Summary of Xindong Company Conference Call Company Overview - **Company**: Xindong Company - **Industry**: Gaming and Information Services Key Points and Arguments 1. **Revenue Performance**: Xindong Company's gaming business revenue exceeded expectations, driven by strong performance in overseas markets for "Ragnarok" and significant contributions from "Torchlight" and "Xindong Town" [2][4] 2. **Profit Improvement**: The company saw a notable improvement in profit margins, with the gaming business gross margin increasing due to a higher proportion of overseas business, which has a better margin [2][4] 3. **Future Growth Potential**: Xindong Company has high growth certainty, with upcoming launches of "Iser" in multiple regions and the overseas version of "Xindong Town" expected by the end of 2025, which could significantly contribute to revenue [2][5] 4. **TapTap Platform**: The TapTap platform benefits from algorithmic recommendations and AI capabilities, enhancing ad targeting and improving ROI for advertisers, suggesting it should be valued as a vertical gaming community or tech platform [2][6] 5. **Revenue Forecast Adjustments**: The company raised its gaming business revenue forecast for 2025 by 32.4%, with similar adjustments for 2026 and 2027 nearing 35%, while also increasing overall gross margin by 4 percentage points [2][7] 6. **Profit Structure Changes**: The profit structure is shifting, with TapTap's profit growth potentially surpassing that of the gaming business, indicating a need for a distributed valuation approach [2][12][13] 7. **Market Valuation**: Using a distributed valuation method, the target market value is approximately 37 billion RMB, corresponding to a target price of 81 HKD, indicating further upside potential from current stock prices [3][14] 8. **Product Line Clarity**: The product line for the next two years is clear, with "Iser" contributing in Q4 2025 and "Xindong Town" expected to generate significant revenue in 2026 [10][26] 9. **Success Rate of Products**: The high success rate of Xindong's products is attributed to systematic resource investment and management optimization, leading to successful launches like "Xindong Town" and "Iser" [11] 10. **TapTap's Unique Business Model**: TapTap operates as both a game community and distribution channel, with a zero-revenue-sharing model that attracts many mid-tier companies, thus reducing their costs [19] 11. **Advertising Revenue Growth**: TapTap's advertising revenue is closely linked to its monthly active users (MAU), with a 33% increase in ad revenue despite a decline in MAU in 2023 [20] 12. **Profitability of TapTap**: In 2024, TapTap generated 1.5 billion RMB in revenue with a net profit exceeding 400 million RMB, and the net profit margin is expected to rise to around 40% in 2025 [25] 13. **Overall Performance Outlook**: The overall performance outlook for Xindong Company remains optimistic, with adjusted earnings forecasts reflecting strong growth potential driven by successful game launches and the profitability of the TapTap platform [27] Other Important Insights - **Market Discrepancies**: There are significant discrepancies in market valuation, with traditional views comparing Xindong to larger gaming companies like Tencent and NetEase, which may not accurately reflect its current growth trajectory [8][9] - **Focus on Key Projects**: Key projects to watch include "Ragnarok" and "Torchlight," with "Ragnarok" performing particularly well in Southeast Asia [15] - **User Engagement Strategies**: "Xindong Town" has maintained user engagement through frequent events, contributing to its strong performance in 2025 [16][17] - **Valuation Perspectives**: Different viewpoints exist regarding the valuation of "Xindong Town," with suggestions to evaluate it separately as a platform due to its complex profit structure [18]

Summary of Key Points from the Conference Call Industry Overview - The gaming sector's valuation remains relatively low compared to the broader consumer entertainment and overseas gaming companies, with sustainable growth expected until 2026 [1][3] - The gaming industry is experiencing a solid fundamental performance, with several companies projected to perform well in Q3 2025 [1][6] Company Highlights Xindong Company - Expected H1 2025 revenue of at least 3.05 billion yuan, a year-on-year increase of 37%, and net profit of at least 790 million yuan, a growth of over 215% [1][10] - The game "Xindong Town" significantly improved its iOS sales ranking due to collaboration with "My Little Pony" [10][11] - The game "Iser" generated over 100 million yuan in its first month in overseas English-speaking regions [1][11] Giant Network - The game "Supernatural Action Group" saw a 168% month-on-month increase in domestic iOS revenue in July 2025, benefiting from summer user engagement and commercialization iterations [1][13] - The anniversary event for "Ball Ball Battle" helped it regain a higher sales ranking [1][14] - New game "Ming Jiang Sha" received a license and is expected to contribute to revenue in the second half of 2025 [1][15] Gibit - The new product "Sword Legend" exceeded expectations in both domestic and overseas markets, with significant revenue from collaborations with Japanese light novel IPs [1][16][17] ST Huatuo - The game "Wild Survival" maintained stable global revenue, while "King Short" saw a 27% increase in overseas revenue [1][18] - Expected Q2 2025 revenue median of approximately 8.9 billion yuan, a year-on-year increase of 77% [2][18] Perfect World - The game "P5X: Persona 6" performed well in overseas markets, with July revenue exceeding 20 million USD [1][19] - The company plans to launch a key project "Yihua" in 2026 [1][20] Market Trends and Innovations - The gaming industry is witnessing innovation in themes and gameplay, with a notable trend of multi-platform releases and AAA games [1][7] - AI applications in gaming are expanding, with over 7,800 AI products on the Steam platform, representing 20% of games released in 2025 [1][9] Future Outlook - The gaming sector is expected to maintain strong performance in the second half of 2025, with new product launches potentially impacting market dynamics [1][23] - The ChinaJoy 2025 event saw increased popularity and introduced new IP derivative product displays, indicating a growing trend in the market [1][24][25] Recommendations - Companies to watch include Xindong Company, ST Huatuo, Gibit, and Giant Network, all of which have shown stable and high-frequency performance data [1][34]

Core Viewpoint - The China Securities Index for Hong Kong Stock Connect Cultural and Entertainment has shown significant growth, with a 9.61% increase over the past month, 45.35% over the past three months, and 42.81% year-to-date [1]. Group 1: Index Performance - The China Securities Index for Hong Kong Stock Connect Cultural and Entertainment Index is currently at 2066.25 points [1]. - The index is based on a sample of securities classified according to the China Securities Industry Classification Standard, reflecting the overall performance of different industry securities within the Hong Kong Stock Connect [1]. Group 2: Sector Composition - The index is fully composed of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1]. - Within the index, the gaming sector represents 64.10%, the film and animation sector accounts for 17.98%, and the publishing sector makes up 17.92% [1]. Group 3: Sample Adjustment - The index samples are adjusted biannually, specifically on the next trading day following the second Friday of June and December [2]. - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the index sample due to special events [2].

中金发表报告表示，心动公司预告今年上半年收入按年增长超过37%、净利润按年增长超过215%，公 司业绩预告好于该行及市场预期，该行认为主要因：1)《仙境传说RO：初心服》流水及净利润率水平 均好于预期；2)TapTap收入及利润率表现好于预期。该行指，心动公司游戏利润盘坚实，下半年关注 《伊瑟》9月25日上线、《小镇》海外及2026年核心产品《RO2》首测。 考虑TapTap盈利水平提升、游戏表现好于预期，中金分别上调心动今明两年归母净利润预期66%及 81%，至16.5亿及19.5亿元，对应当前股价今明两年预测市盈率15倍及13倍，维持"跑赢行业"评级，上 调目标价49%至82.5港元。 ...

受业绩增长利好消息的影响，在业绩预喜公布后的8月5日，心动公司股价开盘高开8.55%，随后迅速拉 升，盘中涨幅超过24%，市值也一度攀升至350亿港元。而自2024年初的低点以来，心动公司区间涨幅 已超过800%。 8月4日，港股心动公司公布了其上半年业绩盈利预告。预告显示，公司预计收入不少于人民币30.5亿 元，同比增长约37%；预期净利润不少于人民币7.9亿元，同比增幅高达约215%。 对于业绩增长，心动公司做出的解释是：（1）自研游戏《仙境传说M：初心服》、《心动小镇》、 《火炬之光：无限》表现亮眼，拉动收入增长并改善毛利率。（2）TapTap虽平均月活同比相对稳定， 但广告算法改进、用户参与度提升拉动收入、利润持续增长。 此外，TapTap平台的收入表现同样可圈可点。2024年，该平台实现营业收入15.78亿元，同比增长 21.6%。而TapTap平台的收入成本仅为2.48亿元，占分部收入的百分比更是低至15.7%。 从过往财务数据来看，2024年心动公司实现营业收入50.12亿元，同比增长47.89%；实现归母净利润 8.90亿元，不仅同比扭亏为盈，还实现了大幅盈利。 展望未来，心动公司后续两款游戏 ...

智通财经APP获悉，港股三大指数早盘探底回升，午后涨幅曾进一步扩大。截止收盘，恒生指数涨 0.68%或169.08点，报24902.53点，全日成交额为2293.99亿港元；恒生国企指数涨0.65%，报8951.07 点；恒生科技指数涨0.73%，报5521.07点。 国信证券研报指出，港股今年资金面形成了内资、外资共振式的宽松。从周期涨幅、AH溢价率、宽基 指数估值三个方面比较，港股对A股依然处在估值合理范畴，且科技、医药板块从长期看依然有较大的 修复空间。 蓝筹股表现 联想集团(00992)创逾4个月新高，截至收盘，涨5.09%，报11.14港元，成交额16.91亿港元，贡献恒指6.8 点。里昂证券发布研报称，继7月5日上调预期后，进一步再度上调联想集团4-6月的盈利预期。原因在 于，联想PC业务的出货量及利润率优于此前预期，服务器业务收入亦保持稳健。因此，将联想集团目 标价从 11 港元上调至 12 港元，并维持跑赢大盘评级。 其他蓝筹股方面，比亚迪电子(00285)涨7.73%，报35.42港元，贡献恒指3.25点；中银香港(02388)涨 4.69%，报37.06港元，贡献恒指9.74点；新东方-S ...

Group 1 - As of August 5, 84 stocks reached their 52-week highs, with notable performers including Zhengqian Financial Holdings (01152) at 145.00%, Yijun Group Holdings (02442) at 55.74%, and Ruiyuan Intelligent Control (08249) at 47.06% [1] - The closing prices and highest prices for the top three stocks are as follows: Zhengqian Financial Holdings at 0.249 and 0.490, Yijun Group Holdings at 3.660, and Ruiyuan Intelligent Control at 0.234 and 0.300 [1] - Other significant stocks that reached new highs include Dimi Life Holdings (01667) at 33.33%, Victory Pipeline (01080) at 29.29%, and Xindong Company (02400) at 25.70% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Zhaobangji Life (01660) at -4.72%, Ruifeng New Energy (00527) at -3.75%, and China Wantian Holdings (01854) at -3.06% [3] - The closing prices and lowest prices for the bottom three stocks are as follows: Zhaobangji Life at 0.116 and 0.101, Ruifeng New Energy at 0.400 and 0.385, and China Wantian Holdings at 1.030 and 0.950 [3] - Other stocks that experienced declines include XL Ernan County (07777) at -2.93% and Jifeng Packaging (01820) at -2.83% [3]

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7月31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8月5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 | 0 ...

8月5日，恒生互联网ETF（513330）盘中震荡，涨近0.5%，成分股中，心动公司涨超24%，东方甄选涨 超16%，网龙、地平线机器人、哔哩哔哩跟涨。 （文章来源：每日经济新闻） 7月30日，重磅会议顺利召开，明确提出"必须把因地制宜发展新质生产力摆在更加突出的战略位置"， 同时对"反内卷"的表述温和。 港股龙头互联网企业资本开支和云业务收入同步强劲增长。当前AI产业发展正进入从1-100的快速扩张 阶段，DeepSeek加速AI平权进程，港股互联网龙头AI商业化应用加速落地。从各大互联网巨头和三大 运营商不断加码云与AI基础设施投资可见，AI正成为推动云增长的核心动力。 在"反内卷"政策导向与AI产业快速发展的双重提振下，互联网企业的发展势头愈发强势。聚焦互联网龙 头企业与新消费的恒生互联网ETF（513330）有望进一步走出亮眼行情。 年内行情诞生背景主要是以AI为代表的产业变革加速演进，随着DeepSeek大模型全面开源，标志着中 国AI技术跻身全球第一梯队。根据Artificial Analysis综合多项性能基准的全球排行榜中，中国AI大模型 整体表现与美国前沿模型相当，其中DeepSeek-R1 ...

Group 1 - The core point of the article highlights the strong performance of mobile gaming stocks in the Hong Kong market, driven by the earnings surprise from Xindong Company, which saw its stock price surge over 24% [1] - Xindong Company expects revenue for the first half of 2025 to be no less than 3.05 billion yuan, representing a year-on-year growth of approximately 37%, and a net profit of no less than 790 million yuan, indicating a year-on-year increase of about 215% [1] - The report from the China Audio-Video and Digital Publishing Association indicates that the domestic gaming market's actual sales revenue for the first half of 2025 is projected to reach 168 billion yuan, a year-on-year growth of 14.08%, marking a historical high [1] Group 2 - The stock performance of various mobile gaming companies includes IGG rising nearly 10%, Chuangmeng Tiandi and Zhongshouyou increasing over 6%, and Feiyu Technology up by 4% [2] - The latest market capitalization figures show Xindong Company at 34.826 billion yuan, IGG at 5.323 billion yuan, and Chuangmeng Tiandi at 2.138 billion yuan, among others [2] - The total number of domestic gaming users reached 679 million, also a historical high, reflecting the growing engagement in the gaming sector [1]