There are some positions in $XD INC(02400.HK) in Hong Kong stocks, which are not cheap anymore, but this Friday, taptap maker will be released, and claude code will be integrated into the game engine/game editor, greatly reducing the possibility for ordinary enthusiasts to use AI to create high-quality/playable games. It has the potential to become the first concept stock for large-scale AI implementation in the gaming industry (not the kind for speculative hype). It's a level higher than $Roblox(RBLX.US).
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XD Inc. (Trans): Cautious ST guidance; actively embracing change LT
Below is Dolphin Research's Trans of XD Inc.'s FY25 earnings call. For our earnings take, cf. 'XD Inc.: To merit a belief premium, TapTap still has work to do'.
Key takeaways: 1) Shareholder returns. A buyback plan announced in Jan 2026 has been more than half executed. Given higher taxes via Stock Connect, management may return capital through repurchase-for-cancellation; no dividend plan for now.
2) Guidance. Do not expect a major margin uplift in FY26. The FY25 margin expansion largely reflected NAV-based recognition for the RO international version...
XD.IncConference Minutes
