Core Viewpoint - Xindong Company (02400) has seen a stock price increase of over 4%, currently trading at 72.85 HKD with a transaction volume of 141 million HKD, driven by positive developments in its gaming segment and share buyback plans [1] Group 1: Business Developments - The international version of "Xindong Town" is set to launch on January 8, with a collaboration featuring the globally recognized IP "My Little Pony," and has already garnered over one million global pre-registrations [1] - On January 5, Xindong Company announced a share buyback plan to repurchase up to 400 million HKD worth of shares within five months, reflecting confidence in long-term growth [1] - The company plans to acquire the IP of the "Torchlight" series, with an announcement made for a purchase of 37.18 million USD, which is expected to enhance the group's autonomy in future game and IP development [1] Group 2: Analyst Insights - Citigroup's research report expresses optimism regarding Xindong Company's recent business developments, particularly the 400 million HKD share buyback plan, which aligns with management's previous commitment to prioritize share repurchases [1] - The acquisition of the "Torchlight" IP assets is viewed as a strategic move to strengthen the company's position in the gaming and IP development sectors [1]

Core Viewpoint - The stock of Xindong Company (02400) has risen over 4%, currently at 72.85 HKD, with a trading volume of 141 million HKD, driven by positive news regarding its upcoming game releases and share buyback plan [1] Group 1: Business Developments - Xindong Company announced that its international version of "Xindong Town" will launch on January 8, with over one million global reservations, in collaboration with the well-known IP "My Little Pony" [1] - On January 5, Xindong Company disclosed a plan to repurchase up to 400 million HKD of its shares within five months, reflecting confidence in its long-term development [1] - The company plans to acquire the IP of the "Torchlight" series for 37.18 million USD, which will enhance its autonomy in future game and IP development [1] Group 2: Analyst Insights - Citigroup's research report expresses optimism regarding Xindong Company's recent business developments, including the 400 million HKD share buyback plan, which aligns with management's previous commitment to prioritize repurchases [1] - The acquisition of "Torchlight" IP assets is seen as a strategic move to strengthen the company's position in the gaming and IP development sector [1]

Group 1 - The core viewpoint of the article is that Citigroup's report indicates that Xindong Company (02400) can further strengthen market confidence and encourage investors to increase their holdings through enhanced shareholder returns and active product development [1] - Citigroup expresses optimism regarding Xindong Company's recent business developments, including a 5-month share repurchase plan worth HKD 400 million, aligning with management's prior commitment to prioritize buybacks [1] - The company plans to spend USD 37.18 million to acquire IP assets related to "Torchlight," which will enhance the group's autonomy in future game and IP development [1] Group 2 - Although it is currently early to assess the performance of the overseas "Xindong Town," there is potential for further upside if the game's performance exceeds market expectations [1]

Core Viewpoint - Citigroup's report indicates that Xindong Company (02400) is expected to strengthen market confidence and encourage investors to increase their holdings through enhanced shareholder returns and active product development, with a target price set at HKD 82 [1] Group 1: Business Developments - The company has announced a 5-month automatic repurchase plan worth HKD 400 million, aligning with management's prior commitment to prioritize buybacks [1] - A proposed acquisition of IP assets related to "Torchlight" for USD 37.18 million aims to enhance the company's autonomy in future game and IP development [1] - Although it is early to assess the performance of the overseas "Xindong Town," there is potential for further upside if the game's performance exceeds market expectations [1]

Group 1 - The core viewpoint is that brain-computer interfaces (BCIs) are entering a stage of mass production, with gaming as a significant application area expected to benefit continuously [1][2] - BCIs can enable individuals with motor disabilities to experience gaming through "brain-controlled" interfaces and assist in rehabilitation for neurological conditions [1][2] - The recent launch of China's first fully implanted, wireless BCI product by Shanghai Brain Tiger Technology marks a critical breakthrough in core BCI technology, positioning China among the top international players [2] Group 2 - Game companies are actively investing in the BCI field, with 37 Interactive Entertainment investing in Strong Brain Technology, the first unicorn in China's BCI sector, and developing a game for autism assistance that integrates BCI technology [2] - Century Huatong has established a research center with Zhejiang University focusing on brain-computer integration and other emerging fields [2] - Tom Cat plans to collaborate with various research institutions in 2024 to advance BCI, brain function data analysis, and digital game therapy [2] Group 3 - AI is significantly empowering the gaming industry, enhancing multi-modal capabilities and innovative integration forms, which may open new industry spaces [3] - The integration of AI in gaming has led to a 40% reduction in character animation production cycles and a significant decrease in prototype validation time [3] - The exploration of AI and gaming integration is expected to provide players with novel experiences and further expand industry development opportunities [3] Group 4 - The upcoming gaming season is anticipated to drive revenue growth through the launch of new games and updates to existing titles [4] - Notable upcoming events include anniversary celebrations and collaborations with popular IPs, which are expected to attract player engagement [4] - Investment opportunities in the gaming sector are highlighted, with a focus on companies like Giant Network, Xindong Company, and others benefiting from the seasonal demand [4]

Group 1 - The core viewpoint of the article is that Citigroup expresses optimism regarding Xindong Company's recent business developments, including a HKD 400 million share buyback plan and a USD 37.18 million acquisition of IP assets related to "Torchlight" [1] - The share buyback plan aligns with management's previous commitment to prioritize buybacks, which is expected to enhance shareholder returns and strengthen market confidence [1] - The potential performance of the overseas game "Xindong Town" is still uncertain, but if it exceeds market expectations, there could be further upside potential [1] Group 2 - Citigroup believes that through enhancing shareholder returns and actively developing products, Xindong Company can further consolidate market confidence and encourage investors to increase their positions [1] - The target price set by Citigroup for the company is HKD 82, with a rating of "Neutral (High Risk)" [1]

花旗发表研究报告指，对心动公司近日公布的多项业务发展感到乐观，包括为期5个月的4亿港元自动回 购计划，呼应管理层此前提及会优先考虑回购的承诺；拟斥3718万美元收购《火炬之光》相关IP资产， 可进一步加强集团在未来游戏和IP开发的自主性；虽然目前评估海外《心动小镇》的表现尚早，但如果 游戏表现超越市场预期，当中仍存在进一步上行空间。该行认为，心动公司透过增强股东回报及积极开 发产品，应可进一步巩固市场信心，促使投资者加仓。该行予公司目标价82港元，评级为"中性(高风 险)"。 ...

Group 1 - The core viewpoint of the report is that Xindong Company (02400) maintains a "buy" rating, showcasing confidence in its development through a HKD 400 million share buyback plan [1] - The company expects revenue growth from its core games "Xindong Town" and "Torchlight: Infinite" driven by new activities, IP collaborations, and seasonal updates [1][3] - The upcoming game "RO2" is anticipated to attract attention, and the TapTap platform is expected to expand its user base with several high-profile game launches [1][2] Group 2 - The company announced a share buyback plan of up to HKD 400 million over five months, reflecting long-term confidence in its growth [1] - The peak seasons of winter vacation and the Spring Festival are expected to boost domestic revenue for "Xindong Town," with its international version set to launch on January 8, 2026, featuring a collaboration with the well-known IP "My Little Pony" [1][3] - The report highlights that the ADN business, based on TapTap's leading algorithm, has significant growth potential, with a projected increase in revenue driven by algorithm improvements [2][4] Group 3 - "Xindong Town" has seen a rise in the iOS game sales ranking in mainland China, reaching 14th place due to new events and collaborations [3] - The "Torchlight: Infinite" game has experienced a 632% increase in monthly revenue due to the SS10 season launch, with its highest ranking reaching 26th in the iOS game sales chart [3] - TapTap's monthly active users reached 43.63 million in the first half of 2025, showing a 1% year-on-year increase, while its revenue grew by 33% year-on-year, indicating the effectiveness of advertising algorithm improvements [4]

Group 1 - The core viewpoint of the report is that Xindong Company (02400) maintains a "buy" rating, showcasing confidence in its development through a HKD 400 million share buyback plan [1] - The company expects revenue growth from its core games "Xindong Town" and "Torchlight: Infinite" driven by new activities, IP collaborations, and seasonal updates [1][3] - The upcoming game "RO2" is anticipated to attract attention, and the company aims to expand its user base on the TapTap platform through multiple high-profile game launches [1][2] Group 2 - The report highlights that the TapTap platform is expected to maintain high growth due to continuous improvements in advertising algorithms, with a projected revenue increase of 33% year-on-year in H1 2025 [4] - The company has adjusted its net profit forecasts for 2025-2027 to CNY 1.507 billion, 2.006 billion, and 2.387 billion respectively, reflecting a cautious outlook based on the performance of the game "Yise" [2] - The active user base of TapTap reached 43.63 million in H1 2025, showing a 1% year-on-year increase, indicating improved user engagement [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company announced a share buyback of up to HKD 400 million over five months, reflecting confidence in long-term development [5] - The upcoming holiday season is expected to boost revenue for the core product "Heart Town," with the international version set to launch on January 8, 2026, and has already garnered over one million global pre-registrations [5] - The company is optimistic about growth driven by festive events, regional expansion, and new game launches, with several high-profile mobile and PC games expected to launch in 2026 [5] - The performance of the game "Iser" in the domestic market has led to a downward revision of net profit forecasts for 2025-2027 [5] Financial Summary and Valuation Metrics - Revenue projections are as follows: - 2023: HKD 3,389 million - 2024: HKD 5,012 million - 2025: HKD 6,353 million - 2026: HKD 7,620 million - 2027: HKD 8,441 million - Year-over-year growth rates for revenue are projected at: - 2024: 47.9% - 2025: 26.7% - 2026: 20.0% - 2027: 10.8% [8] - Net profit projections are as follows: - 2023: -HKD 554 million - 2024: HKD 812 million - 2025: HKD 1,507 million - 2026: HKD 2,006 million - 2027: HKD 2,387 million - Year-over-year growth rates for net profit are projected at: - 2024: 1077.3% - 2025: 85.7% - 2026: 33.2% - 2027: 19.0% [8] - The current price-to-earnings (P/E) ratios are projected as follows: - 2025: 20.8 - 2026: 15.6 - 2027: 13.1 [8]