2025 年 08 月 25 日 吉比特 (603444) ——1H25 亮眼，《问道手游》企稳、《仗剑》贡献超预期 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 25 日 | | --- | --- | | 收盘价（元） | 461.31 | | 一年内最高/最低（元） | 464.98/169.46 | | 市净率 | 6.3 | | 股息率%（分红/股价） | 2.17 | | 流通 A 股市值（百万元） | 33,233 | | 上证指数/深证成指 | 3,883.56/12,441.07 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 73.48 | | 资产负债率% | 20.42 | | 总股本/流通 A 股（百万） | 72/72 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 04-26 05-26 06 ...

NO.1中信建投：三季度业绩增量明显，重申游戏作为全年主线 ｜2025年8月21日星期四｜ 8月21日，华泰证券研报认为，钴长期供需格局优化，钴价或在2025~2027年迎来周期性上行机会。从 平衡表来看，2026年、2027年钴供需关系大概率延续短缺状态，参考上一轮周期中钴短缺幅度以及价格 反弹高度，钴行业的大周期价格反转或已经到来，钴价未来两年有望迎来持续的上涨趋势，价格中枢或 在35万元/吨以上。 NO.3中信建投：光热发电对构建新型电力系统具有重要意义 中信建投表示，光热发电是通过聚光系统将太阳能聚焦到吸热器，加热工作介质(如熔盐)产生高温蒸汽 驱动汽轮机发电，光热发电机组配置储热系统后，可实现24小时连续稳定发电。光热发电作为高稳定性 的可再生能源，对构建新型电力系统具有重要意义。光热发电兼具调峰电源和储能的双重功能，能够在 电力系统中提供长周期的调峰能力和转动惯量，具备在部分区域作为调峰和基础性电源的潜力。从光热 系统价值量分布来看，聚光系统、吸热系统、热力系统和储热系统价值量占比较大。 中信建投（601066）研报称，回顾2023年AI驱动游戏整体到30x，今年其实是更落地的EPS上修+景气度 ...

东吴证券8月20日发布研报称，给予吉比特（603444.SH，最新价：421.19元）买入评级。评级理由主要 包括：1）《问道手游》同比趋稳，新游周期开启贡献增量；2）《杖剑传说》《道友来挖宝》表现出 色，期待利润进一步释放；3）关注《九牧之野》等新游上线进展。风险提示：新游表现不及预期风 险，存量游戏流水超预期下滑风险，行业竞争加剧风险。 （文章来源：每日经济新闻） ...

财务报表中对有大幅变动的财务项目的原因说明如下：货币资金变动幅度为55.05%,原因:本期销售回款 增加。交易性金融资产变动幅度为-31.35%,原因:本期赎回理财产品的金额大于购买金额。应收款项变动 幅度为32.52%,原因:本期收入增加，未回款金额相应增加。其他应收款变动幅度为-71.81%,原因:上年度 确认参股公司回购公司持有的股权价款，截至本期末已全额收到。一年内到期的非流动资产变动幅度为 65.69%,原因:本期新增购买期限为一年以内的国债。其他债权投资变动幅度为186.38%,原因:本期新增购 买期限为一年以上的国债。其他非流动资产变动幅度为1240.19%,原因:本期末新增购买期限为一年以上 的大额存单。应付账款变动幅度为91.23%,原因:本期应付发行费用增加。应交税费变动幅度为75.13%,原 因:本期收入及利润增加。其他流动负债变动幅度为130.88%,原因:本期收入增加，尚未达到纳税义务发 生时间的收入对应的待转销项税额增加。其他非流动负债变动幅度为38.5%,原因:本期新上线游戏《问 剑长生(大陆版)》《杖剑传说(大陆版)》等未摊销的永久性道具余额增加。营业收入变动幅度为28.49% ...

Core Viewpoint - The gaming sector has experienced a significant surge, driven by strong earnings reports and favorable market conditions, indicating robust growth potential for companies in this industry [1][3][8]. Group 1: Company Performance - On August 5, gaming stocks in Hong Kong saw a collective surge, with Xindong Company experiencing a peak increase of over 26%, closing with a 24.76% rise, marking a year-to-date increase of 186.06% [3]. - Xindong Company projected a revenue of at least 3.05 billion yuan for the first half of 2025, representing a 37% year-on-year increase, and a net profit of at least 790 million yuan, reflecting a substantial growth of approximately 215% [3][5]. - The growth in Xindong Company's performance is attributed to the strong performance of self-developed games and the continuous optimization of the TapTap platform, which has led to increased revenue and profit [5]. Group 2: Industry Growth - According to the "China Game Industry Report," the actual sales revenue of China's domestic gaming market reached 168 billion yuan in the first half of 2025, a year-on-year increase of 14.08%, marking a historical high [8][9]. - The user base in the gaming sector reached 679 million, with a slight year-on-year growth of 0.72%, also a historical peak [8]. - The growth in the gaming market is supported by the successful launch of new games, the steady performance of established titles, and the strong momentum in esports and mini-program games [8]. Group 3: Policy and Market Environment - In the first seven months of the year, 884 domestic game licenses were issued, with a consistent monthly release of over 100 licenses, contributing to a stable policy environment for the gaming industry [9]. - The report indicates that the gaming industry is entering a new development phase characterized by content refinement, AI industrialization, and systematic globalization, with multiple driving factors for growth [9][10]. - Analysts expect the gaming market to maintain its growth momentum, supported by a rich game reserve and expanding profit margins [10].

花旗发布研究报告，预期网易第二季业绩符合预期，总收入同比升11%，非公认会计准则净利润94.6亿 元。在线游戏收入预计同比增长15.2%，主要受《梦幻西游》、《逆水寒》及《燕云十六声》的稳健表 现推动，以及首季延后收入的抵消。花旗将网易目标价微升至157美元，并维持"买入"评级。 （文章来源：证券时报网） ...

每经记者｜张梓桐 每经编辑｜张海妮 丨 2025年5月14日 星期三 丨 NO.1 卡普空2024财年业绩再创新高 5月13日消息，卡普空（Capcom）在其最新发布的投资者报告中宣布，公司再次实现了创纪录的财务表 现。根据截至2025年3月31日的2024财年报告，卡普空连续第八年实现了净销售额和利润的全面增长。 数据显示，卡普空在2024财年的净销售额飙升至1696亿日元（约合82.5亿元人民币），同比增长 11.3%；净利润达到484.5亿日元（约合23.57亿元人民币），同比增幅为11.7%。 点评：卡普空业绩增长背后，《怪物猎人：荒野》功不可没。该游戏发售后表现极为出色，在第一个月 内销量就突破了1000万套，成为拉动业绩的关键引擎。同时，"怪物猎人"系列的整体强劲销售也有力推 动了卡普空的业绩增长。此外，卡普空采取的持续在数字商店以较低价格销售老游戏的策略，成功延长 了这些游戏的生命周期，为公司带来了稳定且持续的收入。 NO.2 索尼意外泄露《剑星》PC版宣传片 5月13日消息，索尼运营人员在社交平台上不慎提前放出了《剑星》PC（个人电脑）版宣传片。此次失 误源于私密视频与公开视频设置混淆，致使该 ...

Financial Performance - The company reported a basic earnings per share of 0.5073 yuan for 2024, a 97.24% increase compared to 0.2572 yuan in 2023, and a significant recovery from a loss of -0.9613 yuan in 2022 [1] - The net profit for 2024 was 2.1 billion yuan, marking a 98.11% increase from 1.06 billion yuan in 2023, and a recovery from a loss of -3.96 billion yuan in 2022 [1] - Operating revenue decreased to 33.02 billion yuan in 2024, down 9.66% from 36.55 billion yuan in 2023, but slightly up from 32.59 billion yuan in 2022 [1] - The return on equity increased to 5.67% in 2024, up 86.51% from 3.04% in 2023, recovering from -10.92% in 2022 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 58.384 million shares, accounting for 16.73% of the circulating shares, with a decrease of 810,800 shares compared to the previous period [1] - The largest shareholder, Bao Zhifang, holds 20.7377 million shares, representing 5.94% of the total share capital, with no change in holdings [2] - Hong Kong Central Clearing Limited increased its holdings by 3.18% to 11.1104 million shares, with an increase of 3.2825 million shares [2] Dividend Distribution - The company announced a dividend distribution plan of 1 yuan per share (including tax) [3]