众所周知，2024年是心动连亏三年转盈的首年，这得力于自研线新品的大爆发，连续推出的《出发吧麦芬》、《心动小镇》表现亮眼，更早期的《铃兰之 剑》也出海海外。 然而，相比于去年一片热闹的场景，今年的心动在纯粹的新游层面似乎更加低调和聚焦，仅重点推出了近未来虚拟都市题材的回合制策略卡牌RPG《伊 瑟》（以"魔灵Like"为玩法框架，支持PC、iOS、安卓多端互通；国际服名为《Etheria: Restart》）。 该作国际服先于6月上线了全球160多个国家及地区，并在短期内显现出了强大潜力，首月吸金高达6933万元（不包含PC端数据，下同）。点点出海曾 在"《心动有望实现4连爆：新游未登陆多个T1市场，月流水仍轻松破亿！通吃魔灵Like与泛二次元用户》"一文中详细拆解了该作的玩法、从曝光到公测 期间的测试节奏以及推广策略，有兴趣的读者可以点击阅读。 值得重点关注的是，就在国际服公测后的3个月，9月中下旬时《伊瑟》全面登陆包括中国在内的所有东亚T1市场。 那么此次其市场数据如何呢？与此同时，已经上线3个月的国际服数据趋势怎样？截止目前，今年心动产品端最赚钱以及增长最快的产品是哪些？之后又 有怎样的布局？下文中，点点 ...

摘要 心动公司 心动公司在渠道和产品方面的策略是什么？ 心动公司采用了"渠道加产品"双轮驱动的模式，通过精品游戏研发和自有平 台生态的深度协同，构建了独特的商业壁垒。公司持续加码自研能力，推出了 《出发吧麦芬》和《心动小镇》等爆款产品，这些产品不仅贡献了重要营收， 还通过长线运营提升用户粘性和付费水平。同时，公司旗下的 TapTap 平台坚 持不联运分成的开放策略，以高粘性社区吸引了约 4,400 万月活用户，形成强 大的流量护城河，有效反哺游戏分发和运营业务。这种良性闭环使得心动能够 绕过传统渠道分成，直接触达玩家，并专注于产品创新和用户体验，实现从追 逐爆款到长期价值可持续增长。 TapTap 平台在心动公司的生态系统中扮演什么角色？ TapTap 是心动公司生态系统中的核心组成部分，它集分发与社交于一体，是 国内非常核心的玩家群体聚集地。TapTap 通过广告和信息服务为主要收入来 心动公司通过《心动小镇》等爆款游戏及 TapTap 平台，构建了研发、 发行、渠道全产业链布局，形成协同效应和商业壁垒，有效提升用户粘 性和付费水平，实现长期价值增长。 TapTap 作为核心玩家聚集地，坚持不联运、不分成策 ...

TapTap的成长驱动 国内版号提升、自研进步+PC端及海外，长期看AI平权。当前TapTap开发者-用户的飞轮效应已经形 成：TapTap目前已入驻开发者24万+，上线游戏30万+;25H1中国版APP平均MAU达43.6百万，25H1用户 广告ARPUYoY+37%。增长驱动：1)25年1-9月版号总计1195个，同比增长25%，更多产品上线提升推广 需求。2)心动自研游戏进步利好TapTap平台价值提升(独家产品吸引用户，同时形成对其他开发者的示 范效应)，同时TapTap反哺自研游戏。3)TapTap积极战略拓展多端化与国际版。4)AI赋能游戏开发，实现 创作平权，内容供给侧繁荣利好TapTap。该行测算2030年TapTap广告量价齐升后收入规模有望达到50 亿。 心动自研游戏能力体系逐步验证 1)24年以来产品周期上行验证前期研发调整思路正确：22年后公司战略层面果断收缩版图、降本增效， 产品研发公司聚焦自身强势品类，优中选优。黄希威回归担任海外发行负责人，走通全球发行，海外持 续贡献增量。《火炬之光》《麦芬》《心动小镇》《伊瑟》持续验证战略正确。2)《小镇》《火炬》验 证开发长青游戏的能力：资源 ...

心动自研游戏能力体系逐步验证：1）24 年以来产品周期上行验证前期研发调整思路正确：22 年后公司 战略层面果断收缩版图、降本增效，产品研发公司聚焦自身强势品类，优中选优。黄希威回归担任海外 发行负责人，走通全球发行，海外持续贡献增量。《火炬之光》《麦芬》《心动小镇》《伊瑟》持续验 证战略正确。2）《小镇》《火炬》验证开发长青游戏的能力：资源聚焦优势品类+持续调优+高频更新 +出海。3）梳理后续管线，心动新游戏仍有确定性储备：二次元策略卡牌手游《伊瑟》国服9 月上线、 后续储备《心动小镇》国际服、首款开放世界MMO《仙境传说RO：守护永恒的爱2》。 首次覆盖，给予"买入"评级。我们预计，公司25-27 年收入64.31/79.27/90.59 亿元，同比增长 28%/23%/14%；经调整归母净利润17.02/22.26/27.60 亿元，同比增长94%/31%/24%。SOTP 估值法下对 应港股市值549 亿港币，首次覆盖，给予"买入"评级。 风险提示：游戏行业监管政策收紧；游戏自研进度不及预期；游戏社区竞争格局恶化。 从游戏推广变革看TapTap 的价值。游戏行业随着版号供给景气恢复，叠加渠道变迁，销售 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [8][3]. Core Insights - The report emphasizes the "Content + Platform" flywheel effect, highlighting the growth potential of the TapTap platform and the company's self-developed games [7][10]. - The company is expected to achieve significant revenue growth, with projected revenues of 64.31 billion, 79.27 billion, and 90.59 billion RMB for 2025-2027, representing year-on-year growth rates of 28%, 23%, and 14% respectively [8][3]. - Adjusted net profits are forecasted to be 17.02 billion, 22.26 billion, and 27.60 billion RMB for the same period, with growth rates of 94%, 31%, and 24% respectively [8][3]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 3,389 million RMB - 2024: 5,012 million RMB - 2025E: 6,431 million RMB - 2026E: 7,927 million RMB - 2027E: 9,059 million RMB - Year-on-year growth rates for revenue are projected at -1%, 48%, 28%, 23%, and 14% respectively [6]. - Adjusted net profit forecasts are: - 2023: -34 million RMB - 2024: 877 million RMB - 2025E: 1,702 million RMB - 2026E: 2,226 million RMB - 2027E: 2,760 million RMB - Year-on-year growth rates for net profit are projected at 93%, 2670%, 94%, 31%, and 24% respectively [6]. Market Dynamics - The gaming industry is experiencing a recovery in license issuance, with a total of 1,195 licenses issued in the first nine months of 2025, a year-on-year increase of 25% [11][31]. - The report notes that TapTap is becoming an increasingly important channel for game promotion, with its online promotion service revenue reaching 976 million RMB in the first half of 2025, capturing approximately 3.27% of the mobile game advertising market [7][23]. - The growth of TapTap is driven by improvements in domestic licensing, advancements in self-developed games, and strategic expansions into PC and international markets [11][30]. Competitive Advantage - TapTap's low revenue-sharing model (maximum 5% for paid games and free-to-play games incur no fees) is highlighted as a significant advantage for attracting developers, especially independent and small developers [25][10]. - The platform has established a strong community and content ecosystem, differentiating itself from traditional app stores and social media platforms [10][25]. - The report suggests that the market has not fully recognized the value and potential of the TapTap platform, which is well-positioned to capitalize on the evolving gaming landscape [10][11].

上 市 公 司 传媒 2025 年 09 月 30 日 心动公司 （02400） ——"内容+平台"飞轮效应显现（心动公司深度之二） 资料来源：Bloomberg 报告原因：首次覆盖 相关研究 买入（首次评级） | 市场数据： | 2025 年 09 月 30 日 | | --- | --- | | 收盘价（港币） | 81.25 | | 恒生中国企业指数 | 9555.33 | | 52 周最高/最低（港币） | 89.40/19.78 | | H 股市值（亿港币） | 402.07 | | 流通 H 股（百万股） | 494.86 | | 汇率（人民币/港币） | 0.9143 | 一年内股价与基准指数对比走势： -22% 478% 09/30 10/31 11/30 12/31 01/31 02/28 03/31 04/30 05/31 06/30 07/31 08/31 HSCEI 心动公司 研究支持 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 张淇元 A0230124080001 zhangqy@swsresearch.com 财务数据及盈利预测 | ...

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The report emphasizes the ongoing investment opportunities in gaming, AI applications, and content innovation, highlighting the potential for significant revenue growth in these sectors [3][4] Industry Data Overview - The game "元气唤灵师" ranks first in the iOS free game chart, while "三角洲行动" tops the iOS revenue chart as of September 20, 2025 [10][14] - The film "731" achieved the highest box office revenue of 9.98 billion CNY for the week [25] Industry News Summary - Continuous advancements in AI applications and content innovation are expected to enhance the entertainment consumption landscape [29] - OpenAI is reportedly expanding its AI hardware initiatives, which may accelerate the commercialization of AI applications across various sectors [3][4] Company Highlights - Heartbeat Company is set to launch its self-developed RPG game "伊瑟" on September 25, 2025, with over one million pre-registrations, indicating strong market interest [3] - The collaboration between Heartbeat Company and the "黄油小熊" IP has led to a significant rise in the rankings of "心动小镇" in the iPhone game sales chart [3] Recommendations - The report suggests continued investment in the gaming sector, particularly in companies like Heartbeat Company, Giant Network, and Tencent, due to their promising new releases and established franchises [3][4]

Core Viewpoint - The company reported strong mid-term performance with significant revenue and profit growth, indicating a robust recovery in the gaming industry and effective management strategies [1][4]. Financial Performance - The company achieved revenue of 3.082 billion yuan in the first half of the year, a year-on-year increase of 38.8% [1]. - Net profit attributable to shareholders reached 755 million yuan, a substantial year-on-year growth of 268% [1]. - Gross profit increased by 50.5% to 2.253 billion yuan, with gross margin rising from 67.4% to 73.1%, marking a new high since its listing [1]. Business Segments - The gaming segment generated revenue of 2.071 billion yuan, up 39.4% year-on-year, driven by the success of self-developed games like "Ragnarok M: Beginners' Server" and "Torchlight: Infinite" [1]. - The TapTap platform reported revenue of 1.011 billion yuan, a 37.6% increase year-on-year, with improved commercialization efficiency [3]. User Engagement - The average monthly active users for online games reached 11.409 million, a 19.7% increase year-on-year, while average monthly paying users grew by 21.1% to 1.322 million [2]. R&D and Product Development - R&D expenses amounted to 549 million yuan, a 30.8% increase year-on-year, with the number of R&D personnel rising from 997 to 1,033 [3]. - Upcoming game releases include "Iser" on September 25 and "RO2" in December, which are expected to enhance the paid gaming business [3]. Industry Context - The gaming industry in China saw a 14.08% year-on-year increase in actual sales revenue in the first half of 2025, reaching a historical high [4]. - AI technology is transforming the gaming creation ecosystem, with predictions of the AI-native gaming market in China reaching 33.7 billion yuan by 2027, representing over 20 times growth in three years [4]. Market Reaction - Following the earnings report, the company's stock price surged over 6%, reflecting positive market sentiment [5]. - Institutional funds have shown significant interest in the gaming sector, with a heavy investment in the gaming sub-sector of the media industry [5][6]. Strategic Direction - The company is transitioning from a game developer to an ecosystem builder, supported by a dual-driven model of "self-developed quality games + open ecosystem" [6]. - The integration of AI technology and the evolution of the TapTap platform from distribution to a creative ecosystem are key components of the company's long-term strategy [6].

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]