吉比特（603444）：核心游戏稳健，大比例分红，看好2026年出海发力

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11] Core Views - The company achieved a revenue of 6.205 billion yuan in 2025, representing a year-on-year increase of 68%, and a net profit attributable to shareholders of 1.794 billion yuan, up 90% year-on-year. The growth was primarily driven by new games such as "Legend of the Staff" [3][4] - The company plans to distribute a cash dividend of 70 yuan per 10 shares (including tax), resulting in a cash dividend rate of 78% for 2025. The forecast for net profit attributable to shareholders for 2026 is set at 1.928 billion yuan, with a corresponding PE ratio of 13.9 times [3][6] Financial Summary - Revenue for 2025 was 62.05 billion yuan, with a gross margin of 93.9%, an increase of 6.0 percentage points year-on-year. The net profit margin improved by 2.7 percentage points to 34.6% [3][6] - The company’s cash flow from operating activities for 2025 was 2.796 billion yuan, with a diluted EPS of 24.90 yuan [8][6] - The company’s total assets are projected to reach 109.24 billion yuan by 2026, with a total liability of 20.33 billion yuan [8]