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7月16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 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | 已發行股份總數 | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不 ...

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the gaming industry, specifically focusing on the dynamics between mobile games, PC games, and the platforms that support them, such as TapTap and Steam. Core Points and Arguments 1. **Revenue Dynamics in Gaming** The revenue from older games is increasing, but the overall payment capacity of players may be reaching its limit. The decline in new game releases could be affecting player motivation to spend. [1] 2. **Supply Chain and Game Development** The supply of new games is expected to decrease due to project adjustments by many game companies. The timeline for new game releases is being pushed back, which may impact the industry negatively. [2] 3. **Multi-Platform Development** There is a growing trend towards multi-platform game development, where games are designed to be playable on both mobile and PC. This shift is seen as timely due to improvements in mobile game quality. [2][3] 4. **Differences Between Platforms** The business models of platforms like Steam and Type are fundamentally different. Steam has a more closed ecosystem, while Type is seen as attractive for developers due to its ad revenue model. [4] 5. **User Acquisition and Retention** The user acquisition path for PC games differs significantly from mobile games. The transition from mobile to PC gaming is becoming more fluid, allowing for easier user retention across platforms. [5][6] 6. **Market Trends and Advertising** The advertising strategies for games are evolving, with a potential shift towards more direct advertising on platforms like Type. The effectiveness of advertising on different platforms is dynamic and requires constant adjustment. [7][8] 7. **Impact of Major Clients** The performance of major clients like Tencent and Wangyi is crucial for the overall market. A decrease in new game supply could lead to market contraction, affecting distribution channels. [9] 8. **Future Game Releases** The uncertainty surrounding future hit games poses a risk for the industry. The next major game that could dominate the market is unpredictable, which adds to the overall market volatility. [10] 9. **User Experience and Community Engagement** Continuous optimization of user experience, especially in community-driven platforms, is essential. There is a focus on improving features that users have requested. [11] 10. **Apple's Ecosystem Changes** Potential changes in Apple's ecosystem, such as the possibility of allowing third-party app stores, could significantly impact user growth and advertising strategies for platforms like TapTap. [12][13] 11. **Profitability and Market Expectations** The company aims for a profit margin of around 30%, which is considered normal in the advertising industry. However, market expectations may have been set too high, leading to stock price fluctuations. [15][16] 12. **Market Ceiling for TapTap** The market ceiling for TapTap remains stable, with estimates suggesting it will not exceed 100 million users due to demographic limits. [17] 13. **Revenue Growth Potential** There is potential for revenue growth if the company can enhance its mobile monetization strategies. [17] 14. **Shareholder Returns** The company has plans for shareholder returns, including dividends, but the consistency of this policy is still uncertain. [17] 15. **Game Development Uncertainty** The relationship between development investment and commercial success is not guaranteed, highlighting the inherent risks in game development. [18][19] 16. **User Overlap Between Platforms** There is significant overlap between mobile and PC gamers, indicating that user engagement strategies should consider cross-platform play. [19][20] 17. **Company Valuation and Market Sentiment** The company's valuation is influenced by market sentiment and transparency in communication with investors. [20] Other Important but Possibly Overlooked Content - The discussion touches on the cultural aspects of the company, indicating a relatively relaxed environment, which may impact employee performance and creativity. [21] - There are ongoing considerations regarding the competitive landscape and the need for innovative game development to maintain market relevance. [22]

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7月15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 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份 ...

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7月11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 | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | 事件 | ...

Group 1 - TapTap held its 2025 game release conference, showcasing a record 50 new game updates, including 45 unreleased titles and 13 PC games [1] - The introduction of PC games at the conference marks a significant expansion for TapTap, with titles like "Mingmo: Yuanshu" and "Zongmen Qiyuan" featured [1] - TapTap's PC version has been launched, allowing users to purchase and download over 100 top games without revenue sharing, which is expected to enhance growth potential [1] Group 2 - The self-developed game "Yise" has been successful in international markets, ranking in the top 50 in over 30 countries, with a domestic launch scheduled for September 25 [2] - "Xindong Xiaozhen" is set to celebrate its anniversary with a collaboration event, and its international version is anticipated to launch in late 2025, potentially increasing revenue [2] - The upcoming MMORPG "Xianjing Chuanqi RO: Shouhu Yongheng de Ai 2" is expected to leverage the established IP and the company's experience to perform well in the global market [2]

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) FF305 B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) 第 2 頁 共 6 頁 v 1.3.0 FF305 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7月10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 | | | | | | | | ...

Group 1 - The top 5 mobile game publishers in terms of revenue remain unchanged, including Tencent, Diandian Interactive, NetEase, Mihayou, and Lemon Microfun, with significant revenue increases observed across the board [6][10][20] - Diandian Interactive's game "Kingshot" saw a revenue increase of 56% in June, bringing its total revenue to over $135 million, solidifying its leading position in the strategy game segment [6][10] - Mihayou's flagship product "Genshin Impact" experienced a 72% increase in global revenue following the release of its 5.7 version, which introduced new characters and content [12][10] Group 2 - Florere Game's titles "Dark War Survival" and "Last Z: Survival Shooter" contributed to a 17% revenue increase, elevating the company to the 6th position in the revenue rankings [20][24] - The game "Ningchao" from Kullo Games achieved a 55% revenue increase, allowing it to rise 6 places in the rankings, demonstrating strong market appeal [22][24] - Joy Net Games and Heartbeat Network also reported revenue growth due to the successful launch of new games, with Heartbeat Network's "Etheria: Restart" generating over $11 million in its first month [26][29] Group 3 - The overall revenue of Chinese mobile game publishers in the global top 100 reached $1.76 billion, accounting for 33% of the total revenue of the top 100 publishers [2] - The Chinese mobile game market is experiencing a resurgence in overseas revenue, with a reported 13.39% year-on-year growth, reaching $18.557 billion in 2024 [31] - Companies like Diandian Interactive, Lemon Microfun, and Florere Game are expanding their product advantages into overseas markets, indicating a competitive landscape for future growth [31]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The report highlights the successful launch of the TapTap PC version, which is expected to expand growth opportunities for the company. The PC version has already launched over a hundred top games and operates on a no-revenue-sharing model, which could significantly enhance TapTap's growth potential [4][5] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 1.286 billion, 1.592 billion, and 1.757 billion CNY respectively, with corresponding EPS of 2.6, 3.2, and 3.6 CNY. The current stock price corresponds to P/E ratios of 17.9, 14.4, and 13.1 times for the respective years, indicating a positive outlook driven by new games and TapTap [4][7] Financial Summary and Valuation Metrics - The company reported a revenue of 3.389 billion CNY in 2023, with a projected increase to 6.148 billion CNY in 2025, reflecting a year-over-year growth of 22.7% [7] - The net profit is expected to turn positive in 2024, reaching 812 million CNY, and further increasing to 1.286 billion CNY in 2025, marking a significant recovery from a loss of 554 million CNY in 2023 [7] - The gross margin is projected to improve from 61.0% in 2023 to 70.1% in 2025, while the net margin is expected to rise from -16.3% in 2023 to 20.9% in 2025 [7]

XD Inc. 心动有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2400） 授出購股權 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。 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第17.06A條 而作出。 心动有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」） 宣佈，於2025年7月9日，本公司根據於2021年6月25日採納之購股權計劃（「購 股權計劃」）向若干合資格參與者（「承授人」）授出合共152,020份購股權（「購股 權」），以認購本公司每股面值0.0001美元之普通股（「股份」）。所授出購股權的 詳情如下： | 授出日期（「授出日期」）： | 2025年7月9日 | | --- | --- | | 授出購股權數目： | 152,020份（每份購股權之持有人有 | | | 權認購1股股份） | | 授出購股權的行使價： | 每股股份50.90港元 | | 股份於授出日期的收市價： | 每股股 ...

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7月9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 | | | | | | | | | | | 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 | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事 ...