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； ...

Financial Performance - In 2024, the company achieved operating revenue of 3.696 billion yuan, a year-on-year decrease of 11.69%; net profit attributable to shareholders was 945 million yuan, down 16.02%; and net profit excluding non-recurring items was 877 million yuan, down 21.61% [1] - In Q1 2025, the company reported operating revenue of 1.136 billion yuan, a year-on-year increase of 22.47%; net profit attributable to shareholders was 283 million yuan, up 11.82%; and net profit excluding non-recurring items was 275 million yuan, up 38.71% [1] Game Development and Launches - The company has 9 main operating products in 2024, with the game "Wen Dao" maintaining stable revenue since its launch 19 years ago; however, mobile games like "Wen Dao Mobile" and "Yi Nian Xiao Yao" have seen a natural decline in revenue [2] - The new game "Wen Jian Chang Sheng" launched on January 2, 2025, contributing 363 million yuan in revenue in Q1 and maintaining an average ranking of 52 in the App Store [2] - Upcoming games include "Zhang Jian Chuan Shuo" (code M88), which has obtained a license and is expected to launch in H1 2025, and "Jiu Mu Zhi Ye," a Three Kingdoms-themed SLG game, planned for launch in H2 2025 [2] Dividend Policy - The company plans to distribute a cash dividend of 35.00 yuan per 10 shares for 2024, totaling 251 million yuan; the total cash dividend and buyback for 2024 is expected to be around 770 million yuan, accounting for 81.46% of net profit [3] - For 2025, the company intends to distribute cash dividends based on undistributed profits and current performance, with the total not exceeding 100% of the net profit for the period [3] Profitability and Cost Management - In 2024, the company's gross margin was 87.86%, down 0.67 percentage points; net margin was 31.90%, down 3.01 percentage points [3] - In Q1 2025, gross margin increased by 1.65 percentage points to 90.89%, and net margin increased by 1.15 percentage points to 33.39%; the period expense ratio decreased by 2.06 percentage points to 56.39% [3] Investment Outlook - The company has bright prospects with new game launches and has adjusted profit forecasts for 2025-2027, expecting operating revenues of 4.127 billion, 4.476 billion, and 4.761 billion yuan, and net profits of 1.083 billion, 1.191 billion, and 1.294 billion yuan respectively [4] - The expected EPS for 2025-2027 is 15.03, 16.53, and 17.96 yuan per share, with corresponding PE ratios of 16, 15, and 13 times based on the closing price on May 10, 2025 [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report emphasizes the dual growth of AI applications and new IP consumption in the media and internet industry, suggesting a strong investment opportunity in AI and IP sectors [4][31] - The performance of video generation models has significantly improved since 2025, with new tools being released that enhance content creation capabilities across various fields such as e-commerce, advertising, and education [4] - The report highlights the upcoming launches in gaming and variety shows, which are expected to drive revenue growth for related companies [5][34] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of May 10, 2025 [12][16] - The film "Dumpling Queen" achieved a weekly box office of 1.5 billion, with a cumulative box office of 1.77 billion [24] Industry News Overview - AIGC technology is advancing, with significant breakthroughs in video understanding and multi-modal capabilities [31] - Multiple new games are set for public testing, including "Cloud Sea Below" scheduled for May 20, 2025 [34] Company Recommendations - Key recommendations include Tencent Holdings and Kuaishou for AI models and agents, with beneficiaries including Alibaba, Kunlun Wanwei, and SenseTime [4] - In the AI anime and film sector, Shanghai Film is a key recommendation, with beneficiaries including Guomai Culture and Huace Film [4] - For AI education, companies like Century Tianhong and Shengtong Co. are highlighted as beneficiaries [4] Performance Insights - The A-share media sector underperformed compared to major indices, while the sports sector showed better performance [9] - The report suggests closely monitoring the performance of new game and variety show launches for potential revenue impacts on related companies [5]

Investment Rating - The industry investment rating is "Positive" for the internet media sector, indicating an expectation of outperformance compared to the overall market [3]. Core Insights - The report highlights that the Q1 2025 performance of the A-share media sector, particularly in gaming, showed a significant year-on-year net profit growth of 38.6%. Companies like KeYing Network, Giant Network, and G-bits exceeded expectations, while Perfect World and Iceberg Network met high growth forecasts. The introduction of new products is expected to drive continued performance improvement in Q2 and the second half of the year [3]. - The report emphasizes the ongoing advancements in AI gaming, with several key startups entering the testing phase for native AI games. The film sector is noted for its cautious outlook on Q1 box office performance, but there is optimism regarding content companies' proactive IP management and animation film strategies [3]. - The report also mentions the resilience of advertising companies like Focus Media, anticipating improved bargaining power post-industry consolidation [3]. Summary by Sections Gaming Sector - Q1 2025 saw many companies in the gaming sector outperform expectations, with notable growth from KeYing Network, Giant Network, and G-bits. The overall gaming revenue is projected to grow by 9% in 2025 and 8% in 2026 [5]. - The introduction of AI in gaming is expected to mark a turning point in cost efficiency, with several AI games nearing launch [3]. Film and Content - The film sector's Q1 box office performance is expected to be disappointing, but companies are actively investing in IP operations and animation films, with significant growth seen in companies like Shanghai Film and Guomai Culture [3]. - The report indicates a 201% year-on-year growth in net profit for Shanghai Film, highlighting the potential in the animation film sector [5]. Advertising Sector - Focus Media is noted for its resilience, with a projected revenue growth of 10% in 2025 and 7% in 2026. The company is expected to enhance its bargaining power following industry consolidation [5]. AI and Cloud Computing - The report underscores the strong performance of several AI and cloud computing companies in the US, with Microsoft Azure and Meta exceeding expectations. The domestic market is also seeing advancements, particularly with Alibaba's Qwen3 model [3]. - The anticipated release of various AI products in Q2 is expected to further drive growth in this sector [3].

Investment Rating - The report maintains a "Buy" rating for the media industry [6][21]. Core Insights - The evolution of consumer behavior in Japan's fifth consumption era highlights a shift from material quantity to quality, personalization, and emotional value, indicating that consumers are increasingly focused on well-being and life quality, which benefits the media sector [5][17]. - The report emphasizes the potential for domestic demand to drive growth in the media industry, supported by government policies and the integration of technology and content [5][19]. Summary by Sections Industry Overview and Dynamics - The media sector has shown varied performance, with the media index rising by 9.1% over one month, while the Shanghai Composite Index increased by 4.3% [3][15]. - The report notes significant fluctuations in individual stocks, with top gainers including Baotong Technology and Daocaoxiong Entertainment, while major losers included Wanda Film and Meiri Interactive [15]. Key Recommendations - The report recommends several stocks within the media sector, including: - Fengyuzhu (603466) focusing on experience economy - Mango Super Media (300413) benefiting from upcoming shows - Yaoyi Technology (002605) expected to recover due to card games [6][10]. - Other notable mentions include BlueFocus (300058), Wanda Film (002739), and Huace Film & TV (300133), all rated as "Buy" [10]. Market Trends - The report discusses the impact of the fifth consumption era on consumer preferences, emphasizing a focus on emotional resonance and value recognition rather than mere status symbols [17][19]. - It highlights the importance of the cinema line content sector, which is expected to benefit from government support and a growing domestic market [18]. Gaming Industry Insights - The gaming sector continues to thrive, with Tencent leading in mobile game revenues, and significant growth observed in titles like "Honor of Kings" [20]. - The report notes that 33 Chinese publishers ranked in the global top 100 for mobile game revenue, collectively earning $2 billion in April 2025 [20]. Upcoming Releases and Market Activity - The report outlines upcoming film releases, including "Chong·Zhuang," set to premiere on May 17, 2025, which is based on a true story [29][34]. - It also provides insights into the television ratings, with popular shows like "Cheng Jia" and "Man Hao De Ren Sheng" leading in viewership [35].