Forgame Holdings Limited released its audited results for the year ended 31 December 2025, highlighting a sharp rebound in top-line growth driven by its electronic device and semiconductor trading arm, alongside a narrower bottom-line loss amid disciplined cost control.
Revenue and Profitability • 2025 revenue rose 88.4% year on year (YoY) to RMB 155.57 million, recovering from 2024’s downturn. • Gross profit edged up 5.5% to RMB 4.85 million; gross margin remained thin at 3.1% due to a 93.3% surge in cost of sales to RMB 150.72 million. • Net loss narrowed 20.4% to RMB 47.17 million, translating to a basic loss per share of RMB 0.29 versus RMB 0.41 in 2024. • EBITDA improved to a negative RMB 25.55 million (2024: –RMB 38.38 million), while adjusted EBITDA stood at –RMB 32.17 million (2024: –RMB 41.93 million) after stripping out investment-related gains and non-cash items. • Other gains—net jumped 4.3-fold to RMB 6.47 million, mainly from higher fair-value gains on investments.
Segment Performance • Electronic device & semiconductor trading revenue more than doubled to RMB 144.55 million, contributing 92.9% of group turnover, buoyed by demand for high-performance memory and hard-disk drives. • Game business revenue declined 10.4% to RMB 11.02 million as legacy titles “真王” and “街機三國” reached maturity; the segment now represents 7.1% of total revenue. • Selling & marketing expenses were cut by 52.1% to RMB 7.12 million following a smaller game team. Administrative costs fell 10.8% to RMB 28.09 million, while R&D spend was broadly stable at RMB 22.19 million (+3.6%).
Balance Sheet and Cash Flow • Total equity stood at RMB 421.52 million, down from RMB 484.41 million, reflecting the annual loss and lower investment valuations, partially offset by share-placement proceeds recorded in April 2025. • Net current assets remained solid at RMB 317.56 million, though cash and cash equivalents declined to RMB 93.84 million (2024: RMB 174.23 million) after increased investment activity. • The company remains debt-free; gearing ratio was 0%. • Capital expenditure was modest at RMB 1.04 million, mainly for servers. No significant pledges, borrowings, or contingent liabilities were reported.
Strategic and Operational Updates • Forgame continued to reposition its online game portfolio toward mobile and mini-program titles while tightening R&D budgets. • In trading, the group emphasised a “trade + technology + finance” model, re-allocating resources to core product categories and enhancing supply-chain financing services. • The financial asset management initiative advanced with full fundraising for Foga A OFC and its sub-funds, officially launching operations in late 2025. • A HKD 14.90 million share placement in April is earmarked for venue upgrades, computing hardware, and working-capital needs; HKD 7.2 million remained unutilised as of year-end.
Outlook and Risk Factors Management will persist with its “technology + ecology” strategy, aiming to stabilise the game segment, capitalise on global digital-trade growth, and embed artificial-intelligence technology across operations. Key risks include regulatory shifts in gaming, global supply-chain realignments, foreign-exchange volatility, inventory price swings in semiconductors, and uncertainties surrounding AI investment returns.
Dividend No final dividend was proposed, aligning with the company’s priority to conserve cash while operations remain loss-making.
Auditors’ Note ZHONGHUI ANDA CPA Limited has agreed the figures in this announcement to the audited financial statements without issuing a separate assurance opinion on the preliminary release.
The company’s 2025 annual report will be published in April 2026.