MB-XD @EC2611A

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512980

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159869

GF Securities analyst maintained a Buy rating on XD, Inc. yesterday and set a price target of HK$77.44.End of Quarter Sale - 50% Off TipRanksUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks XD, Inc. has an analyst consensus of Strong Buy, with a price target consensus of HK$92.14.

Tip Ranks

GF Fund CSI Media ETF

XD INC

Penghua CSI Media ETF

AXA SPDB CSI Hugangshen Game and Culture Media ETF

ChinaAMC CSI Cultural Entertainment Media ETF

Guotai CSI Animation Game ETF

ChinaAMC CSI Animation Game ETF

XD, Inc. (2400) Gets a Buy from GF Securities

Jefferies Adjusts XD's Price Target to HK$83.80 From HK$91, Keeps at Buy

marketscreener

Jefferies Adjusts XD's Price Target to HK$83.80 From HK$91, Keeps at Buy

In a report released yesterday, from CICC maintained a Buy rating on XD, Inc., with a price target of HK$98.70.Claim 30% Off TipRanks PremiumUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential Currently, the analyst consensus on XD, Inc. is a Strong Buy with an average price target of HK$97.90.

CICC Keeps Their Buy Rating on XD, Inc. (2400)

TOWN

TAP.A

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...

XD Inc. (Trans): Cautious ST guidance; actively embracing change LT

AAPL

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...

XD Inc.: TapTap must step up to justify the faith premium

XD Inc. Profit Nearly Doubles in 2025 Despite User Declines in Gaming

XD Inc. Profit Nearly Doubles in 2025 Despite User Declines in Gaming

GuoSen Securities Starts XD at Outperform with HK$92.50 Price Target

GuoSen Securities Starts XD at Outperform with HK$92.50 Price Target

XD, Inc. received a Buy rating and a HK$94.00 price target from Citi analyst Nelson Cheung yesterday. The company’s shares closed today at HK$75.25.Claim 70% Off TipRanks PremiumUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential According to TipRanks, Cheung is ranked #6283 out of 12079 analysts. XD, Inc. has an analyst consensus of Strong Buy, with a price target consensus of HK$99.69.

Positive Report for XD, Inc. (2400) from Citi

$XD INC(02400.HK) issued its 2025 earnings guidance. H2 performance was mixed. 1) Revenue miss: full-year revenue not less than RMB 5.7bn (+14% YoY), implying H2 revenue slightly over RMB 2.6bn, down 5% YoY. Street expectations were aggressive, looking for H2 revenue of RMB 3.4bn.The gap likely stems from expectations for '《伊瑟重启日》' (Intl launch in Jun last year, China launch in Sep), with the market extrapolating strong showings from '《出发吧麦芬》' and '《火炬无限》' into higher estimates for '《伊瑟》'. In reality, while '《伊瑟》' started well, it lacked staying power, likely due to competition from similar titles.Another factor was the intl launch of '《心动小镇》', which was pushed to Jan this year. Given partially public revenue data, not all but most of the impact had been priced during the revenue downtrend.2) Net profit beat: full-year NPAT not less than RMB 1.58bn, ahead of the Street’s RMB 1.4–1.5bn, and, given the revenue picture, implying a materially higher margin than expected. Margins surprised positively.Drivers include a higher mix of self-developed titles, which lifts GPM vs. licensed exclusives, and stronger, higher-efficiency ad monetization at TapTap. Additional tailwinds likely came from tighter external UA spend and improved efficiency in product development and company operations.3) Valuation sits around 18x P/E on FY26 (Est.), slightly above HK peers but reasonable given TapTap monetization growth prospects. Key 2025 watchpoints include deeper TapTap commercialization (ADN marketing &amp; game creation Agent), the intl rollout of '《心动小镇》', and margin uplift from royalty savings after acquiring the '《火炬》' IP (Dec last year).

ESPO

GAMR

HERO

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

VanEck Gaming ETF

Global X Video Games & Esports 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

89988

HBBD

09618

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

XD.Inc

Conference Minutes

Town Centre Securities PLC

TowneBank

Molson Coors Beverage Co-B

Molson Coors Beverage

Financial Analysis

Apple

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

Today’s Key News Recap

BABA-W

Alibaba

BABA-WR

Alibaba HK SDR 5to1

JD-SW

JD-SWR

JD HK SDR 10to1

JD.com

Chagee

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

MB-XD @EC2611A(27847.HK)

MB-XD @EC2611A Stock Performance Chart

XD, Inc. (2400) Gets a Buy from GF Securities

Jefferies Adjusts XD's Price Target to HK$83.80 From HK$91, Keeps at Buy

CICC Keeps Their Buy Rating on XD, Inc. (2400)

XD Inc. (Trans): Cautious ST guidance; actively embracing change LT

XD Inc.: TapTap must step up to justify the faith premium