Core Viewpoint - Citic Securities reports that Xindong Company (02400) has exceeded expectations in revenue growth from both gaming and Taptap in 1H25, with a year-on-year revenue increase of 38.7% and an adjusted net profit of 796 million yuan, up 235.3% [1] Group 1: Gaming Business Performance - The gaming segment has shown significant revenue growth and improved profitability, driven by content updates for games like "Xindong Town" and "Torchlight," as well as the overseas release of "Ragnarok M" [1] - The revenue growth in the gaming business has surpassed expectations due to increased player spending following content updates and new game releases [1] Group 2: Taptap Business Performance - Despite the impact of product cycles on monthly active users (MAU) growth, Taptap has achieved revenue growth above expectations by enhancing advertising efficiency and user engagement [1] - The company anticipates that the long-term operational capabilities for high-quality content games and overseas distribution will support continued growth in the gaming segment and Taptap [1] Group 3: Future Outlook - The company expects sustained growth in the gaming sector, supported by its ability to operate quality content games and improve commercialization efficiency on Taptap as user numbers increase [1]

Core Viewpoint - Citic Securities reports that Xindong Company (02400) has exceeded expectations in revenue growth from both gaming and Taptap in 1H25, with a year-on-year revenue increase of 38.7% and an adjusted net profit of 796 million yuan, up 235.3% year-on-year [1] Group 1: Gaming Business Performance - The gaming segment has shown significant revenue growth and improved profitability, driven by content updates for games like "Xindong Town" and "Torchlight," as well as the overseas release of "Ragnarok M" [1] - The revenue growth in the gaming business has surpassed expectations due to increased player spending following game updates and new releases [1] Group 2: Taptap Performance - Despite the impact of product cycles on MAU growth, Taptap has achieved revenue growth above expectations by enhancing advertising efficiency and user engagement [1] - The company anticipates that the long-term operational capabilities for high-quality content games and overseas distribution will support sustained growth in the gaming segment [1] Group 3: Future Outlook - The company expects continued improvement in user numbers for Taptap as product cycles recover, alongside ongoing enhancements in commercialization efficiency [1] - The investment rating remains at "Buy" based on the positive outlook for both gaming and Taptap segments [1]