心动公司(02400)发布公告，于2026年2月5日，该公司斥资197.87万港元回购2.5万股。 ...

智通财经APP讯，心动公司(02400)发布公告，于2026年2月5日，该公司斥资197.87万港元回购2.5万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 心动有限公司 呈交日期： 2026年2月5日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02400 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已 ...

Market Overview - The Hong Kong stock market showed a rebound after an initial decline, with the Hang Seng Index closing up 0.14% at 26,885.24 points, the Hang Seng Tech Index up 0.74% at 5,406.13 points, and the China Enterprises Index up 0.50% at 9,093.34 points. Southbound funds recorded a net inflow of over 22 billion HKD [1] - Major technology stocks, including Xiaomi and Baidu, saw gains of nearly 3%, while Meituan rose nearly 2%. Other sectors such as restaurants, dairy, and beer stocks also performed well, indicating a recovery in industry operations [1] Company Highlights - Yurun Dairy (09858) rose nearly 5% after announcing a share placement to raise approximately 2.33 billion HKD (about 2.07 billion RMB), primarily from its major shareholder, Yili, increasing its stake from 33.93% to 36.07% [2] - Baidu Group (09888) increased by over 3% following the announcement of a new stock buyback plan with a maximum amount of 5 billion USD, effective until December 31, 2028, and the approval of a dividend policy expected to be announced in 2026 [2] - Xindong Company (02400) saw a rise of nearly 5% due to the launch of its AI game creation product "Taptap Maker," which is expected to lower development barriers in the gaming industry [2] - CloudTop New Horizon (01952) gained over 4% after signing an exclusive commercialization agreement for a new peptide drug, strengthening its position in the Asian market for kidney and autoimmune diseases [3] - Mao Geping (01318) rose over 5% as it climbed to the 4th position in the Douyin beauty rankings, indicating strong brand performance [3] - Horizon Robotics (09660) increased by over 3% after being recognized as a market leader in the ADAS sector with a 47.66% market share [4] Investment Insights - BNP Paribas maintains a positive outlook on the Chinese stock market, expecting no significant impact from the recent appreciation of the RMB on equity returns, valuations, and stock performance [6] - Huatai Securities emphasizes the importance of mid-term perspectives, suggesting that the current market sentiment is optimistic, with key drivers for the first quarter being liquidity improvement and enhanced profit expectations [7] - CCB International remains bullish on H-shares in the banking sector, noting that the average price-to-book ratio is at a historical low, making it attractive for long-term investors [8] - CICC forecasts a mild recovery in the consumer building materials sector, with leading companies expected to improve margins due to recent price increases in various sub-sectors [9]

心动公司(02400)尾盘涨近5%，截至发稿，涨4.1%，报81.3港元，成交额4.78亿港元。 此外，《心动小镇》国际服下载量超预期。开源证券表示，《心动小镇》作为3D社交建造游戏，玩家 快速积累有助于打造更活跃的内容、社交生态进而提高留存度，亦为后续运营活动下流水进一步提升奠 定基础。国际服官宣将联动全球知名IP《小马宝莉》，背靠国服超一年的运营经验及内容积累，我们看 好后续系列运营活动的推出驱动国际服流水厚积薄发。 来源：智通财经网 消息面上，心动公司旗下Taptap近期发布通过自然语言对话让AI创作游戏的产品"Taptap Maker"。开源 证券发布研报称，AI模型工具能力的跃迁或助力游戏开发门槛大幅降低，玩家可成为创作者，从而推 动游戏供给个性化程度及丰富性大幅提升，进而提升流量平台及分发渠道价值。长江证券则表示，AI 有望重塑游戏行业开发链路并构建全新内容生态。 ...

消息面上，心动公司旗下Taptap近期发布通过自然语言对话让AI创作游戏的产品"Taptap Maker"。开源 证券发布研报称，AI模型工具能力的跃迁或助力游戏开发门槛大幅降低，玩家可成为创作者，从而推 动游戏供给个性化程度及丰富性大幅提升，进而提升流量平台及分发渠道价值。长江证券则表示，AI 有望重塑游戏行业开发链路并构建全新内容生态。 此外，《心动小镇》国际服下载量超预期。开源证券表示，《心动小镇》作为3D社交建造游戏，玩家 快速积累有助于打造更活跃的内容、社交生态进而提高留存度，亦为后续运营活动下流水进一步提升奠 定基础。国际服官宣将联动全球知名IP《小马宝莉》，背靠国服超一年的运营经验及内容积累，我们看 好后续系列运营活动的推出驱动国际服流水厚积薄发。 心动公司(02400)尾盘涨近5%，截至发稿，涨4.1%，报81.3港元，成交额4.78亿港元。 ...

智通财经APP获悉，心动公司(02400)尾盘涨近5%，截至发稿，涨4.1%，报81.3港元，成交额4.78亿港 元。 此外，《心动小镇》国际服下载量超预期。开源证券表示，《心动小镇》作为3D社交建造游戏，玩家 快速积累有助于打造更活跃的内容、社交生态进而提高留存度，亦为后续运营活动下流水进一步提升奠 定基础。国际服官宣将联动全球知名IP《小马宝莉》，背靠国服超一年的运营经验及内容积累，我们看 好后续系列运营活动的推出驱动国际服流水厚积薄发。 消息面上，心动公司旗下Taptap近期发布通过自然语言对话让AI创作游戏的产品"Taptap Maker"。开源 证券发布研报称，AI模型工具能力的跃迁或助力游戏开发门槛大幅降低，玩家可成为创作者，从而推 动游戏供给个性化程度及丰富性大幅提升，进而提升流量平台及分发渠道价值。长江证券则表示，AI 有望重塑游戏行业开发链路并构建全新内容生态。 ...

Investment Rating - The report maintains a "Positive" outlook for the gaming industry [5] Core Insights - The application of AI in the gaming industry is transitioning from B2B to B2C, with expectations for sustained capacity and traffic growth for evergreen games on the B2B side, while B2C games with high daily active users (DAU) are expected to see significant increases in both content and DAU through user co-creation driven by natural language AI game engines [3][12] - The report highlights the importance of companies with advantages in gaming channels and large DAU products, such as Tencent Holdings, Xindong Company, Century Huatong, Giant Network, and NetEase, as well as those with key project reserves like 37 Interactive Entertainment and Perfect World [3][12] Summary by Sections 1. AIGC and Policy Resonance Driving High Growth in Gaming Revenue - In 2025, China's gaming industry sales revenue is projected to reach 350.8 billion, with an 8% year-on-year growth, significantly outperforming the retail sector's 3.7% growth [15] - The AI-driven evergreen games are extending their lifecycle, with major titles like "Honor of Kings" and "Crossfire" achieving historical highs during the Spring Festival [15] 2. Trends in the Gaming Industry for 2026 - AI game editors are beginning to deliver results, with a long-term positive outlook for platform-based companies [29] - A price war is expected to restart in 2026, with low ARPU games showing stronger resilience against macroeconomic headwinds [38] - The revival of PC games is deepening, with an increasing proportion of cross-platform products [45] 3. Investment Recommendations - Companies with advantages in channels and large DAU products are highlighted, including Tencent Holdings, which is expected to see significant growth from its AI engine-driven games [60][61] - Other companies to watch include Xindong Company, Giant Network, and Kyeing Network, each with promising projects and growth potential [60][61]

Core Insights - The new game market has shown increased activity in January, particularly in the domestic market with several major releases leading to significant growth compared to previous months [1] - While the number of new games in the overseas market has decreased, top products continue to perform well, indicating a positive start for the new year [1] Domestic Market Summary - In January, seven new games met the statistical standards, showing an increase in quantity and significant growth in individual performance compared to previous months [3] - Notable releases include: - "Tomorrow's Ark: End of the World" by Eagle Horn Network, which achieved over $1.07 million (approximately RMB 7.43 million) in estimated revenue within two weeks of launch [5] - "Counter-Strike: Future" by Tencent, which had over 40 million pre-registrations, indicating strong player anticipation [7] - "Survival for 33 Days" by 37 Interactive Entertainment, which incorporates popular gameplay mechanics to enhance user engagement [11] - "Goose Goose Duck" by Gaggle Studios, which capitalizes on the party game trend during the festive season [13] Overseas Market Summary - In January, 13 new games were released, with a notable increase in revenue performance despite a decrease in the number of new titles [15] - Key overseas releases include: - "Arknights: Endfield" by Eagle Horn Network, which generated over $23.81 million (approximately RMB 165 million) in estimated revenue, topping global new game charts [19] - "RO: World Journey" by Gravity Game Vision, which continues to perform well due to its established IP [19][22] - "Heartopia" by Xindong Network, which successfully leveraged social media for marketing, resulting in strong initial performance [24] - "SEGA Football Club Champions," which aims to attract a broader audience with its simplified gameplay [28] Market Trends - The domestic market is experiencing a revitalization with new releases, while the overseas market shows resilience in revenue despite fewer new entries [1][15] - The competitive landscape remains intense, with established IPs and innovative gameplay mechanics driving player engagement and revenue growth [3][19]

Investment Rating - The report maintains a "Positive" outlook for the gaming industry [5] Core Insights - The application of AI in the gaming industry is transitioning from B2B to B2C, with expectations for sustained capacity and traffic growth for evergreen games on the B2B side, and significant content and DAU growth for large DAU games utilizing natural language AI game engines on the B2C side [3][12] - The report highlights the importance of companies with advantages in gaming channels and large DAU products, such as Tencent Holdings, Xindong Company, Century Huatong, Giant Network, and NetEase [3][12] - The report suggests focusing on companies with key project reserves this year, including 37 Interactive Entertainment and Perfect World [3][12] Summary by Sections 1. AIGC and Policy Resonance Driving High Growth in Gaming Industry Revenue - In 2025, China's gaming industry sales revenue is projected to reach 350.8 billion, with an 8% year-on-year growth, significantly outperforming the retail sales growth of 3.7% [15] - The AI-driven evergreen games are experiencing extended lifecycles, with historical highs achieved during the 2025 Q1 Spring Festival [15] 2. Trends in the Gaming Industry for 2026 - Trend 1: AI game editors are beginning to deliver results, with a long-term positive outlook for platform-based companies [29] - Trend 2: A price war is expected to restart in 2026, with low ARPU games showing stronger resilience against macroeconomic headwinds [38] - Trend 3: The revival of PC games is deepening, with an increasing share of cross-platform products [45] 3. Investment Recommendations - Companies with advantages in channels and large DAU products include Tencent Holdings, Xindong Company, Giant Network, and NetEase [12][60] - Companies with key project reserves to watch include 37 Interactive Entertainment and Perfect World [12][60]