吉比特20250909

Summary of G-bits Conference Call Company Overview - Company: G-bits - Industry: Gaming Key Points and Arguments Performance of "Sword Legend" - G-bits benefited significantly from the unexpected performance of "Sword Legend," achieving a revenue of 424 million yuan in Q2 2025, with continued strong sales in July and August, averaging about 200 million yuan per month, which has notably improved the annual profit forecast [2][6] - The overseas version of "Sword Legend" performed exceptionally well in the Hong Kong, Macau, and Taiwan markets, ranking in the top three on the bestseller list, contributing significantly to overseas revenue [2][5] - Analysts have raised G-bits' annual profit forecast to 1.5-1.6 billion yuan, a 50%-60% increase from previous expectations of 800-900 million yuan, primarily due to the strong performance of "Sword Legend" [2][6] Financial Highlights - G-bits reported a gross margin of 93.5% in Q2 2025, the highest in nearly five years, reflecting a year-on-year increase of 6 percentage points and a quarter-on-quarter increase of 2 percentage points, indicating a significant improvement in profitability [2][11] - The revenue recognition ratio for "Sword Legend" has been maintained at around 80%, contributing positively to the company's income [11] Future Projections - For "Sword Legend," the iOS revenue slightly declined by 20%-30% in early September compared to late August, but this was within expectations. The forecast for 2026 anticipates stable monthly revenues of 100-150 million yuan for the domestic version and about 100 million yuan for the overseas version, totaling over 2 billion yuan annually [7][8] - The performance of "Dao You Lai Wa Bao," a mini-program game, has been strong, quickly rising to the top of the mini-game bestseller list, with potential monthly revenues reaching around 100 million yuan if it maintains a top-three position [10] Stability of Existing Products - The mobile game "Wandao" maintained stable performance, with Q2 2025 revenue holding steady year-on-year. The desktop version also showed stability, with last year's revenue at 1.12 billion yuan [3][9] - Despite market competition, "Wandao" is expected to maintain revenue between 450-500 million yuan in Q3 2025 [9] Upcoming Projects and Innovations - G-bits plans to launch "Jiu Mu Zhi Ye," a Three Kingdoms-themed SLG game, which has received positive feedback from testing and is expected to contribute positively to the company's performance [12] - The company is also exploring new projects that may be launched by the end of this year or early next year, leveraging AI technology for innovation [13] Long-term Outlook - G-bits is recognized for its strong R&D capabilities, with ongoing projects expected to be reported and launched in 2026, indicating a high potential for growth and investment value [16] - The company has maintained a high dividend payout ratio of 73.5% in the mid-year report, reflecting its commitment to shareholder returns [12] Market Context - The overall gaming industry has shown robust performance in 2025, with a year-on-year growth rate of approximately 20%, highlighting the competitive landscape in which G-bits operates [4] Additional Important Insights - G-bits' strategic focus on self-developed games and high-quality offerings has positioned it favorably within the A-share market, despite challenges faced in previous years [4][16] - The company’s ability to adapt and innovate in a competitive market is crucial for sustaining growth and profitability in the future [12][16]