Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [9]. Core Insights - The company reported a total revenue of 3.7 billion in 2024, a year-on-year decrease of 12%, with a net profit of 945 million, down 16% year-on-year. However, Q4 showed signs of recovery with a revenue of 880 million, flat year-on-year, and a net profit of 290 million, up 8% year-on-year, driven by reduced expenses and improved foreign exchange gains [1][9]. - The company is expected to see a revenue rebound in 2025, supported by new product launches, including "Wanjian Changsheng," which is anticipated to generate over 100 million in its first month [9]. - The dividend payout has returned to a high level, with a total of 720 million distributed in 2024, resulting in a dividend yield of 4.4% [9]. Financial Summary - The total revenue is projected to increase from 3.7 billion in 2024 to 4.25 billion in 2025, reflecting a growth rate of 15% [3][10]. - The net profit is expected to rise from 945 million in 2024 to 1.008 billion in 2025, with a growth rate of 6.7% [3][10]. - The earnings per share (EPS) is forecasted to be 13.99 in 2025, up from 13.15 in 2024 [3][10]. - The gross margin is expected to remain stable, increasing slightly from 87.9% in 2024 to 88.9% in 2025 [3][10]. - The return on equity (ROE) is projected to be 19.4% in 2025, maintaining a strong performance [3][10].

Group 1 - The board of directors of Xiamen G-bits Network Technology Co., Ltd. held its fifth meeting of the sixth session on March 28, 2025, with all seven directors present, complying with relevant regulations [1][2] - The board unanimously approved a resolution regarding a dispute over the quality of an office property purchased by its wholly-owned subsidiary, Xiamen Thunder Interactive Network Co., Ltd., and reached an agreement with Xiamen Luqiao Urban Services Development Co., Ltd. [1][2] Group 2 - The company signed an agreement titled "Agreement on Quality Issues and Other Supporting Services for Xiamen International Yacht Club A4 Office Building" to resolve the aforementioned dispute [1]

证券代码：603444 证券简称：吉比特 公告编号：2025-023 厦门吉比特网络技术股份有限公司 关于全资子公司就所购置的办公房产 达成有关协议的公告 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。 公司全资子公司厦门雷霆互动网络有限公司（以下简称"雷霆互动"）因所 购置的办公房产质量问题与厦门路桥城市服务发展有限公司（以下简称"路桥城 发公司"）发生争议，近日已就相关争议的解决方案达成一致意见，并签署《关 于厦门国际游艇汇 A4 办公楼质量问题解决及其他配套服务事项的协议》 （以下简 。本次事项已于 2025 年 3 月 31 日经公司第六届董事会第五次会议审 称"协议"） 议通过，无需提交公司股东会审议。 现就相关情况公告如下： 一、相关背景介绍 签署了《商品房认购协议》，用于购买厦门市湖里区"五缘湾 2013P03 地块"A4 号办公楼（以下称"A4 办公楼"），并于 2018 年 8 月签署相关《商品房买卖合同 。雷霆互动对 A4 办公楼开展室内装修施工时，发现其存在多项建筑结 （预售）》 构质量问题。经委托第三方 ...

一、相关背景介绍 证券代码：603444 证券简称：吉比特 公告编号：2025-023 厦门吉比特网络技术股份有限公司 关于全资子公司就所购置的办公房产 达成有关协议的公告 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。 公司全资子公司厦门雷霆互动网络有限公司（以下简称"雷霆互动"）因所 购置的办公房产质量问题与厦门路桥城市服务发展有限公司（以下简称"路桥城 发公司"）发生争议，近日已就相关争议的解决方案达成一致意见，并签署《关 于厦门国际游艇汇 A4 办公楼质量问题解决及其他配套服务事项的协议》（以下简 称"协议"）。本次事项已于 2025 年 3 月 31 日经公司第六届董事会第五次会议审 议通过，无需提交公司股东会审议。 现就相关情况公告如下： 2018 年 5 月，公司全资子公司雷霆互动与路桥城发公司（以下简称"双方"） 签署了《商品房认购协议》，用于购买厦门市湖里区"五缘湾 2013P03 地块"A4 号办公楼（以下称"A4 办公楼"），并于 2018 年 8 月签署相关《商品房买卖合同 （预售）》。雷霆互动对 A4 ...

证券代码：603444 证券简称：吉比特 公告编号：2025-022 详见公司同日披露于上海证券交易所网站（www.sse.com.cn）、《中国证券报》 《上海证券报》《证券时报》及《证券日报》上的《厦门吉比特网络技术股份有 限公司关于全资子公司就所购置的办公房产达成有关协议的公告》（公告编号： 2025-023）。 1 三、报备文件 第六届董事会第五次会议决议公告 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、董事会会议召开情况 厦门吉比特网络技术股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日以电子邮件方式发出召开第六届董事会第五次会议的通知，并于 2025 年 3 月 31 日以现场与通讯相结合的方式在公司会议室召开会议（经全体董事同意豁免 会议通知时间要求）。本次会议应出席董事共 7 名，实际出席会议董事 7 名。公 司全体监事及高级管理人员列席了本次会议。本次会议的通知、召集及召开符合 《中华人民共和国公司法》《公司章程》的有关规定。本次会议由公司董事长卢 竑岩先生主持。与会董事经过认真审议 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [17]. Core Insights - The company reported better-than-expected performance in Q4 2024, achieving revenue of 880 million yuan, flat year-over-year (YOY), and a quarter-over-quarter (QOQ) increase of 2%. The net profit attributable to shareholders was 290 million yuan, up 8% YOY and up 106% QOQ [1]. - For the full year 2024, the company generated total revenue of 3.7 billion yuan, a decrease of 12% YOY, and a net profit of 940 million yuan, down 16% YOY. The adjusted net profit was 880 million yuan, down 22% YOY [1]. - The company is expected to benefit from new product launches in 2025, with three new games anticipated to contribute to revenue growth [7]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 880 million yuan, with a net profit of 290 million yuan, and an adjusted net profit of 260 million yuan [1]. - The financial forecast for 2025 estimates total revenue of 4.1 billion yuan, representing an 11.6% increase YOY, and a net profit of 1.0 billion yuan, reflecting a 7.3% increase YOY [3]. - The company plans to distribute a cash dividend of 720 million yuan for the year, corresponding to a dividend payout ratio of 76% [7]. Product and Market Insights - The company's core products are showing signs of stabilization, with the "Wandao" PC game generating 1.12 billion yuan in revenue for 2024, a 4% increase YOY. The mobile version generated 2.07 billion yuan, down 11% YOY, but the decline is narrowing [7]. - The newly launched game "Wanjian Changsheng" is currently fluctuating around the 60th position in sales rankings, and is expected to provide a smoother revenue curve compared to previous titles [7]. - The company has a low valuation level with a current market capitalization of 15.9 billion yuan, corresponding to a price-to-earnings (P/E) ratio of 15.6 for 2025 [3][7].

Summary of G-bits Conference Call Company Overview - **Company**: G-bits - **Industry**: Gaming Financial Performance - In 2024, G-bits achieved revenue of 3.696 billion yuan, a year-on-year decrease of 11.6% [3] - Net profit attributable to shareholders was 945 million yuan, down 16.02% year-on-year [3] - Operating cash flow was 1.249 billion yuan, an increase of 5.33% year-on-year [3] - Q4 2024 revenue was 877 million yuan, essentially flat year-on-year, with net profit of 287 million yuan, up 8.13% [4][5] - Q4 operating cash flow was 422 million yuan, a 16.81% increase year-on-year [5] Product Performance - Revenue and profit from PC games remained stable year-on-year [4] - Mobile game "Wandao" saw a decrease in revenue, investment, and profit [3] - "Yinian Xiaoyao" experienced significant declines in domestic revenue, investment, and profit [3] - International business revenue reached 500 million yuan, a year-on-year increase of 83.92% [3] New Product Launches - "Wandao Changsheng," launched on January 2, 2025, has an average ranking of around 40 in sales charts, peaking at 14 [4][6] - Plans to release self-developed game "Zhanjian Chuanqi" in H1 2025 and agency game "Jiumu Zhi Ye" in H2 2025 [6][8] Sales and Marketing Strategy - Sales expenses will be adjusted based on product performance; initial investments will be higher for new products [4][7] - The company is cautious about the ROI of "Wandao Changsheng" to avoid profit issues from concentrated spending [4][7] Industry Trends and Challenges - The rise of live PK formats is impacting the gaming industry, leading to increased competition [4][15] - G-bits is focusing on product quality and user experience amidst these challenges [4][15] AI Technology Application - AI is currently used for productivity enhancements but not yet applied in game development [4][14] - The company is observing AI's potential impact on game quality and content creation [4][19][20] Future Outlook - G-bits is cautious about the HLB category due to differentiation challenges [4][10] - The company aims to balance short-term performance with long-term values, focusing on sustainable growth [4][33] - Future financial goals include providing better returns for long-term investors [4][34] Overseas Market Performance - Significant growth in overseas revenue, but profitability has not yet been achieved [4][24] - The company needs to develop more potential products to establish a foothold in international markets [4][24] IP Development - G-bits is focused on creating sustainable IP from the design phase [4][27] - The company is selective about IP licensing, preferring permanent agreements [4][27] Conclusion - G-bits is navigating a challenging gaming landscape with a focus on product quality, user experience, and strategic financial management while exploring new technologies and market opportunities [4][33][34]

公司宣布 24 年度利润分配方案，向全体股东每 10 股派发现金红利 35.00 元（含 税），公司 24 全年现金分红金额（包含已实施的 24 年中期分红以及本次公布 但尚未实施的年度分红）预计为 7.18 亿元（含税），占 24 年归母净利润的 75.94%，按 3 月 27 日收盘价计算股息率约 4.68%，本次利润分配不进行资本 公积转增股本，不进行其他形式利润分配。 单季度来看，24Q4 实现营业收入 8.77 亿元，同比下滑 0.08%, 环比增长 2.19%； 实现归母净利润 2.87 亿元，同比增长 8.13%, 环比增长 105.78%；实现扣非归 母净利润 2.64 亿元，同比下滑 10.63%, 环比增长 74.90%；实现经营性现金流 净额 4.22 亿元，同比增长 16.81%, 环比增长 81.16%。 点评： 强烈推荐（维持） 目标估值：NA 当前股价：220.21 元 证券研究报告 | 公司点评报告 2025 年 03 月 31 日 吉比特（603444.SH） Q4 利润环比大增，坚持分红回馈投资者 TMT 及中小盘/传媒 事件： 公司发布 2024 年报，2024 年实现营 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [3][6]. Core Insights - The company reported a slight decline in overall performance for 2024, with total revenue of 3.6968 billion yuan, down 11.69% year-on-year, and a net profit attributable to shareholders of 944.92 million yuan, down 16.02% year-on-year. However, the company has implemented dividend and share buyback strategies to boost investor confidence [2][3]. - The company is focusing on long-term operations of core products, with a slight increase in revenue from its flagship game "Ask the Way" and a significant decline in revenue from "A Thought of Immortality." New game launches are expected to contribute positively to revenue in the coming year [2][3]. Financial Performance Summary - In Q4 2024, the company achieved revenue of 877 million yuan, a slight decrease of 0.08% year-on-year, and a net profit of 287 million yuan, an increase of 8.13% year-on-year. The company maintained a high R&D investment rate of 20.50% [2][5]. - The company has a clear product launch schedule for 2025, with expected new releases that could drive revenue growth. The overseas gaming business has shown strong growth, with annual overseas revenue reaching 500 million yuan, up 83.92% year-on-year [2][3]. Earnings Forecast - The company is projected to achieve net profits of 1.1 billion yuan, 1.255 billion yuan, and 1.425 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 15.3, 17.4, and 19.8 yuan. The PE ratios are expected to be 14x, 13x, and 11x for the same years [3][5].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a significant improvement in Q4 performance, with a quarter-on-quarter revenue increase of 2.19% and a net profit increase of 105.78% [1] - The overseas business is experiencing rapid growth, with a revenue increase of 83.92% year-on-year [3] - The company has a rich pipeline of self-developed and third-party products, which is expected to drive future growth [4] Financial Overview - In 2024, the company achieved a total revenue of 3.696 billion, a year-on-year decline of 11.69%, and a net profit of 945 million, down 16.02% [1] - The company forecasts revenues of 3.918 billion, 4.349 billion, and 4.660 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 6.0%, 11.0%, and 7.2% [4] - The projected net profit for 2025 is 1.002 billion, reflecting a year-on-year growth of 6.0% [4] Product Performance - The mobile game "Wandao" saw a revenue decline of 11.39% to 2.073 billion in 2024, while the PC version experienced a slight revenue increase of 3.93% to 1.119 billion [2] - The overseas game "Wandao (US version)" has shown a year-on-year increase in both revenue and profit [3] - New games launched in 2024 include "Immortal Family" and "Zhou Qian Shi Fang," with the latter achieving slight profitability by the end of the year [2][3] Future Outlook - The company is expected to continue its overseas expansion with a strong product pipeline, including titles like "Zhang Jian Chuan Shuo" and "Jiu Mu Zhi Ye," which have already obtained licenses for release in 2025 [3][4] - The earnings per share (EPS) is projected to be 13.91, 16.22, and 17.49 for 2025, 2026, and 2027 respectively [5]