摘要 心动公司 心动公司在渠道和产品方面的策略是什么？ 心动公司采用了"渠道加产品"双轮驱动的模式，通过精品游戏研发和自有平 台生态的深度协同，构建了独特的商业壁垒。公司持续加码自研能力，推出了 《出发吧麦芬》和《心动小镇》等爆款产品，这些产品不仅贡献了重要营收， 还通过长线运营提升用户粘性和付费水平。同时，公司旗下的 TapTap 平台坚 持不联运分成的开放策略，以高粘性社区吸引了约 4,400 万月活用户，形成强 大的流量护城河，有效反哺游戏分发和运营业务。这种良性闭环使得心动能够 绕过传统渠道分成，直接触达玩家，并专注于产品创新和用户体验，实现从追 逐爆款到长期价值可持续增长。 TapTap 平台在心动公司的生态系统中扮演什么角色？ TapTap 是心动公司生态系统中的核心组成部分，它集分发与社交于一体，是 国内非常核心的玩家群体聚集地。TapTap 通过广告和信息服务为主要收入来 心动公司通过《心动小镇》等爆款游戏及 TapTap 平台，构建了研发、 发行、渠道全产业链布局，形成协同效应和商业壁垒，有效提升用户粘 性和付费水平，实现长期价值增长。 TapTap 作为核心玩家聚集地，坚持不联运、不分成策 ...

TapTap的成长驱动 国内版号提升、自研进步+PC端及海外，长期看AI平权。当前TapTap开发者-用户的飞轮效应已经形 成：TapTap目前已入驻开发者24万+，上线游戏30万+;25H1中国版APP平均MAU达43.6百万，25H1用户 广告ARPUYoY+37%。增长驱动：1)25年1-9月版号总计1195个，同比增长25%，更多产品上线提升推广 需求。2)心动自研游戏进步利好TapTap平台价值提升(独家产品吸引用户，同时形成对其他开发者的示 范效应)，同时TapTap反哺自研游戏。3)TapTap积极战略拓展多端化与国际版。4)AI赋能游戏开发，实现 创作平权，内容供给侧繁荣利好TapTap。该行测算2030年TapTap广告量价齐升后收入规模有望达到50 亿。 心动自研游戏能力体系逐步验证 1)24年以来产品周期上行验证前期研发调整思路正确：22年后公司战略层面果断收缩版图、降本增效， 产品研发公司聚焦自身强势品类，优中选优。黄希威回归担任海外发行负责人，走通全球发行，海外持 续贡献增量。《火炬之光》《麦芬》《心动小镇》《伊瑟》持续验证战略正确。2)《小镇》《火炬》验 证开发长青游戏的能力：资源 ...

心动自研游戏能力体系逐步验证：1）24 年以来产品周期上行验证前期研发调整思路正确：22 年后公司 战略层面果断收缩版图、降本增效，产品研发公司聚焦自身强势品类，优中选优。黄希威回归担任海外 发行负责人，走通全球发行，海外持续贡献增量。《火炬之光》《麦芬》《心动小镇》《伊瑟》持续验 证战略正确。2）《小镇》《火炬》验证开发长青游戏的能力：资源聚焦优势品类+持续调优+高频更新 +出海。3）梳理后续管线，心动新游戏仍有确定性储备：二次元策略卡牌手游《伊瑟》国服9 月上线、 后续储备《心动小镇》国际服、首款开放世界MMO《仙境传说RO：守护永恒的爱2》。 首次覆盖，给予"买入"评级。我们预计，公司25-27 年收入64.31/79.27/90.59 亿元，同比增长 28%/23%/14%；经调整归母净利润17.02/22.26/27.60 亿元，同比增长94%/31%/24%。SOTP 估值法下对 应港股市值549 亿港币，首次覆盖，给予"买入"评级。 风险提示：游戏行业监管政策收紧；游戏自研进度不及预期；游戏社区竞争格局恶化。 从游戏推广变革看TapTap 的价值。游戏行业随着版号供给景气恢复，叠加渠道变迁，销售 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [8][3]. Core Insights - The report emphasizes the "Content + Platform" flywheel effect, highlighting the growth potential of the TapTap platform and the company's self-developed games [7][10]. - The company is expected to achieve significant revenue growth, with projected revenues of 64.31 billion, 79.27 billion, and 90.59 billion RMB for 2025-2027, representing year-on-year growth rates of 28%, 23%, and 14% respectively [8][3]. - Adjusted net profits are forecasted to be 17.02 billion, 22.26 billion, and 27.60 billion RMB for the same period, with growth rates of 94%, 31%, and 24% respectively [8][3]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 3,389 million RMB - 2024: 5,012 million RMB - 2025E: 6,431 million RMB - 2026E: 7,927 million RMB - 2027E: 9,059 million RMB - Year-on-year growth rates for revenue are projected at -1%, 48%, 28%, 23%, and 14% respectively [6]. - Adjusted net profit forecasts are: - 2023: -34 million RMB - 2024: 877 million RMB - 2025E: 1,702 million RMB - 2026E: 2,226 million RMB - 2027E: 2,760 million RMB - Year-on-year growth rates for net profit are projected at 93%, 2670%, 94%, 31%, and 24% respectively [6]. Market Dynamics - The gaming industry is experiencing a recovery in license issuance, with a total of 1,195 licenses issued in the first nine months of 2025, a year-on-year increase of 25% [11][31]. - The report notes that TapTap is becoming an increasingly important channel for game promotion, with its online promotion service revenue reaching 976 million RMB in the first half of 2025, capturing approximately 3.27% of the mobile game advertising market [7][23]. - The growth of TapTap is driven by improvements in domestic licensing, advancements in self-developed games, and strategic expansions into PC and international markets [11][30]. Competitive Advantage - TapTap's low revenue-sharing model (maximum 5% for paid games and free-to-play games incur no fees) is highlighted as a significant advantage for attracting developers, especially independent and small developers [25][10]. - The platform has established a strong community and content ecosystem, differentiating itself from traditional app stores and social media platforms [10][25]. - The report suggests that the market has not fully recognized the value and potential of the TapTap platform, which is well-positioned to capitalize on the evolving gaming landscape [10][11].

上 市 公 司 传媒 2025 年 09 月 30 日 心动公司 （02400） ——"内容+平台"飞轮效应显现（心动公司深度之二） 资料来源：Bloomberg 报告原因：首次覆盖 相关研究 买入（首次评级） | 市场数据： | 2025 年 09 月 30 日 | | --- | --- | | 收盘价（港币） | 81.25 | | 恒生中国企业指数 | 9555.33 | | 52 周最高/最低（港币） | 89.40/19.78 | | H 股市值（亿港币） | 402.07 | | 流通 H 股（百万股） | 494.86 | | 汇率（人民币/港币） | 0.9143 | 一年内股价与基准指数对比走势： -22% 478% 09/30 10/31 11/30 12/31 01/31 02/28 03/31 04/30 05/31 06/30 07/31 08/31 HSCEI 心动公司 研究支持 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 张淇元 A0230124080001 zhangqy@swsresearch.com 财务数据及盈利预测 | ...

Core Viewpoint - The company reported strong mid-term performance with significant revenue and profit growth, indicating a robust recovery in the gaming industry and effective management strategies [1][4]. Financial Performance - The company achieved revenue of 3.082 billion yuan in the first half of the year, a year-on-year increase of 38.8% [1]. - Net profit attributable to shareholders reached 755 million yuan, a substantial year-on-year growth of 268% [1]. - Gross profit increased by 50.5% to 2.253 billion yuan, with gross margin rising from 67.4% to 73.1%, marking a new high since its listing [1]. Business Segments - The gaming segment generated revenue of 2.071 billion yuan, up 39.4% year-on-year, driven by the success of self-developed games like "Ragnarok M: Beginners' Server" and "Torchlight: Infinite" [1]. - The TapTap platform reported revenue of 1.011 billion yuan, a 37.6% increase year-on-year, with improved commercialization efficiency [3]. User Engagement - The average monthly active users for online games reached 11.409 million, a 19.7% increase year-on-year, while average monthly paying users grew by 21.1% to 1.322 million [2]. R&D and Product Development - R&D expenses amounted to 549 million yuan, a 30.8% increase year-on-year, with the number of R&D personnel rising from 997 to 1,033 [3]. - Upcoming game releases include "Iser" on September 25 and "RO2" in December, which are expected to enhance the paid gaming business [3]. Industry Context - The gaming industry in China saw a 14.08% year-on-year increase in actual sales revenue in the first half of 2025, reaching a historical high [4]. - AI technology is transforming the gaming creation ecosystem, with predictions of the AI-native gaming market in China reaching 33.7 billion yuan by 2027, representing over 20 times growth in three years [4]. Market Reaction - Following the earnings report, the company's stock price surged over 6%, reflecting positive market sentiment [5]. - Institutional funds have shown significant interest in the gaming sector, with a heavy investment in the gaming sub-sector of the media industry [5][6]. Strategic Direction - The company is transitioning from a game developer to an ecosystem builder, supported by a dual-driven model of "self-developed quality games + open ecosystem" [6]. - The integration of AI technology and the evolution of the TapTap platform from distribution to a creative ecosystem are key components of the company's long-term strategy [6].

Summary of Conference Call Records Industry Overview - The gaming industry is expected to see significant growth in 2025, with an estimated increase of approximately 14% in the first half of the year, and mobile gaming growth at 19%, surpassing the 7.5% growth in 2024 [1][2] - The valuation of the gaming sector has shifted from a range of 15-20 times PE to 20-25 times PE, with leading companies nearing a valuation of 25 times [1][2] Key Points and Arguments - Major companies have exceeded market expectations in product revenue, leading to upward revisions in EPS forecasts for 2025 and 2026, with many companies experiencing growth rates of over 20%, and some even doubling their performance [1][2] - The gaming sector's valuation is expected to transition to 25 times by 2026, driven by clear revenue contributions from single products and sustained high growth [1][5] - The third quarter of 2025 is anticipated to show significant growth, with some companies expected to double their revenue, supported by major product contributions [6][7] Company-Specific Insights - **Giant Network**: The core product "Supernatural Action" is expected to maintain stable revenue post-summer, with Q3 performance projected to at least double compared to Q2. The company is also expected to see close to double growth in 2026, with a valuation of 20-25 times [3][10] - **G-bits**: The company has shown the highest year-on-year growth in Q3, driven by the new game "Sword" and a low base from the previous year. The overseas market performance has also been strong [11][12] - **Century Huatong**: The company has maintained stable revenue levels, with significant contributions from both new and existing products [8][13] Policy and Market Environment - There is a noticeable upward trend in policy support for the gaming industry, with an increase in the number of game approvals and local incentives for game development [4][5] - The market sentiment is optimistic, with a bullish atmosphere contributing to the early transition of valuations towards 2026 [5][6] Emerging Trends - The gaming industry has experienced four significant changes in 2025: improved product quality, increased net profit margins, expanded user demographics, and a shift in business models from project-based to platform-based operations [15] - Companies like Kaiyin Network and Xindong have successfully transitioned to platform-based models, resulting in substantial revenue and profit margin improvements [16][17] Conclusion - The gaming sector is poised for continued growth, with strong performances from leading companies and supportive market conditions. The anticipated changes in valuation and business models suggest a robust future for the industry, with significant opportunities for investment in key players.

Summary of the Conference Call for Xindong Company Company and Industry Overview - The conference call focuses on Xindong Company, specifically its gaming distribution platform TapTap, which differentiates itself from Apple and Android app stores by not charging channel fees and instead generating revenue through value-added services [2][3]. Key Points and Arguments - **Revenue Growth Despite MAU Decline**: In 2023, TapTap's Monthly Active Users (MAU) decreased by 20%, yet revenue increased by 30%, indicating that Daily Active Users (DAU) and average daily usage time are more critical for revenue growth [6][2]. - **Future Revenue Projections**: TapTap is expected to maintain a compound annual growth rate (CAGR) of over 20% in revenue over the next three years, driven by DAU growth and increased user engagement [2][7]. - **PC Strategy Launch**: TapTap's PC strategy is set to launch in April 2025, aiming to leverage overlapping user profiles and the revival of the PC gaming market, while maintaining a no-commission policy to enhance competitiveness [2][9][10]. - **Stock Price Surge**: Xindong Company's stock price rose significantly from 7 yuan in 2024 to over 80 yuan in 2025, attributed to a successful product cycle, improved overseas distribution capabilities, and refined publishing strategies [11][12]. - **Mutual Empowerment of Games and Platform**: Xindong Company utilizes its self-developed games to attract users to the TapTap platform, which in turn enhances user retention and drives traffic to other products, creating a flywheel effect for overall growth [13][2]. Additional Important Insights - **Advertising Revenue Model**: TapTap's advertising revenue model relies on four key metrics: DAU, average daily usage time, ad loading rate, and ad unit price. DAU is projected to grow from 5-6 million to 7-8 million in the next three years [4][5]. - **Cost Structure and Profitability**: The cost structure is manageable, with personnel salaries and server bandwidth being the main costs. This allows for significant profit growth alongside revenue expansion [7][9]. - **Competitive Advantages**: Xindong Company's competitive advantages include its unique vertical distribution platform, TapTap, and the management's strong understanding and execution of gaming concepts, making it a company to watch for long-term growth [15][16]. Conclusion - Xindong Company is positioned for robust growth in the gaming industry, with a strong focus on its TapTap platform and strategic initiatives that leverage market trends and user engagement. The company's ability to adapt and innovate will be crucial in maintaining its competitive edge and achieving its financial targets in the coming years.

Core Viewpoint - Huaxing Capital's research report highlights that Xindong Company experienced a 39% year-on-year revenue growth in the first half of the year, with adjusted net profit surging by 235%, primarily driven by the growth in gaming and TapTap businesses, aligning with the company's pre-profit announcement [1] Financial Performance - The report indicates that the robust performance in the interim results is attributed to effective control of marketing expenses [1] - The gaming business achieved a 39% annual growth, while the TapTap business increased its growth through improved conversion efficiency and user engagement [1] Valuation and Rating - Based on a projected price-to-earnings ratio of 18 times for next year, the target price has been raised to HKD 80, while maintaining a "Hold" rating [1]

Core Insights - The company reported significant growth in revenue and profit for the first half of 2025, with a revenue of 3.082 billion yuan, a year-on-year increase of 38.8%, and a net profit of 755 million yuan, up 268.0% [1] - The gross profit margin improved to 73.1%, an increase of 5.7 percentage points year-on-year, indicating enhanced profitability [1] - The launch of new games, particularly "Ither," is anticipated to contribute positively to future revenues, with the game already showing strong performance in overseas markets [2] Financial Performance - In H1 2025, the company achieved a revenue of 3.082 billion yuan, with a gross profit of 2.253 billion yuan, reflecting a 50.5% year-on-year increase [1] - The sales and R&D expense ratios improved to 24.14% and 17.81%, respectively, down 7.18 and 1.08 percentage points year-on-year, indicating better cost management [1] - The gaming segment generated revenue of 2.071 billion yuan, a 39.4% increase year-on-year, with online game revenue at 1.982 billion yuan, also up 39.0% [1] Game Development and Market Performance - The average monthly active users (MAU) for online games increased by 19.7%, and the average monthly paying users rose by 21.1% [2] - The game "Ither" saw over one million downloads within a week of its overseas public beta launch, demonstrating strong user engagement [2] - The information services segment reported revenue of 1.011 billion yuan, a 37.6% increase, driven by improved advertising algorithms and user engagement [2] Future Outlook - The company is focusing on self-developed games and aims to enhance cost efficiency and commercialization levels [3] - Projected net profits for 2025-2027 are estimated at 1.645 billion, 1.957 billion, and 2.169 billion yuan, with corresponding EPS of 3.33, 3.97, and 4.40 yuan per share [3] - The company maintains a "buy" rating based on expected growth from new game launches and increased user engagement on the TapTap platform [3]