G-bits(SH:603444) Chang Jiang Shang Bao·2025-09-14 23:29Core Viewpoint - The company, Gigabit (603444.SH), has seen a significant recovery in both stock price and performance under the leadership of Lu Hongyan, with a stock price increase of 278.5% from its 2024 low and a revenue growth of over 20% in the first half of 2025 [1][6]. Company Performance - On September 12, 2025, Gigabit's stock price reached 542.28 CNY per share, up from a low of 143.27 CNY in 2024, marking a 278.5% increase [1][6]. - In the first half of 2025, the company reported a revenue of 2.518 billion CNY and a net profit of 645 million CNY, both showing year-on-year growth exceeding 20% [1][6]. - The company has a history of strong profitability, with a cumulative dividend payout of 6.489 billion CNY since its listing, and plans to distribute 4.74 billion CNY in cash dividends for the first half of 2025 [6]. Leadership and Strategy - Lu Hongyan, the founder, emphasizes a pragmatic approach, focusing on product quality rather than aggressive expansion, which has allowed the company to maintain resilience during industry fluctuations [4][7]. - The company has shifted its focus to developing new products, launching two self-developed games, "Wanjian Changsheng" and "Zhangjian Chuanqi," in 2025, which contributed to the performance recovery [1][6]. Market Position and Competitive Landscape - Despite being less known compared to larger competitors, Gigabit is recognized for its strong profitability and investment returns, earning the nickname "Game King" [5]. - The company has transitioned from a single-product focus to a diversified game enterprise, with successful titles like "Wandao," "Yinian Xiaoyao," and "Moyuan Zhi Ren" [7]. Future Outlook - Gigabit plans to focus on high-quality products in its agency business and will adjust its self-developed projects based on their commercial success and player engagement [7]. - The company has increased its marketing expenditure, with sales expenses reaching 836 million CNY in the first half of 2025, a 55.57% increase year-on-year, indicating a strategic investment in growth [7].