Reported Earnings • Mar 28
Full year 2025 earnings released: CN¥0.29 loss per share (vs CN¥0.41 loss in FY 2024) Full year 2025 results: CN¥0.29 loss per share (improved from CN¥0.41 loss in FY 2024). Revenue: CN¥155.6m (up 88% from FY 2024). Net loss: CN¥47.2m (loss narrowed 20% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Mar 27
Forgame Holdings Limited, Annual General Meeting, May 28, 2026 Forgame Holdings Limited, Annual General Meeting, May 28, 2026. Announcement • Mar 20
Forgame Holdings Limited to Report Fiscal Year 2025 Results on Mar 27, 2026 Forgame Holdings Limited announced that they will report fiscal year 2025 results on Mar 27, 2026 Reported Earnings • Sep 24
First half 2025 earnings released: CN¥0.14 loss per share (vs CN¥0.026 loss in 1H 2024) First half 2025 results: CN¥0.14 loss per share (further deteriorated from CN¥0.026 loss in 1H 2024). Revenue: CN¥78.0m (up 109% from 1H 2024). Net loss: CN¥20.9m (loss widened 459% from 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 25
First half 2025 earnings released: CN¥0.14 loss per share (vs CN¥0.026 loss in 1H 2024) First half 2025 results: CN¥0.14 loss per share (further deteriorated from CN¥0.026 loss in 1H 2024). Revenue: CN¥78.0m (up 109% from 1H 2024). Net loss: CN¥20.9m (loss widened 459% from 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. New Risk • Aug 23
New major risk - Revenue and earnings growth Earnings have declined by 9.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.1% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (HK$132.2m market cap, or US$16.9m). Announcement • Aug 12
Forgame Holdings Limited to Report First Half, 2025 Results on Aug 22, 2025 Forgame Holdings Limited announced that they will report first half, 2025 results on Aug 22, 2025 New Risk • May 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (HK$123.6m market cap, or US$16.0m). Reported Earnings • May 04
Full year 2024 earnings released: CN¥0.41 loss per share (vs CN¥0.12 loss in FY 2023) Full year 2024 results: CN¥0.41 loss per share (further deteriorated from CN¥0.12 loss in FY 2023). Revenue: CN¥82.6m (up 37% from FY 2023). Net loss: CN¥59.3m (loss widened 237% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. New Risk • May 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (HK$133.9m market cap, or US$17.3m). Announcement • May 01
Forgame Holdings Limited has completed a Follow-on Equity Offering in the amount of HKD 15.25 million. Forgame Holdings Limited has completed a Follow-on Equity Offering in the amount of HKD 15.25 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 25,000,000
Price\Range: HKD 0.61
Discount Per Security: HKD 0.014
Transaction Features: Subsequent Direct Listing Announcement • Apr 03
Forgame Holdings Limited has filed a Follow-on Equity Offering in the amount of HKD 15.25 million. Forgame Holdings Limited has filed a Follow-on Equity Offering in the amount of HKD 15.25 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 25,000,000
Price\Range: HKD 0.61
Discount Per Security: HKD 0.014
Transaction Features: Subsequent Direct Listing Reported Earnings • Mar 30
Full year 2024 earnings released: CN¥0.41 loss per share (vs CN¥0.12 loss in FY 2023) Full year 2024 results: CN¥0.41 loss per share (further deteriorated from CN¥0.12 loss in FY 2023). Revenue: CN¥82.6m (up 37% from FY 2023). Net loss: CN¥59.3m (loss widened 237% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Announcement • Mar 29
Forgame Holdings Limited, Annual General Meeting, May 20, 2025 Forgame Holdings Limited, Annual General Meeting, May 20, 2025. Announcement • Mar 18
Forgame Holdings Limited to Report Fiscal Year 2024 Results on Mar 28, 2025 Forgame Holdings Limited announced that they will report fiscal year 2024 results on Mar 28, 2025 Board Change • Jan 28
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Sherman Lu was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 27
Forgame Holdings Limited Announces Board and Committee Changes The board of directors of Forgame Holdings Limited hereby announced that Mr. Ji Yong has resigned as an independent non-executive Director in order to devote more time to his personal career with effect from 27 January 2025. The Board hereby further announces that with effect from 27 January 2025, Ms. Zhu Min has been appointed as an independent non-executive Director of the Company. Ms. Zhu, aged 56, obtained a bachelor's degree in landscape architecture from Wuhan Urban Construction College (now renamed as Huazhong University of Science and Technology) in 1992 and an master's degree in Business Administration from Tsinghua University in 2009. Ms. Zhu joined Shenzhen WorldUnion Group Incorporated in 1999 and served as the director and general manager of the group from 2013 to 2024, where she was mainly responsible for the development of property operation, business management services and financial services and the shares of which are listed on the Shenzhen Stock Exchange (stock code:2285.SZ). Since 2019, Ms. Zhu has served as an external director of Hong Kong China Travel Service (Shenzhen) Investment and Development Co. Since May 2024, Ms. Zhu has been the vice president of LVGEM (China) Real Estate Investment Company Limited and the shares of which are listed on the Hong Kong Stock Exchange (Stock Code: 00095.HK). The Board hereby announces that with effect from 27 January 2025: (1) Mr. Ji has ceased to be the chairman of the remuneration committee and a member in each of the audit and compliance committee, the nomination committee and the corporate governance committee; and (2) Ms. Zhu has been appointed as the chairman of the remuneration committee and a member in each of the audit and compliance committee, the nomination committee and the corporate governance committee. New Risk • Jan 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 9.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (HK$119.0m market cap, or US$15.3m). Board Change • Nov 05
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director Yong Ji was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 30
First half 2024 earnings released: CN¥0.026 loss per share (vs CN¥0.023 loss in 1H 2023) First half 2024 results: CN¥0.026 loss per share (further deteriorated from CN¥0.023 loss in 1H 2023). Revenue: CN¥37.4m (up 60% from 1H 2023). Net loss: CN¥3.75m (loss widened 14% from 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Announcement • Aug 20
Forgame Holdings Limited to Report First Half, 2024 Results on Aug 30, 2024 Forgame Holdings Limited announced that they will report first half, 2024 results on Aug 30, 2024 Announcement • Aug 02
Forgame Holdings Limited Announces Board and Remuneration Committee Changes Forgame Holdings Limited announced that Mr. ZHOU Xiaoyu (Mr. Zhou) has been appointed as an executive director of the company with effect from 2 August 2024. Mr. Zhou, aged 55, is a manager of Foga Tech Limited. Mr. Zhou has over 20 years' experience in corporate management and investment. Mr. Zhou worked as an engineer and economist at (China Electronics Corporation) from 1990 to 1997, and as business manager in (China Electronics Industry (Shenzhen) Corporation) from 1997 to 2000. Mr. Zhou founded (Shenzhen Diwei Video Technology Company Limited) in 2000. Mr. Zhou further founded (Shenzhen Sanghaitong Investment Company Limited) in 2001 and (Shenzhen Binghong Investment Company Limited) in 2008 and has served as director for both companies. Since 2016, Mr. Zhou has served as an independent non-executive director of Eeka Fashion Holdings Limited. Mr. Zhou obtained a bachelor's degree in electronic engineering from (Xian Electronic Technology University) in 1990 and an executive master of business administration degree from (China Europe International Business School) in 2013. The Board resolved on 2 August 2024 to remove Mr. WANG Wenpeng (Mr. Wang) as the non-executive director of the company. Change in composition of board committees: The board announced that with effect from 2 August 2024: Mr. Wang has ceased to a member of the remuneration committee of the Board (the remuneration committee); and Mr. Zhou has been appointed as a member of the remuneration committee. Reported Earnings • Mar 30
Full year 2023 earnings released: CN¥0.12 loss per share (vs CN¥0.14 loss in FY 2022) Full year 2023 results: CN¥0.12 loss per share (improved from CN¥0.14 loss in FY 2022). Revenue: CN¥60.2m (down 47% from FY 2022). Net loss: CN¥17.6m (loss narrowed 12% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Announcement • Mar 29
Forgame Holdings Limited, Annual General Meeting, May 16, 2024 Forgame Holdings Limited, Annual General Meeting, May 16, 2024. Announcement • Mar 19
Forgame Holdings Limited to Report Fiscal Year 2023 Results on Mar 28, 2024 Forgame Holdings Limited announced that they will report fiscal year 2023 results on Mar 28, 2024 New Risk • Mar 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (HK$156.3m market cap, or US$20.0m). Board Change • Nov 22
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Yong Ji was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Oct 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 9.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (HK$127.6m market cap, or US$16.3m). Reported Earnings • Aug 27
First half 2023 earnings released: CN¥0.023 loss per share (vs CN¥0.074 profit in 1H 2022) First half 2023 results: CN¥0.023 loss per share (down from CN¥0.074 profit in 1H 2022). Revenue: CN¥23.4m (down 32% from 1H 2022). Net loss: CN¥3.28m (down 131% from profit in 1H 2022). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Announcement • Aug 16
Forgame Holdings Limited to Report First Half, 2023 Results on Aug 25, 2023 Forgame Holdings Limited announced that they will report first half, 2023 results on Aug 25, 2023 Reported Earnings • Mar 26
Full year 2022 earnings released: CN¥0.14 loss per share (vs CN¥0.22 profit in FY 2021) Full year 2022 results: CN¥0.14 loss per share (down from CN¥0.22 profit in FY 2021). Revenue: CN¥114.1m (down 20% from FY 2021). Net loss: CN¥20.1m (down 164% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 100% After last week's 100% share price gain to HK$1.58, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 7x in the Entertainment industry in Hong Kong. Total loss to shareholders of 50% over the past three years. Board Change • Nov 16
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Non-Executive Director Jun Han is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 29
First half 2022 earnings released: EPS: CN¥0.074 (vs CN¥0.093 in 1H 2021) First half 2022 results: EPS: CN¥0.074 (down from CN¥0.093 in 1H 2021). Revenue: CN¥34.5m (down 63% from 1H 2021). Net income: CN¥10.6m (down 20% from 1H 2021). Profit margin: 31% (up from 14% in 1H 2021). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improved over the past week After last week's 16% share price gain to HK$1.13, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 9x in the Entertainment industry in Hong Kong. Total loss to shareholders of 77% over the past three years. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 17% share price gain to HK$1.04, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 8x in the Entertainment industry in Hong Kong. Total loss to shareholders of 86% over the past three years. Board Change • Apr 27
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. VP & Executive Director Jun Han is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: CN¥0.22 (vs CN¥0.33 loss in FY 2020) Full year 2021 results: EPS: CN¥0.22 (up from CN¥0.33 loss in FY 2020). Revenue: CN¥142.1m (up 135% from FY 2020). Net income: CN¥31.6m (up CN¥82.9m from FY 2020). Profit margin: 22% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 46% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 27
First half 2021 earnings released: EPS CN¥0.093 (vs CN¥0.04 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: CN¥93.0m (up 267% from 1H 2020). Net income: CN¥13.3m (up CN¥19.5m from 1H 2020). Profit margin: 14% (up from net loss in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 43% per year whereas the company’s share price has fallen by 45% per year. Executive Departure • Aug 28
Acting CEO & Executive Director Guoxin Diao has left the company On the 25th of August, Guoxin Diao's tenure as Acting CEO & Executive Director of the company ended after less than a year in the role. We don't have any record of a personal shareholding under Guoxin's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Under Guoxin's leadership, the company delivered a total shareholder return of -47%. Is New 90 Day High Low • Feb 08
New 90-day high: HK$2.75 The company is up 6.0% from its price of HK$2.59 on 10 November 2020. The Hong Kong market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 30% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: HK$2.64 The company is up 2.0% from its price of HK$2.60 on 23 October 2020. The Hong Kong market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 10.0% over the same period. Is New 90 Day High Low • Jan 06
New 90-day low: HK$1.98 The company is down 28% from its price of HK$2.74 on 08 October 2020. The Hong Kong market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 1.0% over the same period. Is New 90 Day High Low • Dec 14
New 90-day low: HK$2.14 The company is down 26% from its price of HK$2.88 on 15 September 2020. The Hong Kong market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 8.0% over the same period. Is New 90 Day High Low • Nov 04
New 90-day low: HK$2.42 The company is down 28% from its price of HK$3.37 on 06 August 2020. The Hong Kong market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 9.0% over the same period. Is New 90 Day High Low • Oct 19
New 90-day low: HK$2.53 The company is down 19% from its price of HK$3.11 on 21 July 2020. The Hong Kong market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is down 1.0% over the same period. Reported Earnings • Sep 26
First half earnings released Over the last 12 months the company has reported total losses of CN¥252.4m, with losses narrowing by 22% from the prior year. Total revenue was CN¥99.8m over the last 12 months, down 67% from the prior year. 
