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Edge10 Jul 2026
Inside Take-Two: The Grand Anticipation
The story of how Take-Two Interactive built the empire behind Grand Theft Auto, Red Dead Redemption, and one of gaming's largest mobile portfolios.
XD (2400) investor relations material
XD H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary27 Mar, 2026
Executive summary
Revenue grew 15.0% year-over-year to RMB5,763.7 million, with gross profit up 22.3% to RMB4,254.6 million and net profit up 86.0% to RMB1,656.5 million for the year ended December 31, 2025.
Adjusted profit for the year rose 83.6% to RMB1,756.9 million, reflecting strong core operational performance excluding fair value changes and share-based compensation.
Key growth drivers included robust performance in self-developed games and a 24.7% increase in TapTap platform revenue, supported by improved advertising algorithms and user engagement.
Strategic acquisition of the Torchlight IP and integration of AI technology positioned the business for long-term growth.
Financial highlights
Gross margin improved to 73.8% from 69.4% in 2024, driven by higher-margin TapTap platform revenue and increased net-basis game revenue recognition.
EBITDA rose to RMB1,695.4 million (up from RMB997.2 million), and adjusted EBITDA reached RMB1,787.9 million (up from RMB1,056.4 million).
Basic EPS increased to RMB3.19 from RMB1.71; diluted EPS was RMB3.07, up from RMB1.69.
Cash and short-term investments totaled RMB3,770.4 million at year-end, up from RMB2,910.2 million.
Outlook and guidance
Continued investment in R&D and AI integration, with plans to expand the premium game portfolio and further develop TapTap's cross-platform ecosystem.
TapTap Maker, an AI game-creation tool, entered invitation testing in early 2026, aiming to lower barriers for game development.
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Latest events from XD
- Net profit surged 223.5% year-over-year with gross margin at 73.1% on strong segment growth.2400
H1 202528 Jul 2026 - Revenue up 47.9% and net profit RMB890.5M, with strong game and TapTap growth.2400H2 202428 Jul 2026
- Revenue and profit soared on new games and TapTap PRC growth, with gross margin at 67.4%.2400H1 202428 Jul 2026
Next XD earnings date
H1 202628 Aug, 2026
Next XD earnings date
H1 202628 Aug, 2026
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