Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's game business significantly boosted performance, with a notable increase in revenue and profit margins. In H1 2025, the company achieved a revenue of 3.082 billion yuan, a year-on-year increase of 38.8%, and a net profit of 755 million yuan, up 268.0% year-on-year, with a gross profit of 2.253 billion yuan and a gross margin of 73.1%, an increase of 5.7 percentage points year-on-year [1][2] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 3.082 billion yuan, a 38.8% increase year-on-year, and a net profit of 755 million yuan, reflecting a 268.0% year-on-year growth. The gross profit was 2.253 billion yuan, with a gross margin of 73.1%, up 5.7 percentage points year-on-year. The sales and R&D expense ratios were 24.14% and 17.81%, respectively, showing improvements of 7.18 and 1.08 percentage points year-on-year [1][2] Business Segments - The game business generated 2.071 billion yuan in revenue, a 39.4% increase year-on-year, with online game revenue at 1.982 billion yuan (up 39.0%) and paid game revenue at 63 million yuan (up 14.2%). The average monthly active users (MAU) for online games increased by 19.7% year-on-year, and the monthly average number of paying users rose by 21.1% [2] Future Outlook - The company focuses on self-developed games and aims to enhance cost efficiency and commercialization. It is expected to achieve net profits of 1.645 billion yuan, 1.957 billion yuan, and 2.169 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 3.33, 3.97, and 4.40 yuan per share, and PE ratios of 22, 19, and 17 times [3]

Group 1 - The company, Xindong Company (02400), announced the issuance of 55,600 ordinary shares on September 2, 2025, due to eligible participants exercising stock options under the stock option plan adopted on June 25, 2021 [1]

FF305 | 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 | 1,203 | 0.0002 % | HKD | 13.284 | | --- | --- | --- | --- | --- | --- | | | 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9月2日發行普通股 | | | | | | | 變動日期 2025年9月2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 | 3,880 | 0.0008 % | 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9月2日發行普通股 | | | | | | | 變動日期 2025年9月2日 | | | | | | 4). | 就根據股份計劃授予參與人（ ...

Core Insights - The report from Credit Lyonnais indicates that the performance of Xindong Company in the first half of the year exceeded expectations, with total revenue growing by 39% year-on-year to 3.1 billion [1] Revenue Breakdown - Game business revenue met expectations, increasing by 39% year-on-year to 2.1 billion [1] - TapTap advertising business revenue grew by 38% year-on-year to 1 billion, surpassing expectations by 6% due to upgrades in advertising targeting algorithms [1] Forecast Adjustments - The firm raised revenue forecasts for fiscal years 2025 and 2026 by 11% and 12% respectively, reflecting strong growth in advertising driven by technology upgrades [1] - Long-term profit margin expectations were also adjusted upwards based on operational leverage effects [1] Target Price Revision - The target price for the company was increased from 60 HKD to 90 HKD, while maintaining an "outperform" rating [1]

Group 1 - The core viewpoint of the report is that the revenue forecasts for Xindong Company (02400) for the fiscal years 2025 and 2026 have been raised by 11% and 12% respectively, reflecting strong growth in the advertising business driven by upgrades in advertising technology [1] - The target price for Xindong Company has been increased from HKD 60 to HKD 90, while maintaining an "outperform" rating [1] - Xindong Company's performance in the first half of the year exceeded expectations, with total revenue increasing by 39% year-on-year to RMB 3.1 billion, which is 2.6% higher than the forecast [1] Group 2 - The gaming business revenue met expectations, reaching RMB 2.1 billion, also reflecting a 39% year-on-year increase [1] - The TapTap advertising business revenue rose by 38% year-on-year to RMB 1 billion, exceeding the forecast by 6%, benefiting from upgrades in advertising targeting algorithms [1]

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [5] Core Insights - The report highlights the positive outlook for AI applications and cultural exports, with a focus on sub-sectors such as gaming, IP, short dramas, and publishing [39] - The report notes significant growth in the gaming sector, with several companies reporting strong financial performance in their mid-year reports [3][37] - The report emphasizes the importance of recent government policies, including the issuance of game licenses and the "Artificial Intelligence+" action plan, which aims to enhance AI integration across various sectors by 2035 [2][36] Summary by Sections Market Performance - The media industry (Shenwan) saw a weekly increase of 1.05%, ranking 12th among primary industries, while the Hang Seng Technology Index rose by 0.47% [10] - Notable performers included Jishi Media, Wento Holdings, ST Huatuo, and Sanqi Interactive Entertainment, with significant weekly gains [17] Key Industry Data AI Application Data - For the week of August 24-30, estimated iOS downloads for Deepseek, Doubao, Quark, and Tencent Yuanbao were 394,000, 2,102,500, 658,600, and 893,000 respectively, with Doubao leading in downloads [21] Gaming Data - In August, 166 domestic and 7 imported game licenses were issued, with several major titles approved for release [24][25] - The iOS best-selling game rankings featured "Honor of Kings," "Peacekeeper Elite," and "Endless Winter" as the top three titles [23] Film Data - The total box office for the week of August 22-28 reached 977 million yuan, with "Chasing the Wind" leading the box office [32][35] Industry Events and Announcements - The report discusses the launch of various AI models and applications by major companies, including ByteDance's new AI video generation model and Tencent's end-to-end video sound generation model [36] - The report also highlights the successful mid-year financial results of several companies, including Perfect World and Sanqi Interactive Entertainment, showcasing strong revenue growth [37][38]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved a revenue of 3.082 billion RMB in 25H1, representing a year-on-year increase of 38.8%, driven by both gaming and TapTap [1] - Gross profit reached 2.253 billion RMB, with a gross margin of 73.1%, primarily due to strong overseas performance of "Ragnarok M: Beginners Edition" [1] - The net profit attributable to shareholders was 755 million RMB, a significant year-on-year increase of 268.0%, resulting in a net profit margin of 24.5% [1] Revenue Breakdown - The gaming business generated 2.071 billion RMB in revenue for 25H1, up 39.4% year-on-year, with network game revenue contributing 1.982 billion RMB [2] - The average monthly active users (MAU) for network games increased by 19.7% year-on-year, while the average paying users (MPU) grew by 21.1% [2] - The top three revenue-generating games were "Muffin Adventure," "Heart Town," and "Ragnarok M," with "Muffin Adventure" having completed its global launch [2] TapTap Performance - TapTap's advertising revenue was 1.011 billion RMB in 25H1, reflecting a year-on-year growth of 37.6% [3] - The MAU for the Chinese version of TapTap was 43.6 million, showing a slight increase of 0.9% year-on-year [3] - The growth in revenue was attributed to increased advertiser spending, improved algorithms, and higher ad display frequency [3] Profit Forecast and Valuation - The net profit forecasts for 25-27 are revised to 1.69 billion, 2.07 billion, and 2.38 billion RMB, representing increases of 52.0%, 51.4%, and 69.6% respectively [4] - The report highlights the strong performance of new games and the effective long-term operation capabilities of the company [4] Financial Summary - The company is projected to achieve revenues of 3.389 billion RMB in 2023, growing to 8.429 billion RMB by 2027, with a compound annual growth rate of 10.9% [5] - The earnings per share (EPS) is expected to rise from -0.18 RMB in 2023 to 4.83 RMB in 2027 [5] - The return on equity (ROE) is forecasted to improve significantly, reaching 27.36% by 2027 [5]