G-bits(SH:603444) Guoxin Securities·2025-08-27 03:32Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][20] Core Views - The company experienced a revenue growth of 29% in the first half of 2025, with a significant acceleration in revenue from new game launches in the second quarter [1][8] - The performance of the new game "杖剑传说" has been outstanding, contributing to the company's revenue and profit growth [2][17] - The company has adjusted its profit forecasts upwards due to the strong performance of its new products, expecting net profits of 1.45 billion, 1.54 billion, and 1.63 billion for 2025, 2026, and 2027 respectively [3][17] Financial Performance Summary - In the first half of 2025, the company's revenue reached 2.52 billion yuan, a year-on-year increase of 28.5%, while the net profit attributable to the parent company was 650 million yuan, up 24.5% [1][8] - The gross margin for the first half of 2025 was 92.3%, an increase of 4.1 percentage points year-on-year, while the overall expense ratio rose slightly to 54.4% [1][12] - The company’s revenue from self-operated games increased by 51% to 1.52 billion yuan in the first half of 2025, with expectations for continued growth [17][19] Product and Market Insights - The company is focusing on the global release of self-developed products "杖剑传说" and "问剑长生," and is also set to operate the Three Kingdoms-themed SLG game "九牧之野" [2][16] - The domestic game "问道手游" saw a revenue decline of 7.3% to 1.07 billion yuan, while new games launched in 2024 and 2025 contributed to incremental revenue and profit [2][16] - The overseas game revenue decreased by 21% to 200 million yuan, primarily due to reduced revenue from "飞吧龙骑士" and "一念逍遥" [2][16]