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XD, Inc. (HK:2400)
:2400
Hong Kong Market
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XD, Inc. (2400) AI Stock Analysis

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HK

XD, Inc.

(2400)

Rating:70Outperform
Price Target:
HK$56.00
▲(11.78%Upside)
XD, Inc.'s stock score is primarily driven by its strong financial performance, particularly in revenue growth and profitability improvements, and supported by positive technical momentum. However, potential risks from cash flow inefficiencies and overbought technical indicators suggest a need for cautious optimism.

XD, Inc. (2400) vs. iShares MSCI Hong Kong ETF (EWH)

XD, Inc. Business Overview & Revenue Model

Company DescriptionXD Inc., an investment holding company, develops, publishes, operates, and distributes mobile and web games in Mainland China and internationally. The company also operates TapTap, a platform for gamers and game developers, as well as provides information services. As of December 31, 2021, its game portfolio comprised 19 online games and 19 premium games. The company was founded in 2011 and is headquartered in Shanghai, the People's Republic of China.
How the Company Makes MoneyXD, Inc. generates revenue primarily through the sale of virtual goods and in-app purchases within its games. The company adopts a freemium model, offering its games for free while monetizing through optional premium content and features. Additionally, XD, Inc. earns money through advertising partnerships, where it integrates ads into its gaming platforms. The company also benefits from strategic collaborations with other technology and entertainment firms, enhancing its distribution channels and broadening its market reach.

XD, Inc. Financial Statement Overview

Summary
XD, Inc. shows promising growth in revenue and profitability, supporting its position in the industry. The balance sheet reflects strong financial stability with effective capital structure management. However, cash flow challenges indicate a need for better cash conversion and operational cash generation.
Income Statement
72
Positive
The company has demonstrated strong revenue growth with a 48% increase from 2023 to 2024. Gross profit margin improved significantly, indicating better cost management. Net profit margin turned positive, showing a substantial recovery from previous losses. However, EBIT and EBITDA margins are still recovering, suggesting ongoing improvements but potential volatility in operational efficiency.
Balance Sheet
68
Positive
The balance sheet reflects a healthy equity base with a strong equity ratio of 64%, indicating financial stability. The debt-to-equity ratio is low, suggesting prudent leverage management. Return on Equity (ROE) turned positive, enhancing shareholder value. However, fluctuations in total assets and liabilities over recent years highlight potential concerns about asset utilization and liability management.
Cash Flow
60
Neutral
The cash flow statement shows challenges with operating cash flow and free cash flow, particularly as both metrics were zero in the most recent year. Despite previous improvements in free cash flow, the lack of growth poses concerns about cash generation capabilities. The company needs to focus on converting income into cash more effectively.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue5.01B3.39B3.43B2.70B2.85B
Gross Profit3.48B2.07B1.84B1.23B1.53B
EBITDA981.28M228.75M-484.03M-932.38M135.59M
Net Income811.53M-83.04M-553.50M-863.81M9.14M
Balance Sheet
Total Assets3.92B4.41B4.80B5.04B3.34B
Cash, Cash Equivalents and Short-Term Investments2.91B3.35B3.59B3.96B2.32B
Total Debt159.17M1.76B2.10B1.82B129.99M
Total Liabilities1.21B2.54B2.89B2.66B764.62M
Stockholders Equity2.51B1.71B1.89B2.30B2.30B
Cash Flow
Free Cash Flow1.25B218.99M-364.98M-566.96M275.74M
Operating Cash Flow1.28B235.45M-327.88M-475.20M348.19M
Investing Cash Flow17.42M343.86M230.61M-986.01M387.19M
Financing Cash Flow-1.74B-500.70M-148.15M2.39B330.40M

XD, Inc. Technical Analysis

Technical Analysis Sentiment
Positive
Last Price50.10
Price Trends
50DMA
42.63
Positive
100DMA
38.34
Positive
200DMA
31.05
Positive
Market Momentum
MACD
2.31
Positive
RSI
64.03
Neutral
STOCH
48.43
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2400, the sentiment is Positive. The current price of 50.1 is above the 20-day moving average (MA) of 48.24, above the 50-day MA of 42.63, and above the 200-day MA of 31.05, indicating a bullish trend. The MACD of 2.31 indicates Positive momentum. The RSI at 64.03 is Neutral, neither overbought nor oversold. The STOCH value of 48.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2400.

XD, Inc. Peers Comparison

Overall Rating
UnderperformOutperform
Sector (74)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
74
Outperform
6.08B19.4725.23%3.45%-2.95%56.65%
70
Outperform
HK$24.29B27.0038.63%0.80%44.92%
$619.22M8.3519.85%1.48%
$665.83M10.0714.21%1.36%
60
Neutral
HK$2.07B37.332.87%-31.60%
50
Neutral
HK$2.16B-4.36%-52.38%43.08%
46
Neutral
HK$1.94B-4.15%7.55%64.78%
* Communication Services Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
HK:2400
XD, Inc.
50.10
34.05
212.15%
IGGGF
IGG
0.52
0.19
57.58%
BOYAF
Boyaa Interactive International
1.01
0.96
1920.00%
HK:6633
Qingci Games, Inc.
3.26
0.60
22.56%
HK:6820
FriendTimes Inc.
0.89
0.17
23.61%
HK:0797
7Road Holdings Limited
0.79
-0.68
-46.26%

XD, Inc. Corporate Events

XD Inc. Grants Share Options to Key Executives and Employees
Jul 9, 2025

XD Inc. has announced the grant of 152,020 share options under its Share Option Plan to eligible participants, including directors and employees. The options, priced at HK$50.90 per share, are valid for ten years and vested immediately upon grant. This move, particularly the grant of 122,500 options to Chairman and CEO Mr. HUANG Yimeng, underscores the company’s commitment to aligning leadership incentives with shareholder interests.

The most recent analyst rating on (HK:2400) stock is a Buy with a HK$25.00 price target. To see the full list of analyst forecasts on XD, Inc. stock, see the HK:2400 Stock Forecast page.

XD Inc. Successfully Concludes 2025 AGM with All Resolutions Passed
May 29, 2025

XD Inc. held its 2025 Annual General Meeting in Shanghai, where all proposed resolutions were passed by poll. The meeting included the approval of audited financial statements, declaration of a final dividend, and re-election of directors. The resolutions received overwhelming support, indicating strong shareholder confidence in the company’s management and strategic direction.

The most recent analyst rating on (HK:2400) stock is a Buy with a HK$25.00 price target. To see the full list of analyst forecasts on XD, Inc. stock, see the HK:2400 Stock Forecast page.

XD Inc. Announces 2025 Annual General Meeting and Key Resolutions
Apr 29, 2025

XD Inc., a company incorporated in the Cayman Islands, has announced its 2025 Annual General Meeting to be held on May 29, 2025, in Shanghai, China. Key agenda items include the consideration of the company’s audited financial statements for 2024, the declaration of a final dividend of HK$0.4 per share, the re-election of directors, and the re-appointment of PricewaterhouseCoopers as the company’s auditor. Additionally, resolutions will be discussed regarding the authorization for directors to allot and issue additional shares, which could impact the company’s capital structure and shareholder value.

XD Inc. Grants Share Options to Key Executives and Employees
Apr 16, 2025

XD Inc. announced the grant of 152,046 share options under its Share Option Plan, adopted in 2021, to eligible participants, including directors and employees. The options, priced at HK$30.73 per share, have a ten-year validity and vested immediately upon granting. Notably, 122,500 options were granted to Mr. HUANG Yimeng, the company’s chairman, CEO, and substantial shareholder, highlighting the company’s commitment to aligning leadership incentives with shareholder interests.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jul 08, 2025