心动公司 20251217 摘要 机游戏营收占比已上升至 92%。与此同时，手机应用商店垄断导致研发厂商更 注重氪金和爆款效应，这种环境促使心动公司推出 TapTap 平台，以重新整合 行业规则。 TapTap 平台于 2016 年上线，通过破解安装包冷启动积累用户流 量，并通过论坛互动增强用户粘性。然而，由于盗版问题，该平台在 2017 年 被整顿停战三个月。这一事件促使公司反思并调整策略，同时加大海外发行力 度。从 2016 年的海外收入占比 2%增长到 2018 年的 62%，目前仍保持过半 水平。心动 Global 负责海外发行，通过策展、广告和 PR 活动确保新游上线前 预热效果良好，从而实现较高的首充流水及活跃用户数据。 TapTap 平台是如何建立并发展的？ TapTap 平台由黄一梦与 BT China 创始人黄锡蔚及 VeryCD 产品经理张干共 同构建，于 2016 年 3 月上线。张干凭借其在聊天室、社交类产品及即时通讯 类产品方面的深刻洞察，为 TapTap 初期的发展奠定基础。早期用户主要通过 破解安装包冷启动积累流量，例如 Pokemon Go 等热门海外游戏吸引大量玩 家。 此外 ...

美股周一再度全线走高，主要股指均创下历史新高，市场在利好预期推动下延续强劲涨势。 标普500指数上涨1.23%，收于6875.16点，首次突破6800点整数关口；纳斯达克综合指数大涨1.86%，至23637.46点；道琼斯工业平均指数 上升337.47点，涨幅0.71%，报47544.59点；小盘股代表的罗素2000指数同样刷新纪录。三大指数及主要行业板块普遍上涨，交易量温和放 大，市场整体风险偏好明显回升。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 47544.59 | 23637.46 | 6875.16 | | +337.47 +0.71% +432.59 +1.86% | | +83.47 +1.23% | | 中国金龙 | 纳指100期货 | 标普500期货 | | 8494.48 | 26003.75 | 6914.00 | | +132.58 +1.59% +494.50 +1.94% +87.00 +1.27% | | | | 美国国债 | | | | 3个月期 | 10年期 | 2年期 | | 3.811 | 3.976 | 3.482 | | ...

Core Insights - Meta Platforms (META) reported Q1 2025 earnings of $6.43 per share, exceeding estimates by 23.18% and showing a 36.5% year-over-year increase [1] - Revenues reached $42.31 billion, surpassing estimates by 2.61% and increasing 16.1% year over year [1] Revenue Breakdown - Revenues from the Family of Apps, which constitutes 99% of total revenues, grew 16.3% year over year to $41.9 billion [2] - Daily Active People (DAP) for the Family of Apps reached 3.43 billion, up 5.9% year over year [2] - Geographically, revenues increased by 17.6% in the U.S. & Canada, 12.8% in Asia-Pacific, 14.1% in Europe, and 19.8% in the Rest of the World [3] Advertising Performance - Advertising revenues, making up 98.8% of Family of Apps revenues, rose 16.2% year over year to $41.39 billion [4] - At constant currency, advertising revenues increased by 20% year over year [4] - Ad impressions grew by 5% year over year, with the average price per ad increasing by 10% [5] Cost and Margin Analysis - Total costs and expenses rose 9.4% year over year to $24.76 billion, accounting for 58.5% of revenues, a decrease of 360 basis points [7] - Operating income increased by 27% year over year to $17.56 billion, with an operating margin of 41.5%, expanding by 360 basis points [10] Financial Position - As of March 31, 2025, cash and cash equivalents totaled $70.23 billion, down from $77.82 billion at the end of 2024 [11] - Long-term debt remained stable at $28.83 billion [11] - Free cash flow for the quarter was $10.33 billion [11] Future Guidance - Meta expects Q2 2025 revenues to be between $42.5 billion and $45.5 billion, with a consensus estimate of $43.33 billion [12] - For 2025, total expenses are anticipated to be between $113 billion and $118 billion [12] - Capital expenditures for 2025 are projected to be in the range of $64 billion to $72 billion [13]