在本法律意见书中，本所律师仅对本次会议召集和召开的程序、出席本次会 议现场会议人员的资格及表决程序是否符合有关法律和公司章程的规定以及本 次会议审议议案的表决结果是否有效发表意见，并不对本次会议所审议议案的内 容以及该等议案所表述的事实或数据的真实性和准确性发表意见。本所律师假定 公司提交给本所律师的资料（包括但不限于有关人员的居民身份证、股票账户卡、 授权委托书、营业执照、网络投票结果等）真实、完整，资料上的签字和/或印章 均是真实的，资料的副本或复印件均与正本或者原件一致。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，对与 出具本法律意见书有关的资料和事实进行了核查和验证，现发表法律意见如下： 海问律师事务所 HAIWEN & PARTNERS 北京市海问（深圳）律师事务所 北京市海问（深圳）律师事务所 关于厦门吉比特网络技术股份有限公司 2024 年年度股东会会议的法律意见书 致：厦门吉比特网络技术股份有限公司 根据《中华人民共和国证券法》、《中华人民共和国公司法》（以下统称"有 关法律"）及《厦门吉比特网络技术股份有限公司章程》（以下称"公司章程"） 的规定，北京市海问（深圳）律师事 ...

Investment Rating - The report maintains a "Market Perform" rating for the media industry, in line with the overall market performance [1] Core Insights - The media sector has underperformed compared to major indices, with a decline of 12.20% from March 14 to April 11, 2025, while the Shanghai Composite Index and CSI 300 fell by 3.59% and 4.12%, respectively [3][13] - The report suggests focusing on the gaming sector due to its resilience against US-China tariffs and potential for valuation recovery, supported by favorable WTO policies [11][12] - The advertising market is expected to rebound due to government initiatives aimed at boosting consumption, with stable demand from consumer goods clients [12][18] - State-owned publishing companies are highlighted for their high dividend yields and defensive value, with some companies achieving an average dividend yield of over 6% in the past three years [4][7] Summary by Sections Investment Recommendations - Focus on the gaming sector, which is expected to recover in valuation due to minimal impact from tariffs and strong domestic demand [11][12] - Monitor the advertising market for cyclical recovery driven by government consumption stimulus policies [12] - Consider state-owned publishing companies for their stable performance and high dividend yields [4][7] Market Review - The media sector's performance from March 14 to April 11, 2025, saw a 12.20% decline, ranking 28th among all sectors [3][13] - The sector's PE ratio as of April 11, 2025, is 26.38, above the historical average of 24.46 [17] Industry News - The Chinese government has implemented a consumption stimulus plan, which includes 30 key tasks aimed at boosting consumer spending [18] - The gaming industry continues to receive support from government policies, with a significant number of game licenses issued in Q1 2025 [11][41] - The advertising market is showing signs of recovery, with notable increases in spending in various sectors [52][54] Monthly Data - In March 2025, the domestic film market generated a box office of 1.925 billion yuan, a decrease of 30.95% year-on-year [21][27] - The gaming market reported a sales revenue of 27.953 billion yuan in February 2025, reflecting a year-on-year growth of 12.3% [37][39] - The advertising market is projected to grow, with a 1.6% increase in overall spending in 2024 [52][54]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a target price of 207.90 CNY [1] Core Views - The company is expected to see revenue growth driven by the launch of new games, including "Wanjian Changsheng" and "Zhangjian Chuanqi" [6][8] - The forecasted net profit for the years 2025, 2026, and 2027 is 1.069 billion CNY, 1.158 billion CNY, and 1.327 billion CNY respectively, reflecting a recovery in game revenue [6] - The company has a strong gross margin of 88% and a net margin of 25.2% projected for 2025 [6][8] Financial Summary - The company's revenue for 2023 was 4.185 billion CNY, with a year-on-year decline of 19% [7] - The expected revenue for 2025 is 4.236 billion CNY, representing a growth of 14.6% compared to 2024 [7] - The net profit attributable to the parent company for 2024 is projected to be 945 million CNY, with a year-on-year decrease of 16% [7] - The earnings per share (EPS) for 2025 is estimated at 14.85 CNY, with a projected increase to 18.42 CNY by 2027 [7][11] - The company maintains a healthy financial position with a projected debt-to-asset ratio of 19.5% for 2025 [11]

吉比特 603444.SH 公司研究 | 年报点评 | | 增持 （维持） | | --- | --- | | 股价（2025年04月08日） | 204.8 元 | | 目标价格 | 207.90 元 | | 52 周最高价/最低价 | 265.93/148.25 元 | | 总股本/流通 A 股（万股） | 7,204/7,204 | | A 股市值（百万元） | 14,754 | | 国家/地区 | 中国 | | 行业 | 传媒 | | 报告发布日期 | 2025 年 04 月 10 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -9.3 | -10.18 | -0.24 | 18.78 | | 相对表现% | -3.21 | -2.74 | 3.41 | 15.55 | | 沪深 300% | -6.09 | -7.44 | -3.65 | 3.23 | | 项雯倩 | 021-63325888*6128 | | --- | --- | | 李雨琪 | xiangwenqian@orientsec. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a total revenue of 3,696 million yuan for 2024, a year-on-year decline of 11.69%, and a net profit attributable to shareholders of 945 million yuan, down 16.02% year-on-year [5] - The company has a healthy cash flow with a cash dividend total of 718 million yuan for 2024, representing 75.94% of net profit, resulting in a dividend yield of 4.57% based on the closing price on April 7, 2025 [5] - The core product revenue showed a decline, with the main titles experiencing a total revenue of 3,788 million yuan in 2024, down 14.92% year-on-year [5] Financial Performance Summary - Revenue and Profit Forecasts: - 2023A: Revenue of 4,185 million yuan, net profit of 1,125 million yuan - 2024A: Revenue of 3,696 million yuan, net profit of 945 million yuan - 2025E: Revenue of 3,909 million yuan, net profit of 908 million yuan - 2026E: Revenue of 4,222 million yuan, net profit of 1,063 million yuan - 2027E: Revenue of 4,433 million yuan, net profit of 1,122 million yuan [2][5] - The company’s P/E ratio is projected to be 16.7x for 2025, 14.3x for 2026, and 13.5x for 2027 [5] Business Trends - The company has several new products in the pipeline, including "Wanjian Changsheng" set to launch in January 2025 and "Zhangjian Chuanqi" planned for the first half of 2025 [6] - The company’s overseas revenue has shown significant growth, with a total of 500 million yuan in 2024, up 83.92% year-on-year [5] Cash Flow and Expenses - Operating cash flow for 2024 was 1,249 million yuan, with a cash conversion ratio of 132.2% for net profit [5] - Sales expenses decreased by 13% year-on-year to 980 million yuan, while R&D expenses increased by 11.52% to 758 million yuan due to a rise in personnel [5]

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 2024 年年度股东会会议资料 二〇二五年四月十七日 | 2024 年年度股东会会议议程 1 | | --- | | 关于审议《公司 2024 年年度报告》及其摘要的议案 2 | | 关于审议《公司 2024 年度董事会工作报告》的议案 3 | | 关于审议《公司 2024 年度监事会工作报告》的议案 6 | | 关于审议公司 2024 年年度利润分配方案及 2025 年中期现金分红授权安排的议案 | | 8 | | 关于使用闲置自有资金进行现金管理的议案 10 | | 关于续聘毕马威华振会计师事务所（特殊普通合伙）为公司 2025 年度审计机构 | | 的议案 12 | 2024 年年度股东会会议资料 厦门吉比特网络技术股份有限公司 2024 年年度股东会会议议程 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； 厦门吉比特网络技术股份有限公司 二〇二五年四月十七日 1 二、宣布本次会议议案的表决方法； 三、审议会议各项议案； 四、听取独立董事述职报告； 五、参会股东发言和提问，公司董事、监事、高级管理 ...

证券研究报告 | 2025年04月02日 吉比特（603444.SH） 优于大市 业绩筑底，关注新品表现 第四季度业绩筑底，《问道》端游表现稳健。1）2024 年公司收入 37.0 亿元， 同比下滑 11.7%，主要是由于《问道手游》《一念逍遥》的流水有 11.4%、 42.5%的下滑；《问道》端游的流水增长 3.9%。归母净利润 9.4 亿元，同比 下滑 16.0%，主要由于今年境内上线的《不朽家族》《封神幻想世界》以及 境外游戏业务还处于亏损的状态。公司 2024 年合计拟派发现金红利 7.2（含 税），占 2024 年归属于上市公司股东净利润的 75.9%。2）单四季度来看， 公司收入 8.8 亿元，同比下滑 14.3%；归母净利润 2.9 亿元，同比提升 8.1%， 净利润增长的主要原因为第四季度发行费用减少、冲减三季度预提奖金、汇 兑收益 0.4 亿元，业绩筑底、表现稳健。 毛利率同比下降 0.7 个百分点，费用金额略降。公司 2024 年毛利率 87.9%， 同比-0.7 个百分点，其中自主运营/联合运营/授权运营毛利率分别为 90.4%/84.7%/97.8%，分别同比-0.6/-1.1/-0. ...

2025 年 04 月 01 日 公司研究●证券研究报告 吉比特（603444.SH） 公司快报 新游戏及海外业务助力公司发展 投资要点 风险提示：政策不确定性、用户偏好不确定性、新游流水不及预期等。 财务数据与估值 | 会计年度 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,185 | 3,696 | 4,127 | 4,504 | 4,711 | | YoY(%) | -19.0 | -11.7 | 11.7 | 9.1 | 4.6 | | 归母净利润(百万元) | 1,125 | 945 | 1,125 | 1,297 | 1,401 | | YoY(%) | -23.0 | -16.0 | 19.0 | 15.3 | 8.0 | | 毛利率(%) | 88.5 | 87.9 | 87.5 | 87.5 | 87.5 | | EPS(摊薄/元) | 15.62 | 13.12 | 15.61 | 18.00 | 19.44 | | ROE(%) | 27.8 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's growth is supported by new games and overseas business expansion [1] - The company has shown a steady performance in its core products, with new releases and a strong pipeline for future games [6] - The financial forecast indicates a recovery in net profit and earnings per share (EPS) over the next few years [6] Financial Data and Valuation - Revenue (in million) for 2023A is 4,185, with a YoY decrease of 19.0%. The forecast for 2025E is 4,127, showing an 11.7% increase [3] - Net profit (in million) for 2023A is 1,125, with a YoY decrease of 23.0%. The forecast for 2025E is 1,125, indicating a 19.0% increase [3] - Gross margin is projected to remain stable around 87.5% from 2025E to 2027E [3] - The company’s EPS is expected to rise from 15.61 in 2025E to 19.44 in 2027E [3] - The Price-to-Earnings (P/E) ratio is forecasted to decrease from 14.3 in 2025E to 11.5 in 2027E, indicating potential undervaluation [3] Business Performance - The company’s revenue primarily comes from self-developed products, with significant contributions from titles like "Wandao" and "Yinian Xiaoyao" [6] - Overseas revenue reached 500 million, marking an 83.92% increase, driven by new international game launches [6] - R&D expenses accounted for 20.50% of revenue, reflecting the company's commitment to innovation [6] - New game releases have shown promising user engagement, with over one million registrations for "Wanjian Changsheng" within a week of launch [6]