起初，玩家们以为这只是常见的网络问题。但在社交平台和玩家社群里，越来越多登不上的反馈，让大家很快意识到情况不对。 没有停服公告，没有最后告别，这款上线仅五个月的游戏，就此失联。 01 崩塌 又一个明星团队倒下了。 今年7月10日，有玩家发现，《黄金四目》的服务器突然连不上了。 虽然在TapTap和好游快爆等渠道上，《黄金四目》的下载按钮依然亮着，但这款游戏已经无法正常游玩。 | 策略 角色扮演 卡牌 二次元 都市 美少女 战争 怪谈 | #99+ | 5506 | | --- | --- | --- | | | 飙升榜 > 下载人数 | | 这场看似突然的停服，其实早有预兆。在B站，《黄金四目》官方账号的动态更新定格在了5月13日。在那条庆祝游戏活过100天的帖子里，团队还写下了 希望长久运营下去的期许。 不久后，关于公司欠薪、员工申请劳动仲裁的消息也开始在业内流传。对鸟鸣的部分员工来说，这一幕充满了既视感：外部融资断绝，内部薪资停发…… 这些状况，都跟两年前公司前身"炎喵网络"的解散过程大同小异。 不过，在上次危机发生后，据多名鸟鸣前员工表示，他们很快获得了蓝鲸网络的1500万投资，还保留了团队，拿回了版权 ...

Core Insights - Company G-bits reported a revenue of 2.518 billion yuan for the first half of 2025, representing a year-on-year growth of 28.49% [2] - The net profit attributable to shareholders reached 645 million yuan, an increase of 24.50% year-on-year [2] - The net cash flow from operating activities was 1.077 billion yuan, showing a significant growth of 81.18% [2] - A cash dividend of 66 yuan per 10 shares is proposed, totaling approximately 474 million yuan, which accounts for 73.46% of the net profit for the period [2] Revenue Growth Drivers - The company focuses on the research and operation of online games, with two self-developed new products, "Staff Sword Legend" and "Question Sword Longevity," launched in the first half of 2025, contributing to revenue and profit growth [4] - Classic IP games continue to be iterated, providing fresh experiences for players and solidifying the company's long-term development foundation [4] - The long-term operation of "Question Dao" online game, which has been running for over 19 years, demonstrates its enduring vitality [4] Future Development Strategy - The company plans to continue investing in research and development, focusing on three types of projects: commercially successful and enjoyable projects, enjoyable projects that break even or incur small losses, and technology exploration projects [5] - The operational focus will be on core product operations and user services to enhance the efficiency of publishing business [5] - The company aims to promote global distribution of two new products, with "Question Sword Longevity" expected to launch in South Korea and other regions in the second half of the year [5] - A new Three Kingdoms-themed seasonal SLG mobile game, "Nine Shepherds of the Wild," has obtained a license and is highly anticipated by players [5] - Since its IPO in 2017, the company has distributed a total of 6.489 billion yuan in cash dividends, which is 7.21 times the net proceeds from the IPO [5]

Core Viewpoint - Jibite, a prominent player in the A-share market, has announced a generous dividend plan, distributing 66.00 CNY per 10 shares to all shareholders, reflecting a commitment to shareholder returns [1][4]. Financial Performance - In the first half of 2025, Jibite reported a revenue of 2.518 billion CNY, marking a year-on-year increase of 28.49% [4]. - The net profit attributable to shareholders reached 645 million CNY, up 24.50% year-on-year [4]. - The net cash flow from operating activities was 1.077 billion CNY, showing a significant growth of 81.18% [4]. Dividend Distribution - The proposed dividend distribution totals approximately 474 million CNY, which constitutes 73.46% of the net profit for the period [4]. - Since its listing in 2017, Jibite has implemented 12 cash dividend distributions, totaling over 6 billion CNY, significantly exceeding the 960 million CNY raised during its IPO [9][10]. Product Development and Market Strategy - Jibite focuses on the development and operation of online games, with two self-developed new titles, "Zhang Jian Chuan Shuo" and "Wen Jian Chang Sheng," launched in the first half of 2025, contributing to revenue growth [5]. - The company continues to iterate on classic IP games, enhancing player experience and ensuring long-term stability [5]. - Future R&D investments will target three project categories: commercially successful projects, projects at breakeven or slight loss, and technology exploration projects [8]. Operational Efficiency - The self-operated platform, Thunder Games, supports the performance of both self-developed and agency products, leveraging years of operational experience [7]. - Jibite plans to focus resources on core product operations and user services to improve operational efficiency [8]. Financial Health - As of June 30, 2025, Jibite's debt-to-asset ratio was approximately 32%, with cash reserves amounting to 3.493 billion CNY, providing a solid foundation for high dividend payouts [10]. - The chairman, Lu Hongyan, holds a 29.72% stake in the company, which translates to an estimated cash dividend of 141 million CNY for the first half of 2025 [10].

Core Viewpoint - Jibite's half-year report for 2025 shows significant growth in revenue and profit, driven by new game releases and strong cash flow, alongside a substantial dividend distribution to shareholders [3][4][8]. Financial Performance - In the first half of 2025, Jibite achieved operating revenue of 2.518 billion yuan, a year-on-year increase of 28.49% - The net profit attributable to shareholders was 645 million yuan, reflecting a growth of 24.50% - The net cash flow from operating activities reached 1.077 billion yuan, up 81.18% [3]. Dividend Distribution - Jibite plans to distribute a cash dividend of 66 yuan per 10 shares (including tax), totaling approximately 474 million yuan, which represents 73.46% of the net profit for the period - Since its listing in 2017, the company has distributed over 6 billion yuan in dividends, with a notable single dividend of 160 yuan per 10 shares in 2021 [3][8]. Product Development - The company launched two self-developed games, "Staff Sword Legend" and "Question Sword Longevity," in the first half of 2025, contributing to revenue and profit growth - Classic IP games continue to be updated, enhancing player experience and supporting long-term growth [4][6]. Operational Strategy - Jibite will continue to invest in research and development, focusing on three project types: commercially successful projects, projects that are fun but may break even or incur small losses, and technology exploration projects - The company aims to enhance operational efficiency by concentrating resources on core product operations and user services [7]. Market Position - As of August 19, 2025, Jibite's stock closed at 382.90 yuan per share, with a total market capitalization of 27.6 billion yuan [9][10].

Core Viewpoint - Jibite's half-year report for 2025 shows significant growth in revenue and profit, driven by new game releases and strong cash flow, alongside a substantial dividend distribution to shareholders [3][4][8]. Financial Performance - In the first half of 2025, Jibite achieved operating revenue of 2.518 billion yuan, a year-on-year increase of 28.49% - The net profit attributable to shareholders was 645 million yuan, reflecting a growth of 24.50% - The net cash flow from operating activities reached 1.077 billion yuan, up by 81.18% [3]. Dividend Distribution - Jibite plans to distribute a cash dividend of 66 yuan per 10 shares (tax included), totaling approximately 474 million yuan, which represents 73.46% of the net profit for the period - Since its listing in 2017, the company has distributed over 6 billion yuan in dividends, with a notable single dividend of 160 yuan per 10 shares in 2021 [3][8]. Product Development and Strategy - The company launched two self-developed games, "Zhang Jian Chuan Shuo" and "Wen Jian Chang Sheng," in the first half of 2025, contributing to revenue and profit growth - Classic IP games continue to be updated, enhancing player experience and supporting long-term growth [4][6]. - Future R&D investments will focus on three project categories: commercially successful projects, projects that are fun but may not be profitable, and technology exploration projects [7]. Operational Efficiency - Jibite's self-operated platform, Thunder Games, has effectively supported the performance of both self-developed and agency products through accumulated operational capabilities [6]. - The company aims to concentrate resources on core product operations and user services to enhance operational efficiency [7]. Market Position - As of August 19, 2025, Jibite's stock closed at 382.90 yuan per share, with a total market capitalization of 27.6 billion yuan [9][10].

Core Insights - Company G-bits reported a revenue of 2.518 billion yuan for the first half of 2025, representing a year-on-year growth of 28.49% [1] - The net profit attributable to shareholders reached 645 million yuan, an increase of 24.50% year-on-year [1] - The net cash flow from operating activities was 1.077 billion yuan, showing a significant growth of 81.18% [1] - A cash dividend of 66 yuan per 10 shares is proposed, totaling approximately 474 million yuan, which accounts for 73.46% of the net profit [1] Performance Drivers - The company focuses on the research and operation of online games, with two self-developed new products, "Staff Sword Legend" and "Ask Sword Longevity," launched in the first half of 2025, contributing to revenue and profit growth [2] - Classic IP games continue to be iterated, enhancing player experience and supporting long-term stable development [2] - The game "Ask Dao" has been operating for over 19 years, demonstrating lasting vitality, while "Ask Dao Mobile" has been online for 9 years, continuously providing rich content for players [2] - The self-operated platform, Thunder Games, leverages years of operational experience to support the performance of self-developed and agency products [2] Future Strategies - The company plans to maintain R&D investments, focusing on three types of projects: commercially successful and enjoyable projects, enjoyable projects that break even or incur small losses, and technology exploration projects [3] - The operational focus will be on core product operations and user services to enhance the efficiency of publishing business [3] - The company aims to promote global releases of two new products, with "Ask Sword Longevity" expected to launch in South Korea and other regions in the second half of the year [3] - A new Three Kingdoms-themed seasonal SLG mobile game, "Nine Shepherds of the Wild," has obtained a license and is under multiple rounds of testing, generating significant player interest [3] - Since its IPO in 2017, the company has distributed a total of 6.489 billion yuan in cash dividends, which is 7.21 times the net amount raised from the IPO [3]