格隆汇1月5日丨心动公司(02400.HK)公告，公司于2026年1月5日与独立经纪商订立一份协议，据此，经 纪商获委聘按以下概述条款运作自动股份回购计划。 除根据股份回购协议条款另行修订或终止外，自动股份回购计划的期限将由自动股份回购计划开始起直 至2026年6月4日。于最终到期日前，倘回购股份所动用金额达致价值4亿港元，经纪商有权指定较早的 到期日，以正式完结自动股份回购计划。在任何情况下，预期自动股份回购计划于上市规则第10.06(2) (e)条规定有关刊发公司截至2025年12月31日止财政年度年度业绩直至最终到期日整段受限制期间内有 效。 根据股份回购协议，公司已协定参数，由经纪商在联交所回购最多4亿港元的公司股份。经纪商将根据 股份回购协议所协定的参数执行所有股份回购，并将以独立于公司及其关连人士(定义见上市规则)且不 受彼等影响方式行事。 ...

智通财经APP讯，心动公司(02400)发布公告，公司于2026年1月5日与独立经纪商订立一份协议，据此， 经纪商获委聘按以下概述条款运作自动股份回购计划。根据股份回购协议，公司已协定参数，由经纪商 在联交所回购最多4亿港元的公司股份。经纪商将根据股份回购协议所协定的参数执行所有股份回购， 并将以独立于公司及其关连人士且不受彼等影响的方式行事。 除根据股份回购协议的条款另行修订或终止外，自动股份回购计划的期限将由自动股份回购计划开始起 直至2026年6月4日(最终到期日)。于最终到期日前，倘回购股份所动用的金额达致价值4亿港元，经纪 商有权指定较早的到期日，以正式完结自动股份回购计划。在任何情况下，预期自动股份回购计划于上 市规则第10.06(2)(e)条规定有关刊发本公司截至2025年12月31日止财政年度的年度业绩直至最终到期日 整段受限制期间内有效。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 XD Inc. 劃於上市規則第10.06(2)(e)條規定有關刊發本公司截至2025年12月31日止財政年 度之年度業績直至最終到期日整段受限制期間內有效。 豁免嚴格遵守上市規則第10.06(2)(e)條之規定 根據股份回購協議，本公司已協定參數，由經紀商在聯交所回購最多400百萬 港元的本公司股份（「股份」）。經紀商將根據股份回購協議所協定的參數執行 所有股份回購，並將以獨立於本公司及其關連人士（定義見上市規則）且不受 彼等影響之方式行事（「自動股份回購計劃」）。 除根據股份回購協議之條款另行修訂或終止外，自動股份回購計劃的期限將 由自動股份回購計劃開始起直至2026年6月4日（「最終到期日」）。於最終到期日 前，倘回購股份所動用之金額達致價值400百萬港元，經紀商有權指定較早的 到期日，以正式完結自動股份回購計劃。在任何情況下，預期自動股份回購計 – 1 – 心动有限公司 （於開曼群島註冊成立的有限公 ...

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The brain-computer interface (BCI) technology is entering a phase of large-scale production, with gaming as a significant application area, expected to benefit continuously [3] - The integration of AI in gaming is enhancing multi-modal capabilities and innovative forms, potentially opening up new industry spaces [3] - The upcoming gaming season, with new game launches and updates to existing games, is anticipated to drive revenue growth [4] Summary by Sections Brain-Computer Interface Developments - BCI technology connects the human brain with external devices for information exchange, enabling previously disabled individuals to engage in gaming through "brain-controlled" interfaces [3] - The launch of China's first fully implanted, wireless BCI product by Shanghai Brain Tiger Technology marks a significant breakthrough in core technology [3] - Companies like 37 Interactive Entertainment and Century Huatong are actively investing in BCI-related projects, indicating a growing interest in this field [3] AI Integration in Gaming - AI is enhancing various aspects of game development, from art resource generation to core creative areas like gameplay design and narrative structure [3] - Tencent reported a 40% reduction in animation production time due to AI integration, showcasing efficiency gains [3] - The number of games utilizing generative AI on the Steam platform has increased significantly, indicating a trend towards AI-enhanced gaming experiences [3] Upcoming Gaming Season - Major game releases and updates are scheduled for January, including anniversary events and new collaborations with popular IPs [4] - The report suggests focusing on the gaming sector due to its favorable valuation and expected demand surge during the holiday season [4] - Recommended companies include Giant Network, Xindong Company, and Tencent Holdings, among others, as potential beneficiaries of this trend [4]

Investment Rating - The industry investment rating is "Positive (Maintain)" [1] Core Insights - The report highlights the strong performance of new game launches and operational activities of existing games, with significant user engagement and revenue growth expected during the upcoming holiday season [3] - The report emphasizes the importance of AI applications in driving content prosperity and the ongoing commercialization of AI technologies, particularly in the gaming sector [3] - The report suggests a focus on companies that are well-positioned to benefit from the upcoming trends in gaming and AI applications, recommending specific companies for investment [3] Industry Data Overview - "New Three Kingdoms: The Deer" ranked first in the iOS free game chart in mainland China, while "Honor of Kings" topped the iOS revenue chart [9][13] - The film "Zootopia 2" achieved the highest box office revenue for the week, grossing 3.12 billion [20] Industry News Summary - Meta's acquisition of Manus for $2 billion highlights the growing capabilities of domestic C-end applications, while WeChat has enhanced its support policies for mini-games [26] - The report notes that WeChat mini-game developers can now receive up to 80% revenue share, significantly increasing incentives for new game launches [30] - The report discusses the IPO plans of major AI companies, including Zhihui and Minimax, which are expected to strengthen their financial capabilities and accelerate AI model iterations [27][28] Company Recommendations - The report recommends continued focus on new game launches and operational activities, particularly during the holiday season, with specific companies highlighted for investment opportunities [3] - Key recommended companies include Giant Network, Xindong Company, and Tencent Holdings, among others, which are expected to benefit from the favorable market conditions [3]

Industry Insights - AppMagic released the top 15 new mobile games by revenue for 2025, including titles like "Kingshot," "Delta Action," and "Yanyun Sixteen Sounds." Notably, no new game reached the $1 billion revenue mark, and the total revenue for the top ten games dropped by 27% to $2.2 billion compared to the previous year [2] - The Steam annual awards recognized "Hollow Knight: Silksong" as the Game of the Year, with other notable awards going to "Midnight Walk" for Best VR Game and "Hades 2" for Best Steam Deck Game [3] - The National Radio and Television Administration initiated a month-long campaign starting January 1, 2026, to address the spread of "AI-modified" videos, focusing on content that distorts original narratives and promotes inappropriate values [6][7] Company Developments - Xindong Company announced the acquisition of the "Torchlight" series IP for $37.18 million (approximately 260 million RMB) through its wholly-owned subsidiary XDEntertainment [4] - The developer of "The Legend of Sword and Fairy 4: Remake" stated that it has not received the Xbox development kit despite joining the ID@Xbox program at the beginning of 2025, leading to a halt in new game proposals [5] - IG won the 2025 League of Legends Demacia Cup, defeating JDG with a score of 3-0, marking their third championship win in this tournament [8]

Summary of the Gaming Industry Conference Call Industry Overview - The gaming industry in China is experiencing significant growth, with the total market size exceeding 350 billion yuan in 2025, representing a year-on-year increase of 7.7% [5][10] - The number of game licenses issued in 2025 reached a record high of 1,771, marking a 25% increase compared to the previous year, with 1,676 domestic games and 95 imported games [1][3] Key Highlights - The issuance of import game licenses has accelerated, with a monthly release schedule starting from October 2024, injecting new vitality into the gaming market [1][3] - The mobile gaming market surpassed 250 billion yuan, growing nearly 8%, while the PC gaming market exceeded 78 billion yuan, with a growth rate of approximately 15%, driven by popular titles like "Delta Force" and "Valorant" [5][8] - The user base for gaming in China continues to grow, with an increase of 1.35% in 2025. The average spending per player (UP value) rose from over 480 yuan to 510 yuan, reflecting a 6% year-on-year increase, indicating a stronger willingness to pay among users [6] Notable Trends - Self-developed mobile games are maintaining high growth rates in overseas markets, with revenue growth increasing from 11% in 2024 to 13% in 2025, despite intensified global competition [7] - The rise of console and PC gaming platforms is notable, with the console gaming segment experiencing over 80% growth, supported by leading products and stable revenue from evergreen titles [8] - The mini-program gaming platform has shown rapid growth since 2023, maintaining a year-on-year increase of over 34%, indicating a promising growth potential in this segment [9] Future Outlook - The outlook for the gaming industry in 2026 is optimistic, with expectations of continued policy support and the launch of new products by several listed companies, which are anticipated to drive performance improvements [10] - Companies such as Century Huatong, Giant Network, and Perfect World are entering new product cycles, with upcoming releases expected to catalyze strong market performance [10]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The total supply of game licenses continues to increase, with a significant rise in new products expected in 2026. The number of game licenses issued in 2025 reached 1,771, a 25.07% increase from 1,416 in 2024, marking a new high since the regulations were established in 2018 [8] - The approval process for imported game licenses has been optimized, with the average number of licenses issued per batch increasing from approximately 80 in 2023 to 160 in the second half of 2025, indicating a supportive policy environment [8] - The number of cross-platform headlining games has significantly increased, with 1,729 mobile games, 159 client games, 19 web games, and 8 console games licensed in 2025. The growth of cross-platform products is expected to continue, driven by high-end engine usage [8] - The gaming market is expected to see intense competition in genres such as simulation, RPG, and open-world games in 2026, with a notable presence of low ARPU (Average Revenue Per User) games that may exhibit stronger resilience against deflationary pressures [8] Summary by Sections Investment Suggestions and Targets - The report suggests focusing on companies with a reserve of cross-platform headlining projects and those with a strong portfolio of enduring games that have high daily active users (DAU) but low ARPU. Recommended stocks include Tencent Holdings (00700, Buy), NetEase (09999, Buy), and others [3] Industry Dynamics - The gaming industry is experiencing a robust growth trajectory, with a notable increase in the number of game licenses and an improved business environment for game developers due to policy support [8]

Group 1: Investment Opportunities in Consumer Sectors - The core investment targets in the self-consumption sector, including gaming giants and companies like Pop Mart and Cloud Music, are currently trading at a PE ratio of less than 20x for 2026, indicating a high margin of safety [1] - The structural consumption dividend from young domestic users willing to pay for enjoyment remains intact, suggesting a favorable investment environment [1] Group 2: Gaming Industry Insights - The Z generation now accounts for 65% of domestic users, and the potential of female-oriented gaming segments is still underestimated [1] - The overseas market expansion is expected to unlock new growth avenues, with companies like Giant Network showing strong daily active user (DAU) growth and potential for IP development [1] - The upcoming Spring Festival is anticipated to catalyze further DAU increases for titles like "Supernatural Action," which has already launched in regions like Hong Kong and Macau [1] Group 3: Trends in Toy Industry - Pop Mart is experiencing overly pessimistic market expectations regarding single IPs, with expansion into new IPs and regions (especially North America) being crucial for mid-term growth [2] - The company has opened 171 stores globally, indicating significant room for growth in both breadth and density [2] - The lifecycle of IPs is being extended through successful product innovation and iteration, maintaining fan engagement [2] Group 4: Music Industry Analysis - Tencent's two music companies are valued at an average PE of 17x for 2026, indicating they are significantly undervalued given the stable demand for subscription services among young users [3] - The market's reaction to the impact of Soda Music is overly negative, as Tencent focuses on acquiring top-tier copyrights and creating differentiated content [3] Group 5: Other Entertainment Companies - Companies like Zhiyu City are showing low PE ratios with high growth potential, with expectations of entering the Hong Kong stock market in 2026 [4] - The AI narrative in the internet sector is being validated by companies like Alibaba Cloud, with expectations for AI model chips and applications to drive valuations [4] - Various companies are exploring AI applications across advertising, video, and product exports, indicating a broad trend towards AI integration in entertainment [4]

Group 1 - Chinese commercial aerospace companies are actively expanding into overseas markets, utilizing "rideshare launch" models to reduce costs and attract international clients from countries like Egypt, Nepal, and the UAE. The domestic launch cost has decreased to 50,000-60,000 yuan per kilogram, but still lags behind SpaceX, which has a competitive edge due to its high-frequency launches and Starlink project [3][4]. - The home appliance and light manufacturing industries are expected to face pressure on both domestic and foreign sales in 2026, with a potential recovery in overseas sales in the latter half of the year. Emerging markets are anticipated to show stronger demand compared to developed markets, particularly in Latin America and Southeast Asia [5]. - China's automotive exports are projected to reach 5.859 million units in 2024, maintaining the top position globally, with a shift from vehicle exports to a more comprehensive output of technology, brand, and supply chain solutions. This transition reflects a move from "selling products" to "building brands" [6][7]. Group 2 - The development of autonomous driving technology in China is being propelled by high-quality growth initiatives and strategic policies, with companies like Baidu Apollo enhancing safety standards and promoting technology exports. The industry is evolving into a collaborative ecosystem that drives innovation and reliability [7][8]. - The Chinese潮玩 (trendy toy) industry is rapidly globalizing, with brands like Pop Mart and 52TOYS successfully entering overseas markets through localized strategies and partnerships. The market share of Chinese潮玩 in the overseas market is projected to grow from 3% in 2020 to 18% by 2025 [9]. - Chinese companies are increasingly investing in the European market, particularly in renewable energy and high-tech sectors, while facing challenges such as national security reviews and compliance issues. Differentiated strategies and localized investments are essential for success [10]. Group 3 - Amazon's global store initiative aims to cultivate 200 cross-border brands in Shandong over the next three years, focusing on AI-driven strategies and innovative measures to enhance logistics efficiency and support local sellers [11]. - The Chinese commercial vehicle sector is transitioning from product trade to a comprehensive service model, emphasizing lifecycle services and local adaptation. The export of Chinese commercial vehicles to the EU has seen a 42% year-on-year increase [18]. - The digital culture industry in China is experiencing rapid growth, with online games, films, and literature becoming key components of global cultural exchange. The industry is encouraged to enhance IP development and international collaboration to overcome cultural barriers [17].