智通财经APP获悉，华福证券发布研报称，AI Coding与多模态能力正成为UGC生态价值放大的"双引 擎"。AI Coding侧重赋予UGC交互性与功能逻辑，降低非专业用户对游戏、互动视频等开发门槛；多模 态能力则侧重丰富UGC素材质量，通过文生图/视频/音频等方式，让创作者高效获得UGC素材。AI爆发 有助于UGC平台爆发，建议关注：1)AI游戏平台：TapTap(心动公司(02400))、Roblox(RBLX.US)、吉比 特(603444.SH)(雷霆游戏发行平台)；2)AI中短视频平台：快手-W(01024)、哔哩哔哩-W(09626)；3)AI IP 开发平台：阅文集团(00772)。 华福证券主要观点如下： AI UGC赋能IP开发平台：阅文集团 阅文集团计划运用AI对IP进行动漫化开发。阅文集团孵化大量爆款头部动漫IP，据云合数据，Top10的 动漫中，7部来自于阅文收购的腾讯动漫，1部在B站播放的也为阅文IP。未来阅文集团计划持续探索AI 多模态下动漫IP的开发，进一步提升改编效率、丰富内容形态，加快IP全产业链的商业化落地。 AI UGC赋能游戏平台：Roblox和TapTap(心动公司 ...

隔夜美股三大指数集体收涨，苹果涨超5%，中概指数涨0.93%。港股三大指数集体高开，恒指涨 0.29%，国指涨0.24%，恒生科技指数涨0.27%。盘面上，大型科技股全线上涨，阿里巴巴涨2%，快手 涨1.38%，京东涨近1%，百度、美团、网易、腾讯均飘红，惟小米下跌3.43%；美股苹果股价大涨超 5%，港股苹果概念股闻声上涨，高伟电子涨近5%，瑞声科技、舜宇光学涨2%；AI概念股走强，赤子 城科技发盈喜大涨超9%，美图公司、心动公司、微盟集团、金山软件齐涨；钢铁股、濠赌股、建材水 泥股、高铁基建股普遍上涨。另一方面，汽车股普遍下跌，小鹏汽车跌近2%，半导体股、家电股、黄 金股部分走弱。(格隆汇) ...

Group 1 - The company expects a significant increase in H1 2025 performance, with revenue projected to be no less than 3.05 billion yuan, representing a year-on-year growth of approximately 37%, and net profit expected to be no less than 790 million yuan, reflecting a year-on-year increase of about 215% [1] - The strong year-on-year growth is primarily driven by the performance of self-developed games such as "Ragnarok M: Beginning Server," "Heart Town," and "Torchlight: Infinite," which have boosted revenue and improved gross margins [1] - TapTap's revenue and profit continue to grow due to improvements in advertising algorithms and increased user engagement, despite stable average monthly active users [1] Group 2 - The game "Yise" launched its international version on June 5, entering the top 50 best-selling games in 30 countries and regions, with expected revenue exceeding 100 million yuan in the first month [2] - "Heart Town" celebrated its anniversary with events and saw its iPhone game ranking rise to 7th place, with plans for an international version launch in H2 2025, potentially bringing significant revenue increments [2] - The company is leveraging its extensive experience in developing and operating multiple products based on the same IP, with "Guarding Eternal Love 2" expected to be a key long-term product driving growth [2] Group 3 - The TapTap game conference showcased 50 new game updates, including 13 PC games, marking a diversification in the platform's offerings [3] - The PC version of TapTap has officially launched, allowing users to purchase, download, and install PC games, with over 100 top games currently available [3] - The PC version operates on a no-revenue-sharing model, which may further expand growth opportunities for the platform [3]

Core Viewpoint - The company anticipates significant growth in both revenue and net profit for the first half of 2025, driven by strong performance from key games and improvements in profit margins [1][2]. Group 1: Financial Performance - The company expects 1H25 revenue to be no less than 3.05 billion yuan, representing a year-on-year increase of over 37% [1]. - Net profit for 1H25 is projected to be no less than 790 million yuan, reflecting a year-on-year increase of over 215% [1]. - The performance exceeds both the company's and market expectations, with the market previously estimating net profit at 500 million yuan [1]. Group 2: Game Performance and Releases - The revenue growth in 1H25 is primarily attributed to the success of games such as "Ragnarok M: Beginning," "Heart Town," and "Torchlight," which have driven revenue increases and improved gross margins [1]. - In 2H25, profit growth is expected to come from the anniversary celebration of "Heart Town," which is anticipated to enhance commercialization, and the upcoming release of "Iser" on September 25 [1]. - The company has a strong pipeline for 2026, with the first round of testing for the open-world MMORPG "Ragnarok RO: Eternal Love" set to begin in December 2025 [1]. Group 3: TapTap Platform Development - TapTap's revenue and profit showed steady growth in 1H25, driven by improvements in advertising algorithms and increased user engagement [2]. - The company plans to focus on significant updates for games and the development of a PC version of TapTap, which has already gained a user base [2]. - Future initiatives include enhancing the small game platform and utilizing AI for game development [2]. Group 4: Profit Forecast and Valuation - The company has raised its net profit forecasts for 2025 and 2026 by 66% and 81% respectively, now expecting 1.65 billion yuan and 1.95 billion yuan [2]. - The target price has been increased by 49% to 82.5 HKD, reflecting an upward potential of 45% based on the adjusted profit forecasts and new game expectations [2].

Core Viewpoint - Citigroup's research report highlights that Xindong Company’s earnings surprise the market, with expected revenue and net profit for the first half of the year to be no less than RMB 3.05 billion and RMB 790 million respectively [1] Group 1 - The company is anticipated to see improved business performance in the second half of the year with the launch of "Isle: Reboot Day" and "Xindong Town" [1] - Citigroup has raised its revenue and net profit forecasts for Xindong Company for the years 2025 to 2027 [1] - The target price for Xindong Company has been increased from HKD 52 to HKD 73 [1]

华泰证券发表研报指，心动公司发布业绩盈喜，预期2025年上半年取得收入不少于30.5亿元，按年增约 37%；净利润不少于7.9亿元，按年增加约215%。该行预计业绩高增主因：游戏方面，《仙境传说 M： 初心服》、《火炬之光：无限》、《心动小镇》流水较好，且游戏业务整体毛利率按年提升；广告算法 改进及用户参与度提升带动，TapTap平台收入与利润均持续增长；公司费用率优化。华泰证券看好公司 自研游戏进入兑现周期，多元市场拓展潜力被验证，TapTap平台商业化能力增强，长期增长空间有望打 开，维持"买入"评级，目标价由42.89港元上调至81.69港元。 ...

Core Viewpoint - The company is expected to achieve significant revenue and profit growth in the first half of 2025, driven by strong performance in its gaming segment and improvements in its advertising platform [1] Group 1: Financial Performance - The company anticipates revenue of no less than 3.05 billion yuan for the first half of 2025, representing an approximate year-on-year increase of 37% [1] - Net profit is projected to be no less than 790 million yuan, reflecting a year-on-year increase of about 215% [1] Group 2: Business Drivers - The strong growth in revenue is attributed to successful game titles such as "Ragnarok M: Beginning," "Torchlight: Infinite," and "Heart Town," along with an overall improvement in the gaming business's gross margin [1] - Enhancements in advertising algorithms and increased user engagement have led to sustained growth in revenue and profit for the TapTap platform [1] - The company has optimized its expense ratio, contributing to improved financial performance [1] Group 3: Future Outlook - The company is viewed positively regarding its self-developed games entering a realization phase, with validated potential for market expansion [1] - The commercialization capability of the TapTap platform is expected to strengthen, opening up long-term growth opportunities [1] - The target price for the company's stock has been raised from 42.89 HKD to 81.69 HKD, maintaining a "buy" rating [1]

Core Viewpoint - Citigroup's research report indicates that Xindong Company’s earnings surprise has positively impacted the market, with projected revenue and net profit for the first half of the year expected to be at least 30.5 billion and 7.9 billion respectively [1] Group 1 - The company anticipates an increase in business performance in the second half of the year, driven by the potential launch of "Isser: Reboot Day" on September 25 in China, Japan, and South Korea, as well as the overseas debut of "Xindong Town" [1] - Citigroup has raised its revenue forecasts for Xindong Company for the years 2025 to 2027 by 13.9%, 8.3%, and 7.5% respectively [1] - The net profit forecasts have also been increased by 79%, 42%, and 22% for the same period [1] - The target price for the company's stock has been adjusted from 52 HKD to 73 HKD [1]

8月4日，心动公司（02400.HK）发布了2025半年度盈利预喜公告，预期2025年上半年取得收入不少于人民币30.5亿元，较去年同期收入（22.2亿元人民 币）增长约37%；净利润不少于人民币7.9亿元，同比增长约215%。 初心服简化了原版的复杂养成系统，仅开放6大基础职业，让玩家能够体验更加原汁原味的剧情，找回最初的RO冒险乐趣，更适合休闲玩家"养老"。 《心动小镇》是一款以慢节奏生活模拟为核心的3D社交建造手游，主打自由建造、田园生活与轻松社交，玩家可以在一个童话风格的欧式小镇中打造个 性化家园，体验"慢节奏、无压力"的休闲生活。 上个月推出一周年庆典及小马宝莉联动版本后，《心动小镇》曾一度跃升至国内iOS畅销榜TOP8。截至目前，游戏仍然能够保持在畅销榜60名左右，长线 表现相当稳定。 以刷宝为核心的ARPG《火炬之光：无限》继承了经典"火炬之光"IP的世界观，主打自由BD搭配、多流派构建、无限制刷图、赛季制更新等特色玩法。游 戏于2023年5月10日上线，首周登顶国内iOS免费榜，畅销榜上则最高排到第11位。 公告提到，公司业绩大幅提升主要归功于旗下几款自研游戏的成功运营，以及TapTap平台在 ...

【深圳商报讯】（首席记者谢惠茜）8月5日，游戏股集体走强。尤其是港股心动公司盘中最高涨幅近 40%，收盘仍大涨24.76%。其他个股也纷纷跟涨，其中，IGG涨9.79%。A股游戏板块整体表现十分活 跃，跑赢大市；游戏ETF当日涨幅1.66%。 （文章来源：深圳商报） 记者注意到，8月4日，心动公司发布公告预喜，认为预期大增主要得益于其自研游戏《仙境传说M：初 心服》《心动小镇》及《火炬之光：无限》等表现强劲，流水超预期，推动公司收入增长，进而改善毛 利率。 "而其他游戏股近期的集体走强，则有多重因素催化，受多重利好支撑。"武泽伟表示，目前来看，游戏 板块业绩改善，估值合理，叠加近期ChinaJoy展会消息催化，游戏板块接下来依然可能受到市场追捧， 具有不错的投资价值。不过，短期追高有风险，建议投资者谨慎参与。 "心动公司当天涨幅，主要受其2025年上半年业绩预增驱动。"苏商银行特约研究员武泽伟在接受记者采 访时表示。 ...