G-bits(SH:603444) GOLDEN SUN SECURITIES·2025-10-29 11:44Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company has shown strong performance in 2025, with a revenue of 4.486 billion yuan for Q1-Q3, representing a year-on-year increase of 59.17%. The net profit attributable to shareholders reached 1.214 billion yuan, up 84.66% year-on-year [1]. - The successful launch of three self-developed games, particularly "杖剑传说" (Sword and Wand Legend), has significantly contributed to revenue growth, with domestic revenue from this game reaching 1.166 billion yuan from May to September 2025 [2][4]. - The company is expected to continue its growth trajectory, with revenue projections of 6.246 billion yuan, 6.995 billion yuan, and 7.695 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 1.785 billion yuan, 2.015 billion yuan, and 2.202 billion yuan for the same years [4]. Financial Overview - For Q3 2025, the company reported a revenue of 1.968 billion yuan, a remarkable increase of 129.19% year-on-year, and a net profit of 569 million yuan, which is a 307.70% increase year-on-year [1]. - The overseas revenue for Q1-Q3 2025 reached 588 million yuan, marking a 59.46% year-on-year growth, driven by the performance of "杖剑传说 (Overseas Version)" [4]. - The company has a robust pipeline of self-developed and agency products, enhancing its long-term operational capabilities [4]. Game Performance - "问剑长生" (Sword of Immortality) generated a total revenue of 713 million yuan from January to September 2025, while "道友来挖宝" (Friends Digging for Treasure) achieved a total revenue of 316 million yuan [2]. - "问道手游" (Wandering Dao Mobile Game) maintained steady performance with a total revenue of 1.499 billion yuan from January to September 2025, despite a slight year-on-year decline of 7.02% [3].