Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The company achieved a revenue of 5.012 billion yuan in 2024, representing a year-on-year increase of 48%, and a net profit of 812 million yuan, recovering from a loss of 83 million yuan in 2023. The growth is primarily driven by the strong performance of self-developed games and the user growth of TapTap [5][9] - The gaming business revenue reached 3.434 billion yuan in 2024, up 64% year-on-year, with a gross margin of 63%, an increase of 16 percentage points. TapTap generated revenue of 1.578 billion yuan, a 21.6% increase year-on-year, maintaining a stable gross margin of 84% [5][9] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 1.286 billion yuan, 1.592 billion yuan, and 1.757 billion yuan respectively, with corresponding EPS of 2.6 yuan, 3.2 yuan, and 3.6 yuan [5][9] Game Development and Growth - The top five games contributing to revenue in 2024 were "Let's Go Muffin," "Sausage Party," "Lily of the Valley," "Torchlight," and "Ragnarok M." The game "Heart Town," launched in July 2024, is expected to significantly contribute to revenue in 2025 [6] - The company has a pipeline of games, including "Iser," expected to launch in the second half of 2025, and "RO2," anticipated for 2026, which will continue to drive growth in the gaming business [6] TapTap Platform Performance - TapTap's monthly active users (MAU) reached 44.05 million in 2024, a 23% year-on-year increase. The growth is attributed to the launch of popular new games and exclusive partnerships [7] - The platform's revenue is expected to continue growing due to its zero-commission advantage and increasing user base, with potential for higher advertising prices and loading rates [7] Financial Summary and Valuation Metrics - The company's financial metrics for 2023A to 2027E show a significant recovery and growth trajectory, with revenues projected to reach 6.148 billion yuan in 2025 and 7.205 billion yuan in 2026 [9] - The net profit margin is expected to improve, with net profit margins of 20.9%, 22.1%, and 22.5% for 2025, 2026, and 2027 respectively [9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 42.89 HKD [7][12]. Core Insights - The company's 2024 annual report shows revenue of 5.012 billion RMB, a year-on-year increase of 47.9%, and a net profit of 890 million RMB, marking a turnaround from losses [1][6]. - The growth in 2024 is primarily driven by a 64.2% increase in gaming revenue, supported by self-developed games such as "Let's Go Muffin," "Heart Town," and "Lily of the Valley" [1][2]. - The company has improved its gross margin by 8.4 percentage points to 69.4%, with the gaming segment's gross margin rising by 15.9 percentage points to 62.6% [1][2]. - The company plans to distribute dividends for the first time, proposing a dividend of 0.4 HKD per share [1]. Revenue and Profit Forecast - The company is expected to achieve a net profit of 1.021 billion RMB in 2025, with projections of 10.2 billion RMB and 12.1 billion RMB for 2025 and 2026, respectively [4][20]. - The gaming business is projected to generate revenues of 3.5 billion RMB in 2025 and 3.6 billion RMB in 2026, with a gross margin of 62% [12][20]. Taptap Platform Performance - The Taptap platform's average monthly active users (MAU) in 2024 are expected to reach 44.05 million, a 23% year-on-year increase, with projected revenue of 1.58 billion RMB, up 21.6% [3][4]. - The platform's gross margin is anticipated to slightly increase to 84.3% in 2024, supported by marketing activities and new game releases [3][4]. Valuation Metrics - The report employs a Sum-of-the-Parts (SOTP) valuation method, assigning a 5.5x price-to-sales (PS) multiple for the Taptap platform and a 17.4x price-to-earnings (PE) multiple for the gaming business [4][12]. - The target market capitalization is estimated at 19.585 billion RMB, translating to a target price of 42.89 HKD per share [12][14].

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） 關於建議修訂本公司組織章程大綱及細則的公告 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.51(1) 條作出。 心动有限公司（「本公司」）的董事會（「董事會」）建議對本公司現有的組織章程 大綱及細則（「現有組織章程大綱及細則」）作出若干修訂（「建議修訂」），內容 主要有關(i)准許上市發行人的股東大會以混合或電子會議形式召開及舉行的上 市規則條文修訂；及(ii)採納本公司第四次經修訂及重述的組織章程大綱及細 則（當中包含及併入建議修訂）（「經修訂及重述的組織章程大綱及細則」）。有 關建議修訂的詳情，請參閱本公告的附錄。 建議修訂以及採納經修訂及重述的組織章程大綱及細則，須經本公司股東在 即將舉行的股東週年大會上以特別決議案批准。本公司將在適當的時候向本 公司股東發送一份通函，其中載有關於建議修訂 ...

Group 1 - The company reported a revenue of RMB 5.012 billion for the year ending December 31, 2024, representing a year-on-year growth of 47.9% [1] - Shareholders' profit attributable to the company was RMB 812 million, marking a turnaround from loss to profit [1] - The basic earnings per share were RMB 1.71, and the company proposed a final dividend of HKD 0.4 per share [1] Group 2 - The company's business and personnel structure became stable in 2024, with successful launches of self-developed games in multiple global markets [2] - New self-developed games, including "GoGo Muffin," "Sword of Convallaria," and "Heartopia," contributed to a 64.2% year-on-year increase in gaming business revenue [2] - The average monthly active users (MAU) of the TapTap China app grew by 23.0% year-on-year, reaching 44 million [2] - The collaboration between "Heartopia" and TapTap significantly increased new user acquisition and brand recognition for TapTap [2] - The company completed the filing for its generative AI service TapSight and integrated AI Q&A and DeepSeek search functionalities into TapTap [2] - The company is committed to incorporating AI and machine learning tools into daily operations and exploring new business development directions [2] - The long-term vision of the company is to continuously provide high-quality games for global players and support developers in creating and distributing games more conveniently [2]

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]

Core Viewpoint - The article discusses the potential resurgence of IPOs for gaming companies in China due to a policy shift that supports cultural industries, signaling a possible wave of listings in the A-share market [1][8][9]. Group 1: Historical Context - The journey of gaming companies to list in China has been fraught with challenges, starting with the first listing of Shenzhen Zhongqingbao Interactive Network in 2010, followed by several others until regulatory tightening in 2016 halted new listings [2][5]. - After 2016, no gaming companies successfully passed the IPO review for two years, leading many to seek listings overseas, such as in Hong Kong or the U.S. [5][6]. Group 2: Policy Shift - In January 2025, the Chinese government announced new policies to support cultural enterprises, including gaming companies, in listing and refinancing, marking a significant change in the regulatory environment [8][9]. - The acceptance of Jiangsu Yuanli Digital Technology's application for listing on the Beijing Stock Exchange is seen as a breakthrough, indicating a more favorable regulatory stance towards gaming companies [9]. Group 3: Market Performance - The gaming sector has shown signs of recovery, with the China gaming market's actual sales revenue increasing and user numbers reaching new highs in 2024 [11]. - A-share gaming companies have begun to report improved financial performance, although there is a noticeable divergence between leading firms and smaller companies [11][12]. Group 4: Potential IPO Candidates - Notable candidates for potential A-share listings include NetEase, XD Inc. (parent of TapTap), and Hero Entertainment, all of which have shown strong market presence and financial performance [15][16][18]. - MiHoYo, known for its hit game "Genshin Impact," and Eagle Horn Network, recognized for "Arknights," are also considered strong contenders for future listings due to their substantial growth and market influence [19][21]. Group 5: Market Impact - The anticipated influx of new gaming companies could disrupt existing stocks, with investor attention potentially shifting towards new entrants, which may lead to short-term volatility in stock prices [22]. - The overall valuation of gaming companies in A-shares may adjust as the market reassesses the investment value of the gaming sector, moving from a "policy risk discount" to a "growth premium" [22][24]. Group 6: Future Outlook - The successful listing of multiple gaming companies could lead to a more comprehensive gaming industry sector in the domestic capital market, enhancing opportunities for companies across various segments [28][30]. - While the policy shift presents new opportunities, there is a caution against potential market overheating and the need for companies to focus on genuine value creation rather than speculative trading [28][30].

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]