BOYAA(HK:00434) 智通财经网·2025-12-19 01:28Core Viewpoint - The company has transformed from a traditional gaming company into a leading Web3 company, significantly increasing its Bitcoin holdings and developing a Web3 ecosystem, resulting in a stock price increase of up to 23 times over two years [1][4]. Group 1: Company Transformation - The company announced its "All in Web3" strategy in 2023, marking a significant shift in its business model [1][6]. - It has invested $200 million in Bitcoin, holding a total of 4,091 BTC, while also developing blockchain games and infrastructure [1][6]. - The company aims to redefine the Digital Asset Trust (DAT) model by using stable cash flow from traditional gaming to support its Web3 initiatives [4][5]. Group 2: Business Strategy - The core strategy is a "three-in-one" model that combines traditional gaming cash flow, Bitcoin reserves, and Web3 innovation to drive growth [4][5]. - The company emphasizes a conservative approach to leverage, aiming for a "zero leverage" strategy compared to other companies like MicroStrategy [7][6]. - The focus is on creating sustainable Web3 experiences rather than merely speculating on asset prices [4][7]. Group 3: Market Position and Challenges - The company is positioned as a "Web3 explorer" and aims to lead in the Web3 space, differentiating itself from traditional gaming companies [6][5]. - It faces challenges in balancing innovation with risk prevention in a rapidly evolving regulatory environment [9][8]. - The company is committed to building a robust regulatory framework to support digital finance and Web3 innovation in Hong Kong [10][8]. Group 4: Future Outlook - The company is optimistic about achieving profitability in its Web3 ventures within 1-3 years after product launch [18][17]. - It plans to continue investing in Web3 infrastructure and talent to support its long-term strategy [17][16]. - The goal is to create a comprehensive Web3 gaming ecosystem that integrates value storage, gaming applications, and ecosystem development [25][24].