开源证券指，看好老游戏节庆活动、区域拓展及新游上线驱动游戏增长。2026年待上线高关注度手游、 端游众多，有望助TapTap拓圈，叠加广告算法持续改进，TapTap有望维持高增。 消息面上，1月8日，心动旗下治愈系生活模拟社交手游《心动小镇》国际版（Heartopia）正式登陆全球 市场。这款游戏在国服取得了超5000万下载量、TapTap评分8.8分的亮眼成绩后，正式开启全球化征 程。中金认为，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。 智通财经APP获悉，心动公司(02400)再涨超3%，截至发稿，涨3.1%，报76.5港元，成交额1.95亿港元。 ...

心动公司(02400)再涨超3%，截至发稿，涨3.1%，报76.5港元，成交额1.95亿港元。 开源证券指，看好老游戏节庆活动、区域拓展及新游上线驱动游戏增长。2026年待上线高关注度手游、 端游众多，有望助TapTap拓圈，叠加广告算法持续改进，TapTap有望维持高增。 消息面上，1月8日，心动旗下治愈系生活模拟社交手游《心动小镇》国际版（Heartopia）正式登陆全球 市场。这款游戏在国服取得了超5000万下载量、TapTap评分8.8分的亮眼成绩后，正式开启全球化征 程。中金认为，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。 ...

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 ...

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 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：该行 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 智通财经APP获悉，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： 公司近况 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 ...

开源证券发布研报称，维持心动公司(02400)"买入"评级，心动公司宣布港元回购计划，展现发展信 心。核心游戏《心动小镇》及《火炬之光：无限》通过新活动、IP联动与赛季更新驱动流水增长，储备 新作《RO2》也受关注。公司预计TapTap平台有望借助多款高关注度游戏上线实现用户拓展，并通过广 告算法优化与ADN业务驱动增长，看好其游戏与平台业务的长期潜力。 1月5日，公司公告拟在5个月内回购不超过4亿港元股份，彰显长期发展信心。寒假、春节旺季将至，核 心产品《心动小镇》国内流水有望提升.《心动小镇》国际服官宣1月8日上线并将联动全球知名IP《小 马宝莉》，其全球预约人数已超百万;储备游戏《仙境传说RO：守护永恒的爱2》(简称《RO2》)1月17 日线下测试；该行看好老游戏节庆活动、区域拓展及新游上线驱动游戏增长。 2026年待上线高关注度手游、端游众多，有望助TapTap拓圈，叠加广告算法持续改进，TapTap有望维持 高增。该行亦看好基于TapTap领先算法布局的ADN业务的广阔空间。基于《伊瑟》国服上线后表现， 该行下调2025-2027年归母净利润预测至15.07/20.06/23.87(前值17.10/ ...

智通财经APP获悉，开源证券发布研报称，维持心动公司(02400)"买入"评级，心动公司宣布港元回购计 划，展现发展信心。核心游戏《心动小镇》及《火炬之光：无限》通过新活动、IP联动与赛季更新驱动 流水增长，储备新作《RO2》也受关注。公司预计TapTap平台有望借助多款高关注度游戏上线实现用户 拓展，并通过广告算法优化与ADN业务驱动增长，看好其游戏与平台业务的长期潜力。 2025年11月29日，《心动小镇》新展演带动内地iOS游戏畅销榜排名升至第14。1月3日，游戏官宣新年 联动"喜羊羊与灰太狼"，计划1月8日上架全新展演、后续推出累计登录福利并将于1月24日启用以"瑞雪 迎春"为主题的新年版本，该行认为活跃用户奖励、系列活动及联名有望提升活跃玩家数及ARPU，驱 动流水增长。 《火炬之光：无限》历久弥新，据Sensor Tower公众号，2025年10月推出的SS10赛季"叠界"推动月收入 增长632%，七麦数据显示10月内地iOS游戏畅销榜排名最高达第26(除上线的2023年外最高)。2025年12 月29日，公司宣布将收购《火炬之光》系列IP，经典IP衍生布局有望贡献业绩增量。 储备游戏中，开放世界 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company announced a share buyback of up to HKD 400 million over five months, reflecting confidence in long-term development [5] - The upcoming holiday season is expected to boost revenue for the core product "Heart Town," with the international version set to launch on January 8, 2026, and has already garnered over one million global pre-registrations [5] - The company is optimistic about growth driven by festive events, regional expansion, and new game launches, with several high-profile mobile and PC games expected to launch in 2026 [5] - The performance of the game "Iser" in the domestic market has led to a downward revision of net profit forecasts for 2025-2027 [5] Financial Summary and Valuation Metrics - Revenue projections are as follows: - 2023: HKD 3,389 million - 2024: HKD 5,012 million - 2025: HKD 6,353 million - 2026: HKD 7,620 million - 2027: HKD 8,441 million - Year-over-year growth rates for revenue are projected at: - 2024: 47.9% - 2025: 26.7% - 2026: 20.0% - 2027: 10.8% [8] - Net profit projections are as follows: - 2023: -HKD 554 million - 2024: HKD 812 million - 2025: HKD 1,507 million - 2026: HKD 2,006 million - 2027: HKD 2,387 million - Year-over-year growth rates for net profit are projected at: - 2024: 1077.3% - 2025: 85.7% - 2026: 33.2% - 2027: 19.0% [8] - The current price-to-earnings (P/E) ratios are projected as follows: - 2025: 20.8 - 2026: 15.6 - 2027: 13.1 [8]

Summary of the Conference Call for Xindong Company Company Overview - Xindong Company initially started as a resource website, transitioned to web games, then to the TapTap platform, and finally entered the game publishing sector. From 2011 to 2014, the company successfully operated the game "God's Path," realizing the importance of operations and subsequently shifted focus to self-developed mobile games, with mobile game revenue accounting for 92% by 2017 [2][4][8]. Key Points and Arguments Industry and Market Dynamics - The mobile gaming market in China is dominated by Tencent and NetEase, which hold 75%-80% of the market share, while the global market is more diversified with various champions in different categories [11]. - Xindong Company has actively expanded its overseas market, increasing its overseas revenue share from 2% in 2016 to 62% in 2018, maintaining over half of its revenue from international markets [2][6]. Strategic Shifts - The company faced challenges due to piracy issues, leading to a strategic pivot towards enhancing overseas distribution and increasing self-developed game efforts. R&D expenses rose from 10% to 45%-48% post-2020, with a significant increase in R&D personnel [2][9][10]. - Xindong's TapTap platform, launched in 2016, has become a key player in the mobile gaming distribution space, focusing on user engagement through community interactions and innovative marketing strategies [5][20]. Financial Performance - The company’s advertising revenue from the TapTap platform has shown a compound annual growth rate of 25%-30% from 2019 to 2023, indicating a stable income stream despite fluctuations in game revenue [10][29]. - The overall revenue growth is expected to remain in the low to mid-double digits, supported by unique platform advantages and improving R&D capabilities [29]. Game Development and Releases - Xindong's self-developed games launched in 2022, such as "Flash Party" and "T3," did not meet expectations due to incomplete features and strong competition, leading to a strategic refocus on key projects [9][13]. - Upcoming titles like "Xindong Town" and "Torchlight" are anticipated to drive revenue growth, with "Xindong Town" showing promising user engagement metrics [15][19]. Challenges and Future Outlook - The company faces significant pressure to release new products, with only one confirmed game pipeline for 2025, which is "RO2 Advanced Legend." The strategy includes leveraging mature gameplay to mitigate development risks and encouraging user-generated content [14][19]. - The TapTap platform's user growth has plateaued, with a less than 1% increase in monthly active users in the first half of 2025, indicating a need for continuous innovation and content updates to sustain growth [26][25]. Additional Important Insights - Xindong's unique zero-commission model on the TapTap platform allows for higher profit margins for developers, with gross margins ranging from 50% to 70% [22]. - The company’s ADN business, which provides one-stop advertising services, has generated over 30 million yuan monthly but faces competition from major players in the advertising market [28]. - The overall sentiment among investors remains cautious, with a focus on the company's ability to balance its game development and advertising revenue streams effectively [10][30].

Company Background - Xindong Company is a global game developer and publisher with extensive experience in research and development, publishing, and agency operations. The company's major games include "Let's Go, Muffin," "Xindong Town," "Iser," "Ragnarok M," and "Torchlight: Infinite." According to Sensor Tower, the company is expected to enter the global mobile game publisher revenue ranking TOP 100 by October 2025, ranking 22nd among Chinese mobile game publishers. The company also owns TapTap, the largest comprehensive game community platform in China, which provides a full-service experience for players and developers [1][2]. Self-Developed Game Performance - Since 2024, the company's self-developed games such as "Let's Go, Muffin," "Xindong Town," and "Iser" have shown impressive performance, reflecting the high success rate from refining quality games and precise product positioning. The international version of "Xindong Town" and new products like "Ragnarok RO: Guardians of Eternal Love 2" are expected to continue driving growth [2]. TapTap Platform Growth and Commercialization - TapTap exhibits a "user-game" dual-sided effect, with a zero-revenue-sharing policy and a considerable user base attracting many quality games to launch and promote on the platform. The ongoing opening of the iOS application ecosystem in China is expected to further expand TapTap's growth potential. The launch of the TapTap PC version will help broaden the user base and market for multi-platform games, including PC and independent games. The TapAND business has been successfully initiated and has vast market potential. In the first half of 2025, TapTap's revenue reached 1.01 billion, representing a year-on-year increase of 37.6%. The company forecasts TapTap's revenue growth of 35.5%, 25.0%, and 14.6% for 2025, 2026, and 2027, respectively [3]. Profit Forecast, Valuation, and Rating - As revenue scales grow, the operating leverage effect is expected to be released, leading to a net profit growth rate for the company that exceeds revenue growth. The forecast for the company's net profit attributable to shareholders is 1.7 billion, 2.12 billion, and 2.55 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 111.2%, 24.3%, and 20.0%. The corresponding EPS is projected to be 3.44, 4.28, and 5.16 yuan. Based on industry valuation, a target price of 103.2 HKD is set for 2026, with an initial "buy" rating [4].