传媒/游戏Ⅱ 相关研究报告 《授出购股权加强绑定，TapTap PC 版 或打开成长空间—港股公司信息更新 报告》-2025.4.18 《"游戏+平台"飞轮效应逐步显现， 驱动长期成长—港股公司信息更新报 告》-2025.3.30 心动公司（02400.HK） 2025 年 07 月 10 日 投资评级：买入（维持） | 日期 | 2025/7/9 | | --- | --- | | 当前股价(港元) | 50.900 | | 一年最高最低(港元) | 51.950/15.500 | | 总市值(亿港元) | 251.04 | | 流通市值(亿港元) | 251.04 | | 总股本(亿股) | 4.93 | | 流通港股(亿股) | 4.93 | | 近 3 个月换手率(%) | 35.86 | 股价走势图 数据来源：聚源 -60% 0% 60% 120% 180% 240% 2024-07 2024-11 2025-03 心动公司 恒生指数 《2024 年业绩超预期，新游戏及 TapTap 继续驱动成长—港股公司信息 更新报告》-2025.3.5 《伊瑟》国服及《守爱 2》首测定档，驱动长期成长 ——港股 ...

Core Insights - The gaming companies in Shanghai appear to be recovering, signaling a potential new phase for the industry [1][26] Group 1: Company Performance - Eagle's new game "Pom Pom" has achieved significant success, ranking Top 3 in China and Top 10 globally on Steam with an 88% approval rating [1][2][3] - Paper Games has seen a remarkable turnaround, with its flagship store topping the sales chart on Tmall during the "618" shopping festival [5][6] - The game "Love and Deep Space" has shown strong performance, with projected revenue exceeding 6 billion yuan across all platforms in 2024 [6][7] - Heartbeat Games has reported a nearly 70% year-on-year revenue increase, reaching 3.3 billion yuan in 2024, driven by successful titles [10][12] Group 2: Industry Trends - The gaming industry in Shanghai is experiencing a collective improvement, which may indicate the beginning of a recovery cycle [26] - Despite the positive trends, many companies remain cautious regarding project launches and hiring, with a significant oversupply of talent in the job market [24][25] - The past two years saw a wave of layoffs and project cancellations across the industry, but the current signs of recovery suggest a potential shift in the market dynamics [23][26]