XD INC(HK:02400) Zhi Tong Cai Jing·2026-02-06 01:54Core 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]