BAIOO (02100) announced that for the third quarter of 2025, the company recorded 10.2 million active accounts, reflecting a quarter-on-quarter increase of 29.1% and a year-on-year increase of 37.8% compared to the same quarter in 2024. The number of paying accounts for the quarter reached 1.1 million, marking a quarter-on-quarter growth of 22.2% and a year-on-year rise of 22.2%. Both active and paying accounts saw growth compared to the previous quarter and the same quarter last year, largely due to the launch of new games in Q3 2025. Additionally, several older titles maintained strong performance, effectively boosting user expansion.

The average revenue per paying account for the quarter was RMB 141.2, which represents a quarter-on-quarter decline of 19.2% and a year-on-year decrease of 13.2%. The drop in this metric is associated with the current structure of user growth. Although new game launches contributed to increased paying users, their spending behavior primarily reflects initial engagement; in contrast, the company’s established titles continue to deliver stable revenue.

As of Q3 2025, BAIOO remains committed to user-driven IP long-term operations, focusing on high-quality content to promote user growth and operational depth. The performance of core long-term products is notable this quarter, with the "Aoqi Legend Mobile" August summer version "Void Sin Crown" driving the return of old players and enhancing community engagement and core fanbase size. The "Ola Star Mobile" demonstrated remarkable performance this quarter, leveraging the August collaboration with the domestic animated IP "Nezha: Legend" to recreate classic characters, receiving positive feedback from users. In September, the six-year anniversary celebration introduced the original “Akasia” and launched a creator incentive program to stimulate player participation. Additionally, "Oubi Island: Dream Kingdom" celebrated its third anniversary with the "Bear Dimension" version, collaborating with various IPs like Meike, Youmi Lu, and Nai Pupu, attracting a large player base.

Looking ahead, BAIOO will continue to focus on its competitive niche markets, increasing investments in cutting-edge technology and in-house development to build a rich product matrix. Two self-developed games are slated for release between the end of this year and the first half of next year: the trendy card game "Colorful World" and the content-based card mobile game "Under the Night," both of which have received publishing licenses and are currently in the later stages of development with successful testing underway. These releases will promote multidimensional growth through differentiated innovative gameplay and high-quality content. At the same time, building on its domestic market presence, the company will accelerate its overseas market expansion, promoting global development of its IP tailored to regional cultures and user needs, while also introducing customized differentiated products to fill gaps in overseas niche markets, thereby enhancing international influence and brand recognition, and further consolidating its competitive advantages in niche markets and global competitiveness.