Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index in the next six months [11][14]. Core Insights - The company's revenue for H1 2025 reached 2.518 billion yuan, a year-on-year increase of 28.49%, while net profit attributable to shareholders was 645 million yuan, up 24.50% year-on-year [6]. - The launch of new games, particularly "Wanjian Changsheng" and "Zhangjian Chuanqi," has significantly contributed to revenue growth, with "Wanjian Changsheng" achieving a total revenue of 3.63 billion yuan in Q1 2025 and 2.03 billion yuan in Q2 2025 [6]. - The company has seen a notable increase in gross margin, which reached 92.31% in H1 2025, up 4.10 percentage points year-on-year, driven by reduced costs and successful new product launches [8][11]. Summary by Sections Financial Performance - For Q2 2025, the company reported revenue of 1.382 billion yuan, a 33.89% increase year-on-year, and a net profit of 361 million yuan, reflecting a 36.64% year-on-year growth [6]. - The company plans to distribute a cash dividend of 66.00 yuan per 10 shares, which accounts for 73.46% of the net profit attributable to shareholders for H1 2025 [11]. Product Development - The successful launch of "Wanjian Changsheng" and "Zhangjian Chuanqi" has driven significant revenue, with the former ranking as high as 14th in the App Store's best-seller list [6]. - The company is also expanding its global distribution, with "Zhangjian Chuanqi" performing well in markets such as Hong Kong, Macau, and Japan [8]. Cost Management - The report highlights a decrease in research and development expenses as a percentage of revenue, which has helped offset the increase in sales expenses due to new game launches [8][9]. - The gross margin improvement is attributed to a reduction in costs associated with external developers, leading to a decrease in operating costs by 16.21% year-on-year [8].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [3][11]. Core Insights - The company reported a total revenue of 2.518 billion yuan for the first half of 2025, representing a year-on-year growth of 28.49%. The net profit attributable to shareholders was 645 million yuan, up 24.5% year-on-year, with a net cash flow from operating activities of 1.077 billion yuan, reflecting an 81.18% increase [4]. - The company plans to distribute a cash dividend of 66 yuan per 10 shares, totaling 474 million yuan, which accounts for 73.46% of the half-year net profit [4]. - The gross margin significantly improved to 92.31% in the first half of 2025, up from 88.22% in the same period last year, driven by better margins in self-operated and joint-operated businesses [7]. Financial Performance Summary - Revenue and Profit Forecast: - 2023A: Revenue of 4.185 billion yuan, net profit of 1.125 billion yuan - 2024A: Revenue of 3.696 billion yuan, net profit of 945 million yuan - 2025E: Revenue of 5.227 billion yuan, net profit of 1.593 billion yuan - 2026E: Revenue of 6.795 billion yuan, net profit of 1.881 billion yuan - 2027E: Revenue of 7.338 billion yuan, net profit of 2.011 billion yuan [3][10]. - The company expects a revenue growth rate of 41% in 2025, followed by 30% in 2026 and 8% in 2027 [7]. Product Performance - The company launched two self-developed games in the first half of 2025, which performed exceptionally well. "Wanjian Changsheng" generated 566 million yuan in revenue, while "Zhangjian Chuanqi" reached 424 million yuan within a month of its launch [6]. - Existing products showed mixed results, with "Wandao Mobile" generating 1.071 billion yuan, down 7.25% year-on-year, and "Wandao" online game revenue at 159 million yuan, down 11.55% year-on-year [6].

Group 1 - The core point of the article is that Jibite announced a cash dividend distribution plan for the first half of 2025, proposing to distribute 66 yuan (including tax) per 10 shares, totaling approximately 474 million yuan, which accounts for 73.46% of the net profit attributable to shareholders for the period [1] - As of June 30, 2025, the actual controller and chairman, Lu Hongyan, holds 29.72% of Jibite's shares, which means he is expected to receive approximately 141 million yuan (including tax) in cash dividends for the first half of 2025 [1] - Jibite has a strong history of cash dividends, with a cumulative cash dividend amounting to 6.489 billion yuan since its IPO in January 2017, which is 7.21 times the net proceeds from its initial public offering [1] Group 2 - Jibite's financial performance for the first half of 2025 shows a revenue of 2.518 billion yuan, representing a year-on-year increase of 28.49%, and a net profit of 645 million yuan, up 24.50% year-on-year [2] - However, when looking at the annual performance for 2024, Jibite experienced a decline in both revenue and net profit, with revenue of 3.696 billion yuan, down 11.69%, and net profit of 945 million yuan, down 16.02% [2]

Core Viewpoint - Jibite plans to distribute a cash dividend of 66.00 yuan (including tax) for every 10 shares to all shareholders, amounting to approximately 474 million yuan, which represents 73.46% of the net profit attributable to shareholders for the first half of 2025 [1][6]. Group 1: Company Overview - Jibite is focused on the research and operation of online games, with popular titles such as "Wandao" and "Wandao Mobile" contributing significantly to its revenue [4][8]. - Since its IPO in 2017, Jibite has distributed over 6 billion yuan in dividends, significantly exceeding its initial fundraising of 960 million yuan [4][10]. Group 2: Financial Performance - For the first half of 2025, Jibite reported revenue of 2.518 billion yuan, a year-on-year increase of 28.49%, and a net profit of 645 million yuan, up 24.50% [6]. - The net cash flow from operating activities reached 1.077 billion yuan, reflecting an impressive growth of 81.18% [6]. Group 3: Dividend Policy - Jibite's high dividend payout is supported by its strong cash flow, with a cash reserve of 3.493 billion yuan and a debt-to-asset ratio of approximately 32% as of June 30, 2025 [10]. - The company has implemented 12 cash dividend distributions since its listing, with a notable single distribution of 160 yuan per 10 shares in 2021, totaling 1.15 billion yuan [10][11]. Group 4: R&D and Innovation - Jibite emphasizes research and development, with 641 R&D personnel making up 59.74% of its total workforce, and R&D expenditures of 357 million yuan, accounting for 14.17% of its revenue [8].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a target price of 207.90 CNY [1] Core Views - The company is expected to see revenue growth driven by the launch of new games, including "Wanjian Changsheng" and "Zhangjian Chuanqi" [6][8] - The forecasted net profit for the years 2025, 2026, and 2027 is 1.069 billion CNY, 1.158 billion CNY, and 1.327 billion CNY respectively, reflecting a recovery in game revenue [6] - The company has a strong gross margin of 88% and a net margin of 25.2% projected for 2025 [6][8] Financial Summary - The company's revenue for 2023 was 4.185 billion CNY, with a year-on-year decline of 19% [7] - The expected revenue for 2025 is 4.236 billion CNY, representing a growth of 14.6% compared to 2024 [7] - The net profit attributable to the parent company for 2024 is projected to be 945 million CNY, with a year-on-year decrease of 16% [7] - The earnings per share (EPS) for 2025 is estimated at 14.85 CNY, with a projected increase to 18.42 CNY by 2027 [7][11] - The company maintains a healthy financial position with a projected debt-to-asset ratio of 19.5% for 2025 [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a total revenue of 3,696 million yuan for 2024, a year-on-year decline of 11.69%, and a net profit attributable to shareholders of 945 million yuan, down 16.02% year-on-year [5] - The company has a healthy cash flow with a cash dividend total of 718 million yuan for 2024, representing 75.94% of net profit, resulting in a dividend yield of 4.57% based on the closing price on April 7, 2025 [5] - The core product revenue showed a decline, with the main titles experiencing a total revenue of 3,788 million yuan in 2024, down 14.92% year-on-year [5] Financial Performance Summary - Revenue and Profit Forecasts: - 2023A: Revenue of 4,185 million yuan, net profit of 1,125 million yuan - 2024A: Revenue of 3,696 million yuan, net profit of 945 million yuan - 2025E: Revenue of 3,909 million yuan, net profit of 908 million yuan - 2026E: Revenue of 4,222 million yuan, net profit of 1,063 million yuan - 2027E: Revenue of 4,433 million yuan, net profit of 1,122 million yuan [2][5] - The company’s P/E ratio is projected to be 16.7x for 2025, 14.3x for 2026, and 13.5x for 2027 [5] Business Trends - The company has several new products in the pipeline, including "Wanjian Changsheng" set to launch in January 2025 and "Zhangjian Chuanqi" planned for the first half of 2025 [6] - The company’s overseas revenue has shown significant growth, with a total of 500 million yuan in 2024, up 83.92% year-on-year [5] Cash Flow and Expenses - Operating cash flow for 2024 was 1,249 million yuan, with a cash conversion ratio of 132.2% for net profit [5] - Sales expenses decreased by 13% year-on-year to 980 million yuan, while R&D expenses increased by 11.52% to 758 million yuan due to a rise in personnel [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's growth is supported by new games and overseas business expansion [1] - The company has shown a steady performance in its core products, with new releases and a strong pipeline for future games [6] - The financial forecast indicates a recovery in net profit and earnings per share (EPS) over the next few years [6] Financial Data and Valuation - Revenue (in million) for 2023A is 4,185, with a YoY decrease of 19.0%. The forecast for 2025E is 4,127, showing an 11.7% increase [3] - Net profit (in million) for 2023A is 1,125, with a YoY decrease of 23.0%. The forecast for 2025E is 1,125, indicating a 19.0% increase [3] - Gross margin is projected to remain stable around 87.5% from 2025E to 2027E [3] - The company’s EPS is expected to rise from 15.61 in 2025E to 19.44 in 2027E [3] - The Price-to-Earnings (P/E) ratio is forecasted to decrease from 14.3 in 2025E to 11.5 in 2027E, indicating potential undervaluation [3] Business Performance - The company’s revenue primarily comes from self-developed products, with significant contributions from titles like "Wandao" and "Yinian Xiaoyao" [6] - Overseas revenue reached 500 million, marking an 83.92% increase, driven by new international game launches [6] - R&D expenses accounted for 20.50% of revenue, reflecting the company's commitment to innovation [6] - New game releases have shown promising user engagement, with over one million registrations for "Wanjian Changsheng" within a week of launch [6]