2025年8月29日，心动公司交出了一份超预期的中期业绩答卷。财报显示，上半年公司实现营收30.82亿 元，同比增长38.8%；归母净利润7.55亿元，同比大幅增长268%。 更引人注目的是其盈利能力的质变：毛利同比增长50.5%至22.53亿元，毛利率从67.4%提升至73.1%，创 上市以来新高。 毛利率的大幅提升主要源于两大核心因素：游戏业务分部毛利率从59.9%改善至68.0%，TapTap平台分 部毛利率从82.5%微升至83.6%。 公司费用管控成效显著。销售及营销开支同比仅增长7.0%，远低于收入增速；一般及行政开支同比减 少8.9%。 心动公司主营业务分为游戏及TapTap两个分部。游戏业务作为心动公司的基本盘，上半年实现收入 20.71亿元，同比增长39.4%。增长主要来自《仙境传说M：初心服》、《心动小镇》及《火炬之光：无 限》等自研游戏的梯次发力。 《仙境传说M：初心服》在海外市场表现强劲，采用净额结算模式直接拉高了分部利润率。《心动小 镇》作为模拟生活品类的创新之作，TapTap下载量接近5000万次，多次登顶应用商店下载榜。 运营数据方面，网络游戏平均月活跃用户为11，409千人，同 ...

Core Insights - The company reported significant growth in revenue and profit for the first half of 2025, with a revenue of 3.082 billion yuan, a year-on-year increase of 38.8%, and a net profit of 755 million yuan, up 268.0% [1] - The gross profit margin improved to 73.1%, an increase of 5.7 percentage points year-on-year, indicating enhanced profitability [1] - The launch of new games, particularly "Ither," is anticipated to contribute positively to future revenues, with the game already showing strong performance in overseas markets [2] Financial Performance - In H1 2025, the company achieved a revenue of 3.082 billion yuan, with a gross profit of 2.253 billion yuan, reflecting a 50.5% year-on-year increase [1] - The sales and R&D expense ratios improved to 24.14% and 17.81%, respectively, down 7.18 and 1.08 percentage points year-on-year, indicating better cost management [1] - The gaming segment generated revenue of 2.071 billion yuan, a 39.4% increase year-on-year, with online game revenue at 1.982 billion yuan, also up 39.0% [1] Game Development and Market Performance - The average monthly active users (MAU) for online games increased by 19.7%, and the average monthly paying users rose by 21.1% [2] - The game "Ither" saw over one million downloads within a week of its overseas public beta launch, demonstrating strong user engagement [2] - The information services segment reported revenue of 1.011 billion yuan, a 37.6% increase, driven by improved advertising algorithms and user engagement [2] Future Outlook - The company is focusing on self-developed games and aims to enhance cost efficiency and commercialization levels [3] - Projected net profits for 2025-2027 are estimated at 1.645 billion, 1.957 billion, and 2.169 billion yuan, with corresponding EPS of 3.33, 3.97, and 4.40 yuan per share [3] - The company maintains a "buy" rating based on expected growth from new game launches and increased user engagement on the TapTap platform [3]

Core Viewpoint - The company reported significant growth in revenue and profit for the first half of 2025, driven by strong performance in gaming and the TapTap platform, indicating robust operational capabilities and potential for future growth [1] Financial Performance - The company achieved revenue of 3.082 billion RMB, a year-on-year increase of 38.8% [1] - Gross profit reached 2.253 billion RMB, up 50.5%, with a gross margin of 73.1% [1] - Net profit attributable to shareholders was 755 million RMB, a remarkable increase of 268.0%, resulting in a net profit margin of 24.5% [1] Gaming Business - Gaming revenue totaled 2.071 billion RMB, reflecting a year-on-year growth of 39.4% [1] - Online gaming revenue was 1.982 billion RMB, up 39.0%, primarily driven by self-developed games [1] - The average monthly active users (MAU) increased by 19.7%, and the average paying users (MPU) grew by 21.1% [1] - Key games contributing to revenue included "Out of the Muffin," "Heart Town," and "Ragnarok M," with "Ragnarok M" showing strong performance in overseas markets [1] TapTap Platform - TapTap's advertising revenue was 1.011 billion RMB, a year-on-year increase of 37.6% [1] - The MAU for the Chinese version of TapTap reached 43.6 million, a slight increase of 0.9% [1] - Revenue growth was driven by increased advertiser spending, improved algorithms, and higher ad display frequency [1] Future Outlook - The company has revised its net profit forecasts for 2025-2027 to 1.69 billion, 2.07 billion, and 2.38 billion RMB, reflecting increases of 52.0%, 51.4%, and 69.6% respectively [2] - The company maintains a "buy" rating based on the strong performance of new games and the ongoing updates of existing titles [2]

2025 年 9 月 1 日 公司研究 TapTap 商业化效率提升，关注《伊瑟》国服表现 ——心动公司（2400.HK）25H1 业绩点评 要点 事件：25H1 公司实现收入 30.82 亿元人民币（yoy+38.8%），增长主要系游戏 及 TapTap 双轮驱动；实现毛利润 22.53 亿元，同比增长 50.5%，对应毛利率 为 73.1%，主要由于《仙境传说 M：初心服》在海外市场表现强劲，按净额法 入账的游戏收入占游戏运营收入的比重同比提升 9.3pct 至 13.9%，导致游戏业 务毛利率同比提升 8.1pct 至 68.0%，TapTap 业务毛利率同比提升 1.1pct 至 83.6%；实现归母净利润 7.55 亿元，同比增长 268.0%，对应净利率 24.5%。 《仙境传说 M：初心服》带动游戏收入超预期，关注《伊瑟》国服上线表现。 25H1 游戏业务收入 20.71 亿元（yoy+39.4%），其中游戏运营收入 20.45 亿元： 1、网络游戏收入 19.82 亿元（yoy+39.0%），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；网络游戏的平均 M ...

Core Viewpoint - CICC maintains an "outperform" rating for Xindong Company (02400) and raises the target price by 14% to HKD 93.7, reflecting a valuation premium due to TapTap's monetization capabilities and future layout [1] Financial Performance - The company's 1H25 revenue increased by 39% to CNY 3.08 billion, with profit rising by 223.5% to CNY 811 million, and net profit attributable to shareholders up by 268% to CNY 755 million, aligning with CICC's expectations [2] Gaming Segment - Game revenue for 1H25 grew by 39% to CNY 2.07 billion, driven by strong performances from "Ragnarok M: Beginner Server," "Xindong Town," and "Torchlight" [3] - Future growth is anticipated from existing games, particularly with accelerated commercialization of "Xindong Town" and the overseas launch of "Ragnarok M: Beginner Server" in 2H25 [3] TapTap Platform - The platform's scarcity is highlighted, with ongoing efforts to enhance monetization potential through the PC version and mini-games, which are expected to contribute to future growth [4] - Despite MAU remaining stable year-on-year, user engagement has improved, with DAU increasing by 11% over the past 12 months [4] Advertising and Monetization - Revenue from Tap increased by 38% to CNY 1.01 billion due to upgrades in the advertising system, enhancing ad effectiveness [5] - The company is positioned uniquely in the gaming acquisition platform market, with potential for increased market share through internal upgrades and external supply enhancements [5] Future Directions - The launch of TapTap PC version and mini-games is expected to enhance multi-platform collaboration and attract more advertising budgets [6] - The TapADN platform, aimed at game developers for monetization and user growth solutions, is in its early development stage, with a potential market size in the tens of billions [6]

Core Viewpoint - The report from CICC maintains the forecast for Xindong Company (02400) with a net profit of 1.65 billion and 1.95 billion yuan for 2025 and 2026 respectively, with a target price increase of 14% to 93.7 HKD, indicating an upside potential of 16% based on the company's monetization capabilities and future layout [1]. Group 1: Financial Performance - The company's 1H25 revenue increased by 39% to 3.08 billion yuan, with profit rising by 223.5% to 811 million yuan, and net profit up by 268% to 755 million yuan, aligning with CICC's expectations [2]. - Game revenue for 1H25 also grew by 39% to 2.07 billion yuan, driven by strong performances from titles such as "Ragnarok M: Beginner's Server" and "Xindong Town" [2]. Group 2: Game Development and Future Prospects - The company is focusing on existing games with anticipated commercialization acceleration for "Xindong Town" and the overseas launch of "Ragnarok M: Beginner's Server" in the second half of 2025 [2]. - New game launches to watch include "Yise" on September 25 and "Ragnarok RO: Guardian of Eternal Love" testing at the end of the year with plans for 2026 [2]. Group 3: TapTap Platform Insights - The scarcity of the TapTap platform is highlighted, with ongoing efforts to enhance monetization potential through the PC version and mini-games, which are expected to contribute to future growth [3][5]. - The company reported a 38% increase in Tap revenue to 1.01 billion yuan, driven by an upgraded advertising system that improves ad effectiveness [4]. Group 4: Strategic Developments - The launch of TapTap PC version and mini-games in April and July respectively is expected to enhance multi-platform collaboration and attract more advertising budget increments [5]. - The TapADN platform, aimed at game developers for monetization and user growth solutions, is in its early development stage with a potential market size in the tens of billions [5].

Core Viewpoint - The company has demonstrated significant growth in its mid-2025 performance, with substantial increases in revenue, net profit, and gross profit, continuing the upward trend established after returning to profitability in 2024 [1][5]. Financial Performance - The company reported total revenue of 3.08 billion RMB for the first half of 2025, a year-on-year increase of 38.8% [7]. - Gross profit reached 2.25 billion RMB, reflecting a 50.5% increase compared to the previous year, with a gross margin improvement from 67.4% to 73.1% [6][7]. - Net profit for the period surged by 223.5% to 810.6 million RMB, with adjusted net profit increasing by 205.9% [7][8]. - The company maintained effective cost control, with sales expenses growing at 7%, significantly lower than revenue growth, while general and administrative expenses decreased by 8.9% [7][8]. Market Position and Strategy - The gaming business generated 2.07 billion RMB in revenue, with a 39.4% year-on-year growth, outperforming the overall Chinese gaming market growth of 14.08% [12]. - The average monthly active users and monthly paying users increased by 19.7% and 21.1%, respectively, indicating the effectiveness of the company's premiumization strategy [12][13]. - Key revenue drivers included successful titles such as "Ragnarok M: Beginners' Server," "Heart Town," and "Torchlight: Infinite," which contributed to a diversified product matrix [12][14][15]. Cash Flow and Capital Structure - The company generated a net cash flow of 638 million RMB from operating activities, alongside 3.18 billion RMB in cash and short-term investments, providing a solid financial foundation for future strategic initiatives [9][10]. Ecosystem Development - The TapTap platform achieved a 37.6% year-on-year revenue growth, reaching 1.01 billion RMB, showcasing the effectiveness of its community-driven model [18]. - The platform's strategic evolution includes the launch of a PC version and a mini-game platform, positioning it as a comprehensive ecosystem for game distribution and user engagement [18][19][23]. Investment Outlook - The company's improving fundamentals and positive market sentiment have led to increased institutional investment in the gaming sector, with significant allocations observed in the media sub-sector [24][25]. - The combination of policy support, consumer recovery, and ongoing game releases positions the company for accelerated value realization, making it an attractive investment opportunity [25].

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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The company reported a significant increase in revenue and profit for H1 2025, with revenue reaching 3.082 billion HKD, up 39% year-on-year, and adjusted profit at 853 million HKD, up 206% year-on-year. The net profit attributable to shareholders was 755 million HKD, reflecting a 268% increase year-on-year. This growth is attributed to the strong performance of new games and improvements in the TapTap platform [4][5][6] - The company is optimistic about the growth potential of new games and the TapTap platform, with expectations for continued revenue growth driven by upcoming game launches and enhancements in user engagement [4][5][6] Financial Summary and Valuation Metrics - For the fiscal year 2025, the company is projected to achieve a revenue of 6.573 billion HKD, with a year-on-year growth of 31.1%. The net profit is expected to be 1.710 billion HKD, reflecting a year-on-year increase of 110.8%. The gross margin is projected to be 73%, and the net margin is expected to reach 26% [7] - The company's price-to-earnings (P/E) ratio for 2025 is estimated at 21.3 times, with projections for 2026 and 2027 at 15.5 and 13.1 times, respectively [7]

Core Viewpoint - Xindong Company (02400) reported strong financial results for the first half of 2025, leading to a nearly 5% increase in stock price, reflecting positive market sentiment towards the company's performance [1] Financial Performance - The company achieved a revenue of 3.082 billion yuan, representing a year-on-year growth of 38.8% [1] - Gross profit significantly increased by 50.5% to 2.253 billion yuan, with the gross margin rising from 67.4% in the same period last year to 73.1% [1] - Profit attributable to equity holders reached 755 million yuan, marking a substantial year-on-year increase of 268% [1] - Adjusted profit attributable to equity holders was 796 million yuan, reflecting a year-on-year growth of 235.3% [1] Business Segments - The gaming segment performed strongly, generating revenue of 2.071 billion yuan, which is a 39.4% increase year-on-year [1] - The growth in gaming revenue was primarily driven by self-developed games such as "Ragnarok M: Beginning," "Xindong Town," and "Torchlight: Infinite" [1] - The TapTap platform also showed robust performance, achieving revenue of 1.011 billion yuan, a year-on-year increase of 37.6% [1]