国元证券研报指出，吉比特25H1营收及利润表现亮眼，半年分红提振信心。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。 2025年上半年，公司陆续推出3D御剑斗法放置修仙手游《问剑长生》、日式幻想题材放置MMORPG手 游《杖剑传说》，进一步丰富公司产品矩阵。《杖剑传说》于5.29上线中国大陆，7.15上线中国港澳台 及日本等地区，在大陆appstore游戏畅销榜平均排名18名，在中国港澳台AppStore游戏畅销榜最高排名 第1，截至6月底流水4.24亿元，海内外均表现出色。公司坚持"小步快跑"战略，核心产品长线稳定运 营，新品上线表现亮眼，有望贡献业绩增量，海外拓展稳步推进。考虑到新品的优异表现，上调公司盈 利预测，维持"买入"评级。 ...

证券研究报告 | 公司动态点评 2025 年 08 月 22 日 吉比特（603444.SH） 《杖剑传说》带动 Q2 业绩超预期，新品储备较为丰富 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 4,185 | 3,696 | 6,015 | 6,377 | 6,629 | | 增长率 yoy（%） | -19.0 | -11.7 | 62.8 | 6.0 | 4.0 | | 归母净利润（百万元） | 1,125 | 945 | 1,614 | 1,836 | 1,986 | | 增长率 yoy（%） | -23.0 | -16.0 | 70.9 | 13.7 | 8.2 | | ROE（%） | 27.8 | 20.9 | 25.6 | 24.0 | 21.2 | | EPS 最新摊薄（元） | 15.62 | 13.12 | 22.41 | 25.48 | 27.57 | | P/E（倍） | 27.0 | 32.1 | 18.8 | 16.5 | 1 ...

Group 1: Xiaomi Group - The company reported a revenue of approximately 116 billion yuan in Q2 2025, representing a year-on-year growth of 30.5% and a quarter-on-quarter growth of 4.2% [3][4] - Adjusted net profit for Q2 2025 was approximately 10.8 billion yuan, a year-on-year increase of 75.4% and a quarter-on-quarter increase of 1.5% [3][4] - The gross margin for Q2 2025 was approximately 22.5% [3] - The revenue from IoT and lifestyle products reached approximately 38.7 billion yuan, a year-on-year increase of 44.7% [5] - The smart electric vehicle revenue was approximately 20.6 billion yuan, showing a year-on-year growth of 230.3% [6] - Internet service revenue reached 9.1 billion yuan, a year-on-year increase of 10% [6] Group 2: Gigabit Technology - The company achieved a revenue of 2.518 billion yuan in H1 2025, with a year-on-year growth of 28.49% [9][10] - In Q2 2025, the revenue was 1.382 billion yuan, representing a year-on-year increase of 33.89% and a quarter-on-quarter increase of 21.71% [9][11] - The net profit for Q2 2025 was 361 million yuan, a year-on-year increase of 36.64% [9][11] Group 3: Highlan Co., Ltd. - The company established a wholly-owned subsidiary in Singapore to expand its global industrial layout [16] - In 2024, high-power density thermal management products accounted for 47.47% of total revenue [17] - The company signed a procurement contract for the Saudi flexible direct current project worth 361 million yuan [17] Group 4: Xinli Tai Pharmaceutical - The company reported a revenue of 2.131 billion yuan in H1 2025, with a year-on-year growth of 4.32% [23][25] - The net profit for Q2 2025 was 165 million yuan, a year-on-year increase of 14.55% [25] - The gross margin for Q2 2025 was 75.31%, an increase of 4.55 percentage points year-on-year [25] Group 5: Express Delivery Industry - In July 2025, the express delivery industry experienced a business volume growth of 15.1% year-on-year [28][29] - The average revenue per package in July 2025 was 7.36 yuan, a year-on-year decrease of 5.33% [28] - Major companies like YTO Express and SF Express saw varying growth rates in business volume, with SF Express experiencing a significant decline in revenue per package [30] Group 6: Jiangyin Bank - The bank reported a revenue growth of 10.45% year-on-year in H1 2025 [31][32] - Non-interest income increased by 30.26%, primarily driven by investment income [32] - The non-performing loan ratio was stable at 0.86% [33] Group 7: AI Demand and Semiconductor Industry - Demand for AI continues to grow, while consumer electronics orders are becoming more conservative [34] - In July 2025, Taiwan's IC design companies reported a revenue decline, with MediaTek's revenue down 23.4% month-on-month [34][35] - The semiconductor industry is experiencing mixed performance, with some companies reporting significant year-on-year growth [35] Group 8: Used Car Industry - The used car business remains highly prosperous, with significant growth in financial technology services [44] - The company reported a revenue of 5.452 billion yuan in H1 2025, a year-on-year increase of 22% [44]

Group 1: Company Insights - Nord Fund recently conducted research on five listed companies, including Taicheng Light, Shengyi Electronics, G-bits, Desay SV, and Longxin Group [1] - Taicheng Light's main business is passive optical devices, with over 90% revenue share and a gross margin of around 30%. The company is expanding MT connector capacity and has established a close supply relationship with its largest customer [1] - Shengyi Electronics reported a 91% increase in revenue and a 452% increase in net profit for the first half of 2025, driven by optimizing product structure and increasing high-value product share [2] - G-bits is focusing on user-driven innovation in game development, with successful titles like "Zhang Jian Chuan Shuo" and "Dao You Lai Wa Bao" showing promising early performance [3] - Desay SV achieved a revenue of 14.644 billion yuan, a 25.25% year-on-year increase, with a net profit of 1.223 billion yuan, up 45.82%. The company is expanding its overseas operations and focusing on smart driving and cockpit businesses [4] - Longxin Group's energy digitalization business generated approximately 470 million yuan in revenue, with a 10% year-on-year growth in energy internet business. The company is actively developing its charging platform and virtual power plant projects [5] Group 2: Market Trends - The telecommunications sector is seeing growth in high-speed switching markets, with Shengyi Electronics advancing in 800G and 224G product development [2] - The gaming industry is experiencing diverse demands, with G-bits adapting its strategies to focus on user needs and optimizing its product offerings [3] - The smart driving and cockpit sectors are expanding, with Desay SV leading in market share for domestic auxiliary driving domain controllers [4] - The energy sector is witnessing accelerated investment in new power systems, with Longxin Group's initiatives in distributed photovoltaic and energy trading showing significant growth [5]

丨证券研究报告丨 公司研究丨点评报告丨吉比特（603444.SH） [Table_Title] 业绩表现强劲，《杖剑传说》等新游带动高速增 长 报告要点 [Table_Summary] 吉比特 25Q2 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%）， 实现扣非净利润 3.73 亿元（同比+41.00%）。5 月底上线的新游《杖剑传说（大陆版）》贡献显 著增量，其 25Q2 内实现流水 4.24 亿，长线产品《问道手游》Q2 表现已趋稳。《杖剑传说》 《道友来挖宝》等新游表现持续强势，后续储备有《问剑长生（海外）》《九牧之野》等游戏产 品，关注核心产品后续流水变动趋势及新品测试和上线节奏。 分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 吉比特（603444.SH） cjzqdt11111 [Table_Title 业绩表现强劲，《杖剑传说》等新游带动 ...

[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 Viewpoint - Xiamen Gigabit Network Technology Co., Ltd. demonstrates the cash-generating ability of the gaming industry through a substantial dividend plan, announcing a net profit increase of 24.5% and a cash dividend of 66 yuan per 10 shares, totaling approximately 4.74 billion yuan, which represents 73.46% of its net profit [1][4]. Financial Performance - In the first half of 2025, the company achieved a net profit of 645 million yuan, reflecting a year-on-year growth of 24.5% [1][5]. - The company's operating revenue reached 2.518 billion yuan, marking a year-on-year increase of 28.49% [5]. - The net cash flow from operating activities surged by 81.18%, amounting to 1.077 billion yuan [5]. Dividend Strategy - Since its IPO in 2017, the company has implemented 13 cash dividend distributions, totaling over 6 billion yuan, significantly exceeding the initial fundraising of 960 million yuan [4]. - Notable past dividends include 1.15 billion yuan in 2021 and 1.006 billion yuan in 2022, showcasing the company's commitment to returning value to shareholders [4]. Cash Flow and Financial Health - As of June 30, 2025, the company's debt-to-asset ratio was approximately 32%, with cash reserves amounting to 3.493 billion yuan, providing a solid foundation for ongoing high dividends [4]. - Even after the current dividend payout, the company retains over 3 billion yuan in cash, ensuring ample resources for future R&D and business expansion [4]. Product Development and Market Position - The launch of two self-developed games, "Staff Sword Legend" and "Ask Sword Longevity," in the first half of 2025 has enriched the company's product matrix and significantly boosted performance [4]. - The longevity of classic game IPs, such as "Ask Dao," which has been operational for 19 years, highlights the company's ability to maintain a strong market presence [5]. - The company focuses its resources on three project categories: commercially successful and enjoyable projects, enjoyable projects that break even or incur minor losses, and technology exploration projects [5].

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].

其 他 研 究 沪深300 及创业板指数近1年走势 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-08 2024-12 2025-04 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 医药生物 | -0.066 | | 家用电器 | 0.122 | | 房地产 | 0.159 | | 环保 | 0.198 | | 建筑装饰 | 0.201 | | 数据来源：聚源 | | 开源晨会 0821 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】对等关税 2.0 后，行业关税或将成关键新变量——宏观经济专题 -20250820 【宏观经济】广义财政收入压力边际缓解——宏观经济点评-20250819 【固定收益】转债市场风格或切换——固收专题-20250820 行业公司 【电力设备与新能源】欧洲电动车销量月报（2025 年 7 月）：9 国新能源车增速再 创年内新高——行业点评报告-20250820 【农林牧渔：生物股份(600201.SH)】非瘟疫苗研 ...

吉比特（603444.SH） 上半年三款新游上线，《杖剑传说》境外表现优异 证券研究报告 | 半年报点评 gszqdatemark 2025 08 20 年 月 日 业绩概览：公司发布 2025 年半年报，2025H1 公司实现营业收入 25.18 亿， 同比增长 28.49%；实现归母净利润 6.45 亿，同比增长 24.50%；实现扣非归 母净利润 6.48 亿，同比增长 40.02%。 2025H1 三款自研游戏上线，贡献利润增量。新游戏方面，公司代理的国风 题材 RPG 游戏《封神幻想世界》于 2024 年 10 月上线，在 2025H1 贡献增量 营业收入和利润。2025H1，公司新推出了 3 款自研游戏。2025 年 1 月，放置 修仙游戏《问剑长生》上线，该游戏持续更新版本，推出新的主线剧情，并与 修仙小说 IP《道诡异仙》、经典动画《哪吒传奇》联动。2025H1 该游戏在 App Store 游戏畅销榜平均排名第 63 名，最高至第 14 名。2025 年 5 月，日式幻 想题材放置 MMORPG 游戏《杖剑传说》和回合制 MMORPG 游戏《道友来挖 宝》上线。《杖剑传说》上线以来表现亮眼， ...