Loss) for the Period | 5,649 | (14,881) | [Interim Condensed Consolidated Balance Sheet](index=18&type=section&id=Interim%20Condensed%20Consolidated%20Balance%20Sheet) | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 935,487 | 819,906 | | Current Assets | 933,840 | 1,055,145 | | **Total Assets** | **1,869,327** | **1,875,051** | | Total Equity | 1,575,558 | 1,599,085 | | Non-current Liabilities | 12,735 | 11,330 | | Current Liabilities | 281,034 | 264,636 | | **Total Liabilities** | **293,769** | **275,966** | [Notes to the Financial Statements](index=20&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed notes on the basis of preparation, accounting policies, key estimates, financial risk management, segment information, operating items, income tax, earnings per share, dividends, trade receivables, and trade payables, ensuring financial reporting transparency [Basis of Preparation of Interim Report](index=20&type=section&id=Basis%20of%20Preparation%20of%20Interim%20Report) - The interim condensed consolidated financial information has been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting'[55](index=55&type=chunk) [Accounting Policies](index=20&type=section&id=Accounting%20Policies) - The accounting policies adopted are consistent with those applied in the previous financial year and the corresponding interim reporting period, except for the adoption of new and revised standards[56](index=56&type=chunk) - The Group first applied International Accounting Standard 21 (Revised) 'Lack of Exchangeability' from January 1, 2025, which had no significant impact on the Group[58](index=58&type=chunk) - It is expected that the amendments to IFRS (such as IFRS 9 & 7, IFRS 18, IFRS 19, etc.) that have been issued but are not yet effective will not have a significant impact on the Group's interim condensed consolidated financial information[60](index=60&type=chunk) [Estimates](index=21&type=section&id=Estimates) - The preparation of interim financial information requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expenses; actual results may differ from these estimates[61](index=61&type=chunk) - The key sources of significant judgments and estimation uncertainties made by management in applying the Group's accounting policies are the same as those applied to the consolidated financial statements for the year ended December 31, 2024[61](index=61&type=chunk) [Financial Risk Management and Financial Instruments](index=21&type=section&id=Financial%20Risk%20Management%20and%20Financial%20Instruments) - The Group's business activities expose it to various financial risks: market risk (primarily currency risk), credit risk, and liquidity risk[62](index=62&type=chunk) - There have been no changes to the risk management department or any risk management policies since December 31, 2024[63](index=63&type=chunk) - The Group endeavors to maintain sufficient cash and cash equivalents for daily operations and to retain flexibility in fundraising by maintaining adequate cash and cash equivalents[64](index=64&type=chunk) - Financial instruments are measured at fair value within a fair value hierarchy, categorized into three levels, with investments in private equity funds valued at net asset value, classified as Level 3 financial instruments[67](index=67&type=chunk)[70](index=70&type=chunk) [Segment Information](index=24&type=section&id=Segment%20Information) - The Group has two operating segments: online entertainment business and other businesses, with key operating decision-makers assessing performance based on the segment revenue of each operating segment[74](index=74&type=chunk) Revenue by Region | Region | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 280,631 | 263,894 | | Outside Mainland China | 22,075 | 8,390 | | **Total Revenue** | **302,706** | **272,284** | Revenue Contribution by Game | Game | Revenue Contribution 1H 2025 | Revenue Contribution 1H 2024 | | :--- | :--- | :--- | | Obi Island Mobile Game | 25.6% | 27.8% | | Aola Star | 25.1% | 26.6% | | Aola Star Mobile Game | 20.0% | 19.5% | | Aola Star | 10.6% | Not applicable* | [Analysis of Operating Items](index=26&type=section&id=Analysis%20of%20Operating%20Items) | Operating Item | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Employee Benefit Expenses | 135,375 | 151,613 | | Distribution Costs and Payment Handling Fees | 100,906 | 97,219 | | Promotion and Advertising Expenses | 14,502 | 9,860 | | Depreciation of Property, Plant and Equipment and Right-of-Use Assets and Amortization of Intangible Assets | 12,461 | 10,576 | | Net Impairment Loss on Financial Assets | 765 | 103 | [Income Tax (Expense) / Credit](index=26&type=section&id=Income%20Tax%20(Expense)%20%2F%20Credit) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Income Tax Expense | (88) | (49) | | Deferred Income Tax (Expense) / Credit | (6) | 128 | | **Total** | **(94)** | **79** | - Guangbaitian and Guangtianti qualify as 'High-New Technology Enterprises' and enjoy a preferential income tax rate of **15%**[79](index=79&type=chunk) - Guangzhou Wholly Foreign-Owned Enterprise and Xiaoyunxiong are classified as 'Small and Micro Profit Enterprises,' taxed at **5%** for profits within **RMB 3 million** and **20%** for profits above that threshold[80](index=80&type=chunk) - Enterprises engaged in R&D activities are entitled to claim **200%** of their R&D expenses as deductible tax expenses (super deduction)[82](index=82&type=chunk) - As of the end of the reporting period, there were no deferred tax liabilities related to accumulated withholding tax[83](index=83&type=chunk) [Earnings / (Loss) Per Share](index=28&type=section&id=Earnings%20%2F%20(Loss)%20Per%20Share) | Metric | 1H 2025 (RMB cents) | 1H 2024 (RMB cents) | | :--- | :--- | :--- | | Basic Earnings / (Loss) Per Share | 0.207 | (0.549) | | Diluted Earnings / (Loss) Per Share | 0.206 | (0.549) | - Basic earnings / (loss) per share is calculated by dividing the profit attributable to the company's shareholders by the weighted average number of ordinary shares in issue during the period, less shares held under the restricted share unit scheme[84](index=84&type=chunk) - For the six months ended June 30, 2024, no adjustment was made to the basic loss per share in calculating diluted loss per share due to the anti-dilutive effect of potential ordinary shares[87](index=87&type=chunk) [Dividends](index=29&type=section&id=Dividends) | Metric | 1H 2025 (RMB thousands) | 1H 2024 (RMB thousands) | | :--- | :--- | :--- | | Special Dividend of HKD 0.012 per Ordinary Share | 31,396 | 31,453 | | Less: Dividends on Shares Held Under Restricted Share Unit Scheme | (1,423) | (1,678) | - The company did not declare any interim dividend for the six months ended June 30, 2025[90](index=90&type=chunk) [Trade Receivables](index=30&type=section&id=Trade%20Receivables) | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Gross Trade Receivables | 39,489 | 32,089 | | Less: Impairment Allowance | (1,932) | (1,110) | | **Net Amount** | **37,557** | **30,979** | - Trade receivables primarily arise from online payment agents and mobile platforms, with a credit period generally 30 days from the invoice date[92](index=92&type=chunk) [Trade Payables](index=30&type=section&id=Trade%20Payables) | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Payables | 17,703 | 6,471 | - Trade payables are mainly related to server hosting services, advertising fees, and game development subcontracting costs, with a credit period generally 30 days from the invoice date[93](index=93&type=chunk) [Other Information](index=31&type=section&id=Other%20Information) This section details corporate governance practices, including Audit Committee review, directors' compliance with securities trading codes, and adherence to the Corporate Governance Code (with an exception for Chairman/CEO roles), alongside information on listed securities and interim dividend decisions [Audit Committee and Review of Financial Statements](index=31&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Statements) - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed matters concerning audit, risk management, internal control, and financial reporting[94](index=94&type=chunk) - The Audit Committee is satisfied that the financial statements have been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting'[94](index=94&type=chunk) - The company's auditor has reviewed the interim condensed consolidated financial information in accordance with International Standard on Review Engagements 2410[94](index=94&type=chunk) [Directors' Compliance with the Standard Code for Securities Transactions](index=31&type=section&id=Directors'%20Compliance%20with%20the%20Standard%20Code%20for%20Securities%20Transactions) - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and specific inquiries were made to all Directors, who confirmed their compliance with all relevant requirements of the Standard Code during the reporting period[95](index=95&type=chunk) [Compliance with the Corporate Governance Code](index=31&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) - The company has adopted the Corporate Governance Code as set out in Appendix C1 of the Listing Rules as its own corporate governance code[96](index=96&type=chunk) - Except for the roles of Chairman and Chief Executive Officer being held by Mr. Dai Jian concurrently, the company has complied with all applicable code provisions during the reporting period[96](index=96&type=chunk) - The Board believes that the concurrent holding of the Chairman and Chief Executive Officer roles by the same individual ensures consistent leadership for the Group, enables more effective and efficient planning of the Group's overall strategy, and that the current Board structure ensures a balance between functions and powers[96](index=96&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=32&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) - For the six months ended June 30, 2025, the Group did not purchase, sell, or redeem any of the company's listed securities (including the sale of treasury shares)[97](index=97&type=chunk) [Interim Dividend](index=32&type=section&id=Interim%20Dividend) - The Directors do not recommend the payment of a dividend for the six months ended June 30, 2025[98](index=98&type=chunk) [Publication of 2025 Interim Results and Interim Report](index=32&type=section&id=Publication%20of%202025%20Interim%20Results%20and%20Interim%20Report) - The interim results announcement is published on the company's website (http://www.baioo.com.hk) and the website of Hong Kong Exchanges and Clearing Limited (http://www.hkexnews.hk)[99](index=99&type=chunk) - The company's 2025 interim report will be available on the aforementioned websites in due course[99](index=99&type=chunk)

Core Viewpoint - The company, Baio Family Interactive (02100.HK), has announced that it will hold a board meeting on August 28, 2025, to review and approve its interim results for the six months ending June 30, 2025 [1] Group 1 - The board meeting is scheduled for August 28, 2025 [1] - The meeting will focus on the interim results for the six months ending June 30, 2025 [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 百奧家庭互動有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02100 | 說明 | 百奧家庭互動 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | USD | 0.0000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 100,000,000,000 | USD | 0.0000005 | USD | | 5 ...

Group 1 - The article provides a list of companies listed on the Hong Kong stock market along with their dividend distribution dates and shareholder meeting dates [1][4][5] - Notable companies mentioned include China Railway, Green Town China, and Budweiser APAC, which are scheduled for dividend payments [4][5] - The document outlines various companies' actions regarding capital increases and dividend distributions, indicating ongoing corporate activities in the market [4][5]

Core Viewpoint - The company, Bai Ao Family Interactive, anticipates a significant improvement in financial performance, projecting revenue growth and a turnaround from losses to profits in the upcoming financial period [1] Financial Performance - The company expects revenue for the six months ending June 30, 2025, to be between 295 million and 310 million RMB, representing a year-on-year increase of approximately 8.3% to 13.8% [1] - The anticipated net profit after tax for the same period is projected to be between 5.2 million and 6.2 million RMB, a significant recovery from a net loss of approximately 14.9 million RMB in the previous year [1] Growth Drivers - The revenue and profit growth are primarily attributed to the strong performance of existing games, driven by continuous content updates and the launch of new themed versions [1] - These strategies have successfully attracted more new users, contributing to an increase in both active users and paying users [1]

Core Viewpoint - Baio Family Interactive (02100) anticipates a significant increase in revenue and profitability for the first half of 2025, leading to a stock price increase of over 8% following the earnings announcement [1] Financial Performance - The company expects revenue to be approximately RMB 295 million to 310 million, representing a year-on-year increase of about 8.3% to 13.8% [1] - After-tax profit is projected to be between RMB 5.2 million and 6.2 million, indicating a turnaround from previous losses [1] Growth Drivers - The revenue growth is attributed to the continuous updating of existing game content and the launch of new themed versions, enhancing user experience [1] - This strategy not only attracts new users but also contributes to the growth of active and paying user numbers, thereby driving revenue growth [1] - The announcement highlights the company's strong long-term operational capabilities [1]

Core Viewpoint - Baio Family Interactive (02100) expects significant revenue growth and profitability turnaround, leading to an over 8% stock price increase following the earnings announcement [1] Group 1: Financial Performance - The company anticipates revenue of approximately RMB 295 million to 310 million for the first half of 2025, representing a year-on-year increase of about 8.3% to 13.8% [1] - The expected net profit after tax is projected to be between RMB 5.2 million and 6.2 million, indicating a turnaround from previous losses [1] Group 2: Growth Drivers - The revenue growth is attributed to the continuous update of existing game content and the launch of new themed versions, enhancing user experience [1] - This strategy not only attracts new users but also contributes to the growth of active and paying user bases, thereby driving revenue increase [1]

【今日头条】 香港金管局发布稳定币发行人指引，可于9月30日或之前提交申请 香港金融管理局就2025年8月1日起实施的稳定币发行人监管制度发布《持牌稳定币发行人监管指引》、 《打击洗钱及恐怖分子资金筹集指引》，以及两项指引的咨询总结。两套指引于2025年8月1日刊宪。香 港金管局同时发布与发牌制度及申请程序相关的《稳定币发行人发牌制度摘要说明》，以及《原有稳定 币发行人过渡条文摘要说明》。 香港金管局表示，截至今日尚未发出任何牌照。鼓励有意申请牌照的机构于2025年8月31日或之前联系 金管局，让金管局可传达监管期望并适当提供反馈。发牌将是一个持续进行的过程，如个别机构认为已 准备充分并希望尽早获得考虑，应于2025年9月30日或之前向金管局提交申请。 对于首批牌照的潜在得主，机构纷纷给出预测。民生证券分析指出，《稳定币条例》生效后，蚂蚁集 团、京东等科技巨头凭借深厚的区块链技术积累和丰富的应用场景，有望首批获香港金管局批准，进而 搭建稳定币及 RWA 相关产业链。国金证券也在其稳定币报告中推测，参与香港稳定币沙盒测试的公司 以及像蚂蚁这样具备场景的企业，大概率会成为首批牌照的获得者。 【大势展望】 投资者等 ...