心动公司(02400)发布公告，于2026年2月6日，该公司斥资191.56万港元回购2.4万股股份，每股回购价 78.2-81.7港元。 ...

智通财经APP讯，心动公司(02400)发布公告，于2026年2月6日，该公司斥资191.56万港元回购2.4万股股 份，每股回购价78.2-81.7港元。 ...

| 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 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2026年2月5日 | 495,118,164 | | | 0 | | 495,118,164 | | 1). 其他 (請註明) | | | | % | | | | | 參見B部分 | | | | | | | | | 變動日期 2026年2月6日 | | | | | | | | | 於下列日期結束時的 ...

Core Viewpoint - TapTap is transitioning from a game distribution platform to a comprehensive service provider covering the entire game lifecycle, enhancing its business model and creating a closed-loop B-end service ecosystem [1] Group 1: Business Model Evolution - TapTap is evolving into a full-cycle service provider by integrating developer tools, data services, and community ecosystems, thereby constructing a foundational infrastructure for the gaming industry [1] - The strategic core lies in leveraging technological capabilities across various stages of the game lifecycle, creating a synergistic effect of "traffic + tools + monetization" [1] - The B-end service matrix enhances business stability and profitability diversity, facilitating a shift in company valuation from a "gaming company" to a higher-premium "ecosystem platform" [1] Group 2: Advertising Technology and Efficiency - TapTap has optimized advertising costs and conversion efficiency through a deep understanding of high-value gaming users and continuous iteration of its self-developed advertising algorithms [2] - The emerging Dirichlet advertising aggregation platform aims to replicate this capability in the broader off-site market, potentially opening new growth avenues and enhancing the main site's algorithm capabilities [2] Group 3: UGC Tools and Long-term Growth - The Starfire Editor and "TapTap Manufacturing" AI tools significantly lower the barriers to game creation, transforming a large number of players into potential creators [2] - This development not only provides exclusive low-cost content for the TapTap platform but also begins to establish a closed loop from creation to distribution and commercialization, potentially initiating an endogenous creator economy and forming an ecological moat [2] Group 4: Profit Forecast and Valuation - The company maintains its net profit forecast for 2025-2027 at 1.4 billion, 1.7 billion, and 2.0 billion respectively, with the current price corresponding to 20x and 17x P/E for 2026 and 2027 [2] - The target price has been raised by 10% to 98.7 HKD, reflecting a 26% upside potential, considering the scarcity of the Tap ecosystem which warrants a valuation premium [2]

Core Viewpoint - CICC maintains the profit forecast for Xindong Company (02400) at 1.4 billion, 1.7 billion, and 2 billion yuan for 2025, 2026, and 2027 respectively, with a target price increase of 10% to 98.7 HKD, indicating a potential upside of 26% [1] Group 1: Business Model Evolution - TapTap is transitioning from a single game distribution platform to a full-cycle service provider covering "development, testing, launch, and long-term operation," thereby constructing a closed-loop game industry infrastructure [2] - The strategic core of TapTap lies in leveraging its technological capabilities across various stages of the game lifecycle, creating a synergistic effect of "traffic + tools + monetization" [2] - The establishment of a B-end service matrix enhances business stability and profitability diversity, facilitating a shift in company valuation from a "gaming company" to a higher-premium "ecosystem platform" logic [2] Group 2: Advertising Technology and Efficiency - TapTap has optimized advertising costs and conversion efficiency through a deep understanding of high-value gaming users and continuous iteration of its self-developed advertising algorithms [3] - The emerging Dirichlet advertising aggregation platform aims to replicate this capability in the broader external market, potentially opening new growth avenues and enhancing the main site's algorithm capabilities [3] Group 3: UGC Tools and Long-term Growth - The Spark Editor and "TapTap Manufacturing" AI tools significantly lower the barriers to game creation, transforming a large number of players into potential creators [4] - This development not only provides exclusive low-cost content supply for the TapTap platform but also begins to establish a closed loop from creation to distribution and commercialization, potentially unlocking an endogenous creator economy and forming an ecological moat [4]

Core Viewpoint - CICC maintains the profit forecast for Xindong Company (02400) at 1.4 billion, 1.7 billion, and 2 billion yuan for 2025, 2026, and 2027 respectively, with a target price increase of 10% to 98.7 HKD, indicating a potential upside of 26% [1] Group 1: Business Model Evolution - TapTap is transitioning from a single game distribution platform to a full-cycle service provider covering "development, testing, launch, and long-term operation," creating a closed-loop game industry infrastructure [2] - The strategic core involves leveraging technological capabilities across the game lifecycle, forming a synergistic effect of "traffic + tools + monetization," enhancing business stability and profitability diversity [2] Group 2: Advertising Technology and Efficiency - TapTap has optimized advertising costs and conversion efficiency through a deep understanding of high-value gaming users and self-developed advertising algorithms [3] - The emerging Dirichlet advertising aggregation platform aims to replicate this capability in the broader external market, potentially opening new growth avenues [3] Group 3: UGC Tools and Long-term Growth - The Spark Editor and "TapTap Manufacturing" AI tools significantly lower the barriers to game creation, transforming a large number of players into potential creators [4] - This development not only provides exclusive low-cost content supply for the TapTap platform but also begins to establish a closed loop from creation to distribution and commercialization, potentially fostering a creator economy within the platform [4]

心动公司(02400)发布公告，于2026年2月5日，该公司斥资197.87万港元回购2.5万股。 ...

智通财经APP讯，心动公司(02400)发布公告，于2026年2月5日，该公司斥资197.87万港元回购2.5万股。 ...

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： 2026年2月5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 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已 ...

心动公司(02400)尾盘涨近5%，截至发稿，涨4.1%，报81.3港元，成交额4.78亿港元。 此外，《心动小镇》国际服下载量超预期。开源证券表示，《心动小镇》作为3D社交建造游戏，玩家 快速积累有助于打造更活跃的内容、社交生态进而提高留存度，亦为后续运营活动下流水进一步提升奠 定基础。国际服官宣将联动全球知名IP《小马宝莉》，背靠国服超一年的运营经验及内容积累，我们看 好后续系列运营活动的推出驱动国际服流水厚积薄发。 来源：智通财经网 消息面上，心动公司旗下Taptap近期发布通过自然语言对话让AI创作游戏的产品"Taptap Maker"。开源 证券发布研报称，AI模型工具能力的跃迁或助力游戏开发门槛大幅降低，玩家可成为创作者，从而推 动游戏供给个性化程度及丰富性大幅提升，进而提升流量平台及分发渠道价值。长江证券则表示，AI 有望重塑游戏行业开发链路并构建全新内容生态。 ...