1. China Stocks

  2. •

    Technology services

  3. •

    Packaged software
XD, Inc.

XD, Inc.

4.22
EUR
-0.26
(-5.80%)
3.48BMarket Cap
Apr 01Next Earn
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
1.81
3.17
4.45
7.99
6.58
5.82
7.27
7.35
10.57
11.99
- -
Basic EPS, GAAP
0.06
0.28
0.67
0.98
0.02
-1.86
-1.17
-0.18
1.71
3.19
- -
Free Cash Flow per Basic Share
-0.1
0.62
- -
2.03
0.55
-1.34
-0.89
0.47
2.64
2.89
- -
Dividend per Share
- -
0.08
0.12
- -
- -
- -
- -
- -
- -
0.37
- -
Book Value per Share
1.18
1.98
2.54
4.5
5.15
4.88
4
3.62
5.18
7.78
7.78
Tangible Book Value per Share
0.87
1.54
1.95
3.88
4.68
4.28
3.38
3.08
4.68
6.71
6.71
Basic Weighted Avg Shares
424
424
424
355
432
465
472
461
474
481
482
Sales/Revenue/Turnover
766
1,344
1,887
2,838
2,848
2,703
3,431
3,389
5,012
5,764
- -
Operating Margin (%)
1.92
11.76
19.39
18.28
3.07
-37.1
-16.47
0.28
18.43
29.02
- -
Depreciation Expense
36
56
74
108
142
187
180
145
101
78
- -
Net Income, GAAP
25
117
285
347
9
-864
-553
-83
812
1,535
- -
Effective Tax Rate (%)
- -
15.4
9.42
5.87
47.85
- -
- -
- -
4.8
3.63
- -
Profit Margin (%)
3.29
8.68
15.1
12.21
0.32
-31.96
-16.13
-2.45
16.19
26.64
- -
Working Capital
206
647
934
1,820
2,089
3,338
3,020
1,331
2,267
3,227
3,227
LT Debt
33
22
38
23
82
1,746
2,020
159
115
78
78
Total Equity
510
958
1,343
2,287
2,580
2,382
1,906
1,869
2,715
4,046
4,046
Return on Invested Capital (%)
- -
14.33
28.38
25.79
1.75
- -
- -
- -
25.86
44.18
- -
Return on Capital (%)
- -
14.78
18.3
9.76
-1.42
- -
- -
- -
23.09
40.34
- -
Return on Common Equity (%)
- -
17.44
29.75
23.5
0.44
-37.55
-26.4
-4.62
38.43
48.55
- -

Capital Structure

CNY

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
ST Debt
44
39
45
LT Borrowings
- -
- -
- -
LT Finance Leases
115
94
78
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
485
485
490
Market Capitalization
11,133
21,887
28,596

Working Capital

CNY

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
Total Current Assets
3,347
4,011
4,313
Cash, Cash Equivalents & STI
2,910
3,182
3,770
Accounts Receivable, Net
333
744
411
Inventories
- -
- -
- -
Total Current Liabilities
1,079
1,198
1,085
Payables & Accruals
- -
- -
- -
ST Debt
44
39
45
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
12.94%
49.05%
Free Cash Flow
- -
-13.11%
11%
Net Income, GAAP
- -
-2,130.95%
89.18%
Sales/Revenue/Turnover
- -
16.7%
15%
Total Cash Common Dividend
- -
- -
- -

Semi-annual Revenue

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
3,389
2024
- -
- -
5,012
2025
- -
- -
5,764

Semi-annual Earnings Per Share

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
-0.18
2024
- -
- -
1.71
2025
- -
- -
3.19

Semi-annual Dividends Per Share

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
- -
2024
- -
- -
- -
2025
- -
- -
0.37

Company Description

Company Profile APIChatGPT
CEO
Yi Meng Huang
Full Time Employees
1,554
Sector
Technology services
Industry
Packaged software
Address
Unit A2, No. 700 Shanghai SH China
IPO Date
Dec 12, 2019
Website
xd.com
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Business
XD Inc. (HKEX: 2400; OTC: XDNCF), an investment holding company, develops, publishes, operates and distributes mobile and web games in Mainland China and internationally through its Game and TapTap platform segments; its core offerings include self-developed online games such as lighthearted battle royale Sausage Man, MMORPG Ragnarok M: Eternal Love and its Classic variant Ragnarok M: Classic, multiplayer fighting Flash Party, 3v3 hero battle royale T3 Arena, life simulation Heartopia, Diablo-like ARPG Torchlight: Infinite, idle game GoGo Muffin, SRPG Sword of Convallaria and turn-based Action-RPG Etheria: Restart, alongside premium and indie games like Terraria, ICEY, Muse Dash, Sands of Salzaar, Hero’s Adventure and Totally Accurate Battle Simulator; the company also operates TapTap, a leading game community and app store providing online marketing services to developers and publishers via advertising without joint operations, with an average of 43.6 million monthly active app users in Mainland China and 5.0 million internationally as of June 2025, alongside a newly launched PC version and TapTap Mini Games. Founded in 2011 as a successor to the 2003 P2P platform VeryCD and listed on the Hong Kong Stock Exchange in December 2019, XD Inc. is headquartered in Shanghai, People's Republic of China, employs approximately 1,400 people and maintains a portfolio of 23 online games and 39 premium games as of June 2025, with operations spanning Mainland China, Hong Kong, Macau, Taiwan, Southeast Asia, North America, South Korea and Japan. In recent developments, the company reported interim revenue of RMB3.08 billion for the six months ended June 30, 2025, up 38.8% year-over-year driven by strong performances from Ragnarok M: Classic, Heartopia and Torchlight: Infinite alongside TapTap advertising growth; acquired a 5.3% stake in MiAO studio for US$14 million in August 2025 to support AI-driven game development via MiAO Artificial Intelligence Labs; pursued full ownership of subsidiary X.D. Global (HK) Limited through a 35% share acquisition announced in April 2024 involving HK$14.20-per-share consideration shares and cash subject to earn-out adjustments; and expanded game launches including GoGo Muffin in Japan in February 2025, Ragnarok M: Classic in Southeast Asia and Hong Kong/Macau/Taiwan in early 2025, with plans for overseas Heartopia rollout and premium titles like Volcano Princess and Dave the Diver.