JP-XD @EC2612A

Cheetah Mobile repurchased 63,000 shares for HKD 4.8488 million

Pulse Engine Co., Ltd. repurchased 63,000 shares

心动公司回购 64,000 股普通股用于注销

TapTap Repurchased Shares for Approximately HKD 1.8698 Million

Elexlink Technology repurchased 24,200 shares for HK$1.9625 million

Cheetah Mobile repurchased 23,000 shares

TapTap (02400) Repurchased 24,000 Shares

CICC:心动公司 Building a Full-Chain Service Ecology for TapTap

The Eastjoy Company spent HKD1.9928 million to repurchase 25,000 shares

TapTap Repurchased 22,000 Shares for HKD 1.9227 Million

Netease Heartbeat Acquires 24,000 Shares

Imagine Technology Company Repurchased 24,400 Shares for HKD 1,973,000

TapTap Repurchased Shares and Issued New Shares

心动 Company Repurchased Shares and Issued New Shares

Guo Jin Securities Releases Research Report on Heartopia's Market Performance

Citi Releases Report Expressing Optimism Towards 心动公司， Providing Rating and Price Target

心动 Company to Repurchase Up to 400 Million HKD Worth of Shares

Xiaodong Completes Acquisition of Torchlight IP

XD Entertainment, a Wholly-owned Subsidiary of 心动公司， Acquires Assets from Runic, Arc Games, and Golden Arc

HKC INT'L RTS

TIANBAO ENERGY

SUMMI

HANG YICK RTS

UNI PRINTSHOP

CHERISH SUN

NE ELECTRIC

SINO GAS HLDGS

MANY IDEA CLOUD

CREATIVE CHINA

02400

XD Inc. (HKEX: 02400) has filed a Next Day Disclosure Return with HKEX, reporting a share repurchase of 63,000 ordinary shares for cancellation at prices between HKD 76.00 and HKD 77.95 per share, totaling HKD 4,848,769.8. This disclosure was made on February 25, 2026.

PUBT

XD INC

XD Inc. files HKEX next-day disclosure return reporting 63,000-share repurchase at HKD 4,848,769.8

ESPO

GAMR

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HERO

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The long holiday is favorable for gaming stocks. NetEase (9999) saw a decline in profits in the fourth quarter of last year, but the stock price has already reflected the situation, making it suitable for bottom fishing. XD INC (2400) experienced strong growth in interim profits. NetEase's annual net profit was HKD 33.76 billion, with a return on equity of 21%. NetEase is expected to meet the dual primary listing standards of the Hong Kong Stock Exchange, and if successful, it will be included in the Shanghai-Hong Kong Stock Connect. Before the Spring Festival holiday, NetEase's stock price rose to HKD 187.3

Stheadline

VanEck Video Gaming and eSport ETF

Wedbush ETFMG Video Game Tech ETF

AXA SPDB CSI Hugangshen Game and Culture Media ETF

ChinaAMC CSI Animation Game ETF

VanEck Gaming ETF

Global X Video Games & Esports ETF

Guotai CSI Animation Game ETF

NetEase

NTES-S

The long holiday is favorable for gaming stocks, NetEase may meet dual primary listing standards, major firms are optimistic about XD INC

XD Inc. (SEHK:2400) has initiated a share buyback program, allowing the repurchase of up to 49,167,523 shares, or 10% of its issued capital. Despite a strong 30-day return of 27.89% and a 1-year return of 243.35%, its P/E ratio of 26.2x appears high compared to industry averages. A DCF analysis suggests the stock may be undervalued, trading at HK$82.55 against an estimated fair value of HK$103.43. Investors should consider the risks of P/E compression and the potential impact of slowing buybacks on earnings momentum.

Simplywall

XD Inc. (SEHK:2400) Valuation Check After Launch Of Share Buyback Programme

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BABA

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TOWN

HBBD

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89618

HJDD

0108 | Dolphin Research Focus: 🐬 Macro/Industry 1) The U.S. proposed a consignment sale of ~50 mn bbl of Venezuelan crude, keeping proceeds under U.S. control, while demanding Caracas cut economic ties with China, Russia and others and allow oil cooperation only with the U.S. Beijing strongly condemned the bullying move.In the near term, this could add volatility to energy markets. Over the longer run, it may prompt more countries to guard against unilateralism. 🐬 Single Stocks 1) $XD INC(02400.HK) The global version of 'Xindong Town' went live on Jan 8.It launched alongside a collaboration with the globally known IP 'My Little Pony'...

BABA to ramp up investment in Taobao Flash Sale; 'Heartfelt Town' Intl server goes live | Daily News Recap

01024

The Hang Seng Index opened 155 points higher this morning, reporting at 26,502 points. All three major U.S. stock indices rose, driven by economic data that stimulated expectations for interest rate cuts. Gold, silver, and oil prices all rebounded. KUAISHOU-W rose 1.7%, and XD INC plans to repurchase up to HKD 400 million in shares, with its stock price increasing by 4%. Both Air China and Cathay Pacific saw their stock prices decline, as Air China placed shares of Cathay Pacific at a discount of 6.6%. Sunny Optical is considering spinning off its automotive optical business, with its stock price rising by 1.6%

- The ISM manufacturing index in the U.S. fell from 48.2 to 47.9, remaining under 50 for ten consecutive months.  
- Economic data has prompted expectations for interest rate cuts, leading to a rally in U.S. stock indices, with the Dow Jones increasing by 594 points and crude oil prices rebounding amid geopolitical tensions.  
- Notable movements in the Hong Kong market included a rise in the Hang Seng Index and varying performances among technology stocks, while Air China announced a placement of Cathay Pacific shares at a discount.

KUAISHOU-W

The Hang Seng Index opened up 155 points, KUAISHOU-W rose nearly 2%, and XD INC plans to repurchase, up 4% | Hong Kong stock market opens

XD INC (2400.HK) has recently shown weak stock price performance, with the daily MACD indicating a death cross pattern. The short-term moving average system has shifted from bullish to bearish, and the activity of main funds continues to decline. Following several trading days of significantly reduced trading volume and net outflow of large orders, the expectation for a short-term sector rebound faces ongoing challenges. On the market, XD INC's stock price has repeatedly fluctuated within a narrow range at recent low levels, with no clear signals of a stop in the decline or a strengthening trend in the technical pattern. Both the 5-day and 10-day moving averages have formed a suppressive trend, hindering short-term rotation logic. Currently, the Hong Kong stock market's technology and pan-entertainment sector is generally under pressure from market funds seeking safety, with no substantial catalysts or new policies emerging from the fundamental news front, leading to cautious defensive operations by market funds. From the perspective of fund flow, although some short-term funds are attempting to buy on the left side at low prices, the volume-price coordination is poor, and the rebound lacks significant sustained momentum, with the sector's rebound energy yet to form a continuous force. To break through the current predicament, it is necessary to rely on positive factors such as fundamental improvements, the launch of new game products, or marginal easing of the regulatory environment. Short-term intraday rebounds are mostly for short-term trading, and both their duration and height need further verification. Therefore, whether the sector can rebound significantly depends on the continued follow-up of trading volume and the market performance of core stocks. Technically, investors are advised to focus on whether the intraday 5/10-day moving averages and previous low points can form support. If there is a volume breakout above the resistance line and bullish indicators rise simultaneously, it may open a window for a short-term rebound

Technical Forecast

Morning Trend | XD INC experiences reduced volume fluctuations, can the sector welcome a rebound?

Sinolink Securities analyst maintained a Buy rating on XD, Inc. today and set a price target of HK$103.20.TipRanks Black Friday Sale Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence. Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off XD, Inc. has an analyst consensus of Moderate Buy, with a price target consensus of HK$85.37.

Tip Ranks

Sinolink Securities Sticks to Their Buy Rating for XD, Inc. (2400)

CICC lowered XD INC's target price to HKD 89.5 and reduced the net profit forecasts for 2025 and 2026 by 13.5% and 13.1%, respectively. Despite the good performance of "Torchlight" and "XD Town," the underwhelming performance of "Ither" in East Asia affected profits. CICC maintains an "Outperform" rating due to adjustments in profit forecasts and valuation premium considerations

AASTOCKS

In "Major Banks," China International Capital Corporation (CICC) lowers XD INC's target price to 89.5 yuan and revises earnings estimates downward

CICC analyst maintained a Buy rating on XD, Inc. yesterday and set a price target of HK$89.50. The company’s shares closed yesterday at HK$69.90.Meet Your ETF AI Analyst Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow. XD, Inc. has an analyst consensus of Moderate Buy, with a price target consensus of HK$84.78.

XD, Inc. (2400) Gets a Buy from CICC

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Hong Kong stocks related to AI applications rose, with MOBVISTA up over 6%, MEITU up over 4%, KINGDEE INT'L up over 3%, and XD INC and KINGSOFT up over 2%

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KINGSOFT

MOBVISTA

MEITU

KINGDEE INT'L

According to the announcement released by XD INC, on October 31, 2025, the company will exercise stock options to issue 800 shares under the stock option plan adopted on June 25, 2021

XD INC issued 800 shares due to the exercise of stock options

According to the announcement released by XD INC, due to eligible participants exercising stock options under the stock option plan adopted by the company on June 25, 2021, the company will issue 1,000 shares of common stock on October 28, 2025

XD INC issued 1,000 shares due to the exercise of stock options

According to the announcement from XD INC, due to eligible participants exercising stock options under the stock option plan adopted by the company on June 25, 2021, the company will issue 1,600 shares on October 22, 2025

XD INC issued 1,600 shares due to the exercise of stock options

Interesting take. If Claude really integrates deeply into the engine, that’s more than just hype.

PumpLord_69

There are some positions in $XD INC(02400.HK) in Hong Kong stocks, which are not cheap anymore, but this Friday, taptap maker will be released, and claude code will be integrated into the game engine/game editor, greatly reducing the possibility for ordinary enthusiasts to use AI to create high-quality/playable games. It has the potential to become the first concept stock for large-scale AI implementation in the gaming industry (not the kind for speculative hype). It's a level higher than $Roblox(RBLX.US).

Roblox

Molson Coors Beverage Co-B

Molson Coors Beverage

Today’s Key News Recap

BABA-W

Alibaba

BABA-WR

Town Centre Securities PLC

TowneBank

Alibaba HK SDR 5to1

JD-SW

JD-SWR

JD HK SDR 10to1

JD.com

Chagee

XD.Inc

Conference Minutes

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 &#34;XD Inc.: A Dark Horse in Gaming, TapTap Accelerates Monetization.&#34; 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 &#34;Ether.&#34; 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...

Xindong (Minutes): Overseas Outbreak Benefits from the Return of Key Partners

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...

HeartBeat Company: Games frequently emerge as 'dark horses', TapTap accelerates monetization

XD Inc.‌ 1H25 Quick Interpretation: The overall performance in the first half slightly exceeded expectations, specifically in TapTap and profitability. (The expectations in the chart are relatively lagging, with significant data deviation. It is recommended to refer to company guidance or the latest expectations from investment banks as excerpted by Dolphin Research.) 1. Acceleration of TapTap Commercialization: Although TapTap's monthly active users showed no fluctuations in the first half, remaining basically flat year-on-year, this may be related to the fact that the games with impressive revenue in the first half 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. The main driver behind this is the optimization of the advertising model, which has improved eCPM (according to research information, yoy +15%). In addition, the first half saw the launch of the TapTap PC version, further promoting the interconnection of multi-platform accounts, encouraging more games to integrate into the TapSDK ecosystem services, providing developers with more comprehensive user data and conversion. 2. High Growth in Games as Expected: The game segment grew by 39% in the first half, with increases in both the number of players and average spending per player. Besides the overseas launch of the new game 'RO Origin Server', 'HeartBeat Town' and the revenue recovery of 'Torchlight' after major adjustments were sources of incremental growth. However, the final revenue fell short of market expectations. Dolphin Research speculates that this discrepancy may be related to the recognition of revenue on a net basis for some overseas games (such as 'Origin Server') and changes in the ratio of revenue recognition to game revenue. 3. Efficient Operation from Classic IP: Compared to a brand-new mobile game, developing sequels or re-operating classic games can achieve high monetization with low promotion. Reviewing changes over the past year, Tencent and NetEase have adopted this strategy, not only achieving record-high revenue scales but also raising profitability levels. For HeartBeat, while games saw high growth in the first half, sales expenses only increased by 7% year-on-year, and excluding personnel expenses, pure promotion expenses even declined by 3.6%. Moreover, classic games do not overly rely on external channels, naturally guiding players to download and pay on official servers. This also led to a decrease in channel commission costs for games recognizing revenue on a gross basis in the first half, down by 3 percentage points compared to the same period last year and 1 percentage point compared to the second half of last year. Finally, core operating costs were 830 million, with a profit margin of 28%, an increase of 5 percentage points quarter-on-quarter. The final net profit was 811 million, slightly exceeding company guidance and market expectations.

Hot topic

$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%...

XD 1H25 Preview Commentary: Earnings Surprise with Significant Increase, Where is the Outperformance?

0805 ｜Dolphin Research Focus: 🐬 Macro/Industry 🐬 Individual Stocks 1. $XD INC(02400.HK) XD Inc. issued a positive profit alert, expecting revenue to exceed 3.05 billion yuan in the first half of the year (a year-on-year increase of 37%) and net profit to exceed 790 million yuan (a year-on-year increase of 215%). The performance growth is mainly due to the strong performance of self-developed games &#34;Ragnarok M: Eternal Love&#34;, &#34;XD Town&#34;, and &#34;Torchlight: Infinite&#34;, which drove revenue growth and improved gross margins. Meanwhile, the TapTap platform saw revenue growth due to algorithm optimization. The performance far exceeded expectations...

XD Inc. 'Great Joy' Soars; Taobao to Launch New Major Membership System

0616 | Dolphin Research Focus: 🐬 Macro/Industry 1. According to the National Bureau of Statistics, in May, the total retail sales of consumer goods reached 4,132.6 billion yuan, a year-on-year increase of 6.4%, with the growth rate accelerating by 1.3 percentage points compared to April. The policy of replacing old appliances with new ones drove growth in categories such as home appliances and communication equipment by over 30%, becoming the biggest highlight. 🐬 Individual Stocks 1. $XIAOMI-W(01810.HK) Xiaomi Corporation Chairman Lei Jun announced that Xiaomi Yu 7 will be released at the end of June. Lei Jun denied the rumor of a 199,000 yuan price, hinting at a &#34;300,000 plus&#34; pricing to compete with Model Y...

XIAOMI-W

XIAOMI-WR

Xiaomi HK SDR 2to1

Xiaomi Corporation

Xiaomi Yu to Debut at the End of July; Heartbeat International Version Goes Viral, Stock Price Soars | Today's Important News Recap

Financial Analysis

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...

X.D. Network: One year of "excitement," one year of "frustration"?

$XD INC(02400.HK) 2H24 Quick Interpretation: Last year's gaming double stock has released its performance. Since a forecast was issued earlier (earnings greatly exceeded expectations; Dolphin Research's commentary can be found at: <a href="https://longportapp.cn/zh-CN/topics/27818057?channel=t27818057&amp;invite-code=032064&amp;app_id=longbridge&amp;utm_source=longbridge_app_share&amp;locale=zh-CN">https://longportapp.cn/zh-CN/topics/27818057?channel=t27818057&amp;invite-code=032064&amp;app_id=longbridge&amp;utm_source=longbridge_app_share&amp;locale=zh-CN</a>), market expectations have significantly increased in the past month. Referring to the few institutional expectations, it seems that there was high anticipation for TapTap's performance and cost contraction before the financial report.However, compared to the latest institutional expectations (marked in blue in the chart below), Xindong's actual performance showed average revenue (in line with expectations), and although net profit was also within guidance, it had some inflation—boosted by other net gains (rapidly shrinking interest expenses). Looking solely at the operating profit situation of the core main business, it fell short of expectations—mainly due to the discrepancy in cost control.The significant drop following the performance report was largely based on the high valuation impact brought about by high expectations. According to the optimistic expectations before the institutional financial report (25% revenue growth in 2025, 45% profit growth, which translates to over 1.2 billion in net profit), the forward P/E was also at 15-16x. This is not considered low compared to smaller peers in the Hong Kong stock market and historical valuations.Of course, Dolphin Research also acknowledges that Xindong has TapTap, which deserves a higher valuation than its gaming peers. However, we have consistently emphasized that this year's gaming pipeline is somewhat thin, especially since last year had a high base. Therefore, the institutional expectation of a 25% total revenue growth likely includes a significant contribution from TapTap. The actual performance of TapTap was also quite average, leading to a short-term double whammy under the emotional letdown.Aside from the performance, Xindong declared its first dividend, paying HKD 0.4 per share, with a dividend yield of 1-2%, and a payout ratio close to 25%, which is considered a normal dividend level.

昨晚$心动公司(02400.HK) 发布盈喜预告，海豚君来聊一聊：业绩预告显示，公司预计 2024  - LongPort

JP-XD @EC2612A(24693.HK)

XD Inc. files HKEX next-day disclosure return reporting 63,000-share repurchase at HKD 4,848,769.8

The long holiday is favorable for gaming stocks, NetEase may meet dual primary listing standards, major firms are optimistic about XD INC

XD Inc. (SEHK:2400) Valuation Check After Launch Of Share Buyback Programme

BABA to ramp up investment in Taobao Flash Sale; 'Heartfelt Town' Intl server goes live | Daily News Recap

The Hang Seng Index opened up 155 points, KUAISHOU-W rose nearly 2%, and XD INC plans to repurchase, up 4% | Hong Kong stock market opens