BAIOO FAMILY INTERACTIVE LIMITED 百奧家庭互動有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註册成立之有限公司） （Stock Code 股份代號：2100） NOTIFICATION LETTER 通知信函 Dear Registered Shareholders. BAIOO Family Interactive Limited (the "Company") - Notification of publication of Annual Report 2024, Circular dated 29 April 2025 together with Notice of Annual General Meeting and Proxy Form (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communicatio ...

Financial Performance - Revenue for 2024 was RMB 545.294 million, a decrease of 30.3% compared to RMB 782.764 million in 2023[10] - Gross profit for 2024 was RMB 252.062 million, down 20.7% from RMB 318.054 million in 2023[10] - The company reported an operating loss of RMB 42.845 million for 2024, an improvement from a loss of RMB 55.126 million in 2023[10] - Non-IFRS adjusted net loss for 2024 was RMB 21.102 million, compared to a loss of RMB 10.081 million in 2023[10] - Total equity decreased to RMB 1,599.085 million in 2024 from RMB 1,651.035 million in 2023, a decline of 3.2%[12] - The net loss for the year was RMB 27.956 million, a slight improvement from RMB 31.402 million in 2023[39] - Gross profit margin improved to 46.2% in 2024, compared to 40.6% in 2023[37] - The cost of sales for the year ended December 31, 2024, was RMB 293.2 million, down 36.9% from RMB 464.7 million for the year ended December 31, 2023[42] - Research and development expenses for the year ended December 31, 2024, were RMB 177.0 million, a decrease of 23.4% from RMB 231.1 million for the year ended December 31, 2023[46] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 1,875.051 million, a slight decrease from RMB 1,920.099 million in 2023[12] - Non-current assets increased to RMB 819.906 million in 2024, up from RMB 585.242 million in 2023, reflecting a growth of 40%[12] - The total liabilities as of December 31, 2024, were RMB 275.966 million, compared to RMB 269.064 million as of December 31, 2023[60] - The asset-liability ratio increased to 15% as of December 31, 2024, from 14% as of December 31, 2023[60] - Cash and cash equivalents as of December 31, 2024, were RMB 495.7 million, down from RMB 966.0 million as of December 31, 2023[62] Market and Industry Trends - The gaming industry is showing a stable upward trend, although competition remains intense[13] - In 2024, the domestic gaming market's actual sales revenue reached RMB 325.783 billion, a year-on-year increase of 7.53%[31] - The company aims to leverage its unique IP strategy to create innovative and attractive products for young users[9] User Engagement and Marketing - The company continues to focus on user needs and innovation in gameplay and content iteration to meet the evolving demands of players[13] - A series of creative marketing activities were implemented, including online promotions via social media and offline player meetups, which strengthened user loyalty and brand effect[15] - The company has actively explored and innovated in gameplay and content optimization, significantly enhancing player community engagement through frequent content updates[14] - The company aims to enhance emotional connections with users through innovative marketing strategies, thereby improving overall user gaming experience[16] Future Outlook and Strategy - Looking ahead to 2025, the company plans to increase investment in innovative game content creation and integrate diverse cultural elements to enhance the gaming experience[16] - The company plans to enhance product competitiveness by focusing on refined IP operations and integrating traditional Chinese culture into gaming[33] - The company is actively preparing multiple products for future release and aims to strengthen its overseas presence to explore new growth opportunities[35] - The management expressed gratitude to partners, users, and investors for their unwavering support, emphasizing the commitment to creating greater value for shareholders[17] Shareholder and Governance - The company has maintained a dividend policy since December 20, 2018, ensuring sufficient cash reserves for operational needs and future growth[104] - The board proposed a special dividend of HKD 0.012 per share for the fiscal year ending December 31, 2024, subject to shareholder approval[102] - The company has a strong focus on corporate governance, with experienced management overseeing financial management and investor relations[98] - The board has the discretion to declare dividends based on various factors, including financial performance, cash flow, and business conditions[104] Related Party Transactions - Tencent Holdings Limited became a major shareholder after acquiring 81,515,820 shares on January 25, 2021, which established a related party relationship[159] - The total amount of continuing transactions with Tencent Group during the reporting period includes service fees of RMB 1,175,657 for the "Aola Star" mobile game cooperation agreement and RMB 2,565,210 for the "Aoqi Legend" mobile game cooperation agreement[160] - The "Aola Star" mobile game cooperation agreement has been renewed for one year starting from February 1, 2024, to January 31, 2025[160] Compliance and Risk Management - The company has maintained compliance with applicable laws and regulations, with no significant litigation or arbitration cases reported as of December 31, 2024[198] - The company has identified major risks and uncertainties in economic, operational, regulatory, and financial areas that could significantly impact its future performance[188] - The company emphasizes environmental protection and sustainability, adhering to relevant laws and regulations without generating harmful waste during operations[200]

（股份代號：2100） 股東週年大會通告 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份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 動 （於開曼群島註冊成立之有限公司） 茲通告百奧家庭互動有限公司（「本公司」）謹定於二零二五年六月二十七日（星期五）下 午二時正假座香港中環遮打道3A號香港會所大廈15樓1501–02室舉行股東週年大會（「股 東週年大會」），以考慮及酌情通過以下事項（無論是否作出修訂）： 「動議： (a) 在本決議案(b)段之規限下，一般及無條件批准董事於有關期間（定義見本決議 案(c)段）行使本公司所有權力於香港聯合交易所有限公司（「聯交所」）或本公司 股份可能上市且聯交所及證券及期貨事務監察委員會就此目的而認可之任何 其他交易所購回本公司股份，惟須受限及遵守一切適用法例及聯交所證券上市 規則（「上市規則」）或任何其他交易所之規定（經不時修訂）； 1 1. 考慮並接納本公司截至二零二四年十二月三十一日止年度之經審計合併財務報表 及本公司董事（「董事」）報告與本公司獨立核數師（ ...

此乃要件 請即處理 閣下如對本通函之任何方面或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他 註冊證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓所有名下之百奧家庭互動有限公司之股份，應立即將本通函及隨附之 代表委任表格送交買主或承讓人，或經手買賣或轉讓之銀行、股票經紀或其他代理，以便 轉交買主或承讓人。 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通函之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不就因本通函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。 股東週年大會通告 百奧家庭互動有限公司謹訂於二零二五年六月二十七日（星期五）下午二時正假座香港中環 遮打道3A號香港會所大廈15樓1501–02室舉行股東週年大會，大會通告載於本通函第17頁至 21頁。隨函附奉適用於股東週年大會之代表委任表格。此代表委任表格亦刊載於聯交所網 站(www.hkexnews.hk)及本公司網站(www.baioo.com.hk)。 無論 閣下能否出席股東週年大會，務請將隨附之代表委任表格按其上印列之指示填妥及 簽署，並盡早交回本公司之香港股 ...

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份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 | 截至 | 截至以下日期止三個月 | 二零二四年 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 二零二五年 | 二零二四年 | 三月 | 三月 | 十二月 | 三十一日 | | | | | | | | 三十一日 | 三十一日 | 環比變動 | 止三個月 | 同比變動 | （季度活躍賬戶及季度付費賬戶以百萬為單位， | | | | | | | | 季度付費賬戶平均收入以人民幣元為單位） | | | | | | | | | | | | | 季度活躍賬戶1 | 6.5 | 6.3 | 3.2% | 5.9 | 10.2% | 季度付費賬戶2 | 0.9 | 0.8 | 12.5% | 0.9 | — | | 季度付費賬戶 | 平均收入3 | 177.0 | 160 ...

Core Viewpoint - The Hong Kong stock market in 2025 is undergoing a value discovery revolution driven by technological innovation, with the Hang Seng Index rising by 27% and the Hang Seng Tech Index leading global markets with over 40% growth since January 13 [1] Group 1: Industry Trends - The restructuring of valuation logic is attributed to the DeepSeek model's technological paradigm shift, policy catalysts, and continuous inflow of capital from the south [1] - The gaming industry is experiencing a transformation with user demand diversification and content supply evolution, leading to unique development paths and stronger resilience among small and mid-cap companies [1] Group 2: Company Strategy - Baiao Family Interactive focuses on "user demand" and employs an "IP long lifecycle operation strategy," enhancing the vitality and value of its IP through a multi-dimensional strategic framework [3] - The company has reported a revenue of 550 million yuan for the fiscal year 2024, reflecting the effectiveness of its long-term development strategies around classic IP and user community ecosystems [1][3] Group 3: IP Long Lifecycle Operation - Baiao Family Interactive's classic IPs, such as "Aobi Island" and "Aoqi Legend," have maintained strong vitality after 15 and 12 years in the market, respectively [4] - The company has engaged in 10 significant cross-industry collaborations for "Aobi Island: Dream Nation," creating a multi-dimensional content ecosystem that enhances user engagement and brand value [4] Group 4: Ecosystem Collaboration - The company has established a "user co-creation + cross-industry resonance" IP value network, enhancing commercial and cultural value through a dual empowerment ecosystem [8] - Initiatives like the "Aoqi Four-Year Dream Painting Journey" encourage user-generated content, transforming players from consumers to co-creators, thereby increasing user engagement [8][11] Group 5: AI Technology Integration - AI technology is being deeply integrated into the gaming industry, enhancing development efficiency and user interaction [12] - Baiao Family Interactive is leveraging AI to improve content iteration and user immersion, with plans to introduce an AI assistant in "Aobi Island: Dream Nation" [12][19] Group 6: Globalization Strategy - The company is advancing its globalization strategy, focusing on self-developed games and targeting diverse international markets [13] - Several products are in various stages of development and testing, with significant user engagement and market potential anticipated for 2024 [13][14] Group 7: Market Dynamics - The gaming market in China is experiencing steady growth, with the market size projected to reach approximately 325.78 billion yuan in 2024, reflecting a year-on-year increase of 7.53% [20] - The increase in player numbers and ARPU values indicates a structural enhancement in user spending capacity, driven by stable entertainment consumption demand [20][22]

在经历行业深度调整后，港股游戏板块估值优势逐步显现，具备强研发实力与长线运营能力的厂商正成 为市场关注焦点。作为深耕休闲游戏赛道的"老牌劲旅"，百奥家庭互动(02100)凭借精品化战略与创新 技术布局，在2024年展现出强劲韧性。 从2024年报不难看出，百奥在核心IP的持续运营、AI技术的深度应用、全球化战略的稳步推进，以及与 行业趋势的紧密共振，将共同构筑其2025年高质量成长的确定性路径。 精品游戏长线运营，IP生态构筑护城河 智通财经APP了解到，3月27日，百奥家庭互动公布其2024年度业绩。年内，百奥实现收入约5.5亿元人 民币，经调整净亏损约2100万元人民币。一方面，公司持续加大研发投入，快速提升自主游戏开发能力 和用户体验，使其业绩颇具韧性;另一方面，公司降本增效，在保证优质内容的基础上，以更低的成 本、更高效的转化率，以及不断推进的研发进程直面市场竞争。 期内，公司持续增加研发投入，以进一步提升产品创新和研发能力，巩固核心竞争力，年内研发开支达 约1.8亿元人民币。为提升产品研发及优质游戏的攻关能力，百奥持续加码研发力度，研发费用占比达 到32.5%，彰显公司长线产品布局的信心。 回顾20 ...

免責聲明 | 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 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 百奧家庭互動有限公司 | | 股份代號 | 02100 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2024年12月31日止年度之特別股息 | | 公告日期 | 2025年3月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 其他 | | 特別股息 | | | 股息性質 | 特別股息 | | 財政年末 | 2024年12月31日 | | 宣派股息的報告期末 | 2024年12月31日 | | 宣派股息 | 每 股 0.012 HKD | | 股東批准日期 | 2025年6月27日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.012 HKD | | 匯率 | 1 HK ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 545,294,000, a decrease of 30.3% compared to RMB 782,764,000 in 2023[4] - Gross profit for the same period was RMB 252,062,000, down 20.7% from RMB 318,054,000 in the previous year[4] - Adjusted net loss increased by 109.3% to RMB 21,102,000 from RMB 10,081,000 year-on-year[4] - Adjusted EBITDA showed a loss of RMB 23,070,000, an increase of 87.9% compared to RMB 12,279,000 in 2023[4] - The company's revenue for the fiscal year ending December 31, 2024, was RMB 545.3 million, a decrease of 30.3% compared to RMB 782.8 million for the fiscal year ending December 31, 2023[17] - The average quarterly active accounts decreased to 6.3 million in 2024, down 13.7% from 7.3 million in 2023[14] - The average quarterly paying accounts fell to 0.8 million in 2024, a decline of 27.3% from 1.1 million in 2023[14] - The average revenue per paying account was RMB 163.0 in 2024, down 7.4% from RMB 176.1 in 2023[14] - The gross profit for the fiscal year ending December 31, 2024, was RMB 252.1 million, compared to RMB 318.1 million in 2023, with a gross margin of 46.2% in 2024, up from 40.6% in 2023[21] - The company's operating loss for the fiscal year ending December 31, 2024, was RMB 42.8 million, compared to an operating loss of RMB 55.1 million in 2023[15] - The company reported a net loss of RMB 27.96 million for the fiscal year ending December 31, 2024, compared to a net loss of RMB 31.4 million in 2023[16] - The net loss for the year ended December 31, 2024, was RMB 28.0 million, compared to a net loss of RMB 31.4 million for the year ended December 31, 2023, reflecting an improvement[33] - The adjusted net loss for the year ended December 31, 2024, was RMB 21.1 million, an increase of 109.3% from RMB 10.1 million for the year ended December 31, 2023[34] Assets and Liabilities - Non-current assets rose to RMB 819,906,000 in 2024 from RMB 585,242,000 in 2023, indicating a significant increase[5] - Total assets decreased to RMB 1,875,051,000 in 2024 from RMB 1,920,099,000 in 2023[5] - Total liabilities as of December 31, 2024, were RMB 275.966 million, compared to RMB 269.064 million as of December 31, 2023, resulting in a debt-to-asset ratio of 15%[35] - Cash and cash equivalents as of December 31, 2024, were RMB 495.7 million, a decrease from RMB 966.0 million as of December 31, 2023[36] - The company had no bank loans or other borrowings as of December 31, 2024[38] - Current liabilities increased from RMB 239,218,000 to RMB 264,636,000, an increase of approximately 10.6%[52] - Total liabilities increased slightly from RMB 269,064,000 to RMB 275,966,000, an increase of approximately 2.7%[52] - The company reported a total equity of RMB 1,599,085,000, down from RMB 1,651,035,000, a decrease of about 3.2%[52] Revenue Breakdown - Revenue from mainland China was RMB 509,892,000, down 32.5% from RMB 755,855,000 in 2023, while revenue from regions outside mainland China increased to RMB 35,402,000 from RMB 26,909,000[60] - The online entertainment business contributed 71.5% of total revenue in 2024, down from 82.6% in 2023[61] - The top three virtual worlds contributing to revenue were: Aobi Island mobile game (27.9%), Aoqi Legend (24.6%), and Aoqi Legend mobile game (19.0%) for the year ended December 31, 2024[62] Expenses - Sales and marketing expenses for the year ended December 31, 2024, were RMB 57.5 million, a decrease of 9.7% from RMB 63.7 million for the year ended December 31, 2023, primarily due to reduced employee benefits expenses[22] - Administrative expenses for the year ended December 31, 2024, were RMB 57.8 million, a decrease of 24.1% from RMB 76.2 million for the year ended December 31, 2023, mainly due to reduced employee benefits related to restricted share units[23] - Research and development expenses for the year ended December 31, 2024, were RMB 177.0 million, a decrease of 23.4% from RMB 231.1 million for the year ended December 31, 2023, primarily due to reduced employee benefits expenses[24] - The total administrative and R&D expenses amounted to RMB 585,544,000 in 2024, down from RMB 835,762,000 in 2023, indicating a reduction of 30.0%[63] Employee and Shareholder Information - Employee costs for the year ended December 31, 2024, amounted to approximately RMB 281.0 million, representing 51.5% of the company's revenue, compared to RMB 359.4 million and 45.9% in 2023[45] - The company has 644 full-time employees as of December 31, 2024, with 51.2% in research and development roles[45] - The board has proposed a special dividend of HKD 0.012 per share for the year ended December 31, 2023, subject to shareholder approval[47] - A special dividend of HKD 0.012 per share has been proposed for the fiscal year ending December 31, 2024, subject to shareholder approval[91] Future Plans and Strategies - The company plans to enhance product competitiveness by focusing on game segments and integrating traditional Chinese culture into core IPs[12] - The company is actively preparing multiple products for future release and aims to strengthen its overseas presence[12] - There are currently no major investment or acquisition plans, but the company will continue to seek new business development opportunities[44] Tax and Compliance - The company has recognized a deferred tax liability for Chinese withholding tax on undistributed profits amounting to approximately RMB 1,224,512,000 as of December 31, 2024, compared to RMB 1,197,103,000 for the previous year[73] - Guangzhou Baitian and Guangzhou Tianti, both recognized as "high-tech enterprises," are eligible for a preferential income tax rate of 15% for the year ended December 31, 2024[68][69] - The company has applied for super deductions for qualified R&D expenses, allowing a deduction of 175% for tax purposes, which may impact future taxable profits[72] - The company’s income tax provision in Hong Kong for the year ended December 31, 2024, was calculated based on a two-tiered profits tax system, with the first RMB 2 million of profits taxed at 8.25% and profits above that taxed at 16.5%[72] Governance and Compliance - The company has adopted the corporate governance code and confirmed compliance with all provisions, except for the separation of the roles of Chairman and CEO[87][88] - The company has established written guidelines for employee securities trading, ensuring no violations were detected during the fiscal year ending December 31, 2024[86] - The annual general meeting is scheduled for June 27, 2025, with a suspension of share transfer registration from June 24 to June 27, 2025[90] - The company’s annual report for the fiscal year ending December 31, 2024, will be available on its website and the Hong Kong Stock Exchange website[92]

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份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 動 （於開曼群島註冊成立的有限公司） （股份代號：2100） 百奧家庭互動有限公司（「百奧」或「本公司」，連同其附屬公司及其於中國的控制實體統 稱「本集團」）董事會（「董事會」）茲通告謹定於二零二五年三月二十七日（星期四）舉行董 事會會議，以考慮及通過本集團截至二零二四年十二月三十一日止年度之全年業績及 建議之特別股息（如有），以及處理其他事項。 承董事會命 百奧家庭互動有限公司 主席、首席執行官兼執行董事 戴堅 香港，二零二五年三月十四日 於本公告日期，本公司執行董事為戴堅先生、吳立立先生及李沖先生；本公司獨立非執行董事為劉千里女士、 王慶博士、馬肖風先生及蔚成先生。 董事會會議召開日期 ...