XD, Inc. (HK:2400)
:2400
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XD, Inc.
(2400)
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Rating:69Neutral
Price Target:
HK$101.00
▲(65.98% Upside)
Action:UpgradedDate:01/29/26
The score is led by strong technical uptrend signals and improving profitability and balance-sheet stability. It is held back by weak cash flow conversion (most recent operating/free cash flow at zero) and a relatively high P/E with a low dividend yield.
Positive Factors
Strong recent revenue growth
Sustained high top-line growth indicates expanding market adoption of products and successful go-to-market execution. Over 2-6 months this supports continued reinvestment in R&D and sales, builds scale advantages, and underpins future margin expansion if cost discipline continues.
Negative Factors
Weak operating and free cash flow
Zero operating and free cash flow in the latest year indicates poor cash conversion of earnings. Over months this constrains funding for capex, debt reduction, or shareholder returns, increasing reliance on external financing and raising execution risk if cash generation doesn't improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong recent revenue growth
Sustained high top-line growth indicates expanding market adoption of products and successful go-to-market execution. Over 2-6 months this supports continued reinvestment in R&D and sales, builds scale advantages, and underpins future margin expansion if cost discipline continues.
Read all positive factors
XD, Inc. (2400) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$29.95B
Dividend Yield1.18%
Average Volume (3M)2.89M
Price to Earnings (P/E)18.7
Beta (1Y)1.20
Revenue Growth51.87%
EPS Growth4031.49%
CountryHK
Employees1,400
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)1.69
Shares Outstanding494,429,570
10 Day Avg. Volume2,616,294
30 Day Avg. Volume2,886,034
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)4.51
Price to Sales (P/S)2.26
P/FCF Ratio9.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$92.14Price Target Upside51.42% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)3.85
Revenue Forecast (FY)HK$6.73B
XD, Inc. Business Overview & Revenue Model
Company Description
XD 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 inf...
How the Company Makes Money
XD, Inc. generates revenue through multiple channels, including software licensing, subscription-based models, and professional services. The company offers its flagship products through both one-time purchase licenses and ongoing subscriptions, p...
XD, Inc. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
68
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.87B | 5.01B | 3.39B | 3.43B | 2.70B | 2.85B |
| Gross Profit | 4.23B | 3.48B | 2.07B | 1.84B | 1.23B | 1.53B |
| EBITDA | 1.57B | 981.28M | 228.75M | -484.03M | -932.38M | 135.59M |
| Net Income | 1.36B | 811.53M | -83.04M | -553.50M | -863.81M | 9.14M |
Balance Sheet | ||||||
| Total Assets | 4.51B | 3.92B | 4.41B | 4.80B | 5.04B | 3.34B |
| Cash, Cash Equivalents and Short-Term Investments | 3.18B | 2.91B | 3.35B | 3.59B | 3.96B | 2.32B |
| Total Debt | 133.41M | 159.17M | 1.76B | 2.10B | 1.82B | 129.99M |
| Total Liabilities | 1.30B | 1.21B | 2.54B | 2.89B | 2.66B | 764.62M |
| Stockholders Equity | 2.99B | 2.51B | 1.71B | 1.89B | 2.30B | 2.30B |
Cash Flow | ||||||
| Free Cash Flow | 898.50M | 1.25B | 218.99M | -364.98M | -566.96M | 275.74M |
| Operating Cash Flow | 900.93M | 1.28B | 235.45M | -327.88M | -475.20M | 348.19M |
| Investing Cash Flow | -16.40M | 17.42M | 343.86M | 230.61M | -986.01M | 387.19M |
| Financing Cash Flow | -271.63M | -1.74B | -500.70M | -148.15M | 2.39B | 330.40M |
XD, Inc. Technical Analysis
Negative
60.85
Price Trends
75.35
Negative
72.20
Negative
69.55
Negative
Market Momentum
-3.59
Positive
32.50
Neutral
20.18
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2400, the sentiment is Negative. The current price of 60.85 is below the 20-day moving average (MA) of 68.52, below the 50-day MA of 75.35, and below the 200-day MA of 69.55, indicating a bearish trend. The MACD of -3.59 indicates Positive momentum. The RSI at 32.50 is Neutral, neither overbought nor oversold. The STOCH value of 20.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2400.
XD, Inc. Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | HK$4.16B | 7.47 | 17.91% | 3.82% | 4.02% | -23.98% | |
69 Neutral | HK$29.95B | 18.73 | 44.75% | 1.18% | 51.87% | 4031.49% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
57 Neutral | HK$1.07B | 9.45 | 7.59% | ― | 30.71% | ― | |
56 Neutral | HK$1.93B | 16.23 | 6.38% | ― | -41.86% | ― | |
53 Neutral | HK$1.90B | -9.91 | 42.91% | 3.01% | 10.44% | 345.95% | |
51 Neutral | HK$1.84B | 31.42 | -2.28% | ― | 6.33% | 87.05% |
* Communication Services Sector Average
HK:2400
XD, Inc.
60.85
30.97
103.65%
HK:0799
IGG
3.63
0.62
20.60%
HK:0434
Boyaa Interactive International
2.66
-0.68
-20.26%
HK:6633
Qingci Games, Inc.
2.79
-0.35
-11.15%
HK:6820
FriendTimes Inc.
0.49
-0.01
-2.00%
HK:0797
7Road Holdings Limited
0.68
0.40
142.86%
XD, Inc. Corporate Events
XD Inc. Details Profit Forecast Behind US$37 Million IP Asset Acquisition
Jan 16, 2026
XD Inc. has provided further details on a previously announced asset transfer agreement under which its subsidiary XD Entertainment is acquiring intellectual property assets from various sellers, with the valuation of these IP rights determined at...
XD Inc. Grants 151,021 Share Options, Majority to Chairman and CEO
Jan 14, 2026
XD Inc. has granted a total of 151,021 share options under its 2021 share option plan to directors and full-time employees, with each option entitling the holder to subscribe for one ordinary share at an exercise price of HK$84.15, matching the cl...
XD Inc. Launches HK$400 Million Automatic Share Buy-Back Programme with Regulatory Waiver
Jan 5, 2026
XD Inc. has launched an automatic share buy-back programme of up to HK$400 million, appointing an independent broker to repurchase its shares on the Hong Kong Stock Exchange under pre-set parameters and without day-to-day influence from the compan...
XD Inc. Buys Torchlight Game Assets in Discloseable Deal
Dec 29, 2025
XD Inc. has announced that its wholly owned subsidiary XD Entertainment signed an asset transfer agreement on 29 December 2025 with sellers Runic and Arc Games, along with Golden Arc, to acquire all rights, title and interest in a portfolio of gam...
XD, Inc. Enters Strategic Partnership with Golden Arc
Nov 26, 2025
XD, Inc. announced a strategic cooperation with Golden Arc, involving a strategic partnership and provision of term loan facilities amounting to US$40 million. This cooperation aims to enhance industry influence and market value through mutual ben...
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.