Below is Dolphin Research's Trans of XD Inc.'s FY25 earnings call. For our earnings take, cf. 'XD Inc.: To merit a belief premium, TapTap still has work to do'.

Key takeaways: 1) Shareholder returns. A buyback plan announced in Jan 2026 has been more than half executed. Given higher taxes via Stock Connect, management may return capital through repurchase-for-cancellation; no dividend plan for now.

2) Guidance. Do not expect a major margin uplift in FY26. The FY25 margin expansion largely reflected NAV-based recognition for the RO international version...

At midday Beijing time on Mar 27, $XD INC(02400.HK) released its FY2025 results. With a pre-announcement in early Mar, the headline is that earnings came in above guidance.

Bloomberg consensus had a lag and did not capture post-guidance estimate revisions. As a result, the absolute variance vs. consensus can be ignored.

On margins alone, results were a beat, driven by tighter costs and opex optimization. However, beyond the forecasts, Dolphin Research is not satisfied with TapTap's marked slowdown in 2H growth...

The following are the minutes of the 2025 H1 earnings call for $XD INC(02400.HK) organized by Dolphin Research. For an interpretation of the financial report, please refer to "XD Inc.: A Dark Horse in Gaming, TapTap Accelerates Monetization." 1. Review of Core Financial Information: 1. Guidance: The company plans to launch new games in the second half of 2025, including the domestic release of "Ether." Additionally, new games are being prepared for 2026. In the future, the company will continue to focus on new industry changes and seize new opportunities...

On the afternoon of August 29th, Beijing time, $XD INC(02400.HK) released its performance for the first half of 2025, slightly exceeding expectations, particularly in TapTap and profitability. Specifically: 1. TapTap's commercialization accelerated: Although TapTap's monthly active users showed no significant growth in the first half, remaining roughly flat year-on-year, this may be due to the fact that the games with impressive revenue were mainly targeted overseas. However, the advertising revenue per user increased by 36% year-on-year and 23% quarter-on-quarter, reflecting the acceleration of TapTap's commercialization, with the final monetization effect exceeding market expectations...

$XD INC(02400.HK) issued a positive profit alert for the half-year last night. In the past two years, XD Inc. has consistently launched successful game titles, marking a significant turnaround compared to the previous two years. Compared to investment bank expectations, the profit beat was slightly higher (institutional full-year expectation of 1.2 billion vs. XD Inc.'s first-half 800 million). Additionally, the company announced its participation in the MiAO project, which is expected to create a win-win situation with TapTap in the future. Coupled with relatively active capital sentiment in the gaming sector, today saw a substantial increase driven by multiple favorable factors. 1. First-half revenue is expected to be 3.05 billion, a year-on-year increase of 37% and a quarter-on-quarter increase of 10%...

On March 28th, Beijing time, $XD INC(02400.HK) released its performance for the second half of 2024. Since it had just issued a profit warning at the beginning of the month, market expectations were not low. In reality, revenue remained flat, and although the final net profit was within the guidance range, it mainly relied on other gains and losses. Looking at the operating profit of the core business, it fell short of expectations due to the variance in sales expenses. Specifically: 1. The gaming sector saw a bumper harvest, with pressure on gaming revenue in the second half of this year expected to grow by 71% year-on-year, reaching 2.78 billion, in line with forecasts and market expectations...

Stay tuned for the follow-up pipeline

It's a time for all flowers to bloom, but also a fierce battle

Heartbeat Town is expected to launch this year.

"The sausages" are getting old, and "muffins" are taking over