EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，董事會由執行董事黃一孟先生、戴雲傑先生及樊舒暘先生；非執行董事吳萌先生；及獨立非執行董事裴大鵬先生、 辛全東先生及劉千里女士組成。 EF001 免責聲明 | 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 | | | --- | --- | | 公告全部或任何部份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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 心动有限公司 | | 股份代號 | 02400 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2024年12月31日止年度之末期股息 | | | 公告日期 | 2025年3月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2024年12月31日 | | ...

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 5,012,107 thousand, a 47.9% increase from RMB 3,389,144 thousand in 2023[5] - Gross profit for the same period was RMB 3,478,530 thousand, reflecting a 68.2% increase from RMB 2,068,370 thousand in 2023[5] - The company reported a net profit of RMB 890,491 thousand, compared to a net loss of RMB 65,362 thousand in 2023[5] - The operating profit for the year ended December 31, 2024, was RMB 914,789 thousand, compared to an operating loss of RMB 5,222 thousand in 2023[52] - The adjusted EBITDA for the year was RMB 1,056.4 million, compared to RMB 158.4 million in the previous year[39] - The company reported basic earnings per share of RMB 1.71 for the year ended December 31, 2024, compared to a loss per share of RMB 0.18 in 2023[53] - The company reported a net profit attributable to equity holders of RMB 811,530 thousand for 2024, a turnaround from a loss of RMB 83,039 thousand in 2023[87] User Engagement - Average monthly active users (MAU) for online games increased by 14.5% to 14,247 thousand, while average monthly paying users (MPU) rose by 23.1% to 1,609 thousand[6][11] - The TapTap China version app's average MAU grew by 23.0% to 44,046 thousand, contributing to user growth and brand recognition[8] - The average monthly active users (MAU) of the TapTap China app reached 44.0 million, a year-on-year increase of 23.0%, attributed to the launch of popular mobile games and enhanced marketing activities [17] - The average MAU for the TapTap international version decreased by 13.0% year-on-year to 5.0 million, mainly due to a significant drop in users from India and reduced overseas marketing expenditures [18] Game Development and Revenue - New self-developed games, including "GoGo Muffin," "Sword of Convallaria," and "Heartopia," drove a 64.2% increase in game business revenue year-on-year[8] - As of December 31, 2024, the company's game business revenue increased by 64.2% year-on-year to RMB 3,434.1 million, driven by new game launches such as "GoGo Muffin," "Sword of Convallaria," and "Heartopia" [20] - The existing game portfolio includes 21 online games and 35 paid games as of December 31, 2024[10] - The revenue from paid games decreased by 8.2% year-on-year to RMB 110.7 million, primarily due to a decline in existing paid game revenues [20] - The company's game operation revenue, recognized on a gross basis, increased by 72.4% year-on-year to RMB 3,280.1 million [22] - Game operation revenue in mainland China increased to RMB 2,134,300 thousand in 2024, up from RMB 1,394,503 thousand in 2023, reflecting a growth of about 53%[72] Expenses and Costs - The cost of revenue increased by 16.1% year-on-year to RMB 1,534 million, with the gaming segment accounting for RMB 1,285.9 million of this cost [25] - Sales and marketing expenses increased by 61.5% year-on-year to RMB 1,397.3 million, primarily due to promotional costs for newly launched games[32] - Research and development expenses decreased by 9.5% year-on-year to RMB 919.4 million, attributed to a reduction in share-based payments[33] - General and administrative expenses rose by 18.8% year-on-year to RMB 266.9 million, mainly due to performance-based bonuses and share-based payments[34] - The total cost of revenue for the year was RMB 1,320,774 thousand, with a significant portion attributed to online marketing services at RMB 205,227 thousand[69] Corporate Governance and Compliance - The company is committed to high standards of corporate governance, having complied with all applicable code provisions except for the separation of the roles of Chairman and CEO[114] - The company plans to review the effectiveness of its corporate governance structure to assess the necessity of separating the roles of Chairman and CEO[115] - The audit committee, consisting of three members, has reviewed the audited consolidated financial statements for the fiscal year ending December 31, 2024, ensuring compliance with applicable accounting principles and full disclosure[117] - The auditor has verified that the financial figures in the announcement align with the audited consolidated financial statements for the fiscal year ending December 31, 2024, although no assurance opinion was provided[118] Future Plans and Investments - The company plans to continue integrating AI and machine learning tools into daily operations and explore new business development directions[8] - The company is focusing on optimizing its product layout and expanding its offerings with anticipated high-quality mobile games in 2025 [15] - The company plans to continue expanding its market presence, particularly in Southeast Asia, Hong Kong, Macau, Taiwan, North America, Japan, and South Korea, as indicated by the revenue growth from these regions[72] - The company has no plans for significant future investments or capital asset acquisitions as of December 31, 2024[49] Financial Position - The company's debt-to-asset ratio improved to 30.8% as of December 31, 2024, down from 57.6% in 2023[45] - The total assets of the company were RMB 3,923,201 thousand, down from RMB 4,409,442 thousand in 2023[55] - The total liabilities decreased significantly from RMB 2,540,691 thousand in 2023 to RMB 1,208,582 thousand in 2024, indicating a reduction of about 52%[56] - The total equity attributable to the company's equity holders increased to RMB 2,513,819 thousand in 2024, up from RMB 1,709,173 thousand in 2023, reflecting a growth of approximately 47%[56] Employee and Shareholder Information - The company had 724 employees engaged in game development as of December 31, 2024, a decrease of 22 from the previous year, reflecting a focus on cost reduction and efficiency [14] - As of December 31, 2024, the company had 1,400 employees, a decrease of approximately 3.6% from 1,452 employees as of December 31, 2023[108] - Employee benefits expenses for the year ending December 31, 2024, were approximately RMB 1,195.9 million, an increase of about 1.5% from RMB 1,178.5 million for the previous year[108] - A final dividend of HKD 0.4 per share has been proposed for the year ended December 31, 2024[9] - The company did not declare or pay any dividends for the years ended December 31, 2023, and 2024, but proposed a final dividend of HKD 0.4 per share for the year ended December 31, 2024, subject to shareholder approval[102]

政策转向，游戏行业的上市潮要来了吗？ 2024年年末，中国内地资本市场冲来了一轮炒股热潮。国庆假期后的第一个交易日，沪深两市开盘仅20 分钟成交额就突破万亿元，刷新了此前的记录。触乐曾以此为契机，报道过A股游戏公司近几年的动 向。 要知道，这些游戏公司出现在A股市场，本身就有一段极为曲折的历史。近10年里，内地游戏公司想要 上市，往往会面临来自舆论、监管等多方面的压力。直到2025年，监管部门出台了新的文化产业支持政 策，才为游戏公司重新打开了上市的大门。 可以说，这是场"姗姗来迟的IPO盛宴"。它对游戏厂商意味着什么？有哪些厂商可能会回归或者登陆A 股？这又会对行业产生怎样的影响？这篇文章讨论的就是这个。 曲折 游戏公司在国内上市，一直是条充满波折的路。 2010年，深圳中青宝互动网络公司（中青宝）登陆A股，成为首家国内上市游戏公司。此后几年，一批 游戏公司尝试通过创业板或主板IPO融资。掌趣科技、电魂网络等在2012—2016年间相继上市，让市场 对游戏板块充满期待。 但好景不长，2016年，监管部门收紧了对游戏等娱乐类公司的上市审核。2016年6月，吉比特公司IPO 过会，成为最后⼀家成功登陆A股的游戏 ...

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） 董事會會議通告 心动有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議將於2025年 3月28日（星期五）舉行，藉以（其中包括）考慮及批准本公司及其附屬公司截至 2024年12月31日止年度業績及其發佈，並考慮建議派發末期股息（如有）。 承董事會命 心动有限公司 主席兼首席執行官 黃一孟 於本公告日期，董事會由執行董事黃一孟先生、戴雲傑先生及樊舒暘先生；非執行董事吳萌 先生；及獨立非執行董事裴大鵬先生、辛全東先生及劉千里女士組成。 中國上海，2025年3月18日 ...

Investment Rating - The report maintains a "Positive" investment rating for the media internet industry [4] Core Insights - The report emphasizes the potential of domestic open-source models to overcome computational and chip limitations, accelerating technological catch-up. Major internet companies are expected to undergo value reassessment in AI development, with a focus on companies like Tencent, Alibaba, Kuaishou, and Bilibili [4] - Tencent's AI products are rapidly iterating, with the launch of "Hunyuan Turbo S," which has doubled the articulation speed and reduced initial latency by 44%. This indicates a proactive shift in Tencent's AI business strategy [4] - The report highlights the importance of companies that embrace new technologies and possess data, user, and application advantages, suggesting a focus on companies like Kunlun Wanwei, Meitu, and others [5] Summary by Sections Industry Performance - The media sector ranked fifth among all industries with a 5.16% increase from March 3 to March 7, 2025 [10][14] AI Developments - The report discusses the launch of the AI Agent product Manus by the Monica.im team, which has achieved state-of-the-art performance in GAIA benchmark tests, surpassing similar models from OpenAI. Manus features autonomous planning and learning capabilities, indicating significant advancements in AI applications [6][23] Gaming Sector - The report suggests exploring the potential of AI in gaming, particularly in mobile internet games that have weaker commercialization. Companies like Tencent, NetEase, and others are recommended for their innovative approaches [7] Film and Television - The report notes that quality content like "Nezha: The Devil's Child" is expected to drive box office demand and suggests monitoring key film producers and cinema companies [7][39] - In the television sector, the report highlights the performance of popular series, with "Nan Hong" leading in viewership [44] Internet Companies - The report indicates that major internet companies like Tencent and Alibaba are showing resilience in their financial performance, with a focus on strategic adjustments in their organizational structures [8] Publishing and Media - The report advises monitoring state-owned publishing companies as they explore new business models and continue to push for industry consolidation [9] AI Investment Events - The report details ten AI investment events, with significant funding rounds, including a $2 billion investment in SSI, indicating strong market interest in AI and frontier technology [29][30]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve revenue of 49.6-50.4 billion yuan in 2024, representing a year-on-year growth of 46.3%-48.7%, and a net profit of 8.6-9.4 billion yuan, recovering from a net loss of 0.65 billion yuan in 2023, exceeding expectations [8] - The growth in revenue is driven by the successful launch of self-developed games and a rebound in TapTap's monthly active users (MAU), along with improved advertising conversion efficiency [8] - The company anticipates a significant increase in net profit in the second half of 2024, with estimates ranging from 6.09 to 6.89 billion yuan, reflecting a quarter-on-quarter growth of 143%-175% [8] - The report highlights the potential of the TapTap platform, which is expected to continue generating revenue growth through enhanced advertising capabilities and user engagement [8] Financial Summary - Total revenue for 2022 was 3.43 billion yuan, with a forecast of 5.00 billion yuan for 2024, indicating a growth rate of 47.65% [1] - The company reported a net profit of -0.55 billion yuan in 2022, with projections of 0.84 billion yuan for 2024, marking a significant turnaround [1] - The earnings per share (EPS) is expected to rise from -1.13 yuan in 2022 to 1.71 yuan in 2024 [1] - The price-to-earnings (P/E) ratio is projected to be 20.42 for 2024, decreasing to 15.99 by 2026 [1] Game Operations - The report expresses confidence in the ongoing success of self-developed games, particularly "出发吧麦芬" and "铃兰之剑," which are expected to contribute positively to revenue [8] - The company has a pipeline of new games that are anticipated to enhance performance, including "伊瑟重启日" and "仙境传说 RO：守护永恒的爱 2" [8] TapTap Platform - TapTap's advertising exposure is projected to increase by 43% year-on-year, capturing 10% of the gaming industry's advertising market [8] - The platform's value is expected to be further realized through continuous product adjustments and enhancements in user engagement [8]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 49.10 [8][9]. Core Insights - The company is expected to achieve revenue of approximately RMB 4.96 billion to RMB 5.04 billion in 2024, representing a year-on-year increase of about 46.3% to 48.7%, which aligns with previous expectations [1][13]. - The net profit is projected to be around RMB 860 million to RMB 940 million, significantly exceeding prior expectations of RMB 610 million, marking a turnaround from losses in 2023 [1][13]. - Key drivers for the performance include strong overseas sales of self-developed games, operational leverage from TapTap's revenue growth, and effective cost management [1][13]. Summary by Sections Game Performance - The game "Heart Town" focuses on high user engagement and monetization strategies, maintaining a stable ranking around the 10th position in early 2025 [2]. - "Start Muffin" has shown impressive performance in overseas markets, with an estimated global monthly revenue of approximately RMB 70.4 million in January 2025 [2]. TapTap Platform Growth - TapTap's monthly active users (MAU) reached 43.24 million in the first half of 2024, with expectations to exceed 60 million by 2025, driven by exclusive game releases and improved user retention [3]. - The platform is expected to benefit from potential changes in Apple's policies regarding app downloads through third-party stores, which could significantly increase traffic [3]. AI Integration and Advertising - TapTap is leveraging AI for advertising, utilizing user behavior data to enhance ad targeting and reduce design time for developers [4]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been revised upwards, with net profit estimates of RMB 900 million, RMB 1.02 billion, and RMB 1.21 billion, reflecting increases of 49.0%, 39.4%, and 44.7% respectively [5][14]. - The valuation for TapTap's business is set at a price-to-sales (PS) ratio of 6x, while the gaming business is valued at a price-to-earnings (PE) ratio of 18x, leading to a target price of HKD 49.10 [5][15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenues between 4.96 billion and 5.04 billion HKD, representing a year-on-year increase of 46.3% to 48.7%. The net profit is forecasted to be between 860 million and 940 million HKD, a turnaround from a loss of 65 million HKD in 2023. This growth is attributed to the strong performance of self-developed games and the continued growth of the TapTap platform [4][5][6] Financial Summary and Valuation Metrics - Revenue for 2024 is projected at 5,026 million HKD, with a year-on-year growth of 48.3%. The net profit is expected to be 872 million HKD, marking a significant recovery from previous losses [7] - The gross margin is anticipated to improve to 67.7% in 2024, with net margin turning positive at 17.4% [7] - Earnings per share (EPS) for 2024 is estimated at 1.8 HKD, with a price-to-earnings (P/E) ratio of 16.6 times [7] - The company’s projected net profits for 2024-2026 are 872 million, 1.286 billion, and 1.592 billion HKD respectively, with corresponding EPS of 1.8, 2.6, and 3.2 HKD [4][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenues between 4.96 billion and 5.04 billion HKD, representing a year-on-year increase of 46.3% to 48.7%. The net profit is anticipated to be between 860 million and 940 million HKD, a turnaround from a loss of 65 million HKD in 2023. This growth is driven by the strong performance of self-developed games and the continued success of the TapTap platform [4][5][6]. Financial Summary and Valuation Metrics - Revenue for 2024 is projected at 5,026 million HKD, with a year-on-year growth of 48.3%. The net profit is expected to be 872 million HKD, marking a significant recovery from previous losses [7]. - The gross margin is forecasted to improve to 67.7% in 2024, with net margin reaching 17.4% [7]. - Earnings per share (EPS) for 2024 is estimated at 1.8 HKD, with a price-to-earnings (P/E) ratio of 16.6 times [7]. - The company’s net profit forecasts for 2024-2026 are adjusted to 872 million, 1.286 billion, and 1.592 billion HKD respectively, with corresponding EPS of 1.8, 2.6, and 3.2 HKD [4][7].

（於開曼群島註冊成立的有限公司） （股份代號：2400） 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 – 1 – 截至本公告日期，本公司仍在落實本集團於2024財政年度的綜合業績。本公告 所載資料僅基於董事會經參考董事會目前可得資料及本集團2024財政年度的 未經審核管理賬目後所作出的初步評估，該等資料未經本公司獨立核數師及╱ 或本公司審核委員會審核或審閱，並可予調整。股東及潛在投資者務請細閱預 期將於2025年3月底之前刊發的本公司2024財政年度的業績公告。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 心动有限公司 正面盈利預告 本公告由心动有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香港 聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)條及香港法例第571 章證券及期貨條例第XIVA部項下之內幕消息條文（定義見上市規則）而作出。 本公司董事會（「董事會」）謹此知 ...