Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance exceeded expectations, driven by strong new game releases and stable existing game revenues [8] - The company achieved total revenue of 1.136 billion yuan in Q1 2025, representing a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.43% [8] - The new game "Wanjian Changsheng" launched on January 2, 2025, contributed significantly to revenue, generating 363 million yuan in Q1 2025 [8] - The company has a robust pipeline of upcoming games, including "Zhangjian Chuan Shuo" and "Jiumu Zhi Ye," which are expected to further enhance performance [8] - The earnings per share (EPS) estimates for 2025-2027 have been slightly adjusted upwards to 14.47, 15.26, and 16.82 yuan, respectively, reflecting the positive outlook [8] Financial Summary - Total revenue for 2023 is projected at 4.185 billion yuan, with a year-on-year decrease of 19.02% [1] - The net profit attributable to the parent company for 2023 is estimated at 1.125 billion yuan, down 22.98% year-on-year [1] - The company maintains a strong balance sheet with a debt-to-asset ratio of 16.28% and a net asset value per share of 71.95 yuan [6] - The projected P/E ratios for 2025-2027 are 15, 14, and 13 times, respectively, based on the current stock price [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][12] Core Views - The company achieved a revenue of 1.136 billion yuan in Q1 2025, representing a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.43%. The net profit attributable to shareholders was 283 million yuan, with a year-on-year increase of 11.82% but a slight quarter-on-quarter decrease of 1.43% [4][5] - The growth in revenue and net profit is primarily attributed to the newly launched self-developed game "Wen Jian Chang Sheng," which contributed 363 million yuan in revenue during Q1 2025. The report maintains profit forecasts for 2025-2027, expecting net profits of 1.155 billion, 1.309 billion, and 1.433 billion yuan respectively [4][5][6] Financial Summary - The total market capitalization of the company is 15.668 billion yuan, with a current stock price of 217.49 yuan. The stock has seen a 52-week high of 268.62 yuan and a low of 153.23 yuan [1] - The company’s sales expenses increased by 22.6% year-on-year to 360 million yuan, aligning with revenue growth, while R&D expenses decreased by 2.8% to 181 million yuan, indicating organizational adjustments [5] - The company’s gross profit margin is projected to be around 87.5% for 2025, with a net profit margin of 27.2% [7][9] Game Performance and Future Outlook - The new game "Wen Jian Chang Sheng" launched in January 2025 has surpassed 2 million registered users and achieved an average ranking of 46 in the App Store game sales chart, peaking at 14 [6] - The company has additional self-developed games in the pipeline, including "Zhang Jian Chuan Shuo" and "Jiu Mu Zhi Ye," which are expected to drive future revenue growth [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance exceeded expectations, driven by strong new game releases and stable existing game revenues [8] - The company achieved a total revenue of 1.136 billion yuan in Q1 2025, representing a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.43% [8] - The new game "Wanjian Changsheng" launched on January 2, 2025, contributed significantly to revenue, generating 363 million yuan in Q1 2025 [8] - The company has a robust pipeline of upcoming games, including "Zhangjian Chuan Shuo" and "Jiumu Zhi Ye," which are expected to further enhance performance [8] - The earnings per share (EPS) estimates for 2025-2027 have been slightly adjusted upwards to 14.47, 15.26, and 16.82 yuan, respectively, reflecting the positive outlook [8] Financial Summary - Total revenue forecast for 2023A is 4,185 million yuan, with a projected decline of 19.02% year-on-year, followed by a recovery in 2024A with a forecast of 3,696 million yuan [1] - The net profit attributable to the parent company for 2023A is estimated at 1,125.12 million yuan, down 22.98% year-on-year, with a recovery expected in subsequent years [1] - The company maintains a strong balance sheet with a debt-to-asset ratio of 16.28% and a net asset value per share of 71.95 yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The new game "Wen Jian Chang Sheng" has performed well, contributing significantly to revenue growth, with total revenue reaching 363 million yuan in Q1 2025 [2]. - The company has a robust pipeline of new games and a solid overseas business development strategy, although overseas revenue saw a decline in Q1 2025 [3]. - Financial forecasts indicate steady revenue and profit growth from 2025 to 2027, with expected revenues of 39.18 billion yuan, 43.49 billion yuan, and 46.60 billion yuan respectively [4]. Financial Overview - In Q1 2025, the company achieved operating revenue of 1.136 billion yuan, representing a year-over-year increase of 22.47% and a quarter-over-quarter increase of 29.44% [1]. - The net profit attributable to shareholders was 283 million yuan, with a year-over-year increase of 11.82% and a quarter-over-quarter decrease of 1.43% [1]. - The company expects to achieve net profits of 1.002 billion yuan, 1.168 billion yuan, and 1.260 billion yuan from 2025 to 2027, with respective year-over-year growth rates of 6.0%, 16.6%, and 7.9% [4]. Game Performance - "Wen Jian Chang Sheng" has surpassed 2 million registered users since its launch in January 2025 and has introduced several updates and new gameplay features [2]. - Existing games like "Wen Gui" and "Yi Xiao Yao" have shown mixed performance, with revenue declines year-over-year but some recovery quarter-over-quarter [2]. Overseas Business - The overseas revenue for Q1 2025 was 117 million yuan, down 15.95% year-over-year, primarily due to high revenue contributions from the previous year [3]. - The company has a rich pipeline of overseas products, including self-developed and licensed titles, with several new games expected to launch in 2025 [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The new game "Wen Jian Chang Sheng" has performed well, contributing significantly to revenue growth, with total revenue reaching 3.63 billion yuan in Q1 2025 [2] - The company has a robust pipeline of new games and a solid overseas business development strategy, with a rich reserve of products [3][4] Financial Overview - In Q1 2025, the company achieved operating revenue of 1.136 billion yuan, representing a year-over-year increase of 22.47% and a quarter-over-quarter increase of 29.44% [1] - The net profit attributable to the parent company was 283 million yuan, with a year-over-year increase of 11.82% and a quarter-over-quarter decrease of 1.43% [1] - The company expects revenues of 3.918 billion, 4.349 billion, and 4.660 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.002 billion, 1.168 billion, and 1.260 billion yuan [4][5] Game Performance - "Wen Jian Chang Sheng" has surpassed 2 million registered users since its launch in January 2025 and has introduced several updates and new gameplay features [2] - Existing games have shown mixed performance, with "Wen Gui" PC game revenue at 321 million yuan in Q1 2025, down 16.26% year-over-year but up 34.87% quarter-over-quarter [2] Overseas Business - The overseas revenue for Q1 2025 was 117 million yuan, down 15.95% year-over-year, primarily due to high revenue contributions from the previous year [3] - The company has a strong pipeline of overseas products, including self-developed and licensed titles, with several new games expected to launch in 2025 [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603444 证券简称：吉比特 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人卢竑岩、主管会计工作负责人林佳金及会计机构负责人（会计主管人员）陈华梁保证季度报 告中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一）主要会计数据和财务指标 单位：元 币种：人民币 1、 主要游戏收入及利润概况 公司营业收入主要来自自研产品《问道》端游、《问道手游》《一念逍遥（大陆版）》《问剑长生》， 2025年第一季度上述产品的总流水11总流水指的是玩家充值支付的金额，公司营业收入与总流水之间的 差额主要由运营商分成、相关税费、玩家未使用道具等原因产生。金额如下： 单位：亿元 币种：人民币 （1）境内游戏业务 A 《问道》端游本年第一季度营业收入、利润同比均有所减少； ...

4月22日晚，Valve（维尔福）公布了Steam最新一周（4月15日至4月22日）的销量排行榜，新发售的合 作生存游戏《RuneScape：Dragonwilds（符文世界：龙之荒野）》空降榜首。在中国区的销量排行榜， 双人合作游戏《双影奇境》拿下本周的销量冠军，上周排在榜首的《苏丹的游戏》本周掉到第二。 点评：这对游戏开发商和发行商的股价可能产生积极影响，尤其是合作类游戏的市场表现或将受益。游 戏板块整体可能受到提振。 NO.3 Switch2预订量超出预期 4月23日消息，任天堂社长古川俊太郎通过官方社交媒体宣布，Switch2（任天堂出品的游戏机）预订量 超出预期，并为无法满足所有玩家的需求而致歉。此前任天堂宣布Switch2将以抽选的方式开启预购， 本次古川俊太郎透露，仅在日本就有约220万人申请，超出了任天堂在6月5日的可交付量。因此4月24日 的抽选结果将不可避免地导致部分玩家遗憾落选，这些用户会自动参与第二次抽选。 每经记者 李宇彤 每经编辑 马子卿 ｜2025年4月24日 星期四｜ NO.1 吉比特2025年一季度营收同比增长22.47% 4月23日，吉比特发布《2025年第一季度报告》。财 ...

每经记者 张梓桐 每经编辑 陈俊杰 4月23日晚，吉比特（603444.SH，股价217.49元，市值156.68亿元）发布了2025年第一季度报告，报告 期内，公司实现营业收入11.36亿元，同比增长22.47%；归母净利润2.83亿元，同比增长11.82%；扣非 净利润为2.75亿元，同比增长38.71%。 《每日经济新闻》记者注意到，在境内业务中，吉比特的核心产品线表现各异。曾经的支柱产品《问 道》端游、《问道手游》以及《一念逍遥（大陆版）》均出现了收入、利润双降的局面。但另一方面， 今年1月新上线的3D御剑斗法放置修仙手游《问剑长生》上线首周即突破百万注册用户，贡献增量营业 收入和利润。 与此同时，吉比特的海外业务相比于其他厂商难言出色。2025年第一季度境外收入1.17亿元，同比下滑 15.95%，且"整体尚未产生盈利"。主力产品《飞吧龙骑士（境外版）》和《一念逍遥（欧美版）》收入 大幅减少，暴露出公司全球化运营能力的短板。 面对增长压力，吉比特正在进行深度战略调整。 此外，吉比特董事长卢竑岩亲自担任制作人的两款游戏代号分别是M95和M98，一个玩法接近卡牌，另 一个则是融合多种创新元素的新体验游戏 ...

厦门吉比特网络技术股份有限公司2025 年第一季度报告 证券代码：603444 证券简称：吉比特 厦门吉比特网络技术股份有限公司 2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人卢竑岩、主管会计工作负责人林佳金及会计机构负责人（会计主管人员）陈华梁保证 季度报告中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 （一）主要会计数据和财务指标 | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期 增减变动幅度(%) | | | --- | --- | --- | --- | --- | | 营业收入 | 1,135,663,700.45 | 927,265,003.93 | | 22.47 | | 归属于上市公司股东的净利润 | 283,308,836.76 | 253,363,007. ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 ■ （四）表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等 本次会议由董事长卢竑岩先生主持，会议的召集、召开及表决方式符合《公司法》《公司章程》及相关 法律法规的规定。 （五）公司董事、监事和董事会秘书的出席情况 1、公司在任董事7人，出席7人，其中3人为公司独立董事； （一）非累积投票议案 1、议案名称：关于审议《公司2024年年度报告》及其摘要的议案 审议结果：通过 表决情况： ■ 审议结果：通过 表决情况： ■ 3、议案名称：关于审议《公司2024年度监事会工作报告》的议案 审议结果：通过 表决情况： ■ 一、会议召开和出席情况 （一）股东会会议召开的时间：2025年4月17日 （二）股东会会议召开的地点：厦门市思明区软件园二期望海路4号101室1楼会议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 2、公司在任监事3人，出席3人； 3、公司董事会秘书梁丽莉女士出席本次会议；公司全体高级 ...