Company Performance - Jibite reported a revenue of 2.518 billion yuan for the first half of 2025, representing a year-on-year growth of 28.49% [2] - The net profit attributable to shareholders was 645 million yuan, an increase of 24.50% year-on-year [2] - The net cash flow from operating activities reached 1.077 billion yuan, showing a significant growth of 81.18% [2] Dividend Distribution - Jibite announced a profit distribution plan, proposing a cash dividend of 66 yuan per 10 shares (including tax), totaling approximately 474 million yuan, which accounts for 73.46% of the net profit for the period [3] - Over its 8 years of listing, Jibite has implemented 12 cash dividend distributions, totaling over 6 billion yuan, significantly exceeding the 960 million yuan raised during its IPO [3] Business Overview - Jibite specializes in the research and operation of online games, with popular titles including "Wandao," "Wandao Mobile," "Yinian Xiaoyao," "Wanjian Changsheng," and "Qipa Zhandoujia" [6] - The company has expanded into IP incubation and internet publishing services, starting its IP incubation business in 2019, focusing on novel, animation, and film adaptations to enhance user engagement and IP influence [6] Industry Trends - The domestic gaming market in China reached new highs in scale and user data in the first half of the year, indicating robust industry demand [7] - There is an expectation for more AI-driven games to emerge, which could help the gaming industry achieve a value reassessment [7]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 2.518 billion in H1 2025, representing a year-on-year growth of 28.49%, and a net profit attributable to shareholders of 645 million, up 24.50% year-on-year [1] - The successful launch of three self-developed games in H1 2025 contributed significantly to revenue and profit growth, with "杖剑传说" performing exceptionally well in overseas markets [2][4] - The company is expected to see continued revenue growth, with projections of 5.063 billion, 6.076 billion, and 6.744 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 37.0%, 20.0%, and 11.0% [4] Financial Overview - In H1 2025, the company reported a total revenue of 2.518 billion, with a net profit of 645 million, and a non-recurring net profit of 648 million, marking a 40.02% increase year-on-year [1] - The average ranking of "问剑长生" in the App Store was 63, peaking at 14, while "杖剑传说" maintained an average ranking of 18, reaching a high of 10 [2] - The company's overseas revenue in H1 2025 was 201 million, down 21.01% year-on-year, primarily due to the performance of previous titles [3] Profit Forecast - The report adjusts profit forecasts upwards, expecting net profits of 1.453 billion, 1.745 billion, and 1.929 billion for 2025, 2026, and 2027, with corresponding year-on-year growth rates of 53.8%, 20.1%, and 10.5% [4][5]

证券之星消息，8月20日游戏板块较上一交易日上涨1.57%，吉比特领涨。当日上证指数报收于3766.21，上涨1.04%。深证成指报收于11926.74， 上涨0.89%。游戏板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603444 | 吉比特 | 421.19 | 10.00% | 2.89万 | | 11.97亿 | | 300467 | 迅游科技 | 25.01 | 6.79% | 26.26万 | | 6.62亿 | | 002425 | ST凯文 | 3.48 | 3.88% | - 20.13万 | | 6880.46万 | | 002624 | 完美世界 | 15.75 | 2.41% | 71.01万 | | 11.13亿 | | 300052 | ST中青宝 | 11.30 | 1.89% | 12.84万 | | 1.45亿 | | 002558 | 巨人网络 | 28.77 | 1.52% | 36.64万 | | 10.45亿 | ...

（文章来源：每日经济新闻） 开源证券8月20日发布研报称，给予吉比特（603444.SH，最新价：421.19元）买入评级。评级理由主要 包括：1）盈利能力大幅提升，买量投放效果显著；2）新游海外发行持续推进，储备游戏将陆续上线， 增长动能强劲。风险提示：新老游戏流水下滑超预期、新游戏上线时间或流水表现不及预期等。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue growth in H1 2025, with revenue of 2.518 billion yuan, up 28.49% year-on-year, and a net profit of 645 million yuan, up 24.50% year-on-year. The growth was primarily driven by the strong performance of new games such as "Wanjian Changsheng" and "Zhangjian Chuanqi" [3][4] - The company plans to continue its high dividend policy, proposing a cash dividend of 66 yuan per 10 shares, resulting in a payout ratio of 73% [3] - The forecast for net profit for 2025-2027 has been raised, with expected figures of 1.499 billion, 1.928 billion, and 2.312 billion yuan respectively, corresponding to EPS of 20.81, 26.77, and 32.10 yuan [3][4] Financial Summary - In H1 2025, the gross margin was 92.3%, an increase of 4.1 percentage points year-on-year, attributed to a higher proportion of self-developed games [4] - The company’s operating expenses for H1 2025 were 33.2% for sales, 8.2% for management, and 14.2% for R&D, with sales expenses increasing due to marketing investments in new games [4] - The company’s new games have shown strong performance in both domestic and overseas markets, with "Zhangjian Chuanqi" ranking high on various charts and "Wanjian Changsheng" achieving over one million registered users in its first week [5] Financial Projections - Revenue projections for 2025-2027 are 5.193 billion, 6.241 billion, and 6.780 billion yuan, with year-on-year growth rates of 40.5%, 20.2%, and 8.6% respectively [6][8] - The projected net profit for 2025-2027 is 1.499 billion, 1.928 billion, and 2.312 billion yuan, with corresponding year-on-year growth rates of 58.7%, 28.6%, and 19.9% [6][8] - The company’s gross margin is expected to remain strong at around 92% for the next few years, indicating robust profitability [6][8]

Group 1 - The Science and Technology Innovation 50 Index rose over 3%, reaching a new high for the year, driven by a collective surge in chip stocks [1] - Companies such as Jimin Health, Hanzhong Precision Machinery, and Kesen Technology have seen consecutive trading gains, with Jimin Health achieving a five-day streak [1] - The AI server market is dominated by Inspur Information, which holds over 50% market share in China and has reported a 64.39% year-on-year increase in net profit for the first quarter [1] Group 2 - The domestic leading companies are making significant advancements, with Nvidia reportedly developing an AI chip specifically for the Chinese market [3] - Companies like Fullchai Power and Yuanlin Co. have also seen consecutive trading gains, indicating strong market performance [3] - The company Guangxin Technology is a leader in optical modules and has partnered with Cisco to launch a 1.6T silicon optical module [3] Group 3 - The domestic automotive sector is witnessing significant developments, with China FAW planning to acquire approximately 10% of Leap Motor [6] - Companies like Mould Technology and Shentong Express are also making strides, with Mould Technology providing components for new energy vehicles [6] - The automotive thermal management sector is led by companies like Hanzhong Precision Machinery, which specializes in compressors and refrigeration products [8] Group 4 - The pharmaceutical industry is seeing a surge in domestic innovative drugs going global, with Tianmu Pharmaceutical being the first listed company in traditional Chinese medicine [7] - Companies like Huahai Pharmaceutical are advancing in the development of innovative drugs, with over 20 projects currently in research [7] - The automotive passive safety system sector is represented by companies like Songyuan Safety, which reported a 30.85% year-on-year increase in net profit [7]

（文章来源：证券日报） 证券日报网讯 8月19日晚间，吉比特发布公告称，2025年上半年实现营业收入2，517，901，776.64元， 同比增长28.49%；归属于上市公司股东的净利润为644，681，109.59元，同比增长24.50%。 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported strong revenue and profit growth in the first half of 2025, with revenue reaching 2.518 billion yuan, up 28.49% year-on-year, and net profit attributable to shareholders at 645 million yuan, up 24.50% year-on-year [1] - The success of two new games, "Wen Jian Chang Sheng" and "Zhang Jian Chuan Shuo," significantly contributed to revenue growth, with "Wen Jian Chang Sheng" generating 566 million yuan and "Zhang Jian Chuan Shuo" achieving 424 million yuan in revenue within a month of launch [2] - The company's gross margin improved to 92.31%, an increase of 4.09 percentage points year-on-year, due to reduced costs from external developers and effective cost control [3] - The company plans to launch new games, including a strategic game titled "Jiu Mu Zhi Ye," and aims to expand the global distribution of its successful titles [4] - Revenue projections for 2025-2027 are estimated at 6.05 billion yuan, 6.43 billion yuan, and 6.73 billion yuan, respectively, with net profits expected to be 1.61 billion yuan, 1.86 billion yuan, and 2.05 billion yuan [5] Revenue Summary - In the first half of 2025, the company achieved a revenue of 2.518 billion yuan, reflecting a year-on-year increase of 28.49% [1] - The second quarter of 2025 saw revenue of 1.382 billion yuan, up 33.89% year-on-year [1] Cost Summary - The gross margin for the first half of 2025 was 92.31%, an increase of 4.09 percentage points year-on-year [3] - Sales expenses rose to 836 million yuan, a year-on-year increase of 55.57%, primarily due to high initial promotion costs for the new games [3] - Research and development expenses decreased to 357 million yuan, down 8.76% year-on-year, attributed to a reduction in R&D personnel and a focus on improving efficiency [3] Product and Ecosystem Summary - The company is preparing to launch a new SLG game and is focusing on global distribution for its successful titles [4] - "Wen Jian Chang Sheng" is expected to launch in regions such as Hong Kong, Macau, and South Korea in the second half of 2025 [4]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The new product "Legend of the Staff" generated a revenue of 420 million in Q2, maintaining a stable domestic ranking and beginning to contribute revenue from overseas markets, indicating potential for continued performance and long-term stability [2][11] - The company expects a recovery in performance driven by the success of "Legend of the Staff" and upcoming titles like "Nine Muses of the Wild" [11] Financial Summary - Total revenue for 2023 is projected at 4,185 million, with a decrease of 19.0% from the previous year, followed by a forecasted increase of 55.1% to 5,731 million in 2025 [4] - Net profit attributable to the parent company is expected to be 1,125 million in 2023, decreasing by 23.0%, but increasing by 57.7% to 1,490 million in 2025 [4] - Earnings per share (EPS) is projected to rise from 15.62 in 2023 to 20.68 in 2025 [4] Market Data - The target price for the company's stock is set at 517.00 yuan, with a current market price-to-earnings (P/E) ratio of 24.52 for 2023, expected to decrease to 18.51 in 2025 [5][4] - The company's market capitalization is approximately 27,585 million [6] Performance Metrics - The company reported a revenue of 2,518 million in the first half of 2025, a year-on-year increase of 28.49%, with a net profit of 645 million, up 24.5% [11] - The gross profit margin is expected to improve from 88.5% in 2023 to 89.8% in 2025 [12] Product Performance - "Legend of the Staff" has shown strong performance since its launch, ranking around 20th in the iOS bestseller list in June and maintaining a position around 30th in July and August [11] - The overseas launch on July 15 has contributed significantly, with expectations of over 100 million in additional revenue from international markets [11]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [3][11]. Core Insights - The company reported a total revenue of 2.518 billion yuan for the first half of 2025, representing a year-on-year growth of 28.49%. The net profit attributable to shareholders was 645 million yuan, up 24.5% year-on-year, with a net cash flow from operating activities of 1.077 billion yuan, reflecting an 81.18% increase [4]. - The company plans to distribute a cash dividend of 66 yuan per 10 shares, totaling 474 million yuan, which accounts for 73.46% of the half-year net profit [4]. - The gross margin significantly improved to 92.31% in the first half of 2025, up from 88.22% in the same period last year, driven by better margins in self-operated and joint-operated businesses [7]. Financial Performance Summary - Revenue and Profit Forecast: - 2023A: Revenue of 4.185 billion yuan, net profit of 1.125 billion yuan - 2024A: Revenue of 3.696 billion yuan, net profit of 945 million yuan - 2025E: Revenue of 5.227 billion yuan, net profit of 1.593 billion yuan - 2026E: Revenue of 6.795 billion yuan, net profit of 1.881 billion yuan - 2027E: Revenue of 7.338 billion yuan, net profit of 2.011 billion yuan [3][10]. - The company expects a revenue growth rate of 41% in 2025, followed by 30% in 2026 and 8% in 2027 [7]. Product Performance - The company launched two self-developed games in the first half of 2025, which performed exceptionally well. "Wanjian Changsheng" generated 566 million yuan in revenue, while "Zhangjian Chuanqi" reached 424 million yuan within a month of its launch [6]. - Existing products showed mixed results, with "Wandao Mobile" generating 1.071 billion yuan, down 7.25% year-on-year, and "Wandao" online game revenue at 159 million yuan, down 11.55% year-on-year [6].