公司点评 | 心动公司 TapTap 平台建设持续深化，关注《心动小镇》海外表现 证券研究报告 2026 年 03 月 30 日 心动公司（02400.HK）2025 年业绩点评 事件：公司发布 2025 年年报，实现营业收入 57.64 亿元，YoY+15.0%，归 母净利润 15.35 亿元，YoY+89.2%，经调整归母净利润 16.29 亿元， YoY+85.7%。 多款新游表现亮眼，推动游戏收入快速增长。2025 年公司游戏业务收入 37.96 亿元，同比增长 10.5%，网络游戏平均月活跃用户 1134.7 万人，平均 月付费用户 128.4 万人，平均每月付费用户游戏花费同比提升 36%至 233 元，主要受《仙境传说 M：初心服》、《心动小镇》、《火炬之光：无限》等游 戏驱动。《心动小镇》于 24 年 7 月上线中国内地市场，多次登顶苹果商店的 游戏下载榜，并于 26 年 1 月上线全球多个国家和地区，在国服一年多运营 经验积累下，期待全球商业化表现。《火炬之光：无限》通过持续的赛季运 营迭代，用户群体扩大，公司也于 25 年底收购了火炬之光系列游戏 IP 和相 关无形资产。 算法优化与用户活 ...

【申万传媒】中国Tokens两年增长超千倍；大模型Agent强化；AI云关注芯片自研 大模型强化Agent能力，国内性价比路线，Tokens爆发。 Anthropic：AI Agent能力密集爆发。 3月24日发布了Computer Use，Claude可直接操作用户的Mac电脑：打开文件、使用浏览器、运行开发工具，3月25 日Claude Code推出"自动模式"权限管理功能。 【申万传媒】中国Tokens两年增长超千倍；大模型Agent强化；AI云关注芯片自研 大模型强化Agent能力，国内性价比路线，Tokens爆发。 Anthropic：AI Agent能力密集爆发。 3月24日发布了Computer Use，Claude可直接操作用户的Mac电脑：打开文件、使用浏览器、运行开发工具，3月25 日Claude Code推出"自动模式"权限管理功能。 国内，高性价比模型持续发布，2月以来Minimax/智谱/Mimo/Kimi/阶跃等密集发布大模型。 3月27日昆仑万维发布系列产品，游戏Matrix-Game 3.0、视频SkyReels V4、音乐Mureka V9，以及面向创作者的 Skywork ...

Cardone said the turning point came when a billionaire reframed how he saw the world.Trending: It’s no wonder Jeff Bezos holds over $250 million in art — this alternative asset has outpaced the S&P 500 since 1995, delivering an average annual return of 11.4%. Here’s how everyday investors are getting started.And then? The market bottomed in March 2020 and went on to hit new highs within months.When COVID hit, markets dropped fast— the S&P 500 fell roughly 34% in a matter of weeks. It felt catastrophic. Busi ...

The price of a PlayStation is going up by another $100, the second time in less than a year that Sony has upped the price tag on its popular gaming console.Citing “continued pressures in the global economic landscape,” the Japanese company said that as of next Thursday, the PS5 will cost $649.99 in the U.S. The price for its digital edition was also raised by $100, to $599.99. The PS5 Pro will cost $899.99, a $150 increase.The company raised prices similarly for other regions, including the United Kingdom, ...

2026 年 3 月 28 日 公司研究 《心动小镇》验证长线运营能力，TapTap 收入与利润率持续增长 ——心动公司（2400.HK）25 年业绩点评 要点 事件：公司 25 年实现营收 57.64 亿元人民币（YoY+15.0%）；实现毛利润 42.55 亿元（YoY+22.3%），对应毛利率 73.8%，同比提升 4.4pct，游戏业务毛利率 提升至 67.4%，TapTap 平台毛利率提升至 86.2%。实现归母净利润 15.35 亿元， 实现经调整归母净利润 16.29 亿元（YoY+85.7%），对应利润率 28.3%。 游戏长线运营能力已验证，关注储备游戏上线表现。25 年游戏业务收入 37.96 亿元（yoy+10.5%），其中游戏运营收入 37.24 亿元：1、网络游戏收入 35.96 亿元（yoy+8.4%），主要来自自研游戏《仙境传说 M：初心服》《心动小镇》 《火炬之光：无限》的收入增加。老游戏方面：25 年收入贡献前五大游戏为《心 动小镇》《出发吧麦芬》《火炬之光：无限》《仙境传说 M》《伊瑟》，《心动 小镇》于 26 年初在海外市场推出国际服，上线次月即跃升至 sensor to ...

Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That's why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, professional financial guidance, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady retu ...

Being the Bitcoin maxi they are, Woo said that the smartest move is “Just buy BTC and get on with your life.”“Every crypto project has backers [and a foundation] who has great wads locked tokens that have been sold to hedge funds and dumped on you immediately through futures markets,” Woo claimed. “That is why crypto in 2023-2025 under performed.”Trending: Build your own AI-powered index in minutes — and earn an uncapped 1% match when you move your portfolio to Public. Learn how it works.FTX Estate sold 41m ...

Sony to hike PlayStation 5 prices again as memory chip costs surge | Reuters Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv Inside a GameStop store Sony PS5 gaming consoles are pictured in the Manhattan borough of New York City, New York, U.S., November 12, 2020. REUTERS/Carlo Allegri Purchase Licensing Rights, opens new tab March 27 (Reuters) - Sony Group is raising global prices of its PlayStation 5 consoles, including a $100 increase in the U.S., marking it ...

Super League Gaming (NasdaqCM:SLE) Q4 2025 Earnings call March 27, 2026 08:30 AM ET Company ParticipantsJames Kisner - Managing Director of TechnologyMatt Edelman - President and CEORommel Dionisio - Head of ResearchConference Call ParticipantsJack Vander Aarde - VP and Senior Research AnalystOperatorGreetings, and welcome to the Super League fourth quarter and full year 2025 conference call. Please note this conference is being recorded. Before we begin, I'd like to caution listeners that comments made by ...

Super League Gaming (NasdaqCM:SLE) Q4 2025 Earnings call March 27, 2026 08:30 AM ET Company ParticipantsJames Kisner - Managing DirectorMatt Edelman - Chairman, CEO, and PresidentRommel Dionisio - Head of Research in Consumer, Technology, and Special Situations SectorConference Call ParticipantsJack Vander Aarde - SVP and Senior Research Analyst of TMT, Gaming, and EntertainmentOperatorThis call may include forward-looking statements within the meaning of applicable securities laws. These statements involve ...