中信证券发布研报称，1H25心动公司（02400）游戏、Taptap双侧收入增长全面超预期，1H25公司营收同比+38.7%，经调整归母利润实现7.96亿元，同比+235.3%。游戏端，在《心动小镇》、《火炬之光》等游戏的内容更新后流水增长以及《仙境传说M》初心服海外发行带来增量下，游戏业务的收入增长和盈利能力改善均超预期。同时Taptap端，公司在产品周期影响MAU同比增速下通过提高广告效率、用户粘性的方式推动收入超预期增长。展望未来，公司对于优质内容游戏的长线运营能力以及海外发行能力有望支持游戏板块的持续增长，Taptap在产品周期修复推动用户数增加的同时，商业化效率提升效果有望延续。维持“买入”评级。
责任编辑：史丽君
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.