Group 1 - The gaming sector experienced a strong rally, with companies like Giant Network and Electric Soul Network hitting the daily limit, and Changqu Technology rising over 14% [1] - The approval of 130 domestic and 14 imported games in May marks a record high for monthly approvals in nearly two years, indicating a recovery in the industry [3] - Major companies such as Perfect World and Century Huatong have products that received approval, with Perfect World's "Yihuan" currently in development and expected to enter testing soon [3] Group 2 - The gaming market in China is projected to reach 27.351 billion yuan by April 2025, with a year-on-year growth of 21.93%, driven by mobile games and overseas revenue [3] - Long-term revenue growth is supported by established products like "Honor of Kings" and "Genshin Impact," highlighting the industry's healthy development trend [3] - Wanlian Securities suggests that the high volume of game approvals and diverse product types indicate a stable recovery in the industry, recommending attention to leading companies with strong product pipelines and R&D capabilities [4]

Group 1 - The new entry "Dao You Lai Wa Bao" by G-bits has ranked 40th in the weekly chart of WeChat mini-games, indicating a successful launch in the market [1][5] - The game is based on the gameplay and materials from the online game "Wen Dao" and its mobile version, aiming to recall users who have left these platforms [5] - "Dao You Lai Wa Bao" incorporates various mini-game mechanics, such as a treasure map system for obtaining rewards based on progress, enhancing user engagement [5] Group 2 - The top ten mini-games include titles like "Zombie Shooting," "Endless Winter," and "Three Kingdoms: Ice Age," showcasing a diverse range of genres [2] - "Hero Adventure Team" has seen a significant rise, moving up 9 ranks to 27th, indicating strong user interest in nostalgic themes [4][9] - The overall performance of the mini-game market remains stable, with three new entries in the top fifty and six in the lower fifty, reflecting consistent user engagement [3][4]

证券代码：603444 证券简称：吉比特 公告编号： 2025-027 1 未全部退出，经基金管理人提议并经持有坚果核力基金三分之二（原为"二分之 一"）以上表决权的合伙人（须包括厦门金圆投资集团有限公司及厦门市思明区 产业投资有限公司）同意，可以延长 2 年经营期限。 延长期内，基金管理人不收取管理费，执行事务合伙人不收取执行合伙企业 事务报酬。 2025 年 5 月 20 日，坚果核力基金已完成上述事项的工商变更登记手续， 并取得新的《营业执照》。 厦门吉比特网络技术股份有限公司 关于参与投资基金的进展公告 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、投资基金概述 2019 年 2 月 22 日，厦门吉比特网络技术股份有限公司（以下简称"公司"） 全资子公司厦门吉相股权投资有限公司（以下简称"吉相资本"）与其他合伙人 共同发起设立厦门坚果核力创业投资合伙企业（有限合伙）（以下简称"坚果核 力基金"），吉相资本作为有限合伙人认缴 6,000 万元，占坚果核力基金总认缴出 资额的 37.15%；2020 年 1 月 2 ...

Industry Overview - Goldman Sachs updated its views on mid-sized game publishers, highlighting that domestic expansion opportunities have generally narrowed due to market consolidation, with Tencent and NetEase outperforming smaller peers in China [1][2] - The demand for new games has shifted towards high-quality and casual/mini games, putting pressure on traditional games from mid-sized publishers [1][2] - Despite challenges, there are opportunities for single games to achieve annual revenues of RMB 2-3 billion through differentiated gameplay [1] Company Insights - Tencent and NetEase remain Goldman Sachs' top picks in the Chinese internet/gaming sector, while Bilibili is viewed positively due to its advertising strength and profit margin expansion potential [3][7] - Goldman Sachs upgraded Xindong Company to neutral due to longer game lifespans and profit expansion through marketing discipline [3][10] - G-bits was downgraded to sell due to weak performance in traditional games and a lack of new product launches [3][12] - 37 Interactive was downgraded to neutral due to intense competition in mini-games and high customer acquisition costs [3][21] - Perfect World maintains a neutral rating, with key focus on upcoming game releases [3][28] Financial Projections - Bilibili is expected to see a 21% year-over-year revenue growth in 2025, driven by the anniversary of "Three Kingdoms: Strategic Edition" and new game releases [7][8] - Goldman Sachs anticipates a 3% year-over-year revenue decline for G-bits in 2025, with operating profit expected to drop by 17% [12][16] - For 37 Interactive, a 1% revenue decline and a 5% drop in operating profit are projected for 2025 [21][27] - Perfect World is expected to see a 16% year-over-year revenue growth in 2025, with operating profit estimated at RMB 2.17 billion [28][31] Rating Adjustments - Goldman Sachs maintains a buy rating for Bilibili, with a target price of RMB 23.7, reflecting a 35% upside [5][7] - Xindong Company’s rating was upgraded to neutral with a target price of HKD 34, reflecting improved visibility in its game business [10][11] - G-bits was downgraded to sell with a target price of RMB 194, indicating a 19% downside [5][12] - 37 Interactive's rating was downgraded to neutral, with a target price of RMB 16.3, reflecting a 9% upside [5][21] - Perfect World maintains a neutral rating with a target price of RMB 11.8, indicating a 12% downside [5][28]

Core Viewpoint - The legal opinion issued by Fujian Tianheng United Law Firm confirms that Xiamen Gibit Network Technology Co., Ltd.'s differentiated equity distribution plan complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [8]. Group 1: Differentiated Equity Distribution - The differentiated equity distribution is based on the company's decision to repurchase shares using a budget of no less than RMB 50 million and no more than RMB 100 million, with a maximum repurchase price of RMB 390 per share [4][5]. - As of the application date for the differentiated equity distribution, the company has repurchased a total of 284,800 shares, which will not participate in profit distribution [5]. - The profit distribution plan for 2024 proposes a cash dividend of RMB 35 per 10 shares (tax included) to all shareholders, excluding capital reserve transfers to increase share capital [5][6]. Group 2: Calculation Basis for Distribution - The reference price for ex-rights and ex-dividends is calculated based on the closing price before the application date, which was RMB 217.22 per share, adjusted for the cash dividend [6]. - The actual ex-rights and ex-dividends reference price is calculated as RMB 213.72 per share, while the virtual distribution reference price is approximately RMB 213.7338 per share [6]. - The impact of the differentiated equity distribution on the reference price is less than 1%, indicating minimal effect [7]. Group 3: Legal Compliance - The differentiated equity distribution meets the criteria of not including repurchased shares in the profit distribution, as stipulated by relevant laws and regulations [7]. - The legal opinion concludes that the distribution plan adheres to the Company Law, Securities Law, and other regulatory guidelines, ensuring the protection of shareholder interests [8].

Core Viewpoint - The company announces a cash dividend distribution of 3.50 RMB per share (before tax) for its shareholders, with specific dates for the record and payment of dividends [1][2]. Dividend Distribution Details - The cash dividend of 3.50 RMB per share will be distributed to all shareholders registered by the close of trading on May 23, 2025, with the ex-dividend date set for May 26, 2025 [1][2]. - The total cash dividend amount is approximately 251,147,053.50 RMB (before tax) [2]. - The distribution will not involve capital reserve conversion to share capital or other forms of profit distribution [1][2]. Shareholder Eligibility and Taxation - The dividend distribution is based on the total share capital after excluding shares held in the company's repurchase account [1][2]. - Individual shareholders holding shares for more than one year will be exempt from personal income tax on the dividend, while those holding for one year or less will not have tax withheld at the time of distribution but will be subject to tax upon selling the shares [4][5]. - The actual cash dividend received by shareholders after tax for those subject to withholding will be 3.15 RMB per share [5]. Implementation Method - The cash dividends will be distributed to shareholders who have completed designated transactions with the Shanghai Stock Exchange [2][3]. - Shareholders who have not completed designated transactions will have their dividends held by China Securities Depository and Clearing Corporation Limited until the transaction is completed [2][3]. Contact Information - For inquiries regarding the dividend distribution plan, shareholders can contact the company's securities department at 0592-3213580 or via email at ir@g-bits.com [5]. Reference Documents - The announcement includes references to the company's annual shareholder meeting resolution and legal opinions regarding the differentiated dividend distribution [5].

证券代码：603444 证券简称：吉比特 公告编号：2025-026 厦门吉比特网络技术股份有限公司 2024年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利3.50元（含税） 相关日期 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 1 （一）发放年度：2024年年度 （二）分派对象： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | A 股 | 2025/5/23 | － | 2025/5/26 | 2025/5/26 | 差异化分红：是 一、通过分配方案的股东会会议届次和日期 本次利润分配方案经厦门吉比特网络技术股份有限公司（以下简称"公司"） 2025 年 4 月 17 日召开的2024年年度股东会会议审议通过。 二、分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称" ...

福建天衡联合律师事务所 关于厦门吉比特网络技术股份有限公司 差异化权益分派事项的 法律意见书 中国﹒厦门 厦禾路 666 号海翼大厦 A 幢 16-18 楼 厦门·上海·福州·泉州·龙岩 http://www.tenetlaw.com 福建天衡联合律师事务所 法律意见书 福建天衡联合律师事务所 关于厦门吉比特网络技术股份有限公司 差异化权益分派事项的 法律意见书 2．本所及本所律师根据《证券法》《律师事务所从事证券法律业务管理办 法》和《律师事务所证券法律业务执业规则（试行）》等规定及本所法律意见书 出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责原 则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、完整， 所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏， 并愿意承担相应的法律责任。 3. 本所律师已得到吉比特如下承诺：吉比特向本所提供的与本法律意见书 相关的信息、文件或资料均为真实、准确、完整、有效，不存在虚假记载、误导 性陈述或重大遗漏；已向本所律师披露了一切足以影响本法律意见书出具的事实 和文件；文件资料为副本、复印件的，内容均与正本或原件相符； ...

Core Viewpoint - The overall performance of A-share listed gaming companies in 2024 showed a decline, with over half experiencing revenue downturns, while a few companies achieved significant growth [1][5][11]. Group 1: Company Performance - More than half of the 23 A-share listed gaming companies reported a decline in total revenue in 2024, with 13 companies experiencing a year-on-year decrease compared to 9 in 2023 [5][9]. - Perfect World, once a leading company, saw its gaming revenue drop from 66.69 billion yuan in 2023 to 51.81 billion yuan in 2024, marking a decline of nearly 15 billion yuan [5][11]. - Century Huatong and 37 Interactive Entertainment remained the top gaming companies, with Century Huatong's gaming revenue reaching 208.75 billion yuan, a year-on-year increase of 86.57% [11][12]. - 37 Interactive Entertainment's gaming revenue was 172.93 billion yuan, up 5.47% year-on-year, maintaining its position as a profitable leader with a net profit of 26.73 billion yuan [10][12]. Group 2: Revenue and Profit Trends - The gaming revenue of companies like Jibite and Icefire Network declined significantly, with Jibite's revenue falling to 36.49 billion yuan, a decrease of 11.52% [8][10]. - Icefire Network reported a net profit drop of 190% due to high marketing costs, leading to a net loss of 2.47 billion yuan [14][10]. - Perfect World was the only major A-share gaming company to report a loss, with a net loss of 12.88 billion yuan in 2024 [9][10]. Group 3: Market Dynamics and Strategies - Many companies increased their sales expenses significantly, with Century Huatong's sales expenses rising by 129.47% to 77.42 billion yuan, while 37 Interactive Entertainment's sales expenses reached 97.12 billion yuan, an increase of 6.84% [15][14]. - The trend of "de-gaming" was noted, with companies like Zhongqingbao seeing their gaming revenue contribution drop from 49.59% in 2020 to 22.29% in 2024 [7][9]. - The gaming industry faced challenges with aging main products and a lack of new releases, impacting revenue for companies like Jibite and Electric Soul Network [8][9]. Group 4: International Performance and Employee Trends - Century Huatong achieved overseas revenue of 113.68 billion yuan, accounting for 50.26% of its total revenue, driven by successful titles like "Whiteout Survival" [17][18]. - Perfect World experienced a significant reduction in its workforce, with employee numbers dropping from 5,754 to 3,905, a decrease of 32.13% [19][20]. - Overall, 14 out of 23 companies reduced their workforce, indicating a trend of downsizing in the industry [19][20]. Group 5: Future Outlook - The first quarter of 2025 showed better-than-expected performance for several companies, with Century Huatong reporting a revenue increase of 91.12% year-on-year [22][23]. - Analysts predict continued improvement in the gaming sector as new products are launched and the market adapts to changing consumer preferences [25][22].

Investment Rating - The report maintains an "Overweight" rating for the media industry [6] Core Insights - The media industry faced significant pressure in 2024, with a notable recovery in Q1 2025, where the industry saw a revenue increase of 4.5% year-on-year, reaching 134.25 billion yuan, and a net profit growth of 44.9%, amounting to 10.97 billion yuan [13][10] - The gaming sector experienced substantial growth in Q1 2025, with revenues of 26.83 billion yuan, up 21.0% year-on-year, and net profits of 3.46 billion yuan, reflecting a 42.6% increase [2][18] - The internet sector reported a revenue decline of 24.7% year-on-year in Q1 2025, totaling 20.08 billion yuan, while net profit slightly increased by 0.2% to 680 million yuan [3] - The marketing sector showed signs of recovery in Q1 2025, with revenues of 44.04 billion yuan, down only 0.6% year-on-year, and a marginal decline in net profit of 0.7% [4] - The film industry, after facing challenges in 2024, showed recovery signs in Q1 2025 with revenues of 8.09 billion yuan, up 21.8%, and a significant net profit increase of 125.5% [5] Summary by Sections Media Industry - In 2024, the media industry reported a revenue of 549.95 billion yuan, down 0.7%, and a net profit of 17.34 billion yuan, down 55.7% [13] - Q1 2025 saw a recovery with revenues of 134.25 billion yuan and net profits of 10.97 billion yuan [13] Gaming Sector - The gaming market in 2024 achieved a revenue of 325.78 billion yuan, growing by 7.53% [19] - In Q1 2025, the gaming sector's revenue reached 26.83 billion yuan, with a net profit of 3.46 billion yuan [2][18] - The performance varied significantly among companies, with some achieving over 50% growth in net profit [28][31] Internet Sector - The internet sector's revenue in Q1 2025 was 20.08 billion yuan, reflecting a 24.7% decline [3] - The net profit was 680 million yuan, showing a slight increase of 0.2% [3] Marketing Sector - The marketing sector's revenue in 2024 was 189.25 billion yuan, with a slight increase of 3.9% [4] - In Q1 2025, revenues were 44.04 billion yuan, down 0.6%, with a net profit decline of 0.7% [4] Film Industry - The film industry faced a revenue decline in 2024, totaling 21.66 billion yuan, down 17.2% [5] - Q1 2025 revenues were 8.09 billion yuan, with a net profit increase of 125.5% [5]