Boyaa Interactive International Limited (BOYAF)
合理估值基本面
57
价格
$3.10
市值
$2.33B
第一部分 · 这家公司值多少
概览
Boyaa Interactive develops and operates mobile and PC card and board games — mainly Texas Hold'em poker, mahjong and other Chinese card games — sold mostly to Chinese-speaking players in Hong Kong, Macau and the wider region. Since 2024 the company has redirected much of its cash into a Bitcoin treasury strategy, buying and holding cryptocurrency on its balance sheet rather than reinvesting it in games, which now sizes its digital-asset holdings far larger than its game business.
盈利方式
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.
分部营收
In-app purchases from mobile and PC card and board games such as Texas Hold'em, Mahjong Collection and Fight the Landlord, played mostly by Chinese-speaking users; revenue fell 6.6% in 2025.
Activity tied to the company's cryptocurrency holdings; a small revenue line next to a roughly HK$2.92 billion Bitcoin treasury whose price swings drive most of reported profit.
护城河
未发现护城河 · 无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.
需求驱动因素
周期性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.
主要风险
- 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.
看多理由
Buyers argue that Boyaa's Bitcoin treasury, now worth several times its annual game revenue, gives shareholders leveraged exposure to a rising cryptocurrency market while the legacy card-game business still generates a stable stream of in-app purchase revenue and dividends.
看空理由
Sellers worry that a shrinking core game business is now overshadowed by a highly volatile Bitcoin holding that produced a HK$2.39 billion loss in 2025 alone, turning what was a game company into a leveraged crypto bet that can swing sharply with digital-asset prices.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
Zengame builds the same Chinese card and board titles as Boyaa — Fight the Landlord and regional mahjong on mobile — and monetises the same free-to-play players through in-app purchases.
Ourgame runs the Lianzhong online card and board platform plus poker tournaments, going after the same Chinese-language players on PC and mobile that Boyaa serves.
Tencent's QQ Games card and board section — Happy Landlord, mahjong, Texas Hold'em — is the dominant free offering in China and takes directly from Boyaa's home-market audience.
Zynga Poker is the best-known free-to-play Texas Hold'em game worldwide and competes head-on with Boyaa Texas Poker for international casual poker players.
Playtika operates the official World Series of Poker play-for-fun app, competing for the same social-poker payers outside China that Boyaa targets with its localised versions.
资产负债表与流动性
营收
$497M
截至最近已公布季度的最近12个月 — 根据每股指标估算
净利润
$-1.22B
截至最近已公布季度的最近12个月 — 根据每股指标估算
自由现金流
$236M
股东权益合计
$2.05B
负债合计
$10M
流动比率
5.70
利息覆盖率
-
债务/EBITDA
-
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$3.38
当前价格
$3.10
安全边际
+8.2%
公允价值区间
$3.21 - $3.55
所用估值方法之间的离散区间,并非经过统计校准的置信区间。
估算方法
估值指标
市盈率(P/E)
-
ROE
-49.9%
市净率(P/B)
1.15
P/FCF
9.85
毛利率
72.0%
ROIC
-44.4%
盈利能力雷达图
价值创造(经济护城河)
ROIC
-44.4%
WACC
15.4%
ROIC − WACC
-59.8 pp
ROIC 低于资本成本:公司每投入一美元都在毁灭价值。
基本面分析标准
通过(9)
- Gross Margin 72.0%
- P/FCF 9.85
- P/B Ratio 1.15
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- DCF valuation (Undervalued)
- Revenue Growth 5Y 5.9%
- Analyst Consensus 80% Buy
未通过(7)
- Price CAGR -1.60%
- ROIC -44.4%
- Operating Margin -284.1%
- CapEx intensity
- ROE -43.6%
- Earnings Surprise avg -10.6%
- Piotroski F-Score 2/9
不可用(11)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
- Share Dilution (missing shares data)
- Net Margin Trend (invalid data)
Piotroski F-评分
存在严重财务隐患
盈利质量
低质量:需深入审查会计处理
股权稀释
正在回购股份,对股东友好
机构持股
该公司暂无机构申报数据。
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Zhikang Dai | Executive Chairman | 43 |
| Ms. Chunyan Yin | Executive Director | 33 |
| Mr. Ping Yeung Poon | Joint Company Secretary | - |
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for BOYAF, sourced from Markets Gazette.