FF305 | 2). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 1,203 | 0.0002 % | HKD | 13.284 | | --- | --- | --- | --- | --- | --- | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 由於合資格參與者根據本公司於2021年6月25日採納的購股權計劃行 | | | | | | | 使購股權，本公司於2025年9月2日發行普通股 | | | | | | | 變動日期 2025年9月2日 | | | | | | 3). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 3,880 | 0.0008 % | HKD | 16.72 | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 由於合資格參與者根據本公司於2021年6月25日採納的購股權計劃行 | | | | | | | 使購股權，本公司於2025年9月2日發行普通股 | | | | | | | 變動日期 2025年9月2日 | | | | | | 4). | 就根據股份計劃授予參與人（ ...

Core Insights - The report from Credit Lyonnais indicates that the performance of Xindong Company in the first half of the year exceeded expectations, with total revenue growing by 39% year-on-year to 3.1 billion [1] Revenue Breakdown - Game business revenue met expectations, increasing by 39% year-on-year to 2.1 billion [1] - TapTap advertising business revenue grew by 38% year-on-year to 1 billion, surpassing expectations by 6% due to upgrades in advertising targeting algorithms [1] Forecast Adjustments - The firm raised revenue forecasts for fiscal years 2025 and 2026 by 11% and 12% respectively, reflecting strong growth in advertising driven by technology upgrades [1] - Long-term profit margin expectations were also adjusted upwards based on operational leverage effects [1] Target Price Revision - The target price for the company was increased from 60 HKD to 90 HKD, while maintaining an "outperform" rating [1]

里昂发布研报称，将心动公司(02400)2025及26财年收入预测分别上调11%及12%，以反映广告技术升级 推动的强劲广告业务增长，同时基于营运杠杆效应上调长期利润率预期。目标价由60港元上调至90港 元，维持"跑赢大市"评级。 心动公司上半年业绩胜该行预期，总收入同比增长39%至31亿元人民币(下同)，较该行预期高2.6%;其中 游戏业务收入符合预期，达21亿元，同比增39%，而TapTap广告业务收入同比升38%至10亿元，较该行 预期高6%，受惠于广告定向算法升级。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [5] Core Insights - The report highlights the positive outlook for AI applications and cultural exports, with a focus on sub-sectors such as gaming, IP, short dramas, and publishing [39] - The report notes significant growth in the gaming sector, with several companies reporting strong financial performance in their mid-year reports [3][37] - The report emphasizes the importance of recent government policies, including the issuance of game licenses and the "Artificial Intelligence+" action plan, which aims to enhance AI integration across various sectors by 2035 [2][36] Summary by Sections Market Performance - The media industry (Shenwan) saw a weekly increase of 1.05%, ranking 12th among primary industries, while the Hang Seng Technology Index rose by 0.47% [10] - Notable performers included Jishi Media, Wento Holdings, ST Huatuo, and Sanqi Interactive Entertainment, with significant weekly gains [17] Key Industry Data AI Application Data - For the week of August 24-30, estimated iOS downloads for Deepseek, Doubao, Quark, and Tencent Yuanbao were 394,000, 2,102,500, 658,600, and 893,000 respectively, with Doubao leading in downloads [21] Gaming Data - In August, 166 domestic and 7 imported game licenses were issued, with several major titles approved for release [24][25] - The iOS best-selling game rankings featured "Honor of Kings," "Peacekeeper Elite," and "Endless Winter" as the top three titles [23] Film Data - The total box office for the week of August 22-28 reached 977 million yuan, with "Chasing the Wind" leading the box office [32][35] Industry Events and Announcements - The report discusses the launch of various AI models and applications by major companies, including ByteDance's new AI video generation model and Tencent's end-to-end video sound generation model [36] - The report also highlights the successful mid-year financial results of several companies, including Perfect World and Sanqi Interactive Entertainment, showcasing strong revenue growth [37][38]

Group 1 - The company, Heart Company (02400), announced the issuance of a total of 309,300 ordinary shares due to eligible participants exercising stock options under the stock option plan adopted on June 25, 2021 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 心动有限公司 呈交日期： 2025年9月1日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02400 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 | 佔有關事 ...

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 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 493,283,769 | | | 0 | | 493,283,769 | | 增加 / 減少 (-) | | | | 0 | | | | | | 本月底結存 | | | 493,283,769 | | | 0 | | 493,283,769 | 第 2 頁 共 10 頁 v 1.1.1 | 截至月份: | 2025年8月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved a revenue of 3.082 billion RMB in 25H1, representing a year-on-year increase of 38.8%, driven by both gaming and TapTap [1] - Gross profit reached 2.253 billion RMB, with a gross margin of 73.1%, primarily due to strong overseas performance of "Ragnarok M: Beginners Edition" [1] - The net profit attributable to shareholders was 755 million RMB, a significant year-on-year increase of 268.0%, resulting in a net profit margin of 24.5% [1] Revenue Breakdown - The gaming business generated 2.071 billion RMB in revenue for 25H1, up 39.4% year-on-year, with network game revenue contributing 1.982 billion RMB [2] - The average monthly active users (MAU) for network games increased by 19.7% year-on-year, while the average paying users (MPU) grew by 21.1% [2] - The top three revenue-generating games were "Muffin Adventure," "Heart Town," and "Ragnarok M," with "Muffin Adventure" having completed its global launch [2] TapTap Performance - TapTap's advertising revenue was 1.011 billion RMB in 25H1, reflecting a year-on-year growth of 37.6% [3] - The MAU for the Chinese version of TapTap was 43.6 million, showing a slight increase of 0.9% year-on-year [3] - The growth in revenue was attributed to increased advertiser spending, improved algorithms, and higher ad display frequency [3] Profit Forecast and Valuation - The net profit forecasts for 25-27 are revised to 1.69 billion, 2.07 billion, and 2.38 billion RMB, representing increases of 52.0%, 51.4%, and 69.6% respectively [4] - The report highlights the strong performance of new games and the effective long-term operation capabilities of the company [4] Financial Summary - The company is projected to achieve revenues of 3.389 billion RMB in 2023, growing to 8.429 billion RMB by 2027, with a compound annual growth rate of 10.9% [5] - The earnings per share (EPS) is expected to rise from -0.18 RMB in 2023 to 4.83 RMB in 2027 [5] - The return on equity (ROE) is forecasted to improve significantly, reaching 27.36% by 2027 [5]

Core Viewpoint - CICC maintains an "outperform" rating for Xindong Company (02400) and raises the target price by 14% to HKD 93.7, reflecting a valuation premium due to TapTap's monetization capabilities and future layout [1] Financial Performance - The company's 1H25 revenue increased by 39% to CNY 3.08 billion, with profit rising by 223.5% to CNY 811 million, and net profit attributable to shareholders up by 268% to CNY 755 million, aligning with CICC's expectations [2] Gaming Segment - Game revenue for 1H25 grew by 39% to CNY 2.07 billion, driven by strong performances from "Ragnarok M: Beginner Server," "Xindong Town," and "Torchlight" [3] - Future growth is anticipated from existing games, particularly with accelerated commercialization of "Xindong Town" and the overseas launch of "Ragnarok M: Beginner Server" in 2H25 [3] TapTap Platform - The platform's scarcity is highlighted, with ongoing efforts to enhance monetization potential through the PC version and mini-games, which are expected to contribute to future growth [4] - Despite MAU remaining stable year-on-year, user engagement has improved, with DAU increasing by 11% over the past 12 months [4] Advertising and Monetization - Revenue from Tap increased by 38% to CNY 1.01 billion due to upgrades in the advertising system, enhancing ad effectiveness [5] - The company is positioned uniquely in the gaming acquisition platform market, with potential for increased market share through internal upgrades and external supply enhancements [5] Future Directions - The launch of TapTap PC version and mini-games is expected to enhance multi-platform collaboration and attract more advertising budgets [6] - The TapADN platform, aimed at game developers for monetization and user growth solutions, is in its early development stage, with a potential market size in the tens of billions [6]

Core Viewpoint - The report from CICC maintains the forecast for Xindong Company (02400) with a net profit of 1.65 billion and 1.95 billion yuan for 2025 and 2026 respectively, with a target price increase of 14% to 93.7 HKD, indicating an upside potential of 16% based on the company's monetization capabilities and future layout [1]. Group 1: Financial Performance - The company's 1H25 revenue increased by 39% to 3.08 billion yuan, with profit rising by 223.5% to 811 million yuan, and net profit up by 268% to 755 million yuan, aligning with CICC's expectations [2]. - Game revenue for 1H25 also grew by 39% to 2.07 billion yuan, driven by strong performances from titles such as "Ragnarok M: Beginner's Server" and "Xindong Town" [2]. Group 2: Game Development and Future Prospects - The company is focusing on existing games with anticipated commercialization acceleration for "Xindong Town" and the overseas launch of "Ragnarok M: Beginner's Server" in the second half of 2025 [2]. - New game launches to watch include "Yise" on September 25 and "Ragnarok RO: Guardian of Eternal Love" testing at the end of the year with plans for 2026 [2]. Group 3: TapTap Platform Insights - The scarcity of the TapTap platform is highlighted, with ongoing efforts to enhance monetization potential through the PC version and mini-games, which are expected to contribute to future growth [3][5]. - The company reported a 38% increase in Tap revenue to 1.01 billion yuan, driven by an upgraded advertising system that improves ad effectiveness [4]. Group 4: Strategic Developments - The launch of TapTap PC version and mini-games in April and July respectively is expected to enhance multi-platform collaboration and attract more advertising budget increments [5]. - The TapADN platform, aimed at game developers for monetization and user growth solutions, is in its early development stage with a potential market size in the tens of billions [5].