Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2023 performance met expectations, with total revenue of 4.185 billion yuan, down 19.02% year-on-year, and net profit attributable to shareholders of 1.125 billion yuan, down 22.98% year-on-year. The fourth quarter of 2023 saw revenue of 878 million yuan, up 34.35% year-on-year but down 8.33% quarter-on-quarter, with net profit of 266 million yuan, down 40.82% year-on-year but up 44.98% quarter-on-quarter [2][3] - Revenue pressure is attributed to the natural decline in existing game revenue and the delay in new game launches. The core products, "Wandao Mobile Game" and "Yinian Xiaoyao (Mainland Version)," experienced a decline in revenue due to their lifecycle, while new self-developed and agency games did not contribute significantly to revenue [2][3] - The company is increasing its R&D investment, with the number of R&D personnel rising from 530 in 2021 to 855 in 2023. The company has several self-developed and agency products in the pipeline, and there is optimism about the performance of new game launches [4] Financial Summary - For 2023, the company reported total revenue of 4.185 billion yuan and a net profit of 1.125 billion yuan. The earnings per share (EPS) for 2023 was 15.62 yuan, with a price-to-earnings (P/E) ratio of 12.21 [1][4] - The company expects EPS for 2024, 2025, and 2026 to be 14.83 yuan, 15.89 yuan, and 17.12 yuan respectively, with corresponding P/E ratios of 13, 12, and 11 [4] - The company's total assets for 2023 were 6.637 billion yuan, with total liabilities of 1.389 billion yuan and total equity of 5.248 billion yuan [11]

全年业绩承压，关注 24 年新游表现 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 分析师 [Table_Authors] 岳铮 ：010-8092-7630 ：yuezheng_yj@chinastock.com.cn 分析师登记编码：S0130522030006 | --- | --- | |--------------------------------------|----------| | [Table_Market] 市场数据 2024-03-29 | | | 股票代码 | 603444 | | A 股收盘价(元) | 190.77 | | 上证指数 | 3,041.17 | | 总股本(万股) | 7,204 | | 实际流通 A 股(万股) | 7,204 | | 流通 A 股市值(亿元) | 137 | 资料来源：Wind，中国银河证券研究院 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------ ...

Financial Performance - The company's net profit attributable to shareholders decreased by 21.35% compared to the previous year, with adjusted net profit at 191.67 million yuan[23]. - The basic earnings per share for 2023 was 15.63 yuan, down 23.12% from 20.33 yuan in 2022[24]. - The company's total revenue for 2023 was approximately ¥4.18 billion, a decrease of 19.02% compared to ¥5.17 billion in 2022[138]. - Net profit attributable to shareholders for 2023 was approximately ¥1.13 billion, down 22.98% from ¥1.46 billion in the previous year[138]. - The net cash flow from operating activities decreased by 32.35% to approximately ¥1.19 billion, compared to ¥1.75 billion in 2022[138]. - The company reported a net profit margin of 12%, an increase from 10% in the previous quarter, showcasing improved operational efficiency[111]. - The weighted average return on equity for 2023 was 26.04%, a decrease of 6.45 percentage points from 32.49% in 2022[175]. Employee and R&D Investment - The total number of employees increased by 15.39% to 1,447, with a significant rise in R&D personnel by 163[20]. - The number of R&D personnel has increased from 530 at the end of 2021 to 855 at the end of 2023, indicating a continuous increase in R&D investment[92]. - Research and development expenses increased by 30% year-over-year, reflecting the company's commitment to innovation[111]. Product Development and Strategy - The company plans to continue iterating existing products and focus on MMORPG, idle games, and SLG genres for new product development[31]. - The company will adjust its product agency strategy based on market changes, focusing on reviving old IPs and competitive multiplayer games[31]. - The game "Abyss: Infinity Siege" is part of the company's product reserve, with uncertain launch dates and regions based on market information[39]. - The game "Wand and Sword Legend (Codename M88)" is set to launch its overseas version in the second half of 2024[42]. - The company is focusing on enhancing the "Wandao" IP and brand value to extend the product lifecycle of "Wandao Mobile" game[35]. - The company has multiple self-developed products in overseas markets undergoing testing, including "Wand and Sword Legend (Codename M88)" and "Billion Light Years" among others[76]. - The company plans to launch three new products in the next fiscal year, aiming to capture an additional 10% market share[111]. - The company plans to launch two self-developed games, "Outpost: Infinity Siege" and "Monster Never Cry," in March 2024[185]. - The game "超进化物语 2" is set to be released in December 2023, and it is a licensed strategy card game[185]. - The game "航海王：梦想指针" is scheduled for release on April 1, 2024, and is based on the licensed One Piece IP[195]. - The company is also planning to launch another game in the second half of 2024, which has already obtained its license[196]. Marketing and User Engagement - The company is exploring innovative marketing methods and user engagement activities, including live streaming and community interactions, to boost user participation[79]. - The company will continue to strengthen brand exposure while adjusting and controlling advertising expenditures to improve marketing efficiency[79]. - The cumulative registered user count for "A Thought on the Journey" has exceeded 25 million, with a focus on optimizing existing user engagement and reducing inefficient spending in future operational strategies[79]. - User retention rates improved to 85%, up from 80% in the previous quarter, indicating stronger customer loyalty[111]. - The company is focusing on enhancing its digital marketing strategies, which are expected to drive a 15% increase in user acquisition[111]. Revenue and Market Expansion - The company reported overseas revenue of ¥272 million, an increase of 5.03% year-on-year, primarily from the release of "Yinian Xiaoyao (European and American version)"[120]. - The company has successfully entered two new international markets, contributing to a 5% increase in overall revenue[111]. - The company is actively investing in quality developers and publishers in the gaming industry to enhance its market position and expand its business[86]. - Future guidance indicates expected revenue growth of 20% for the upcoming quarter, driven by new product launches and market expansion[111]. Cash Dividends and Financial Assets - The total cash dividend for 2024 is proposed to not exceed 100% of the net profit attributable to shareholders for the current period[4]. - The company completed a cash dividend of ¥504 million on September 27, 2023, representing 44.82% of the net profit attributable to shareholders for the year[126]. - The total amount of trading financial assets increased by 496.02 million RMB during the reporting period, impacting profits positively by 25.28 million RMB[60]. Government Support and Other Income - The company received government subsidies amounting to 28.07 million yuan, compared to 24.22 million yuan in 2022[27]. - The investment income from equity method investments was 9.21 million yuan, a significant drop from 74.29 million yuan in 2022[21]. - The company reported a foreign exchange gain of 31.51 million RMB due to fluctuations in the exchange rate, with 1 USD equaling 7.0827 RMB at the end of the reporting period[51].

| 报告说明 | 01 | | --- | --- | | 报告范围 | 01 | | 发布周期 | 01 | | 数据说明 | 02 | | 编制原则与依据 | 02 | | 公司简介 | 05 | | --- | --- | | 党企融合 | 08 | | 荣誉奖项 | 09 | | 社会责任与ESG管理 | | | --- | --- | | ESG管理 | 13 | | 责任沟通 | 15 | | 公司治理 | 18 | | 商业道德 | 19 | | Career Career Comment of Children Comments of 内容生态治理 | 37 | | --- | --- | | 数据安全管理 | 40 | | 未成年人保护 | 47 | | 践行玩家为本 | 25 | | --- | --- | | 弘扬中华文化 | 27 | | 保护知识产权 | 31 | | 探索科技前沿 | 34 | | 人才发展计划 | 51 | | --- | --- | | 员工权益保障 | 51 | | 畅通沟通渠道 | 54 | | 关注员工福利 | 55 | | 创新人才培养 | 62 | | ...

自 2023 年 1 月 1 日 至 2023 年 12 月 31 日止年度财务报表 厦门吉比特网络技术股份有限公司 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 +86 (10) 8518 5111 Fax kpmg.com/cn Internet 近外精则表会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 厦门吉比特网络技术股份有限公司全体股东： 一、审计意见 我们审计了后附的厦门吉比特网络技术股份有限公司 (以下简称 "吉比特公司") 财务报 表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、 合并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为， ...

2023 年度独立董事述职报告 厦门吉比特网络技术股份有限公司 2023 年度独立董事述职报告 本人鲍卉芳，作为厦门吉比特网络技术股份有限公司（以下简称"公司"） 第五届董事会独立董事，2023 年度严格遵守《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公 司独立董事管理办法》等相关法律法规的要求和《公司章程》《公司独立董事工 作制度》的规定，认真、严谨地履行独立董事的职责。现将 2023 年度本人履职 情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景及任职情况 鲍卉芳女士，1963 年出生，中国国籍，无境外永久居留权，硕士研究生学历。 曾任职于中华人民共和国最高人民检察院，曾任中国证券监督管理委员会第七届、 第八届发行审核委员会委员。现任北京市康达律师事务所合伙人律师，兼任北京 银信长远科技股份有限公司独立董事、中航光电科技股份有限公司独立董事。 （二）是否存在影响独立性的情况说明 本人作为公司独立董事，任职符合《上市公司独立董事管理办法》规定的独 立性要求，并严格按照《上市公司独立董事管理办法》《上海证券交易所股票上 市 ...

证券代码：603444 证券简称：吉比特 公告编号：2024-013 拟聘任的会计师事务所名称：毕马威华振会计师事务所（特殊普通合伙） 厦门吉比特网络技术股份有限公司（以下简称"公司"）于 2024 年 3 月 27 日召 开公司第五届董事会第二十次会议，会议审议通过了《关于续聘毕马威华振会计师事 务所（特殊普通合伙）为公司 2024 年度审计机构的议案》。毕马威华振会计师事务所 （特殊普通合伙）（以下简称"毕马威华振"）作为公司 2023 年度审计机构，在任期 内严格遵守相关法律法规，独立完成审计工作，为公司出具的审计报告客观、公正地 反映了公司的财务状况和经营成果。为保持审计工作的连续性，公司拟续聘毕马威华 振为公司 2024 年度财务报表及内部控制审计机构，聘期一年。 提请股东大会授权公司管理层根据市场公允定价原则及实际审计业务情况与会计 师事务所协商确定 2024 年度审计费用并签署相关协议。公司 2023 年度财务报告及内 部控制审计费用合计 252.00 万元，预计 2024 年度审计费用较 2023 年度变动不会超过 20%。 本议案尚需提交公司 2023 年年度股东大会审议。 一、拟聘任会计师 ...

Stock Code: 603444 Stock Name: G-bits G-bits Network Technology (Xiamen) Co., Ltd. 2023 Annual Report (Summary) March 2024 Should there be any discrepancy between the English version and the Chinese version of this Report, the Chinese version shall prevail. Part I Important Notes I. The summary of the Annual Report is extracted from the full text of the Annual Report. To gain a thorough understanding of the Company's operational achievements, financial status, and future development plans, investors are adv ...

证券代码：603444 证券简称：吉比特 公告编号：2024-014 厦门吉比特网络技术股份有限公司 关于变更注册资本并修订《公司章程》及其附件的公告 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。 厦门吉比特网络技术股份有限公司（以下简称"公司"）第五届第二十次董 事会会议审议通过了《关于变更注册资本并修订<公司章程>及其附件的议案》， 具体情况如下： 一、注册资本变更情况 2020 年 10 月至 2020 年 12 月期间，根据《中华人民共和国公司法》（以下简 称"公司法"）《上海证券交易所股票上市规则》《上市公司股权激励管理办法》 等法律法规的有关规定，经公司董事会、监事会及股东大会审议通过，公司实施 了 2020 年股票期权激励计划（以下简称"激励计划"），并进行了激励计划首次 及预留期权授予。详见公司于 2020 年 10 月 22 日、2020 年 11 月 3 日、2020 年 11 月 10 日、2020 年 11 月 19 日、2020 年 12 月 3 日、2020 年 12 月 18 日、2020 年 ...

厦门吉比特网络技术股份有限公司 内部控制审计报告 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 半马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2402404 号 厦门吉比特网络技术股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了厦 门吉比特网络技术股份有限公司（以下简称"贵公司"）2023年 12 月 31 日的财务报告内部 控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规 ...