Core Insights - The company's 1H25 performance aligns with expectations, showing significant revenue and profit growth, with a 39% increase in revenue to 3.08 billion yuan and a 223.5% increase in profit to 811 million yuan [1] Group 1: Financial Performance - The company's revenue for 1H25 increased by 39% to 3.08 billion yuan, meeting the forecast of at least 3.05 billion yuan [1] - Net profit attributable to shareholders rose by 268% to 755 million yuan, with adjusted net profit increasing by 235% to 796 million yuan [1] - The overall performance is consistent with the company's profit warning and analyst expectations [1] Group 2: Game Development and Trends - Game revenue for 1H25 increased by 39% to 2.07 billion yuan, driven by strong performances from titles like "Ragnarok M: Origin" and "Heart Town" [1] - Future growth is anticipated from existing games, particularly with the commercialization acceleration of "Heart Town" and the overseas launch of "Ragnarok M: Origin" [1] - New game launches to watch include "Iser," set to launch on September 25, and "Ragnarok RO: Guardians of Eternal Love," which is scheduled for testing by the end of the year [1] Group 3: TapTap Platform and User Engagement - The TapTap platform has shown a stable monthly active user count of 43.625 million, with a 1% year-on-year increase, while daily active users have increased by 11% over the past year [2] - The company is enhancing its community ecosystem by integrating more games with TapSDK, which allows for data sharing and the creation of differentiated content [2] - Revenue from Tap increased by 38% to 1.01 billion yuan, attributed to improvements in the advertising system and market positioning as a unique player in the game acquisition platform [2] Group 4: Future Outlook and Valuation - The company maintains net profit forecasts of 1.65 billion yuan and 1.95 billion yuan for 2025 and 2026, respectively [3] - The current stock price corresponds to 21 and 18 times the P/E ratio for 2025 and 2026, with a target price increase of 14% to 93.7 HKD, indicating a potential upside of 16% [3]

8月29日，心动公司(02400)公布其截至2025年中报。在2024年实现里程碑式扭亏为盈后，公司于2025年 上半年交出了一份超预期的"期中答卷"，各项核心财务指标均实现高速增长，盈利能力显著增强。财报 显示，公司2025年上半年总收入达到30.82亿元（人民币，下同），同比增长38.8%。更引人注目的是其 盈利能力的跃升：毛利同比大幅增长50.5%至22.53亿元，毛利率由去年同期的67.4%提升至73.1%；期内 溢利激增223.5%，达到8.11亿元。 这份强劲的财报，不仅验证了公司核心业务的健康度，更重要的是，其显著增强的"造血"能力，为公司 CEO黄一孟近期提出的、将TapTap从发现好游戏"向"帮助创作好游戏"业务延拓，提供了坚实的财务"安 全垫"。 盈利能力与费用结构显著优化 本期财报最大的亮点在于心动公司盈利能力的质变。 ——毛利率显著提升 公司整体毛利率从去年同期的67.4%提升至73.1%。财报将此归功于两大核心因素：首先，游戏业务分 部的毛利率从59.9%改善至68.0%，主要得益于《仙境传说M：初心服》在海外市场的强劲表现。该游 戏的收入按净额基准入账，其收入贡献占比的提升直接拉高 ...