2026 年 3 月 28 日 公司研究 《心动小镇》验证长线运营能力，TapTap 收入与利润率持续增长 ——心动公司（2400.HK）25 年业绩点评 要点 事件：公司 25 年实现营收 57.64 亿元人民币（YoY+15.0%）；实现毛利润 42.55 亿元（YoY+22.3%），对应毛利率 73.8%，同比提升 4.4pct，游戏业务毛利率 提升至 67.4%，TapTap 平台毛利率提升至 86.2%。实现归母净利润 15.35 亿元， 实现经调整归母净利润 16.29 亿元（YoY+85.7%），对应利润率 28.3%。 游戏长线运营能力已验证，关注储备游戏上线表现。25 年游戏业务收入 37.96 亿元（yoy+10.5%），其中游戏运营收入 37.24 亿元：1、网络游戏收入 35.96 亿元（yoy+8.4%），主要来自自研游戏《仙境传说 M：初心服》《心动小镇》 《火炬之光：无限》的收入增加。老游戏方面：25 年收入贡献前五大游戏为《心 动小镇》《出发吧麦芬》《火炬之光：无限》《仙境传说 M》《伊瑟》，《心动 小镇》于 26 年初在海外市场推出国际服，上线次月即跃升至 sensor to ...

证券研究报告 心动公司 (2400 HK) 港股通 《心动小镇》国际服表现亮眼，期待《RO2》后续表现 公司《心动小镇》1 月 8 日上线国际版，在预下载阶段即登顶全球超 50 地 区免费榜。据 SenSorTower 数据，《心动小镇》流水自 26 年 1 月起快速放 量，25 年 12 月、26 年 1 月及 2 月流水分别达到 128 万、798 万及 2258 万 美元，对应下载量分别为 11 万、1139 万及 437 万人次。我们认为《心动小 镇》定位大 DAU 游戏，具备持续拉长流水曲线的能力，有望持续贡献海外收 入。后续看，开放世界 MMO 游戏《仙境传说 RO：守护永恒的爱 2》已于 1 月 17 日线下测试，有望在今明两年上线。我们认为 RO IP 已在全球范围内运 营超十年，向开放世界形态升级有望打造 IP 扩容，带动公司长线业绩增量。 TapTap 打造平台效应，游戏+广告生态构建增长飞轮 我们认为 TapTap 依托对高价值游戏垂类用户的独有数据，有望持续提升广 告算法能力。在此基础上，公司 Dirichlet 广告聚合平台将程序化投放能力拓 展至站外流量场景，有望打开新的增长空间， ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The new game cycle in January continues with several products like "Duck Duck Goose" and "Heart Town" launching successfully. The trend of Chinese games going overseas remains strong, with leading companies like Dd and others showing impressive performance. The industry is expected to see a series of new game launches, leading to continuous catalysts [2][4] - The gaming sector's product cycle in 2026 shows strong sustainability and performance certainty, indicating room for valuation improvement. It is recommended to continue focusing on investment opportunities in the gaming sector, with relevant companies including Giant Network, Kaiying Network, Perfect World, 37 Interactive, G-bits, Yaoji Technology, Shengtian Network, Tencent Holdings, and Xindong Company [2][4] Summary by Sections New Game Launches - The January new game cycle has seen successful launches, including "Duck Duck Goose," which has gained significant popularity, and "Heart Town," which topped the global free charts in over 50 regions during its pre-download phase [2][4] - The performance of these new games validates the importance of global expansion and social interaction as growth engines in the gaming industry, with a strategy of "evergreen games + globalization" becoming key for leading companies [10] Overseas Market Performance - The overseas gaming market continues to thrive, with Dd's "Whiteout Survival" achieving over $4 billion in global revenue by December 2025. Other games like "Tasty Travels: Merge Game" and "Truck Star" have also shown strong performance in the overseas market [10] Future Game Releases - Upcoming game releases include Tencent's "Counter-Strike: Future" on January 13, "Rock Kingdom: World" on March 26, and several others from various companies, indicating a busy launch schedule that may catalyze further industry growth [10]