Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company achieved a revenue of 3.696 billion RMB in 2024, a year-over-year decrease of 11.69%, and a net profit attributable to shareholders of 944.92 million RMB, down 16.02% year-over-year [1] - The fourth quarter saw a revenue of 877 million RMB, slightly up by 0.08% year-over-year and up 2.19% quarter-over-quarter, with a net profit of 287 million RMB, which is an increase of 8.13% year-over-year and a significant increase of 105.78% quarter-over-quarter [1] - The company announced a cash dividend of 35 RMB per 10 shares, with an expected total cash dividend of 718 million RMB for 2024, representing 76% of the net profit for the year, resulting in a dividend yield of 4.7% [1] Revenue and Profitability - The company’s revenue from the game "Wandao" reached 1.119 billion RMB in 2024, an increase of 3.93% year-over-year, while "Wandao Mobile" generated 2.073 billion RMB, down 11.4% year-over-year [2] - The overseas revenue increased by 83.92% to 500 million RMB, attributed to the launch of new products in international markets [2] - The gross margin for 2024 slightly decreased by 0.67 percentage points to 87.86%, maintaining overall stability [4] Cost Structure - The report indicates a decrease in the issuance expense ratio in Q4, contributing to improved profitability, while the R&D expense ratio increased due to a rise in personnel [4] - The sales, management, and R&D expense ratios for 2024 were 26.53%, 8.45%, and 20.50%, respectively, with year-over-year changes of -0.41%, +0.92%, and +4.27% [4] Future Outlook - The company is expected to launch new games, including "Wanjian Changsheng," which has already shown promising rankings in the App Store, and is anticipated to contribute to revenue growth in 2025 [3] - The report projects net profits of 1.176 billion RMB for 2025, 1.320 billion RMB for 2026, and 1.449 billion RMB for 2027, with a target price set at 294.84 RMB based on an 18X PE ratio for 2025 [5]

Group 1 - CIMC reported a net profit of RMB 29.72 billion for 2024, a year-on-year increase of 605.60% [1] - CIMC's revenue reached RMB 1,776.64 billion, up 39.01% from the previous year [1] - The container manufacturing segment generated revenue of RMB 622.05 billion, a 105.89% increase year-on-year [1] Group 2 - CIMC Vehicles reported revenue of RMB 209.98 billion, a decrease of 16.30% year-on-year [2] - Net profit for CIMC Vehicles fell to RMB 10.81 billion, down 55.83% compared to the previous year [2] - The decline in net profit was attributed to normalization of North American business and non-recurring gains from a previous equity disposal [2] Group 3 - SMIC's revenue for 2024 was RMB 57,795.6 million, an increase of 27.7% year-on-year [3] - The net profit for SMIC decreased by 23.3% to RMB 3,698.7 million [3] - The increase in revenue was driven by a rise in wafer sales volume, which increased by 36.7% [3] Group 4 - Haier Smart Home achieved a net profit of RMB 187.41 billion, a year-on-year increase of 12.92% [4] - The company reported revenue of RMB 2,859.81 billion, up 4.29% from the previous year [4] - The gross margin for Haier Smart Home was 27.8%, an increase of 0.3 percentage points from 2023 [4] Group 5 - CNOOC reported a net profit of RMB 137.94 billion for 2024, an increase of 11.4% year-on-year [6] - The company's revenue was RMB 420.51 billion, a slight increase of 0.9% from the previous year [6] - CNOOC's oil and gas production reached 199 million barrels of oil equivalent per day [6] Group 6 - CNOOC's oil liquid sales volume increased by 9.4% to 562.9 million barrels [7] - The average realized oil price was USD 76.75 per barrel, a decrease of approximately 1.6% [7] - The company achieved a reserve replacement rate of 167% with 11 new discoveries [7] Group 7 - China Merchants Securities reported a net profit of RMB 103.86 billion, an increase of 18.51% year-on-year [8] - The company achieved revenue of RMB 208.91 billion for the year [8] - Wealth management and institutional business contributed RMB 102.33 billion to the revenue [8] Group 8 - China Merchants Energy reported a net profit of RMB 51.07 billion for 2024 [9] - The company's revenue was RMB 257.99 billion, with a slight decrease of 0.32% [9] - The revenue decline was influenced by fluctuations in the oil tanker market [9] Group 9 - Industrial Bank achieved a net profit of RMB 772.05 billion, a year-on-year increase of 0.12% [11] - The bank's revenue was RMB 2,122.26 billion, up 0.66% from the previous year [11] - The non-performing loan ratio was 1.07%, indicating stable asset quality [11] Group 10 - Weichai Power reported a net profit of RMB 114.03 billion, a year-on-year increase of 26.51% [12] - The company's revenue reached RMB 2,156.9 billion, up 0.81% [12] - The sales of various engines totaled 734,000 units, with a 5% increase in exports [13] Group 11 - Lens Technology achieved a net profit of RMB 36.24 billion, a year-on-year increase of 19.94% [14] - The company reported revenue of RMB 698.97 billion, up 28.27% [14] - The smartphone and computer segments contributed significantly to revenue growth [14] Group 12 - Shandong Gold reported a net profit of RMB 29.52 billion, a year-on-year increase of 26.80% [15] - The company's revenue was RMB 825.18 billion, up 39.21% [15] Group 13 - Huadian International achieved a net profit of RMB 57.03 billion, a year-on-year increase of 26.11% [16] - The company's revenue was RMB 1,129.94 billion, a decrease of 3.57% [16] Group 14 - Postal Savings Bank reported a revenue of RMB 348.77 billion, a year-on-year increase of 1.83% [16] - The bank's net interest income was RMB 286.12 billion, up 1.53% [16] Group 15 - Joyoung reported a net profit of RMB 1.22 billion, a year-on-year decrease of 68.55% [17] - The company's revenue was RMB 8.85 billion, down 7.94% [17] Group 16 - Shanghai Pharmaceuticals achieved a net profit of RMB 45.53 billion, a year-on-year increase of 20.82% [18] - The company's revenue was RMB 2,752.51 billion, up 5.75% [18] Group 17 - CITIC Securities reported a net profit of RMB 72.23 billion, a year-on-year increase of 2.68% [19] - The company's revenue was RMB 211.29 billion, down 9.1% [19] Group 18 - Three squirrels plan to issue H-shares and apply for listing on the Hong Kong Stock Exchange [21] - The company aims to enhance global brand recognition and expand overseas financing capabilities [21] Group 19 - CIMC announced the termination of the spin-off of its subsidiary CIMC Tianda for listing on the Shenzhen Stock Exchange [22] - The decision was made for comprehensive considerations regarding business development and capital operation planning [22] Group 20 - CNOOC's subsidiary CIMC Tianda withdrew its IPO application [23] - The expected fundraising amount was RMB 1.41941 billion [23]

Core Insights - Jibite (603444.SH) reported a revenue of 3.696 billion yuan and a net profit of 945 million yuan for the fiscal year 2024, with basic earnings per share at 13.15 yuan [1] - The fourth quarter showed strong performance with a revenue of 877 million yuan, maintaining year-on-year stability and a quarter-on-quarter increase of 2.19%, while net profit reached 287 million yuan, up 8.13% year-on-year and 105.78% quarter-on-quarter [1] Revenue and Profit Performance - The company achieved a total operating revenue of 3.696 billion yuan and a net profit attributable to shareholders of 945 million yuan for the year [1] - In Q4, operating revenue was 877 million yuan, showing a year-on-year stability and a quarter-on-quarter growth of 2.19% [1] - The net profit for Q4 was 287 million yuan, reflecting an 8.13% increase year-on-year and a significant 105.78% increase quarter-on-quarter [1] Game Development and Market Strategy - Jibite's performance is driven by both established and new games, with long-term operations of titles like "Wandao" and "Yinian Xiaoyao" contributing stable revenue [3] - The company launched a new game "Wanjian Changsheng" in January 2025, which quickly gained over one million registered users within a week [3] - The overseas business segment saw a revenue increase of 83.92%, reaching 500 million yuan, due to successful international releases [4] R&D and Operational Focus - The company invested 758 million yuan in R&D, a year-on-year increase of 11.52%, accounting for 20.50% of total revenue [5] - Jibite adopted a "small steps, quick runs" development model to ensure products meet market demands and is exploring AI technology to enhance R&D efficiency [5] - The operational strategy has shifted to focus on core product operations and user services, leading to a 13.02% reduction in sales expenses in 2024 [7] Shareholder Returns - Jibite plans to distribute a cash dividend of 35.00 yuan per 10 shares, totaling 251 million yuan, and has implemented share buybacks, with total cash dividends and buybacks amounting to 770 million yuan, representing 81.46% of net profit [8][9]

Core Insights - Jibite (603444.SH) released its 2024 annual report on March 28, 2025, indicating that 46 institutional investors held a total of 10.8147 million A-shares, accounting for 15.01% of the total share capital [1] - The top ten institutional investors collectively held 14.56% of the shares, with a decrease of 1.75 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding Jibite shares is 46, with a total holding of 10.8147 million shares [1] - The top ten institutional investors include notable entities such as Hong Kong Central Clearing Limited and Cathay Fund Management [1] - The proportion of shares held by the top ten institutional investors decreased by 1.75 percentage points from the last quarter [1] Public Fund Activity - One public fund, Ping An Low Carbon Economy Mixed A, increased its holdings, while three funds reduced their holdings, with a total decrease of 0.47% [2] - Eight new public funds disclosed their holdings, including Rongtong Huixin Mixed A and Morgan Stanley ESG Quantitative Mixed [2] - A total of 47 public funds did not disclose their holdings this period, including notable funds like China Europe Internet Mixed A [2] Social Security Fund and Foreign Investment - One social security fund, Cathay Fund Management - Social Security Fund 1102 Combination, increased its holdings by 0.17% [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 1.04% [2]

收入符合我们预期，归母净利润高于我们预期 关注新游进展，重视股东回报价值。新游方面，1Q25 上线《问剑长生》，我们估计首月流水过亿元， 买量动作稳步谨慎推进。公司后续储备有《杖剑传说》（已开启预约，关注日本地区及国内上线进展， 公司计划于1H25 上线）、《九牧之野》（代理，已进行删档不计费测试，公司计划于2H25 上线）等产 品。我们认为公司新游排期相对有序，且资源聚焦核心项目或有望实现更好表现。股东回报方面，公司 2024 年进行3 次分红，合计现金分红7 亿元，股利支付率超过75%，股息率超过4.5%（按3/27 收盘 价）。公司同时公告提请股东会授权决定2025 年（半年度&前三季度）中期现金分红方案。截至2024 年末，公司在手货币资金达22.5 亿元，整体现金流充裕。 盈利预测与估值 考虑到新游投入，我们下调25/26 年归母净利润4.5/4.8%至10.1/11.4 亿元。 当前股价对应15/13 倍25/26 年P/E。维持跑赢行业评级，由于行业估值中枢有所上移，我们维持目标价 263 元，对应19/17 倍25/26 年目标P/E，上行空间23.5%。 公司公布4Q24 业绩：收入8.77 ...

2025年中期现金分红授权安排尚需提交公司股东会审议。 三、履行的决策程序 （一）董事会会议的召开、审议和表决情况 公司于2025年3月26日召开第六届董事会第四次会议，公司董事会成员7人，出席7人，董事会以7票同 意、0票反对、0票弃权审议通过了《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》。 （二）监事会会议的召开、审议和表决情况 公司于2025年3月26日召开第六届监事会第三次会议，公司监事会成员3人，出席3人，监事会以3票同 意、0票反对、0票弃权审议通过了《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》。 四、相关风险提示 （一）本次利润分配方案结合了公司发展阶段、未来的资金需求等因素，不会对公司每股收益和经营现 金流产生重大影响，不会影响公司正常经营和长期发展。 （二）2024年年度利润分配方案及2025年中期现金分红授权安排尚需提交公司2024年年度股东会会议审 议，敬请广大投资者谨慎决策，注意投资风险。 五、报备文件 （一）《厦门吉比特网络技术股份有限公司第六届董事会第四次会议决议》； （二）《厦门吉比特网络技术股份有限公司 ...

Core Company Insights - The company plans to distribute a cash dividend of RMB 35.00 per 10 shares, with a total cash dividend for 2024 expected to be RMB 717.56 million, accounting for 75.94% of the net profit attributable to shareholders [5][6] - The company has cumulatively distributed cash dividends totaling RMB 6.02 billion since its IPO in January 2017 [6] - The company achieved operating revenue of RMB 3.70 billion in 2024, representing a year-on-year decrease of 11.69% [28] - The net profit attributable to shareholders for 2024 was RMB 944.92 million, a decrease of 16.02% compared to the previous year [28] - The company’s total assets as of December 31, 2024, were RMB 6.92 billion, reflecting a year-on-year increase of 4.32% [8] Game Performance Overview - The company’s operating revenue primarily derives from self-developed core products, with total game gross billings for 2024 amounting to RMB 3.79 billion, a decrease of 14.92% year-on-year [10] - Asktao (PC) generated RMB 1,118.84 million in revenue, a year-on-year increase of 3.93%, while Asktao (Mobile) generated RMB 2,073.26 million, a decrease of 11.39% [10] - Overmortal (Mainland version) saw a significant decline in revenue, generating RMB 595.64 million, down 42.49% year-on-year [10] - The company’s overseas operating revenue totaled RMB 499.79 million, representing an 83.92% year-on-year increase, driven by new game launches [13] Strategic Focus and Future Plans - The company aims to enhance game performance and user experience through continuous iterations and updates of existing products [14] - Future product development will prioritize talent density in core projects and focus on engaging and commercially successful titles [14] - The company plans to launch new titles such as Scepter and Sword (Codename M88) and Jiu Mu Zhi Ye in 2025, with a focus on innovative gameplay and user engagement [20][21] Industry Landscape - The Chinese game industry reached 674 million users in 2024, with actual sales revenue amounting to RMB 325.78 billion, a 7.53% increase year-on-year [24] - Mobile games accounted for 73.12% of the actual sales revenue in the Chinese game market [24] - The industry faces challenges such as increasing traffic acquisition costs and intensified competition, leading to a decline in net profits for over 50% of major listed game companies [25] Regulatory Environment - Recent regulatory measures emphasize the healthy development of the game industry, focusing on areas such as minor protection and data security [26] - The company is committed to high-quality, differentiated, and globalized products while enhancing internal management systems to comply with regulatory requirements [27]

| | | | | | 其他应收款 | 8.38 | | | 8.38 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代垫款 | 非经营性往来 | | | | | | | | | | | 上市公司的子公司及其附 | | | 术有限公司 | 的法人 | | | | | | | | 属企业 | | 厦门雷霆互动网 | 子公司及其控制 | | | | | | | | | | | | | 其他应收款 | | | | 2.00 | 1.67 | 0.33 代 | | 垫款 | 非经营性往来 | | | | | | | | | | | 络有限公司 | | | 的法人 | | | | | | | | | 关联自然人 | | | | | | | | | | | | 无 | | | | | | | | | 非经营性往来 | | | 其他关联方及其附属企业 | | | | | | | | | | | | 无 | | | | | | | | | 非经营性往来 | | | 总计 | | | / | / / | | 8.38 | 2. ...

证券代码：603444 证券简称：吉比特 公告编号：2025-016 厦门吉比特网络技术股份有限公司 关于 2024 年年度利润分配方案及 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： ? 为积极回报广大投资者，综合考虑公司未来可持续发展所需资金、对投 资者的合理回报，厦门吉比特网络技术股份有限公司（以下简称"公司"）拟向 全体股东每 10 股派发现金红利 35.00 元（含税）。 ? 本次利润分配以实施权益分派股权登记日登记的总股本扣除公司回购专 户中已回购股份后的公司股本为基数，具体日期将在权益分派实施公告中明确。 若在实施权益分派的股权登记日前公司总股本或回购专户中的股份数发生变动， 拟维持每股分配比例不变，相应调整分配总额。 ? 公司不触及《上海证券交易所股票上市规则》（以下简称"《股票上市规 "）第 9.8.1 条第一款第（八）项规定的因现金分红金额低于法定要求而被实 则》 施其他风险警示的情形。 ? 公司董事会提请股东会授权其决定 2025 年中期 （包含半年度、前三季度） ? 2024 年年度利 ...

证券代码：603444 证券简称：吉比特 公告编号：2025-015 厦门吉比特网络技术股份有限公司 第六届监事会第三次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 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 14 日 以电子邮件方式发出召开第六届监事会第三次会议的通知，并于 2025 年 3 月 26 日以现场与通讯相结合的方式在公司会议室召开会议。本次会议由监事会主席徐 帅先生主持，应出席会议监事 3 名，实际出席会议监事 3 名。本次会议的通知、 召集、召开符合《中华人民共和国公司法》《公司章程》的有关规定。与会监事 经过认真审议并以记名投票的方式进行表决。 二、监事会会议审议情况 （一）监事会以 3 票同意、0 票反对、0 票弃权审议通过了《关于审议 <公司> 《公司 2024 年年度报告》及其摘要的编制和审议程序符合法律 监事会认为： 《公司 2024 年年 法规及中国证券监督管理委员会和上海证券交易所的各项规定； （三）监事会以 3 票同意、0 ...