Boyaa Interactive International Limited (BOYAF)

収益の仕組み

Game revenue comes from in-app purchases players make for virtual items and enhanced play inside otherwise free-to-download card and board games — a business earning steady but shrinking fees from a mature player base. Alongside it, the company reports a separate Web3-related segment tied to its cryptocurrency holdings; this contributes little operating revenue but drives most of the swings in reported profit, because gains and losses on Bitcoin's market price flow straight through the income statement.

セグメント別売上高

Boyaa competes in a mobile card-game market dominated by far larger Chinese platforms such as Tencent and NetEase, and its own game revenue has been declining for years. Its games are not tied to unique intellectual property or network effects strong enough to lock in players, so the company has instead built its balance sheet around a large speculative Bitcoin holding rather than around a durable competitive position.

Game revenue depends on a mature, shrinking base of Chinese-speaking card-game players and has fallen for multiple years running. Reported profit now depends far more on Bitcoin's price than on game sales: a rising crypto market produced large paper gains in 2024, while a falling one drove a HK$2.39 billion loss in 2025 and a further loss warning in early 2026.

主なリスク

• Bitcoin price exposure — The company holds roughly 4,092 Bitcoin as a treasury asset and marks it to market; falling Bitcoin prices produced a HK$2.39 billion attributable loss in 2025 and the company has flagged a further, larger loss for the first quarter of 2026 on continued price declines.
• Declining core game revenue — Revenue from the online game business, the company's original and largest activity, fell 6.6% in 2025 to HK$442.8 million, continuing a multi-year decline in its card and board game portfolio.
• Capital concentrated in one speculative asset — At the end of 2025 the company's digital assets were valued at approximately HK$2.92 billion, several times its annual revenue, so the balance sheet's value depends overwhelmingly on the price of one volatile cryptocurrency.