Company Overview - The game "Heart Town" will begin overseas testing on November 5, 2026, with an expected iOS App Store launch date of January 8, 2026 [1] - The company has updated its game revenue and Tap performance metrics [1] Game Performance - "Torchlight" has shown strong performance in its new season launched in October, indicating a potential increase in player engagement [1] - "Ither" has had a lackluster performance in the East Asia region since its September launch, primarily due to issues with balance and user matching, leading to limited revenue contribution for the year [1] - "Ragnarok: Origin" has also seen a decline in overseas performance, negatively impacting profits [1] Future Outlook - The primary focus for 2026 will be on the overseas performance of "Heart Town," which is expected to have a higher initial commercialization level compared to its domestic counterpart [2] - "Ither" is anticipated to contribute throughout the year, while the progress of the open-world game "Ragnarok 2" is also being monitored [2] - TapTap is expected to see a quarter-on-quarter increase in user engagement in the second half of 2025, with stable revenue performance anticipated [2] Advertising and Business Development - The company is developing its Dirichlet advertising alliance, focusing on intelligent configuration and refined operations across various advertising platforms [2] Profit Forecast and Valuation - Due to the underwhelming performance of "Ither" in East Asia, the company has revised its net profit forecasts for 2025 and 2026 down by 13.5% and 13.1% to 1.4 billion and 1.7 billion respectively [2] - The target price has been adjusted down by 4% to HKD 89.5, reflecting a 23x P/E for 2026, with an upside potential of 30% [2]