里昂：升心动公司目标价至90港元 上半年业绩胜预期

Group 1 - The core viewpoint of the report is that the revenue forecasts for Xindong Company (02400) for the fiscal years 2025 and 2026 have been raised by 11% and 12% respectively, reflecting strong growth in the advertising business driven by upgrades in advertising technology [1] - The target price for Xindong Company has been increased from HKD 60 to HKD 90, while maintaining an "outperform" rating [1] - Xindong Company's performance in the first half of the year exceeded expectations, with total revenue increasing by 39% year-on-year to RMB 3.1 billion, which is 2.6% higher than the forecast [1] Group 2 - The gaming business revenue met expectations, reaching RMB 2.1 billion, also reflecting a 39% year-on-year increase [1] - The TapTap advertising business revenue rose by 38% year-on-year to RMB 1 billion, exceeding the forecast by 6%, benefiting from upgrades in advertising targeting algorithms [1]