Company Updates - The game "Heart Town" achieved top rankings in multiple regions/countries on the iOS free game chart shortly after its overseas pre-download on January 7, with the official launch occurring on January 8 [1] - The game supports cross-platform play on Android, iOS, and PC, with user account synchronization [1] - Initial download performance exceeded expectations, with a focus on user retention and localized operational activities [1] - Since testing began in November 2025, the game has seen a significant increase in pre-registrations, surpassing one million before its launch [1] - As of January 8, the game ranked first in the iOS download charts across 16 countries/regions, including Japan, South Korea, the United States, and Singapore [1] Strategic Insights - The international version of "Heart Town" is a validation of the company's "evergreen games + globalization" strategy, highlighting its ability to rejuvenate IP and the long lifecycle value of high DAU categories [2] - Other growth points for the company in 2026 include: 1. "Torchlight," with expected revenue growth in the second half of 2025 and continued momentum into 2026 following the completion of IP acquisition [2] 2. TapTap platform, anticipated to achieve double-digit year-on-year growth in advertising revenue due to a rich supply in the gaming industry [2] 3. Continued expansion of ADN business [2] Shareholder Returns - The company announced a share buyback plan of HKD 400 million, set to expire on June 4, 2026, reflecting confidence in long-term growth and benefiting shareholder equity [2] Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025-2027 at RMB 1.43 billion, 1.69 billion, and 1.96 billion respectively [2] - Current price corresponds to 18x and 15x P/E for 2026 and 2027, respectively, with a target price of HKD 89.5, indicating a potential upside of 28% [2]

公司近况 中金发布研报称，维持心动公司(02400)跑赢行业评级及目标价89.5港元（23倍26年P/E），上行空间 28%。维持25~27年归母净利润预测14.3/16.9/19.6亿元。现价对应26/27年18/15倍P/E。旗下《心动小 镇》国际服是公司"长青游戏+全球化"战略落实的进一步验证，凸显公司的IP焕新能力及大DAU品类的 长生命周期价值。 中金主要观点如下： 公司于1月5日宣布将启动自动股份回购计划（至26/6/4到期），公司表示已获联交所豁免允许在受限制 期间自动回购，回购股份全部注销。该行认为回购行为体现公司长期增长信心，同时有利于提升股东权 益。 公司《心动小镇》海外预下载于1月7日登顶多个地区/国家iOS游戏免费榜，于北京时间1月8日上午9:00 正式开服（1月7日晚10:00 UTC-5）。产品支持安卓、iOS及PC平台（账号互通）。 风险提醒：政策变化；游戏表现低预期；TapTap商业化低预期；竞争加剧。 旗舰产品长青化、全球化战略落实；年内同时可关注《火炬之光》经营及TapTap平台增量 除《心动小镇》国际服之外，该行认为公司年内增长点还包括：1）《火炬之光》，该行预估游戏在 ...

旗舰产品长青化、全球化战略落实；年内同时可关注《火炬之光》经营及TapTap平台增量 除《心动小镇》国际服之外，该行认为公司年内增长点还包括：1）《火炬之光》，该行预估游戏在 2H25流水环比增长的趋势或有望在26年延续，公司于25年12月宣布IP收购完成后将获得该系列在全球 范围内的知识产权权益，进一步增强对IP的影响力。产品26年S1赛季在1月16日开启；2）TapTap：该行 认为26年游戏行业供给丰富，平台有望实现广告收入端双位数同比增长；3）ADN业务持续拓量。 重视股东回报，启动4亿港元自动股份回购计划 智通财经APP获悉，中金发布研报称，维持心动公司(02400)跑赢行业评级及目标价89.5港元（23倍26年 P/E），上行空间28%。维持25~27年归母净利润预测14.3/16.9/19.6亿元。现价对应26/27年18/15倍P/E。 旗下《心动小镇》国际服是公司"长青游戏+全球化"战略落实的进一步验证，凸显公司的IP焕新能力及 大DAU品类的长生命周期价值。 中金主要观点如下： 公司近况 公司《心动小镇》海外预下载于1月7日登顶多个地区/国家iOS游戏免费榜，于北京时间1月8日上午9:00 ...

Core Viewpoint - The acquisition of the entire intellectual property rights of the classic action role-playing game series "Torchlight" by Xindong Company marks a strategic shift from "licensed operation" to "IP-led" globalization strategy, reflecting the growing trend of Chinese companies acquiring Western game IPs [1][8]. Group 1: Acquisition Details - Xindong Company announced the acquisition for $37.18 million (approximately 260 million RMB) through its wholly-owned subsidiary XD Entertainment [1][8]. - The payment method is unique as it involves debt offsetting, where a previous loan of $40 million to Golden Arc is used to settle the acquisition cost, alleviating cash reserve pressure [2][9]. - The valuation of the transaction was based on an independent assessment report estimating the IP at $37.354 million, with an 8% royalty rate discount applied [2][9]. Group 2: Historical Context of the IP - The "Torchlight" series was created in 2009 by members of Blizzard's "Diablo" team and has changed hands multiple times, including acquisitions by Perfect World for $8.4 million in 2010 and Embracer Group in 2021 [3][10]. - Xindong Company has been involved with the IP since 2019 through licensing agreements and has successfully launched "Torchlight: Infinite," which has performed well on platforms like Steam [3][10]. Group 3: Strategic Intentions - The acquisition reflects Xindong Company's deep commitment to the ARPG sector, with a reported net profit of 812 million RMB in 2024 and a 268% year-on-year increase in the first half of 2025 [4][11]. - The company plans to enhance the IP's value through three main strategies: maintaining existing games, iterating on "Torchlight: Infinite," and developing new titles without rushing the process [4][11]. Group 4: Industry Implications - The acquisition illustrates a shift in the Chinese gaming industry's approach to global expansion, utilizing loan financing to mitigate risks associated with direct acquisitions [5][13]. - This "capital leveraging IP" model offers a new paradigm for global strategic positioning in the gaming industry, allowing for more flexible and less capital-intensive operations [5][13].

花旗研报指出，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3,718万美元收购《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。 消息面上，据开源证券，《心动小镇》国际服官宣1月8日上线并将联动全球知名IP《小马宝莉》，其全 球预约人数已超百万。值得一提的是，1月5日，心动公司公告拟在5个月内回购不超过4亿港元股份，彰 显长期发展信心。另外，2025年12月29日，公司宣布将收购《火炬之光》系列IP。 心动公司(02400)涨超4%，截至发稿，涨4.52%，报72.85港元，成交额1.41亿港元。 ...

消息面上，据开源证券，《心动小镇》国际服官宣1月8日上线并将联动全球知名IP《小马宝莉》，其全 球预约人数已超百万。值得一提的是，1月5日，心动公司公告拟在5个月内回购不超过4亿港元股份，彰 显长期发展信心。另外，2025年12月29日，公司宣布将收购《火炬之光》系列IP。 花旗研报指出，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3,718万美元收购《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。 智通财经APP获悉，心动公司(02400)涨超4%，截至发稿，涨4.52%，报72.85港元，成交额1.41亿港元。 ...

花旗发布研报称，心动公司(02400)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。 该行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3,718万美元收购《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3,718万美元收购《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。 智通财经APP获悉，花旗发布研报称，心动公司(02400)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。 ...

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]

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)"。 本文源自：金融界AI电报 ...