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].

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]

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， ...

Core Viewpoint - The article highlights the strong financial performance of Jibite in the first half of 2025, driven by new product launches and sustained operations of classic IP games, alongside a significant cash dividend proposal for shareholders [3][6]. Financial Performance - In the first half of 2025, Jibite achieved operating revenue of 2.518 billion yuan, representing a year-on-year growth of 28.49% [3]. - The net profit attributable to shareholders reached 645 million yuan, with a year-on-year increase of 24.50% [3]. - The net cash flow from operating activities was 1.077 billion yuan, showing a substantial growth of 81.18% year-on-year [3]. - The company proposed 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]. Product Development and Performance - Jibite focuses on the research and operation of online games, with two self-developed new products, "Zhang Jian Chuan Shuo" and "Wen Jian Chang Sheng," launched in the first half of 2025, contributing to significant revenue and profit growth [6]. - The company continues to iterate on several classic IP games, enhancing player experience and solidifying long-term development [6]. - The game "Wen Dao" has been in operation for over 19 years, demonstrating its enduring appeal, while "Wen Dao Mobile" has been providing rich content for players for 9 years [6]. Future Strategy - Jibite plans to maintain its investment in research and development, focusing on three types of projects: commercially successful and engaging projects, projects that are fun but may break even or incur small losses, and technology exploration projects [8]. - The company aims to concentrate resources on core product operations and user services to enhance operational efficiency [8]. - Jibite is set to launch "Wen Jian Chang Sheng" globally in the second half of the year, with additional plans for a Three Kingdoms-themed SLG mobile game "Jiu Mu Zhi Ye," which has already obtained a license and is undergoing testing [8]. - Since its IPO in 2017, Jibite has distributed a total of 6.489 billion yuan in cash dividends, which is 7.21 times the net amount raised from the IPO [8].

Core Viewpoint - Jibite, a prominent player in the A-share market, has announced a generous dividend plan, distributing 66.00 CNY per 10 shares to all shareholders, reflecting a commitment to shareholder returns [1][4]. Financial Performance - In the first half of 2025, Jibite reported a revenue of 2.518 billion CNY, marking a year-on-year increase of 28.49% [4]. - The net profit attributable to shareholders reached 645 million CNY, up 24.50% year-on-year [4]. - The net cash flow from operating activities was 1.077 billion CNY, showing a significant growth of 81.18% [4]. Dividend Distribution - The proposed dividend distribution totals approximately 474 million CNY, which constitutes 73.46% of the net profit for the period [4]. - Since its listing in 2017, Jibite has implemented 12 cash dividend distributions, totaling over 6 billion CNY, significantly exceeding the 960 million CNY raised during its IPO [9][10]. Product Development and Market Strategy - Jibite focuses on the development and operation of online games, with two self-developed new titles, "Zhang Jian Chuan Shuo" and "Wen Jian Chang Sheng," launched in the first half of 2025, contributing to revenue growth [5]. - The company continues to iterate on classic IP games, enhancing player experience and ensuring long-term stability [5]. - Future R&D investments will target three project categories: commercially successful projects, projects at breakeven or slight loss, and technology exploration projects [8]. Operational Efficiency - The self-operated platform, Thunder Games, supports the performance of both self-developed and agency products, leveraging years of operational experience [7]. - Jibite plans to focus resources on core product operations and user services to improve operational efficiency [8]. Financial Health - As of June 30, 2025, Jibite's debt-to-asset ratio was approximately 32%, with cash reserves amounting to 3.493 billion CNY, providing a solid foundation for high dividend payouts [10]. - The chairman, Lu Hongyan, holds a 29.72% stake in the company, which translates to an estimated cash dividend of 141 million CNY for the first half of 2025 [10].

Core Viewpoint - Jibite's half-year report for 2025 shows significant growth in revenue and profit, driven by new game releases and strong cash flow, alongside a substantial dividend distribution to shareholders [3][4][8]. Financial Performance - In the first half of 2025, Jibite achieved operating revenue of 2.518 billion yuan, a year-on-year increase of 28.49% - The net profit attributable to shareholders was 645 million yuan, reflecting a growth of 24.50% - The net cash flow from operating activities reached 1.077 billion yuan, up by 81.18% [3]. Dividend Distribution - Jibite plans to distribute a cash dividend of 66 yuan per 10 shares (tax included), totaling approximately 474 million yuan, which represents 73.46% of the net profit for the period - Since its listing in 2017, the company has distributed over 6 billion yuan in dividends, with a notable single dividend of 160 yuan per 10 shares in 2021 [3][8]. Product Development and Strategy - The company launched two self-developed games, "Zhang Jian Chuan Shuo" and "Wen Jian Chang Sheng," in the first half of 2025, contributing to revenue and profit growth - Classic IP games continue to be updated, enhancing player experience and supporting long-term growth [4][6]. - Future R&D investments will focus on three project categories: commercially successful projects, projects that are fun but may not be profitable, and technology exploration projects [7]. Operational Efficiency - Jibite's self-operated platform, Thunder Games, has effectively supported the performance of both self-developed and agency products through accumulated operational capabilities [6]. - The company aims to concentrate resources on core product operations and user services to enhance operational efficiency [7]. Market Position - As of August 19, 2025, Jibite's stock closed at 382.90 yuan per share, with a total market capitalization of 27.6 billion yuan [9][10].

Core Insights - Company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 2.518 billion yuan, a year-on-year growth of 28.49%, and net profit attributable to shareholders at 645 million yuan, up 24.50% [2] - The company announced a cash dividend distribution plan, proposing a payout of 66 yuan per 10 shares, totaling approximately 474 million yuan, which represents 73.46% of the net profit for the period [2] Revenue Growth Drivers - The company focuses on the development and operation of online games, with two self-developed new titles, "Zhang Jian Chuan Shuo" and "Wen Jian Chang Sheng," launched in the first half of 2025, contributing to significant revenue and profit growth [3] - Classic IP games continue to be iterated, providing fresh experiences for players and solidifying the company's long-term stable development foundation [3] - The long-term operation of "Wen Dao" online game and "Wen Dao Mobile" has demonstrated sustained vitality, enhancing the company's revenue streams [3] Future Development Strategy - The company plans to maintain its investment in research and development, focusing on three types of projects: commercially successful and engaging projects, engaging projects that break even or incur small losses, and technology exploration projects [4] - The operational strategy will concentrate resources on core product operations and user services to enhance the efficiency of publishing business [4] - The company aims to expand the global distribution of its new titles, with "Wen Jian Chang Sheng" expected to launch in South Korea and other regions in the second half of the year [4] - The company has accumulated a total cash dividend of 6.489 billion yuan since its IPO, which is 7.21 times the net proceeds from the initial public offering [4]

Core Insights - Company G-bits reported a revenue of 2.518 billion yuan for the first half of 2025, representing a year-on-year growth of 28.49% [1] - The net profit attributable to shareholders reached 645 million yuan, an increase of 24.50% year-on-year [1] - The net cash flow from operating activities was 1.077 billion yuan, showing a significant growth of 81.18% [1] - A cash dividend of 66 yuan per 10 shares is proposed, totaling approximately 474 million yuan, which accounts for 73.46% of the net profit [1] Performance Drivers - The company focuses on the research and operation of online games, with two self-developed new products, "Staff Sword Legend" and "Ask Sword Longevity," launched in the first half of 2025, contributing to revenue and profit growth [2] - Classic IP games continue to be iterated, enhancing player experience and supporting long-term stable development [2] - The game "Ask Dao" has been operating for over 19 years, demonstrating lasting vitality, while "Ask Dao Mobile" has been online for 9 years, continuously providing rich content for players [2] - The self-operated platform, Thunder Games, leverages years of operational experience to support the performance of self-developed and agency products [2] Future Strategies - The company plans to maintain R&D investments, focusing on three types of projects: commercially successful and enjoyable projects, enjoyable projects that break even or incur small losses, and technology exploration projects [3] - The operational focus will be on core product operations and user services to enhance the efficiency of publishing business [3] - The company aims to promote global releases of two new products, with "Ask Sword Longevity" expected to launch in South Korea and other regions in the second half of the year [3] - A new Three Kingdoms-themed seasonal SLG mobile game, "Nine Shepherds of the Wild," has obtained a license and is under multiple rounds of testing, generating significant player interest [3] - Since its IPO in 2017, the company has distributed a total of 6.489 billion yuan in cash dividends, which is 7.21 times the net amount raised from the IPO [3]

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].