Boyaa Interactive International Limited (BOYAA, 00434 HK) has reported a net loss attributable to shareholders of HK$238.63 million for the year ended 31 December 2025, reversing the HK$968.88 million profit (restated) booked in 2024. The turnaround was driven mainly by a HK$411.15 million unrealised fair-value loss on the group’s Bitcoin-centred digital-asset portfolio, compared with a HK$947.96 million gain a year earlier.
Revenue and Margin • Total revenue slipped 6.6% year on year to HK$467.67 million. • Online-game turnover (94.7 % of group total) was broadly stable at HK$442.76 million, with mobile titles up 2.7 % to HK$325.95 million offsetting an 8.2 % decline in web-based games to HK$116.81 million. • Digital-asset value-added gains fell 61.4 % to HK$21.68 million amid lower staking returns and softer cryptocurrency prices. • Gross profit decreased 9.8 % to HK$328.40 million; margin narrowed to 70.2 % from 72.7 %.
Earnings Drivers • Other net losses totalled HK$398.12 million (2024 gain: HK$922.06 million), largely reflecting cryptocurrency mark-to-market movements. • Finance income dropped 80.5 % to HK$3.23 million after bank deposits were redirected into Bitcoin purchases. • Excluding share-based payments, Boyaa recorded a non-IFRS adjusted net loss of HK$192.08 million versus a HK$971.68 million adjusted profit in 2024.
Balance Sheet Highlights • Digital assets (mainly Bitcoin) were valued at HK$2.92 billion as at end-2025, up from HK$2.55 billion a year earlier, despite the annual fair-value loss. • The group held 4,092 BTC at an average cost of US$68,211 per coin. • Gearing ratio (liabilities/total assets) improved to 13.9 % (2024: 16.9 %). • Cash and cash equivalents declined to HK$62.13 million (2024: HK$138.66 million), alongside term deposits of HK$68.63 million.
Capital Moves • In September 2025 the company raised HK$410 million (net) via placing 59.97 million new shares at HK$6.95 each; about 90 % of proceeds have been deployed to acquire Bitcoin. • During 2025 Boyaa repurchased 2.97 million shares for HK$10.92 million, which remain in treasury.
Dividend The board proposes a final dividend of HK$0.0366 per share, totalling HK$28.10 million, equivalent to 20 % of net operating profit.
Operational Metrics • Paying players averaged 91,000 in 4Q25 (-54.7 % YoY) following the divestment of Mainland China operations mid-year. • 4Q25 daily active users fell 46.8 % YoY to 639,000, yet ARPPU for mobile Texas Hold’em rose 67.2 % to HK$418.9.
Strategic Progress • Boyaa advanced its “game applications + ecosystem development + value storage” Web3 strategy, investing in Web3 titles (e.g., Pet Land), infrastructure (MTT Network, Boyaa Network) and related funds. • Web3-specific investments during 2025 included 4,180,749 USDT into MTT Sports, US$0.30 million into Gam3Girl Ventures Fund and 0.10 million USDT into Goldwill Capital Fund I. • The group staked 1,000 BTC to secure its MTT Network and allocated 500 BTC into liquidity pools for its YAAKO Web3 game wallet.
Outlook Management plans to: 1. Sustain core card-and-board game revenues across Hong Kong, Macau, Taiwan and overseas markets. 2. Accelerate Web3 game releases, notably Pet Land in 2026, and expand blockchain infrastructure projects. 3. Continue disciplined cryptocurrency accumulation aligned with Web3 growth needs.
The company underscores continued compliance with global and Mainland China digital-asset regulations and maintains a long-term “positive outlook” on Bitcoin and the broader Web3 ecosystem.
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