XD INC(HK:02400) 智通财经网·2026-02-26 03:20Group 1 - The core viewpoint of the report is that Xindong Company (02400) has a "buy" rating due to the strong performance of its self-developed game "Xindong Town" since its international launch in January, which has laid a solid foundation for revenue growth [1] - The international version of "Xindong Town" was launched on January 8, achieving over 12 million downloads globally and generating an estimated revenue of 60 million RMB in January, primarily from markets like Japan, South Korea, and the United States [1] - The company has a stable income from existing evergreen games and a robust pipeline of new titles, including "Yise," which is expected to contribute to revenue growth in the second half of the year [2] Group 2 - The company reported a 39% year-on-year revenue increase to 3.08 billion RMB for the first half of 2025, with adjusted profits rising 206% to 850 million RMB, exceeding market expectations [2] - The average monthly active users for online games increased by 20% year-on-year to 11.41 million, with average monthly paying users growing by 21% to 1.32 million [2] - TapTap's revenue grew by 38% year-on-year to 1.01 billion RMB, with a gross margin increase of 1.1 percentage points to 83.6%, driven by improved advertising algorithms and user engagement [3] Group 3 - The company initiated a share buyback plan in January, aiming to repurchase up to 400 million RMB worth of shares by June 4, reflecting confidence in its business outlook [4] - Market expectations indicate a compound annual growth rate (CAGR) of 17% for revenue and 33% for adjusted profits from 2024 to 2027, with projected adjusted profits for 2025 expected to grow by 85% to 1.62 billion RMB [4] - There is a potential for the company to issue a positive earnings announcement in the short term, which could lead to an upward revaluation of its stock [4]