G-bits(SH:603444) Xin Lang Cai Jing·2025-08-21 12:30Core Viewpoint - The company reported strong revenue and profit growth for the first half of 2025, driven by new game launches and a solid performance from mature products [2][3]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 2.518 billion yuan, a year-on-year increase of 28.49% [2]. - The net profit attributable to shareholders reached 645 million yuan, up 24.50% year-on-year, while the net profit excluding non-recurring items was 648 million yuan, reflecting a 40.02% increase [2]. - For Q2 2025, the company reported revenue of 1.382 billion yuan, a 33.89% increase year-on-year, with a net profit of 361 million yuan, up 36.64% [2]. - The company announced a cash dividend of 66.00 yuan per 10 shares (including tax) [2]. Group 2: Product Performance - The company launched two new games, "Wanjian Changsheng" and "Zhangjian Chuanqiao," which contributed significantly to revenue growth [3]. - "Wanjian Changsheng" generated a total revenue of 566 million yuan in H1 2025, with an average ranking of 63 on the App Store game sales chart [3]. - "Zhangjian Chuanqiao" performed well, achieving a revenue of 424 million yuan by the end of June 2025, with an average ranking of 18 on the mainland App Store and reaching the top position in the Hong Kong, Macau, and Taiwan App Store [3]. - Classic products like "Wandao Mobile" and "Yinian Xiaoyao" maintained stable operations, with "Wandao Mobile" generating 1.071 billion yuan, a decrease of 7.25% year-on-year [3]. Group 3: Investment Outlook - The company is expected to continue its "small steps, fast running" strategy, with new products likely to contribute to performance growth and steady overseas expansion [4]. - The profit forecast for 2025-2027 has been raised, with expected net profits of 1.458 billion yuan, 1.675 billion yuan, and 1.803 billion yuan, respectively [4]. - Corresponding EPS is projected to be 20.2, 23.3, and 25.0 yuan, with PE ratios of 22x, 19x, and 18x [4].