心动公司 20251217 摘要 机游戏营收占比已上升至 92%。与此同时，手机应用商店垄断导致研发厂商更 注重氪金和爆款效应，这种环境促使心动公司推出 TapTap 平台，以重新整合 行业规则。 TapTap 平台于 2016 年上线，通过破解安装包冷启动积累用户流 量，并通过论坛互动增强用户粘性。然而，由于盗版问题，该平台在 2017 年 被整顿停战三个月。这一事件促使公司反思并调整策略，同时加大海外发行力 度。从 2016 年的海外收入占比 2%增长到 2018 年的 62%，目前仍保持过半 水平。心动 Global 负责海外发行，通过策展、广告和 PR 活动确保新游上线前 预热效果良好，从而实现较高的首充流水及活跃用户数据。 TapTap 平台是如何建立并发展的？ TapTap 平台由黄一梦与 BT China 创始人黄锡蔚及 VeryCD 产品经理张干共 同构建，于 2016 年 3 月上线。张干凭借其在聊天室、社交类产品及即时通讯 类产品方面的深刻洞察，为 TapTap 初期的发展奠定基础。早期用户主要通过 破解安装包冷启动积累流量，例如 Pokemon Go 等热门海外游戏吸引大量玩 家。 此外 ...

2025年11月底，瑞典游戏巨头Embracer Group宣布将旗下Arc Games与Cryptic Studios以3000万美元净收 益出售给新成立的Project Golden Arc公司。这笔看似普通的资产剥离交易，因中国游戏公司心动网络的 深度介入而引发市场关注——心动通过子公司向收购方提供4000万美元融资贷款，以6%的年利率撬动 了一场涉及经典IP、全球市场与战略转型的资本博弈。 Embracer的"断臂求生"与管理层的回归 心动网络的战略布局：债权投资背后的IP野心 心动网络在此次交易中扮演了"战略金主"角色。其全资子公司XD Entertainment向Project Golden Arc提 供4000万美元贷款，其中2500万美元为1年期短期贷款，1500万美元为5年期长期贷款，年利率均为 6%。尽管这一利率在高风险高回报的游戏行业堪称"地板价"，但心动网络的真正目标远非利息收入。 协议中隐藏的关键条款揭示了心动的深层意图：优先合作权与资产控制权。若Project Golden Arc未来开 展新游戏合作或转让IP，心动享有独家优先磋商权；同时，心动还获得Project Golden ...

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [7]. Core Insights - The media industry (Shenwan) saw a weekly increase of 0.26%, ranking 8th among industries during the period from December 6 to December 12, 2025. Notable performers included Bona Film Group, Guangxi Radio and Television, Beijing Culture, Sanrenxing, and Huace Film & TV [11][18]. - The report highlights strong performance in AI applications and cultural exports, with a focus on sub-sectors such as gaming, intellectual property (IP), short dramas, and publishing [5][37]. Summary by Sections Market Performance - The media industry experienced a weekly increase of 0.26%, while the Shanghai Composite Index fell by 0.34%. The gaming sector saw a rise of 1.06%, and the film and television sector increased by 5.70% [11][12]. Key Industry Data AI Applications - In November, Deepseek led domestic AI web traffic with 346 million visits, despite a 2.95% month-over-month decline. Other notable AI products included Nano AI Search and Baidu AI Search, with respective monthly visits of 260 million and 52.63 million [22][23]. Gaming - The iOS gaming sales chart for December 13, 2025, was topped by "Honor of Kings," followed by "Gold Shovel Battle" and "Endless Winter." The report also noted that "Whiteout Survival" and "Kingshot" continued to perform strongly in overseas revenue [25][26]. Film - The total box office for the week of December 6-12 was 1.2 billion yuan, with "Zootopia 2" leading at 853 million yuan, accounting for 71% of the weekly total. Upcoming films include "Avatar: Fire and Ashes," set to release on December 19 [33][34]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to gaming, IP, short dramas, and publishing. Key companies to watch include Giant Network, Kaiying Network, Yaoji Technology, and others [5][37].

(3) 自主可控的弹性标的：阿里巴巴、百度集团、中芯国际、华虹半导体 (4)AI弹性标的：快手、哔哩哔哩、金蝶国际、地平线机器人、小鹏汽车、阅文集团、网易、舜宇光学 科技、优必选 财通证券郝艳辉发布互联网年度策略报告，认为寻找下一个有短期或者长期业绩预期差、或者AI进展 可能有惊喜的标的，是2026年的核心任务。 在操作建议上，该报告认为，恒生科技价值投资是主线。基于前面对恒生科技指数的判断和产业的判 断，叠加港股分母端带来的波动性，以及可做空机制带来的操作空间，操作的关键在于选到基本面真正 优秀且可持续性发展能力的标的。 2026年，以下标的值得关注： (1) 当前在底部或股价还在调整、且2026年基本面有很大可能反转的标的：美团、小米集团(布局下一款 车)、比亚迪电子 (2)赚EPS收益+EPS或超预期带来估值提升机会的标的：腾讯控股、携程集团、京东健康、联想集团 (5) 有潜力的小市值公司：浪潮数字企业、心动公司、汇量科技 个股推荐理由： 重点标的观点展望：快手、哔哩哔哩、地平线机器人、小鹏汽车、舜宇光学科技、优必选 重点优质中小市值标的观点展望：浪潮数字企业、汇量科技 腾讯控股：研究框架与要点，为什么 ...

Investment Rating - The report maintains an "Outperform" rating for the media industry [3] Core Insights - The media sector outperformed the market in November, with the Shenwan Media Index rising by 1.69%, surpassing the CSI 300 Index by 4.14 percentage points, ranking 7th among 31 industries [4][20] - The number of game approvals reached a new high, with 178 domestic games and 6 imported games approved in November, contributing to a total of 1,625 game approvals from January to November, a year-on-year increase of 26.8% [4][28] - The gaming market revenue in October was 31.4 billion yuan, a year-on-year growth of 7.8%, driven by strong product cycles from leading companies [4][32] Summary by Sections Market and Industry Review - The media sector's performance in November was strong, with a 1.69% increase in the Shenwan Media Index, outperforming the CSI 300 Index [4][20] - The current TTM-PE for the Shenwan Media Index is 42.6x, positioned at the 82.2% percentile over the past five years [20][26] Gaming - The number of game approvals in November was the highest in three years, with a total of 178 domestic and 6 imported games approved [28] - The gaming market revenue in October was 31.4 billion yuan, with mobile gaming revenue at 22.6 billion yuan, reflecting a year-on-year growth of 2.4% [32] - The overseas revenue for Chinese self-developed games reached 1.799 billion USD in October, marking an 11.9% year-on-year increase [41] Film and Television - The total box office in November reached 3.553 billion yuan, a year-on-year increase of 89.3%, primarily due to the success of "Zootopia 2" [49] - The top five films in November included "Zootopia 2," which grossed over 2.2 billion yuan within nine days of release [60] - The drama market saw high viewership, with "The Tang Dynasty Mysteries" leading with 1.5 billion views [67] AI Applications - The report highlights advancements in AI video models, including the launch of the O1 video model by Keling AI, which allows users to generate videos from text prompts [79] - PixVerse V5.5 was released, enabling the creation of multi-angle narrative videos [84] - Google's Gemini 3 Pro and Nano Banana Pro were launched, showcasing significant improvements in AI capabilities [91] Investment Recommendations - The report suggests focusing on the gaming sector's new product cycles and AI applications, recommending companies such as Giant Network, G-bits, and K-Game Network [96] - The December investment portfolio includes Giant Network, K-Game Network, Bilibili, and HuiLiang Technology [7]

Summary of Key Points from the Conference Call Industry Overview - The gaming sector's valuation has reached a lower limit of 15 times, with expectations of maintaining high prosperity and performance growth certainty through 2026, making it an attractive investment opportunity [1][3][25] - The A-share market recommends a "3+2" combination: Giant Network, Kaiying Network, and Century Huatong as stable fundamentals; Gibit and 37 Interactive are positioned lower but showing recent improvements [1][4] Company-Specific Insights Tencent - Expected to launch multiple mid-sized new games in 2026, with a diverse range of genres [7] - Notable titles include "Under One Person," "Rock Kingdom World," and "Monster Hunter Traveler" [7] NetEase - Anticipates additional revenue of 2-3 billion from international IP adaptations and domestic MMO games [2][24] - Key upcoming titles include "Forgotten Sea" and "Infinite," with the former developed by the team behind "Identity V" [7][24] Giant Network - "Famous General Kill" is expected to contribute 200-300 million in profit, with "Supernatural Action Group" potentially increasing annual revenue to 7-8 billion if successful during the Spring Festival [10][12] Kaiying Network - The "Legend Box" platform is driving growth, with DAU expected to reach 650,000 to 700,000 by the end of 2026, and annual advertising revenue projected at around 2.4 billion [10][13] Bilibili - Strong growth in advertising business, with expectations to outperform the overall internet advertising growth rate [21] - Anticipated game revenue growth in the low double digits, with "Three Kingdoms Hundred Generals Card" projected to generate 1-1.5 billion [21] Gibit - Recent performance impacted by a decline in revenue from "Sword of the World," but new game "Nine Mu of the Wild" expected to contribute 1-1.5 billion [19][20] Heart Company - Facing stock price pressure but has potential due to rapid progress in programmatic advertising, with profits expected to reach 150-200 million in 2026 [22] Market Trends and Predictions - The gaming sector is expected to maintain strong growth certainty compared to other sectors, with a focus on identifying high-certainty investment targets [25] - The first quarter of 2026 is anticipated to be stable, with significant product launches concentrated in the summer [11][25] Additional Insights - The competitive landscape is expected to increase in 2026, but companies will focus on their strengths without excessive suppression of smaller firms [11] - The overall sentiment is optimistic for the gaming industry, with a recommendation for investors to strategically select stocks based on performance certainty and market conditions [25]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年11月30日 | | | | 狀態: | 新提交 | | --- | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | | 公司名稱: | 心动有限公司 | | | | | | | 呈交日期: | 2025年12月3日 | | | | | | | I. 法定/註冊股本變動 | | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | | 是 | | 證券代號 (如上市) | 02400 | 說明 | | | | | 本月底法定/註冊股本總額： USD 100,000 第 1 頁 共 10 頁 v 1.1.1 FF301 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- ...

Group 1: Stock Movements and Market Reactions - Hengdeli (03389) resumed trading and rose over 10% after announcing a voluntary cash offer at HKD 0.14 per share for all issued shares, excluding those already owned by the offeror and Mr. Feng Jiaqiao [1] - Anjuke Food (02648) increased nearly 5% following a report from Huachuang Securities after attending its 2025 first extraordinary general meeting, where management addressed operational and product channel strategies [1] - Copper stocks collectively surged, with Jiangxi Copper (00358) up 8.08%, China Daye Nonferrous Metals (00661) up 8.6%, and others, driven by a significant rise in LME copper futures, which exceeded USD 11,200, marking a historical high [1] Group 2: Industry-Specific Developments - Lichun Resources (02245) rose over 3% as reports indicated a major Chinese-controlled nickel smelter in Indonesia is cutting production due to tailings management issues [2] - Yuhua Education (06169) saw a nearly 1.89% increase after reporting a revenue of RMB 2.497 billion for the year ending August 31, 2025, a 5.4% year-on-year increase, with adjusted net profit rising 95.6% to RMB 914 million [2] - Jiantao Laminates (01888) increased nearly 7% as AI-driven demand for high-end PCBs surged, leading to price increases for key materials [2] Group 3: Strategic Partnerships and Collaborations - ZTE Corporation (00763) rose over 11% following reports of an upcoming AI phone launch in collaboration with ByteDance [2] - JD Health (06618) increased nearly 4% as demand for respiratory disease testing kits surged with the flu season, indicating a growing market for health-related products [3] - Xindong Company (02400) rose over 3% after announcing a strategic cooperation agreement with Golden Arc, including a financing agreement for USD 40 million [3] Group 4: Financial Performance Highlights - Bawang Tea (CHA.US) rose 6.09% after reporting Q3 results with a total GMV of RMB 7.93 billion and net income of RMB 3.208 billion, with overseas GMV increasing by 75.3% year-on-year [7]

公告称，目标集团亦拥有一系列知名的游戏知识产权。融资协议为订约方建立长期业务关系奠下基础， 促进未来商机的探索，而本公司认为此对本公司及股东整体有利。因此，本公司认为，根据融资协议向 Golden Arc提供融资为提升公司于海外游戏行业的投资的方法之一，有助于公司日后探索商机，故订立 融资协议乃属于本公司日常业务过程。 本文源自：智通财经网 智通财经获悉，心动公司(02400)早盘涨超6%，截至发稿，涨7.13%，报123.2港元，成交额2.02亿港 元。 消息面上，心动公司发布公告，于2025年11月26日，XD Entertainment(为本公司的间接全资附属公司)与 Golden Arc订立战略合作协议，XD Entertainment与 Golden Arc同意建立战略合作关系;及与Golden Arc订 立融资协议，XD Entertainment同意向Golden Arc提供合共4000万美元的定期贷款融资。融资协议的条 款(包括适用利率)乃由本公司与Golden Arc经计及现行市场条款后公平磋商厘定。 ...

Core Viewpoint - Xindong Company (02400.HK) experienced a significant increase in stock price, rising over 7% in early trading, indicating positive market sentiment towards the company [1] Group 1 - The stock price of Xindong Company rose by 7.13%, reaching 123.2 HKD [1] - The trading volume amounted to 202 million HKD, reflecting strong investor interest [1]