吉比特第三季度净利增长超3倍：新品构筑增长“铁三角”，老品下滑压力如何对冲？

Core Insights - Gigabit has reported an unexpectedly strong performance in Q3 2025, with revenue of 1.968 billion yuan, a year-on-year increase of 129.19%, and a net profit of 569 million yuan, up 307.7% [1] - The growth is primarily driven by new product launches, including "Legend of the Staff (Mainland Version)" and "Friends Digging Treasure," which contributed significantly to revenue and profit [1][2] - The company plans to distribute a dividend of 6 yuan per share for Q3, totaling 431 million yuan, which represents 75.61% of the quarterly net profit [2] Financial Performance - For the first three quarters of 2025, the company reported total revenue of 4.486 billion yuan, a 59.17% increase year-on-year, and a net profit of 1.214 billion yuan, up 84.66% [2] - The net cash flow from operating activities reached 1.859 billion yuan, reflecting a substantial increase of 124.79% [2] - Cumulatively, the company has distributed dividends amounting to 9.04 billion yuan in 2025, which is 74.47% of the net profit for the period [2] Product Strategy - The company is focusing on three types of products: commercially successful premium games, innovative projects that break even, and technology exploration projects [4][5] - The management emphasizes a "quality over quantity" approach, aligning with the strategy of its subsidiary, Thunder Game, to enhance selection standards [5] - Future product launches will consider the mini-game platform, but the core focus remains on the creative intentions of the developers [3] Global Expansion - The success of "Legend of the Staff" in Japan has generated expectations for further international expansion, although the management is cautious and prefers a gradual approach [3][4] - The company is planning overseas releases for several products, including "Legend of the Staff" in Europe and Korea, along with other projects in the pipeline [6] Research and Development - R&D expenses have increased in Q3, primarily due to performance bonuses related to successful projects, rather than an increase in personnel [3] - The company maintains a project-centric R&D logic, focusing on assembling teams based on project needs rather than expanding the workforce indiscriminately [3]