根据资产转让协议的条款及受资产转让协议所载的条件所规限，卖方应向XD Entertainment出售、传 输、转让、指让及交付，而XD Entertainment则应向卖方收购卖方于下列资产的所有权利、所有权及权 益(统称「转让资产」)：(1)游戏；(2)《火炬之光》技术，包括当中任何及所有源代码；(3)《火炬之 光》文件；(4)《火炬之光》知识产权；(5)转让合约；(6)资产转让协议所载的所有社交媒体账户，包括 任何相关用户名称、网页名称、URL、密码、存取凭证以及一切相关内容、追随者、订阅者名单、分析 数据及其附带商誉，连同向适用社交媒体或平台服务供应商要求及获取转让或指让该等账户的权利； (7)卖方与任何其他人士于交割日期後产生的转让资产相关的所有权利、索赔、债权、诉因或针对第三 方的抵销权(包括对任何独立承包商强制执行任何发明指让、保密或机密契诺或任何谘询协议的权利)， 包括强制执行所有《火炬之光》知识产权的权利以及就所有《火炬之光》知识产权的侵权、盗用或其他 侵犯(包括过往的侵权、盗用或其他侵犯)提出诉讼(并寻求和保留损害赔偿)的权利；(8)卖方拥有或控制 且与任何上述事项相关的所有书面或电子格式记 ...

XD Inc. 心动有限公司 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。 （於開曼群島註冊成立的有限公司） （股份代號：2400） 須予披露交易 訂立資產轉讓協議 訂立資產轉讓協議 董事會欣然宣佈，於2025年12月29日，XD Entertainment（本公司的全資附屬公 司）與賣方及Golden Arc訂立資產轉讓協議，據此，XD Entertainment同意向賣 方購買及收購轉讓資產的所有權利、所有權及權益。 上市規則的涵義 由於資產轉讓協議所涉及的最高適用百分比率超過5%，但低於25%，故根據 上市規則第14章，資產轉讓協議構成本公司的須予披露交易，並須遵守上市 規則第14章項下的申報及公告規定。 緒言 董事會欣然宣佈，於2025年12月29日，XD Entertainment（本公司的全資附屬公司） 與賣方及Golden Arc訂立資產轉讓協議，據此，XD Entertainment同意向賣方購 買及收購轉讓資產的所有權利、所有權及權 ...

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The report highlights the acceleration of AI applications and the commercialization of large models, particularly through the IPOs of companies like Zhipu and MiniMax, which are expected to enhance their business investments and technological advancements [11][21] - The gaming sector is experiencing a significant increase in the issuance of game licenses, with 1,771 licenses granted in 2025, marking a more than 20% increase from 2024, indicating ongoing policy support for the gaming industry [11][44] Summary by Sections Section 1: Zhipu and MiniMax IPOs - Zhipu and MiniMax are set to go public in Hong Kong, which is anticipated to boost their business investments and accelerate the development and application of large model technologies [11] - Zhipu focuses on B-end markets with strong capabilities in model reasoning and programming, while MiniMax targets C-end markets with a diverse product line [11][21] Section 2: Industry Data Overview - The report notes that "NBA Champion Dynasty" topped the iOS free game chart in mainland China, while "Yanyun Sixteen Sounds" led the iOS sales chart [44] - The film "Avatar 3" achieved the highest box office in the week [44] Section 3: Industry News Summary - MiniMax's daily active users surpassed 100 million, and Douyin's mini-games saw significant user and revenue growth [11] - The issuance of 147 game licenses in December 2025 reflects a robust pipeline for new game releases [11][44] Section 4: Announcement Summary - Oriental Pearl is participating in the establishment of an AI fund, and Electric Sound Co. is adjusting its fundraising projects [11] Section 5: Sector Performance Overview - The media sector performed at the lower end of the market in the 52nd week of 2025, while the internet sector showed better performance [11]

Automotive Industry - The 2026 strategy focuses on new growth directions such as robotics, AI liquid cooling, and National VI emissions standards, emphasizing a shift from breadth to depth in the robotics sector, targeting companies with strong certainty in market share and benefiting from new technological changes [6][7] - The AI liquid cooling market is projected to grow from billions to hundreds of billions, with significant opportunities for companies in the Pearl River Delta and Yangtze River Delta regions that can capture orders from Taiwanese manufacturers [7] - The National VI emissions standards are expected to create a market space exceeding 200 billion yuan from 2027 to 2030, with a focus on leading companies with strong technological capabilities in the after-treatment sector [8][9] Media and Entertainment Industry - The upcoming holiday season is anticipated to boost daily active users (DAU) and revenue for major products like "Delta Action" and "Supernatural Action Group," with a consensus forming around this expectation [10][11] - New product launches and updates in the gaming and film sectors are expected to create trading opportunities, with recommendations for companies like Tencent Holdings and Giant Network, which have significant growth potential [10][12] - The film "Fast Life 3" is scheduled for release during the 2026 Spring Festival, and "Chinese Tales 2" will be exclusively available on Bilibili starting New Year's Day, indicating strong content updates in the industry [11] Precious Metals - Gold and silver prices have been rising, driven by factors such as potential changes in U.S. Federal Reserve leadership and strong economic performance, with gold prices expected to continue rising due to supportive monetary policies [20][21][23] - The gold price reached 4,449.40 USD per ounce, while silver rose to 69.74 USD per ounce, indicating strong upward momentum in the precious metals market [20][21] - The ongoing demand for gold is supported by central banks increasing their reserves, with China's gold reserves reaching 74.12 million ounces by the end of November 2025 [24] Non-Ferrous Metals - Copper prices have surged to historical highs, with LME copper exceeding 12,000 USD per ton, driven by supply constraints and potential strikes in Chilean copper mines [25][26] - The supply-demand balance for copper is shifting towards a shortage due to insufficient capital expenditure in mining and frequent supply disruptions, suggesting a bullish outlook for copper prices [25][26] - Lithium demand remains strong, with lithium carbonate prices rising significantly, indicating a favorable market environment for lithium-related companies [27][28] North Exchange - The North Exchange is expected to have 26 companies listed by the end of 2025, with a notable average first-day gain of 348% for new stocks, highlighting a vibrant market for new listings [31][32] - The exchange is in a phase of high-quality expansion, with a focus on companies that possess scarcity and high barriers to entry, suggesting potential investment opportunities in these firms [31][32]

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [3] Core Views - As the winter vacation and Spring Festival approach, high DAU products like "Delta Action" and "Supernatural Action Group" are expected to achieve new highs in DAU and revenue, with market consensus strengthening [3] - Emphasis on cross-year allocation opportunities and companies with significant growth potential, such as Tencent Holdings, Giant Network, and Century Huatong, is recommended [3] - New product launches and updates in gaming and film content are highlighted as key trading opportunities [3][4] Summary by Sections Gaming Sector - Major products like "Honor of Kings," "Delta Action," and "Supernatural Action Group" are expected to strengthen their market position through frequent content updates [5] - Companies exploring AI integration in gaming are noted for their potential to drive value reassessment [5] - Recommendations include Tencent Holdings, NetEase, and several others for their innovative approaches [5] Film and Television Sector - The film "Fast Life 3" is scheduled for release during the 2026 Spring Festival, with recommendations to monitor related production and distribution companies [4] - The implementation of new policies by the National Radio and Television Administration is expected to enhance content creation and development in the long-form drama sector [4] Internet Sector - ByteDance's launch of the general Agent model Seed1.8 is noted for its multi-modal capabilities, impacting traditional business models [6] - Continued focus on AI technology development and its application in various sectors, including education and e-commerce, is advised [6] New Business Models - The rise of "group broadcasting" is seen as a shift towards systematic growth, with recommendations for companies directly involved in this model [7] - Companies benefiting from the growth of group broadcasting, such as Kuaishou and Bilibili, are highlighted [7] Market Performance - The A-share market saw a slight decline in the media sector, ranking 26th among all industries during the specified period [12] - Notable stock performance includes Baida Qiancheng (+20.08%) and Rebate Technology (+14.34%) [15][19] Industry News - "Chinese Tales 2" will exclusively launch on Bilibili starting January 1, 2026 [9] - The 2025 mini-game market is projected to reach 61 billion yuan, growing by 22% [9][24]

Group 1 - The core logic of the report revolves around "AI and IP coexisting," indicating that the media industry is expected to experience high overall prosperity, with profits and valuations likely to resonate together. The media industry is projected to rise by 24% in 2025, driven by breakthroughs in AI large models and performance releases [1][22] - The media industry's revenue for the first three quarters of 2025 grew by 6% year-on-year, while net profit attributable to shareholders increased by 38%. In Q3 alone, net profit growth reached 61%, significantly enhancing profitability [1][26] - In the gaming sector, both supply and demand are robust, with revenue and net profit increasing by 24% and 89% year-on-year, respectively. The film industry benefited from high-quality IP content, with net profit soaring by 110% year-on-year [1][28] Group 2 - AI has become the core growth engine, with accelerated application across multiple fields. Major companies are rapidly iterating large models, establishing a foundation for the application ecosystem. In the gaming sector, relaxed licensing has boosted new game supply, while AI is restructuring development processes to reduce costs and enhance efficiency [2][47] - The film industry is experiencing a resurgence due to supportive policies like the "21 Regulations," which have relaxed content restrictions. AI video tools and short dramas are expected to expand the industry significantly, benefiting companies like Mango TV and Shanghai Film [2][39] - In marketing, AI continues to empower programmatic advertising platforms, optimizing algorithms to improve customer acquisition efficiency. Companies like HuiLiang Technology and Inertia Media are expected to benefit significantly [2][14] Group 3 - The IP business is undergoing multi-dimensional upgrades, with overseas expansion becoming a core growth driver. Categories such as online literature, games, and trendy toys are rapidly increasing their market share abroad, with companies like Pop Mart seeing significant growth in overseas revenue [3][10] - The expansion of categories continues to deepen, with IP extending from online content to offline derivatives and theme parks, achieving full-scene coverage. The capitalization process is accelerating, with companies like Card Game and 52TOYS filing for listings [3][11] - Leading companies like Yuewen Group and Aofei Entertainment are leveraging their rich IP reserves and full industry chain operational advantages to lead the market [3][14]

Core Viewpoint - The media sector has experienced two rounds of growth in 2023, driven by AI expectations and the release of fundamental performance [1][2] Group 1: Media Sector Performance - The media industry saw a total of two rounds of growth this year, with the first round from January to February showing approximately a 24% increase, primarily due to the impressive performance of the domestic AI model DeepSeek, which boosted expectations for AI applications [2] - The second round from April to September experienced nearly a 47% increase, driven by the iterative development of AI large models and the gradual implementation of applications, alongside a reduction in tariff concerns that improved risk appetite [2] - The gaming sector is expected to maintain high prosperity due to a combination of emotional consumer demand and the release of new games, while high-quality IP content like "Nezha 2" is anticipated to drive performance in the film sector [2] Group 2: AI Empowerment and Industry Outlook - AI technology is significantly enhancing content production and commercialization processes across various fields, including gaming, video production, advertising, e-commerce, and education, with promising application prospects [1][3] - The gaming industry is characterized by strong supply and demand, with core domestic manufacturers maintaining stable operations of existing games and a rich reserve of quality new games, indicating a bright future [3] - The film sector is expected to benefit from supportive policies like the "21 Regulations of Broadcasting and Television," which may lead to an upward turning point for long dramas and variety shows [4] Group 3: Investment Recommendations - Recommended stocks in the gaming sector include Giant Network, Kying Network, and Tencent Holdings, among others, due to their strong fundamentals and growth potential [3] - In the film sector, recommended stocks include Mango Super Media and Shanghai Film, with additional beneficiaries like Chinese Online and Huace Film [4] - For marketing, recommended stocks are HuiLiang Technology and Inertia Media, while beneficiaries include BlueFocus Communication Group and Easy Point Tianxia [4] Group 4: IP Industry Growth - The IP industry is experiencing growth driven by overseas expansion, category diversification, and accelerated capitalization, with companies like Yuewen Group and Aofei Entertainment being recommended stocks [5] - The trend of IP companies expanding from online to offline and from virtual to physical products is expected to continue, contributing to sustained growth [5]

Group 1: Industry Overview - The media industry has experienced a cumulative increase of approximately 24% in 2025, driven by strong earnings and the impact of AI on profitability [15][16][17] - AI is enhancing the profitability of the media sector, potentially driving long-term growth and a prosperous content ecosystem [16][18] Group 2: AI and Its Applications - Continuous iteration and upgrades of large models by domestic and international tech giants are laying the foundation for a thriving AI application ecosystem [35][36] - The gaming industry is witnessing robust supply and demand, with a significant increase in the issuance of game licenses, totaling 1,532 in 2025, a 29% year-on-year increase [41][42] - AI is transforming the game development process, improving efficiency and innovation in gameplay design and narrative structure [53][54] Group 3: Sector-Specific Insights - The gaming sector's revenue grew by 24% year-on-year in 2025, with a notable 29% increase in Q3 alone, driven by new game releases and strong user engagement [23][25] - The film industry saw a 9% increase in revenue year-on-year, with a remarkable 110% increase in net profit, largely attributed to successful IP content like "Nezha 2" [24][31] - The advertising and marketing sector experienced a 6% revenue growth year-on-year, with a 14% increase in net profit in Q3, supported by AI-driven cost optimization [28][33] Group 4: Investment Recommendations - Recommended companies in the gaming sector include Giant Network, Kying Network, and Tencent Holdings, which are well-positioned to benefit from the ongoing AI integration [4][41] - In the film sector, companies like Mango Super Media and Shanghai Film are highlighted as key players benefiting from supportive policies and AI tools [4][24] - For the marketing sector, recommended companies include Huimai Technology and Inertia Media, which are expected to gain from AI advancements [4][28] Group 5: IP Expansion and Capitalization - The expansion of IP companies into overseas markets is becoming a core growth driver, with a focus on diversifying product categories [39][40] - Capitalization efforts are accelerating the growth of IP companies, with notable recommendations including Reading Group and Aofei Entertainment [39][40]

Core Viewpoint - The online consumption theme index has shown a slight decline, reflecting mixed performance among constituent stocks, while policy initiatives aim to enhance market expansion and capture potential demand through data-driven approaches [1][2]. Group 1: Market Performance - As of December 24, 2025, the CSI Hong Kong-Shanghai-Deep Online Consumption Theme Index (931481) decreased by 0.51% [1]. - Among constituent stocks, Zhejiang Shuzhi Culture (600633) led with a gain of 1.84%, while Giant Network (002558) experienced the largest decline at 4.47% [1]. - The online consumption ETF fund (159793) is currently priced at 1.01 yuan, indicating a state of market indecision [1]. Group 2: Policy Initiatives - Policies emphasize the need to seize market expansion opportunities, closely monitor macroeconomic conditions, and enhance structural and trend analysis of industry operations [1]. - There is a focus on utilizing big data models to accurately capture potential market demand and innovate in product and service quality [1]. Group 3: Emerging Consumer Trends - The growth of emerging consumer goods reflects new consumption concepts among younger generations, highlighting the importance of understanding these narratives for investment opportunities [2]. - Recommendations include focusing on high-quality domestic brands in beauty care, head brands in traditional gold jewelry favored by younger consumers, and strong tea brands with extensive market coverage [2]. Group 4: Index Composition - As of November 28, 2025, the top ten weighted stocks in the CSI Hong Kong-Shanghai-Deep Online Consumption Theme Index include Alibaba-W (09988), Tencent Holdings (00700), and Meituan-W (03690), collectively accounting for 55.21% of the index [3].

Investment Rating - The report maintains a "Buy" rating for several companies, including Giant Network, Xindong Company, and Kyeing Network, among others [10]. Core Insights - The Chinese gaming industry is experiencing robust growth in overseas markets, with self-developed game revenues increasing by 5.6% year-on-year in Q1-Q3 2025, projected to rise from $11.6 billion in 2019 to $18.56 billion by 2024, reflecting a CAGR of 9.1% [1][20]. - The global gaming market is shifting from a traffic-driven model to one focused on structural innovation, marking the entry of Chinese gaming companies into a "high-quality growth era" [1][16]. - The report emphasizes the importance of policy support and technological empowerment in driving overseas growth, with the gaming sector becoming a core vehicle for cultural export [2][16]. Summary by Sections Industry Growth Dynamics - The overseas revenue of self-developed games from China is expected to grow significantly, with mobile games maintaining a dominant share of around 90% since 2021 [20][25]. - Emerging markets like Southeast Asia and the Middle East show strong user engagement and growth potential, while mature markets like Europe and North America are focusing on premium content and localized operations [1][29]. Competitive Landscape - The competitive landscape is characterized by large companies like Tencent and NetEase leveraging global strategies and stable revenue from evergreen products, while mid-sized firms like Didi Interactive and Lemon Microfun are successfully carving out niches through focused strategies [4][18]. - The report highlights the success of SLG (Simulation and Strategy Games) genres, which accounted for 43.3% of overseas revenue in the first half of 2025, alongside the emergence of innovative gameplay that combines different genres [3][17]. Investment Opportunities - Future opportunities in the overseas market are identified in regional expansion and the evolution of gameplay and genres, with a recommendation for companies like Giant Network and Xindong Company [6][10]. - The report suggests that the market is not saturated, as there remains potential for growth in both mature and emerging markets through premium content and localized strategies [5][19].