智通财经APP获悉，招商证券发布研报称，11月26日，国家新闻出版署公布了178款国产版号、6款进口 版号，今年国产、进口版号已经实现每月稳定同步发放，截止11月，今年共计发放1532款国产版号、92 款进口版号，数量相较于2024年同期显著增加，有望提振游戏行业市场信心。该行维持游戏行业"推 荐"评级，继续看好腾讯控股(00700)、哔哩哔哩-W(09626)等标的。 招商证券主要观点如下： 11月26日，国家新闻出版署公布了178款国产版号、6款进口版号 2025年11月发放国产版号178款、进口版号6款，频率及数量稳定 2025年以来，国产、进口版号已经实现每月稳定同步发放，截止11月，今年共计发放1532款国产版号、 92款进口版号，数量相较于2024年同期显著增加，有望提振游戏行业市场信心。 维持"推荐"评级 该行继续看好腾讯控股14款长青游戏在手，长线运营持续释放利润;巨人网络《超自然行动组》表现超 预期，且公司积极拥抱AI;【恺英网络】传奇盒子增量收入逐步落地，在手版号数量多;游戏出海方面， 龙头ST华通手握流水持续新高的头部出海手游《Whiteout Survival》，新游戏《kingsho ...

Company Background - Xindong Company is a global game developer and publisher with extensive experience in research and development, publishing, and agency operations. The company's major games include "Let's Go, Muffin," "Xindong Town," "Iser," "Ragnarok M," and "Torchlight: Infinite." According to Sensor Tower, the company is expected to enter the global mobile game publisher revenue ranking TOP 100 by October 2025, ranking 22nd among Chinese mobile game publishers. The company also owns TapTap, the largest comprehensive game community platform in China, which provides a full-service experience for players and developers [1][2]. Self-Developed Game Performance - Since 2024, the company's self-developed games such as "Let's Go, Muffin," "Xindong Town," and "Iser" have shown impressive performance, reflecting the high success rate from refining quality games and precise product positioning. The international version of "Xindong Town" and new products like "Ragnarok RO: Guardians of Eternal Love 2" are expected to continue driving growth [2]. TapTap Platform Growth and Commercialization - TapTap exhibits a "user-game" dual-sided effect, with a zero-revenue-sharing policy and a considerable user base attracting many quality games to launch and promote on the platform. The ongoing opening of the iOS application ecosystem in China is expected to further expand TapTap's growth potential. The launch of the TapTap PC version will help broaden the user base and market for multi-platform games, including PC and independent games. The TapAND business has been successfully initiated and has vast market potential. In the first half of 2025, TapTap's revenue reached 1.01 billion, representing a year-on-year increase of 37.6%. The company forecasts TapTap's revenue growth of 35.5%, 25.0%, and 14.6% for 2025, 2026, and 2027, respectively [3]. Profit Forecast, Valuation, and Rating - As revenue scales grow, the operating leverage effect is expected to be released, leading to a net profit growth rate for the company that exceeds revenue growth. The forecast for the company's net profit attributable to shareholders is 1.7 billion, 2.12 billion, and 2.55 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 111.2%, 24.3%, and 20.0%. The corresponding EPS is projected to be 3.44, 4.28, and 5.16 yuan. Based on industry valuation, a target price of 103.2 HKD is set for 2026, with an initial "buy" rating [4].

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time coverage [1]. Core Insights - The company is positioned for growth through a dual engine of self-developed games and the TapTap platform, which serves as a comprehensive game community and distribution platform [1][2]. - The self-developed games have shown strong performance, with titles like "Let's Go Muffin" and "Heart Town" driving revenue growth, while the TapTap platform is expected to expand significantly due to its user base and monetization potential [2][34]. Summary by Sections Company Overview - The company is a global game developer and publisher with a diverse portfolio, including popular titles such as "Let's Go Muffin," "Heart Town," and "Torchlight: Infinite." It ranks 22nd among mobile game publishers in China and is expected to enter the global top 100 by October 2025 [1]. Investment Logic - **Self-Developed Game Capability**: The company has consistently validated its ability to develop successful games, with a strong product matrix and ongoing growth from new releases and international expansions [2][12]. - **TapTap Platform Growth**: The platform benefits from a user-game dual effect, with a zero-revenue-sharing policy attracting quality games and users. The introduction of a PC version and the expansion of the iOS ecosystem are expected to further enhance growth [2][34][39]. Financial Forecasts and Valuation - The company is projected to achieve significant profit growth, with net profits expected to reach 1.7 billion, 2.1 billion, and 2.55 billion CNY in 2025, 2026, and 2027, respectively, reflecting growth rates of 111.2%, 24.3%, and 20.0% [2][46]. - The target price is set at 103.2 HKD, based on a 22x PE ratio for 2026, indicating a strong valuation relative to industry peers [2][50]. Revenue Projections - Total revenue is expected to grow from 3.39 billion CNY in 2023 to 8.84 billion CNY by 2027, with a compound annual growth rate (CAGR) of 31.0% from 2025 to 2027 [46][47]. - Game revenue is projected to increase significantly, driven by successful titles and new game launches, while information service revenue from TapTap is also expected to grow robustly [46][47]. Cost and Margin Expectations - The company anticipates improving gross margins, with overall gross margins projected to rise from 69.4% in 2024 to 76.3% by 2027, driven by a higher proportion of self-developed games [48][49].

Core Viewpoint - The introduction of Apple's "Mini Apps Partner Program" with a 15% commission rate for eligible mini-program transactions marks a significant shift in the ongoing power struggle between game developers and distribution platforms, particularly between Apple and Tencent [1][2]. Group 1: Impact on Game Developers - The new 15% commission rate is perceived as a benefit for game developers who have been under pressure from higher commission rates, but it comes with conditions that require deep integration with Apple's technology [1][2]. - Developers must use Apple's tools for app development, manage user data through Apple's system, and process payments exclusively through Apple's channels, which limits their control over user data and payment options [2][4]. - Companies like Century Huatong view the policy's negative impact as minimal, estimating it to be below 0.5%, while anticipating an increase in iOS mini-program users due to improved payment convenience [2][4]. Group 2: Reactions from Major Players - Tencent welcomes the new program as a balanced solution that supports the stability of the WeChat ecosystem while avoiding potential conflicts from external payment loopholes [3]. - Companies primarily focused on app-based games, such as a Shanghai-based game developer, report limited impact from the policy, as their core products rely on app operations rather than mini-programs [4]. Group 3: Industry Trends and Changes - The agreement between Apple and Tencent reflects a broader trend of game developers pushing back against traditional distribution channels, as seen in recent withdrawals from major Android platforms [4][5]. - The rise of alternative distribution channels, such as social media and live streaming platforms, is reshaping the flow of traffic and revenue in the gaming industry, challenging the dominance of traditional app stores [5][6]. - Analysts suggest that the reduction in commission rates indicates Apple's optimism about the future of mini-games, as the market for mini-program games has seen significant growth, with a reported 40.2% increase in revenue year-on-year [6][7]. Group 4: Future Implications - The ongoing evolution in the gaming industry emphasizes the importance of high-quality content creation and diversified channel operations as key factors for success [7].

Core Insights - The mobile game "Dudu Face Prank," developed by the Korean team Epid GAMES and published by Bilibili outside of Korea, launched internationally on October 9 and has achieved significant early success in various markets [1][2]. Market Overview - As of October 13, "Dudu Face Prank" ranks first on the iOS free charts in Hong Kong, Macau, and Taiwan, and second in Japan [3]. - The game accumulated over 320,000 downloads across both platforms within two days of its launch [5]. - Revenue generated in the first two days exceeded 2.16 million, excluding platform fees [6]. Game Features and Design - The game offers a "super-saturated welfare" system, providing players with 130 free draws upon login and a total of 300 draws in the first week, significantly more than typical offerings in the genre [8]. - Unique gameplay features include real-time interactive character customization using Live2D technology, enhancing user engagement through playful interactions [10]. - The game is designed for "casual play," with daily tasks taking only 15-20 minutes to complete, catering to players' fragmented time availability [10]. Marketing Strategy - The marketing campaign began in early September, with increased efforts on the launch day [12]. - Promotional materials focus on the game's core selling points: character interaction, high welfare offerings, and a cute aesthetic [14][20]. - The marketing approach emphasizes low-cost strategies, utilizing smaller influencers and social media platforms to maintain a balanced ROI [26]. Bilibili's Strategic Shift - Bilibili's decision to publish "Dudu Face Prank" reflects a strategic pivot from heavy-duty games to lighter, more casual offerings, addressing the growing demand for low-pressure gaming experiences [28]. - The game fills a gap in Bilibili's portfolio for lightweight games, complementing its existing heavy-duty titles [28]. - The potential for success in the Chinese market is promising, given the game's appeal to Bilibili's large user base and its compatibility with the platform's community-driven content [29].

Core Insights - The year 2024 marks the first year of profitability for Xindong after three consecutive years of losses, driven by the success of self-developed new games like "Departure Muffin" and "Xindong Town," along with the earlier overseas launch of "Lily of the Valley" [1] - The company has adopted a more focused approach this year, emphasizing the release of the turn-based strategy card RPG "Etheria: Restart," which supports multi-platform play [1][3] Game Performance - "Etheria: Restart" launched internationally in June, generating a revenue of 69.33 million yuan in its first month, excluding PC data [3][19] - The game was released in six major East Asian T1 markets on September 25, achieving a revenue of 37.1 million yuan within 12 days, slightly surpassing the international version's performance [6][15] - As of October 9, the game maintained strong rankings in the iOS free and revenue charts across various East Asian markets, with notable positions in Taiwan, Hong Kong, and Japan [9][11] Market Trends - The game has shown a cumulative download of approximately 1.435 million in the new markets, with significant contributions from China, Taiwan, and Japan [13] - The daily revenue peaked at 4.06 million yuan shortly after launch but has since stabilized around 2.8 million yuan [15] - The average revenue per download (RPD) reached 27.6 yuan, slightly lower than the international version's 34.5 yuan [15] Long-term Outlook - The international version of "Etheria: Restart" has demonstrated stable monthly revenue of around 10 million yuan after four months, indicating potential for long-term operation [16][23] - The company plans to enhance its esports ecosystem, aiming to establish "the first IP in turn-based esports," with various tournaments already held and more planned for the future [25][27] Financial Performance - Xindong's financial report for the first half of the year shows significant growth, with total revenue reaching 3.08 billion yuan, a 38.8% increase year-on-year [36] - The top five revenue-generating games include "Departure Muffin" and "Xindong Town," indicating a shift towards newer titles contributing to overall revenue [38]

Summary of the Conference Call for Xindong Company Industry and Company Overview - **Company**: Xindong Company - **Industry**: Gaming Industry in China - **Key Platform**: TapTap, a third-party game community and distribution platform Core Insights and Arguments - Xindong Company has established a full industry chain layout through popular games like "Xindong Town" and the TapTap platform, enhancing user engagement and payment levels, leading to long-term value growth [2][10] - TapTap operates on a non-revenue-sharing model, focusing on community interaction and precise recommendations to boost user stickiness, which in turn supports game distribution and operation [2][5] - The Chinese gaming market has shifted towards innovation-driven growth, with players demanding higher quality and experience in games. Xindong Company is focusing on independent games and innovative categories to build a differentiated advantage for long-term growth [2][6] - The company is optimizing team size and terminating non-core projects to improve resource efficiency, marking a shift from extensive expansion to pursuing certain outcomes, resulting in a slowdown in R&D expense growth [2][9] Key Strategies and Developments - Xindong Company employs a "channel plus product" dual-driven model, enhancing self-developed capabilities and launching hit products that significantly contribute to revenue and user engagement [3][10] - TapTap serves as a core component of Xindong's ecosystem, providing distribution and social interaction, and generating revenue through advertising [4][11] - The company has seen a significant increase in its stake in Shanghai Yiwang (TapTap's parent company) due to changes in shareholder structure, with Xindong's ownership approaching 89% [7] Market Trends and Company Response - The gaming market in China is transitioning from population-driven growth to innovation-driven growth, with a focus on creating differentiated experiences through innovative content [6][18] - Xindong Company is responding to these changes by focusing on independent games and innovative products to attract specific user groups and establish a competitive edge [6][20] Financial Performance and Future Outlook - Xindong's self-developed products have performed exceptionally well, with titles like "Shu'an Maifen" and "Xindong Town" exceeding expectations and driving user numbers to historical highs [26][27] - The development prospects for the TapTap platform are promising, with a strong user base and effective game distribution, indicating significant growth potential for the company's gaming business [27] Additional Insights - TapTap's advertising business shows resilience and commercial potential, with a strong performance even during market downturns [23][24] - The platform has room for expanding advertising space, which could further enhance revenue generation [24] - Xindong Company is exploring additional monetization models beyond gaming ads, including cloud gaming and developer services [25][26] Conclusion - Xindong Company is positioned as a key player in the Chinese gaming industry, leveraging its unique platform and innovative strategies to drive growth and enhance user engagement, making it a noteworthy entity in the market [27]

Summary of the Conference Call for Xindong Company Company and Industry Overview - The conference call focuses on Xindong Company, specifically its gaming distribution platform TapTap, which differentiates itself from Apple and Android app stores by not charging channel fees and instead generating revenue through value-added services [2][3]. Key Points and Arguments - **Revenue Growth Despite MAU Decline**: In 2023, TapTap's Monthly Active Users (MAU) decreased by 20%, yet revenue increased by 30%, indicating that Daily Active Users (DAU) and average daily usage time are more critical for revenue growth [6][2]. - **Future Revenue Projections**: TapTap is expected to maintain a compound annual growth rate (CAGR) of over 20% in revenue over the next three years, driven by DAU growth and increased user engagement [2][7]. - **PC Strategy Launch**: TapTap's PC strategy is set to launch in April 2025, aiming to leverage overlapping user profiles and the revival of the PC gaming market, while maintaining a no-commission policy to enhance competitiveness [2][9][10]. - **Stock Price Surge**: Xindong Company's stock price rose significantly from 7 yuan in 2024 to over 80 yuan in 2025, attributed to a successful product cycle, improved overseas distribution capabilities, and refined publishing strategies [11][12]. - **Mutual Empowerment of Games and Platform**: Xindong Company utilizes its self-developed games to attract users to the TapTap platform, which in turn enhances user retention and drives traffic to other products, creating a flywheel effect for overall growth [13][2]. Additional Important Insights - **Advertising Revenue Model**: TapTap's advertising revenue model relies on four key metrics: DAU, average daily usage time, ad loading rate, and ad unit price. DAU is projected to grow from 5-6 million to 7-8 million in the next three years [4][5]. - **Cost Structure and Profitability**: The cost structure is manageable, with personnel salaries and server bandwidth being the main costs. This allows for significant profit growth alongside revenue expansion [7][9]. - **Competitive Advantages**: Xindong Company's competitive advantages include its unique vertical distribution platform, TapTap, and the management's strong understanding and execution of gaming concepts, making it a company to watch for long-term growth [15][16]. Conclusion - Xindong Company is positioned for robust growth in the gaming industry, with a strong focus on its TapTap platform and strategic initiatives that leverage market trends and user engagement. The company's ability to adapt and innovate will be crucial in maintaining its competitive edge and achieving its financial targets in the coming years.

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]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's game business significantly boosted performance, with a notable increase in revenue and profit margins. In H1 2025, the company achieved 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% year-on-year, with a gross profit of 2.253 billion yuan and a gross margin of 73.1%, an increase of 5.7 percentage points year-on-year [1][2] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 3.082 billion yuan, a 38.8% increase year-on-year, and a net profit of 755 million yuan, reflecting a 268.0% year-on-year growth. The gross profit was 2.253 billion yuan, with a gross margin of 73.1%, up 5.7 percentage points year-on-year. The sales and R&D expense ratios were 24.14% and 17.81%, respectively, showing improvements of 7.18 and 1.08 percentage points year-on-year [1][2] Business Segments - The game business generated 2.071 billion yuan in revenue, a 39.4% increase year-on-year, with online game revenue at 1.982 billion yuan (up 39.0%) and paid game revenue at 63 million yuan (up 14.2%). The average monthly active users (MAU) for online games increased by 19.7% year-on-year, and the monthly average number of paying users rose by 21.1% [2] Future Outlook - The company focuses on self-developed games and aims to enhance cost efficiency and commercialization. It is expected to achieve net profits of 1.645 billion yuan, 1.957 billion yuan, and 2.169 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 3.33, 3.97, and 4.40 yuan per share, and PE ratios of 22, 19, and 17 times [3]