（文章来源：每日经济新闻） 每经AI快讯，8月5日，截至发稿，心动公司(02400.HK)涨8.55%、中旭未来(09890.HK)涨1.04%、哔哩哔 哩-W(09626.HK)涨0.74%。 ...

Core Viewpoint - The report from CICC indicates an upward revision of the net profit forecast for Xindong Company (02400) for 2025 and 2026 by 66% and 81% to 1.65 billion and 1.95 billion yuan respectively, reflecting a strong performance from TapTap and better-than-expected game results [1] Group 1: Financial Performance - The company forecasts a revenue of no less than 3.05 billion yuan for the first half of 2025, representing a year-on-year increase of over 37% [1] - The net profit for the same period is expected to be no less than 790 million yuan, showing a year-on-year increase of over 215% [1] - The performance is better than both the company's and market's expectations, with a previous net profit estimate of 500 million yuan [1] Group 2: Game Performance and Releases - The revenue growth in the first half of 2025 is primarily driven by the games "Ragnarok M: Beginning" and "Heart Town," along with "Torchlight" improving gross margin levels [1] - For the second half of 2025, profit growth is expected from the anniversary celebration of "Heart Town" and the launch of "Iser" [2] - The core product "Ragnarok RO: Eternal Love" is set for its first round of testing in December 2025, with a pre-release already launched on TapTap [2] Group 3: TapTap Platform Development - TapTap has shown steady revenue growth in the first half of 2025, driven by improvements in advertising algorithms and increased user engagement [3] - The company aims to enhance its platform with new features and a desktop version, focusing on major game updates and user experience [3] - Future developments will include a mini-game platform and AI game creation tools [3]

Core Viewpoint - Xindong Company (02400) announced a positive earnings forecast, expecting significant revenue and profit growth for the first half of 2025, driven by strong performance from self-developed games [1] Financial Performance - The company anticipates revenue of no less than RMB 30.5 billion for the first half of 2025, representing an approximate 37% year-on-year increase [1] - Expected net profit is projected to be no less than RMB 7.9 billion, indicating a year-on-year increase of about 215% [1] Game Performance - The revenue growth is primarily attributed to the strong performance of self-developed games such as "Ragnarok M: Origin," "Xindong Town," and "Torchlight: Infinite" [1] - Despite stable year-on-year average monthly active users, TapTap has seen continuous growth in revenue and profit due to improvements in advertising algorithms and increased user engagement [1] Market Reaction - Following the earnings forecast, Xindong Company's stock opened over 8% higher, currently up 8.55% at HKD 61.6, with a trading volume of HKD 62.84 million [1] Future Outlook - The company is expected to focus on upcoming game releases, including "Iser" set to launch on September 25, "Xindong Town" for overseas markets, and the core product "RO2" scheduled for its first test in 2026 [1]

Core Viewpoint - Xindong Company (02400) announced a positive earnings forecast, expecting significant revenue and profit growth for the first half of 2025, driven by strong performance from self-developed games [1] Group 1: Financial Performance - The company anticipates revenue of no less than RMB 30.5 billion for the first half of 2025, representing a year-on-year increase of approximately 37% [1] - The expected net profit is no less than RMB 7.9 billion, reflecting a year-on-year increase of about 215% [1] Group 2: Game Performance - The revenue growth is primarily attributed to the strong performance of self-developed games such as "Ragnarok M: Origin," "Xindong Town," and "Torchlight: Infinite" [1] - Despite stable year-on-year average monthly active users, TapTap has seen continuous growth in revenue and profit due to improvements in advertising algorithms and increased user engagement [1] Group 3: Market Expectations - CICC noted that the company's earnings forecast exceeds both their and market expectations [1] - The company has solid profit margins from its games, with upcoming releases such as "Iser" on September 25, "Xindong Town" overseas, and the first test of the core product "RO2" in 2026 being key focus areas for the second half of the year [1]

Core Viewpoint - The company has raised its profit forecasts significantly for 2025 and 2026, reflecting better-than-expected performance from TapTap and game titles, leading to an upgraded target price and a maintained outperform rating [1][2]. Group 1: Profit Forecasts - The company has increased its net profit expectations for 2025 and 2026 by 66% and 81% respectively, reaching 1.65 billion and 1.95 billion yuan, corresponding to P/E ratios of 15x and 13x [1]. - The company anticipates a revenue of no less than 3.05 billion yuan for the first half of 2025, representing a year-on-year growth of over 37% [2]. - The net profit for the same period is expected to be no less than 790 million yuan, showing a year-on-year increase of over 215% [2]. Group 2: Game Performance - The solid performance in the first half of 2025 is attributed to titles such as "Ragnarok M: Beginners' Server," "Heart Town," and "Torchlight," which have driven revenue growth and improved gross margins [3]. - The second half of 2025 is expected to see profit growth from the anniversary celebration of "Heart Town" and the launch of "Iser" on September 25, with the international version performing better than market expectations [3]. Group 3: TapTap Growth - TapTap has shown steady revenue growth in the first half of 2025, driven by improvements in advertising algorithms and increased user engagement [4]. - The company plans to focus on significant updates for games and the development of a PC version of TapTap, which has already garnered a user base [4]. - Future initiatives include enhancing the TapTap mini-game platform and exploring AI-driven game development [4].

Group 1 - The company expects revenue in the first half of 2025 to be no less than RMB 3.05 billion, representing a year-on-year growth of approximately 37% [1] - Net profit is projected to be no less than RMB 790 million, with a year-on-year increase of about 215% [1] - The growth is primarily driven by strong performance of self-developed games such as "Ragnarok M: Beginners' Server," "Heart Town," and "Torchlight: Infinite," which have boosted revenue growth and improved gross margins [1] Group 2 - The TapTap platform has benefited from optimized advertising algorithms and increased user engagement, leading to sustained growth in revenue and profit [1] - However, these positive factors are partially offset by a decrease in revenue from existing games and an increase in performance-linked compensation [1]

Group 1 - The 22nd China International Digital Interactive Entertainment Expo attracted over 800 exhibitors and more than 410,000 attendees, generating approximately 661 million yuan in surrounding service consumption [1] - The "2025 China Game Industry Report" indicates that both domestic and overseas market revenues for the Chinese gaming industry saw year-on-year growth in the first half of the year, with new growth opportunities and commercialization directions emerging [1] - The global mobile and PC gaming market is expected to exceed $120 billion by 2028, with mobile game in-app purchase revenue projected to grow by 6% in 2025, reaching $85.4 billion [1] Group 2 - Analysts noted that the gaming industry is experiencing a robust recovery, with increased foot traffic and player enthusiasm at this year's expo compared to last year [2] - The domestic mobile game market size grew by 20% year-on-year from January to May, while the number of domestic game licenses increased by 21% in the first half of the year, reaching a new high for June [2] - Gaming platforms are expected to benefit from increased user activity and advertising revenue, alongside the launch of new games and the steady operation of established titles [2] Group 3 - The gaming sector includes companies listed in Hong Kong such as Tencent (00700), NetEase-S (09999), Bilibili-W (09626), and others [3]

Major Events - China Mobile Hong Kong acquired 14.44% stake in Hong Kong Broadband for HKD 1.084 billion, bringing its total ownership close to 30% [1] - Senrada Medical-B received approval from the National Medical Products Administration for the AcoArt Canna® drug-coated balloon catheter [1] - Zhaoke Ophthalmology-B obtained a medical device registration certificate for the TONO-i, used for measuring intraocular pressure [1] - Zhongji Changshou Science plans to acquire 100% equity of the Comprehensive Cell Bank [1] - Fourth Paradigm intends to establish a joint venture with Haibo Si Chuang to deepen its focus on the "AI + Energy Storage" sector [1] - Chifeng Jilong Gold Mining's subsidiary received new mining rights and integrated mining rights to enhance gold production capacity and resource security [1] Financial Reports - CLP Holdings reported a mid-year profit attributable to shareholders of HKD 5.624 billion, a decrease of 5.49% year-on-year, with an interim dividend of HKD 0.63 per share [1] - Liaoning Port Group's half-year earnings report showed a net profit of CNY 956 million, an increase of 110.78% year-on-year [1] - Heyu-B reported a mid-year net profit of CNY 328 million, up 58.84% year-on-year [1] - Yuan Zheng Technology announced a mid-year net profit of CNY 195 million, an increase of 27.74% year-on-year [1] - Yimai Sunshine expects a mid-year net profit growth of approximately 1350% to 1550% year-on-year [1] - LeCang Logistics anticipates a mid-year profit increase of 759% to 993% [1] - Xindong Company expects a net profit of no less than CNY 790 million for the first half, an increase of about 215% year-on-year [1] - China Sanjiang Chemical expects a mid-year profit attributable to shareholders exceeding CNY 300 million, an increase of about 95% year-on-year [1] - Bioatlast-B reported a 50% increase in revenue for the first half, achieving sustained profitability [1] - China Resources Medical issued a profit warning, expecting a year-on-year decline of about 20% to 25% in mid-year profit attributable to shareholders [1] - Xiaobu Xiaobu issued a profit warning, expecting a mid-year net loss of approximately CNY 80 million to 100 million, a narrowing of about 63.2% to 70.5% year-on-year [1]

Group 1 - Xindong Company (02400.HK) expects a significant increase in mid-term net profit by approximately 215% [1] - The company anticipates revenue of no less than RMB 3,050 million for the six months ending June 30, 2025, representing a 37% increase from RMB 2,220.6 million for the same period in 2024 [1] - The expected net profit for the same period is projected to be no less than RMB 790 million, up from RMB 250.6 million in the previous year [1] Group 2 - The increase in revenue and profit is primarily driven by strong performance from self-developed games such as "Ragnarok M: Classic," "Heartopia," and "Torchlight: Infinite" [1] - TapTap has shown continuous growth in revenue and profit due to improvements in advertising algorithms and increased user engagement, despite stable year-on-year average monthly active users [1] - The positive outlook is somewhat offset by reduced revenue from certain existing games and increased performance-linked compensation [1]

Core Viewpoint - The company anticipates significant revenue and profit growth for the first half of 2025, driven by strong performance in self-developed games and improvements in advertising algorithms [1] Group 1: Financial Projections - The company expects to achieve revenue of no less than RMB 3.05 billion in the first half of 2025, representing a year-on-year increase of approximately 37% [1] - The anticipated net profit is expected to be no less than RMB 790 million, reflecting a year-on-year increase of approximately 215% [1] Group 2: Growth Drivers - Revenue growth is primarily attributed to the strong performance of self-developed games such as "Ragnarok M: Classic," "Heartopia," and "Torchlight: Infinite," which have improved the company's gross margin [1] - Despite the average monthly active users remaining stable year-on-year, TapTap has achieved continuous growth in revenue and profit due to improvements in advertising algorithms and increased user engagement [1] Group 3: Offset Factors - The anticipated growth is partially offset by a decrease in revenue from certain existing games and an increase in performance-based compensation [1]