信达国际发布研报称，给予心动公司(02400)"买入"评级，公司自研游戏《心动小镇》国际版1月上线后 表现强劲，下载量和流水亮眼，为业绩增长奠定基础。现有长青游戏收入稳健，新作《伊瑟》等储备充 足，持续贡献增量。TapTap平台通过算法优化推动收入和毛利率提升，PC版及后续重磅新游有望进一 步扩大生态。公司已启动股份回购，市场对其盈利增长预期乐观，短期内存在发布盈喜公告的可能。 信达国际主要观点如下： 《心动小镇》国际版1月上线，下载量及流水表现亮眼 集团自研的生活模拟游戏《心动小镇》于1月8日上线国际版。根据AppMagic发布的1月全球手游下载排 行榜，《心动小镇》首次入榜即位列第11位，全球下载量超1,200万，主要来自美国、日本、韩国、泰 国等。《心动小镇》国际服(包括AppStore及GooglePlay)1月的预估流水达6,000万元人民币，而TapTap的 流水尚未计算在内。从地区收入占比来看，日本最高，其次为韩国及美国。数据显示《心动小镇》市场 接受度高，为未来长期营运及2026年业绩增长奠定基础。 稳定的存量游戏及潜力新作，有望推动业绩持续增长 集团2025年上半年业绩胜预期，收入同比增长3 ...

" 从弃之可惜的「拖油瓶」，到炙手可热的「股价担当」，真的只 有一封解散信的距离。 " 作者丨胡家铭 编辑丨董子博 "还差几个小时，《心动小镇》的解散内部信，就会发到各个项目组人员手上"，一想到当时的情景，前心 动员工曼波还是会至今记得那种窒息感。 那是2023年中，心动网络的至暗时刻。股价从云端的113港元跌落至7.4港元/股，市值蒸发逾90%。 但在最后关头，一群由心动元老组成的"白骑士团"拦住了黄一孟。在那场漫长且激烈的博弈后，解散信被 撤回了。 生存的筹码是昂贵的。 黄一孟虽然收回了屠刀，却也开出了近乎苛刻的留存条件：《心动小镇》的项目组 可以保留，但人数从近100锐减到50人以下，且宣发资源近乎清零。一切只为研发，一切只为上线。如 此"铁血"不为其他，只为项目和公司的生存。 直到2026年，《心动小镇》终于在海外数十个国家登顶，新增用户超过1000万，公司股价也离前高不算 太远。《心动小镇》，算是彻底找回了场子。 项目海外多国登顶之后，外界看到的或许是"长期主义的胜利"。那些曾经力劝黄一孟留下项目的"白骑 士"们，或许也会心一笑，又回想起力劝黄一孟"刀下留人"的那个下午。 01 面对接连失利的新游和 ...

Core Viewpoint - The report from Guojin Securities indicates that the international version of the self-developed life simulation game "Heartopia" by Xindong Company (02400) has achieved significant early success, ranking in the top 200 of the Apple Store free charts in over 100 countries/regions as of January 11, 2026. The projected net profit for 2025, 2026, and 2027 is estimated at 1.704 billion, 2.119 billion, and 2.553 billion respectively, with corresponding PE ratios of 20.16, 16.21, and 13.45 times, maintaining a "buy" rating [1]. Group 1 - "Heartopia" international version has impressive initial download figures, ranking first in the Apple Store free charts in Japan, South Korea, France, Thailand, and other countries, and within the top 20 in Germany, the USA, and Canada, totaling 108 countries in the top 200 [1] - The game has accumulated over 1.6 million downloads on Google Play and approximately 1 million on the Apple Store, with total downloads exceeding 3 million when including PC downloads [1] - The strong user base and high daily active users (DAU) are crucial for the long-term commercialization of "Heartopia," ensuring a solid foundation for the product's extended operation [1] Group 2 - The game's presence on social media platforms is expected to further expand its user base, with significant growth in community engagement observed on platforms like Discord, TikTok, and Instagram [2] - As of January 11, the Discord server grew from 70,000 to over 280,000 members, while TikTok followers increased from 88,000 to over 198,000, and Instagram followers rose from 44,000 to 116,000 [2] - The continuous rise in social media engagement and user-generated content (UGC) is anticipated to enhance the game's visibility and attract more players [2] Group 3 - The international version of "Heartopia" is expected to generate higher revenue than its domestic counterpart, which is set to launch in July 2024 [3] - The growth trend in international user numbers and revenue suggests that "Heartopia" could become the company's top revenue-generating game, supported by the performance of other long-lasting titles like "Torchlight: Infinite" [3] - The report emphasizes the potential for "Heartopia" to strengthen the company's game portfolio and revenue base [3]

Core Viewpoint - The report from Guojin Securities indicates that the self-developed life simulation game "Heartopia" by Xindong Company is performing well internationally, ranking in the top 200 of the Apple Store free charts in over 100 countries/regions as of January 11, 2026. The projected net profit for the years 2025, 2026, and 2027 is estimated at 1.704 billion, 2.119 billion, and 2.553 billion respectively, with corresponding PE ratios of 20.16, 16.21, and 13.45 times, maintaining a "buy" rating [1]. Group 1 - "Heartopia" international version shows impressive initial download data, ranking first in the Apple Store free charts in Japan, South Korea, France, Thailand, and other countries, and within the top 20 in Germany, the USA, and Canada, totaling 108 countries/regions in the top 200. The cumulative download on Google Play exceeds 1.6 million, with approximately 1 million downloads on the Apple Store, leading to an estimated total of over 3 million downloads when including PC downloads [2]. - The user base of "Heartopia," which emphasizes social interaction, is crucial for its long-term commercialization performance. The strong initial download data supports a solid foundation for the product's long-term operation [2]. Group 2 - The game's content is expected to spread on social media platforms, further expanding its user base. As of January 11, the Discord server had over 280,000 members, TikTok followers increased from 88,000 to over 198,000, and Instagram followers rose from 44,000 to 116,000. The continuous rise in social media presence and user-generated content (UGC) is anticipated to enhance the game's visibility and attract more players [3]. - The international version of "Heartopia" is projected to surpass the domestic version in terms of active users and annual revenue, becoming the company's top revenue-generating game. This growth is supported by the user base trends and the potential of other long-lasting games like "Torchlight: Infinite" [4].

Core Viewpoint - The acquisition of the entire intellectual property rights of the classic action role-playing game series "Torchlight" by Xindong Company marks a strategic shift from "licensed operation" to "IP-led" globalization strategy, reflecting the growing trend of Chinese companies acquiring Western game IPs [1][8]. Group 1: Acquisition Details - Xindong Company announced the acquisition for $37.18 million (approximately 260 million RMB) through its wholly-owned subsidiary XD Entertainment [1][8]. - The payment method is unique as it involves debt offsetting, where a previous loan of $40 million to Golden Arc is used to settle the acquisition cost, alleviating cash reserve pressure [2][9]. - The valuation of the transaction was based on an independent assessment report estimating the IP at $37.354 million, with an 8% royalty rate discount applied [2][9]. Group 2: Historical Context of the IP - The "Torchlight" series was created in 2009 by members of Blizzard's "Diablo" team and has changed hands multiple times, including acquisitions by Perfect World for $8.4 million in 2010 and Embracer Group in 2021 [3][10]. - Xindong Company has been involved with the IP since 2019 through licensing agreements and has successfully launched "Torchlight: Infinite," which has performed well on platforms like Steam [3][10]. Group 3: Strategic Intentions - The acquisition reflects Xindong Company's deep commitment to the ARPG sector, with a reported net profit of 812 million RMB in 2024 and a 268% year-on-year increase in the first half of 2025 [4][11]. - The company plans to enhance the IP's value through three main strategies: maintaining existing games, iterating on "Torchlight: Infinite," and developing new titles without rushing the process [4][11]. Group 4: Industry Implications - The acquisition illustrates a shift in the Chinese gaming industry's approach to global expansion, utilizing loan financing to mitigate risks associated with direct acquisitions [5][13]. - This "capital leveraging IP" model offers a new paradigm for global strategic positioning in the gaming industry, allowing for more flexible and less capital-intensive operations [5][13].

Group 1 - The core viewpoint of the report is that Xindong Company (02400) maintains a "buy" rating, showcasing confidence in its development through a HKD 400 million share buyback plan [1] - The company expects revenue growth from its core games "Xindong Town" and "Torchlight: Infinite" driven by new activities, IP collaborations, and seasonal updates [1][3] - The upcoming game "RO2" is anticipated to attract attention, and the TapTap platform is expected to expand its user base with several high-profile game launches [1][2] Group 2 - The company announced a share buyback plan of up to HKD 400 million over five months, reflecting long-term confidence in its growth [1] - The peak seasons of winter vacation and the Spring Festival are expected to boost domestic revenue for "Xindong Town," with its international version set to launch on January 8, 2026, featuring a collaboration with the well-known IP "My Little Pony" [1][3] - The report highlights that the ADN business, based on TapTap's leading algorithm, has significant growth potential, with a projected increase in revenue driven by algorithm improvements [2][4] Group 3 - "Xindong Town" has seen a rise in the iOS game sales ranking in mainland China, reaching 14th place due to new events and collaborations [3] - The "Torchlight: Infinite" game has experienced a 632% increase in monthly revenue due to the SS10 season launch, with its highest ranking reaching 26th in the iOS game sales chart [3] - TapTap's monthly active users reached 43.63 million in the first half of 2025, showing a 1% year-on-year increase, while its revenue grew by 33% year-on-year, indicating the effectiveness of advertising algorithm improvements [4]

Group 1 - The core viewpoint of the report is that Xindong Company (02400) maintains a "buy" rating, showcasing confidence in its development through a HKD 400 million share buyback plan [1] - The company expects revenue growth from its core games "Xindong Town" and "Torchlight: Infinite" driven by new activities, IP collaborations, and seasonal updates [1][3] - The upcoming game "RO2" is anticipated to attract attention, and the company aims to expand its user base on the TapTap platform through multiple high-profile game launches [1][2] Group 2 - The report highlights that the TapTap platform is expected to maintain high growth due to continuous improvements in advertising algorithms, with a projected revenue increase of 33% year-on-year in H1 2025 [4] - The company has adjusted its net profit forecasts for 2025-2027 to CNY 1.507 billion, 2.006 billion, and 2.387 billion respectively, reflecting a cautious outlook based on the performance of the game "Yise" [2] - The active user base of TapTap reached 43.63 million in H1 2025, showing a 1% year-on-year increase, indicating improved user engagement [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company announced a share buyback of up to HKD 400 million over five months, reflecting confidence in long-term development [5] - The upcoming holiday season is expected to boost revenue for the core product "Heart Town," with the international version set to launch on January 8, 2026, and has already garnered over one million global pre-registrations [5] - The company is optimistic about growth driven by festive events, regional expansion, and new game launches, with several high-profile mobile and PC games expected to launch in 2026 [5] - The performance of the game "Iser" in the domestic market has led to a downward revision of net profit forecasts for 2025-2027 [5] Financial Summary and Valuation Metrics - Revenue projections are as follows: - 2023: HKD 3,389 million - 2024: HKD 5,012 million - 2025: HKD 6,353 million - 2026: HKD 7,620 million - 2027: HKD 8,441 million - Year-over-year growth rates for revenue are projected at: - 2024: 47.9% - 2025: 26.7% - 2026: 20.0% - 2027: 10.8% [8] - Net profit projections are as follows: - 2023: -HKD 554 million - 2024: HKD 812 million - 2025: HKD 1,507 million - 2026: HKD 2,006 million - 2027: HKD 2,387 million - Year-over-year growth rates for net profit are projected at: - 2024: 1077.3% - 2025: 85.7% - 2026: 33.2% - 2027: 19.0% [8] - The current price-to-earnings (P/E) ratios are projected as follows: - 2025: 20.8 - 2026: 15.6 - 2027: 13.1 [8]

Core Viewpoint - Xindong Company has completed the acquisition of the global intellectual property rights for the classic action role-playing game series "Torchlight," gaining control over its trademark, copyright, and related derivative rights [1][3]. Group 1: Acquisition Details - The acquisition allows Xindong to take over the operation and development of the "Torchlight" IP, which has a history of nearly twenty years [1]. - The deal was finalized with relevant parties, marking a significant step for Xindong in the gaming industry [1]. Group 2: Game Series Background - The "Torchlight" series, launched in 2009, has become a benchmark in the ARPG field, with global sales exceeding 10 million copies [3]. - The latest installment, "Torchlight: Infinite," was released in 2022, featuring free-to-play mechanics, seasonal updates, and cross-platform multiplayer capabilities, expanding the IP's influence into mobile and global markets [3]. Group 3: Market Implications - The acquisition may alter the competitive landscape in the ARPG sector, which is currently dominated by established IPs like "Diablo" and "Path of Exile" [3]. - "Torchlight: Infinite" has differentiated itself with its seasonal model and light monetization strategy, positioning it uniquely in the market [3]. - The ability of Xindong to integrate the IP and capture additional market share will be a focal point for industry observers [3].

Core Viewpoint - Xindong Company (02400) has seen a stock increase of over 3%, currently trading at 65.4 HKD with a transaction volume of 42.34 million HKD, following the announcement of an asset acquisition deal [1] Group 1: Acquisition Details - Xindong's wholly-owned subsidiary, XDEntertainment, has entered into an asset transfer agreement to acquire all rights, ownership, and interests related to the game and associated intellectual property, specifically the "Torchlight" IP, for a total consideration of 37.18 million USD [1] - Upon completion of the asset transfer, Xindong will fully own the intellectual property, eliminating the need for royalty payments related to it [1] Group 2: Financial Impact - The acquisition is expected to directly enhance the profit margin of "Torchlight: Infinite," thereby improving the overall profitability of the group and providing better returns for shareholders [1] - With complete ownership of the "Torchlight" IP, the group will be able to independently develop sequels, derivative works, and cross-platform products, further enriching its product portfolio and expanding new revenue sources [1]