行 业 研 究 / 行 业 点 评 相关研究 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 黄俊儒 A0230525070008 huangjr@swsresearch.com 研究支持 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 2025 年 10 月 19 日 小确幸悦己消费避险属性，芒果超 媒《声鸣远扬》将播出 看好 ——互联网传媒周报 20251013-20251017 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 ...

小游戏成为新增长点，《道友来挖宝》位列畅销榜前列《道友来挖宝》5 月正式上线，是基于《问道手 游》的玩法和素材开发的小游戏，游戏精准抓住了"问道"IP 近20 年运营中积累的大量流失用户，根据 微信畅销榜，《道友》6-7 月维持小游戏畅销榜前五，9 月19 日登顶小游戏畅销榜，进入10 月排名在5 名左右。雷霆游戏VP/CTO 生辉表示，《道友来挖宝》在买量上并没有太大投入，考虑到其高排名和较 低的营销费用，我们预计利润率水平较高，成为Q3 新的利润增长点。 公司产品储备充足，有望支撑长期增长 公司预计2025 年前三季度实现归母净利润10.32 至12.23 亿元，同比增长57%至86%；实现扣非归母净利 润10.30 至12.20 亿元，同比增长68%至99%。公司2025 年Q3 单季度归母净利润预计为3.87 至5.78 亿元 （中值4.83 亿元），同比增速区间为177%至286%（中值约246%）。Q3 单季度扣非归母净利润预计为 3.82 至5.72 亿元（中值4.77 亿元），同比增速区间为154%至280%（中值约217%）。业绩增长主要得益 于2025 年新上线的《杖剑传说》、《问剑长生》 ...

Summary of G-bits Conference Call Company Overview - **Company**: G-bits - **Industry**: Gaming Key Points Game Licensing and Future Releases - G-bits has secured an average of one new game license every two months since 2024, with over 10 unreleased games in reserve, including titles like "Animal Master Adventure" and "Ghost Valley Eight Wilderness" [2][4] - The company anticipates launching these games starting from Q4 2025, which is expected to support future revenue growth [2][4] Recent Game Performance - The game "Wen Jian Chang Sheng," launched in January 2025, achieved profitability in Q1 [2][5] - "Zhang Jian Chuan Shuo," released on May 29, generated over 400 million RMB in revenue within just over a month, with expectations of at least 200 million RMB in the first month post-global launch on July 15 [2][5] - "Dao You Lai Wa Bao," a mini-program game, maintained a stable performance from June to August, ranking in the top 3 to 5 of the mini-program sales charts, contributing positively to Q3 profits [2][6] Overseas Market Development - G-bits reported overseas revenue of 200 million RMB in the first half of 2025, which is part of a total revenue of 2.5 billion RMB [7] - Following the overseas launch of "Zhang Jian Chuan Shuo," the company expects an additional 200 million RMB in revenue in the first month, indicating a significant breakthrough in overseas markets for Q3 and the latter half of the year [7] Upcoming Products - The company plans to release a Three Kingdoms-themed SLG game titled "Jiu Mu Zhi Ye" in Q4 2025, which received high ratings during its internal testing on TapTap [2][8] - G-bits has a substantial number of unreleased game licenses, suggesting more new products will be launched in 2026, providing potential surprises for investors [8] Financial Health and Shareholder Returns - Since its IPO in 2017, G-bits has distributed a total of 6.5 billion RMB in dividends, significantly exceeding the 700 million RMB raised during its IPO, with an average dividend payout ratio exceeding 70% [3] - The company maintains a strong cash flow and is committed to sharing profits with investors, projecting significant revenue and profit growth in 2025 compared to the previous year [9][10] Long-term Outlook - G-bits holds an optimistic long-term outlook due to the successful launch of three new games and a robust pipeline of unreleased titles, indicating it is a worthy long-term investment [10]

Group 1: Game Launch and Features - Bilibili's new strategy card game "Three Kingdoms: Hundred Generals Card" is set to enter the competitive market of strategy and casual card games, with a public test scheduled for October [2] - The game features asymmetric casual competitive gameplay, with each match lasting under three minutes, allowing players to collect famous generals from the Three Kingdoms era and experience iconic battles [2] - Unique gameplay mechanics include "hero skills" and a 2v3 mode with hidden roles, aiming to provide diverse strategies and enhance player engagement [2] Group 2: Financial Performance - Bilibili reported a total revenue of 7.34 billion yuan for Q2, marking a 20% year-on-year increase, with net profit reaching 218 million yuan [3] - The mobile gaming segment significantly contributed to this growth, with revenue from mobile games soaring by 60% to 1.61 billion yuan [3][4] - The success of the game "Three Kingdoms: Strategize the World" has been pivotal, achieving rapid user acquisition and high revenue, solidifying its long-term operational potential [4] Group 3: Market Competition and Challenges - The gaming market, particularly in the Three Kingdoms genre, is highly competitive, with numerous established titles and new entrants vying for market share [5] - Bilibili's new game faces challenges in differentiating itself from popular titles like "Three Kingdoms Kill" and "Hearthstone," which dominate the card game segment [5][6] - The company aims to adapt its offerings to meet the preferences of younger users, focusing on innovative gameplay experiences to stand out in a saturated market [4][5]

Core Viewpoint - The recent surge in G-bits stock price, which increased by 66% over the past 60 trading days, raises concerns about the sustainability of its high growth, especially following significant insider selling by executives [1][7]. Financial Performance - The company's mid-year report showed revenue and net profit growth of 28.49% and 24.50%, respectively, but this growth is heavily reliant on the performance of a single new game, "Zhang Jian Chuan Shuo," which has already seen a decline in rankings and revenue [1][2]. - The older product "Wen Dao Mobile" experienced a 7.25% decline in revenue year-on-year, indicating a lack of natural growth momentum [2]. Strategic Challenges - The company faces a strategic dilemma with a lack of new product launches, as the anticipated SLG project "Jiu Mu Zhi Ye" is still in testing with no confirmed release date [4]. - The focus on short-term monetization has led to a decline in innovation capabilities, as evidenced by the quick cessation of the project "Fei Anonymous Directive" after just one year of operation [4]. Governance Issues - The dividend policy appears to favor the controlling shareholder, with a proposed payout of 66 yuan per 10 shares, resulting in a high dividend ratio of 73.46%, while R&D investment remains low at 14.17% of revenue [3]. - The recent stock sales by executives, particularly by Liang Lili, who sold shares from a 2018 stock incentive plan, suggest a lack of long-term commitment from the core team [3]. Market Sentiment - A significant reduction in the number of shareholders by 16.51% indicates a potential exit of retail investors, aligning with a drop in institutional holdings from 53 to 14 [6]. - Following the insider selling announcements, there was a net outflow of 29.99 million yuan in principal funds, reflecting market concerns about further selling by original shareholders [7]. Conclusion - The combination of high executive selling, reliance on a single product for growth, insufficient R&D investment, and governance issues suggests that G-bits may be facing a critical juncture. If new products do not perform well in the upcoming quarter, the current high valuation of 479 yuan could be unsustainable [7].

Core Viewpoint - The recent surge in G-bits stock price, driven by short-term performance, raises concerns about sustainability and underlying governance issues [1][6]. Financial Performance - G-bits reported a revenue growth of 28.49% and a net profit increase of 24.50% in the mid-year report, but this growth is heavily reliant on the new game "杖剑传说," which has shown signs of declining performance [2]. - The revenue from existing products, such as "问道手游," has decreased by 7.25% year-on-year, indicating a lack of natural growth momentum [2]. - Overseas revenue has dropped by 21.01% year-on-year, with management expressing doubts about the likelihood of developing successful new products [2]. Governance Issues - The dividend policy appears to favor the controlling shareholder, with a proposed payout of 66 yuan per 10 shares, resulting in a 73.46% payout ratio, while R&D investment is only 14.17% of revenue [3]. - The reduction in the number of R&D personnel by half over four years raises concerns about the company's commitment to innovation [3]. - Executives, including the secretary, are cashing out significant portions of their shares, reflecting a lack of long-term investment commitment [3]. Strategic Challenges - The company faces delays in new product launches, with the SLG project "九牧之野" still in testing and no confirmed release date [4]. - The focus on short-term monetization has led to a decline in innovation capabilities, as seen with the quick shutdown of the project "非匿名指令" after just one year [4]. - Despite claims of developing an AI gaming platform in collaboration with NVIDIA, the project remains in the incubation stage without generating revenue [4]. Market Sentiment - A significant reduction in the number of shareholders by 16.51% indicates a potential exit of retail investors, aligning with a drop in institutional holdings from 53 to 14 [5]. - Following the announcements of executive share reductions, there has been a net outflow of 29.99 million yuan from the market, raising concerns about further sell-offs by original shareholders [5]. Conclusion - The combination of executive sell-offs, declining game performance, and governance issues suggests that G-bits may be facing a critical juncture, with the current high valuation potentially being unsustainable if new products do not perform well in the upcoming quarter [6].

Group 1 - The core viewpoint of the report is that the company, Gibit (603444.SH), is given an "Accumulate" rating due to strong revenue and net profit growth driven by its games [2] - The games "Wen Jian Chang Sheng" and "Zhang Jian Chuan Shuo" are significant contributors to the company's revenue and profit growth year-on-year [2] - The game "Jiu Mu Zhi Ye" has entered closed beta testing, and the overseas version of "Wen Jian Chang Sheng" is planned to launch within the year [2] Group 2 - The company is committed to continuous cash dividends, actively rewarding its investors [2]

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 [4][16]. Core Views - The company's Q2 performance exceeded expectations, driven by the success of the game "杖剑传说" (Legend of the Sword) and a rich pipeline of new products [1][2]. - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of 60.15 billion, 63.77 billion, and 66.29 billion yuan for 2025, 2026, and 2027 respectively [3]. Financial Summary - For 2023, the company reported a revenue of 4,185 million yuan, with a year-over-year decline of 19% [1]. - The net profit attributable to shareholders for 2023 was 1,125 million yuan, reflecting a decrease of 23% year-over-year [1]. - The company plans to distribute a cash dividend of 66 yuan per 10 shares, totaling 474 million yuan, which is 73.46% of the half-year net profit [1]. - The projected earnings per share (EPS) for 2025 is 22.41 yuan, with a price-to-earnings (P/E) ratio of 18.8 [1][3]. Game Performance and Pipeline - The game "问剑长生" (Sword Quest) generated a total revenue of 566 million yuan in the first half of 2025, with a strong performance in the App Store rankings [2]. - "杖剑传说" has shown promising results since its launch, ranking as high as 10th in the App Store in mainland China during Q2 2025, with a revenue of 424 million yuan [2]. - The company has a robust game pipeline, including the anticipated release of "九牧之野" (Nine Muses of the Wild) and the overseas version of "问剑长生" [3].

Group 1: Company Insights - Guangdian Measurement is actively aligning with national strategies, focusing on emerging industries such as low-altitude economy and artificial intelligence, and has established a comprehensive service capability in the integrated circuit testing industry [1] - Xunjiexing has three production bases, with significant capacity expansion expected from its Xinfeng plant in October 2023 and the Zhuhai base in mid-2025, targeting growth in smart security and automotive electronics [2] - Beijing Fuyuan Pharmaceutical is projected to achieve revenue of 1.634 billion yuan and net profit of 268 million yuan in the first half of 2025, with a focus on multi-product R&D strategies to mitigate risks [3] - Gigabit has introduced innovative gameplay in its new titles, with a focus on user experience and market expansion, while maintaining a stable performance in existing games [4] - Desay SV's revenue for the first half of 2025 is expected to reach 14.644 billion yuan, with a year-on-year growth of 25.25%, driven by strong performance in smart driving and cockpit businesses [5] - Huitian New Materials has seen significant growth in its automotive business, particularly in lithium battery applications, and is expanding its product offerings in solid-state battery technology [6] - Guangwei Composite is expanding its carbon fiber applications across various sectors, with a focus on improving operational efficiency and product performance [7] - Longxin Group's energy digitalization business is projected to generate approximately 470 million yuan in revenue in the first half of 2025, with significant growth in energy internet services [8] Group 2: Market Trends and Projections - The integrated circuit testing industry is experiencing growth due to advancements in technology and increased demand for quality assurance services [1] - The smart electronics market is expanding, with companies like Xunjiexing capitalizing on the demand for high-end PCB services [2] - The pharmaceutical industry is focusing on R&D and patent strategies to enhance market competitiveness and address unmet clinical needs [3] - The gaming industry is evolving with innovative gameplay and user-centric approaches, indicating a shift in consumer preferences [4] - The automotive sector is witnessing rapid growth in smart driving technologies, reflecting a broader trend towards automation and enhanced vehicle safety [5] - The materials industry is adapting to the growing demand for electric vehicle components, particularly in the context of lithium battery technology [6] - The composite materials market is diversifying, with applications in various high-tech industries, indicating a robust growth trajectory [7] - The energy sector is increasingly integrating digital solutions to enhance efficiency and service delivery, driven by the rise of renewable energy sources [8]

Group 1: Company Research - Yiyu Shikong has made significant progress in automotive and dye LCD materials, photoresist resin, PSPI business, and OLED materials, with automotive LCD materials entering mass production and expected to generate tens of millions in revenue by H2 2025 [1] - ST Chengchang has seen a recovery in downstream user demand, with a notable increase in orders and projects, particularly in satellite and low-orbit satellite fields, which are expected to become new growth points [1] - Jibite has focused on user-driven innovation in game development, with successful titles like "Zhang Jian Chuan Shuo" and "Dao You Lai Wa Bao," while also adjusting its business focus and optimizing personnel configuration [2] - Huadong Pharmaceutical has made significant advancements in innovative drug development across various fields, with multiple products entering clinical stages and a growing revenue share from innovative drugs [3] Group 2: Market Insights - The automotive LCD materials market is expected to grow significantly, with Yiyu Shikong's production capacity reaching 200 tons annually and a focus on new customer development [1] - The low-orbit satellite sector is projected to see substantial growth, with ST Chengchang leveraging its technological advantages to meet increasing demand [1] - The gaming industry is experiencing diverse demand and intense competition, prompting companies like Jibite to focus on user needs and innovative gameplay [2] - The innovative drug market is expanding, with Huadong Pharmaceutical's innovative drug business revenue approaching 15% of total revenue in H1 [3] Group 3: Financial Performance - Silver华基金 has an asset management scale of 576.925 billion, ranking 22nd among 210 firms, with a notable performance from its Hong Kong Stock Connect Innovation Drug ETF, which grew by 123.18% in the past year [4]