Core Viewpoint - Xindong Company (02400) has announced a positive earnings forecast, expecting significant revenue and profit growth for the first half of 2025, driven by strong performance from self-developed games [1] Group 1: Financial Performance - Xindong Company anticipates revenue of no less than RMB 30.5 billion for the first half of 2025, representing an approximate year-on-year increase of 37% [1] - The expected net profit is projected to be no less than RMB 7.9 billion, indicating a year-on-year increase of about 215% [1] Group 2: Game Development and Releases - The revenue growth is primarily attributed to the strong performance of self-developed games such as "Ragnarok M: Origins," "Xindong Town," and "Torchlight: Infinite" [1] - The company’s upcoming RPG "Iser" is set to enter global open beta testing on September 25, with a final paid test scheduled from August 28 to September 8 [1] - "Iser" has already launched its international version on June 5, ranking in the top 50 in sales across 30 countries and regions, with first-month revenue expected to exceed RMB 100 million [1] - The domestic version is planned for release on September 25, with potential market expansions in Hong Kong, Macau, Taiwan, Japan, and South Korea [1]

Investment Rating - The report maintains a positive outlook on the media and internet industry, particularly recommending leading companies in various segments, including Shenzhou Taiyue, Southern Media, and Tencent Holdings [1][2]. Core Insights - The SLG (Simulation Game) segment is expected to continue its high growth momentum, driven by expanding overseas demand and the integration of lightweight and diverse gameplay [1]. - The report highlights that SLG games are projected to capture nearly 10% of the global gaming market by 2024, generating approximately $17.5 billion in revenue, making it the leading category [1]. - The performance of companies like ST Huatuo and Bilibili in the SLG space is noted, with significant revenue contributions from their new and existing titles [1][2]. Summary by Sections Market Performance - The media industry index rose by 1.95% in the past week, ranking 17th among all sectors, with a year-to-date increase of 21.47%, placing it 6th among various sectors [1][9]. Game Sector Highlights - The report emphasizes the strong performance of the gaming sector, particularly the SLG games, which are expected to see continued growth due to their long lifecycle and high average revenue per user (ARPU) [1]. - Notable titles such as "Endless Winter" and "Kingshot" are highlighted for their revenue achievements, with "Endless Winter" surpassing $2.8 billion globally by mid-2025 [1]. Company Performance - Xindong Company has exceeded market expectations with its performance forecast, driven by successful self-developed games and the Taptap platform [2]. - The report notes that despite a stable monthly active user count, Taptap's revenue and profit have increased due to improved advertising algorithms and user engagement [2]. Film and Television Sector - The report provides insights into the film sector, noting that the top films in the box office are predominantly Chinese, with "Nanjing Photo Studio" leading with a weekly box office of 689.225 million [16][17]. - Television ratings are also discussed, with "Jin Yue Ru Ge" topping the viewership ratings on Hunan TV [21]. Book Publishing Sector - The report mentions the best-selling books in July 2025, with notable titles in both fiction and non-fiction categories, indicating a healthy market for literature [32][34].

Group 1: Satellite Chemical - The company achieved operating revenue of 23.46 billion yuan in H1 2025, a year-on-year increase of 20.93% [3] - The net profit attributable to shareholders reached 2.744 billion yuan, up 33.44% year-on-year, with a net profit margin of 11.69% [3][5] - The functional chemicals segment saw revenue of 12.217 billion yuan, a 32.12% increase year-on-year, while the high polymer new materials segment experienced a revenue decline of 4.43% [5][6] - The α-olefin comprehensive utilization project is progressing well, expected to support long-term growth with a total investment of approximately 26.6 billion yuan [9][10] Group 2: Desay SV - The company reported H1 2025 revenue of 14.644 billion yuan, a 25.25% increase year-on-year, with a net profit of 1.223 billion yuan, up 45.82% [12][14] - The overseas sales reached 1.038 billion yuan, reflecting a strong growth momentum in international markets [15] - The company is focusing on AI technology investments to enhance smart product development and applications [16] Group 3: Offshore Wind Power Industry - European offshore wind power demand is expected to quadruple, driven by net-zero emissions and energy independence goals [18][19] - The annual average new offshore wind installation in Europe is projected to reach over 12 GW from 2025 to 2034, significantly higher than previous years [19][20] - The supply chain bottlenecks in Europe highlight the complementary advantages of Chinese manufacturers in offshore wind equipment [21][22] Group 4: Guoguang Co. - The company achieved operating revenue of 1.119 billion yuan in H1 2025, a year-on-year increase of 7.33%, with a net profit of 231 million yuan, up 6.05% [24][25] - The company maintained a high dividend payout ratio of 81%, emphasizing shareholder returns [26] - Ongoing projects funded by convertible bonds are expected to enhance core competitiveness [27] Group 5: Xindong Company - The company anticipates H1 2025 revenue of at least 3.05 billion yuan, a year-on-year increase of approximately 37%, with net profit expected to rise by 215% [29][30] - The self-developed game "Heart Town" has performed strongly, contributing significantly to revenue growth [30][31] - The TapTap platform has shown steady growth, with total downloads increasing by 16% [31][32] Group 6: Animal Health Industry - The domestic animal health industry has seen a slowdown in growth, with sales increasing from 50.395 billion yuan in 2019 to 69.651 billion yuan in 2023, reflecting a CAGR of 8.43% [37][38] - The market for pet pharmaceuticals is expected to grow significantly, driven by increasing consumer awareness of pet health [40] - The industry is witnessing a shift towards innovation and technology-driven growth, with a focus on new product development [39][40]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Insights - The company's game and platform business show strong growth, driven by a "self-developed + channel" flywheel effect [2][10]. - The company expects to achieve a revenue of at least 3.05 billion yuan for the first half of 2025, representing a year-on-year increase of approximately 37%, and a net profit of at least 790 million yuan, reflecting a year-on-year increase of about 215% [5][10]. - The report highlights the successful performance of self-developed games and the continuous growth of TapTap's revenue and profit due to improved advertising algorithms and user engagement [5][6]. Summary by Sections Game Business - The self-developed party game "Heart Town," launched in July 2024, has significantly contributed to revenue and profit, reaching the top 20 in the iOS game sales rankings [6]. - The classic IP new game "Ragnarok M: Beginner's Server" has achieved excellent results in the iOS game sales rankings in Southeast Asia and Hong Kong, Macau, and Taiwan [6]. Platform Business - TapTap has shown steady growth, with total game downloads increasing by 16% and daily active users (DAU) rising by 11% from July 2024 to June 2025 [8]. - The PC version of TapTap was launched in April 2025, focusing on aggregating users for self-developed PC games and addressing the current market's pain points [8][9]. Financial Projections - The company forecasts revenue growth from 5.012 billion yuan in 2024 to 9.313 billion yuan in 2027, with a compound annual growth rate (CAGR) of 16% [13][14]. - The net profit is projected to increase from 812 million yuan in 2024 to 2.456 billion yuan in 2027, with a significant growth rate of 1077% in 2024 [13][14]. - The report anticipates a rise in the company's return on equity (ROE) from 32% in 2024 to 28% in 2027 [14].

Industry Trends - Amazon's report indicates that the number of global PC and console gamers reached 1.43 billion in Q1 2025, a 19% increase from Q1 2023 [2] - In five European countries and Japan, the growth rate of PC and console gamers is outpacing that of mobile gamers, with Japan's growth rate being four times that of mobile gaming [2] Company Updates - Xindong Network forecasts a revenue of 3.05 billion RMB for the first half of 2025, representing a 37% year-on-year increase, with net profit expected to exceed 790 million RMB, a 215% surge [3] - The strong performance is attributed to self-developed products like "Ragnarok M: Original Server" and "Torchlight: Infinite," which have driven revenue and gross profit to new highs [3] - Xiaohongshu's "RED LAND" event in Shanghai showcased popular IPs and marked the platform's first large-scale offline event in the gaming sector [4] - Bilibili has launched a feature allowing users to link their Steam accounts, enhancing user engagement within its community [6] - The Kuro Carnival held in Guangzhou featured interactive gaming zones and exhibitions, covering over 24,000 square meters [7] - Zhongyou Mobile announced the detention of its former studio head for serious job-related crimes, impacting the development of the game "Xianjian World" [8] - Nexon has unveiled a new single-player game titled "Woochi the Wayfarer," based on a classic Korean novel [9]

Group 1 - The core viewpoint of the articles highlights the strong performance of Xindong Company, with a mid-year revenue forecast of at least 3.05 billion yuan (approximately +37% year-on-year) and a net profit of at least 790 million yuan (approximately +215% year-on-year) for the first half of 2025, exceeding expectations [1] Group 2 - The self-developed games such as "Ragnarok M: Original Server," "Xindong Town," and "Torchlight: Infinite" have shown strong performance, driving revenue and gross margin increases [1] - The TapTap app maintains stable monthly active users (MAU) year-on-year, with improvements in advertising algorithms and user engagement contributing to revenue and profit growth [1] Group 3 - The new game "Xindong Town" achieved a top 10 ranking in sales following its anniversary version launch on July 17, marking a new high for the year; the overseas version of "Etheria: Restart" entered the top 50 in the U.S. sales chart, demonstrating strong performance [1] - The domestic version of "Etheria" is scheduled for full platform testing on September 25, expected to contribute to new user growth; Xindong's next-generation self-developed game "Ragnarok RO: Guardian of Eternal Love 2" will begin its first test on TapTap in December, supporting the company's long-term growth [1] - TapTap has significantly increased the number of PC games released this year, focusing on the launch and operation of the PC version, indicating growth potential [1] Group 4 - Xindong announced the acquisition of a 5.3% stake in MiAO for $14 million; MiAO is a startup founded by former Giant CEO Wu Meng, with a team experienced in high DAU social games [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has released its mid-year performance forecast for 2025, indicating a revenue of no less than 3.05 billion (approximately +37% year-on-year) and a net profit of no less than 790 million (approximately +215% year-on-year), exceeding expectations [2][4]. - The strong performance of self-developed games and the continued growth trend of TapTap are key drivers for the company's success [2][4]. - The company has a promising pipeline of new games and is expanding its community platform, which is expected to contribute to future growth [2]. Summary by Sections Performance Forecast - The company forecasts a revenue of at least 3.05 billion for the first half of 2025, reflecting a year-on-year increase of about 37% [2][4]. - The net profit is projected to be at least 790 million, representing a year-on-year increase of approximately 215% [2][4]. Game Development and Community Growth - Self-developed games such as "Ragnarok M: Beginner's Server," "Heart Town," and "Torchlight: Infinite" have shown strong performance, boosting revenue and gross margin [7]. - TapTap's monthly active users (MAU) remain stable year-on-year, with improvements in advertising algorithms and user engagement driving revenue and profit growth [7]. - The company has successfully launched new games, with "Heart Town" achieving a top 10 ranking in sales and "Etheria: Restart" entering the top 50 in the U.S. sales chart [7]. Strategic Investments - The company is expanding its game portfolio by acquiring a 5.3% stake in MiAO for 14 million USD, a startup founded by the former CEO of Giant, which has expertise in social games [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded market expectations with its 2025H1 performance, forecasting revenue of at least 30.50 billion yuan, a year-on-year increase of approximately 37%, and a net profit of at least 7.90 billion yuan, a year-on-year increase of about 215% [8] - The growth in revenue is primarily driven by the strong performance of self-developed games and the steady growth of the TapTap platform, with improvements in game gross margins and user engagement [8] - The company has revised its profit forecasts upwards, expecting net profits of 1.69 billion yuan, 1.94 billion yuan, and 2.05 billion yuan for 2025-2027, respectively, reflecting a positive outlook on new game releases and the TapTap platform's value [8] Financial Summary - Total revenue is projected to grow from 5,012 million yuan in 2024 to 7,800 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 2.87% [1] - The net profit is expected to increase significantly from 811.53 million yuan in 2024 to 2,047.56 million yuan in 2027, indicating a strong growth trajectory [1] - The earnings per share (EPS) is forecasted to rise from 1.65 yuan in 2024 to 4.15 yuan in 2027, reflecting improved profitability [1] - The price-to-earnings (P/E) ratio is projected to decrease from 40.94 in 2024 to 16.23 in 2027, suggesting an attractive valuation as earnings grow [1]

Group 1 - The company expects a significant increase in H1 2025 performance, with revenue projected to be no less than 3.05 billion yuan, representing a year-on-year growth of approximately 37%, and net profit expected to be no less than 790 million yuan, reflecting a year-on-year increase of about 215% [1] - The strong year-on-year growth is primarily driven by the performance of self-developed games such as "Ragnarok M: Beginning Server," "Heart Town," and "Torchlight: Infinite," which have boosted revenue and improved gross margins [1] - TapTap's revenue and profit continue to grow due to improvements in advertising algorithms and increased user engagement, despite stable average monthly active users [1] Group 2 - The game "Yise" launched its international version on June 5, entering the top 50 best-selling games in 30 countries and regions, with expected revenue exceeding 100 million yuan in the first month [2] - "Heart Town" celebrated its anniversary with events and saw its iPhone game ranking rise to 7th place, with plans for an international version launch in H2 2025, potentially bringing significant revenue increments [2] - The company is leveraging its extensive experience in developing and operating multiple products based on the same IP, with "Guarding Eternal Love 2" expected to be a key long-term product driving growth [2] Group 3 - The TapTap game conference showcased 50 new game updates, including 13 PC games, marking a diversification in the platform's offerings [3] - The PC version of TapTap has officially launched, allowing users to purchase, download, and install PC games, with over 100 top games currently available [3] - The PC version operates on a no-revenue-sharing model, which may further expand growth opportunities for the platform [3]

公司预告净利润同增超过215% 机构：中金公司 研究员：张雪晴/余歆瑶 1）"游戏大版本更新"新功能（重视长青游戏单个大版本更新服务，仿照新游戏上线为产品提供完整服 务流程，推出新版本预告/前瞻直播/新版本预约/新版本预约排行榜等功能）；2）TapTapPC 桌面版（当 前已具有一定用户规模）。 未来关注：TapTap 小游戏平台、AI 制作游戏（vibe coding，聚焦制作游戏的第一步和最后一步）。 盈利预测与估值 2H25：我们估计环比利润增量来自于：1）《心动小镇》暑期周年庆提升商业化水平，买量ROI 相对可 控；2）《伊瑟》增量流水及部分利润贡献（国际服6 月上线后整体表现好于市场预期，国服及港澳台 服等于9/25上线，关注公测用户表现）。 考虑TapTap盈利水平提升、游戏表现好于预期，上调25/26 年归母净利润预期66%/81%至16.5/19.5 亿 元，对应当前股价25/26 年15/13x P/E。维持跑赢行业评级，综合考虑盈利预测调整和新游预期逐步消 化，上调目标价49%至82.5 港元（25/26 年22/18x P/E）。上行空间45%。 风险 26 年已有核心产品接续：开放世界 ...