Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continuous innovation in AI applications across various sectors such as social media, publishing, and e-commerce, with significant advancements in AI models and their commercial viability [4][32] - The gaming sector is experiencing a surge with new game launches and IP products, indicating potential revenue growth for companies involved [5][12] - The report suggests a focus on AI applications and their commercialization, recommending specific companies for investment based on their market positioning and product offerings [4][5] Industry Data Overview - The mobile game "暴吵萌厨" ranked first in the iOS free games chart in mainland China, while "王者荣耀" topped the iOS revenue chart [12][17] - The film "水饺皇后" achieved the highest box office revenue for the week, indicating strong performance in the film sector [27] - The report notes that the A-share media sector outperformed major indices, suggesting a positive market trend [9] Industry News Summary - AI technology continues to evolve, with breakthroughs in generative AI and applications in various fields, including gaming and entertainment [32] - The report emphasizes the importance of new game releases and IP product launches as key drivers for revenue growth in the gaming sector [5][12] - The report also discusses the performance of various media products, including TV dramas and variety shows, highlighting their market share and audience engagement [28][29][30]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continuous iteration of multimodal AI and the acceleration of IP industry capitalization, driven by advancements in AI applications and new consumption trends [4][5] - Major model vendors are strengthening collaborations, leading to innovations in voice models, social applications, and agents, which are expected to enhance AI application penetration and commercialization [4] - The report suggests continued investment in AI-related companies and sectors, including AI virtual companionship, AI animation/film/short dramas, AI e-commerce/advertising, and AI education [4] Industry Data Overview - The game "Brave Land" ranked first on the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of May 24, 2025 [12][16] - The film "Dumpling Queen" achieved a weekly box office of 0.51 billion, with a cumulative box office of 3.79 billion [27] - The report notes that the A-share media sector outperformed major indices in the 21st week of 2025, with the gaming sector showing strong performance [9] Industry News Summary - The report discusses the launch of the "AI Virtual Human Podcast" feature by ShengTian Network, which aims to enhance user experience in podcast creation [4][33] - The AI comic drama business of Zhongwen Online has shown significant growth, with plans to produce 300 works in 2024 [35] - Tencent Cloud has launched a new intelligent agent development platform, marking a significant upgrade in its AI infrastructure [36] Company Recommendations - Key recommendations include Tencent Holdings and Kuaishou-W for major models/agents, with Alibaba-W and Kunlun Wanwei as beneficiaries [4] - For AI virtual companionship, recommended companies include ShengTian Network and NetEase Cloud Music, with beneficiaries like Tom Cat and Shifeng Culture [4] - In the AI animation/film/short drama sector, Shanghai Film is a key recommendation, with beneficiaries including Guomai Culture and Huace Film [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 ...

Investment Rating - The report maintains an "Outperform" rating for the media industry [5] Core Insights - The media industry is experiencing a significant rebound in fund preference and fundamentals in Q1 2025, with a notable increase in the allocation towards gaming and other segments [1][12] - The overall revenue for the media industry in 2024 is projected to be 508.1 billion yuan, with a slight year-on-year decline in net profit due to various pressures [2][27] - The gaming sector is witnessing high growth, with revenues reaching 934.34 billion yuan in 2024 and 267.19 billion yuan in Q1 2025, driven by new game launches and improved market conditions [3][36] - The film and cinema sector is benefiting from strong content supply during the Spring Festival, leading to a significant increase in revenue and profitability in Q1 2025 [4][21] - The advertising and marketing sector is under pressure from macroeconomic conditions, but there are signs of recovery as competition improves among leading companies [7][24] Summary by Sections Media Industry Overview - In Q1 2025, the media industry saw a fund holding increase of 12.52% year-on-year, with a fund holding ratio of 2.85% [11][12] - The media sector's heavy stock market value accounted for 1.04%, reflecting a 0.23 percentage point increase [1][12] - The overall low allocation ratio for the media industry decreased to 0.52%, indicating a growing preference for the sector [1][12] Gaming Sector - The gaming sector achieved revenues of 934.34 billion yuan in 2024 and 267.19 billion yuan in Q1 2025, with year-on-year growth rates of 7.74% and 21.93% respectively [3][36] - The adjusted net profit for the gaming sector in Q1 2025 was 35.04 billion yuan, marking a 47% increase year-on-year [3][41] - The sector's profit margin improved to 13.11%, reflecting a 2.25 percentage point increase [3][41] Film and Cinema Sector - The film and cinema sector generated revenues of 357.33 billion yuan in 2024 and 141.15 billion yuan in Q1 2025, with a 41% year-on-year growth in Q1 2025 [4][21] - The sector's net profit in Q1 2025 was 23.68 billion yuan, a significant recovery from a loss in the previous year [4][21] - The Spring Festival box office reached a record high of 95.10 billion yuan, driven by popular films [4][21] Advertising and Marketing Sector - The advertising sector reported revenues of 429.35 billion yuan in 2024, with a slight year-on-year decline of 5.16% [7][24] - The adjusted net profit for the advertising sector in Q1 2025 was 16.01 billion yuan, reflecting a 10.24% increase year-on-year [7][24] - The sector is expected to recover as competition among leading companies improves [7][24] Publishing Sector - The publishing sector's revenue is under pressure, but the effective tax rate has significantly decreased, leading to a recovery in net profit in Q1 2025 [27][28] - The overall revenue for the publishing sector is projected to remain stable, with a focus on maintaining quality content supply [27][28]

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； ...