维持25~27 年归母净利润预测14.3/16.9/19.6 亿元。现价对应26/27 年18/15 倍P/E。维持跑赢行业评级及 目标价89.5 港元（23 倍26 年P/E），上行空间28%。 风险 政策变化；游戏表现低预期；TapTap商业化低预期；竞争加剧。 旗舰产品长青化、全球化战略落实；年内同时可关注《火炬之光》经营及TapTap平台增量。我们认为 《心动小镇》国际服是公司"长青游戏+全球化"战略落实的进一步验证，凸显公司的IP焕新能力及大 DAU品类的长生命周期价值。除《心动小镇》国际服之外，我们认为公司年内增长点还包括：1）《火 炬之光》，我们预估游戏在2H25 流水环比增长的趋势或有望在26 年延续，公司于25 年12月宣布IP收购 完成后将获得该系列在全球范围内的知识产权权益，进一步增强对IP的影响力。产品26 年S1 赛季在1 月16 日开启；2）TapTap：我们认为26 年游戏行业供给丰富，平台有望实现广告收入端双位数同比增 长；3）ADN业务持续拓量。 重视股东回报，启动4 亿港元自动股份回购计划。公司于1 月5日宣布将启动自动股份回购计划（至 26/6/4 到期），公司表示已获联 ...

公司近况 中金发布研报称，维持心动公司(02400)跑赢行业评级及目标价89.5港元（23倍26年P/E），上行空间 28%。维持25~27年归母净利润预测14.3/16.9/19.6亿元。现价对应26/27年18/15倍P/E。旗下《心动小 镇》国际服是公司"长青游戏+全球化"战略落实的进一步验证，凸显公司的IP焕新能力及大DAU品类的 长生命周期价值。 中金主要观点如下： 公司于1月5日宣布将启动自动股份回购计划（至26/6/4到期），公司表示已获联交所豁免允许在受限制 期间自动回购，回购股份全部注销。该行认为回购行为体现公司长期增长信心，同时有利于提升股东权 益。 公司《心动小镇》海外预下载于1月7日登顶多个地区/国家iOS游戏免费榜，于北京时间1月8日上午9:00 正式开服（1月7日晚10:00 UTC-5）。产品支持安卓、iOS及PC平台（账号互通）。 风险提醒：政策变化；游戏表现低预期；TapTap商业化低预期；竞争加剧。 旗舰产品长青化、全球化战略落实；年内同时可关注《火炬之光》经营及TapTap平台增量 除《心动小镇》国际服之外，该行认为公司年内增长点还包括：1）《火炬之光》，该行预估游戏在 ...

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]

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]