Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The gaming sector is expected to see a significant increase in revenue due to the upcoming holiday season and the launch of new games, with notable titles like "Nine Muses of the Wild" and "Goose Duck Kill" generating high anticipation [3] - The film industry is highlighted by the upcoming release of "Avatar 3," which has already garnered significant pre-sale interest, indicating strong potential for box office performance [3] - The emotional economy in China is projected to grow substantially, with the market expected to reach 8.1 trillion yuan by 2030, driven by online platforms and AI technology [11][12] Summary by Sections 1. Soul: Leading Immersive Social Platform - Soul is positioned as a leading platform in the immersive social space, leveraging AI to enhance user engagement and emotional value [11][17] - The emotional economy in China is projected to grow from 2.4 trillion yuan in 2024 to 8.1 trillion yuan by 2030, with a CAGR of 22.2% [12] - The platform reported a revenue of 16.83 billion yuan in the first eight months of 2025, reflecting a year-on-year growth of 17.82% [21][26] 2. Industry Data Overview - "Delta Action" topped the iOS free game chart, while "Honor of Kings" led the iOS revenue chart as of December 13, 2025 [27][31] - The film "Zootopia 2" achieved the highest weekly box office, indicating strong audience interest [41] 3. Industry News Summary - The release of GPT-5.2 is expected to enhance AI capabilities in the industry, while Disney's investment in OpenAI emphasizes the growing value of content IP [3] - The gaming sector is experiencing a surge, with "Delta Action" achieving record daily revenue following a new season launch [3] 4. Announcement Summary - Recent changes in leadership at various media companies and the successful "hat removal" of Caesar Culture highlight ongoing developments in the industry [3] 5. Sector Performance Overview - The A-share media sector performed moderately in the market, with the gaming sector showing strong performance [3]

Core Viewpoint - Jibite (603444.SH) has announced the completion of share reduction plans by two individuals, indicating a strategic shift in ownership structure [1] Group 1: Share Reduction Details - Mr. Chen Tuolin has reduced his holdings by 153,800 shares, which accounts for 0.2135% of the company's total share capital, and his reduction plan is now complete [1] - Ms. Liang Lili has reduced her holdings by 3,300 shares, representing 0.0046% of the company's total share capital, and her reduction plan is also complete [1]

证券代码：603444 证券简称：吉比特 公告编号：2025-047 厦门吉比特网络技术股份有限公司 5%以上股东、董事及高级管理人员 减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 5%以上股东、董事及高级管理人员持股的基本情况：减持计划实施前，厦 门吉比特网络技术股份有限公司（以下简称"公司"）董事陈拓琳先生持有公司 无限售条件流通股 8,240,025 股，占公司总股本的 11.4379%；公司副总经理兼 董事会秘书梁丽莉女士持有公司无限售条件流通股 13,420 股，占公司总股本的 0.0186%。 减持计划的实施结果情况：公司分别于 2025 年 8 月 22 日、2025 年 8 月 27 日披露了相关减持计划公告（公告编号：2025-034、2025-035），董事陈拓琳先 生计划自 2025 年 9 月 15 日至 12 月 14 日期间通过集中竞价交易方式减持股份 数量不超过 250,000 股，即不超过公司总股本的 0.3470%；副总经理兼董事会 秘书梁丽莉女士 ...

Group 1 - The company G-bits announced that the share reduction plan by shareholders, directors, and senior management with over 5% holdings has been completed [1] - Director Chen Tuolin planned to reduce holdings from September 15, 2025, to December 14, 2025, by up to 250,000 shares, but actually reduced 153,800 shares, accounting for 0.2135% of the total share capital, with a total reduction amount of 86,108,875.15 yuan, bringing his current holding percentage down to 11.2245% [1] - Deputy General Manager and Board Secretary Liang Lili planned to reduce holdings by up to 3,350 shares, but actually reduced 3,300 shares, accounting for 0.0046% of the total share capital, with a total reduction amount of 1,912,670.00 yuan, bringing her current holding percentage down to 0.0140% [1] - The uncompleted portion of the reduction plan has been terminated [1]

Summary of Key Points Core Viewpoint - The announcements detail the share reduction plans of two board members of the company, indicating a strategic move in their personal investment decisions while also reflecting on the company's stock performance [1] Group 1: Share Reduction Plans - Director Chen Tuolin plans to reduce his holdings by up to 250,000 shares from September 15, 2025, to December 14, 2025, having already reduced 153,800 shares, which is 0.2135% of the total share capital [1] - Vice General Manager and Board Secretary Liang Lili plans to reduce her holdings by up to 3,350 shares from September 17, 2025, to December 16, 2025, having already reduced 3,300 shares, which is 0.0046% of the total share capital [1]

Group 1 - The core viewpoint of the report is that G-bits (603444.SH) is rated as "Buy" due to the promising potential of its new game "Jiumu Zhi Ye" [1] - The game has a broad audience and innovative gameplay, which may realize the potential of the market through "reducing costs and enhancing enjoyment" [1] - Long-term content updates are expected to support sustained high revenue for the core game, with overseas expansion likely to contribute additional growth [1] - The imminent launch of "Jiumu Zhi Ye" is anticipated to drive significant performance growth, reinforcing the "Buy" rating [1] Group 2 - Risks include the possibility that the new game's launch timing or revenue performance may fall short of expectations, and that revenue from older games may decline more than anticipated [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report emphasizes that the upcoming game "九牧之野" (Nine Warriors) is expected to drive significant revenue growth due to its innovative gameplay and strong player interest, with a public test scheduled for December 18, 2025 [4][12] - The company anticipates substantial increases in net profit for the years 2025 to 2027, projecting net profits of 16.32 billion, 19.28 billion, and 23.12 billion yuan respectively, with corresponding EPS of 22.65, 26.77, and 32.10 yuan [4][48] Financial Summary - The company's revenue is projected to recover from 3.696 billion yuan in 2024 to 5.855 billion yuan in 2025, reflecting a year-on-year growth of 58.4% [6] - The gross margin is expected to improve from 87.9% in 2024 to 93.6% in 2025, indicating enhanced profitability [6] - The net profit margin is projected to increase from 25.6% in 2024 to 27.9% in 2025, showcasing operational efficiency [6] - The company's P/E ratio is forecasted to decrease from 34.3 in 2024 to 19.9 in 2025, suggesting a more attractive valuation as earnings grow [6] Game Development Insights - "九牧之野" is designed to cater to a broad audience with its 三国 (Three Kingdoms) theme and innovative SLG+RTS gameplay, which combines strategic planning with real-time combat [5][12] - The game aims to reduce player fatigue and spending through mechanisms like "前 200 抽橙卡不重复" (first 200 draws guarantee no duplicates), which is expected to enhance player retention and engagement [5][24] - The report highlights the game's strong pre-launch performance, with over 100,000 pre-registrations within a short period, indicating positive market reception [4][37] Market Positioning - The company is positioned to compete effectively in the SLG market, with "九牧之野" expected to join the ranks of top-performing games like "万国觉醒" (Rise of Kingdoms) and "三国志·战略版" (Three Kingdoms: Strategy Edition) [45][46] - The report notes that the game's innovative features and strong marketing strategies, including partnerships with popular streamers, are likely to drive its success upon launch [37][43]

格隆汇12月11日丨吉比特(603444.SH)在投资者互动平台表示，公司《问剑长生（境外版）》已于2025 年11月27日在中国港澳台、韩国等地上线，其他境外区域尚在规划中。 ...

有投资者在互动平台向吉比特提问："《问剑长生》后续将在中国港澳台、欧美等地区陆续上线。请问 目前公司产品有出口到欧盟的吗？" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：公告君 针对上述提问，吉比特回应称："尊敬的投资者，您好！公司《问剑长生（境外版）》已于2025年11月 27日在中国港澳台、韩国等地上线，其他境外区域尚在规划中。感谢您对公司的关注！" ...

Summary of Key Points from the Conference Call Industry Overview - The gaming sector's valuation has reached a lower limit of 15 times, with expectations of maintaining high prosperity and performance growth certainty through 2026, making it an attractive investment opportunity [1][3][25] - The A-share market recommends a "3+2" combination: Giant Network, Kaiying Network, and Century Huatong as stable fundamentals; Gibit and 37 Interactive are positioned lower but showing recent improvements [1][4] Company-Specific Insights Tencent - Expected to launch multiple mid-sized new games in 2026, with a diverse range of genres [7] - Notable titles include "Under One Person," "Rock Kingdom World," and "Monster Hunter Traveler" [7] NetEase - Anticipates additional revenue of 2-3 billion from international IP adaptations and domestic MMO games [2][24] - Key upcoming titles include "Forgotten Sea" and "Infinite," with the former developed by the team behind "Identity V" [7][24] Giant Network - "Famous General Kill" is expected to contribute 200-300 million in profit, with "Supernatural Action Group" potentially increasing annual revenue to 7-8 billion if successful during the Spring Festival [10][12] Kaiying Network - The "Legend Box" platform is driving growth, with DAU expected to reach 650,000 to 700,000 by the end of 2026, and annual advertising revenue projected at around 2.4 billion [10][13] Bilibili - Strong growth in advertising business, with expectations to outperform the overall internet advertising growth rate [21] - Anticipated game revenue growth in the low double digits, with "Three Kingdoms Hundred Generals Card" projected to generate 1-1.5 billion [21] Gibit - Recent performance impacted by a decline in revenue from "Sword of the World," but new game "Nine Mu of the Wild" expected to contribute 1-1.5 billion [19][20] Heart Company - Facing stock price pressure but has potential due to rapid progress in programmatic advertising, with profits expected to reach 150-200 million in 2026 [22] Market Trends and Predictions - The gaming sector is expected to maintain strong growth certainty compared to other sectors, with a focus on identifying high-certainty investment targets [25] - The first quarter of 2026 is anticipated to be stable, with significant product launches concentrated in the summer [11][25] Additional Insights - The competitive landscape is expected to increase in 2026, but companies will focus on their strengths without excessive suppression of smaller firms [11] - The overall sentiment is optimistic for the gaming industry, with a recommendation for investors to strategically select stocks based on performance certainty and market conditions [25]