Crazy Sports Group posted a HK$36.46 million net loss for the six months ended 30 June 2026, widening from the HK$12.13 million shortfall a year earlier. The deterioration stemmed chiefly from a HK$15.31 million mark-to-market loss on its investment portfolio versus a HK$7.77 million gain in the prior-year period, coupled with higher user-acquisition costs and overseas expansion expenses.

Revenue slipped 4.9% to HK$145.05 million. Segment performance diverged:

• Paid sports information platform – revenue rose 3.2% to HK$101.10 million, supported by the commercial rollout of the AI-driven “Foretell” prediction model and a 9.1% year-on-year increase in new users.

• Sports and leisure games – revenue fell 16.1% to HK$39.07 million as the flagship title “Football Eleven: Be a Pro” faced longer-than-expected localisation cycles in overseas markets despite reaching 5.8 million cumulative downloads.

• Lottery-related commission income edged up to HK$4.79 million, while sports events operations contributed HK$0.02 million and the nascent digital collectibles platform HK$0.10 million.

Gross profit declined 19.2% to HK$30.63 million; gross margin narrowed to 21.1% from 24.8% on softer revenue mix and rising traffic costs. Selling and marketing expenses decreased 5.8% to HK$32.73 million following reduced domestic game promotion, and administrative expenses fell 18.3% to HK$15.74 million.

Operating cash inflow totalled HK$17.10 million, down from HK$23.36 million a year earlier. Cash and cash equivalents stood at HK$35.88 million at period-end, against HK$43.82 million at 31 December 2025. Bank borrowings rose to HK$28.86 million; gearing measured 4.2%.

The Group’s investment portfolio was valued at HK$198.04 million (21.9% of total assets), consisting predominantly of holdings in the CPC Fund (HK$145.71 million) and the New Rock Capital Fund (HK$51.36 million). Both funds recorded fair-value declines during the period.

Management reiterated its “AI + Sports” strategy, highlighting partnerships with CCTV.com and China Telecom for “Foretell”, ongoing HarmonyOS integration, and regional publishing agreements for “Football Eleven”. Priorities for the second half include further AI product upgrades, launch of game versions on Douyin and WeChat mini-programs, and continued cost discipline across marketing and operations.

No interim dividend was declared. The Board emphasised its focus on improving operational efficiency and monetising World Cup-driven user growth while navigating competitive pressures and investment volatility.