Zhi Tong Cai Jing·2026-01-12 08:35Core Viewpoint - The report from Guojin Securities indicates that the international version of the self-developed life simulation game "Heartopia" by Xindong Company (02400) has achieved significant early success, ranking in the top 200 of the Apple Store free charts in over 100 countries/regions as of January 11, 2026. The projected net profit for 2025, 2026, and 2027 is estimated at 1.704 billion, 2.119 billion, and 2.553 billion respectively, with corresponding PE ratios of 20.16, 16.21, and 13.45 times, maintaining a "buy" rating [1]. Group 1 - "Heartopia" international version has impressive initial download figures, ranking first in the Apple Store free charts in Japan, South Korea, France, Thailand, and other countries, and within the top 20 in Germany, the USA, and Canada, totaling 108 countries in the top 200 [1] - The game has accumulated over 1.6 million downloads on Google Play and approximately 1 million on the Apple Store, with total downloads exceeding 3 million when including PC downloads [1] - The strong user base and high daily active users (DAU) are crucial for the long-term commercialization of "Heartopia," ensuring a solid foundation for the product's extended operation [1] Group 2 - The game's presence on social media platforms is expected to further expand its user base, with significant growth in community engagement observed on platforms like Discord, TikTok, and Instagram [2] - As of January 11, the Discord server grew from 70,000 to over 280,000 members, while TikTok followers increased from 88,000 to over 198,000, and Instagram followers rose from 44,000 to 116,000 [2] - The continuous rise in social media engagement and user-generated content (UGC) is anticipated to enhance the game's visibility and attract more players [2] Group 3 - The international version of "Heartopia" is expected to generate higher revenue than its domestic counterpart, which is set to launch in July 2024 [3] - The growth trend in international user numbers and revenue suggests that "Heartopia" could become the company's top revenue-generating game, supported by the performance of other long-lasting titles like "Torchlight: Infinite" [3] - The report emphasizes the potential for "Heartopia" to strengthen the company's game portfolio and revenue base [3]