Core Viewpoint - Jibite (603444.SH) has successfully turned around its performance after two years of decline, reporting significant revenue and profit growth in Q3 2025, driven by new game launches [3][5]. Financial Performance - In Q3 2025, Jibite's revenue reached approximately 1.97 billion yuan, a year-on-year increase of 129% [4]. - The net profit attributable to shareholders was about 570 million yuan, reflecting a year-on-year growth of 307.7% [4]. - For the first three quarters of 2025, the company achieved a total revenue of 4.49 billion yuan, up 59% year-on-year, and a net profit of 1.2 billion yuan, an increase of 84.7% [6]. Game Performance - The success of new games such as "Legend of the Staff (Mainland Version)" and "Treasure Hunter" launched in May 2025 significantly contributed to the revenue and profit growth [4][5]. - The overseas revenue for the first three quarters reached 590 million yuan, marking a year-on-year increase of nearly 59.5% [4]. - The newly launched games collectively contributed over 2.6 billion yuan in revenue during the year [6]. Dividend Announcement - Jibite announced a substantial cash dividend of 60 yuan per 10 shares for Q3 2025, totaling approximately 431 million yuan [7]. - The total cash dividends for the first three quarters of 2025 amounted to around 900 million yuan, representing 74.5% of the net profit for the same period [7]. Industry Context - The gaming industry is transitioning from a high-growth phase to a period of stock competition, where top companies are becoming stronger while mid-tier firms face increased survival pressure [7]. - The emergence of "blockbuster" games remains a critical factor for some companies to recover and thrive in the current market environment [7].

Core Viewpoint - The success of "blockbuster" games is crucial for certain companies to turn around their performance, leading to simultaneous increases in revenue and stock prices [1]. Company Performance - Jiubite (603444.SH) experienced a significant stock price increase, reaching 503.95 CNY per share, with a total market capitalization of 36.31 billion CNY, doubling in value this year [1]. - Jiubite reported a revenue of approximately 19.7 billion CNY for Q3 2025, marking a year-on-year growth of 129% [2]. - The net profit attributable to shareholders for Q3 2025 was about 5.7 billion CNY, reflecting a year-on-year increase of 307.7% [2]. - The company's total revenue for the first three quarters of 2025 reached 44.9 billion CNY, up 59% year-on-year, with a net profit of 12 billion CNY, an increase of 84.7% [4]. Game Launch Impact - The newly launched games, particularly "Legend of the Staff (Mainland Version)" and "Treasure Hunter," significantly contributed to Jiubite's revenue, generating over 16 billion CNY in the first three quarters [4]. - The overseas revenue for Jiubite reached 5.9 billion CNY, showing a year-on-year growth of nearly 59.5% [2]. Industry Context - The gaming industry has transitioned from a high-growth phase to a period of stock competition, where leading companies are becoming stronger while mid-tier firms face increased survival pressure [5]. - The emergence of "blockbuster" games remains a key factor for some companies to recover and improve their financial performance [5]. Competitor Performance - Giant Network (002558.SZ) also reported strong performance driven by blockbuster games, with Q3 revenue of 17 billion CNY, a year-on-year increase of 115.6%, and a net profit of 6.4 billion CNY, up 81.2% [5]. - The stock price of Giant Network has increased over twofold since the beginning of the year, reaching approximately 38.5 CNY per share [5]. Management Changes - Giant Network announced a leadership change, with CEO Zhang Dong resigning and Liu Wei returning as CEO [7].

Core Viewpoint - The article highlights the emergence of a new industrial hub in Pazhou, Guangzhou, focusing on the integration of exhibition, e-commerce, and digital economy, with a particular emphasis on the gaming industry represented by 37 Interactive Entertainment's new headquarters [1]. Group 1: Company Overview - 37 Interactive Entertainment, a leading gaming company based in Guangzhou, has established its headquarters in Pazhou, marking a new phase in its business development [1]. - The company is led by Vice President Zhu Huaimin, who oversees the technology and strategy centers, and has been with the company since 2010 [1][6]. Group 2: Game Development Insights - Zhu Huaimin discusses the concept of "hit games," emphasizing that their creation involves multiple dimensions, including cultural expression and technological innovation [7]. - The company maintains a pipeline of at least twenty games in development or preparation for release, showcasing a strong creative foundation [8][10]. Group 3: AI Integration - 37 Interactive Entertainment views gaming as an optimal application for AI technology, having developed its own vertical AI model named "Xiao Qi" and integrated AI capabilities across various operational areas [11][12]. - The company reports that by Q1 2025, AI-generated video content will account for nearly 80% of domestic releases and 70% of international releases, with over 85% of AI-generated 2D images [12]. Group 4: Strategic Location Benefits - The decision to move to Pazhou is influenced by the area's high density of industries and talent, which facilitates business interactions and collaborations across various sectors, including e-commerce and AI [18][22]. - The local government has provided targeted support for the gaming and AI sectors, aligning the company's strategic goals with regional development initiatives [22].