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 会议资料 二〇二五年九月四日 料 目 录 厦门吉比特网络技术股份有限公司 五、股东投票表决； 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）； 一、会议开始，宣布出席会议的公司董事、监事、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、监事、高级管理 人员等解答； 四、推举计票监票小组成员； 八、复会； 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、监事、董事会秘书等签署会议文件； 十二、宣布会议结束。 厦门吉比特网络技术股份有限公司 二〇二五年九月四日 料 议案一 关于取消监事会并修订《公司章程》及其附件的议案 一、取消监事会的情况 根据《中华人民共和国公司法》 （以下简称" 《公司法》"）、 《上市公司章程指 引》等相关法律、行政法规、部门规章、规范性文件的最新规定，结合公司实际 情况，公司将不再设置监事会，监事会的职权由公司董事会审计委员会行使， 《公 司监事会议事规则》相应废止。同时，职工人数三百人以上 ...

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 年第二次临时股东会 会议资料 2025 年第二次临时股东会会议资 料 厦门吉比特网络技术股份有限公司 2025 年第二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、监事、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； 二〇二五年九月四日 料 2025 年第二次临时股东会会议资 目 录 | 年第二次临时股东会会议议程 1 | 2025 | | --- | --- | | 关于取消监事会并修订《公司章程》及其附件的议案 2 | | 三、审议会议各项议案，参会股东发言和提问，公司董事、监事、高级管理 人员等解答； 四、推举计票监票小组成员； 五、股东投票表决； 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）； 八、复会； 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、监事、董事会秘书等签署会议文件； 十二、宣布会议结束。 厦门吉比特网络技术股份有限公司 （一）《公司章程》主要修订情况 | 修订前 | 修订后 | | --- | --- | | ...

Core Viewpoint - The recent surge in G-bits stock price, which increased by 66% over the past 60 trading days, raises concerns about the sustainability of its high growth, especially following significant insider selling by executives [1][7]. Financial Performance - The company's mid-year report showed revenue and net profit growth of 28.49% and 24.50%, respectively, but this growth is heavily reliant on the performance of a single new game, "Zhang Jian Chuan Shuo," which has already seen a decline in rankings and revenue [1][2]. - The older product "Wen Dao Mobile" experienced a 7.25% decline in revenue year-on-year, indicating a lack of natural growth momentum [2]. Strategic Challenges - The company faces a strategic dilemma with a lack of new product launches, as the anticipated SLG project "Jiu Mu Zhi Ye" is still in testing with no confirmed release date [4]. - The focus on short-term monetization has led to a decline in innovation capabilities, as evidenced by the quick cessation of the project "Fei Anonymous Directive" after just one year of operation [4]. Governance Issues - The dividend policy appears to favor the controlling shareholder, with a proposed payout of 66 yuan per 10 shares, resulting in a high dividend ratio of 73.46%, while R&D investment remains low at 14.17% of revenue [3]. - The recent stock sales by executives, particularly by Liang Lili, who sold shares from a 2018 stock incentive plan, suggest a lack of long-term commitment from the core team [3]. Market Sentiment - A significant reduction in the number of shareholders by 16.51% indicates a potential exit of retail investors, aligning with a drop in institutional holdings from 53 to 14 [6]. - Following the insider selling announcements, there was a net outflow of 29.99 million yuan in principal funds, reflecting market concerns about further selling by original shareholders [7]. Conclusion - The combination of high executive selling, reliance on a single product for growth, insufficient R&D investment, and governance issues suggests that G-bits may be facing a critical juncture. If new products do not perform well in the upcoming quarter, the current high valuation of 479 yuan could be unsustainable [7].

Core Viewpoint - The recent surge in G-bits stock price, driven by short-term performance, raises concerns about sustainability and underlying governance issues [1][6]. Financial Performance - G-bits reported a revenue growth of 28.49% and a net profit increase of 24.50% in the mid-year report, but this growth is heavily reliant on the new game "杖剑传说," which has shown signs of declining performance [2]. - The revenue from existing products, such as "问道手游," has decreased by 7.25% year-on-year, indicating a lack of natural growth momentum [2]. - Overseas revenue has dropped by 21.01% year-on-year, with management expressing doubts about the likelihood of developing successful new products [2]. Governance Issues - The dividend policy appears to favor the controlling shareholder, with a proposed payout of 66 yuan per 10 shares, resulting in a 73.46% payout ratio, while R&D investment is only 14.17% of revenue [3]. - The reduction in the number of R&D personnel by half over four years raises concerns about the company's commitment to innovation [3]. - Executives, including the secretary, are cashing out significant portions of their shares, reflecting a lack of long-term investment commitment [3]. Strategic Challenges - The company faces delays in new product launches, with the SLG project "九牧之野" still in testing and no confirmed release date [4]. - The focus on short-term monetization has led to a decline in innovation capabilities, as seen with the quick shutdown of the project "非匿名指令" after just one year [4]. - Despite claims of developing an AI gaming platform in collaboration with NVIDIA, the project remains in the incubation stage without generating revenue [4]. Market Sentiment - A significant reduction in the number of shareholders by 16.51% indicates a potential exit of retail investors, aligning with a drop in institutional holdings from 53 to 14 [5]. - Following the announcements of executive share reductions, there has been a net outflow of 29.99 million yuan from the market, raising concerns about further sell-offs by original shareholders [5]. Conclusion - The combination of executive sell-offs, declining game performance, and governance issues suggests that G-bits may be facing a critical juncture, with the current high valuation potentially being unsustainable if new products do not perform well in the upcoming quarter [6].

以最新收盘价计算，A股平均股价为13.21元，其中股价超过100元的有138只，相比上一个交易日减少3 只。 市场表现方面，收盘股价超百元股中，今日平均下跌0.18%，跑赢沪指1.58个百分点。今日上涨的有51 只，涨停的有瑞芯微、开普云等，下跌的有87只，跌幅居前的有热景生物、广生堂等。 追溯发现，最新百元股近一个月平均上涨25.50%，其间沪指上涨5.75%，涨幅居前的有东芯股份、思泉 新材、浙海德曼等，涨幅分别为171.35%、133.12%、121.91%，今年以来平均涨幅为72.33%，强于沪指 58.94%，累计涨幅居前的有胜宏科技、北方长龙、浙海德曼等，涨幅分别为416.63%、368.65%、 322.03%。 今日有1只股收盘价首次突破百元大关，开普云最新收盘价113.70元，上涨20.00%，全天换手率0.08%， 成交额6.00亿元，全天主力资金净流入1933.92万元。 最新百元股中，以申万一级行业分类，较为集中的行业有电子、计算机、医药生物等，其中，电子行业 有44只股上榜，占百元股总数的比例为31.88%；有19只股来自计算机行业，占比13.77%；17只股来自 医药生物行业，占比 ...

Group 1 - The core viewpoint of the news is that brokerage ratings are crucial for investors, with nearly 200 A-share listed companies receiving "buy" ratings on August 27, focusing on industries such as software development, chemical pharmaceuticals, gaming, chemical raw materials, beauty care, home appliances, and liquor [1][4]. Group 2 - Kingsoft Office received significant attention from brokerages, with eight reports in the past month, ranking first among stocks promoted by brokerages on August 27. The report from Cinda Securities highlighted a noticeable recovery in revenue growth and the positive impact of AI on efficiency [4][5]. - East China Pharmaceutical also garnered attention, with eight brokerage reports in the past month. Southwest Securities projected EPS for 2025-2027 to be 2.31 yuan, 2.48 yuan, and 2.71 yuan, maintaining a "buy" rating [4][5]. - Gigabit received multiple brokerage reports, indicating strong performance and growth potential in the gaming sector [4][5]. - Other companies such as Hualu Hengsheng, Marubi Biotechnology, Hisense Visual, Huadian Co., Ltd., Jianshiyuan, Poly Development, and Tongli Co., Ltd. also received attention from various brokerages in the past month [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][20] Core Views - The company experienced a revenue growth of 29% in the first half of 2025, with a significant acceleration in revenue from new game launches in the second quarter [1][8] - The performance of the new game "杖剑传说" has been outstanding, contributing to the company's revenue and profit growth [2][17] - The company has adjusted its profit forecasts upwards due to the strong performance of its new products, expecting net profits of 1.45 billion, 1.54 billion, and 1.63 billion for 2025, 2026, and 2027 respectively [3][17] Financial Performance Summary - In the first half of 2025, the company's revenue reached 2.52 billion yuan, a year-on-year increase of 28.5%, while the net profit attributable to the parent company was 650 million yuan, up 24.5% [1][8] - The gross margin for the first half of 2025 was 92.3%, an increase of 4.1 percentage points year-on-year, while the overall expense ratio rose slightly to 54.4% [1][12] - The company’s revenue from self-operated games increased by 51% to 1.52 billion yuan in the first half of 2025, with expectations for continued growth [17][19] Product and Market Insights - The company is focusing on the global release of self-developed products "杖剑传说" and "问剑长生," and is also set to operate the Three Kingdoms-themed SLG game "九牧之野" [2][16] - The domestic game "问道手游" saw a revenue decline of 7.3% to 1.07 billion yuan, while new games launched in 2024 and 2025 contributed to incremental revenue and profit [2][16] - The overseas game revenue decreased by 21% to 200 million yuan, primarily due to reduced revenue from "飞吧龙骑士" and "一念逍遥" [2][16]

Core Viewpoint - G-bits has shown significant stock performance with a year-to-date increase of 117.18%, indicating strong market interest and potential growth in the gaming sector [1][2]. Group 1: Stock Performance - As of August 27, G-bits' stock price reached 467.70 CNY per share, with a market capitalization of 33.694 billion CNY [1]. - The stock has experienced a 2.01% increase on the day, with a trading volume of 2.39 billion CNY and a turnover rate of 0.72% [1]. - Over the past five trading days, the stock has risen by 11.04%, 34.81% over the last 20 days, and 70.58% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, G-bits reported a revenue of 2.518 billion CNY, reflecting a year-on-year growth of 28.49% [2]. - The net profit attributable to shareholders for the same period was 645 million CNY, marking a 24.50% increase compared to the previous year [2]. - Since its A-share listing, G-bits has distributed a total of 6.016 billion CNY in dividends, with 2.444 billion CNY paid out in the last three years [2]. Group 3: Shareholder Structure - As of June 30, 2025, G-bits had 17,900 shareholders, a decrease of 16.51% from the previous period [2]. - The average number of circulating shares per shareholder increased by 19.77% to 4,017 shares [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 54,200 shares, and other funds that have also increased their positions [2].

Group 1 - The gaming sector is experiencing a significant rebound, with the gaming ETF (159869) showing a slight increase and potentially achieving a "six consecutive days" rise [1] - The gaming ETF has seen a net inflow of funds for four consecutive trading days, accumulating a total of 311 million yuan, indicating strong investor interest [1] - The Chinese government has released opinions on the deep implementation of "Artificial Intelligence +" actions, aiming for extensive integration of AI with six key areas by 2027, and a significant growth in the scale of the AI core industry [1] Group 2 - Tianfeng Securities indicates a positive trend in the Chinese AI sector, highlighting the continuous evolution of domestic model capabilities and the dual resonance of models and applications [2] - The release of DeepSeek's V3.1 version showcases breakthroughs in code understanding and task execution, reflecting the collaborative optimization of the industry by domestic AI companies [2] - The overall outlook for long-term investment opportunities in the Chinese AI sector remains optimistic [2] Group 3 - Companies like G-bits (603444) and K-Game Network (002517) are leveraging AI to enhance efficiency and reduce costs in game development [3] - Giant Network (002558) is integrating AI into gameplay, introducing a mixed competition mechanism between players and intelligent agents [3] - The implementation of AI technology is driving a comprehensive upgrade across the gaming industry, enhancing both competitive strength and player experience [3]

Market Performance - Global markets continued to rise last week, with MSCI Global up by 1.5%, MSCI Developed up by 1.5%, and MSCI Emerging up by 1.3%[3] - The US stock market's earnings expectations for 2025 were revised upward, with the S&P 500 EPS forecast increased from 268 to 269[4] Economic Expectations - Global economic expectations were adjusted upward, with the Citigroup Economic Surprise Index for the US rising due to dovish signals from the Fed[4] - The issuance of new special bonds by local governments reached 2392.7 billion CNY, a year-on-year increase of 76.7%[19] Industry Insights - In the home appliance sector, TCL Electronics reported a total revenue of 54.777 billion HKD for H1 2025, a year-on-year increase of 20.4%[15] - The gaming industry saw a record high of 166 domestic game approvals in August, with a total of 1050 approvals in the first eight months of 2025, significantly higher than the previous year's 850[31] Investment Recommendations - In the home appliance sector, recommended stocks include Stone Technology and Ecovacs for their strong performance and growth potential[14] - For the construction industry, low valuation high-dividend companies such as China State Construction and China Railway Construction are recommended due to their expected benefits from PPP policy catalysts[39]