G-bits(SH:603444) Ge Long Hui A P P·2025-10-29 09:49Core Viewpoint - The report from Kaiyuan Securities indicates that Gigabit's new game performance continues to release, with high growth expected to persist, maintaining a "Buy" rating [1] Financial Performance - For Q1-Q3 2025, the company's net profit attributable to shareholders reached 1.214 billion yuan, representing a year-on-year increase of 84.66%, nearing the upper limit of the forecast range [1] - In Q3, the company achieved a net profit of 569 million yuan, a year-on-year increase of 307.70% and a quarter-on-quarter increase of 57.58% [1] Game Contributions - The significant growth in performance is primarily attributed to new games such as "Legend of the Staff" (Mainland/Overseas version) and "Treasure Hunter" contributing incremental revenue [1] - "Legend of the Staff" has consistently updated quality content, achieving a peak ranking of 13 on the iOS bestseller list in July and 20 in September in Mainland China, with domestic revenue of 742 million yuan in Q3, a quarter-on-quarter increase of 75% [1] - The overseas performance of "Legend of the Staff" was also impressive, ranking 28th, 18th, and 23rd on SensorTower's overseas mobile game revenue list for July, August, and September, respectively, with overseas revenue of 478 million yuan in Q3 [1] Future Prospects - The new game "Sword of Eternal Life" generated a revenue of 713 million yuan in the first three quarters, with an expected launch in Q4 2025 in regions such as Hong Kong, Macau, and South Korea [1] - The Three Kingdoms-themed seasonal SLG game "Nine Muwu" has obtained a license and is undergoing continuous optimization testing for a timely launch [1] - The overseas release of new games and the pipeline of upcoming titles are expected to drive continued high growth in performance [1]