[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 [Table_Title] 业绩亮眼，《杖剑传说》海内外表现优异 ——吉比特(603444) 2025 年半年报点评 [Table_Summary] 事件： 公司发布 2025 年半年报。 点评： 25H1 营收及利润表现亮眼，半年分红提振信心 2025H1，公司实现营业收入 25.18 亿元，同比+28.49%；实现归母净利润 6.45 亿元，同比+24.50%；实现扣非归母净利润 6.48 亿元，同比+40.02%， 主要由于 25Q2《杖剑传说（大陆版）》《问剑长生（大陆版）》贡献增量以及 去年同期多游戏处于上线初期，当期为亏损所致。分季度看，25Q2 公司实 现营收 13.82 亿元，同比+33.89%，实现归母净利润 3.61 亿元，同比 +36.64%，实现扣非后归母净利润 3.73 亿元，同比+41.00%。费用率，25H1 公司销售/管理/研发费用率分别为 33.22%/8.19%/14.17%，同比+5.79/- 1.00/-5.79pct，上半年两款新游上线导致销售费用率上升。公司发布半年度 利润分配方案，向全体股东每 ...

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 2.518 billion yuan, a year-on-year increase of 28.49%, and net profit of 645 million yuan, up 24.50% [1][3]. Product Performance - Revenue and profit from existing titles such as "One Thought of Immortality," "Questioning the Way Mobile," and "Questioning the Way PC" saw slight declines year-on-year, while new releases like "Sword of the Immortal" and "Staff Sword Legend" contributed positively to revenue and profit [3][6]. - "Sword of the Immortal" has surpassed 3 million registered users, and "Staff Sword Legend" reached the Top 10 on the iOS bestseller list in China, with plans for expansion into Hong Kong, Macau, Taiwan, and Japan [5][6]. Financial Highlights - The total revenue for "Staff Sword Legend" in the Chinese market reached 424 million yuan since its launch on May 29, indicating a potential monthly revenue exceeding 400 million yuan [6]. - The company has distributed a total of 6.489 billion yuan in dividends since its listing, which is 7.21 times its net financing amount [9]. Future Product Strategy - The company plans to launch "Sword of the Immortal" in Hong Kong, Macau, and South Korea in the second half of the year, while the release date for the Three Kingdoms-themed SLG "Nine Muses of the Wild" is still uncertain [7]. - The company emphasizes that product development will continue to be driven by the passion of the creators, rather than being strictly limited to specific genres [19]. Market Positioning - The company believes the gaming industry has not fully returned to a booming cycle but has stabilized after rapid growth, and it aims to build competitive advantages by understanding user needs and preferences [20][21]. - The gaming industry is characterized by its creative nature, where the success of one company can contribute to the overall growth of the market, unlike traditional industries where competition is more zero-sum [20].

Company Performance - Jibite 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 was 645 million yuan, an increase of 24.50% year-on-year [2] - The net cash flow from operating activities reached 1.077 billion yuan, showing a significant growth of 81.18% [2] Dividend Distribution - Jibite announced a profit distribution plan, proposing a cash dividend of 66 yuan per 10 shares (including tax), totaling approximately 474 million yuan, which accounts for 73.46% of the net profit for the period [3] - Over its 8 years of listing, Jibite has implemented 12 cash dividend distributions, totaling over 6 billion yuan, significantly exceeding the 960 million yuan raised during its IPO [3] Business Overview - Jibite specializes in the research and operation of online games, with popular titles including "Wandao," "Wandao Mobile," "Yinian Xiaoyao," "Wanjian Changsheng," and "Qipa Zhandoujia" [6] - The company has expanded into IP incubation and internet publishing services, starting its IP incubation business in 2019, focusing on novel, animation, and film adaptations to enhance user engagement and IP influence [6] Industry Trends - The domestic gaming market in China reached new highs in scale and user data in the first half of the year, indicating robust industry demand [7] - There is an expectation for more AI-driven games to emerge, which could help the gaming industry achieve a value reassessment [7]

Core Viewpoint - Jibite (603444) has announced a substantial cash dividend plan, proposing to distribute 66.00 CNY (including tax) for every 10 shares to all shareholders, reflecting the company's strong financial performance and commitment to returning value to shareholders [1][5]. Financial Performance - In the first half of 2025, Jibite achieved a revenue of 2.518 billion CNY, representing a year-on-year growth of 28.49% [5]. - The net profit attributable to the parent company reached 645 million CNY, with a year-on-year increase of 24.50% [5]. - The net cash flow from operating activities was 1.077 billion CNY, showing a significant growth of 81.18% compared to the previous year [5]. Dividend History - Since its IPO in 2017, Jibite has distributed over 6 billion CNY in dividends, significantly exceeding its initial fundraising of 960 million CNY [4][8]. - The company has implemented 12 cash dividend distributions over the past eight years, with a notable single distribution of 160 CNY per 10 shares in 2021, amounting to 1.15 billion CNY [8]. Business Operations - Jibite focuses on the development and operation of online games, with popular titles such as "Wandao" series contributing significantly to its revenue [4][7]. - The company has expanded into IP incubation and internet publishing services, leveraging its strong cash flow to support these initiatives [7]. - As of the reporting period, Jibite employed 641 R&D personnel, accounting for 59.74% of its total workforce, with R&D expenditures of 357 million CNY, representing 14.17% of its revenue [7]. Market Position - Jibite's asset-liability ratio was approximately 32% as of June 30, 2025, with cash reserves amounting to 3.493 billion CNY, providing a solid foundation for its high dividend payouts [8]. - The company's stock closed at 382.90 CNY per share on August 19, 2025, with a total market capitalization of 27.6 billion CNY [9][10].

Summary of the Conference Call for G-bits Company Overview - **Company**: G-bits - **Industry**: Gaming Key Points and Arguments Industry Valuation and Performance - The gaming sector's valuation has significantly improved, rising from 10-15 times in 2024 to nearly 20 times in 2025, driven by favorable policies and company performance, particularly from key product launches and profit realization, with expectations to continue into 2026 [2][4][5] - The gaming industry in 2026 is expected to focus on innovation in themes and gameplay, multi-platform expansion, AAA games, and AI-native games, with significant progress anticipated in multi-platform expansion [2][6] G-bits Recent Performance - G-bits has exceeded expectations recently, with older products declining but new titles like "Wanjian Changsheng," "Cangjian Chuanqi," and "Daoyou Lai Wabai" performing exceptionally well, particularly in overseas markets, indicating positive changes in company governance [2][9] - In the MMO gaming sector, G-bits has demonstrated excellent long-term operational capabilities, with "Wandao Mobile" maintaining stable revenue around 2 billion in 2024, and "Wandao PC" showing consistent trends since its launch in 2006, projected to generate 1-1.1 billion in 2024 [2][10] Innovation and New Products - G-bits has successfully innovated within the MMO genre, with "Yinian Xiaoyao" achieving 1.84 billion in revenue within the first ten months of 2021, although it has since seen a decline [2][11][12] - In 2025, new products like "Wanjie Changsheng" and "Zhangjian Chuanqi" have performed well, with "Wanjie Changsheng" generating 363 million in its first quarter and "Zhangjian Chuanqi" achieving over 250 million in domestic iOS revenue from May to July, alongside significant overseas earnings [2][13] Future Outlook - G-bits is expected to continue leveraging its experience and innovation in the MMO sector, with a notable increase in stock price linked to successful new product launches [2][14] - The company is anticipated to maintain strong growth through cost control and mitigating declines in older games, with a robust product pipeline supporting performance into 2026 [2][20][21] Competitive Advantages - G-bits possesses deep industry knowledge, a nimble project initiation approach, differentiated gameplay experiences, and extensive long-term MMO operational experience, which are significant advantages over competitors [2][22] Additional Insights - The company has made breakthroughs in mini-game channels, particularly with "Daoyou Lai Wabai," which has successfully met the fragmented gaming experience needs of older users [2][16] - The overall performance in 2025 is projected to be the strongest in the past three to four years, with multiple product launches supporting growth from Q1 to Q3 [2][18] Conclusion - G-bits is positioned for continued success in the gaming industry, with a strong focus on innovation, effective governance, and a solid product pipeline that is expected to drive performance in the coming years [2][14][22]

Core Viewpoint - A major operational incident occurred in the game "Yinian Xiaoyao" under the A-share game company Gigabit, where game items worth approximately 500,000 yuan were mistakenly distributed to all players, leading to significant disruptions in the game's economy and balance [3][5]. Group 1: Incident Details - On May 31, during the Dragon Boat Festival, "Yinian Xiaoyao" mistakenly issued 99,000 high-value items called "Any Treasure Box" to all players due to human error, valued at around 500,000 yuan [3][5]. - The project team initiated an emergency response on the same day and announced on June 2 that they would not implement the common industry practice of a "full server rollback," but instead opted for a "point-to-point rollback" for affected players [5][6]. - Players who received the erroneous items were temporarily banned from listing on the official trading platform, and the project team offered compensation of 20 "Any Treasure Boxes" to affected users [5][6]. Group 2: Financial Performance - Gigabit's annual report indicated that "Yinian Xiaoyao" generated 596 million yuan in revenue for 2024, a decrease of 42.49% from 1.036 billion yuan in 2023, making it the worst-performing among Gigabit's three major games [6][7]. - Overall, Gigabit reported a revenue of 3.696 billion yuan in 2024, down 11.69% year-on-year, with net profit declining by 16.02% to 945 million yuan [7][8]. - In the first quarter of 2025, "Yinian Xiaoyao" continued to see a revenue decline of 22.94%, while the company benefited from the launch of a new game, "Wanjian Changsheng," leading to a 22.47% increase in overall revenue [8]. Group 3: Industry Context - The incident highlights a recurring issue in the gaming industry, where operational errors can lead to significant player dissatisfaction and potential loss of users, as seen in previous cases with other major games [9]. - Industry analysts emphasize the importance of implementing tiered review systems before large operational changes to minimize errors and ensure effective crisis management following incidents [9].

Summary of G-bits Conference Call Company Overview - G-bits is a gaming company with a core valuation range of 15-19 times earnings, reflecting optimism for growth in the gaming sector due to the upcoming summer season and advancements in AI applications [2][3]. Key Products and Market Performance - **"Wanjie Changsheng"**: Launched in January, it generated 360 million in revenue and maintained monthly revenue in the tens of millions during Q2, exceeding profit expectations but still lagging behind "Yinian Xiaoyao" [2][4]. - **"Wandao Mobile Game"**: The anniversary event showed stable performance, positively impacting Q2 results, indicating the ongoing profitability of older products [2][4]. - **"Zhangjian Chuan Shuo"**: Its ranking on sales charts has been steadily rising, with expectations to contribute profits in Q3, showcasing strong market potential [2][4]. - **"Jiumuzhiyu"**: An upcoming SLG agency product currently in the second round of testing, its performance will determine its launch timing and impact on annual results, making it a key factor for future growth [2][5][6]. Financial Expectations - G-bits is projected to achieve a profit of approximately 1.05 billion this year, corresponding to a valuation of 19 times earnings, providing a reference point for investors [2][4]. Industry Insights - The overall performance of the gaming sector in Q2 2025 was strong, continuing a high growth trend. The market share of A-share gaming companies increased due to weaker product lines from major players like Tencent and NetEase [3]. - The gaming sector's valuation is on an upward trajectory, with core companies valued between 15-19 times earnings, leading to a recommendation for overweighting the gaming sector [3]. Strategic Adjustments - G-bits has undergone organizational and strategic adjustments after facing challenges, with the founder personally involved in R&D. The company is focusing its release strategy, indicating potential for improved product realization and profitability [2][7]. - The company is positioned as a small yet innovative gaming firm, suggesting a balanced approach in R&D and distribution, warranting close attention to new product developments and market performance [7].

Core Viewpoint - The A-share gaming industry in China is experiencing a structural recovery in Q1 2025 after policy adjustments and market reshuffling in 2024, with a reported revenue of 85.704 billion yuan, a year-on-year increase of 17.99% [1] Industry Overview - The gaming industry has transitioned from extensive growth to a "technology-driven content" phase, with AI and globalization as the two core tracks for future development [2] - The market landscape is increasingly polarized, with only 7 out of 17 listed gaming companies achieving growth in both revenue and profit in Q1 2025 [2] Company Performance - Century Huatong led the industry with a revenue growth of 91.12%, reaching 8.145 billion yuan, marking a historical high [3] - Youzu Network reported a revenue of 359 million yuan, a year-on-year increase of 7.29%, with a net profit of 24.7035 million yuan, up 43.74% [3] - 37 Interactive Entertainment experienced a decline in both revenue and net profit, with Q1 2025 revenue at 4.243 billion yuan, down 10.67%, and net profit at 549 million yuan, down 10.87% [3] - Perfect World saw a significant turnaround with a revenue of 2.023 billion yuan, a year-on-year increase of 52.22%, and returned to profitability [4] - Tencent and NetEase maintained stable revenue growth of 10% or more, showcasing strong market competitiveness [4] Market Dynamics - The outflow of gaming companies to overseas markets has become essential as domestic user growth plateaus, with overseas revenue becoming a core growth engine [5] - Century Huatong's overseas revenue reached 11.367 billion yuan in 2024, accounting for 50.26% of total revenue [6] - Emerging markets such as Southeast Asia and Latin America are becoming new growth points due to increased smartphone penetration and unique cultural preferences [7] Technological Advancements - The integration of generative AI technologies has significantly optimized efficiency across the gaming industry, impacting everything from development to operations [8] - Tencent reported a 24% increase in gaming revenue to 59.5 billion yuan in Q1 2025, supported by AI applications [9] - 37 Interactive Entertainment indicated that over 80% of its 2D art assets and over 30% of its 3D models were generated with AI, enhancing its competitive edge in a rapidly evolving market [10]

Group 1: Market Overview - The U.S. stock market is experiencing a downturn, particularly in the tech sector, leading to concerns about a potential crash, while the Hong Kong market shows resilience despite recent adjustments [1] - The Hong Kong market's recent performance indicates weakness in short positions, as it has not seen significant declines despite bearish sentiment [1] Group 2: Earnings Reports and Institutional Activity - Tencent and Alibaba reported stable earnings, but their capital expenditures have increased significantly for long-term AI strategies, leading to a misinterpretation of their financial results [2] - Institutional investors, including Bridgewater, have significantly increased their holdings in Chinese assets, with Bridgewater's stake in Alibaba rising by 5.4 million shares, a 21-fold increase, indicating a bullish outlook on Chinese stocks [2] - Major investment firms like Hillhouse and Highfields have also increased their investments in Chinese stocks, reflecting optimism about the Chinese market [5] Group 3: Sector-Specific Insights - Goldman Sachs has adjusted its ratings on Chinese gaming stocks, highlighting a divide in performance between major players like Tencent and NetEase versus smaller firms facing market consolidation [6] - The gaming industry is seeing a shift in consumer demand towards high-quality and casual games, with opportunities for significant revenue generation in differentiated game offerings [6][7] - The overseas market remains a significant opportunity for Chinese game developers, with increasing capabilities in development and innovation [7] Group 4: Index Adjustments - The Hang Seng Index is set to announce its quarterly review, with companies like Pop Mart and BeiGene being potential candidates for inclusion, reflecting their strong performance and low short positions [4] - The index aims to expand its constituent stocks to better represent market dynamics, although the total number of constituents has remained unchanged in recent reviews [4]

Industry Overview - Goldman Sachs updated its views on mid-sized game publishers, highlighting that domestic expansion opportunities have generally narrowed due to market consolidation, with Tencent and NetEase outperforming smaller peers in China [1][2] - The demand for new games has shifted towards high-quality and casual/mini games, putting pressure on traditional games from mid-sized publishers [1][2] - Despite challenges, there are opportunities for single games to achieve annual revenues of RMB 2-3 billion through differentiated gameplay [1] Company Insights - Tencent and NetEase remain Goldman Sachs' top picks in the Chinese internet/gaming sector, while Bilibili is viewed positively due to its advertising strength and profit margin expansion potential [3][7] - Goldman Sachs upgraded Xindong Company to neutral due to longer game lifespans and profit expansion through marketing discipline [3][10] - G-bits was downgraded to sell due to weak performance in traditional games and a lack of new product launches [3][12] - 37 Interactive was downgraded to neutral due to intense competition in mini-games and high customer acquisition costs [3][21] - Perfect World maintains a neutral rating, with key focus on upcoming game releases [3][28] Financial Projections - Bilibili is expected to see a 21% year-over-year revenue growth in 2025, driven by the anniversary of "Three Kingdoms: Strategic Edition" and new game releases [7][8] - Goldman Sachs anticipates a 3% year-over-year revenue decline for G-bits in 2025, with operating profit expected to drop by 17% [12][16] - For 37 Interactive, a 1% revenue decline and a 5% drop in operating profit are projected for 2025 [21][27] - Perfect World is expected to see a 16% year-over-year revenue growth in 2025, with operating profit estimated at RMB 2.17 billion [28][31] Rating Adjustments - Goldman Sachs maintains a buy rating for Bilibili, with a target price of RMB 23.7, reflecting a 35% upside [5][7] - Xindong Company’s rating was upgraded to neutral with a target price of HKD 34, reflecting improved visibility in its game business [10][11] - G-bits was downgraded to sell with a target price of RMB 194, indicating a 19% downside [5][12] - 37 Interactive's rating was downgraded to neutral, with a target price of RMB 16.3, reflecting a 9% upside [5][21] - Perfect World maintains a neutral rating with a target price of RMB 11.8, indicating a 12% downside [5][28]