Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported strong revenue and profit growth in the first half of 2025, with revenue reaching 2.518 billion yuan, up 28.49% year-on-year, and net profit attributable to shareholders at 645 million yuan, up 24.50% year-on-year [1] - The success of two new games, "Wen Jian Chang Sheng" and "Zhang Jian Chuan Shuo," significantly contributed to revenue growth, with "Wen Jian Chang Sheng" generating 566 million yuan and "Zhang Jian Chuan Shuo" achieving 424 million yuan in revenue within a month of launch [2] - The company's gross margin improved to 92.31%, an increase of 4.09 percentage points year-on-year, due to reduced costs from external developers and effective cost control [3] - The company plans to launch new games, including a strategic game titled "Jiu Mu Zhi Ye," and aims to expand the global distribution of its successful titles [4] - Revenue projections for 2025-2027 are estimated at 6.05 billion yuan, 6.43 billion yuan, and 6.73 billion yuan, respectively, with net profits expected to be 1.61 billion yuan, 1.86 billion yuan, and 2.05 billion yuan [5] Revenue Summary - In the first half of 2025, the company achieved a revenue of 2.518 billion yuan, reflecting a year-on-year increase of 28.49% [1] - The second quarter of 2025 saw revenue of 1.382 billion yuan, up 33.89% year-on-year [1] Cost Summary - The gross margin for the first half of 2025 was 92.31%, an increase of 4.09 percentage points year-on-year [3] - Sales expenses rose to 836 million yuan, a year-on-year increase of 55.57%, primarily due to high initial promotion costs for the new games [3] - Research and development expenses decreased to 357 million yuan, down 8.76% year-on-year, attributed to a reduction in R&D personnel and a focus on improving efficiency [3] Product and Ecosystem Summary - The company is preparing to launch a new SLG game and is focusing on global distribution for its successful titles [4] - "Wen Jian Chang Sheng" is expected to launch in regions such as Hong Kong, Macau, and South Korea in the second half of 2025 [4]

3月27日盘后，吉比特（603444.SH）披露2024年度业绩报告，报告期内实现营业收入36.96亿元，归母净利润9.45亿元，基本每股收益13.15元/股。 其中，第四季度单季表现亮眼，实现营业收入8.77亿，同比基本持平，环比第三季度增长2.19%；归母净利润2.87亿，同比增长8.13%，环比增长105.78%； 经营性现金流4.22亿，同比增长16.81%，环比增长81.16%，释放出业绩修复的积极信号。 数据来源：吉比特2024年报 新老游双端发力 推动业绩修复 当前国产游戏行业竞争进入深水区，消费者对游戏产品的创意与品质均提出更高要求，而吉比特凭借过硬的产品质量与长线的运营策略，牢牢把握业绩 的"压舱石"。 目前公司旗下已有《问道》端游、《问道手游》《一念逍遥》等知名产品，长线运营多年，持续贡献稳定收益。报告期内，《问道》端游上线近19年依然表 现稳定，总流水有所增长，营收及利润同比基本持平；《问道手游》通过延续往年四大版本活动并推出特色服，反响良好，一度跻身App Store游戏畅销榜 前10，年平均排名为46名。 核心老游平稳发挥的同时，吉比特新游陆续上线，带来增量空间。2025年1月，公司 ...