Guojin Securities released a research report stating that, as of January 11, 2026 (Beijing Time), the international version of XD INC's (02400) self-developed and self-published life simulation game "Heartopia" ranked within the top 200 on Apple Store's free chart in over 100 countries/regions globally. The estimated net profit attributable to parent company for 2025/2026/2027 is 1.704/2.119/2.553 billion yuan, with the current stock price corresponding to a PE valuation of 20.16/16.21/13.45 times, leading the firm to maintain its "Buy" rating.
The initial download figures for the international version of "Heartopia" are impressive. As of January 11th, "Heartopia" still held the number one spot on the Apple Store free chart in 10 countries/regions, including Japan, South Korea, France, and Thailand, and ranked within the top 20 in 30 countries/regions such as Germany, the United States, and Canada. In total, it achieved a top 200 ranking on the Apple Store free chart across 108 countries/regions. According to AppGrowing, the international version accumulated over 1.6 million downloads on Google Play and approximately 1 million downloads on the Apple Store. Factoring in un-tracked PC downloads, the bank estimates total downloads for the international version have surpassed 3 million. As a high-DAU online game emphasizing social interaction, "Heartopia's" user base is critical for its full lifecycle commercial performance, and the strong initial download data provides a solid foundation for long-term operation.
The spread of game content on social media platforms is expected to further expand the user base. Observing the performance of the international version on various social platforms: on the leading platform Discord, the "Heartopia" server membership grew from around 70,000 on January 7th to over 280,000 by January 11th. On TikTok, the English account's followers surged from approximately 88,000 on January 1st to over 198,000 by January 11th, with videos tagged #heartopia exceeding 190,000. On Instagram, the account's followers increased from about 44,000 on January 8th to roughly 116,000 by January 11th. The buzz surrounding the international version on social media continues to rise. Furthermore, the abundance of UGC content within the game possesses significant social display value. As the game progresses and players unlock more features, sharing this content on social media is anticipated to further break through niche circles and continue expanding the game's user base.
The revenue potential for the international version of "Heartopia" is expected to surpass that of the domestic version, strengthening the company's portfolio of "evergreen" games. The domestic version of "Heartopia" launched in July 2024 and had already become the company's second-largest revenue-generating game by the first half of 2025. Based on the international version's user growth trends and the vast overseas user base, the bank believes the active user count for the international version is likely to exceed the domestic version. Concurrently, the annualized revenue run-rate is also expected to surpass the domestic version. "Heartopia" is poised to become the company's top revenue-generating game and, together with the equally promising "Torchlight: Infinite," form a solid foundation for the company's gaming performance.
Risk warnings include the overseas user growth and revenue generation of "Heartopia," and the potential for revenue decline from older games to exceed expectations.
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