Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 2.518 billion in H1 2025, representing a year-on-year growth of 28.49%, and a net profit attributable to shareholders of 645 million, up 24.50% year-on-year [1] - The successful launch of three self-developed games in H1 2025 contributed significantly to revenue and profit growth, with "杖剑传说" performing exceptionally well in overseas markets [2][4] - The company is expected to see continued revenue growth, with projections of 5.063 billion, 6.076 billion, and 6.744 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 37.0%, 20.0%, and 11.0% [4] Financial Overview - In H1 2025, the company reported a total revenue of 2.518 billion, with a net profit of 645 million, and a non-recurring net profit of 648 million, marking a 40.02% increase year-on-year [1] - The average ranking of "问剑长生" in the App Store was 63, peaking at 14, while "杖剑传说" maintained an average ranking of 18, reaching a high of 10 [2] - The company's overseas revenue in H1 2025 was 201 million, down 21.01% year-on-year, primarily due to the performance of previous titles [3] Profit Forecast - The report adjusts profit forecasts upwards, expecting net profits of 1.453 billion, 1.745 billion, and 1.929 billion for 2025, 2026, and 2027, with corresponding year-on-year growth rates of 53.8%, 20.1%, and 10.5% [4][5]
吉比特(603444):上半年三款新游上线,《杖剑传说》境外表现优异