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]

猫哥把美股空头止损之后，昨天给自己放了一个假，不做空的心情都愉悦了很多。作为一个坚定相信东 升西落行情的投资者，猫哥犯下最大的错误就是想多空双吃，即想赚美股暴跌的钱，又想赚港股上涨的 钱，这段时间身心疲惫，赚到的利润却不多。 昨天美股那边科技巨头普遍收跌，猫哥预期中的崩盘确实要来了，猫哥既然已经止损，后续也就不再做 空了，但还是劝诫一些还在追涨做多的朋友，你们很快可能就会亏损相当的钱。今年是百年之大变局， 美国走向衰退的开始，美元资产长期往下的趋势肯定是不会变的。 港股这边连续调整两天，给猫哥就一种感觉，空头实在太弱了，要是搁以前，港股涨不动的时候，随随 便便就能跌好几个点，但最近两个交易日，空头如此凶猛，最终连1个点的下跌空间都没砸下来，空头 们就等着爆仓吧。 【走势复盘】 港股今日维持震荡的原因有以下几方面： Periscope Analytics创始人Brian Freitas在报告中指出，泡泡玛特股价在过去一年的惊人涨幅使其具备加 入恒生指数的潜力。该股的空头仓位目前也处于低位附近。今年以来，泡泡玛特股价已上涨逾一倍。多 位分析师还提到，生物医药巨头 $百济神州 (06160.HK)$ 和意大利时尚品 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][16]. Core Views - The company's Q1 2025 performance showed significant growth, with revenue reaching 1.136 billion yuan, a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.44%. The net profit attributable to shareholders was 283 million yuan, up 11.82% year-on-year but down 1.43% quarter-on-quarter [1][3]. - The new game "Wanjian Changsheng" has performed well, contributing to revenue and profit growth, and is expected to launch in additional regions, including Hong Kong, Macau, and Europe and the United States [2][3]. - The company is also focusing on upcoming game launches, such as "Zhangjian Chuanqi," which is set to officially launch in the first half of 2025, and the SLG game "Jiumu Zhiye," expected in the second half of 2025 [2][3]. Financial Summary - For 2023A, the company reported revenue of 4.185 billion yuan, with a projected decline of 19.0% year-on-year. However, revenue is expected to recover in 2025E to 4.409 billion yuan, reflecting a growth rate of 19.3% [1][9]. - The net profit attributable to shareholders for 2023A was 1.461 billion yuan, with a projected decline of 23.0% year-on-year. By 2025E, net profit is expected to rise to 1.134 billion yuan, indicating a growth rate of 20.0% [1][9]. - The company's return on equity (ROE) for 2023A was 27.8%, with a projected decline to 20.9% in 2024A, before stabilizing around 19.0% by 2027E [1][9]. Revenue and Profitability Metrics - The company's gross margin is projected to remain stable around 88.5% from 2023A to 2027E, indicating strong profitability [9]. - The earnings per share (EPS) for 2023A was 15.62 yuan, with projections of 15.74 yuan in 2025E and 19.92 yuan in 2027E, reflecting a positive growth trajectory [1][9]. Market Position and Future Outlook - The company is positioned in the media industry and has a total market capitalization of approximately 16.8 billion yuan as of April 28, 2025 [5]. - The report emphasizes the importance of new game launches in driving future growth, alongside the stabilization of existing game revenues [2][3].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company reported Q1 2025 results that exceeded expectations, with revenue of 1.136 billion yuan, a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.43%. The net profit attributable to shareholders was 283 million yuan, a year-on-year increase of 11.82% but a quarter-on-quarter decrease of 1.43% [1][2]. - The newly launched game "Wen Jian Chang Sheng" performed exceptionally well, generating 363 million yuan in revenue during Q1 2025, with over 2 million registered users [6][7]. - The company has a robust pipeline of new products and is actively investing in IP incubation and operation, with several upcoming game releases planned for 2025 [6][7]. Financial Performance Summary - For Q1 2025, the company achieved a net operating cash flow of 213 million yuan, a year-on-year decrease of 7.73% and a quarter-on-quarter decrease of 49.54% [6]. - The company’s total revenue projections for 2025-2027 are 4.11 billion yuan, 4.48 billion yuan, and 4.88 billion yuan, respectively, with year-on-year growth rates of 11%, 9%, and 9% [7][8]. - The projected net profit for 2025-2027 is 1.066 billion yuan, 1.120 billion yuan, and 1.231 billion yuan, with corresponding growth rates of 13%, 5%, and 10% [7][8]. Market Position and Strategy - The company has a stable long-term operation for existing games, with significant contributions from domestic game revenue. The domestic game business saw a total revenue of 3.21 billion yuan from "Wen Dao" and 4.41 billion yuan from "Wen Dao Mobile" in Q1 2025 [6]. - The company is focusing on new game launches and has a rich reserve of products, including the self-developed game "Zhang Jian Chuan Shuo" and the licensed game "Jiu Mu Zhi Ye" [6][7]. - The company is also investing in well-known enterprises and actively exploring IP operations across various media formats, including novels and animations [6][7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved revenue of 1.136 billion yuan in Q1 2025, representing a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.44%. The net profit attributable to shareholders was 283 million yuan, up 11.82% year-on-year, while the net profit excluding non-recurring items was 275 million yuan, up 38.71% year-on-year. This marks the first quarter of positive revenue growth since 2023 [2][4] - The new game "Wen Jian Chang Sheng" contributed over 360 million yuan in revenue increment, with other core products like "Wen Dao" and "Yi Nian Xiao Yao" also showing quarter-on-quarter revenue growth. The report emphasizes the importance of monitoring the revenue trends of core products and the progress of new game launches [5][7] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 1.136 billion yuan, a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.44%. The net profit attributable to shareholders was 283 million yuan, reflecting an 11.82% year-on-year increase, while the net profit excluding non-recurring items was 275 million yuan, up 38.71% year-on-year [2][4] - The company’s revenue returned to positive growth for the first time in 2023 [4] Game Performance - The new game "Wen Jian Chang Sheng" significantly contributed to revenue, generating 363 million yuan in Q1 2025. The revenue from "Wen Dao" was 321 million yuan, down 16.3% year-on-year but up 34.9% quarter-on-quarter. "Wen Dao Mobile" generated 441 million yuan, down 15.9% year-on-year and down 4.3% quarter-on-quarter [5][6] - The report highlights the need to focus on the revenue trends of core products and the testing and launch schedules of new games [7] Investment and Expenses - The company increased its marketing expenses due to the launch of "Wen Jian Chang Sheng," with sales expenses rising to 360 million yuan, an increase of 66 million yuan year-on-year and 165 million yuan quarter-on-quarter. The sales expense ratio increased by 9.5 percentage points to 31.7% [6] - The report notes that the overall investment return on marketing spending remains good, with stable year-on-year sales expense ratios [6]

3月4日，吉比特发布的投资者调研沟通活动纪要提到项目调整。 实际上，就在公告前几天，有游戏媒体发表了一篇名为 《吉比特董事长卢竑岩回应一切：没有大 裁员，我没躺平》 的专访。在这篇报道中，吉比特创始人、董事长、总经理 卢竑岩 回应了关于 近期"吉比特解散广州研发团队"的传言。 原来，两周前，有人在职场社交平台上发表了"吉比特广州解散"的消息，并受到业界关注。天眼 查显示，吉比特在广州的研发公司主要为广州雷霆互动网络技术有限公司。该公司成立于2017年 3月，企业注册资本7000万元人民币，是一家以从事软件和信息技术服务业为主的企业。 日前，厦门吉比特网络技术股份有限公司（603444 SH，以下简称"吉比特"）被传公司广州研发 团队解散。为此，吉比特公司及创始人卢竑岩通过多方渠道澄清，表示广州研发中心并未解散， 公司也未进行大裁员。 停掉部分自研项目 董事长回应大裁员 3月4日，吉比特发布了最新的投资者调研沟通活动纪要，其中专门提到公司近期研发项目关停情 况。吉比特称："近几个月，公司对研发工作做了很多回顾、思辨和总结，对自研项目进行了评 审，停掉了部分不符合标准的项目"。同时，该纪要表示，本次调整会有一些人 ...