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 | 截至月份: | 2025年9月30日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 心动有限公司 | | | | | | 呈交日期: | 2025年10月2日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 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 | | | | | | 法定/註冊股份數目 | 面值 | | 法定/註冊股本 | | | --- | --- | --- | --- | --- | --- | | 上月底結存 | 1,000,000,000 | USD | 0.0001 | USD | 100,000 | | 增加 / 減少 (-) | | 0 | | USD | 0 | | 本月底結存 | 1,000,000,000 | USD | ...

Core Insights - Chinese gaming stocks have experienced a significant increase, with major companies like Tencent, NetEase, and Century Huatong seeing stock price growth of 64%, 72%, and 303% respectively since the beginning of the year [1] - The overall market sentiment towards gaming stocks has improved, driven by favorable policies and a recovering economic environment [5][10] Industry Growth Factors - The gaming industry's profitability has improved due to supportive government policies, such as multiple initiatives in Shanghai and Shenzhen aimed at boosting the gaming sector [5] - The approval process for game licenses has become more stable, allowing companies to plan product development and release schedules more effectively [5] - Public perception of the gaming industry has shifted positively, recognizing its contributions to technology, education, and cultural confidence, exemplified by the success of the game "Black Myth: Wukong" [7] Financial Performance - The first half of 2025 has been described as the best financial reporting season for the industry in years, with over 80% of companies reporting profits and top companies achieving record revenue and profit levels [8][10] - Century Huatong's market capitalization has tripled, surpassing 150 billion [8] Market Outlook - Investors are optimistic about the future growth potential of the gaming industry, particularly in global markets, which is seen as a key driver for stock price increases [13][19] - The gaming sector is exploring new markets and technologies, with significant growth opportunities identified in shooting games, mini-games, and single-player games [17][18] Global Expansion - Chinese gaming companies are increasingly focusing on global markets, with many launching products simultaneously worldwide rather than treating overseas markets as secondary [20] - Companies like Century Huatong have successfully penetrated international markets, contributing to their stock price increases [21] - Collaborations between Chinese and global firms are becoming more common, enhancing the global presence of Chinese gaming companies [23][28] Technological Advancements - Major companies are investing in AI and other technologies to improve game development processes, which is expected to yield significant results [30][32] - The market for gaming-related merchandise is also growing, with projections indicating substantial revenue potential in the coming years [34][35]

Core Viewpoint - Shenwan Hongyuan initiates coverage on Xindong Company (02400) with a "Buy" rating, projecting revenue growth from 2025 to 2027 at 28%/23%/14% and adjusted net profit growth at 94%/31%/24% [1] Group 1: Game Promotion and TapTap's Value - The gaming industry is experiencing a recovery in license supply, leading to increased sales expense ratios, with TapTap emerging as a significant promotional channel [1] - TapTap's online promotion service revenue for the first half of 2025 is estimated at 976 million, capturing approximately 3.27% of the mobile game advertising market [1] - TapTap offers low or no revenue sharing, making it developer-friendly, and has become a vital promotional channel for small and independent games due to its specialized and professional nature [1] Group 2: Growth Drivers for TapTap - The number of game licenses issued in China increased by 25% year-on-year, with a total of 1,195 licenses from January to September 2025, enhancing promotional demand [2] - TapTap has over 240,000 registered developers and 300,000 games launched, with an average monthly active user count of 43.6 million in the first half of 2025 [2] - AI technology is expected to empower game development, benefiting TapTap by enhancing content supply and promoting a more equitable creative environment [2] Group 3: Validation of Xindong's Self-Developed Game Capabilities - The company has successfully validated its strategic adjustments since 2022, focusing on core product categories and enhancing efficiency [3] - Successful titles like "Torchlight" and "Muffin" demonstrate the company's ability to develop enduring games through resource focus and continuous updates [3] - Upcoming game releases, including the strategy card game "Iser" and the open-world MMO "Ragnarok RO: Guardians of Eternal Love 2," indicate a strong pipeline for future growth [3]

Core Viewpoint - The report emphasizes the growth potential of TapTap platform driven by the resumption of game license approvals and AI-enabled game development, alongside the strategic adjustments in the company's self-developed game pipeline [1][2]. Group 1: TapTap Platform Value - TapTap has become a significant channel for game promotion, with online promotion service revenue reaching 976 million in the first half of 2025, capturing approximately 3.27% of the mobile game advertising market [1]. - The platform offers low or no revenue sharing, making it friendly for small and independent developers, and has emerged as a vital promotional channel due to the fragmentation of user time and the rise of vertical communities [1]. - TapTap provides comprehensive services including analysis, testing, and marketing promotion, enhancing its value to developers [1]. Group 2: Growth Drivers for TapTap - The developer-user flywheel effect is established, with over 240,000 developers and 300,000 games launched, and an average monthly active user (MAU) of 43.6 million in the first half of 2025, with a year-on-year increase of 37% in user advertising ARPU [2]. - The total number of game licenses issued in 2025 reached 1,195, a 25% year-on-year increase, boosting the demand for promotion [2]. - The strategic expansion into multi-platform and international markets, along with AI-enabled game development, is expected to enhance TapTap's revenue potential, with projections estimating revenue could reach 5 billion by 2030 [2]. Group 3: Self-Developed Game Capabilities - The self-developed game strategy has shown positive results since 2024, with a focus on core categories and efficient resource allocation, leading to successful titles like "Torchlight" and "Muffin" [3]. - The company has demonstrated the ability to develop enduring games through focused resources, continuous optimization, and frequent updates, with successful overseas contributions [3]. - Future game pipeline includes promising titles such as the strategy card game "Ither" and the open-world MMO "Ragnarok RO: Guardians of Eternal Love 2," indicating a solid reserve of upcoming products [3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [8][3]. Core Insights - The report emphasizes the "Content + Platform" flywheel effect, highlighting the growth potential of the TapTap platform and the company's self-developed games [7][10]. - The company is expected to achieve significant revenue growth, with projected revenues of 64.31 billion, 79.27 billion, and 90.59 billion RMB for 2025-2027, representing year-on-year growth rates of 28%, 23%, and 14% respectively [8][3]. - Adjusted net profits are forecasted to be 17.02 billion, 22.26 billion, and 27.60 billion RMB for the same period, with growth rates of 94%, 31%, and 24% respectively [8][3]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 3,389 million RMB - 2024: 5,012 million RMB - 2025E: 6,431 million RMB - 2026E: 7,927 million RMB - 2027E: 9,059 million RMB - Year-on-year growth rates for revenue are projected at -1%, 48%, 28%, 23%, and 14% respectively [6]. - Adjusted net profit forecasts are: - 2023: -34 million RMB - 2024: 877 million RMB - 2025E: 1,702 million RMB - 2026E: 2,226 million RMB - 2027E: 2,760 million RMB - Year-on-year growth rates for net profit are projected at 93%, 2670%, 94%, 31%, and 24% respectively [6]. Market Dynamics - The gaming industry is experiencing a recovery in license issuance, with a total of 1,195 licenses issued in the first nine months of 2025, a year-on-year increase of 25% [11][31]. - The report notes that TapTap is becoming an increasingly important channel for game promotion, with its online promotion service revenue reaching 976 million RMB in the first half of 2025, capturing approximately 3.27% of the mobile game advertising market [7][23]. - The growth of TapTap is driven by improvements in domestic licensing, advancements in self-developed games, and strategic expansions into PC and international markets [11][30]. Competitive Advantage - TapTap's low revenue-sharing model (maximum 5% for paid games and free-to-play games incur no fees) is highlighted as a significant advantage for attracting developers, especially independent and small developers [25][10]. - The platform has established a strong community and content ecosystem, differentiating itself from traditional app stores and social media platforms [10][25]. - The report suggests that the market has not fully recognized the value and potential of the TapTap platform, which is well-positioned to capitalize on the evolving gaming landscape [10][11].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][8]. Core Insights - The report emphasizes the "Content + Platform" flywheel effect, highlighting the value of the TapTap platform and the company's self-developed games [7][10]. - The gaming industry is experiencing a recovery in license supply, which, combined with changes in distribution channels, positions TapTap as a significant promotional channel for games [20][27]. - The company's self-developed game capabilities are gradually being validated, with successful titles contributing to revenue growth [51]. Financial Data and Profitability Forecast - Revenue projections for the company are as follows: 2025E at 6,431 million RMB, 2026E at 7,927 million RMB, and 2027E at 9,059 million RMB, with year-on-year growth rates of 28%, 23%, and 14% respectively [6][8]. - Adjusted net profit attributable to ordinary shareholders is forecasted to be 1,702 million RMB in 2025E, 2,226 million RMB in 2026E, and 2,760 million RMB in 2027E, with significant growth rates of 94%, 31%, and 24% respectively [6][8]. - The report employs the SOTP valuation method, estimating the company's market value at 549 billion HKD [8]. TapTap Business Growth Drivers - The growth of TapTap is driven by an increase in domestic game licenses, advancements in self-developed games, and expansion into PC and international markets [9][35]. - The platform has established a developer-user flywheel effect, with over 240,000 developers and 300,000 games launched, leading to a significant increase in monthly active users (MAU) [35][41]. - The report anticipates that TapTap's advertising revenue could exceed 5 billion RMB by 2030, driven by user growth and improved monetization strategies [11][49]. Self-Developed Game Capabilities - The company has successfully adjusted its product cycle since 2024, focusing on strong game categories and validating its strategic direction [51]. - Upcoming titles such as "伊瑟" and "心动小镇" are expected to contribute positively to the company's pipeline and revenue [51][40].

第 1 頁 共 6 頁 v 1.3.0 | 2). | 0.000001 % | 4 | HKD | 20.29 | 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 | 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30日發行普通股 | | | | | | | 變動日期 | 2025年9月30日 | | | | | | | 3). | 0.00003 % | 150 | HKD | 21.64 | 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 | 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30日發行普通股 | | | | | | | 變動日期 | 2025年9月30日 | | | | | | | 4). | 0.0003 % | 1,600 | HKD | 25.86 | 就根據股 ...

高盛发表报告，将心动公司目标价由39港元上调至81.4港元，相当预测明年市盈率20倍，维持"中性"评 级；将2025至2027年收入预测上调21%至35%，净利润预测上调51%至60%，因新兴游戏产品线及 TapTap游戏广告平台持续成长，令盈利能见度提高，加上公司严格控制成本和营运开支。该行认为，基 于TapTap独特的游戏社群与分发渠道定位，其变现能力仍有上升空间，广告载量与千次展示收益 (eCPM)亦有提升空间。 ...

Core Viewpoint - Citic Securities reports that Xindong Company (02400) has exceeded expectations in revenue growth from both gaming and Taptap in 1H25, with a year-on-year revenue increase of 38.7% and an adjusted net profit of 796 million yuan, up 235.3% [1] Group 1: Gaming Business Performance - The gaming segment has shown significant revenue growth and improved profitability, driven by content updates for games like "Xindong Town" and "Torchlight," as well as the overseas release of "Ragnarok M" [1] - The revenue growth in the gaming business has surpassed expectations due to increased player spending following content updates and new game releases [1] Group 2: Taptap Business Performance - Despite the impact of product cycles on monthly active users (MAU) growth, Taptap has achieved revenue growth above expectations by enhancing advertising efficiency and user engagement [1] - The company anticipates that the long-term operational capabilities for high-quality content games and overseas distribution will support continued growth in the gaming segment and Taptap [1] Group 3: Future Outlook - The company expects sustained growth in the gaming sector, supported by its ability to operate quality content games and improve commercialization efficiency on Taptap as user numbers increase [1]

Core Viewpoint - Citic Securities reports that Xindong Company (02400) has exceeded expectations in revenue growth from both gaming and Taptap in 1H25, with a year-on-year revenue increase of 38.7% and an adjusted net profit of 796 million yuan, up 235.3% year-on-year [1] Group 1: Gaming Business Performance - The gaming segment has shown significant revenue growth and improved profitability, driven by content updates for games like "Xindong Town" and "Torchlight," as well as the overseas release of "Ragnarok M" [1] - The revenue growth in the gaming business has surpassed expectations due to increased player spending following game updates and new releases [1] Group 2: Taptap Performance - Despite the impact of product cycles on MAU growth, Taptap has achieved revenue growth above expectations by enhancing advertising efficiency and user engagement [1] - The company anticipates that the long-term operational capabilities for high-quality content games and overseas distribution will support sustained growth in the gaming segment [1] Group 3: Future Outlook - The company expects continued improvement in user numbers for Taptap as product cycles recover, alongside ongoing enhancements in commercialization efficiency [1] - The investment rating remains at "Buy" based on the positive outlook for both gaming and Taptap segments [1]