Since 2025, the gaming industry has shown a prosperous scene of strong supply and demand. The &#34;China Game Industry Report&#34; indicates that from January to June 2025, the actual sales revenue of China's domestic game market reached RMB 168 billion, a year-on-year increase of 14.08%, setting a historical high; during the same period, the number of game users reached 679 million, a year-on-year increase of 0.72%, also a historical high.
Standing at the intersection of technological revolution and content innovation, BAIOO Family Interactive (02100), as an important player in the industry, delivered an impressive performance in the first half of 2025. During the year, the company not only turned losses into profits but also demonstrated strong development momentum in core IP operations, product innovation, and global layout.
Since the beginning of this year, BAIOO Family Interactive has experienced a remarkable &#34;doubling&#34; trend, and on July 16, the stock price reached HKD 0.84 during trading, setting a new high for the year. Undoubtedly, the continuously rising stock price is the most straightforward affirmation from the market for high-quality targets.
<h2>Classic IP Continues to Gain Momentum, Long-term Operational Advantages Stand Out</h2>
According to Zhitong Finance APP, in the first half of 2025, BAIOO Family Interactive entered a new stage with significant breakthroughs, successfully turning losses into profits and significantly improving profitability. During this period, the company achieved revenue of RMB 303 million, a year-on-year increase of 11.2%, with a profit of approximately RMB 5.65 million, turning losses into profits. This is attributed to the company's long-term adherence to the strategy of focusing on innovation and deepening core business, as well as benefiting from the robust performance of various core data and increasing user stickiness.
From the overall product performance perspective, &#34;existing games solidify the basic market, and reserve products are poised for growth&#34; has become the key to BAIOO's performance turnaround. The synergy between the two will lay a solid foundation for the company's profit improvement in 2025.
During this period, several classic IP products under BAIOO demonstrated strong recovery momentum and long-term operational advantages, especially IPs like &#34;Aoki Legend,&#34; &#34;Obi Island,&#34; and &#34;Ola Star,&#34; which have remained fresh over time, distinguishing themselves from other competitors with shorter life cycles and ranking among the top in the field.
Among them, as one of the classic IPs under the company, &#34;Aoki Legend&#34; has been in operation for over 13 years, with both mobile and web games continuously loved by players. In the first half of 2025, the web and mobile game revenues of this IP both achieved year-on-year growth, demonstrating lasting market appeal. Behind this achievement is the team's deep investment in &#34;refined operations&#34; and &#34;collaborative innovation.&#34; In the &#34;Aoki Legend&#34; mobile game, new year versions like &#34;Hero's Elegy&#34; have been launched successively, enhancing players' emotional resonance through gameplay deepening and character development, further enriching the gaming experience.
At the same time, collaboration with well-known IPs has also become a powerful tool for BAIOO to break through and attract new players: in the first half of the year, the &#34;Aoki Legend&#34; mobile game collaborated with &#34;Milk Dragon,&#34; bringing not only adorable collaborative skins and spirits but also significantly enhancing community activity and topicality, attracting deep participation from existing players while leveraging the popularity of Milk Dragon to introduce new player groups.
Another flagship mobile game under the company, &#34;Obi Island: Dreamland,&#34; has experienced counter-cyclical growth on its third anniversary, with monthly active users reaching new highs. This is closely related to BAIOO's consistent commitment to differentiated content innovation. The game continuously launches novel activities and version optimizations, striving to create a more immersive situational experience with limited resources in its communication, continuously stimulating player enthusiasm
More importantly, the mobile game &#34;Aobi Island&#34; accurately understands the long-term needs of users in simulation management games, capturing players' demands for &#34;home personalization,&#34; &#34;sense of achievement in cultivation,&#34; and &#34;content continuity.&#34; It continuously deepens core gameplay elements such as farming, building, and socializing, which will significantly extend its game lifecycle and promote a long-lasting and sustainable positive cycle.
In addition, in response to the recent trend of increasing consumption of traditional culture and the growing cultural confidence among the younger generation, BAIOO is also actively integrating elements of Chinese culture into game content, achieving mutual promotion and symbiotic development between traditional culture and games. The highly acclaimed &#34;Aola Star&#34; IP is a representative example: its mobile and web games have collaborated with the intangible cultural heritage &#34;Xiangyunsha Technique,&#34; themed &#34;Cloud Fabric Weaving Dreams, Dying Rhythms for a Thousand Years,&#34; showcasing the ancient charm of Lingnan treasures to gamers, revitalizing ancient weaving techniques, enhancing the cultural connotation of the game, and increasing its social and cultural value.
From the above, it can be seen that BAIOO's ability to achieve a performance turnaround in the first half of 2025 is by no means accidental; rather, it is the result of its IP and products continuously updating content, operating communities, and establishing emotional connections, constantly exploring player needs and expanding user boundaries. This long-term layout not only reflects the company's profound understanding of product lifecycle but also indicates its determination to extend the golden cycle of products through continuous content investment and user services, allowing its products to continue to thrive.
<h2>New Products in Reserve Entering Harvest Period, Accelerating Globalization</h2>
While solidifying the foundation of existing products, BAIOO has never stopped its pace of innovation. In the first half of 2025, the company continues to increase R&amp;D investment to further enhance product innovation and R&amp;D capabilities, consolidating its core competitiveness, with R&amp;D expenses accounting for 29%, demonstrating the company's confidence in its long-term product layout.
More noteworthy is that for a long time, the company has focused on R&amp;D investment, and currently, several different types and themes of reserve products have successively launched or entered the market promotion process, indicating that the company is about to enter a harvest period.
Among the self-developed product reserves, the trendy card game &#34;Chaos Color World&#34; and the content-driven card game &#34;Under the Night&#34; together form an important layout for the company's card game sector.
It is understood that &#34;Chaos Color World&#34; deeply resonates with the aesthetic of young users, featuring a highly recognizable art style. Since the end of last year, it has undergone multiple rounds of testing in Europe, America, Taiwan, and mainland China, achieving S-level performance in user acquisition. Meanwhile, the testing data for &#34;Under the Night&#34; is close to the market's top level, with a highly active core player community.
It is expected that the complementary nature of the &#34;trendy gameplay&#34; and &#34;immersive storyline&#34; formed by these two card games will collectively enhance the company's product matrix, providing support for growth in 2026. It is also evident that the new products developed by BAIOO will not only enrich the company's product matrix but also target market gaps and new user demands, opening up vast space for future growth.
While consolidating its market share in China, BAIOO has not stopped exploring globalization and &#34;going overseas.&#34; In the face of diverse and unique entertainment needs among player groups in different global regions, the company strengthens international market promotion and utilizes its core self-developed IP, employing localized content and differentiated gameplay to widely cover major overseas markets such as Hong Kong, Macau, Taiwan, Japan, South Korea, Southeast Asia, and Europe and America, enhancing its competitiveness in the global market
In addition, the company's layout of AIGC technology will continuously assist its product research and development and distribution, improving R&amp;D efficiency and reducing production costs while continuously bringing more imaginative high-quality content to players.
Therefore, with the continuous launch and online release of new games in reserve, combined with the stable operation of classic games under its banner and the incremental space brought by future overseas expansion, it is highly likely to bring significant breakthroughs in revenue and a long-term positive growth outlook for BAIOO, forming a strong support for commercial value and company performance.
Looking ahead, BAIOO will also focus on core high-quality content and premium games, leveraging its own popular IP to break through in multiple tracks, and adopting rich linkage and innovative strategies to target the core of user consumption and continuously explore interest consumption space, laying a foundation for steady user expansion and further strengthening its competitive barrier advantages, making its growth prospects worth looking forward to

02100

BAIOO achieved a turnaround in performance in the first half of 2025, with revenue of 303 million yuan, a year-on-year increase of 11.2%. The company has solidified its market foundation through the long-term operation of classic IPs and the launch of new products. The overall prosperity of the gaming industry has led to record highs in both user scale and sales revenue, and BAIOO's stock price reached HKD 0.84 on July 16, reflecting the market's recognition of its performance

Zhitong

BAIOO

BAIOO Family Interactive welcomes a performance inflection point: the long-term advantages of existing games are highlighted, and the launch of new games stimulates new growth poles