G-bits(SH:603444) Ge Long Hui A P P·2025-11-06 06:57Core Insights - The report from Guohai Securities indicates that Jibite's net profit attributable to shareholders for Q1 to Q3 of 2025 reached 1.214 billion yuan, representing a year-on-year increase of 84.66% [1] - In Q3 alone, the net profit attributable to shareholders was 569 million yuan, showing a year-on-year growth of 307.70% and a quarter-on-quarter increase of 57.58% [1] - The company's performance is at the upper end of its forecast, with a focus on the launch of new products in different regions [1] Financial Performance - As of the end of Q3 2025, the company had an unamortized balance of recharge and in-game items totaling 635 million yuan, an increase of 157 million yuan from the end of 2024 [1] - This increase is primarily due to the new product launches in 2025, including "Legend of the Staff (Mainland Version)," "Treasure Hunter," "Legend of the Staff (Overseas Version)," and "Sword of Immortality (Mainland Version)" [1] Product Development and Future Outlook - The company has a rich product matrix, and with the upcoming launches in Q4 2025 and 2026, including "Sword of Immortality" in Hong Kong, Macau, Taiwan, and South Korea, as well as "Legend of the Staff" in overseas regions, profit contributions are expected to increase [1] - The already launched product "Legend of the Staff" is anticipated to contribute to revenue throughout 2026, which is expected to enhance the company's operating profit year-on-year [1] Revenue and Profit Projections - The projected operating revenue for the company from 2025 to 2027 is 6.187 billion yuan, 6.805 billion yuan, and 7.214 billion yuan, respectively [1] - The net profit attributable to shareholders is expected to be 1.695 billion yuan, 2.028 billion yuan, and 2.287 billion yuan for the same period, with corresponding price-to-earnings ratios of 19.21x, 16.06x, and 14.24x [1] - The rating for the company is maintained at "Buy" [1]