9月3日，A股网络游戏概念板块多只个股逆势上涨。 截至收盘，巨人网络（002558.SZ）涨超9%，神州泰岳（300002.SZ）、吉比特（603444.SH）涨超4%，迅游科技（300467.SZ）、ST华通（002602.SZ） 涨超3%，*ST大晟（600892.SH）、三七互娱（002555.SZ）、恺英网络（002517.SZ）纷纷跟涨。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | 振幅 | 最高 | 最低 | 上市县金友 | 量比 | 换手率 | 成交量 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 002558 | 巨人网络 | 36.05 c | 3.14 | 9,54% | 11.09% | 36.20 | 32.55 | 30.00 | 1.73 | 3.56% | 6893万 | 24.57 Z | 186.96% | | 2 | 300002 | 神州泰岳 | 13.58 c | 0 ...

Core Viewpoint - The gaming sector has shown continuous growth, with revenue increasing for six consecutive quarters, and significant improvements in gross profit margins and net cash flow, indicating a robust recovery and potential for further investment opportunities [4][7][24]. Financial Performance - Total revenue for Q2 2025 reached 22.18 billion, representing a year-on-year growth of 22.3% and a quarter-on-quarter increase of 3.6%, marking the sixth consecutive quarter of positive sequential growth [7]. - Gross profit for Q2 2025 was 15.81 billion, also reflecting a sixth consecutive quarter of sequential growth [5][7]. - The overall gross margin for Q2 2025 was 71.3%, continuing an upward trend since Q3 2020, driven by a shift towards non-revenue-sharing platforms and an increase in self-developed game revenues [5][6]. Cost Management - R&D expense ratio has been on a downward trend for ten consecutive quarters, indicating a more efficient allocation of resources as companies optimize projects [6][13]. - Management expenses decreased significantly in Q2 2025, with a management expense ratio of 6%, the lowest since 2019 [13]. - Sales expenses remained stable, with a slight increase, indicating effective cost control in customer acquisition [13]. Profitability - The overall net profit attributable to shareholders for Q2 2025 was 4.16 billion, a substantial increase from 2.47 billion in the same period last year, with a net profit margin of 18.7% [14][23]. - The adjusted net profit for Q2 2025 reached 4.01 billion, marking a new high since 2019 [14]. Market Dynamics - The top five companies by revenue in Q2 2025 were ST Huatuo, Sanqi Interactive, Perfect World, G-bits, and Shenzhou Taiyue, with a combined market share of 79.9% [18]. - The top five companies by net profit were ST Huatuo, Sanqi Interactive, Kaiying Network, Giant Network, and G-bits, with a combined profit share of 81.3% [23]. Investment Outlook - The current market rally is driven by EPS improvements, with the gaming sector's valuation remaining stable and not showing signs of a bubble, as the PE-TTM ratio is around 33x, down from a peak of 45x [24]. - The sector is expected to continue benefiting from policy improvements and operational efficiencies, with recommendations to focus on companies like ST Huatuo, Giant Network, Perfect World, G-bits, and Kaiying Network [24].

2025 年 08 月 25 日 吉比特 (603444) ——1H25 亮眼，《问道手游》企稳、《仗剑》贡献超预期 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 25 日 | | --- | --- | | 收盘价（元） | 461.31 | | 一年内最高/最低（元） | 464.98/169.46 | | 市净率 | 6.3 | | 股息率%（分红/股价） | 2.17 | | 流通 A 股市值（百万元） | 33,233 | | 上证指数/深证成指 | 3,883.56/12,441.07 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 73.48 | | 资产负债率% | 20.42 | | 总股本/流通 A 股（百万） | 72/72 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 04-26 05-26 06 ...

Investment Rating - The industry investment rating is "Increase Holding," indicating that the industry's growth level is expected to be higher than the Shanghai and Shenzhen 300 Index over the next six months [25]. Core Insights - The gaming industry is experiencing a continuous recovery in prosperity, driven by new game releases and the implementation of AI technologies [17][20]. - The National Press and Publication Administration has maintained a regular pace in the issuance of game licenses, approving 134 licenses in July, with a total of 946 licenses issued in 2025, supporting both major and small game developers [2][17]. - The actual sales revenue of China's gaming market reached 29.084 billion yuan in July, showing a month-on-month increase of 8.14% and a year-on-year increase of 4.62%, with mobile gaming accounting for over 74% of the market [2][18]. - AI technologies are significantly enhancing game development and operational efficiency, with companies like Gigabit and Kyeong Network leveraging AI to reduce costs and improve user experience [19][20]. Summary by Sections Market Review - The social service sector index increased by 4.55% in the past week, ranking 9th among 31 first-level industries [5][7]. - The gaming sector is supported by favorable policies and a robust pipeline of new game releases, contributing to the industry's positive outlook [17][20]. Industry News Dynamics - Local governments are implementing measures to support the gaming industry's international expansion, including the establishment of service centers and research institutions [2][17]. - The gaming market's growth is further bolstered by the successful performance of new titles and the sustained popularity of long-term products [18][19].

Group 1 - The gaming sector showed slight fluctuations on August 25, with the gaming ETF (159869) turning positive and experiencing a small increase, with stocks like Gigabit, Zhejiang Shuju, Aofei Entertainment, Light Media, and Xinghui Entertainment leading the gains [1] - The gaming ETF (159869) has seen a net inflow of funds totaling 85.99 million yuan over the past five trading days, indicating strong investor interest [1] - In July, China's gaming market achieved actual sales revenue of 29.084 billion yuan, reflecting a month-on-month increase of 8.14% and a year-on-year increase of 4.62%, driven by new summer releases and operational activities [1] Group 2 - Gigabit reported a revenue of 2.518 billion yuan for the first half of the year, representing a year-on-year increase of 28.49%, with a net profit attributable to shareholders of 645 million yuan, up 24.50% year-on-year [1] - New games such as "Wen Jian Chang Sheng" and "Zhang Jian Chuan Shuo" have performed well, with the latter topping the sales charts in Hong Kong, Macau, and Taiwan, and entering the top 20 in Japan [1] - The overall industry is exhibiting a stable and positive trend, with both new game releases and long-term operations driving growth [1] Group 3 - Companies like Gigabit and Kaiying Network are leveraging AI technologies to enhance efficiency and reduce costs in game development, with significant advancements in art asset generation and development cycles [2] - The integration of AI in gaming is leading to a comprehensive upgrade across the industry, enhancing both competitive capabilities and player experiences [2] - The gaming ETF (159869) tracks the performance of A-share listed companies in the animation and gaming industry, presenting investment opportunities in this sector [2]

事件： 公司2025H1 实现营收25.18 亿元，同比增长28.49%；归母净利润6.45亿元，同比增长24.50%；归母扣非 净利润6.48 亿元，同比增长40.02%。 其中，2025Q2 实现营收13.82 亿元，同比增长33.89%；归母净利润3.61 亿元，同比增长36.64%；归母 扣非净利润3.73 亿元，同比增长41.00%。 《问剑长生》、《杖剑传说》驱动营收及净利润同比增长 2025H1 公司营收及归母净利润均实现同比大幅增长，且Q2 延续高增长态势，主要系：1）老游戏企 稳：上半年《问道手游》流水达10.71亿元，同比小幅下滑；4 月开启9 周年庆活动，使得Q2 流水达6.30 亿元，实现环比改善。2）新游戏贡献增量：1 月上线的《问剑长生（大陆版）》贡献流水5.66 亿元；5 月底上线的《杖剑传说（大陆版)》单月贡献流水4.24 亿元。此外，受《一念逍遥(欧美版)》、《飞吧龙 骑士（港台韩版)》营收下滑影响，2025H1 公司境外营收2.01 亿元，同比减少-21.01%，但对公司整体 营收影响有限。 《九牧之野》开启删档测试，《问剑长生》海外版计划年内上线 目前公司主要储备游戏为代 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q2 performance exceeded expectations, with new products expected to drive growth for the entire year [3] - The company announced a cash dividend of 66.00 yuan per 10 shares, totaling 474 million yuan, which represents 73.46% of the net profit attributable to shareholders for H1 2025 [7] - The company has a rich product matrix for 2025, with anticipated contributions from new products in Q3 and Q4, leading to expected profit growth [14] Financial Performance Summary - For H1 2025, the company achieved revenue of 2.518 billion yuan, a year-over-year increase of 28.49%, and a net profit of 645 million yuan, up 24.50% year-over-year [9][10] - In Q2 2025, the company reported revenue of 1.382 billion yuan, a year-over-year increase of 33.89% and a quarter-over-quarter increase of 21.71% [10] - The net profit for Q2 2025 was 361 million yuan, reflecting a year-over-year increase of 36.64% and a quarter-over-quarter increase of 27.55% [10] Future Projections - The company is projected to achieve revenues of 5.230 billion yuan in 2025, 5.753 billion yuan in 2026, and 6.230 billion yuan in 2027, with net profits of 1.561 billion yuan, 1.727 billion yuan, and 1.855 billion yuan respectively [14][15] - The expected growth rates for revenue and net profit in 2025 are 42% and 65% respectively [13][14]

Core Viewpoint - Dongwu Securities report indicates that Jiubite's net profit attributable to shareholders for H1 2025 is 645 million yuan, representing a year-on-year increase of 24.50% [1] - The company announced an interim dividend of 66 yuan per 10 shares (tax included), with a payout ratio of 73.46% and a semi-annual dividend yield of 2.19% [1] Financial Performance - In Q2 2025, Jiubite's net profit attributable to shareholders reached 361 million yuan, showing a year-on-year growth of 36.64% and a quarter-on-quarter increase of 27.55%, exceeding expectations [1] - The stable performance of the mobile game "Wen Dao" and the launch of new games are contributing to revenue growth [1] Future Prospects - The company has several upcoming game releases, including "Wen Jian Chang Sheng" planned for H2 2025 in China, Hong Kong, Macau, and Korea [1] - The game "Jiu Mu Zhi Ye," a seasonal strategy game based on the Three Kingdoms theme, has received approval and is expected to enhance company performance with its upcoming testing and scheduling [1] - The new game cycle is driving strong growth in performance, alongside significant dividend returns to shareholders, maintaining a "buy" rating [1]

吉比特 20250820 摘要 吉比特 2025 年上半年营收同比增 81.18%，主要受益于新游《问剑长 生》和《仗剑传说》的增量贡献，以及《封神幻想世界》的持续收益。 《问道手游》收入略有下降，但整体表现稳健。 核心产品《问道手游》运营九年，累计注册用户超 5,000 万，二季度流 水基本持平。《仗剑传说》上线后，国内畅销榜最高排名第四，并已进 入日本及中国港澳台市场。 《仗剑传说》创新性地融合了放置框架与 MMO 核心玩法，旨在降低传 统 MMO 的沉重感，其强社交属性有助于延长游戏生命周期，但具体效 果仍待观察。 吉比特计划 2025 年上半年每股分红 6.6 元，总额约 4.74 亿元，占当期 归母净利润的 73.46%。上市以来累计分红 64.89 亿元，是累计融资净 额的 7.2 倍。 公司在海外市场采取稳健策略，优先深耕港澳台地区，并积极准备进入 日本市场。《断剑》等产品在题材选择上考虑文化壁垒，以提高海外市 场接受度。 Q&A 吉比特 2025 年上半年的业绩表现如何？ 2025 年上半年，吉比特的营业收入为 25.18 亿元，同比增长 28.49%。归母 净利润达到 6.45 亿元，同比增 ...

整体来看，上半年公司凭借新游上线实现营收结构优化，境内游戏业务增量显著，但境外业务受上年高 基数影响同比下滑，汇率波动则对当期收益造成一定冲击。 有观点将公司业绩回暖归因于游戏市场整体景气度的提升，对此，吉比特董事长卢竑岩在8月20日下午 的业绩说明会上对《每日经济新闻》记者回复称，游戏行业市场规模整体稳定，并未出现所谓"重回景 气周期"。竞争优势源于真正理解并满足特定用户未被满足的需求。游戏作为文创产品，其竞争逻辑不 同于传统行业，优质内容可共同做大市场蛋糕。 每经记者｜张梓桐 每经编辑｜陈俊杰 作为新游集中上线后的第一个完整运营季度，部分产品流水的同比波动与新游投入的短期承压，或暂难 精准衡量吉比特布局新品类的长期收益。但从半年报披露的核心数据来看，吉比特仍坚定将《问剑长 生》《杖剑传说》等新游视为自研产品矩阵的重要延伸，也必然不会放缓在境内游戏市场的拓品节奏。 8月19日晚间，吉比特（SH603444，股价421.19元，市值303.43亿元）发布2025年半年报，数据显示， 公司上半年实现营业收入25.18亿元，同比增长28.48%，实现归母净利润6.45亿元，同比增长24.5%。 攻与守都是策略，通 ...