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1月21日 | 2). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 98 | 0.00002 % | HKD | 25.04 | | | --- | --- | --- | --- | --- | --- | --- | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | | 由於合資格參與者根據本公司於2021年6月25日採納的購股權計劃行 | | | | | | | | 使購股權，本公司於2026年1月21日發行普通股 | | | | | | | | 變動日期 2026年1月21日 | | | | | | | 3). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 3,069 | 0.0006 % | HKD | 25.86 | | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | | 由於合資格參與者根據本公司於2021 ...

Core Viewpoint - The media sector is expected to outperform the market in 2025, driven by a recovery in industry sentiment, abundant product supply, and stable approval of licenses, with the gaming sub-sector leading the growth [1][2]. Group 1: Sector Overview - The media sector is projected to increase by 24.75% in 2025, outperforming the market and ranking 8th among 31 sub-industries, with gaming leading the sector with a 60.67% increase [2]. - The industry experienced a revenue growth of 5.92% and a profit growth of 37.12% in the first three quarters, driven by earnings per share (EPS) [2]. - Current industry valuations are at the 47th percentile level over the past three years, indicating attractive valuations for gaming and film sectors [2]. Group 2: Gaming Sector - The mobile gaming market is expected to achieve sales revenue of 257.08 billion yuan in 2025, reflecting a year-on-year growth of 7.92% [3]. - New game releases such as "Supernatural Action Group" and "Staff Sword Legend" have exceeded expectations, while established titles like "Honor of Kings" and "Peace Elite" continue to perform well [3]. - The approval process for game licenses in 2025 is stable, benefiting supply-side growth, and various game companies are completing organizational adjustments, leading to a new product cycle [3]. Group 3: Film and Television Sector - The implementation of the "Broadcasting 21 Articles" policy in 2025 is favorable for long-form dramas and variety shows [4]. - The domestic short drama market is projected to reach 67.79 billion yuan in 2025, a year-on-year increase of 34.4%, with IAA accounting for 71% of the market [4]. - The overseas short drama market is expected to grow by 145.7% to 21.07 billion yuan in 2025, with increased competition among platforms [4]. Group 4: AI Applications - AI model capabilities are continuously iterating, with major models like Gemini 3 and ChatGPT 5.2 gaining traction [5]. - The commercialization of AI is accelerating, with OpenAI's annual recurring revenue expected to reach 12 billion USD by July 2025, and various vertical applications generating over 100 million USD in annual revenue [5]. - Investment opportunities in AI applications are anticipated to grow, particularly in AI video, advertising, and gaming sectors [5]. Group 5: Recommended Stocks - Companies to watch include Giant Network, Kaiying Network, Perfect World, Century Huatong, 37 Interactive Entertainment, G-bits, Shenzhou Taiyue, Zhejiang Shuculture, Kunlun Wanwei, Kuaishou, Xindong Company, Yaoji Technology, Shanghai Film, Mango Super Media, Southern Media, and Wanxin Media [6].

Group 1 - The gaming sector experienced slight fluctuations, with the gaming ETF (159869) showing a minor increase of nearly 0.2% as of January 21, 2023, and reaching a scale of 13.958 billion yuan by January 20, 2023 [1] - Notable performers in the gaming stocks included Mingchen Health (002919) leading with over a 3% increase, while companies like Electric Soul Network (603258) and Giant Network (002558) faced declines [1] - The "EWC 2026" announced the inclusion of "Track Mania" as part of its official competition lineup, which will feature popular esports titles and take place in Riyadh, Saudi Arabia from July 6 to August 23, 2026 [1] Group 2 - Open Source Securities highlighted that the mobile game "Goose Duck" by Kingsoft and Huya maintained the top position in the iPhone free game chart, indicating strong daily active user (DAU) metrics [2] - The international version of "Heart Town" by Xindong Company topped charts in over 50 regions, suggesting potential for continued user growth and commercial opportunities [2] - The gaming sector is expected to benefit from multiple catalysts, including AI integration, policy support, and product cycles, creating a favorable environment for investment in the gaming ETF (159869) [2]

Group 1 - The media sector outperformed the index in 2025, with a 24.75% increase, ranking 8th among 31 sub-industries, driven primarily by a 60.67% rise in the gaming sector [1][14][21] - The overall revenue growth for the media industry in the first three quarters of 2025 was 5.92%, while net profit increased by 37.12%, indicating strong earnings per share (EPS) performance [1][21][24] - The current valuation of the media industry is at the 47th percentile of the past three years, with attractive valuations in the gaming and film sectors [1][24][25] Group 2 - The mobile gaming market in 2025 achieved sales revenue of 257.08 billion yuan, a year-on-year increase of 7.92%, indicating a recovery in market sentiment [2][26] - New game releases such as "Supernatural Action Group" and "Staff Sword Legend" exceeded expectations, while established titles like "Honor of Kings" and "Peace Elite" continued to perform well [2][26] - The approval process for new game licenses remained stable in 2025, benefiting the supply side of the gaming industry [2][34] Group 3 - The short drama market in China reached a scale of 67.79 billion yuan in 2025, growing by 34.4% year-on-year, with a significant portion attributed to IAA [3][22] - The overseas short drama market is expected to grow by 145.7% in 2025, reaching a scale of 21.07 billion yuan, indicating strong international demand [3][22] - AI-driven animated dramas are emerging rapidly, with the market size expected to exceed 20 billion yuan, benefiting from lower production costs and enhanced efficiency [3][29] Group 4 - AI model capabilities continued to iterate in 2025, with significant advancements in models like Gemini 3 and ChatGPT 5.2, leading to accelerated commercialization [4][38] - The annual recurring revenue (ARR) for OpenAI reached 12 billion USD in 2025, with various AI applications generating over 100 million USD in annual revenue [4][38] - Investment opportunities in AI applications are expected to grow, particularly in AI video, advertising, animated dramas, and gaming [4][38] Group 5 - Recommended companies for investment include Giant Network, Perfect World, Century Huatong, and others, indicating a focus on firms with strong product pipelines and market positions [5][10]

Investment Rating - The report maintains a "Positive" investment rating for the gaming sector [7]. Core Insights - The gaming industry continues to show strong performance with multiple new game launches and the integration of AI applications, which are expected to enhance valuations in the sector [2][4]. - The report highlights the sustained growth in the mini-game market, with over 1 billion registered users on WeChat mini-games and a monthly active user (MAU) count exceeding 500 million [9]. - The report emphasizes the potential of AI in gaming, citing the successful implementation of AI-driven features in games like Giant Network's "Supernatural Action Group," which has seen over 25 million AI-participated matches [9]. Summary by Sections Market Performance - The mini-game market is experiencing good growth, with nearly 70 games achieving over 1 million daily active users (DAU) and over 300 games generating quarterly revenues exceeding 10 million [9]. - User engagement is increasing, with a projected 10% growth in DAU for WeChat mini-games in 2025, and a 27% year-on-year increase in users active for more than ten days a month [9]. New Game Launches - The report notes that the new game cycle continues into January, with several new titles and long-term products performing well, including "Supernatural Action Group" and "RO: Journey of the World" [9]. - Upcoming game releases are expected to further catalyze the market, with titles like "Tomorrow's Ark: End of the World" and "Douluo Dalu: Zero" set to launch soon [9]. Investment Recommendations - Given the ongoing new game launches and the strong performance of the gaming sector, the report suggests continued attention to investment opportunities in the gaming industry, recommending companies such as Giant Network, Perfect World, and Tencent Holdings [2][9].

Group 1 - The company, Heart Company (02400), announced a share buyback on January 20, 2026, spending HKD 1.7891 million to repurchase 22,400 shares at a price range of HKD 79 to HKD 82.65 per share [1] - On the same date, the company issued a total of 17,200 ordinary shares due to eligible participants exercising stock options under the stock option plan adopted on June 25, 2021 [1]

Group 1 - The company, Heartbeat Company (02400), announced a share buyback plan, spending HKD 1.7891 million to repurchase 22,400 shares at a price range of HKD 79 to HKD 82.65 per share [1] - On the same date, January 20, 2026, the company will issue a total of 17,200 ordinary shares due to eligible participants exercising stock options under the stock option plan adopted on June 25, 2021 [1]

Group 1 - The company, Heart Company (02400.HK), announced a share buyback on January 20, spending HKD 1.789 million to repurchase 22,400 shares [1]

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1月20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 | 每股發行/出售價 (註4) | 已發行股份總數 | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關 ...

Core Viewpoint - The gaming sector is experiencing fluctuations, with the gaming ETF (159869) down approximately 1.6% as of January 20, 2023, despite some stocks performing well. The ETF has reached a scale of 143.15 billion yuan, providing investors with a convenient tool to invest in leading A-share gaming companies [1]. Group 1: Market Performance - The gaming ETF (159869) has seen a decline of about 1.6%, with most holdings experiencing losses, including companies like Jiubite, 37 Interactive, and Aofei Entertainment [1]. - The ETF's scale has reached 143.15 billion yuan, facilitating investment in A-share gaming leaders [1]. Group 2: Company Developments - Kingsoft's exclusive agency and collaboration with Huya for the mobile game "Goose Duck" has maintained the top position on the iPhone free game chart since its launch on January 7, indicating potential for sustained revenue growth [1]. - Xindong's international version of "Xindong Town" has topped charts in over 50 regions globally, with expectations for continued user growth and commercialization opportunities [1]. Group 3: Industry Trends - The gaming sector is poised for growth due to multiple catalysts, including AI applications, content innovation, and changes in commercialization models [1]. - The gaming ETF tracks the CSI Animation and Gaming Index, which has the highest AI application content in the market, accurately reflecting the overall performance of the A-share animation and gaming industry [1]. - The current environment is characterized by favorable policies, product cycles, and AI empowerment, creating a conducive atmosphere for investment in the gaming sector [1].