"Game Maol" G-bits profits nearly double, with nearly 80% used for dividends

（Source: 财闻）

          The game segment’s gross profit margin year over year increased by another 5.47%, reaching 94.30%

Under a surge in which non-recurring profit after tax is close to doubling, “game giant” Gbit（603444.SH）also set a new record high for dividend payments in FY 2025.

On the evening of March 27, Gbit released its 2025 annual report. During the reporting period, the company achieved operating revenue of RMB 6.205 billion, up 67.89% year over year; net profit attributable to shareholders of listed companies was RMB 1.794 billion, up 89.82% year over year; and net profit after deducting non-recurring items was RMB 1.731 billion, up 97.39% year over year. Net cash flow from operating activities was RMB 2.796 billion, up 123.91% year over year.

What’s worth noting is that the company’s game segment revenue gross profit margin increased by another 5.47% year over year to 94.30%. In the same period, the company’s R&D spending amounted to RMB 887 million, up 17.13% year over year, representing 14.30% of operating revenue. As of the end of the reporting period, the number of R&D personnel was 551, accounting for 55.38% of the company’s total headcount.

Image source: Gbit’s 2025 annual report

Overall, Gbit’s 2025 performance growth was mainly driven by strong results from new games.

In 2025, the company successively launched the light social idle cultivation mobile game 《问剑长生》, the turn-based MMORPG mini-game 《道友来挖宝》, and the idle RPG mobile game 《杖剑传说》 based on an alternate-world adventure theme, among others.

Among its main games, the long-standing revenue heavy-hitter 《问道手游》 recorded total gross bookings of RMB 1.938 billion last year, down 6.55% year over year, and has begun to decline. The annual report states that for 《问道》 PC games and 《问道手游》 and 《一念逍遥（大陆版）》, operating revenue and profits both decreased year over year in the current year.

In addition, 《杖剑传说（大陆版）》 launched that year generated RMB 1.703 billion in gross bookings; 《问剑长生（大陆版）》, 《杖剑传说（境外版）》, and 《道友来挖宝》 achieved gross bookings of RMB 824 million, RMB 792 million, and RMB 603 million, respectively.

《封神幻想世界》 launched in October 2024. This year is a full operating year, and its operating revenue and profits increased year over year. 《九牧之野》 launched in December 2025 and contributed incremental revenue. Due to relatively large发行 (publishing) investment in the pre-launch period, it has not yet turned a profit as of the end of this period.

In terms of game pipeline, the company currently has two self-developed games, 《杖剑传说》 and 《问剑长生》, that are set to launch in Europe and the U.S. in 2026. The company also has two agent-published games pending launch, with publishing regions being China’s Hong Kong, Macau, and Taiwan, and mainland China, respectively.

Image source: Gbit’s 2025 annual report

On the same day, the company also provided its 2025 profit distribution plan, proposing to distribute cash dividends of 70 yuan per 10 shares to all shareholders (tax included).

As of March 25, 2026, the company’s total share capital was 72.041 million shares. After excluding the shares held in the company’s share repurchase account, with 71.7563 million shares as the base, the company plans to distribute aggregate cash dividends of RMB 502 million (tax included).

In FY 2025, the company also implemented interim and third-quarter profit distributions. The distribution plans were cash dividends of 66 yuan per 10 shares and 60 yuan per 10 shares, respectively. After the aforementioned cash dividend distributions, the company’s total cash dividends for the full year of 2025 are expected to reach RMB 1.406 billion, accounting for 78.41% of net profit for that year.

Caixin News noted that since its上市 in January 2017, Gbit has maintained ten consecutive years of dividend payments. In 2018, the company’s net profit was RMB 723 million, and dividends were RMB 719 million, with a payout ratio of over 99%. In 2020 and 2022 as well, the payout ratios were both above 80%.

Data from iFind shows that since listing, Gbit’s cumulative cash dividends have reached RMB 7.422 billion, which is 8.25 times the net proceeds raised in the initial offering. Over the same period, net profit achieved was RMB 10.566 billion, with dividends accounting for more than 70% of net profit.

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