[Mobile Game Stock 2400 Performance] Xindong Company’s profit last year increased by 89% to 1.54 billion RMB, dividend canceled, gaming business revenue increased by 10.5%

Xindong Company (02400)
Announces annual results. Xindong Company recorded a profit attributable to equity holders of 1.54 billion yuan (RMB, same below) last year, an increase of 89.2% year-on-year. The adjusted profit attributable to equity holders was 1.63 billion yuan, up 85.7%, with basic earnings per share at 3.19 yuan, and no dividend declared.

During the period, revenue was 5.76 billion yuan, up 15% year-on-year, with gross profit of 4.25 billion yuan, an increase of 22.3%. The overall gross margin improved by 4.4 percentage points to 73.8%, primarily due to strong overseas performance of “Ragnarok M: Classic,” which led to an increase in the proportion of game operation revenue recognized on a net basis, pushing the game segment gross margin from 62.6% to 67.4%. The TapTap platform segment gross margin improved from 84.3% to 86.2%, and the favorable shift in the revenue composition saw the higher-margin TapTap platform segment’s share of total revenue rise from 31.5% to 34.1%.

Game business revenue increased by 10.5% to nearly 3.8 billion yuan, with online game revenue up 8.4% to nearly 3.6 billion yuan, and revenue from paid games increased by 15.6% to 130 million yuan. TapTap platform business revenue grew by 24.7% to 1.97 billion yuan, mainly due to improved advertising algorithms and enhanced user engagement.

During the period, the average monthly active users of online games decreased by 20.4% to 11.347 million, and the average monthly paying users also fell by 20.2% to 1.284 million, primarily due to a year-on-year decline in user numbers for the two games “Heartopia” and “Sausage Man.”

The average monthly active users of the TapTap China version app increased by 2.1% to 44.974 million, while the average monthly active users of the international version app dropped by 14.1% to 4.325 million.

As of December 31, 2025, the existing game portfolio includes 22 online games and 45 paid games.

Source: Xindong Company announcement

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