博雅互动(00434) - 2025 - 中期业绩

Performance Summary Financial Highlights The company's H1 2025 revenue decreased by 5.2% to HKD 223 million, with profit attributable to owners declining by 27.8% to HKD 226 million, while Q2 achieved a profit of HKD 450 million driven by digital asset fair value gains Financial Highlights for the Six Months Ended June 30, 2025 | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 222,605 | 234,775 | (5.2) | | Online Game Revenue | 216,522 | 225,762 | (4.1) | | Digital Asset Appreciation Gain | 4,530 | 9,013 | (49.7) | | Gross Profit | 151,856 | 166,870 | (9.0) | | Fair Value Gain on Digital Assets | 186,043 | 270,433 | (31.2) | | Profit Attributable to Owners of the Company | 226,020 | 312,922 | (27.8) | | Non-IFRS Adjusted Net Profit | 240,018 | 317,234 | (24.3) | Financial Highlights for the Three Months Ended June 30, 2025 | Metric | Q2 2025 (HKD thousands) | Q2 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 110,713 | 115,205 | (3.9) | | Online Game Revenue | 107,238 | 107,789 | (0.5) | | Gross Profit | 74,392 | 81,908 | (9.2) | | Fair Value Gain/(Loss) on Digital Assets | 501,607 | (118,255) | Not Applicable | | Profit/(Loss) Attributable to Owners of the Company | 449,581 | (74,670) | Not Applicable | - As of June 30, 2025, the Group held approximately 3,353 Bitcoin at an average cost of approximately USD 58,695 per coin; as of the announcement date, holdings increased to approximately 3,416 Bitcoin at an average cost of approximately USD 59,323 per coin[3] Operational Highlights In Q2 2025, core operational metrics showed YoY growth in MAU and DAU, with MAU also increasing QoQ, and mobile "Texas Hold'em" ARPPU demonstrating strong growth Operational Data for the Three Months Ended June 30, 2025 | Metric (thousands of people) | Q2 2025 | Q1 2025 | Q2 2024 | YoY Change (%) | QoQ Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Paying Players | 219 | 227 | 207 | 5.8 | (3.5) | | Daily Active Users (DAU) | 1,233 | 1,246 | 1,119 | 10.2 | (1.0) | | Monthly Active Users (MAU) | 4,500 | 4,389 | 4,081 | 10.3 | 2.5 | - Mobile "Texas Hold'em" ARPPU demonstrated strong performance, increasing by 50.8% year-over-year and 3.0% quarter-over-quarter[6] Business Overview and Outlook Business Overview The Group is strategically transforming into Web3, holding the largest Bitcoin reserves among Hong Kong-listed companies, with cumulative fair value gains on digital assets reaching HKD 1.19 billion as of June 30, 2025 - The company began its full Web3 strategic transformation in 2023, adopting Bitcoin as its primary reserve asset, with plans to continuously increase holdings through traditional gaming business cash flow and financing[8] - According to BitcoinTreasuries.net data, the Group is the largest Bitcoin holder among Hong Kong-listed companies[8] - As of June 30, 2025, the Group had accumulated approximately HKD 1.19 billion in fair value gains on digital assets, with approximately HKD 190 million recognized in H1 2025[9] Outlook The Group will pursue three core strategies: stable traditional gaming, continuous Bitcoin reserve expansion, and Web3 game R&D and investment, aiming to become a leading Web3 listed company with global market expansion - The company's three major future development strategies include: - Maintaining stable development of traditional online gaming business - Continuously expanding Bitcoin reserves - Engaging in Web3 game R&D and Web3 project investment incubation[13] - The company will vigorously promote Web3 business development and expand into overseas markets, aiming to become a pure and leading Web3 listed company[13][14] Management Discussion and Analysis Performance Review The company's performance varied, with Q2 2025 turning profitable at HKD 450 million due to digital asset fair value gains despite a slight revenue dip, while H1 2025 saw revenue decrease by 5.2% and profit attributable to owners decline by 27.8% Q2 2025 vs. Q2 2024 Comparison Q2 2025 revenue slightly decreased by 3.9% to HKD 111 million, and gross profit declined, but significant fair value gains on digital assets of HKD 516 million led to a turnaround, with profit attributable to owners reaching HKD 450 million - Q2 revenue decreased by 3.9% year-over-year, primarily due to reduced digital asset appreciation gains, though online game revenue remained stable[15] - Q2 gross profit decreased by 9.2% year-over-year, with gross margin declining from 71.1% to 67.2%, mainly due to increased cost of revenue[19] - Q2 recorded net other income of HKD 516 million (compared to a loss of HKD 134 million in the prior year), primarily due to an increase in the fair value of digital assets held[22] - Due to a significant increase in the fair value of digital assets, Q2 profit attributable to owners of the Company turned profitable, reaching HKD 449.6 million (compared to a loss of HKD 74.7 million in the prior year)[26] H1 2025 vs. H1 2024 Comparison H1 2025 revenue decreased by 5.2% to HKD 223 million, and gross profit declined by 9.0%, leading to a 27.8% decrease in profit attributable to owners to HKD 226 million, mainly due to a smaller increase in digital asset fair value gains - H1 revenue decreased by 5.2% year-over-year, primarily due to slower growth in traditional game revenue resulting from global economic slowdown and the company's long-term operational strategy, as well as reduced digital asset appreciation gains[29] - H1 gross profit decreased by 9.0% year-over-year, with gross margin declining from 71.1% to 68.2%[31] - H1 net other income decreased by 19.6% year-over-year, primarily due to a smaller increase in the fair value of digital assets compared to the prior year[34] - H1 profit attributable to owners of the Company decreased by 27.8% to HKD 226 million, mainly because the increase in fair value of digital assets was lower than the prior year[38] Financial Position Analysis The company maintains a robust financial position with digital assets valued at HKD 3.08 billion as of June 30, 2025, a gearing ratio of 15.8%, no bank borrowings, and plans to fund expansion through operating cash flow Digital Assets The company strategically acquires and holds cryptocurrencies for its Web3 business, with digital assets valued at HKD 3.08 billion as of June 30, 2025, and has expanded its holdings to include Bitcoin, Ethereum, ATOM, and BNB - The company has received two shareholder authorizations to purchase cryptocurrencies totaling up to USD 200 million in the open market[40] Digital Asset Holdings | Asset | Holdings as of June 30, 2025 | Holdings as of Announcement Date | | :--- | :--- | :--- | | Bitcoin (BTC) | Approx. 3,353 coins | Approx. 3,416 coins | | Ethereum (ETH) | Approx. 298 coins | Approx. 299 coins | - As of June 30, 2025, the fair value of digital assets was approximately HKD 3.08 billion, with HKD 186 million in fair value gains recorded in H1[41] - In addition to BTC and ETH, the Group also holds ATOM and BNB to strategically position itself within the Cosmos and BNB Chain ecosystems[42] Bitcoin Growth Rate The company utilizes "Bitcoin Growth Rate" as a key performance indicator to evaluate its Bitcoin acquisition strategy, reporting a 2.3% growth rate for the six months ended June 30, 2025 - The company adopts "Bitcoin Growth Rate" as a key performance indicator to measure its strategic performance in acquiring Bitcoin[44] - For the six months ended June 30, 2025, the company's Bitcoin Growth Rate was 2.3%[45] Bitcoin per 10,000 Shares and Growth Rate | Date | Bitcoin per 10,000 Shares | Bitcoin Growth Rate (QoQ Change) | | :--- | :--- | :--- | | 12/31/2024 | 0.0461 | 24.1% | | 3/31/2025 | 0.0472 | 2.4% | | 6/30/2025 | 0.0472 | 0.0% | Liquidity and Capital Resources The company primarily generates cash from operations, maintaining a 15.8% gearing ratio with no bank borrowings, and prudently manages its liquidity, including HKD 57.8 million in cash and HKD 89.9 million in time deposits - As of June 30, 2025, the Group's gearing ratio was 15.8%, a decrease from 16.9% at the beginning of the year[48] - Cash and cash equivalents decreased from HKD 139 million at the beginning of the year to HKD 57.8 million[50] - As of the end of the reporting period, the company had no short-term or long-term bank borrowings[57] Other Operational Information As of June 30, 2025, the company had 226 employees, with H1 staff costs of HKD 55.6 million, and incentivizes staff through equity plans, including new restricted share units granted - As of June 30, 2025, the company had a total of 226 employees, with 182 primarily responsible for game development and operations[64] - For the six months ended June 30, 2025, total staff costs were approximately HKD 55.6 million, accounting for 34.4% of total expenses[65] - On March 14, 2025, the Group granted a total of 5,850,000 restricted share units to executive directors and other employees under the 2024 Restricted Share Unit Scheme[65] Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For H1 2025, revenue was HKD 223 million (down 5.2%) and profit attributable to owners was HKD 226 million (down 27.8%), while Q2 turned profitable with HKD 450 million, and basic EPS was HKD 33.64 cents for H1 and HKD 66.80 cents for Q2 Key Income Statement Items (For the Six Months Ended June 30) | Item (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 222,605 | 234,775 | | Gross Profit | 151,856 | 166,870 | | Operating Profit | 273,923 | 352,466 | | Profit Attributable to Owners of the Company for the Period | 226,020 | 312,922 | Earnings Per Share (HK cents) | Period | 2025 | 2024 | | :--- | :--- | :--- | | H1 (Basic) | 33.64 | 47.20 | | Q2 (Basic) | 66.80 | (11.24) | Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets increased to HKD 3.55 billion, with digital assets at HKD 3.08 billion, total liabilities at HKD 563 million, total equity at HKD 2.99 billion, and net current assets at HKD 2.86 billion, reflecting a robust financial structure Key Balance Sheet Items (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Digital Assets | 3,080,024 | 2,548,592 | | Total Assets | 3,551,296 | 3,200,316 | | Total Liabilities | 562,554 | 540,836 | | Total Equity | 2,988,742 | 2,659,480 | | Net Current Assets | 2,862,380 | 2,421,190 | Condensed Consolidated Statement of Cash Flows For H1 2025, net cash from operating activities significantly decreased to HKD 26.9 million, with net cash outflows from investing (HKD 37.7 million) and financing (HKD 77.7 million) activities, leading to period-end cash and cash equivalents of HKD 57.8 million Cash Flow Statement Summary (For the Six Months Ended June 30, HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Net cash generated from operating activities | 26,907 | 107,640 | | Net cash used in investing activities | (37,689) | (818,990) | | Net cash used in financing activities | (77,715) | (29,943) | | Net decrease in cash and cash equivalents | (88,497) | (741,293) | | Cash and cash equivalents at end of period | 57,823 | 67,483 | Notes to the Condensed Consolidated Financial Statements Segment Information The Group operates in mobile game and Web3 segments; in H1 2025, mobile games contributed HKD 217 million revenue and HKD 92.1 million profit, while Web3 contributed HKD 4.5 million revenue and HKD 189 million profit, mainly from cryptocurrency fair value changes H1 2025 Segment Results (HKD thousands) | Segment | Revenue | Segment Profit | | :--- | :--- | :--- | | Mobile Game-Related Business | 216,522 | 92,106 | | Web3-Related Business | 4,530 | 188,794 | Disposal of a Subsidiary The Group disposed of its wholly-owned subsidiary Boyaa Shenzhen for HKD 4.172 million, eliminating foreign investment-restricted businesses and VIE agreements, resulting in a disposal profit of HKD 28.342 million - The Group disposed of Boyaa Shenzhen, controlled via a VIE agreement, for a total consideration of HKD 4.172 million[121] - This disposal eliminated the company's involvement in foreign investment-restricted businesses and terminated the VIE agreement[121] - The disposal transaction generated a profit of HKD 28.342 million and resulted in a net cash inflow of HKD 2.569 million[122] Other Information Interim Dividend The Board did not recommend an interim dividend for H1 2025, with future dividends for the next four years set at no less than 20% of operating net profit, excluding digital asset-related gains - The Board does not recommend the payment of an interim dividend for 2025[128] - The company's dividend policy stipulates that for the next four years, annual dividends will be no less than 20% of operating net profit (defined as net cash generated from online game business operations), with digital asset-related gains excluded from the dividend calculation basis[128][131] Corporate Governance The company complied with the Corporate Governance Code, with a Board comprising two executive and three independent non-executive directors, and an Audit Committee that has reviewed the interim results - The company complied with the applicable provisions of the Corporate Governance Code during the reporting period[129] - The Audit Committee, comprising three independent non-executive directors, has reviewed these interim results and has no disagreement with the Board[132]