Summary of China Online Gaming Industry Journal (Nov 2025 Edition) Industry Overview - The report focuses on the **China Online Gaming Industry**, highlighting key data and updates from various companies within the sector, including **Century Huatong**, **37 Interactive Entertainment**, **G-Bits**, and **Kingnet** [1][22]. Key Highlights 1. **Industry Growth**: - The China domestic game market reached **Rmb 31.4 billion** in October 2025, reflecting a **7.8% year-over-year (yoy)** and **5.7% month-over-month (mom)** growth, primarily driven by National Day promotions [1][22]. - The **PC gaming segment** grew by **29.4% yoy** and **1.9% mom** to **Rmb 7.23 billion**, with notable contributions from games like **Delta Force** (Tencent) and **Where Winds Meet** (NetEase) [1][22]. - The **mobile gaming segment** saw a **2.4% yoy** and **5.3% mom** increase to **Rmb 22.6 billion**, driven by promotions for **HoK** (Tencent) and **Genshin Impact** (miHoYo) [1][22]. 2. **Company Performance**: - **Century Huatong**'s game **Whiteout Survival** climbed to **3** in mobile grossing rank, adding over **Rmb 100 million** in sequential grossing [1][22]. - **Overseas grossing** from Chinese studios increased by **11.9% yoy** and **11.0% mom** to **US$ 1.80 billion**, with top performers including **Arknights** (Hypergryph) and **Genshin Impact** (miHoYo) [1][22]. 3. **Investment Outlook**: - Despite a soft sentiment in the A-share gaming sector, the report maintains a positive outlook for most A-share gaming companies, citing a rich game pipeline and competitive advantages in overseas markets [1][22]. - The recommended pecking order for A-share gaming companies is: **Century Huatong > Kingnet > Giant Network > G-Bits > 37 > Perfect World** [1][22]. Company Updates - **Century Huatong**: - Announced the first beta for **Uncharted Waters: Origin** and **La Tale Mobile**, indicating ongoing development and expansion in mobile gaming [2]. - **37 Interactive Entertainment**: - Launched a survival RPG **Survival in 33 Days**, which quickly entered the top 30 in WeChat mini game grossing [2]. - **G-Bits**: - Conducted the final beta for **Jiu Mu Zhi Ye**, with an official launch scheduled for December 18 [2]. - **Kingnet**: - Announced a new Android closed paid beta for **Soul Land** [3]. Additional Insights - The report emphasizes the potential for **portfolio diversification** through investments in the online gaming sector, especially in light of current market conditions focused on AI [1][22]. - The performance of mobile games during promotional periods, such as National Day, highlights the importance of marketing strategies in driving revenue growth [1][22]. This summary encapsulates the essential insights and data from the China Online Gaming Industry Journal, providing a comprehensive overview of the current state and future outlook of the sector.

证券之星消息，12月10日游戏板块较上一交易日上涨1.53%，吉比特领涨。当日上证指数报收于 3900.5，下跌0.23%。深证成指报收于13316.42，上涨0.29%。游戏板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日游戏板块主力资金净流入2.22亿元，游资资金净流出9919.89万元，散户资金净 流出1.23亿元。游戏板块个股资金流向见下表： ...

会议资料 二〇二五年十二月十八日 证券简称：吉比特 证券代码：603444 厦门吉比特网络技术股份有限公司 2025 年第三次临时股东会 2025 年第三次临时股东会会议资料 目 录 厦门吉比特网络技术股份有限公司 2025 年第三次临时股东会会议议程 一、会议开始，宣布出席会议的公司董事、高级管理人员和见证律师等相关 人员； 二、宣布本次会议议案的表决方法； 三、审议会议各项议案，参会股东发言和提问，公司董事、高级管理人员等 解答； | 2025 年第三次临时股东会会议议程 1 | | --- | | 议案一：关于制定《公司未来三年（2025-2027 年）股东回报规划》的议案 2 | | 议案二：关于制定《公司董事薪酬管理制度》的议案 6 | 2025 年第三次临时股东会会议资料 四、推举计票、监票小组成员； 五、股东投票表决； 八、复会； 厦门吉比特网络技术股份有限公司 二〇二五年十二月十八日 1 / 8 六、宣布现场会议表决结果； 七、休会（汇总现场与网络投票结果）； 九、宣读股东会会议决议； 十、见证律师宣读法律意见书； 十一、出席会议的公司董事、董事会秘书等签署会议文件； 十二、宣布会议结束。 2 ...

Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [2][40]. Core Views - The media sector is anticipated to experience a rebound, particularly in gaming and AI applications, with significant growth potential in these areas. The report emphasizes the importance of both sharpness and allocation in the current market environment [3][6]. - The gaming market is highlighted as entering a favorable valuation zone, with specific companies like Giant Network and Century Huatong recommended for investment [6][16]. - The film market is recovering, with the total box office reaching approximately 437.06 billion yuan, which is about 78% of the 2019 level, indicating a strong recovery trajectory [19][20]. Market Performance Review - The media sector index fell by 3.86% last week, underperforming the CSI 300 index, which rose by 1.28%, resulting in a relative underperformance of 5.14% [9][10]. - The total market capitalization of the media sector is approximately 19,595.28 billion yuan, with a circulating market value of 17,850.96 billion yuan [3]. Gaming Market Insights - Tencent's products dominate the iOS gaming market, with titles like "Peace Elite" and "Love and Deep Space" performing strongly [16]. - Upcoming game releases include "Rust" and "PUBG: BLACK BUDGET," which are expected to generate significant interest [18]. Film Market Overview - The film "Zootopia 2" has achieved a box office of nearly 23 billion yuan within six days, with projections suggesting it could help the total annual box office exceed 500 billion yuan [27]. - The total box office for the year has reached 437.06 billion yuan, with a recovery rate of approximately 78% compared to 2019 [19][22]. Important News and Company Announcements - The establishment of the first micro-short drama export base in Shanghai marks a significant development in the media industry [27]. - Tencent's Magic Cube Studio celebrated its 15th anniversary, announcing major updates for several IP titles, indicating ongoing innovation in the gaming sector [28].

Core Viewpoint - The media sector is expected to experience an overall upward trend in 2025, driven by favorable policies, new product cycles, and the expansion of Chinese cultural content overseas, alongside the growing demand for IP economy and advancements in AI technology [2][3] Group 1: Policy and Content Cycle - The gaming industry is benefiting from the normalization of license issuance, leading to a significant recovery in supply, while the video series industry is entering a critical window for content innovation and mechanism optimization due to the gradual implementation of new broadcasting regulations [3][9] - The AI development is entering a new phase, with expectations that by 2026, AI-native applications will expand further, transitioning from auxiliary tools to creative subjects, enhancing the production capacity of web literature and IP adaptation into films [3][12] - The trend of cultural content going overseas is maturing, with a shift from broad output to a focus on high-quality cultural core and localized adaptation, particularly in gaming, web literature, and short dramas [3][20] Group 2: IP Economy and Industry Trends - The IP economy is expected to flourish in 2026, with multiple commercialization paths for domestic IP content, consumer products, and services, leading to scaled growth and systematic value reassessment as the industry matures [3][19] - Leading companies in the media sector are positioned to benefit first from industry trends due to their advantages in business scale, technological reserves, and capital operations, particularly in digital media and gaming [4][19] - The film industry is projected to see box office revenues of 520 billion yuan in 2026 under neutral conditions, with expectations of recovery driven by quality content [35] Group 3: Social Community and AI Integration - Social community platforms are increasingly integrating AI to enhance efficiency and reduce costs across content interaction processes, with a focus on user engagement and monetization [22][25] - The advertising sector is witnessing rapid AI penetration, optimizing content production processes and reducing costs, with a shift towards automated and personalized advertising strategies [30][31] Group 4: Music and Publishing Industry Insights - The music industry is expected to maintain a stable structure, with Tencent Music and NetEase Cloud Music continuing to dominate, while exploring deeper value extraction from the industry chain [17][19] - The publishing industry is adapting to regulatory changes while focusing on the resilience of educational materials and the potential for IP-driven sales growth, with leading companies maintaining strong dividend yields [39][41]

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The report emphasizes the ongoing development and commercialization of AI applications, particularly in gaming and film sectors, as key areas for investment [3][4] - The upcoming release of major films like "Avatar 3" and new games is expected to drive market recovery and growth [4] Industry Overview - The media sector is experiencing a significant shift with AI applications becoming increasingly integrated into advertising, gaming, and film production [3] - The gaming industry is entering a peak season with new game launches expected to boost revenue significantly [3][4] Industry Data Summary - As of December 6, 2025, "Delta Force" ranks first in the iOS free game chart, while "Honor of Kings" leads the iOS revenue chart [10][14] - "Zootopia 2" has achieved a cumulative box office of over 3 billion yuan, ranking among the top 30 in domestic box office history [4][5] - The report highlights the stability of the top ranks in the WeChat mini-game market, with "Treasure Hunter" and "Endless Winter" leading the charts [30]

Summary of G-bits Conference Call Company Overview - **Company**: G-bits - **Industry**: Mobile and PC Gaming Key Points and Arguments Financial Performance - **Mobile Game Performance**: - "Ask the Dao Mobile Game" experienced a slight year-on-year decline but remained stable quarter-on-quarter. No significant growth was observed in November 2024 due to lack of special services [2][6] - "Friends Digging Treasure" had an average monthly revenue of less than 100 million RMB in Q3 and Q4, showing no significant changes [2][6] - "Ask the Dao PC Game" saw a moderate year-on-year decline from October to November, potentially due to version updates and post-pandemic user shifts [2][6] New Game Releases - **"Sword Legend"**: - Domestic version saw a slight decline in Q3 but did not meet expected stability; overseas versions in Hong Kong, Macau, and Japan showed similar trends [2][6] - Expected revenue for Q4 2025 is between 150 to 200 million RMB, with total revenue projected around 300 million RMB including overseas markets [2][9] - **New Game User Retention**: - A new game showed a slight decline in user retention, prompting design and gameplay adjustments, with a new version planned for January 2026 [2][8] - Compared to "One Thought of Immortality," the new game performed poorly, with September and October activities failing to significantly boost revenue [2][8] Revenue Structure and Marketing Strategy - **Revenue Changes**: - Significant changes in revenue structure were noted for "Friends Digging Treasure" since its launch, with high revenue sharing percentages from platforms like Tencent and Apple [3][4] - G-bits focuses on iOS for new game promotions, utilizing KOLs and KOCs for community marketing, with controlled costs and no reliance on high-profile celebrity endorsements [3][13][14] User Engagement and Retention - **User Feedback**: - "Longing for the Wild" received positive feedback from core users, but broader user performance remains uncertain [3][17] - The company aims to balance long-term operations and profitability while assessing the impact of new games on existing IPs [3][7] Operational Adjustments - **Team Structure**: - The company has seen a reduction in employee numbers from approximately 1,400 to around 1,100 due to project terminations, retaining core talent for new projects [22][23] - The issuance team remains stable, with a focus on competitive internal structures to enhance project outcomes [15][27] Future Outlook - **Financial Projections**: - New products are expected to have limited short-term profit contributions due to initial investment phases, with a gradual increase in revenue anticipated [12][19] - The company plans to conduct regular evaluations of project performance, leading to frequent but minor adjustments in strategy [24] Market Positioning - **Competitive Landscape**: - The Japanese market shows good potential for user lifecycle payments, but initial payments are low, with no immediate improvements [10] - The company is cautious about expanding into other regions until existing markets are stabilized [10] Conclusion - G-bits is navigating a challenging gaming landscape with mixed performance across its titles, focusing on strategic adjustments in marketing, user engagement, and operational efficiency to enhance profitability and market presence [2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31]

Group 1 - The core viewpoint of the news is that Jibite's stock performance and financial metrics indicate a strong growth trajectory, with significant increases in revenue and net profit year-over-year [1][2] - As of December 2, Jibite's stock price decreased by 0.86%, with a trading volume of 454 million yuan. The financing buy-in amount was 33.37 million yuan, while the financing repayment was 34.11 million yuan, resulting in a net financing buy of -735,900 yuan [1] - The total balance of margin trading for Jibite reached 1.063 billion yuan, with the financing balance of 1.058 billion yuan accounting for 3.35% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - For the period from January to September 2025, Jibite achieved an operating income of 4.486 billion yuan, representing a year-on-year growth of 59.17%, and a net profit attributable to shareholders of 1.214 billion yuan, up 84.66% year-on-year [1] - Jibite has distributed a total of 6.92 billion yuan in dividends since its A-share listing, with 3.348 billion yuan distributed over the past three years [2] - As of September 30, 2025, Jibite's top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder, holding 6.9038 million shares, a decrease of 70,000 shares from the previous period [2]

Meeting Announcement - The company will hold its third extraordinary general meeting of 2025 on December 18, 2025 [1][21] - The meeting will utilize a combination of on-site and online voting methods [1][21] - The on-site meeting will take place at the company's conference room in Shenzhen [1][12] Voting Procedures - Shareholders can vote through the Shanghai Stock Exchange's online voting system during specified trading hours on the meeting day [1][2] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [3][4] - Voting must be completed for all proposals before submission [5] Attendance - Shareholders registered by the close of trading on the registration date are eligible to attend the meeting [6] - The meeting will also be attended by the company's directors, senior management, and appointed lawyers [6][7] Registration Details - Registration for the on-site meeting will occur on December 16, 2025, from 9:00 to 18:00 [12] - Attendees must present identification and relevant documentation for verification [10][11] Meeting Agenda - The meeting will review proposals previously approved by the board, including the shareholder return plan for 2025-2027 and the director remuneration management system [18][19][20]

Group 1 - The core point of the article is that G-bits (SH 603444) held its sixth board meeting on December 1, 2025, to discuss the proposal for establishing a director remuneration management system [1] - For the year 2024, G-bits' revenue composition is as follows: game revenue accounts for 98.75%, other revenue for 0.76%, and other business for 0.49% [1] - As of the time of reporting, G-bits has a market capitalization of 31.8 billion yuan [1]