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通告的內容概不負責，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通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. 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） (d) 就本決議案而言， 「有關期間」指由本決議案獲通過日期起直至下列各項中之較早日期之 期間： 2025年股東週年大會通告 茲通告心动有限公司（「本公司」）謹訂於2025年5月29日（星期四）上午十時三十分假 座中國上海市萬榮路700號A1室舉行實體股東週年大會，以處理下列事項。除文義另有 所指外，本通告所用詞彙與本公司日期為2025年4月30日的通函（「通函」）所界定者具有 相同涵義： 普通決議案 – 1 – 1. 省覽及考慮本公司及其附屬公司截至2024年12月31日止年度經審核合併財務 報表及董事會報告與核數師報告。 2. 宣派截至2024年12月31日止年度末期股息每股本公司普通股0.4港元。 3. i） 重選黃一孟先生為執行董事。 ii) 重選戴雲傑先生為執行董事。 iii) 重選辛全東先生為獨立非執行董事 ...

閣下對本通函任何方面或應採取之行動如有任何疑問，應諮詢 閣下之股票經紀或其他註冊證 券商、銀行經理、律師、專業會計師或其他專業顧問。 此乃要件 請即處理 閣下如已售出或轉讓名下全部心動有限公司股份，應立即將本通函及隨附之代表委任表格送交 買主或承讓人或經手買賣或轉讓之銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 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通函之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就因本通函全部或任何部份內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 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） 建議授出發行股份及 購回股份之一般授權、 宣派末期股息、 重選董事、 責任聲明 建議修訂組織章程大綱及細則及 採納經修訂及重述組織章程大綱及細則 及 股東週年大會通告 心动有限公司謹訂於2025年5月29日（星期四）上午十時三十分假座中國上海市萬榮路700號A1室 舉行股東週年大會（「股東週年大會」），會上將考慮（其中包括）上述建議，大會通告載於本通函 第27頁至第32頁。股東週年大會所使用之代表委任表 ...

Financial Performance - The company's total revenue for the year exceeded RMB 5 billion, representing a year-on-year growth of nearly 50%[7]. - The net profit attributable to the parent company reached RMB 811 million, marking the first annual profit in five years[7]. - For the year ended December 31, 2024, the company's gaming business revenue increased by 64.2% to RMB 3,434.1 million, compared to RMB 2,091.7 million in 2023[32]. - Revenue from online games rose by 69.1% to RMB 3,316.8 million, driven by new game launches including "GoGo Muffin," "Sword of Convallaria," and "Heartopia"[32]. - The net profit for the year ended December 31, 2024, was RMB 890.5 million, compared to a net loss of RMB 65.4 million for the year ended December 31, 2023[46]. - The operating profit for the year ended December 31, 2024, was RMB 914.8 million, a significant improvement from an operating loss of RMB 5.2 million in 2023[49]. - The EBITDA for the year ended December 31, 2024, was RMB 997.2 million, compared to RMB 107.0 million in 2023[49]. - The total liabilities to total assets ratio as of December 31, 2024, was 30.8%, a decrease from 57.6% as of December 31, 2023[53]. Game Development and Performance - The game "GoGo Muffin" launched globally and achieved significant profits, indicating a successful start for the company's publishing business[8]. - The game "Heartopia" surpassed 20 million downloads on the TapTap platform shortly after its launch, highlighting strong player demand for life simulation games[8]. - The re-release of "Ragnarok M: Eternal Love" in Southeast Asia and Taiwan received positive feedback, reaffirming the game's enduring popularity[9]. - The company plans to develop a sequel, "Ragnarok M: Eternal Love II," aiming to create a fully 3D open world experience[10]. - "Torchlight: Infinite" has seen gradual performance improvements since last year, with core player recognition increasing, indicating a growing brand presence in the action RPG genre[10]. - Over half of the core players of "Torchlight: Infinite" are now PC users, reflecting the game's acceptance among core PC gamers[11]. - The upcoming game "Etheria," developed using Unreal Engine, represents a significant advancement in the company's production capabilities[11]. - The company aims to differentiate its products in a competitive market while expanding its game portfolio through global testing and feedback[11]. TapTap Platform Performance - TapTap's game business revenue increased by 64.2% year-over-year, driven by new self-developed games such as "GoGo Muffin," "Sword of Convallaria," and "Heartopia"[20]. - The average monthly active users (MAU) of the TapTap China app grew by 23.0% year-over-year, reaching 44.0 million[20]. - The TapTap platform's revenue increased by 21.6% to RMB 1,578.0 million, correlating with a 23.0% increase in average monthly active users to 44.0 million[35]. - The TapTap international version app's average MAU decreased by 13.0% year-over-year to 5.0 million, primarily due to a significant drop in users from India and reduced overseas marketing expenditures[29]. AI and Technology Integration - TapTap successfully promoted games using AI recommendation technology, enhancing user acquisition and promotion efficiency[12]. - The company plans to launch a PC version of TapTap, maintaining a no-revenue-sharing model, allowing developers to retain 100% of their income[15]. - TapTap has integrated AI tools into daily operations and is exploring new business development directions leveraging AI and machine learning[20]. - The company has completed the filing for its generative AI service, TapSight, and added AI Q&A and DeepSeek search functionalities to TapTap[20]. - The company is optimistic about the future of AI technology in game development, anticipating significant reductions in development costs[16]. Corporate Governance and Management - The company has a strong governance structure with independent non-executive directors possessing extensive industry experience[67][68][69][70]. - The board consists of three executive directors, one non-executive director, and three independent non-executive directors, ensuring strong independence[78]. - The company aims to maintain at least 10% female representation on the board and is committed to improving gender diversity in senior management roles[84]. - The board has a diversity policy that considers various factors such as professional experience, skills, and educational background for appointments[83]. - The company has adopted a corporate governance code and has complied with all applicable provisions as of December 31, 2024[73]. Employee and Workplace Policies - The company has a zero-tolerance policy towards workplace harassment and discrimination, ensuring fair opportunities for all employees[193]. - The employee compensation system includes base salary, allowances, performance bonuses, year-end bonuses, and stock options to maintain market competitiveness[199]. - The company provides social insurance benefits, including pension, medical, maternity, work injury, unemployment insurance, and housing fund, along with various subsidies[199]. - The company emphasizes the urgency of preventing accidents and has taken proactive measures to enhance workplace safety[200]. - The overall employee turnover rate for 2024 is 20.86%, with male turnover at 21.32% and female turnover at 19.77%[198]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to reviewing and monitoring its policies and practices regarding significant ESG matters to ensure compliance with legal and regulatory requirements[98]. - The board of directors is responsible for overseeing ESG matters and has established a five-tier governance structure to manage these issues effectively[144]. - The company has set environmental goals and is continuously assessing and managing ESG issues, with plans to establish quantitative targets and benchmarks[144]. - The company promotes community harmony and public welfare through various activities, including volunteer work and social participation[151]. - The company has established a charity organization named "Heartfelt" to support community activities, donating a total of 1,841.79 yuan to "Baby Home" this year[190]. Intellectual Property and Innovation - The company has seen a 400% year-on-year increase in overseas intellectual property applications and a 340% increase in domestic applications, reflecting a significant expansion in its IP protection efforts[167]. - The number of invention patent authorizations has increased by 200% year-on-year, while design patent authorizations have risen by 150%, indicating a strong focus on innovation[167]. - The total number of intellectual property rights held by the company is 2,448, including 1,557 trademarks, 25 patents, and 247 software copyrights[169]. - The company has established a clear process for intellectual property registration, providing employees with incentives for innovation and patent applications[167]. Customer Engagement and Satisfaction - The group received a total of 26 complaints this year, achieving a complaint response rate and handling rate of 100%, with a player satisfaction rate of 99.92%[181]. - The group has established multiple communication channels, including a 24-hour customer service system and self-developed tools like Tapdesk, enhancing user satisfaction and problem resolution rates[179]. - The group evaluated 382 suppliers this year, ensuring compliance with anti-bribery clauses and promoting sustainable practices in procurement[184].

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4月28日 | 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 | 5,000 | 0.001 % | 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4月28日發行普通股 | | | | | | | 變動日期 2025年4月28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 | 800 | 0.0002 % | HKD | 21.64 | | | 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 | | | | ...

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4月25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 ...

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4月23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 ...

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4月22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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11] Core Views - The company is expected to benefit from the "game + platform" flywheel effect, driving long-term growth [3] - The issuance of stock options to core management and employees strengthens interest alignment and supports strategic goals [3] - The company maintains its profit forecasts for 2025-2027, with expected net profits of 1.286 billion, 1.592 billion, and 1.757 billion respectively [3] Financial Summary and Valuation Metrics - Revenue projections are as follows: 3,389 million in 2023, 5,012 million in 2024, 6,148 million in 2025, 7,205 million in 2026, and 7,806 million in 2027, with year-over-year growth rates of 47.9% in 2024 and 22.7% in 2025 [7] - The net profit is projected to turn positive in 2024, reaching 812 million, and continuing to grow to 1.286 billion in 2025 [7] - The company’s gross margin is expected to improve from 61.0% in 2023 to 71.9% in 2027, indicating strong operational efficiency [7] - The expected EPS for 2025 is 2.6, with a corresponding P/E ratio of 11.3 [7] Game Performance and Growth Drivers - The game "Heart Town" has maintained a position in the top 100 of the iOS bestseller list since 2025, with an international version expected to launch in the second half of 2025 [4] - The game "Ragnarok RO: Beginner's Server" has shown strong performance in Southeast Asia and is expected to boost the revenue of the older game "Ragnarok RO" [4] - Upcoming game releases, including "Iser" and "RO2," are anticipated to further drive growth in the gaming segment [4] TapTap Platform Development - The development of the TapTap PC version is underway, which is expected to expand the user base and enhance monetization opportunities [5] - The platform currently features games from major developers, indicating a strong content offering that can attract more users [5]

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4月17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 2 頁 共 6 頁 v 1.3.0 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 ...

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. 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） 承授人姓名 於本公司所擔任的職位 股權數目 授出購股權 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4月16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152,046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4月16日 | | --- | --- | | 授出購股權數目： | 152,046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30.73港 ...