上半年利润端大幅增长，毛利率持续提升 机构：国元证券 研究员：李典/郜子娴 事件： 公司发布2025 年半年度业绩。 点评： 投资建议与盈利预测 公司聚焦自研游戏产品，发力降本增效，提升商业化水平。考虑到公司自研储备产品陆续上线贡献收 入，TapTap 平台用户规模和分发效率提升带动广告收入增长，预计25-27 年实现归母净利润 16.45/19.57/21.69 亿元，对应EPS 为3.33/3.97/4.40 元/股，对应PE 为22/19/17x。维持"买入"评级。 风险提示 游戏流水下滑风险，新游上线延后风险，TapTap 用户增速不及预期风险。 2025H1，公司实现营业收入30.82 亿元，同比+38.8%，实现归母净利润7.55 亿元，同比+268.0%，毛利 润22.53 亿元，同比+50.5%，毛利率为73.1%，同比+5.7pct。公司上半年销售/研发费用率分别为 24.14%/17.81%，同比-7.18/-1.08pct，费用有所改善。 新游《伊瑟》国服上线值得期待，TapTap 平台生态逐步优化分业务看，公司游戏业务实现营收20.71 亿 元，同比+39.4%；其中，网络游戏收入19 ...

[Table_Main] 公司研究|传媒行业|游戏行业 证券研究报告 心动公司(2400.HK)点评报告 2025 年 09 月 02 日 [Table_Title] 游戏业务带动业绩大增，TapTap 生态优化 ——心动公司（2400.HK）2025 年半年度业绩点评 [Table_Summary] 事件： 公司发布 2025 年半年度业绩。 点评： 上半年利润端大幅增长，毛利率持续提升 2025H1，公司实现营业收入 30.82 亿元，同比+38.8%，实现归母净利润 7.55 亿元，同比+268.0%，毛利润 22.53 亿元，同比+50.5%，毛利率为 73.1%，同比+5.7pct。公司上半年销售/研发费用率分别为 24.14%/17.81%， 同比-7.18/-1.08pct，费用有所改善。 新游《伊瑟》国服上线值得期待，TapTap 平台生态逐步优化 分业务看，公司游戏业务实现营收 20.71 亿元，同比+39.4%；其中，网络 游戏收入 19.82 亿元，同比+39.0%；付费游戏收入 0.63 亿元，同比+14.2%。 上半年，网络游戏平均 MAU 同比+19.7%，平台月均付费用户数同比 ...

Core Viewpoint - The company has demonstrated significant growth in its mid-2025 performance, with substantial increases in revenue, net profit, and gross profit, continuing the upward trend established after returning to profitability in 2024 [1][5]. Financial Performance - The company reported total revenue of 3.08 billion RMB for the first half of 2025, a year-on-year increase of 38.8% [7]. - Gross profit reached 2.25 billion RMB, reflecting a 50.5% increase compared to the previous year, with a gross margin improvement from 67.4% to 73.1% [6][7]. - Net profit for the period surged by 223.5% to 810.6 million RMB, with adjusted net profit increasing by 205.9% [7][8]. - The company maintained effective cost control, with sales expenses growing at 7%, significantly lower than revenue growth, while general and administrative expenses decreased by 8.9% [7][8]. Market Position and Strategy - The gaming business generated 2.07 billion RMB in revenue, with a 39.4% year-on-year growth, outperforming the overall Chinese gaming market growth of 14.08% [12]. - The average monthly active users and monthly paying users increased by 19.7% and 21.1%, respectively, indicating the effectiveness of the company's premiumization strategy [12][13]. - Key revenue drivers included successful titles such as "Ragnarok M: Beginners' Server," "Heart Town," and "Torchlight: Infinite," which contributed to a diversified product matrix [12][14][15]. Cash Flow and Capital Structure - The company generated a net cash flow of 638 million RMB from operating activities, alongside 3.18 billion RMB in cash and short-term investments, providing a solid financial foundation for future strategic initiatives [9][10]. Ecosystem Development - The TapTap platform achieved a 37.6% year-on-year revenue growth, reaching 1.01 billion RMB, showcasing the effectiveness of its community-driven model [18]. - The platform's strategic evolution includes the launch of a PC version and a mini-game platform, positioning it as a comprehensive ecosystem for game distribution and user engagement [18][19][23]. Investment Outlook - The company's improving fundamentals and positive market sentiment have led to increased institutional investment in the gaming sector, with significant allocations observed in the media sub-sector [24][25]. - The combination of policy support, consumer recovery, and ongoing game releases positions the company for accelerated value realization, making it an attractive investment opportunity [25].

Core Viewpoint - The company has shown significant growth in its mid-year performance, driven by new game releases and improvements in user engagement on the TapTap platform, leading to an optimistic outlook for future growth [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 3.082 billion yuan, a year-on-year increase of 39% [1]. - Adjusted profit reached 853 million yuan, up 206% year-on-year, while net profit attributable to shareholders was 755 million yuan, reflecting a 268% increase [1]. - The gross margin improved by 6 percentage points to 73%, primarily due to the increased share of net revenue from the overseas version of "初心服" [1]. Group 2: Game Performance and Growth Drivers - Game revenue for H1 2025 was 2.1 billion yuan, also up 39% year-on-year, with a gross margin of 68% [1]. - The average monthly active users for online games reached 11.41 million, a 20% increase year-on-year, while average monthly paying users grew by 21% to 1.32 million [1]. - The game "心动小镇" has maintained player interest through content updates, ranking significantly in iOS sales charts [1]. Group 3: Future Growth Potential - The company is expected to leverage long-term operations to create more enduring games, with plans for the international launch of "伊瑟" and the upcoming release of "仙境传说RO：守护永恒的爱2" [2]. - TapTap's revenue for H1 2025 was 1.01 billion yuan, a 38% increase year-on-year, with a gross margin of 84% [2]. - The introduction of AI game recommendation tools and the expansion into PC and mini-games are anticipated to sustain high revenue growth for TapTap [2].

传媒/游戏Ⅱ 心动公司（02400.HK） 2025 年 08 月 31 日 投资评级：买入（维持） | 日期 | 2025/8/29 | | --- | --- | | 当前股价(港元) | 80.800 | | 一年最高最低(港元) | 81.700/17.700 | | 总市值(亿港元) | 398.57 | | 流通市值(亿港元) | 398.57 | | 总股本(亿股) | 4.93 | | 流通港股(亿股) | 4.93 | | 近 3 个月换手率(%) | 51.91 | 中报业绩大增，看好新游/TapTap 继续打开成长空间 ——港股公司信息更新报告 方光照（分析师） fangguangzhao@kysec.cn 股价走势图 数据来源：聚源 -100% 0% 100% 200% 300% 400% 2024-09 2025-01 2025-05 心动公司 恒生指数 相关研究报告 《2025H1 业绩超预期，看好新游及 Taptap 成长性—港股公司信息更新报 告》-2025.8.5 《《伊瑟》国服及《守爱 2》首测定档， 驱动长期成长—港股公司信息更新报 告》-2025.7.10 《授出购股权 ...

Core Viewpoint - Xindong Company (02400) reported strong financial results for the first half of 2025, leading to a nearly 5% increase in stock price, reflecting positive market sentiment towards the company's performance [1] Financial Performance - The company achieved a revenue of 3.082 billion yuan, representing a year-on-year growth of 38.8% [1] - Gross profit significantly increased by 50.5% to 2.253 billion yuan, with the gross margin rising from 67.4% in the same period last year to 73.1% [1] - Profit attributable to equity holders reached 755 million yuan, marking a substantial year-on-year increase of 268% [1] - Adjusted profit attributable to equity holders was 796 million yuan, reflecting a year-on-year growth of 235.3% [1] Business Segments - The gaming segment performed strongly, generating revenue of 2.071 billion yuan, which is a 39.4% increase year-on-year [1] - The growth in gaming revenue was primarily driven by self-developed games such as "Ragnarok M: Beginning," "Xindong Town," and "Torchlight: Infinite" [1] - The TapTap platform also showed robust performance, achieving revenue of 1.011 billion yuan, a year-on-year increase of 37.6% [1]

Group 1 - The core viewpoint of the article highlights the strong financial performance of Xindong Company (02400) for the first half of 2025, with significant revenue and profit growth [1] - The company reported a revenue of 3.082 billion yuan, representing a year-on-year increase of 38.8% [1] - Gross profit surged by 50.5% to 2.253 billion yuan, with the gross margin improving from 67.4% in the same period last year to 73.1% [1] Group 2 - The profit attributable to equity holders reached 755 million yuan, marking a substantial year-on-year growth of 268% [1] - Adjusted profit attributable to equity holders was 796 million yuan, reflecting a year-on-year increase of 235.3% [1] - The gaming segment performed strongly, generating revenue of 2.071 billion yuan, up 39.4% year-on-year, driven by self-developed games such as "Ragnarok M: Beginning Server," "Xindong Town," and "Torchlight: Infinite" [1] Group 3 - The TapTap platform also showed robust performance, achieving revenue of 1.011 billion yuan, which is a year-on-year increase of 37.6% [1]

8月29日，心动公司(02400)公布其截至2025年中报。在2024年实现里程碑式扭亏为盈后，公司于2025年 上半年交出了一份超预期的"期中答卷"，各项核心财务指标均实现高速增长，盈利能力显著增强。财报 显示，公司2025年上半年总收入达到30.82亿元（人民币，下同），同比增长38.8%。更引人注目的是其 盈利能力的跃升：毛利同比大幅增长50.5%至22.53亿元，毛利率由去年同期的67.4%提升至73.1%；期内 溢利激增223.5%，达到8.11亿元。 这份强劲的财报，不仅验证了公司核心业务的健康度，更重要的是，其显著增强的"造血"能力，为公司 CEO黄一孟近期提出的、将TapTap从发现好游戏"向"帮助创作好游戏"业务延拓，提供了坚实的财务"安 全垫"。 盈利能力与费用结构显著优化 本期财报最大的亮点在于心动公司盈利能力的质变。 ——毛利率显著提升 公司整体毛利率从去年同期的67.4%提升至73.1%。财报将此归功于两大核心因素：首先，游戏业务分 部的毛利率从59.9%改善至68.0%，主要得益于《仙境传说M：初心服》在海外市场的强劲表现。该游 戏的收入按净额基准入账，其收入贡献占比的提升直接拉高 ...

智通财经APP获悉，8月29日，心动公司(02400)公布其截至2025年中报。在2024年实现里程碑式扭亏为 盈后，公司于2025年上半年交出了一份超预期的"期中答卷"，各项核心财务指标均实现高速增长，盈利 能力显著增强。财报显示，公司2025年上半年总收入达到30.82亿元（人民币，下同），同比增长 38.8%。更引人注目的是其盈利能力的跃升：毛利同比大幅增长50.5%至22.53亿元，毛利率由去年同期 的67.4%提升至73.1%；期内溢利激增223.5%，达到8.11亿元。 这份强劲的财报，不仅验证了公司核心业务的健康度，更重要的是，其显著增强的"造血"能力，为公司 CEO黄一孟近期提出的、将TapTap从发现好游戏"向"帮助创作好游戏"业务延拓，提供了坚实的财务"安 全垫"。 盈利能力与费用结构显著优化 本期财报最大的亮点在于心动公司盈利能力的质变。 ——毛利率显著提升 公司整体毛利率从去年同期的67.4%提升至73.1%。财报将此归功于两大核心因素：首先，游戏业务分 部的毛利率从59.9%改善至68.0%，主要得益于《仙境传说M：初心服》在海外市场的强劲表现。该游 戏的收入按净额基准入账，其收入贡 ...

8月29日，心动公司(02400.HK)公布其截至2025年中报。在2024年实现里程碑式扭亏为盈后，公司于 2025年上半年交出了一份超预期的"期中答卷"，各项核心财务指标均实现高速增长，盈利能力显著增 强。 财报显示，公司2025年上半年总收入达到30.82亿元(人民币，下同)，同比增长38.8%。更引人注目的是 其盈利能力的跃升：毛利同比大幅增长50.5%至22.53亿元，毛利率由去年同期的67.4%提升至73.1%；期 内溢利激增223.5%，达到8.11亿元。 这份强劲的财报，不仅验证了公司核心业务的健康度，更重要的是，其显著增强的"造血"能力，为公司 CEO黄一孟近期提出的、将TapTap从发现好游戏"向"帮助创作好游戏"业务延拓，提供了坚实的财务"安 全垫"。 盈利能力与费用结构显著优化 本期财报最大的亮点在于心动公司盈利能力的质变。 ——毛利率显著提升 公司整体毛利率从去年同期的67.4%提升至73.1%。财报将此归功于两大核心因素：首先，游戏业务分 部的毛利率从59.9%改善至68.0%，主要得益于《仙境传说M：初心服》在海外市场的强劲表现。该游 戏的收入按净额基准入账，其收入贡献占比的提升 ...