2026年03月19日 证券研究报告 | 心动公司（2400.HK） 游戏研发能力持续验证，TapTap平台生态繁荣 公司研究 · 海外公司深度报告 互联网 · 互联网Ⅱ 投资评级：优于大市（首次） | 证券分析师：张伦可 | 证券分析师：王颖婕 | 证券分析师：陈淑媛 | | --- | --- | --- | | 0755-81982651 | 0755-81983057 | 021-60375431 | | zhanglunke@guosen.com.cn | wangyingjie1@guosen.com.cn | chenshuyuan@guosen.com.cn | | S0980521120004 | S0980525020001 | S0980524030003 | 请务必阅读正文之后的免责声明及其项下所有内容 核心结论 心动公司构建了"内容+平台"的双轮驱动体系，通过高质量的自研游戏（如《出发吧麦芬》、《心动小镇》）为TapTap平台提供独家优质内容驱动用户 增长，TapTap凭借"零分成、不联运"模式吸引精品开发者入驻，借助玩家反馈反哺内容创作，形成相互支撑、互为补充的独特商业闭环 。 组 ...

Summary of TapTap Maker Conference Call Company and Industry - **Company**: 心动公司 (Xindong Company) - **Product**: TapTap Maker, an AI-driven game engine designed for easy game creation through natural language and multimedia interaction - **Industry**: Gaming and Game Development Core Points and Arguments - **Product Overview**: TapTap Maker is an AI-native code-driven game engine that allows creators to collaborate with AI using natural language, images, and videos to create games effortlessly [2][4] - **Performance Features**: The engine boasts high-performance rendering and physics capabilities, supporting real-time data transfer across multiple platforms including PC, Mac, mobile, and tablets [2][5] - **Ecosystem Integration**: TapTap Maker is part of a commercial ecosystem with the TapTap platform and its advertising aggregation system, De-Richlet, enabling creators to monetize their games easily [2][6] - **Cost Structure**: Currently, TapTap Maker is free to use, and it is expected to remain free for creators in the future, focusing on building a community rather than generating profit from the tool [2][7] - **Development Efficiency**: Demonstrated the ability to create a multiplayer 3D Snake game in ten minutes and optimize it in two hours, with all code, graphics, and music generated by AI [2][10] - **Complex Game Development**: A 3D roguelike game was developed in one month without any manual coding, resulting in 50,000 lines of code and supporting complex features like boss battles and weapon upgrades [3][10] Additional Important Content - **User-Friendly Features**: The tool integrates various resources, including model tools for graphics, video, and music, as well as developer services for user login and anti-addiction measures [2][8] - **Real-Time Editing Capabilities**: During a live demonstration, the tool showcased its ability to quickly fix issues and implement features like water flow effects and in-game advertisements [2][9] - **Diverse Game Types**: Examples of games created with TapTap Maker include various genres such as competitive shooters, adventure games, and simulation games, highlighting its versatility for creators with limited technical skills [2][11]