Group 1 - The company, Heart Company (02400), announced the issuance of a total of 309,300 ordinary shares due to eligible participants exercising stock options under the stock option plan adopted on June 25, 2021 [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9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 | | | | | | | | 事件 | | | 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 | | | | 已發行股份（不包括庫存股份）數 目 | 佔有關事 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02400 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 493,283,769 | | | 0 | | 493,283,769 | | 增加 / 減少 (-) | | | | 0 | | | | | | 本月底結存 | | | 493,283,769 | | | 0 | | 493,283,769 | 第 2 頁 共 10 頁 v 1.1.1 | 截至月份: | 2025年8月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所 ...

2025 年 9 月 1 日 公司研究 TapTap 商业化效率提升，关注《伊瑟》国服表现 ——心动公司（2400.HK）25H1 业绩点评 要点 事件：25H1 公司实现收入 30.82 亿元人民币（yoy+38.8%），增长主要系游戏 及 TapTap 双轮驱动；实现毛利润 22.53 亿元，同比增长 50.5%，对应毛利率 为 73.1%，主要由于《仙境传说 M：初心服》在海外市场表现强劲，按净额法 入账的游戏收入占游戏运营收入的比重同比提升 9.3pct 至 13.9%，导致游戏业 务毛利率同比提升 8.1pct 至 68.0%，TapTap 业务毛利率同比提升 1.1pct 至 83.6%；实现归母净利润 7.55 亿元，同比增长 268.0%，对应净利率 24.5%。 《仙境传说 M：初心服》带动游戏收入超预期，关注《伊瑟》国服上线表现。 25H1 游戏业务收入 20.71 亿元（yoy+39.4%），其中游戏运营收入 20.45 亿元： 1、网络游戏收入 19.82 亿元（yoy+39.0%），主要来自自研游戏《仙境传说 M： 初心服》《心动小镇》《火炬之光：无限》的收入增加；网络游戏的平均 M ...

（原标题：中金：维持心动公司(02400)跑赢行业评级 上调目标价至93.7港元） 智通财经APP获悉，中金发布研报称，维持心动公司(02400)归母净利润预测25/26年16.5/19.5亿元。当 前股价对应21/18倍25/26年P/E。维持跑赢行业评级，因TapTap变现能力及未来布局具备估值溢价，上调 目标价14%至93.7港元，对应25/21倍25/26年P/E，上行空间16%。 该行认为正向经营杠杆下收入增长带动利润率提升，整体盈利能力强。社区生态升级，用户活跃度提 升。公司表示MAU虽基本同比持平(中国版4,362.5万人，同增1%)，但用户活跃度有所提升(CEO8月初 公开分享表示过去12个月平台DAU提升11%)。从社区生态层面，公司1H25推动更多游戏接入TapSDK 与生态服务以实现数据互通，将用户数据反哺社区推动产出差异化内容，使社区生态进一步升级。 算法技术升级，商业变现加深 公司表示通过升级广告系统基础模型，提升广告效果，推动Tap收入同增38%至10.1亿元。从行业角度 看，该行认为Tap在游戏买量平台中具备稀缺性，有望通过持续内化升级及外在供给丰富而获得更多市 场份额。 延展方 ...

中金发布研报称，维持心动公司(02400)归母净利润预测25/26年16.5/19.5亿元。当前股价对应21/18倍 25/26年P/E。维持跑赢行业评级，因TapTap变现能力及未来布局具备估值溢价，上调目标价14%至93.7 港元，对应25/21倍25/26年P/E，上行空间16%。 中金主要观点如下： 业绩整体符合盈喜及该行预期 该行认为正向经营杠杆下收入增长带动利润率提升，整体盈利能力强。社区生态升级，用户活跃度提 升。公司表示MAU虽基本同比持平(中国版4,362.5万人，同增1%)，但用户活跃度有所提升(CEO8月初 公开分享表示过去12个月平台DAU提升11%)。从社区生态层面，公司1H25推动更多游戏接入TapSDK 与生态服务以实现数据互通，将用户数据反哺社区推动产出差异化内容，使社区生态进一步升级。 算法技术升级，商业变现加深 公司表示通过升级广告系统基础模型，提升广告效果，推动Tap收入同增38%至10.1亿元。从行业角度 看，该行认为Tap在游戏买量平台中具备稀缺性，有望通过持续内化升级及外在供给丰富而获得更多市 场份额。 延展方向：公司于今年4/7月分别发布TapTapPC版/Tap ...

Core Viewpoint - The company has demonstrated significant growth in its mid-2025 performance, with substantial increases in revenue, net profit, and gross profit, continuing the upward trend established after returning to profitability in 2024 [1][5]. Financial Performance - The company reported total revenue of 3.08 billion RMB for the first half of 2025, a year-on-year increase of 38.8% [7]. - Gross profit reached 2.25 billion RMB, reflecting a 50.5% increase compared to the previous year, with a gross margin improvement from 67.4% to 73.1% [6][7]. - Net profit for the period surged by 223.5% to 810.6 million RMB, with adjusted net profit increasing by 205.9% [7][8]. - The company maintained effective cost control, with sales expenses growing at 7%, significantly lower than revenue growth, while general and administrative expenses decreased by 8.9% [7][8]. Market Position and Strategy - The gaming business generated 2.07 billion RMB in revenue, with a 39.4% year-on-year growth, outperforming the overall Chinese gaming market growth of 14.08% [12]. - The average monthly active users and monthly paying users increased by 19.7% and 21.1%, respectively, indicating the effectiveness of the company's premiumization strategy [12][13]. - Key revenue drivers included successful titles such as "Ragnarok M: Beginners' Server," "Heart Town," and "Torchlight: Infinite," which contributed to a diversified product matrix [12][14][15]. Cash Flow and Capital Structure - The company generated a net cash flow of 638 million RMB from operating activities, alongside 3.18 billion RMB in cash and short-term investments, providing a solid financial foundation for future strategic initiatives [9][10]. Ecosystem Development - The TapTap platform achieved a 37.6% year-on-year revenue growth, reaching 1.01 billion RMB, showcasing the effectiveness of its community-driven model [18]. - The platform's strategic evolution includes the launch of a PC version and a mini-game platform, positioning it as a comprehensive ecosystem for game distribution and user engagement [18][19][23]. Investment Outlook - The company's improving fundamentals and positive market sentiment have led to increased institutional investment in the gaming sector, with significant allocations observed in the media sub-sector [24][25]. - The combination of policy support, consumer recovery, and ongoing game releases positions the company for accelerated value realization, making it an attractive investment opportunity [25].

Core Insights - The company's 1H25 performance aligns with expectations, showing significant revenue and profit growth, with a 39% increase in revenue to 3.08 billion yuan and a 223.5% increase in profit to 811 million yuan [1] Group 1: Financial Performance - The company's revenue for 1H25 increased by 39% to 3.08 billion yuan, meeting the forecast of at least 3.05 billion yuan [1] - Net profit attributable to shareholders rose by 268% to 755 million yuan, with adjusted net profit increasing by 235% to 796 million yuan [1] - The overall performance is consistent with the company's profit warning and analyst expectations [1] Group 2: Game Development and Trends - Game revenue for 1H25 increased by 39% to 2.07 billion yuan, driven by strong performances from titles like "Ragnarok M: Origin" and "Heart Town" [1] - Future growth is anticipated from existing games, particularly with the commercialization acceleration of "Heart Town" and the overseas launch of "Ragnarok M: Origin" [1] - New game launches to watch include "Iser," set to launch on September 25, and "Ragnarok RO: Guardians of Eternal Love," which is scheduled for testing by the end of the year [1] Group 3: TapTap Platform and User Engagement - The TapTap platform has shown a stable monthly active user count of 43.625 million, with a 1% year-on-year increase, while daily active users have increased by 11% over the past year [2] - The company is enhancing its community ecosystem by integrating more games with TapSDK, which allows for data sharing and the creation of differentiated content [2] - Revenue from Tap increased by 38% to 1.01 billion yuan, attributed to improvements in the advertising system and market positioning as a unique player in the game acquisition platform [2] Group 4: Future Outlook and Valuation - The company maintains net profit forecasts of 1.65 billion yuan and 1.95 billion yuan for 2025 and 2026, respectively [3] - The current stock price corresponds to 21 and 18 times the P/E ratio for 2025 and 2026, with a target price increase of 14% to 93.7 HKD, indicating a potential upside of 16% [3]

Core Viewpoint - The company has shown significant growth in its mid-year performance, driven by new game releases and improvements in user engagement on the TapTap platform, leading to an optimistic outlook for future growth [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 3.082 billion yuan, a year-on-year increase of 39% [1]. - Adjusted profit reached 853 million yuan, up 206% year-on-year, while net profit attributable to shareholders was 755 million yuan, reflecting a 268% increase [1]. - The gross margin improved by 6 percentage points to 73%, primarily due to the increased share of net revenue from the overseas version of "初心服" [1]. Group 2: Game Performance and Growth Drivers - Game revenue for H1 2025 was 2.1 billion yuan, also up 39% year-on-year, with a gross margin of 68% [1]. - The average monthly active users for online games reached 11.41 million, a 20% increase year-on-year, while average monthly paying users grew by 21% to 1.32 million [1]. - The game "心动小镇" has maintained player interest through content updates, ranking significantly in iOS sales charts [1]. Group 3: Future Growth Potential - The company is expected to leverage long-term operations to create more enduring games, with plans for the international launch of "伊瑟" and the upcoming release of "仙境传说RO：守护永恒的爱2" [2]. - TapTap's revenue for H1 2025 was 1.01 billion yuan, a 38% increase year-on-year, with a gross margin of 84% [2]. - The introduction of AI game recommendation tools and the expansion into PC and mini-games are anticipated to sustain high revenue growth for TapTap [2].

传媒/游戏Ⅱ 心动公司（02400.HK） 2025 年 08 月 31 日 投资评级：买入（维持） | 日期 | 2025/8/29 | | --- | --- | | 当前股价(港元) | 80.800 | | 一年最高最低(港元) | 81.700/17.700 | | 总市值(亿港元) | 398.57 | | 流通市值(亿港元) | 398.57 | | 总股本(亿股) | 4.93 | | 流通港股(亿股) | 4.93 | | 近 3 个月换手率(%) | 51.91 | 中报业绩大增，看好新游/TapTap 继续打开成长空间 ——港股公司信息更新报告 方光照（分析师） fangguangzhao@kysec.cn 股价走势图 数据来源：聚源 -100% 0% 100% 200% 300% 400% 2024-09 2025-01 2025-05 心动公司 恒生指数 相关研究报告 《2025H1 业绩超预期，看好新游及 Taptap 成长性—港股公司信息更新报 告》-2025.8.5 《《伊瑟》国服及《守爱 2》首测定档， 驱动长期成长—港股公司信息更新报 告》-2025.7.10 《授出购股权 ...