G-bits(SH:603444) Xin Lang Cai Jing·2025-08-22 08:34Core Viewpoint - The company reported significant revenue and net profit growth in the first half of 2025, driven by both established and new game titles, with a strong performance continuing into the second quarter [1][2]. Group 1: Financial Performance - In 2025 H1, the company achieved revenue of 2.518 billion yuan, a year-on-year increase of 28.49%, and a net profit attributable to shareholders of 645 million yuan, up 24.50% [1]. - For Q2 2025, the company recorded revenue of 1.382 billion yuan, reflecting a year-on-year growth of 33.89%, and a net profit of 361 million yuan, which is a 36.64% increase [1]. - The net profit excluding non-recurring items for H1 2025 was 648 million yuan, marking a 40.02% year-on-year growth [1]. Group 2: Game Contributions - The revenue growth was primarily driven by the performance of existing games and the launch of new titles, with "Wen Dao Mobile" generating 1.071 billion yuan in revenue, slightly down year-on-year [2]. - The newly launched "Wen Jian Chang Sheng (Mainland Version)" contributed 566 million yuan in revenue, while "Zhang Jian Chuan Shuo (Mainland Version)" added 424 million yuan in its first month [2]. - Despite a decline in overseas revenue to 201 million yuan, down 21.01% year-on-year, the overall impact on total revenue was limited [2]. Group 3: Future Game Releases - The company is preparing for the release of "Jiu Mu Zhi Ye," a seasonal SLG game based on the Three Kingdoms, which has received approval and is currently in limited paid testing [3]. - Plans are in place for the global release of "Wen Jian Chang Sheng" and "Zhang Jian Chuan Shuo," with the former expected to launch in regions including Hong Kong, Macau, and South Korea in H2 2025 [3]. - A total of five games have received approval for release from January to July 2025, indicating a strong pipeline for future growth [3]. Group 4: Shareholder Returns - The company plans to distribute a cash dividend of 66 yuan per 10 shares, totaling 474 million yuan, with a cash dividend ratio of 73.46% for H1 2025 [4]. - The board has also proposed a cash dividend plan for the first three quarters of 2025, subject to shareholder approval [4]. Group 5: Profit Forecast and Valuation - The company expects revenue for 2025 to reach 5.38 billion yuan, with growth rates of 45.6%, followed by 6.45 billion yuan and 6.74 billion yuan in 2026 and 2027, respectively [5]. - Net profit forecasts for 2025, 2026, and 2027 are 1.5 billion yuan, 1.87 billion yuan, and 1.95 billion yuan, with corresponding growth rates of 58.6%, 24.6%, and 4.27% [5]. - The company maintains a "buy" rating based on the performance of existing and upcoming games [5].