游戏利润盘坚实，下半年关注《伊瑟》9/25上线、《小镇》海外及26年核心产品《RO2》首测。 1H25：游戏利润盘扎实表现，公司表示1H25增量主要系《仙境传说M：初心服》《心动小镇》《火炬 之光》推动收入增长、改善毛利率水平。 中金发布研报称，考虑TapTap盈利水平提升、游戏表现好于预期，上调心动公司(02400)25/26年归母净 利润预期66%/81%至16.5/19.5亿元，对应当前股价25/26年15/13x P/E。维持跑赢行业评级，综合考虑盈 利预测调整和新游预期逐步消化，上调目标价49%至82.5港元(25/26年22/18x P/E)，上行空间45%。 中金主要观点如下： 公司预告净利润同增超过215% 公司预计1H25收入不少于30.5亿元，同增超过37+%;净利润不少于7.90亿元，同增超过215%。公司业绩 预告好于该行及市场预期(净利润5.00亿元)，该行认为主要系：1)《仙境传说RO：初心服》流水及净利 润率水平均好于预期;2)TapTap收入及利润率表现好于预期。 TapTap收入稳健增长，下半年关注算法升级、功能迭代及PC版发展。 1H25：受广告算法改进及用户参与度提升带动 ...

消息面上，心动公司发盈喜，预期2025年上半年取得收入不少于人民币30.5亿元，同比增加约37%；及 预期净利润不少于人民币7.9亿元，同比增加约215%。主要得益于自研游戏《仙境传说M：初心服》、 《心动小镇》及《火炬之光：无限》表现强劲，推动集团的收入增长，进而改善毛利率；尽管APP平均 月活跃用户同比维持大致稳定，但受广告算法的改进及用户参与度提升所带动，TapTap于收入及利润方 面均取得持续增长。中金表示，公司业绩预告好于我们及市场预期。公司游戏利润盘坚实，下半年关注 《伊瑟》9/25上线、《小镇》海外及26年核心产品《RO2》首测。 心动公司(02400)盈喜后高开逾8%，截至发稿，涨8.55%，报61.6港元，成交额6284.43万港元。 ...

Core Viewpoint - Xindong Company (02400) announced a positive earnings forecast, expecting significant revenue and profit growth for the first half of 2025, driven by strong performance from self-developed games [1] Group 1: Financial Performance - The company anticipates revenue of no less than RMB 30.5 billion for the first half of 2025, representing a year-on-year increase of approximately 37% [1] - The expected net profit is no less than RMB 7.9 billion, reflecting a year-on-year increase of about 215% [1] Group 2: Game Performance - The revenue growth is primarily attributed to the strong performance of self-developed games such as "Ragnarok M: Origin," "Xindong Town," and "Torchlight: Infinite" [1] - Despite stable year-on-year average monthly active users, TapTap has seen continuous growth in revenue and profit due to improvements in advertising algorithms and increased user engagement [1] Group 3: Market Expectations - CICC noted that the company's earnings forecast exceeds both their and market expectations [1] - The company has solid profit margins from its games, with upcoming releases such as "Iser" on September 25, "Xindong Town" overseas, and the first test of the core product "RO2" in 2026 being key focus areas for the second half of the year [1]

Core Viewpoint - The company has raised its profit forecasts significantly for 2025 and 2026, reflecting better-than-expected performance from TapTap and game titles, leading to an upgraded target price and a maintained outperform rating [1][2]. Group 1: Profit Forecasts - The company has increased its net profit expectations for 2025 and 2026 by 66% and 81% respectively, reaching 1.65 billion and 1.95 billion yuan, corresponding to P/E ratios of 15x and 13x [1]. - The company anticipates a revenue of no less than 3.05 billion yuan for the first half of 2025, representing a year-on-year growth of over 37% [2]. - The net profit for the same period is expected to be no less than 790 million yuan, showing a year-on-year increase of over 215% [2]. Group 2: Game Performance - The solid performance in the first half of 2025 is attributed to titles such as "Ragnarok M: Beginners' Server," "Heart Town," and "Torchlight," which have driven revenue growth and improved gross margins [3]. - The second half of 2025 is expected to see profit growth from the anniversary celebration of "Heart Town" and the launch of "Iser" on September 25, with the international version performing better than market expectations [3]. Group 3: TapTap Growth - TapTap has shown steady revenue growth in the first half of 2025, driven by improvements in advertising algorithms and increased user engagement [4]. - The company plans to focus on significant updates for games and the development of a PC version of TapTap, which has already garnered a user base [4]. - Future initiatives include enhancing the TapTap mini-game platform and exploring AI-driven game development [4].

Group 1 - The company expects revenue in the first half of 2025 to be no less than RMB 3.05 billion, representing a year-on-year growth of approximately 37% [1] - Net profit is projected to be no less than RMB 790 million, with a year-on-year increase of about 215% [1] - The growth is primarily driven by strong performance of self-developed games such as "Ragnarok M: Beginners' Server," "Heart Town," and "Torchlight: Infinite," which have boosted revenue growth and improved gross margins [1] Group 2 - The TapTap platform has benefited from optimized advertising algorithms and increased user engagement, leading to sustained growth in revenue and profit [1] - However, these positive factors are partially offset by a decrease in revenue from existing games and an increase in performance-linked compensation [1]

展会期间发布的《2025年1—6月中国游戏产业报告》显示，上半年中国游戏的国内市场收入和海外市场 收入双双实现同比增长，产业规模持续扩大。记者在现场感受到，随着中国游戏产业规模持续扩大，新 的增长机会、商业化方向频频涌现。例如，单机游戏、小程序游戏的吸金潜力持续上升；电竞、IP衍生 品市场规模持续扩大。 多位业内人士表示，游戏产业正迎来最好的时代，对于中国游戏发展的信心愈发充足。 SensorTower发布《2025年海外游戏市场洞察》，其中指出，全球移动与PC游戏市场重拾增长势头，合 计市场规模预计将在2028年突破1200亿美元。 2024年全球移动游戏内购收入同比增长4%，超过2020年水平。2025年将继续增长6%，达到854亿美 元。预计2028年全球移动游戏内购收入达到1065亿美元。 智通财经获悉，8月4日，第22届中国国际数码互动娱乐展览会落幕。 公开数据显示，本次展会吸引800多家厂商、超41万名观众参展，带动周边服务消费约6.61亿元。 中信建投证券发布研究报告称，今年以来游戏行业供需两旺，需求端，1-5月国内手游市场规模同比增 长20%；供给端，1-6月国产游戏版号数量同比增长21%，6 ...

Major Events - China Mobile Hong Kong acquired 14.44% stake in Hong Kong Broadband for HKD 1.084 billion, bringing its total ownership close to 30% [1] - Senrada Medical-B received approval from the National Medical Products Administration for the AcoArt Canna® drug-coated balloon catheter [1] - Zhaoke Ophthalmology-B obtained a medical device registration certificate for the TONO-i, used for measuring intraocular pressure [1] - Zhongji Changshou Science plans to acquire 100% equity of the Comprehensive Cell Bank [1] - Fourth Paradigm intends to establish a joint venture with Haibo Si Chuang to deepen its focus on the "AI + Energy Storage" sector [1] - Chifeng Jilong Gold Mining's subsidiary received new mining rights and integrated mining rights to enhance gold production capacity and resource security [1] Financial Reports - CLP Holdings reported a mid-year profit attributable to shareholders of HKD 5.624 billion, a decrease of 5.49% year-on-year, with an interim dividend of HKD 0.63 per share [1] - Liaoning Port Group's half-year earnings report showed a net profit of CNY 956 million, an increase of 110.78% year-on-year [1] - Heyu-B reported a mid-year net profit of CNY 328 million, up 58.84% year-on-year [1] - Yuan Zheng Technology announced a mid-year net profit of CNY 195 million, an increase of 27.74% year-on-year [1] - Yimai Sunshine expects a mid-year net profit growth of approximately 1350% to 1550% year-on-year [1] - LeCang Logistics anticipates a mid-year profit increase of 759% to 993% [1] - Xindong Company expects a net profit of no less than CNY 790 million for the first half, an increase of about 215% year-on-year [1] - China Sanjiang Chemical expects a mid-year profit attributable to shareholders exceeding CNY 300 million, an increase of about 95% year-on-year [1] - Bioatlast-B reported a 50% increase in revenue for the first half, achieving sustained profitability [1] - China Resources Medical issued a profit warning, expecting a year-on-year decline of about 20% to 25% in mid-year profit attributable to shareholders [1] - Xiaobu Xiaobu issued a profit warning, expecting a mid-year net loss of approximately CNY 80 million to 100 million, a narrowing of about 63.2% to 70.5% year-on-year [1]

Group 1 - Xindong Company (02400.HK) expects a significant increase in mid-term net profit by approximately 215% [1] - The company anticipates revenue of no less than RMB 3,050 million for the six months ending June 30, 2025, representing a 37% increase from RMB 2,220.6 million for the same period in 2024 [1] - The expected net profit for the same period is projected to be no less than RMB 790 million, up from RMB 250.6 million in the previous year [1] Group 2 - The increase in revenue and profit is primarily driven by strong performance from self-developed games such as "Ragnarok M: Classic," "Heartopia," and "Torchlight: Infinite" [1] - TapTap has shown continuous growth in revenue and profit due to improvements in advertising algorithms and increased user engagement, despite stable year-on-year average monthly active users [1] - The positive outlook is somewhat offset by reduced revenue from certain existing games and increased performance-linked compensation [1]

Core Viewpoint - The company anticipates significant revenue and profit growth for the first half of 2025, driven by strong performance in self-developed games and improvements in advertising algorithms [1] Group 1: Financial Projections - The company expects to achieve revenue of no less than RMB 3.05 billion in the first half of 2025, representing a year-on-year increase of approximately 37% [1] - The anticipated net profit is expected to be no less than RMB 790 million, reflecting a year-on-year increase of approximately 215% [1] Group 2: Growth Drivers - Revenue growth is primarily attributed to the strong performance of self-developed games such as "Ragnarok M: Classic," "Heartopia," and "Torchlight: Infinite," which have improved the company's gross margin [1] - Despite the average monthly active users remaining stable year-on-year, TapTap has achieved continuous growth in revenue and profit due to improvements in advertising algorithms and increased user engagement [1] Group 3: Offset Factors - The anticipated growth is partially offset by a decrease in revenue from certain existing games and an increase in performance-based compensation [1]

董事会认为上述预期增加主要是由于以下原因所致：(i)自研游戏《仙境传说M：初心服》(Ragnarok M: Classic)、《心动小镇》(Heartopia)及《火炬之光：无限》(Torchlight：Infinite)表现强劲，推动公司的收 入增长，进而改善毛利率；(ii)尽管APP平均月活跃用户同比维持大致稳定，但受广告算法的改进及用 户参与度提升所带动，TapTap于收入及利润方面均录得持续增长；但(iii)部分被(a)若干现有游戏的收入 减少及(b)绩效挂钩薪酬增加造成的影响所抵销。 格隆汇8月4日丨心动公司(02400.HK)公告，公司预期：(i)截至2025年6月30日止六个月录得收入不少于 人民币3,050百万元，较截至2024年6月30日止六个月的收入约人民币2,220.6百万元增加约37%；及(ii)截 至2025年6月30日止六个月录得净利润不少于人民币790百万元，较截至2024年6月30日止六个月的净利 润约人民币250.6百万元增加约215%。 ...