分红政策向实控人倾斜：中期拟每10股派现66元，分红比例高达73.46%。实控人卢竑岩持股29.72%，可独得分红款1.41亿元，而公司研发投入仅占营收14.17%（3.57亿元），研发人员数量 高管激励变现冲动：梁丽莉减持股份绝大部分来自2018年股权激励（授予价141.19元/股），浮盈225%后急于套现，反映核心团队对公司长期投入意愿薄弱。 战略困局：产品断层与转型无能 SLG项目进度滞后：储备产品《九牧之野》仍处测试阶段，上线时间未定，难解新品青黄不接之困。 近60个交易日，吉比特股价累计暴涨66%（截至8月27日），一度创下479.99元的年内高点。在此背景下，副董事长陈拓琳于8月21日宣布减持25万股，预计套现约1.1亿元，紧随其后董秘梁丽 两者减持窗口均设定在9月中旬至12月，恰逢中报利好释放后的股价高位。尤其值得注意的是，陈拓琳作为IPO前原始股东（持股11.44%），此前从未减持，此次"首减"时点选择暴露了对股价 业绩成色疑云：高增长的可持续性危机 尽管中报显示营收、净利分别增长28.49%和24.50%，但核心支撑点单一且存隐忧： 新品依赖症：超预期业绩主要依赖5月底上线的《杖剑传说》（单 ...

近60个交易日，吉比特股价累计暴涨66%（截至8月27日），一度创下479.99元的年内高点。在此背景 下，副董事长陈拓琳于8月21日宣布减持25万股，预计套现约1.1亿元，紧随其后董秘梁丽莉于8月26日 宣布减持3350股，预计套现超150万元。 两者减持窗口均设定在9月中旬至12月，恰逢中报利好释放后的股价高位。尤其值得注意的是，陈拓琳 作为IPO前原始股东（持股11.44%），此前从未减持，此次"首减"时点选择暴露了对股价持续性的谨慎 判断。 业绩成色疑云：高增长的可持续性危机 尽管中报显示营收、净利分别增长28.49%和24.50%，但核心支撑点单一且存隐忧： 新品依赖症：超预期业绩主要依赖5月底上线的《杖剑传说》（单月流水4.24亿元），但该游戏6月已跌 出iOS畅销榜前十，8月稳定在30名左右，流水持续性存疑。 老产品疲态尽显：《问道手游》上半年流水同比下滑7.25%，Q2环比增长依赖"周年庆"活动刺激，自然 增长动能衰竭。 战略困局：产品断层与转型无能 SLG项目进度滞后：储备产品《九牧之野》仍处测试阶段，上线时间未定，难解新品青黄不接之困。 "小步快跑"沦为口号：公司宣称聚焦"制作人热爱"的项 ...

证券研究报告 | 2025年08月27日 吉比特（603444.SH） 优于大市 《杖剑传说》表现亮眼，2025 上半年收入增长 29% 市场走势 《杖剑传说》表现优异。1）境内游戏方面，《问道手游》流水同比下滑 7.3% 至 10.7 亿，其中第二季度流水同比基本持平；2024 年 10 月上线的《封神幻 想世界》和 2025 上半年上线的《问剑长生（大陆版）》《杖剑传说（大陆 版）》贡献增量收入和利润。2）境外方面，公司的境外游戏收入下滑 21.0% 至 2.0 亿元，主要由于《飞吧龙骑士（港澳台韩版）》《一念逍遥（欧美版）》 本期流水有所减少。3）储备产品方面，公司将持续推进自研产品《杖剑传 说》《问剑长生》的全球化发行，此外公司将代理运营三国题材 SLG 游戏《九 牧之野》。4）IP 孵化业务方面，公司取得《明克街 13 号》《术师手册》 等多部网文 IP 的游戏改编权，积极探索 IP 运营以拓宽用户基础。 风险提示：新品上线进度或流水不及预期；产品竞争激烈；监管风险。 投资建议：公司新产品表现亮眼、自研产品海外发行及代理产品有望贡献增 量，维持"优于大市"评级。由于公司的《杖剑传说》表现优异，我们上 ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant revenue growth driven by new game launches and stable performance from existing products [1][2]. Financial Performance - The company achieved a revenue of 2.518 billion yuan in H1 2025, representing a year-on-year increase of 28.49% [1]. - The net profit attributable to shareholders was 645 million yuan, up 24.50% year-on-year [1]. - The net profit excluding non-recurring items was 648 million yuan, reflecting a 40.02% increase compared to the previous year [1]. - A cash dividend of 66.00 yuan per 10 shares (including tax) is proposed, accounting for 73.46% of the net profit attributable to shareholders for H1 2025 [1]. New Game Launches - Two new games were launched in H1 2025: "Wen Jian Chang Sheng (Domestic)" and "Zhang Jian Chuan Shuo (Domestic)" [1]. - "Wen Jian Chang Sheng" generated a revenue of 566 million yuan in its first half [1]. - "Zhang Jian Chuan Shuo" achieved a revenue of 424 million yuan within one month of its launch and reached a peak ranking of 10 on the App Store [1]. - The company anticipates continued strong performance from these new titles, contributing significantly to revenue growth [1]. Existing Products - The existing product "Wen Dao Mobile" generated a revenue of 1.07 billion yuan in H1 2025, with a controlled decline of 7.3% year-on-year [1][2]. - The company is monitoring the performance of its existing products while focusing on the launch of new titles [2]. Cost Structure and Business Development - The sales expense ratio for H1 2025 was 33.2%, an increase of 5.8 percentage points year-on-year, primarily due to marketing expenses for new game launches [2]. - The R&D expense ratio was 14.2%, down 5.8 percentage points year-on-year, attributed to a reduction in the number of R&D personnel [2]. - Overall, the changes in expenses align with the company's new product strategy and business adjustments, laying a foundation for future revenue conversion [2]. Investment Outlook - The successful launch of new games indicates the beginning of a new product cycle for the company, with expectations for continued revenue growth from both new and existing games [2]. - Projected net profits for 2025-2027 are estimated at 1.520 billion, 1.804 billion, and 1.908 billion yuan, with corresponding PE ratios of 20x, 17x, and 16x [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: 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]

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].