Group 1 - The board of directors of Xiamen G-bits Network Technology Co., Ltd. held its tenth meeting of the sixth session on December 29, 2025, with all 8 directors present [1] - The meeting was convened in accordance with the Company Law of the People's Republic of China and the company's articles of association, and was chaired by Chairman Lu Hongyan [1] - The board approved the proposal to establish a compensation management system for senior management with a unanimous vote of 8 in favor, 0 against, and 0 abstentions [2] Group 2 - The purpose of the new compensation management system is to strengthen the management of senior management compensation, establish effective incentive and restraint mechanisms, and improve the company's compensation management system [2] - The proposal was reviewed and approved by the company's Compensation and Assessment Committee prior to the board meeting [3] - The details of the senior management compensation management system were disclosed on the Shanghai Stock Exchange website on the same day [3]

Group 1 - G-bits stock increased by 1.28%, reaching 428.92 CNY per share, with a trading volume of 145 million CNY and a turnover rate of 0.47%, resulting in a total market capitalization of 30.9 billion CNY [1] - G-bits, established on March 26, 2004, and listed on January 4, 2017, specializes in the creative planning, development, and commercialization of online games [1] Group 2 - Xinjiang Qianhai United Fund holds G-bits as a significant investment, with the Qianhai United Hongxin Mixed A Fund (002780) owning 3,000 shares, accounting for 3.05% of the fund's net value, ranking it as the eighth-largest holding [2] - The Qianhai United Hongxin Mixed A Fund has achieved a year-to-date return of 39.1%, ranking 2097 out of 8087 in its category, and a one-year return of 36.88%, ranking 2065 out of 8085 [2] - The fund manager, Zhang Yong, has been in position for 8 years and 276 days, with the fund's total asset size at 55.7846 million CNY and a best return of 13.32% during his tenure [2]

（2025年12月制定） 第一章 总则 厦门吉比特网络技术股份有限公司 高级管理人员薪酬管理制度 第一条 为加强厦门吉比特网络技术股份有限公司（以下简称"公司"）高 级管理人员的薪酬管理，建立科学有效的激励和约束机制，健全公司薪酬管理 体系，根据《上市公司治理准则》等有关法律、行政法规、部门规章、规范性 文件及《厦门吉比特网络技术股份有限公司章程》（以下简称"《公司章程》" ）的规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司高级管理人员。高级管理人员指公司的总经理、 副总经理、财务总监、董事会秘书和经董事会聘任担任公司其他管理职务且被 董事会认定属于公司高级管理人员的其他人。 第三条 公司高级管理人员薪酬管理遵循以下原则： （一）公平原则：薪酬水平应与公司规模、经营业绩相匹配，同时参考市 场薪酬水平，保持合理竞争力； （二）责、权、利匹配原则：薪酬反映岗位价值及所承担责任与风险的大 小，实现责任、权利与利益相协调； 第五条 公司高级管理人员薪酬方案由董事会批准，向股东会说明，并予以 充分披露。 第六条 若公司发生亏损，应当在高级管理人员薪酬审议各环节特别说明高 级管理人员薪酬变化是否符合业绩联 ...

证券代码：603444 证券简称：吉比特 公告编号：2025-049 为加强公司高级管理人员的薪酬管理，建立科学有效的激励和约束机制，健 全公司薪酬管理体系，根据《上市公司治理准则》等有关法律、行政法规、部门 规章、规范性文件及《公司章程》的规定，结合公司实际情况，制定《公司高级 管理人员薪酬管理制度》。 本议案已经公司董事会薪酬与考核委员会审议通过。 详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《厦门吉 比特网络技术股份有限公司高级管理人员薪酬管理制度（2025 年 12 月制定）》。 特此公告。 厦门吉比特网络技术股份有限公司 第六届董事会第十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 厦门吉比特网络技术股份有限公司（以下简称"公司"）于 2025 年 12 月 24 日以电子邮件方式发出召开第六届董事会第十次会议的通知，并于 2025 年 12 月 29 日以通讯方式在公司会议室召开会议。本次会议应出席董事共 8 名，实 际出席会议董事 8 名。公司全 ...

Group 1 - The core point of the article is that G-bits (SH 603444) held its 10th board meeting on December 29, 2025, to discuss the proposal for establishing a senior management compensation management system [1] - For the year 2024, G-bits' revenue composition is as follows: game revenue accounts for 98.75%, other income accounts for 0.76%, and other business accounts for 0.49% [1] - As of the time of reporting, G-bits has a market capitalization of 30.5 billion yuan [1] Group 2 - The article also highlights a significant event involving Moutai's distributor conference, where over 2,000 attendees gathered to discuss major changes related to Moutai's pricing and distribution [1] - Chairman Chen Hua emphasized that distributors can no longer "make money while lying down" [1]

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [3] Core Views - As the winter vacation and Spring Festival approach, high DAU products like "Delta Action" and "Supernatural Action Group" are expected to achieve new highs in DAU and revenue, with market consensus strengthening [3] - Emphasis on cross-year allocation opportunities and companies with significant growth potential, such as Tencent Holdings, Giant Network, and Century Huatong, is recommended [3] - New product launches and updates in gaming and film content are highlighted as key trading opportunities [3][4] Summary by Sections Gaming Sector - Major products like "Honor of Kings," "Delta Action," and "Supernatural Action Group" are expected to strengthen their market position through frequent content updates [5] - Companies exploring AI integration in gaming are noted for their potential to drive value reassessment [5] - Recommendations include Tencent Holdings, NetEase, and several others for their innovative approaches [5] Film and Television Sector - The film "Fast Life 3" is scheduled for release during the 2026 Spring Festival, with recommendations to monitor related production and distribution companies [4] - The implementation of new policies by the National Radio and Television Administration is expected to enhance content creation and development in the long-form drama sector [4] Internet Sector - ByteDance's launch of the general Agent model Seed1.8 is noted for its multi-modal capabilities, impacting traditional business models [6] - Continued focus on AI technology development and its application in various sectors, including education and e-commerce, is advised [6] New Business Models - The rise of "group broadcasting" is seen as a shift towards systematic growth, with recommendations for companies directly involved in this model [7] - Companies benefiting from the growth of group broadcasting, such as Kuaishou and Bilibili, are highlighted [7] Market Performance - The A-share market saw a slight decline in the media sector, ranking 26th among all industries during the specified period [12] - Notable stock performance includes Baida Qiancheng (+20.08%) and Rebate Technology (+14.34%) [15][19] Industry News - "Chinese Tales 2" will exclusively launch on Bilibili starting January 1, 2026 [9] - The 2025 mini-game market is projected to reach 61 billion yuan, growing by 22% [9][24]

Group 1 - The core logic of the report revolves around "AI and IP coexisting," indicating that the media industry is expected to experience high overall prosperity, with profits and valuations likely to resonate together. The media industry is projected to rise by 24% in 2025, driven by breakthroughs in AI large models and performance releases [1][22] - The media industry's revenue for the first three quarters of 2025 grew by 6% year-on-year, while net profit attributable to shareholders increased by 38%. In Q3 alone, net profit growth reached 61%, significantly enhancing profitability [1][26] - In the gaming sector, both supply and demand are robust, with revenue and net profit increasing by 24% and 89% year-on-year, respectively. The film industry benefited from high-quality IP content, with net profit soaring by 110% year-on-year [1][28] Group 2 - AI has become the core growth engine, with accelerated application across multiple fields. Major companies are rapidly iterating large models, establishing a foundation for the application ecosystem. In the gaming sector, relaxed licensing has boosted new game supply, while AI is restructuring development processes to reduce costs and enhance efficiency [2][47] - The film industry is experiencing a resurgence due to supportive policies like the "21 Regulations," which have relaxed content restrictions. AI video tools and short dramas are expected to expand the industry significantly, benefiting companies like Mango TV and Shanghai Film [2][39] - In marketing, AI continues to empower programmatic advertising platforms, optimizing algorithms to improve customer acquisition efficiency. Companies like HuiLiang Technology and Inertia Media are expected to benefit significantly [2][14] Group 3 - The IP business is undergoing multi-dimensional upgrades, with overseas expansion becoming a core growth driver. Categories such as online literature, games, and trendy toys are rapidly increasing their market share abroad, with companies like Pop Mart seeing significant growth in overseas revenue [3][10] - The expansion of categories continues to deepen, with IP extending from online content to offline derivatives and theme parks, achieving full-scene coverage. The capitalization process is accelerating, with companies like Card Game and 52TOYS filing for listings [3][11] - Leading companies like Yuewen Group and Aofei Entertainment are leveraging their rich IP reserves and full industry chain operational advantages to lead the market [3][14]

Group 1: Industry Overview - The media industry has experienced a cumulative increase of approximately 24% in 2025, driven by strong earnings and the impact of AI on profitability [15][16][17] - AI is enhancing the profitability of the media sector, potentially driving long-term growth and a prosperous content ecosystem [16][18] Group 2: AI and Its Applications - Continuous iteration and upgrades of large models by domestic and international tech giants are laying the foundation for a thriving AI application ecosystem [35][36] - The gaming industry is witnessing robust supply and demand, with a significant increase in the issuance of game licenses, totaling 1,532 in 2025, a 29% year-on-year increase [41][42] - AI is transforming the game development process, improving efficiency and innovation in gameplay design and narrative structure [53][54] Group 3: Sector-Specific Insights - The gaming sector's revenue grew by 24% year-on-year in 2025, with a notable 29% increase in Q3 alone, driven by new game releases and strong user engagement [23][25] - The film industry saw a 9% increase in revenue year-on-year, with a remarkable 110% increase in net profit, largely attributed to successful IP content like "Nezha 2" [24][31] - The advertising and marketing sector experienced a 6% revenue growth year-on-year, with a 14% increase in net profit in Q3, supported by AI-driven cost optimization [28][33] Group 4: Investment Recommendations - Recommended companies in the gaming sector include Giant Network, Kying Network, and Tencent Holdings, which are well-positioned to benefit from the ongoing AI integration [4][41] - In the film sector, companies like Mango Super Media and Shanghai Film are highlighted as key players benefiting from supportive policies and AI tools [4][24] - For the marketing sector, recommended companies include Huimai Technology and Inertia Media, which are expected to gain from AI advancements [4][28] Group 5: IP Expansion and Capitalization - The expansion of IP companies into overseas markets is becoming a core growth driver, with a focus on diversifying product categories [39][40] - Capitalization efforts are accelerating the growth of IP companies, with notable recommendations including Reading Group and Aofei Entertainment [39][40]

Core Viewpoint - The A-share market is experiencing a "new normal" in cash dividends, with an increasing number of companies adopting quarterly cash dividends and multiple distributions within a year, reflecting a shift towards enhancing investor returns and optimizing market ecology [1][5]. Group 1: Increase in Cash Dividends - As of December 23, 2025, the number of companies in the A-share market that distributed cash dividends in the third quarter reached 270, with expectations for further increases [2]. - The trend of quarterly cash dividends has been growing, with the number of companies distributing dividends in the third quarter rising from fewer than 10 before 2019 to 60 in 2023, and projections indicate a surge to over 300 in 2024 [2]. Group 2: Generosity in Dividend Payments - Companies are showing significant generosity in their cash dividends, with some, like Gigabit (603444), announcing a cash dividend of 6.00 yuan per share, totaling approximately 431 million yuan [3]. - Several companies reported cash dividend yields exceeding 2% for the third quarter of 2025 [3]. Group 3: Increase in Dividend Frequency - The number of companies conducting multiple cash dividends within a year has also increased, indicating a developing ecosystem for more frequent distributions [4]. - For instance, Yuyin Co. (002177) and 37 Interactive Entertainment (002555) have both implemented multiple cash dividend plans in 2025, showcasing the trend of increased distribution frequency [4]. Group 4: Impact on Market Ecology - Analysts believe that the enhancement of cash dividends will fundamentally change the A-share market's previous focus on financing over returns, promoting balanced development in investment and financing [5][6]. - Increased cash dividends are expected to reduce speculative trading and encourage long-term value investment, creating a virtuous cycle of financing, development, and returns [5][6]. - The rise in cash dividends is seen as a sign of market maturity and prosperity, with more companies participating in this trend likely to enhance the overall investment value in the market [6].

Investment Rating - The report maintains a "Buy" rating for several companies including Xindong Company, Shenzhou Taiyue, Kaiying Network, and Jibite, while Perfect World is rated as "Hold" [8][9]. Core Insights - The gaming industry in China is expected to achieve a sales revenue of 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.68%, driven by an increase in user ARPU [1]. - Mobile games are projected to generate 257.08 billion yuan in revenue, up 7.92% year-on-year, while client games are expected to see a significant recovery with a revenue of 78.16 billion yuan, marking a 14.97% increase [1]. - Mini-games and console games are highlighted as the biggest growth areas, with mini-games expected to reach 53.54 billion yuan, a 34.39% increase, and console games projected at 8.36 billion yuan, an 86.33% increase [2]. - The overseas market for self-developed games is anticipated to reach 20.46 billion USD, growing by 10.23%, with strategy games dominating the revenue share [3]. Summary by Sections Overall Market Performance - The gaming market is experiencing steady growth, supported by long-term operations and innovative new products [1]. - The user base is expected to exceed 683 million, with a growth of 1.35% year-on-year [1]. Mini-games and Console Games - Mini-games are benefiting from lightweight features and social media platforms, significantly lowering customer acquisition costs [2]. - Console games are seeing a surge due to hardware upgrades and popular titles driving sales [2]. Overseas Market - The overseas revenue for self-developed mobile games is projected to be 18.48 billion USD, with a growth rate of 13.16% [3]. - The North American, Japanese, and Korean markets contribute 57.81% of the overseas revenue, indicating a high market concentration [3]. Investment Recommendations - The report suggests focusing on companies with long-term operations and strong overseas strategy game capabilities, such as Giant Network [4]. - New product cycles and companies transitioning to platform-based business models are also recommended for investment [4].