除根据股份回购协议的条款另行修订或终止外，自动股份回购计划的期限将由自动股份回购计划开始起 直至2026年6月4日(最终到期日)。于最终到期日前，倘回购股份所动用的金额达致价值4亿港元，经纪 商有权指定较早的到期日，以正式完结自动股份回购计划。在任何情况下，预期自动股份回购计划于上 市规则第10.06(2)(e)条规定有关刊发本公司截至2025年12月31日止财政年度的年度业绩直至最终到期日 整段受限制期间内有效。 心动公司(02400)发布公告，公司于2026年1月5日与独立经纪商订立一份协议，据此，经纪商获委聘按 以下概述条款运作自动股份回购计划。根据股份回购协议，公司已协定参数，由经纪商在联交所回购最 多4亿港元的公司股份。经纪商将根据股份回购协议所协定的参数执行所有股份回购，并将以独立于公 司及其关连人士且不受彼等影响的方式行事。 ...

格隆汇1月5日丨心动公司(02400.HK)公告，公司于2026年1月5日与独立经纪商订立一份协议，据此，经 纪商获委聘按以下概述条款运作自动股份回购计划。 除根据股份回购协议条款另行修订或终止外，自动股份回购计划的期限将由自动股份回购计划开始起直 至2026年6月4日。于最终到期日前，倘回购股份所动用金额达致价值4亿港元，经纪商有权指定较早的 到期日，以正式完结自动股份回购计划。在任何情况下，预期自动股份回购计划于上市规则第10.06(2) (e)条规定有关刊发公司截至2025年12月31日止财政年度年度业绩直至最终到期日整段受限制期间内有 效。 根据股份回购协议，公司已协定参数，由经纪商在联交所回购最多4亿港元的公司股份。经纪商将根据 股份回购协议所协定的参数执行所有股份回购，并将以独立于公司及其关连人士(定义见上市规则)且不 受彼等影响方式行事。 ...

智通财经APP讯，心动公司(02400)发布公告，公司于2026年1月5日与独立经纪商订立一份协议，据此， 经纪商获委聘按以下概述条款运作自动股份回购计划。根据股份回购协议，公司已协定参数，由经纪商 在联交所回购最多4亿港元的公司股份。经纪商将根据股份回购协议所协定的参数执行所有股份回购， 并将以独立于公司及其关连人士且不受彼等影响的方式行事。 除根据股份回购协议的条款另行修订或终止外，自动股份回购计划的期限将由自动股份回购计划开始起 直至2026年6月4日(最终到期日)。于最终到期日前，倘回购股份所动用的金额达致价值4亿港元，经纪 商有权指定较早的到期日，以正式完结自动股份回购计划。在任何情况下，预期自动股份回购计划于上 市规则第10.06(2)(e)条规定有关刊发本公司截至2025年12月31日止财政年度的年度业绩直至最终到期日 整段受限制期间内有效。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 XD Inc. 劃於上市規則第10.06(2)(e)條規定有關刊發本公司截至2025年12月31日止財政年 度之年度業績直至最終到期日整段受限制期間內有效。 豁免嚴格遵守上市規則第10.06(2)(e)條之規定 根據股份回購協議，本公司已協定參數，由經紀商在聯交所回購最多400百萬 港元的本公司股份（「股份」）。經紀商將根據股份回購協議所協定的參數執行 所有股份回購，並將以獨立於本公司及其關連人士（定義見上市規則）且不受 彼等影響之方式行事（「自動股份回購計劃」）。 除根據股份回購協議之條款另行修訂或終止外，自動股份回購計劃的期限將 由自動股份回購計劃開始起直至2026年6月4日（「最終到期日」）。於最終到期日 前，倘回購股份所動用之金額達致價值400百萬港元，經紀商有權指定較早的 到期日，以正式完結自動股份回購計劃。在任何情況下，預期自動股份回購計 – 1 – 心动有限公司 （於開曼群島註冊成立的有限公 ...

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The brain-computer interface (BCI) technology is entering a phase of large-scale production, with gaming as a significant application area, expected to benefit continuously [3] - The integration of AI in gaming is enhancing multi-modal capabilities and innovative forms, potentially opening up new industry spaces [3] - The upcoming gaming season, with new game launches and updates to existing games, is anticipated to drive revenue growth [4] Summary by Sections Brain-Computer Interface Developments - BCI technology connects the human brain with external devices for information exchange, enabling previously disabled individuals to engage in gaming through "brain-controlled" interfaces [3] - The launch of China's first fully implanted, wireless BCI product by Shanghai Brain Tiger Technology marks a significant breakthrough in core technology [3] - Companies like 37 Interactive Entertainment and Century Huatong are actively investing in BCI-related projects, indicating a growing interest in this field [3] AI Integration in Gaming - AI is enhancing various aspects of game development, from art resource generation to core creative areas like gameplay design and narrative structure [3] - Tencent reported a 40% reduction in animation production time due to AI integration, showcasing efficiency gains [3] - The number of games utilizing generative AI on the Steam platform has increased significantly, indicating a trend towards AI-enhanced gaming experiences [3] Upcoming Gaming Season - Major game releases and updates are scheduled for January, including anniversary events and new collaborations with popular IPs [4] - The report suggests focusing on the gaming sector due to its favorable valuation and expected demand surge during the holiday season [4] - Recommended companies include Giant Network, Xindong Company, and Tencent Holdings, among others, as potential beneficiaries of this trend [4]

Industry Insights - AppMagic released the top 15 new mobile games by revenue for 2025, including titles like "Kingshot," "Delta Action," and "Yanyun Sixteen Sounds." Notably, no new game reached the $1 billion revenue mark, and the total revenue for the top ten games dropped by 27% to $2.2 billion compared to the previous year [2] - The Steam annual awards recognized "Hollow Knight: Silksong" as the Game of the Year, with other notable awards going to "Midnight Walk" for Best VR Game and "Hades 2" for Best Steam Deck Game [3] - The National Radio and Television Administration initiated a month-long campaign starting January 1, 2026, to address the spread of "AI-modified" videos, focusing on content that distorts original narratives and promotes inappropriate values [6][7] Company Developments - Xindong Company announced the acquisition of the "Torchlight" series IP for $37.18 million (approximately 260 million RMB) through its wholly-owned subsidiary XDEntertainment [4] - The developer of "The Legend of Sword and Fairy 4: Remake" stated that it has not received the Xbox development kit despite joining the ID@Xbox program at the beginning of 2025, leading to a halt in new game proposals [5] - IG won the 2025 League of Legends Demacia Cup, defeating JDG with a score of 3-0, marking their third championship win in this tournament [8]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The total supply of game licenses continues to increase, with a significant rise in new products expected in 2026. The number of game licenses issued in 2025 reached 1,771, a 25.07% increase from 1,416 in 2024, marking a new high since the regulations were established in 2018 [8] - The approval process for imported game licenses has been optimized, with the average number of licenses issued per batch increasing from approximately 80 in 2023 to 160 in the second half of 2025, indicating a supportive policy environment [8] - The number of cross-platform headlining games has significantly increased, with 1,729 mobile games, 159 client games, 19 web games, and 8 console games licensed in 2025. The growth of cross-platform products is expected to continue, driven by high-end engine usage [8] - The gaming market is expected to see intense competition in genres such as simulation, RPG, and open-world games in 2026, with a notable presence of low ARPU (Average Revenue Per User) games that may exhibit stronger resilience against deflationary pressures [8] Summary by Sections Investment Suggestions and Targets - The report suggests focusing on companies with a reserve of cross-platform headlining projects and those with a strong portfolio of enduring games that have high daily active users (DAU) but low ARPU. Recommended stocks include Tencent Holdings (00700, Buy), NetEase (09999, Buy), and others [3] Industry Dynamics - The gaming industry is experiencing a robust growth trajectory, with a notable increase in the number of game licenses and an improved business environment for game developers due to policy support [8]

Core Viewpoint - Xindong Company has completed the acquisition of the global intellectual property rights for the classic action role-playing game series "Torchlight," gaining control over its trademark, copyright, and related derivative rights [1][3]. Group 1: Acquisition Details - The acquisition allows Xindong to take over the operation and development of the "Torchlight" IP, which has a history of nearly twenty years [1]. - The deal was finalized with relevant parties, marking a significant step for Xindong in the gaming industry [1]. Group 2: Game Series Background - The "Torchlight" series, launched in 2009, has become a benchmark in the ARPG field, with global sales exceeding 10 million copies [3]. - The latest installment, "Torchlight: Infinite," was released in 2022, featuring free-to-play mechanics, seasonal updates, and cross-platform multiplayer capabilities, expanding the IP's influence into mobile and global markets [3]. Group 3: Market Implications - The acquisition may alter the competitive landscape in the ARPG sector, which is currently dominated by established IPs like "Diablo" and "Path of Exile" [3]. - "Torchlight: Infinite" has differentiated itself with its seasonal model and light monetization strategy, positioning it uniquely in the market [3]. - The ability of Xindong to integrate the IP and capture additional market share will be a focal point for industry observers [3].

Core Viewpoint - Xindong Company (02400) has seen a stock increase of over 3%, currently trading at 65.4 HKD with a transaction volume of 42.34 million HKD, following the announcement of an asset acquisition deal [1] Group 1: Acquisition Details - Xindong's wholly-owned subsidiary, XDEntertainment, has entered into an asset transfer agreement to acquire all rights, ownership, and interests related to the game and associated intellectual property, specifically the "Torchlight" IP, for a total consideration of 37.18 million USD [1] - Upon completion of the asset transfer, Xindong will fully own the intellectual property, eliminating the need for royalty payments related to it [1] Group 2: Financial Impact - The acquisition is expected to directly enhance the profit margin of "Torchlight: Infinite," thereby improving the overall profitability of the group and providing better returns for shareholders [1] - With complete ownership of the "Torchlight" IP, the group will be able to independently develop sequels, derivative works, and cross-platform products, further enriching its product portfolio and expanding new revenue sources [1]

Group 1 - The core viewpoint of the article highlights that Xindong Company (02400) has seen a stock price increase of over 3%, currently trading at 65.4 HKD with a transaction volume of 42.34 million HKD [1] - Xindong Company announced the acquisition of intangible assets related to the game and associated intellectual property, specifically the "Torchlight" IP, for a total consideration of 37.18 million USD [1] - Following the completion of the asset transfer, the group will fully own the intellectual property rights, eliminating related royalty fees, which is expected to directly enhance the profit margin of "Torchlight: Infinite" and improve overall profitability for shareholders [1] Group 2 - With complete ownership of the "Torchlight" intellectual property, the group will be able to independently develop sequels, derivative works, and cross-platform products, thereby enriching its product portfolio and expanding new revenue sources [1] - The acquisition is anticipated to facilitate deep value transformation and sustained growth from this high-quality intellectual property asset [1]