Core Viewpoint - Jibite's performance in the first half of 2025 shows significant revenue growth driven by new game launches, despite challenges in overseas markets and currency fluctuations [1][4]. Group 1: Financial Performance - In the first half of 2025, Jibite achieved revenue of 2.518 billion yuan, a year-on-year increase of 28.48%, and a net profit of 645 million yuan, up 24.5% [1]. - The second quarter of 2025 saw revenue reach 1.382 billion yuan, a 21.71% increase from the first quarter and a 27.55% increase year-on-year [4]. - The company reported a net cash flow from operating activities of 864 million yuan in the second quarter, a 306.10% increase from the first quarter [7]. Group 2: Business Segments - Domestic game revenue is primarily driven by self-developed products, with new games like "Wen Jian Chang Sheng" and "Zhang Jian Chuan Shuo" contributing significantly to growth [3][4]. - Overseas revenue totaled 201 million yuan, a decrease of 21.01% year-on-year, attributed to the lifecycle stage of certain products and a lack of new hits [4][8]. Group 3: Strategic Insights - The company emphasizes understanding and meeting specific user needs as a competitive advantage, rather than relying on overall market trends [1][8]. - Jibite plans to continue focusing on the domestic market while seeking to develop a new hit in the overseas market to address product iteration gaps [8]. Group 4: Investment and Cash Flow - Jibite's investment business showed positive growth, with investment income from joint ventures increasing by 10.25% year-on-year [6]. - The company experienced a significant improvement in cash flow health, with a net cash flow increase of 81.18% year-on-year [7].

（文章来源：每日经济新闻） 中原证券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）持续推进全球化发行进程；2）毛利率提升显著，研发费用率下滑对冲销售费用率提升。风险 提示：买量成本提升、行业竞争加剧、行业政策变化、游戏产品流水表现不及预期。 ...

Group 1 - The gaming industry is experiencing a strong recovery starting in 2024, driven by both market sentiment and fundamental performance of certain companies [1][2] - The current gaming market is characterized by a significant reliance on user acquisition strategies, with many companies shifting from a focus on quality to large-scale user acquisition [2][3] - The introduction of new high-quality games from major internet companies in 2024 is expected to act as a stabilizing force for the industry [2][4] Group 2 - The financial impact of user acquisition is significant, often leading to a delay in profit realization after new game launches due to high initial marketing costs [3][7] - The gaming industry has shown resilience due to its non-cyclical nature and a more relaxed regulatory environment in recent years [7][8] - Institutional investors are increasingly optimistic about gaming companies, with a notable increase in public fund holdings, indicating a shift in market sentiment towards these companies [7][8] Group 3 - The upcoming release of Tencent's "Valorant Mobile" is highly anticipated, with over 60 million pre-registrations, although its short-term commercial success remains uncertain due to a crowded market [6][7] - The overall new game releases in the market are limited, leading to a focus on performance verification of existing companies [7][8] - The absence of new trending topics in the gaming industry suggests that performance validation will be the main focus in the latter half of the year [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index in the next six months [11][14]. Core Insights - The company's revenue for H1 2025 reached 2.518 billion yuan, a year-on-year increase of 28.49%, while net profit attributable to shareholders was 645 million yuan, up 24.50% year-on-year [6]. - The launch of new games, particularly "Wanjian Changsheng" and "Zhangjian Chuanqi," has significantly contributed to revenue growth, with "Wanjian Changsheng" achieving a total revenue of 3.63 billion yuan in Q1 2025 and 2.03 billion yuan in Q2 2025 [6]. - The company has seen a notable increase in gross margin, which reached 92.31% in H1 2025, up 4.10 percentage points year-on-year, driven by reduced costs and successful new product launches [8][11]. Summary by Sections Financial Performance - For Q2 2025, the company reported revenue of 1.382 billion yuan, a 33.89% increase year-on-year, and a net profit of 361 million yuan, reflecting a 36.64% year-on-year growth [6]. - The company plans to distribute a cash dividend of 66.00 yuan per 10 shares, which accounts for 73.46% of the net profit attributable to shareholders for H1 2025 [11]. Product Development - The successful launch of "Wanjian Changsheng" and "Zhangjian Chuanqi" has driven significant revenue, with the former ranking as high as 14th in the App Store's best-seller list [6]. - The company is also expanding its global distribution, with "Zhangjian Chuanqi" performing well in markets such as Hong Kong, Macau, and Japan [8]. Cost Management - The report highlights a decrease in research and development expenses as a percentage of revenue, which has helped offset the increase in sales expenses due to new game launches [8][9]. - The gross margin improvement is attributed to a reduction in costs associated with external developers, leading to a decrease in operating costs by 16.21% year-on-year [8].

Core Viewpoint - Jibite, a leading gaming company, announced a cash dividend plan of 66 yuan per 10 shares, reflecting a total payout of 474 million yuan, which is 73.46% of its net profit for the first half of 2025 [1][2] Group 1: Dividend Announcement - The total share capital of Jibite is 72.0411 million shares, with 71.7563 million shares available for dividend distribution after excluding repurchased shares [1] - The market reacted positively to the dividend announcement, with Jibite's stock price reaching a limit up on August 20, closing at 421.19 yuan and a total market capitalization of 30.34 billion yuan [1] Group 2: Financial Performance - For the first half of 2025, Jibite reported revenue of 2.518 billion yuan, a year-on-year increase of 28.48%, and a net profit attributable to shareholders of 645 million yuan, up 24.5% [2] - The company's asset-liability ratio stands at approximately 32%, with cash reserves amounting to 3.493 billion yuan [2] - The gaming industry’s light asset operation model allows companies like Jibite to maintain strong cash flow without significant fixed asset investments [2] Group 3: Game Portfolio and Performance - Jibite has launched 10 games, with the "Wandao" series being the primary revenue source; however, "Wandao Mobile" experienced a 7.25% decline in total revenue, generating 1.071 billion yuan [2] - New self-developed games "Zhangjian Chuanqi" and "Wanjian Changsheng" have started contributing to revenue, achieving 566 million yuan and 424 million yuan in revenue respectively [2] Group 4: Global Expansion Plans - Jibite plans to further its global distribution efforts, with intentions to launch "Wanjian Changsheng" in regions such as Hong Kong, Macau, and South Korea in the second half of the year [3]

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41只股上榜，占百元股总数的比例为30.60%；有18只股来自计算机行业，占比13.43%；16只股来自 医药生物行业，占比11.94%。 所属板块来看，百元股中，主板有29只、创业板有43只、北交所有6只，另有56只来自科创板，占百元 股的比例为41.79%。 以最新收盘价计算，A股平均股价为13.08元，其中股价超过100元的有134只，相比上一个交易日增加5 只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至8月20日 收盘，沪指报收3766.21点，上涨1.04%，A股平均股价为13.08元，个股股价分布看，股价超过100元的 有134只，股价在50元至100元的有466只，股价在30元至50元的有774只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1450.00元，上涨0.83%，其次是寒武纪、吉比 特等，最新收盘价分别为1013.00元、421.19元。 市场表现方面，收盘股价超百元股中，今日平均上涨1.24%，跑赢沪指0.20个百分点。今日上涨的有85 ...

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。 ...