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XD, Inc. (2400) AI Stock Analysis
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XD, Inc.
(HKEX:2400)
The score is driven primarily by strong financial performance from a multi-year turnaround (improved profitability, strengthened cash generation, and sharply reduced leverage). Offsetting this, technical signals are mixed with a longer-term downtrend still evident and negative MACD. Valuation is supportive with a moderate P/E and modest dividend yield.
XD, Inc. (2400) vs. iShares MSCI Hong Kong ETF (EWH)
- Market Cap
- HKD 17.18B
- Dividend Yield
- 1.11%
- Average Volume (3M)
- 2.54M
- Price to Earnings (P/E)
- 10.1
- Beta (1Y)
- 1.42
- Revenue Growth
- 5.88%
- EPS Growth
- 13.11%
- Country
- Hong Kong
- Employees
- 1,532
- Sector
- Communication Services
- Sector Strength
- 60
- Industry
- Electronic Gaming & Multimedia
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. It operates through the Game and TapTap platform segments. The company operates TapTap, a game communit...
XD, Inc. Financial Statement Overview
Summary
Financials reflect a strong turnaround: profitability improved sharply in 2024–2025 with strong margins and very low leverage (debt-to-equity down to ~0.03 in 2025) alongside strong ROE. Cash flow also strengthened materially with robust operating cash flow and free cash flow in 2024–2025. Key risk is growth durability—revenue declined in 2025 and earlier-period volatility plus limited 2025 cash conversion transparency reduces confidence.
Income Statement
84Very PositiveBalance Sheet
88Very PositiveCash Flow
79Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.99B | 5.76B | 5.01B | 3.39B | 3.43B | 2.70B |
| Gross Profit | 4.33B | 4.25B | 3.48B | 2.07B | 1.84B | 1.23B |
| EBITDA | 1.77B | 1.74B | 1.03B | 228.75M | -384.04M | -816.46M |
| Net Income | 1.49B | 1.54B | 811.53M | -83.04M | -553.50M | -863.81M |
Balance Sheet | ||||||
| Total Assets | 5.52B | 5.22B | 3.92B | 4.41B | 4.80B | 5.04B |
| Cash, Cash Equivalents and Short-Term Investments | 3.90B | 3.77B | 2.91B | 3.35B | 3.59B | 3.96B |
| Total Debt | 112.76M | 122.43M | 159.17M | 1.76B | 2.10B | 1.82B |
| Total Liabilities | 1.24B | 1.17B | 1.21B | 2.54B | 2.89B | 2.66B |
| Stockholders Equity | 4.03B | 3.81B | 2.51B | 1.71B | 1.89B | 2.30B |
Cash Flow | ||||||
| Free Cash Flow | 1.78B | 1.70B | 1.28B | 232.57M | -364.98M | -566.96M |
| Operating Cash Flow | 1.79B | 1.71B | 1.28B | 235.45M | -327.88M | -475.20M |
| Investing Cash Flow | -353.53M | -359.69M | 17.42M | 343.86M | 230.61M | -986.01M |
| Financing Cash Flow | -566.21M | -396.08M | -1.74B | -500.70M | -148.15M | 2.39B |
XD, Inc. Technical Analysis
Price Trends
Market Momentum
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 36.06 is below the 20-day moving average (MA) of 38.66, below the 50-day MA of 39.75, and below the 200-day MA of 55.79, indicating a bearish trend. The MACD of -0.89 indicates Positive momentum. The RSI at 39.09 is Neutral, neither overbought nor oversold. The STOCH value of 12.47 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2400.
XD, Inc. Peers Comparison
Overall Rating
HK:079980Outperform
HK:999978Outperform
HK:962672Outperform- HK:240071Outperform
HK:388868Neutral
HK:111941Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| HK:0799 | 80Outperform | HKD 3.14B | 5.36 | 17.09% | 5.45% | -1.22% | 1.26% |
| HK:9999 | 78Outperform | HKD 562.72B | 14.79 | 20.04% | 2.60% | 10.15% | -1.91% |
| HK:9626 | 72Outperform | HKD 42.17B | 23.41 | 9.84% | ― | 10.65% | 621.86% |
| HK:2400 | 71Outperform | HKD 17.37B | 10.13 | 38.10% | 1.11% | 5.88% | 13.11% |
| HK:3888 | 68Neutral | HKD 31.43B | 9.45 | 10.71% | 0.57% | -0.44% | 68.30% |
| Sector * | 60Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% |
| HK:1119 | 41Neutral | HKD 686.94M | 95.66 | 0.56% | ― | 4.87% | ― |
* Communication Services Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| HK:2400 | XD, Inc. | 36.06 | -34.29 | -48.74% | |
| HK:0799 | Igg (OTC) | 2.73 | -0.49 | -15.09% | |
| HK:3888 | Kingsoft Corp | 22.94 | -10.79 | -31.99% | |
| HK:1119 | iDreamSky Technology Holdings Limited | 0.30 | -0.52 | -63.25% | |
| HK:9626 | Bilibili, Inc. Class Z | 100.70 | -135.30 | -57.33% | |
| HK:9999 | Netease Inc | 176.70 | -38.31 | -17.82% |
XD, Inc. Corporate Events
XD Inc. Awards New Share Options With Major Allocation to CEO
XD Inc. has granted a new tranche of share options under its existing plan adopted in June 2021, issuing 124,420 options on October 21, 2026, all of which vest immediately and carry a ten-year validity at an exercise price aligned with the recent ave...
XD Inc. Grows Revenue but Faces Profit Decline and TapTap Overseas Weakness
XD Inc. reported a 7.5% year-on-year rise in revenue to RMB3.31 billion for the six months ended June 30, 2026, driven by growth in its online games business, where average monthly active users increased 10% and monthly paying users rose 8.9%. Despit...
XD Inc. Sets Board Meeting to Approve Interim Results and Consider Dividend
XD Inc. has scheduled a board meeting for August 28, 2026, to review and approve its interim results for the six months ended June 30, 2026. The session will also consider the publication of these results, signaling upcoming disclosure of the company...
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: Sep 08, 2026