Net profit fell for four consecutive quarters!Can Maojibit also have "new stories" to tell?

In the first half of this year, Gibig achieved operating income of 2.511 billion yuan, an increase of 5.17%year -on -year; the net profit attributable to the company's shareholders was 688 million yuan, a year -on -year decrease of 23.59%

"Investment Times" researcher Dong Lin

Because the customs clearance rate is less than 0.1%, a small game "Sheep with a sheep" has recently appeared on the Internet hot search. As the game unexpectedly burst into fire, the company participating in the company, Xiamen Gibigi Network Technology Co., Ltd. (hereinafter referred to as Gibig, 603444.SH) has also attracted the attention of the outside world.

In response, Gabit responded on the interactive platform that the development company of "Sheep with a Sheep" was Beijing Jianyou Technology Co., Ltd. (hereinafter referred to as Jianyou Technology). Jianyou Technology 10%of the equity. This game is developed by Gabit's participation company, with a low investment ratio, and the relevant income will be reflected in the investment income of Gibit.

In fact, Jianyou Technology is just the tip of the iceberg in the Gibbit investment map. In recent years, Gabit has hatched a large number of game companies through investment, including the celadon game (6633.HK) listed on the Hong Kong stock market at the end of last year, and the Thunder Shares listed on the New Third Board, Gold Rush interactive, and Yongshi Network.

"Investment Times" researcher noticed that the company's performance was not ideal while continuing to invest. In the first half of this year, Gibig achieved operating income of 2.511 billion yuan, an increase of 5.17%year -on -year; the net profit attributable to the company's shareholders was 688 million yuan, a year -on -year decrease of 23.59%. Fall.

In the secondary market, in early 2017, Gabit was launched at a price of 54 yuan/share. In August 2020, its stock price exceeded 671 yuan/share and was named "Game Mao". The road to the year. It is worth mentioning that the explosion of "Sheep's Sheep" did not boost the company's stock price. Following the previous day's severe plump more than 7%, on September 20, Gibi opened again, and once again fell by more than 2%. The stock price hit a new low in two years. Compared with historical highs, a total of more than 60%, with a total market value of 18.8 billion yuan. On September 21, Gibi continued to fall, a decline of 3.23%, closed at 253.35 yuan/share.

Regarding issues such as decline in profits, weak growth of new games, and slow overseas market development, the Emperor Investment Times researcher's email communication outline to the relevant departments of Gabit has not received a reply as of the press time.

The trend of changes in the stock price of Gibibit since 2022 (yuan/share)

Data source: wind

The growth rate of net profit continues to decline

Public information shows that Gabit was founded in 2004 and specializes in online game creative planning, research and development, and commercial operations. In 2017, the company was listed on the Shanghai Stock Exchange, becoming the first game company in the A -share market to be listed independently in the motherboard. As of now, Gibi has operated "Ask Mobile Games", "One Think of Xiaoyao", "Moore Manor", "Obi Island: Dream Country", "Ghost Valley Eight Wilderness (PC Edition)" and other games.

According to the financial report, in the first half of 2022, the company achieved revenue of 2.511 billion yuan, an increase of 5.17%year -on -year; net profit attributable to shareholders of listed companies was 688 million yuan, a year -on -year decrease of 23.59%. Judging from the growth rate of Gibid's net profit in the past 5 years, this is the first half -annual net profit of its first half of its net profit since its listing in 2017.

In fact, Gabit has shown a downward trend since the second quarter of last year. According to Wind data, from the second quarter to the fourth quarter of 2021, the company's net profit growth rate was 135.06%, 24.54%, and 4.48%, respectively. In the first quarter of this year, its net profit decreased by 4.27%year -on -year, and in the second quarter, the decline in net profit fell again, a year -on -year decrease of 36.77%. At the same time, the net interest rate of Gibit has decreased from 44.09%in the interim last year to 35.61%in the first half of this year, and its profitability continued to decline.

Gabit said that the changes in net profit in the first half of the year were mainly affected by the transfer of 233 million yuan in the equity of the celadon digital part of the last year, the decline in investment income confirmed by the joint venture in the current period, and the fluctuation of exchange rate fluctuations. If the company eliminates the impact of the investment business and exchange rate fluctuations on profits, the net profit attributable to shareholders of listed companies after adjustment is 656 million yuan, an increase of 1.03%year -on -year.

"Investment Times" researcher noticed that in the first half of 2022, Gibi -bit profit margin was 89.93%, an increase of 8.03 percentage points from the same period last year. However, during the period, its sales costs, management costs, and research and development costs have increased significantly, and the profit space is also squeezed to a certain extent.

In the first half of this year, in the case of a slight increase of 5.17%year -on -year, Gibig's sales cost was 670 million yuan, an increase of 21.6%year -on -year; R & D expenses were 379 million yuan, a year -on -year increase of 16.48%. During the period, the company's average number of companies was 1049, an increase of 287 from the same period last year, an increase of 38%year -on -year. Among them, there were 614 R & D personnel, accounting for 56.28%of the total number of employees, an increase of 15.85%from 530 at the end of 2021. Due to the increase in the number of operational promotion and R & D personnel, salary has also increased, and Gabit's management costs increased by 31.3%year -on -year.

In the first half of 2022, the main accounting data of Gibibit

New game growth is weak

Despite greatly increasing publicity and operational service fees, the popularity of Gabit's products has faded. In the first half of this year, Gibid's self -developed "Question" end -of -game operating income declined slightly compared with the same period of the previous year; "Ghost Valley Eight Wilderness (PC Edition)" in this issue of operating income declined significantly compared to the same period last year; The explosion agent game "Moore Manor" launched on the month has declined sharply compared with the same period of the previous year, and the operating income has been confirmed to decline accordingly.

"Investment Times" researcher has noticed that since its listing, Gabit's main source of revenue is still more dependent on old games. From 2017 to 2019, the total revenue of "Ask" and "Question Mobile Games" accounted for more than 80%. However, it is worth noting that "asking mobile games" has been launched for 6 years since 2016. During this period, the company's self -developed or agent's various games have never ushered in the second explosion.

Gabit admits that the company's revenue depends on a few products, and the proportion of "asking for mobile games" and "One thought of Xiaoyao" is relatively high. If a large number of gamers' preferences on "Ask Mobile Games", "One Nostalgia" change or choose other online game products in the market, the company cannot accurately grasp the development trend of game products in the future, and cannot predict the preferences of game players in advance Changing, failure to update the existing product in a timely manner or system optimization to maintain its continuous attraction to gamers, it will lead to a decline in the revenue of the game, which will have a significant adverse effect on the company's operating performance and financial situation.

In terms of new products, the company's new game "Obi Island: Dream Country" launched in July this year. Like "Moore Manor", the search popularity and the App Store ranking fell, and the curve tended to be smooth. In this regard, Gabit stated at the performance briefing that "Obi Island" was not expected to be newly added. Compared with the first month of "Moore Manor" last year, there was still a difference. Moore was more obvious at the time. After experiencing "Moore Manor", the user's psychology has also changed. It is also one of the childhood IPs. When "Obi Island" was launched, some users have a decrease in freshness, and they are worried that the game experience is similar.

Overseas business "drop behind"?

According to the "China Game Industry Report, January to June 2022" issued by the China Soundlord Association Working Committee, in the first half of this year, the actual sales revenue of the Chinese game market was 147.789 billion yuan, a year-on-year decrease of 1.80%; the size of the game users was 666 million yuan was 666 million; , Decreased by 0.13%year -on -year. As the demographic dividend of the gaming industry has gradually declined, domestic game companies have accelerated their footsteps in recent years. China's independent research and development of the actual sales revenue of overseas markets has maintained a rapid growth. The number of countries and regions covered by seafood has increased significantly. The type is also more diverse.

From the perspective of revenue growth, the overall growth rate of overseas revenue overseas in the first half of this year has slowed down. Among them, Gibit's overseas income increased the largest, mainly due to its small overseas income volume. In the first half of the year, the company's overseas revenue was 113 million Yuan, ranked 16th in 22 companies.

The researcher of "Investment Times" found that Gabit has been involved in overseas businesses since 2017. The overseas business revenue was only 2.581 million yuan, accounting for 0.18%of the company's operating income. In the following years, although its overseas business income increased significantly, the proportion of total revenue has been around 3%.

In the first half of 2022, the company's overseas revenue proportion increased to 4.5%, but compared with it, the overseas revenue of the Youzu Network (002174.SZ) with less than half of Gibit had more than 60%. In addition, the gross profit margin of Gabit's overseas business was only 57.79%, a decrease of nearly 30 percentage points from the gross profit margin of domestic business.

Analysis in the industry pointed out that Gibibit's early products are only targeted at the domestic market, which has led the company to simply transplant domestic products, and the success rate of success in the sea is not as good as global projects.

In this regard, Gibig also stated in the semi -annual report that the company will increase investment in overseas markets in the future. Except for the IPs of individual reserves to products, the remaining self -developed products must be positioned in overseas markets before they can be established, and the company will continue to absorb pairs. Overseas culture has deep insights with outstanding producers and distribution teams to quickly promote the development of overseas business.

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