花旗发表研究报告，指出心动公司发布的盈喜令市场惊喜，预计上半年收入及净利润分别不低于人民币 30.5亿及7.9亿元。下半年随着《伊瑟：重启日》及《心动小镇》的推出，公司业务表现有望上升。因 此，花旗上调了心动公司2025至2027年的收入和净利润预测，并将目标价由52港元上调至73港元。 ...

游戏赛道大爆发。 8月5日，游戏板块集体大涨，港股心动公司股价盘中一度暴涨超26%，A股北纬科技强势涨停。有分析称，业绩超预期是引爆股价的主要原因，据心动公司最新发 布的业绩预告，其预计上半年净利润同比大幅增长215%。 与此同时，游戏行业也有重磅利好。据《中国游戏产业报告》，2025年1—6月，中国国内游戏市场实际销售收入达1680亿元，同比增长14.08%，创历史新高；同期 游戏用户规模达6.79亿人，同比增长0.72%，亦为历史新高点。另外，持续稳定的版号发放也是游戏行业增长的原因之一。 游戏股大爆发 8月5日，港股游戏股全线爆发，心动公司盘中一度暴涨超26%，截至收盘，涨幅仍达24.76%，年内累计涨幅扩大至186.06%。其他游戏股亦大幅走强，IGG大涨超 9%，中手游涨8%，飞鱼科技涨超6%，创梦天地、中旭未来涨超3%。 A股游戏板块的表现也非常强势，截至收盘，北纬科技录得涨停，ST华通涨超5%，完美世界、巨人网络涨超4%，恺英网络、冰川网络涨超3%。 消息面上，心动公司最新披露的正面盈利预告引爆了市场情绪。公告显示，心动公司预计2025上半年收入不少于30.5亿元，同比增长37%；预计净利润不少 ...

【深圳商报讯】（首席记者谢惠茜）8月5日，游戏股集体走强。尤其是港股心动公司盘中最高涨幅近 40%，收盘仍大涨24.76%。其他个股也纷纷跟涨，其中，IGG涨9.79%。A股游戏板块整体表现十分活 跃，跑赢大市；游戏ETF当日涨幅1.66%。 （文章来源：深圳商报） 记者注意到，8月4日，心动公司发布公告预喜，认为预期大增主要得益于其自研游戏《仙境传说M：初 心服》《心动小镇》及《火炬之光：无限》等表现强劲，流水超预期，推动公司收入增长，进而改善毛 利率。 "而其他游戏股近期的集体走强，则有多重因素催化，受多重利好支撑。"武泽伟表示，目前来看，游戏 板块业绩改善，估值合理，叠加近期ChinaJoy展会消息催化，游戏板块接下来依然可能受到市场追捧， 具有不错的投资价值。不过，短期追高有风险，建议投资者谨慎参与。 "心动公司当天涨幅，主要受其2025年上半年业绩预增驱动。"苏商银行特约研究员武泽伟在接受记者采 访时表示。 ...

智通财经APP获悉，心动公司(02400)盈喜后高开逾8%，截至发稿，涨8.55%，报61.6港元，成交额 6284.43万港元。 消息面上，心动公司发盈喜，预期2025年上半年取得收入不少于人民币30.5亿元，同比增加约37%；及 预期净利润不少于人民币7.9亿元，同比增加约215%。主要得益于自研游戏《仙境传说M：初心服》、 《心动小镇》及《火炬之光：无限》表现强劲，推动集团的收入增长，进而改善毛利率；尽管APP平均 月活跃用户同比维持大致稳定，但受广告算法的改进及用户参与度提升所带动，TapTap于收入及利润方 面均取得持续增长。中金表示，公司业绩预告好于我们及市场预期。公司游戏利润盘坚实，下半年关注 《伊瑟》9/25 上线、《小镇》海外及26年核心产品《RO2》首测。 ...

Summary of Key Points from the Conference Call Industry Overview - The gaming industry is currently experiencing an upward cycle driven by the demand for mental and emotional consumption, alongside an increase in game supply [1][3][6] - New consumer trends have emerged, particularly among Generation Z, post-2000s, and female users, leading to a strong demand for innovative game categories such as anime, party games, and simulation games [1][3][7] Market Performance - In Q1 2025, the domestic gaming market in China reached a scale of 857.04 billion yuan, representing an 18% year-on-year growth [1][11] - The average monthly issuance of game licenses is expected to be 118 in 2024, with a stable increase in the number of domestic game licenses in the first half of 2025, peaking at 157 in June [1][10] New Game Releases - New games have performed better than expected, with titles like "Supernatural Action Team," "Cooking Battle," and "Sword Legend" achieving significant success [1][12][14] - "Supernatural Action Team" has climbed to the 37th position on the iPhone bestseller list, while "Cooking Battle" maintains a daily active user (DAU) count in the millions [12][14] Investment Logic - The investment logic for the gaming sector is based on the industry's entry into an upward cycle, driven by user demand and the release of new game categories [3][6] - AI technology is increasingly empowering game development, enhancing efficiency and reducing costs, which is expected to lead to new business models [3][21] Future Trends - The gaming industry is expected to continue growing, supported by strong consumer demand, the expansion of new user groups, and innovation in game categories [6][8] - The emergence of light casual games and virtual social games is anticipated to further broaden the user base and enhance payment capabilities [6][8] Policy Support - Recent policy initiatives have provided significant support for the gaming industry, including measures to promote game exports and high-quality development [18][24] Investment Opportunities - The gaming sector is deemed to have high investment value, with reasonable valuations and potential for upward movement [24] - Recommended stocks include New East Company, Giant Network, Kaiying Network, Sheng Tian Network, and Perfect World, which are expected to benefit from product cycles and AI integration [25] Conclusion - The gaming industry is positioned for growth, with favorable market conditions, innovative game releases, and supportive policies creating a conducive environment for investment opportunities [24][25]

Investment Rating - The report maintains a positive investment rating for the media and gaming sectors, highlighting the potential for valuation recovery in the gaming segment and recommending leading companies in these industries [1][2]. Core Insights - The media industry has seen a 2.52% increase in the past week, ranking 7th among all sectors, with a year-to-date increase of 7.98%, placing it 5th overall [1][10]. - The report emphasizes that gaming and media are among the best emerging consumer sectors, driven by user engagement and cultural exports, which are expected to gain higher valuations [1]. - The report notes that the overseas cultural export of Chinese media is just beginning, supported by favorable policies, and highlights the potential for higher user numbers and ARPU values in international markets [1]. - The report also points out that AI applications are gaining traction in the overseas market, which may reflect similar trends in the domestic market over time [1]. Summary by Sections Market Performance Review - The media sector index increased by 2.52% from June 2 to June 8, outperforming the Shanghai Composite Index and Shenzhen Component Index [10]. - Notable individual stock performances include Gohua Cable (+16.39%) and Hubei Broadcasting (+15.49%) [12]. Gaming Sector Highlights - The gaming company Xindong has seen significant stock price increases, with its game "Xianjing Chuanqi M" topping the iOS charts shortly after launch [2]. - The company has a strong pipeline of self-developed games, including "Ise" and "Xindong Town," which are expected to contribute to revenue growth [2]. Media and Entertainment Data - The top-grossing films in the week included "Mission: Impossible 8" and "Time's Son," with box office earnings of 154.47 million and 57.87 million respectively [17][18]. - The television drama "Shaohua Ruojin" achieved the highest ratings among provincial satellite channels, with a viewership rating of 2.055% [22]. Book Publishing Insights - The top-selling fictional books in April 2025 included "Nezha: The Three Realms" and "The Ordinary World," indicating strong consumer interest in local literature [33].

北京时间 3 月 28 日午间，心动公司发布了 2024 年下半年业绩，由于月初刚发了业绩盈喜预告，因此市场预期也并不低。 实际来看，收入持平，最终净利润虽然在指引区间，但主要靠的是其他损益拉了一把，看核心主业的经营利润，因为销售费用的预期差，反而不及预期。 具体来看： 1. 游戏大丰收，压力在今年 下半年游戏收入同比增长 71%，达到 27.8 亿， 符合预告以及市场预期。 增量贡献主要就是来自几个新发的自研游戏，比如上半年的《出发吧麦芬》，公司提及有 2 亿的流水递延到下半年。 而下半年新发的《心动小镇》，也是如海豚君预期的大爆。作为一款大 DAU 低商业化的模拟类游戏，海豚君一直相对看好。 今年三月以来，心动小镇 iOS 排名有所波动，海豚君认为暂时不用过度担心。走 DAU 的游戏很需要运营反复促活拉新，后续运营活动跟上了，人气也会回升。 但 pipeline 的问题也还是存在。 去年可以说是这一轮产品周期峰值，今年虽然也有两款自研游戏要上，但爆款相一般般，且数量少了一半，其中的《仙境 RO 守爱 2》还是老 IP 的续作，前作 17 年上线至今已经 8 年了，老用户难免会存在审美疲劳。 另外就是《麦芬 ...