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XD (2400) investor relations material
XD H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Annual revenue reached RMB5.76 billion, up 15% year-over-year; net profit was RMB1.66 billion, up 86% year-over-year; gross margin improved to 73.8%.
Cash reserves stood at RMB3.77 billion with operating cash flow of RMB1.71 billion.
Shareholder returns prioritized via a HK$400 million share repurchase program, replacing cash dividends.
Strategic focus on AI integration, global game launches, and acquisition of key IPs to drive long-term growth.
Financial highlights
Revenue: RMB5.76 billion (+15% YoY); net profit: RMB1.66 billion (+86% YoY); gross margin: 73.8% (up from 69.4%).
Game segment revenue: RMB3.80 billion (+10.5% YoY); TapTap platform revenue: RMB1.97 billion (+24.7% YoY).
Adjusted EBITDA: RMB1.79 billion (+69% YoY); adjusted profit: RMB1.76 billion (+83.7% YoY).
Cost of revenues decreased by 1.6% YoY; R&D expenses increased by 6.7% YoY; G&A expenses decreased by 20.3% YoY.
Earnings per share: Basic RMB3.19, Diluted RMB3.07.
Outlook and guidance
Continued investment in R&D and AI-driven initiatives, including TapTap Maker and AI-assisted game creation.
Ongoing expansion of premium and cross-platform games, with new global launches planned.
Focus on further international growth and ecosystem development for TapTap.
- Record revenue and first annual profit in five years, driven by new games and TapTap growth.2400
H2 202410 Jul 2026 - Revenue and profit soared on new game launches and cost control, with gross margin at 67.4%.2400
H1 202410 Jul 2026 - Net profit surged 223.5% year-over-year on strong game and platform growth, with gross margin at 73.1%.2400
H1 202510 Jul 2026
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