Macro Strategy - The March PMI data indicates three characteristics of economic recovery: the pre-positioning of work due to the Spring Festival, better recovery of manufacturing demand compared to supply, and weak consumer service consumption [1][30]. - The manufacturing PMI for March is 50.5%, showing a slight increase of 0.3 percentage points from the previous month, while the service PMI is at 50.3%, also up by 0.3 percentage points [1][30]. - The new order index for manufacturing increased by 0.7 points to 51.8%, indicating stronger demand recovery compared to supply [1][30]. Industry Insights - The report highlights the need for macro policies to be adjusted in response to potential economic pressures in the second quarter, particularly in exports and real estate [1][30]. - The construction industry PMI rose to 53.4%, reflecting seasonal recovery, but remains at a historically low level for this time of year [1][30]. - The report emphasizes the importance of monitoring the impact of tariff increases on exports and the ongoing trends in the real estate market [1][30]. Company Analysis - The report provides insights into various companies, including their performance forecasts and investment ratings, such as the significant growth in sales for Lao Pu Gold and the strategic partnerships for Jianghuai Automobile [9][15]. - Companies like Yubiquitous and Geli Pharmaceutical are noted for their innovative product developments and market potential, with investment ratings maintained at "buy" [11][12]. - Shanghai Pharmaceuticals reported a revenue of 275.25 billion yuan, reflecting a 5.75% year-on-year increase, with a net profit of 4.553 billion yuan, up 20.82% [14]. Financial Performance - The report indicates that the overall financial performance of companies is under scrutiny, with adjustments made to profit forecasts for several firms based on market conditions and operational challenges [15][19]. - Companies such as China Communications Construction Company and Orient Securities are highlighted for their revenue growth and strategic adjustments in response to market dynamics [22][23]. - The report also notes the importance of cash flow management and cost control in maintaining profitability amid fluctuating market conditions [22][24].

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 | | | | | | | | | | | | 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 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 50.12 billion yuan in 2024, a year-on-year increase of 47.89%, and a net profit of 8.12 billion yuan, marking a turnaround from a loss in 2023 [8] - The company announced its first annual dividend of 0.4 HKD per share, indicating a positive outlook on profitability [8] - The self-developed games have significantly improved gross margins, with a gross margin of 62.56% in 2024, up 15.89 percentage points year-on-year [8] - The TapTap platform showed a notable increase in monthly active users (MAU), reaching 44.05 million in China, a year-on-year growth of 23.03% [8] - The company has effectively controlled costs, leading to a significant increase in net profit margin to 16.19%, up 18.64 percentage points year-on-year [8] Financial Summary - Total revenue is projected to grow from 50.12 billion yuan in 2024 to 55.28 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 3.17% [1] - Net profit is expected to increase from 8.12 billion yuan in 2024 to 11.61 billion yuan in 2027, reflecting a CAGR of about 8.54% [1] - The earnings per share (EPS) is forecasted to rise from 1.65 yuan in 2024 to 2.36 yuan in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 18.26 in 2024 to 12.76 in 2027, indicating improving valuation metrics [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 50.12 billion yuan in 2024, a year-on-year increase of 47.89%, and a net profit of 8.12 billion yuan, marking a turnaround from a loss of 0.83 billion yuan in 2023. The company also announced a final dividend of 0.4 HKD per share [8] - The self-developed games have significantly improved gross margins, with a notable revenue contribution from titles like "Start Your Muffin" and "Lily of the Valley." The upcoming game "Heart Town" is expected to continue this trend [8] - TapTap's monthly active users (MAU) reached 44.05 million in China, a year-on-year increase of 23.03%, while international MAU was 503,000, a decrease of 13.02%. The growth in domestic MAU is attributed to a rich supply of new games and effective marketing strategies [8] - The company has demonstrated effective cost control, with an overall gross margin of 69.40% in 2024, up 8.37 percentage points year-on-year. The net profit margin also saw a significant increase to 16.19% [8] - The report projects net profits for 2025-2027 to be 9.80 billion, 10.69 billion, and 11.61 billion yuan respectively, with corresponding P/E ratios of 15, 14, and 13 times [8] Financial Summary - Total revenue for 2023 was 3.39 billion yuan, with projections of 5.01 billion yuan for 2024, reflecting a growth rate of 47.89% [1] - The company’s net profit for 2024 is projected at 811.53 million yuan, with a year-on-year growth of 20.74% for 2025 [1] - The earnings per share (EPS) is expected to rise from 1.65 yuan in 2024 to 2.36 yuan by 2027 [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3月31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 | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | ...

Core Viewpoint - The company has entered a sustainable profitability phase, achieving record revenue and a significant turnaround in net profit amidst a global gaming industry adjustment [2][4]. Financial Performance - The company's total revenue for the year reached 5.01 billion RMB, a year-on-year increase of 47.9%, marking a record high since its listing [3]. - The net profit turned positive at 890 million RMB, compared to a loss of 65 million RMB in the previous year [3]. - Gross profit increased by 68.2% to 3.48 billion RMB, with an overall gross margin improvement to 69.4%, up 7.7 percentage points from the previous year [3]. Business Structure Optimization - Self-developed games contributed 3.43 billion RMB in revenue, a 64.2% increase year-on-year, with titles like "Start Up Muffin," "Sword of Lily," and "Heart Town" driving performance [4]. - The TapTap platform generated 1.58 billion RMB in revenue, a 21.6% increase, maintaining a high gross margin of 84% [4]. Operational Efficiency - The company achieved a 9.5% reduction in R&D expenses to 920 million RMB, while the R&D team size decreased from 1,031 to 993 [4]. - The company redeemed 1.596 billion USD in convertible bonds, reducing the debt-to-equity ratio from 57.6% to 30.8% [4]. - Operating cash flow turned positive, with cash and cash equivalents reaching 2.78 billion RMB, contributing to a total liquidity asset of 2.91 billion RMB [4]. Shareholder Returns - The board proposed a final dividend of 0.4 HKD per share, marking the company's first dividend distribution in five years, reflecting a commitment to shareholder returns and confidence in future profitability [4]. Game Development Strategy - The company is diversifying its game portfolio through the renewal of classic IPs and new game reserves, reducing reliance on single hits and forming a "long-lasting game" strategy [6]. - The average monthly active users for network games increased by 14.5% to 14.25 million, while average monthly paying users grew by 23.1% to 1.61 million [6]. Upcoming Titles and Pipeline - The company has two network games in development, likely "Iser: Reboot Day" and "Ragnarok RO: Guardian of Eternal Love 2," targeting the strategy card and MMORPG markets [9]. - The company is expanding its presence in the buyout game sector, with titles like "The Legend of the Hero" and upcoming releases enhancing platform diversity and player engagement [9]. TapTap Platform Evolution - The TapTap platform is evolving from a gaming community to a comprehensive distribution platform, with monthly active users increasing by 23% to 44.05 million [12]. - Exclusive content and developer ecosystem initiatives have driven user growth, while traditional channel limitations are being overcome through integrated resource promotion [12][14]. Industry Trends and Growth Drivers - The gaming industry is experiencing a structural upgrade, with the domestic market projected to grow by 7.53% to approximately 325.78 billion RMB [19]. - The overseas revenue for self-developed games reached a record high of 18.557 billion USD, reflecting a 13.39% year-on-year increase, validating the company's global strategy [20]. - The application of AI technology in game development is expected to enhance operational efficiency and create additional value [21].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The company achieved a revenue of 5.012 billion yuan in 2024, representing a year-on-year increase of 48%, and a net profit of 812 million yuan, recovering from a loss of 83 million yuan in 2023. The growth is primarily driven by the strong performance of self-developed games and the user growth of TapTap [5][9] - The gaming business revenue reached 3.434 billion yuan in 2024, up 64% year-on-year, with a gross margin of 63%, an increase of 16 percentage points. TapTap generated revenue of 1.578 billion yuan, a 21.6% increase year-on-year, maintaining a stable gross margin of 84% [5][9] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 1.286 billion yuan, 1.592 billion yuan, and 1.757 billion yuan respectively, with corresponding EPS of 2.6 yuan, 3.2 yuan, and 3.6 yuan [5][9] Game Development and Growth - The top five games contributing to revenue in 2024 were "Let's Go Muffin," "Sausage Party," "Lily of the Valley," "Torchlight," and "Ragnarok M." The game "Heart Town," launched in July 2024, is expected to significantly contribute to revenue in 2025 [6] - The company has a pipeline of games, including "Iser," expected to launch in the second half of 2025, and "RO2," anticipated for 2026, which will continue to drive growth in the gaming business [6] TapTap Platform Performance - TapTap's monthly active users (MAU) reached 44.05 million in 2024, a 23% year-on-year increase. The growth is attributed to the launch of popular new games and exclusive partnerships [7] - The platform's revenue is expected to continue growing due to its zero-commission advantage and increasing user base, with potential for higher advertising prices and loading rates [7] Financial Summary and Valuation Metrics - The company's financial metrics for 2023A to 2027E show a significant recovery and growth trajectory, with revenues projected to reach 6.148 billion yuan in 2025 and 7.205 billion yuan in 2026 [9] - The net profit margin is expected to improve, with net profit margins of 20.9%, 22.1%, and 22.5% for 2025, 2026, and 2027 respectively [9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 42.89 HKD [7][12]. Core Insights - The company's 2024 annual report shows revenue of 5.012 billion RMB, a year-on-year increase of 47.9%, and a net profit of 890 million RMB, marking a turnaround from losses [1][6]. - The growth in 2024 is primarily driven by a 64.2% increase in gaming revenue, supported by self-developed games such as "Let's Go Muffin," "Heart Town," and "Lily of the Valley" [1][2]. - The company has improved its gross margin by 8.4 percentage points to 69.4%, with the gaming segment's gross margin rising by 15.9 percentage points to 62.6% [1][2]. - The company plans to distribute dividends for the first time, proposing a dividend of 0.4 HKD per share [1]. Revenue and Profit Forecast - The company is expected to achieve a net profit of 1.021 billion RMB in 2025, with projections of 10.2 billion RMB and 12.1 billion RMB for 2025 and 2026, respectively [4][20]. - The gaming business is projected to generate revenues of 3.5 billion RMB in 2025 and 3.6 billion RMB in 2026, with a gross margin of 62% [12][20]. Taptap Platform Performance - The Taptap platform's average monthly active users (MAU) in 2024 are expected to reach 44.05 million, a 23% year-on-year increase, with projected revenue of 1.58 billion RMB, up 21.6% [3][4]. - The platform's gross margin is anticipated to slightly increase to 84.3% in 2024, supported by marketing activities and new game releases [3][4]. Valuation Metrics - The report employs a Sum-of-the-Parts (SOTP) valuation method, assigning a 5.5x price-to-sales (PS) multiple for the Taptap platform and a 17.4x price-to-earnings (PE) multiple for the gaming business [4][12]. - The target market capitalization is estimated at 19.585 billion RMB, translating to a target price of 42.89 HKD per share [12][14].

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） 關於建議修訂本公司組織章程大綱及細則的公告 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13.51(1) 條作出。 心动有限公司（「本公司」）的董事會（「董事會」）建議對本公司現有的組織章程 大綱及細則（「現有組織章程大綱及細則」）作出若干修訂（「建議修訂」），內容 主要有關(i)准許上市發行人的股東大會以混合或電子會議形式召開及舉行的上 市規則條文修訂；及(ii)採納本公司第四次經修訂及重述的組織章程大綱及細 則（當中包含及併入建議修訂）（「經修訂及重述的組織章程大綱及細則」）。有 關建議修訂的詳情，請參閱本公告的附錄。 建議修訂以及採納經修訂及重述的組織章程大綱及細則，須經本公司股東在 即將舉行的股東週年大會上以特別決議案批准。本公司將在適當的時候向本 公司股東發送一份通函，其中載有關於建議修訂 ...

Group 1 - The company reported a revenue of RMB 5.012 billion for the year ending December 31, 2024, representing a year-on-year growth of 47.9% [1] - Shareholders' profit attributable to the company was RMB 812 million, marking a turnaround from loss to profit [1] - The basic earnings per share were RMB 1.71, and the company proposed a final dividend of HKD 0.4 per share [1] Group 2 - The company's business and personnel structure became stable in 2024, with successful launches of self-developed games in multiple global markets [2] - New self-developed games, including "GoGo Muffin," "Sword of Convallaria," and "Heartopia," contributed to a 64.2% year-on-year increase in gaming business revenue [2] - The average monthly active users (MAU) of the TapTap China app grew by 23.0% year-on-year, reaching 44 million [2] - The collaboration between "Heartopia" and TapTap significantly increased new user acquisition and brand recognition for TapTap [2] - The company completed the filing for its generative AI service TapSight and integrated AI Q&A and DeepSeek search functionalities into TapTap [2] - The company is committed to incorporating AI and machine learning tools into daily operations and exploring new business development directions [2] - The long-term vision of the company is to continuously provide high-quality games for global players and support developers in creating and distributing games more conveniently [2]