证券研究报告 | 公司点评 | 游戏Ⅱ 四季度迎来产品线收获期，25 年全年利润高增 ——吉比特点评报告 投资要点 事件： 公司发布 2025 年业绩预告。2025 年公司预计归母净利润 16.9-18.6 亿元，上年同 期 9.45 亿元，同比增长 79%-97%；扣非归母净利润同比增长 88%-105%。单四 季度来看，预计归母净利润 4.8-6.5 亿元，同比增长 66%-125%，环比变化- 16.2%-13.7%。 宏观经济增速大幅下滑导致游戏消费受损，新游上线进度或质量不及预期，国际 贸易政策变化等。 利润高增主要得益于多款新上线产品 新游表现亮眼验证公司研发与发行实力，存量产品稳健运营提供业绩安全垫。具 体来说，2025 年全年公司成功推出《杖剑传说》《问剑长生》《杖剑传说》《道友 来挖宝》等多款新游戏，它们凭借优质的内容品质及有效的推广策略，快速获得 市场认可，为公司贡献了显著利润增量。特别是《杖剑传说》，上线约一月流水 便达到 4.24 亿元，25Q3 流水 7.42 亿元；根据七麦数据，其 2025 年 12 月仍冲至 App Store 游戏畅销榜前 40 水平。同时，公司存量游戏产品持 ...

分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 全年利润大幅增长，Q4 或将创利润新高 证券研究报告-公司点评报告 买入(维持) 市场数据(2026-01-29) | 收盘价(元) | 475.50 | | --- | --- | | 一年内最高/最低(元) | 668.00/198.21 | | 沪深 300 指数 | 4,753.87 | | 市净率(倍) | 6.37 | | 流通市值(亿元) | 342.56 | | 基础数据(2025-09-30) | | | 每股净资产(元) | 74.69 | | 每股经营现金流(元) | 25.80 | | 毛利率(%) | 93.31 | | 净资产收益率_摊薄(%) | 22.56 | | 资产负债率(%) | 21.96 | | 总股本/流通股(万股) | 7,204.11/7,204.11 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -5% 27% 60% 92% 125% 157% 189% 222% 20 ...

传媒/游戏Ⅱ 吉比特（603444.SH） 2026 年 01 月 30 日 证书编号：S0790520030004 投资评级：买入（维持） | 日期 | 2026/1/29 | | --- | --- | | 当前股价(元) | 475.50 | | 一年最高最低(元) | 668.00/198.21 | | 总市值(亿元) | 342.56 | | 流通市值(亿元) | 342.56 | | 总股本(亿股) | 0.72 | | 流通股本(亿股) | 0.72 | | 近 3 个月换手率(%) | 157.33 | 股价走势图 数据来源：聚源 -80% 0% 80% 160% 240% 2025-02 2025-06 2025-10 吉比特 沪深300 相关研究报告 《《九牧之野》上线在即，看好新游持 续驱动公司成长—公司信息更新报 告》-2025.12.12 《出海及新游或持续驱动业绩高增长 —公司信息更新报告》-2025.10.29 《Q2 业绩高增，高分红延续，新游及 出海驱动成长 —公司信息更新报告》 -2025.8.20 方光照（分析师） fangguangzhao@kysec.cn 2025 ...

| 收盘价(元) | 475.50 | | --- | --- | | 一年内最高/最低(元) | 668.00/198.21 | | 沪深 300 指数 | 4,753.87 | | 市净率(倍) | 6.37 | | 流通市值(亿元) | 342.56 | | 基础数据(2025-09-30) | | | 每股净资产(元) | 74.69 | | 每股经营现金流(元) | 25.80 | | 毛利率(%) | 93.31 | | 净资产收益率_摊薄(%) | 22.56 | | 资产负债率(%) | 21.96 | | 总股本/流通股(万股) | 7,204.11/7,204.11 | | B 股/H 股(万股) | 0.00/0.00 | 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 全年利润大幅增长，Q4 或将创利润新高 证券研究报告-公司点评报告 买入(维持) 市场数据(2026-01-29) 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -5% 27% 60% 92% 125% 157% 189% 222% 20 ...

证券研究报告 | 公司点评报告 2026 年 01 月 30 日 吉比特（603444.SH） 25 年全年利润大幅增长，新游戏矩阵全面爆发 TMT 及中小盘/传媒 公司发布 2025 年年度业绩预增公告：预计 2025 年度实现归母净利润 16.9-18.6 亿元，同比增长 79%-97%；预计实现归母扣非净利润 16.5-18.0 亿元，同比增 长 88%-105%。单季度看，2025 年第四季度归母净利润预计为 4.8-6.5 亿元， 同比增长 65%-124%；第四季度预计实现归母扣非净利润 4.4-5.9 亿元，同比增 长 69%-127%。 强烈推荐（维持） 目标估值：NA 当前股价：475.5 元 基础数据 | 总股本（百万股） | 72 | | --- | --- | | 已上市流通股（百万股） | 72 | | 总市值（十亿元） | 34.3 | | 流通市值（十亿元） | 34.3 | | 每股净资产（MRQ） | 74.7 | | ROE（TTM） | 27.9 | | 资产负债率 | 22.0% | | 主要股东 | 卢竑岩 | | 主要股东持股比例 | 29.72% | 股价表现 % ...

1月23日，游戏ETF（516010）涨超1%，行业观察聚焦板块机遇。 万联证券指出，2025年游戏市场收入与用户规模达新高点，游戏供给端版号常态化趋势稳固，新品持续 释放，长青产品稳定发力，市场潜力充足。以12月为例，共有8款重点新游上线，其中SLG赛道《九牧 之野》表现突出。该游戏在传统SLG框架中创新"自由行军+即时战斗+横向策略"，强化参与感与可玩 性，其采用自由行军机制摒弃传统网格限制，大幅提升战术灵活性和操作沉浸感，同时主张"无废将"设 计，侧重武将功能性定位，进一步夯实策略地位。从市场表现看，该游戏展现出较强市场号召力与初期 变现效率，在同期上线新游中日均收入领先。总体来看，行业新品持续释放为市场注入活力。 （文章来源：每日经济新闻） 游戏ETF（516010）跟踪的是动漫游戏指数（930901），该指数从沪深市场中选取涉及游戏开发与运 营、动漫制作及衍生品等业务的上市公司证券作为指数样本，以反映动漫游戏相关上市公司证券的整体 表现。 ...

游戏板块盘中上演V型反转，游戏ETF（159869）涨幅近1%。持仓股游族网络、富春股份、博瑞传播、 恺英网络等涨幅靠前。截至1月22日，游戏ETF（159869）规模已达141.73亿元，流动性良好。 2025-2026年，爆款新游频出。巨人网络长青游戏《超自然行动组》有望在春节创新高，新游戏《名将 杀》已于12月19日上线；三七互娱《生存33天》畅销榜已霸榜第一；恺英网络传奇盒子有望创造平台增 量，近期《EVE》正在二测有望在春节前上线；吉比特三国题材SLG新游《九牧之野》12月18日已上 线；完美世界重点游戏《异环》三测在即。 东方证券认为一方面在高端UE引擎使用的背景下，跨端重点项目供给将持续高增。另一方面，头部游 戏持续重度化使得 PC 端接入游戏使用体感更佳，近期中国市场诸多头部重点项目PC流水占总盘比例贡 献显著。 游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数，AI应 用含量全市场领先，有望受益于政策+产品周期+AI赋能等多重催化。 ...

Investment Rating - The industry investment rating is "Outperform" with an expectation of over 10% relative increase compared to the market index in the next six months [6][25]. Core Insights - The report highlights that December 2025 saw the launch of eight key mobile games, with "Jiumu Zhi Ye" standing out due to its innovative gameplay and strong market performance [1][10]. - "Jiumu Zhi Ye" employs a unique "free movement + real-time combat + horizontal strategy" approach, enhancing player engagement and gameplay depth, which is expected to attract core players seeking a deep combat experience [2][16]. - The game achieved significant early success, ranking second on the iOS free games chart on its first day and reaching a peak daily download of 110,115 and revenue of $216,450 on December 20 [2][16]. Summary by Sections New Game Releases - In December 2025, eight new mobile games were launched, including titles from various developers such as "Giant Eye" by Fat Pudding Games and "Jiumu Zhi Ye" by Thunder Games, among others [1][10]. Game Performance - "Jiumu Zhi Ye" led the new releases with an average daily revenue of $95,873, significantly outperforming other titles like "Dudu Face Prank" which had an average daily revenue of $23,947 [12][19]. - The game also recorded a total revenue of $2,684,454 and a download count of 589,863 by January 14, 2026, indicating strong market traction [12][19]. Investment Recommendations - The report suggests focusing on leading companies with product reserves, R&D capabilities, and diverse thematic layouts, as the gaming market is expected to reach new highs in revenue and user scale in 2025 [3][22].

Core Viewpoint - The game "Jiumu Zhiye," developed by Xianfeng Games and published by Leiting Games, officially launched its public beta on December 18, 2025, and is positioned as a significant entry into the crowded SLG market, aiming for long-term player engagement rather than immediate monetization [1][6][41]. Group 1: Game Overview - "Jiumu Zhiye" adopts a conventional Three Kingdoms theme and incorporates RTS elements, aiming to simplify the early game experience to lower barriers for new players [3][6]. - The game has been widely anticipated since its initial reveal in mid-November 2024, being the last major SLG release of 2025 [6][41]. Group 2: Market Performance - In its first 16 days post-launch, "Jiumu Zhiye" generated over 15 million yuan in revenue on iOS, with a peak daily revenue of approximately 1.51 million yuan on its first day [8][16]. - The game achieved a total of around 862,000 downloads within 16 days, with a significant drop in daily downloads after the initial launch period [10][12]. Group 3: Competitive Landscape - "Jiumu Zhiye" is competing against established titles in the SLG genre, particularly "Three Kingdoms: Strategizing the World," which has set high revenue benchmarks in 2025 [20][22]. - Despite a strong start, "Jiumu Zhiye" faces challenges in maintaining its position against top competitors, as evidenced by the revenue trends of leading SLG titles [18][20]. Group 4: Marketing Strategy - The marketing approach for "Jiumu Zhiye" has been conservative, focusing on long-term player retention rather than immediate explosive growth, with limited promotional activities and a focus on community engagement [14][41]. - The game features actor He Rundong as a spokesperson to enhance visibility and has targeted specific streamers and KOCs for community-driven content [14][41]. Group 5: Future Outlook - The developers have indicated a commitment to long-term development, planning to introduce new gameplay experiences in future seasons to enhance player engagement [41]. - The overall design of "Jiumu Zhiye" aligns with current trends in the traditional SLG market, which is increasingly focused on reducing player fatigue and integrating RTS elements [39][41].

Summary of Conference Call Records Industry Overview - The gaming sector is experiencing a favorable opportunity for growth, driven by the upcoming holiday season and the launch of new games, which are expected to boost user engagement and revenue [1][3] - The long-term outlook for the gaming industry is positive, with a supply-demand resonance indicating an upward trend in market conditions [3] Key Insights and Arguments - **Short-term Growth Drivers**: The upcoming winter holidays and the Spring Festival are traditional peak seasons for the gaming industry, expected to last nearly two months starting from New Year's Day. New game launches will contribute to user and revenue increases [3] - **Long-term Product Pipeline**: Companies have a robust pipeline of new products targeting younger demographics, including games like "Shining Version of Milumi" and "World of Luok Kingdom," which are anticipated to drive industry growth [1][4] - **AI Technology Integration**: AI is enhancing the gaming industry by reducing development costs, improving efficiency, and increasing return on investment (ROI) in user acquisition. It also enriches gameplay and content design, propelling the industry into a growth acceleration phase [1][5] Recommended Companies - **Giant Network**: Expected to see increased Daily Active Users (DAU) and revenue from "Supernatural Action Group" during the holiday season, with several new games in the pipeline [7] - **Kying Network**: Rapid growth of "996 Legend Box" and a strong lineup of upcoming games, including "Douluo Dalu" and "Three Kingdoms: The Return of the Heart" [7] - **G-bits**: Positive performance from "Nine Muwu" and a solid product matrix with long-lasting games expected to drive growth [7] - **Xindong Company**: Anticipated launch of "Xindong Town" overseas in early 2026, with strong domestic market performance expected during the holiday season [7][8] - **Bilibili and Tencent**: Both companies are expected to launch significant new products in 2026, including "Three Kingdoms: Hundred Generals Card" and "World of Luok Kingdom" [9] AI and Content Creation - **Multimodal AI Models**: Recent advancements in multimodal AI models by major tech companies like Alibaba, Tencent, and ByteDance are set to revolutionize content creation across various domains, including gaming, video, and music [10][11] - **Impact on Content Creators**: These technologies will enhance the ability of content creators to produce high-quality, diverse, and personalized content, thereby increasing demand for computational power in inference [11] Market Dynamics - **Rising Demand for Computational Power**: The growth in demand for inference computational power will benefit edge computing and cloud computing companies, with firms like Vision Technology expected to see sustained growth in their cloud business [12] Conclusion - The gaming industry is positioned for significant growth driven by seasonal demand, innovative product offerings, and the integration of AI technologies. Key players in the market are well-prepared to capitalize on these trends, making them attractive investment opportunities.