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G-bits Network Technology (Xiamen) Co (603444) Fair Value & Analysis

Communication Services · CN · Market cap 27.6B CNY

GB G-bits Network Technology (Xiamen) Co 603444 · SHG
Price¥390.30
Fair Value¥473.65
Upside+21.4%
Quality92/100
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Healthy Growth
Highly profitable · 29.3% net margin
Low debt · generates free cash flow
5.11% dividend yield
Ranks above peers (11/14)
Wide moat 92/100
Evidence: Medium Range ¥370.39 – ¥779.53 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated yesterday

Share price +6.5% over the past month.

A strong business, screening 21% undervalued on our models.

What matters now

  • A fairly wide model range (¥370.39 to ¥779.53) leaves room in how you read the outcome.
  • Our model range runs from ¥370.39 (bear) to ¥779.53 (bull), base ¥473.65. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 92/100 (high quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

¥662.01 ¥155.23 Fair Value ¥473.65 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ¥155.23 – ¥662.01 · fair‑value band ¥370.39 – ¥779.53 · the ¥390.30 price screens below the ¥473.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

G-bits Network Technology (Xiamen) Co (603444) currently trades at ¥390.30, while our model-based Fair Value estimate is ¥473.65, implying the stock looks roughly 21.4% undervalued today. The Quality Score stands at 92/100 (high quality), in the Communication Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, G-bits Network Technology (Xiamen) Co generated revenue of 6.9B CNY at a net margin of 29.3%. Revenue grew 62.7% year over year. It earns a return on equity of 36.4%. The balance sheet holds a net cash position of 4.4B CNY. Fundamentals as of Aug 13, 2026

Our scenario range runs from ¥370.39 (bear case) to ¥779.53 (bull case); at ¥390.30, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 42% below its 52-week high and 43% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at -25% fair-value upside, at 21%, 603444 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ¥686.83 ¥1,225 ¥2,314 80
Residual Income ¥156.99 ¥193.37 ¥883.51 76
Rev-Margin DCF ¥390.41 ¥645.94 ¥1,123 74
All 26 models by family
DCF Models
FCF DCF ¥726.39 ¥1,108 ¥2,324 38
Owner Earnings ¥465.36 ¥981.39 ¥2,065 31
5Y Revenue Exit ¥389.38 ¥571.44 ¥947.68 39
5Y EBITDA Exit ¥476.99 ¥748.60 ¥1,279 41
5Y P/E Exit ¥553.29 ¥1,107 ¥1,853 38
10Y Revenue Exit ¥484.78 ¥856.85 ¥1,051 36
10Y EBITDA Exit ¥556.92 ¥1,046 ¥1,859 37
10Y P/E Exit ¥612.59 ¥1,210 ¥2,170 35
Earnings-Based
Graham-Dodd ¥169.31 ¥1,181 ¥1,657 54
Lynch FV ¥440.77 ¥629.67 ¥818.57 50
PEG = 1.0 ¥440.77 ¥629.67 ¥818.57 46
EPV ¥332.65 ¥377.95 ¥417.59 59
Dividend Discount
Gordon GGM ¥147.24 ¥306.15 ¥485.67 70
DDM Multi-Stage ¥147.24 ¥258.15 ¥321.31 61
Multiples
P/E Multiple ¥410.81 ¥547.75 ¥684.69 63
P/S Multiple ¥226.08 ¥301.44 ¥376.80 58
P/B Multiple ¥200.79 ¥267.73 ¥334.66 55
EV/EBIT ¥462.91 ¥596.93 ¥730.96 53
EV/EBITDA ¥370.63 ¥473.89 ¥577.15 54
EV/Revenue ¥241.71 ¥319.22 ¥396.74 43
Asset-Based
NCAV (Graham) ¥38.25 ¥51.25 ¥76.49 50
Growth DCF
Growth DCF ¥686.83 ¥1,225 ¥2,314 80
Rev-Margin DCF ¥390.41 ¥645.94 ¥1,123 74
Economic Profit
Residual Income ¥156.99 ¥193.37 ¥883.51 76
ROIC Compounder ¥351.31 ¥422.43 ¥501.70 72
Growth Earnings
Growth-Adj P/E ¥574.74 ¥821.06 ¥1,067 68

Widest divergence: DCF Models (¥981.39) versus Asset-Based (¥51.25). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 6.9B CNY
Revenue growth (YoY) +62.7%
Net margin 29.3%
Return on equity 36.4%
Free cash flow 2.8B CNY FY2025
P/E ratio 13.9
More key figures
Operating margin 42.5%
EPS (TTM) ¥28.16
Dividend yield 5.1%
EPS growth (YoY) +82.7%
Net cash 4.4B CNY FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 92/100

Of which business quality 90 · Market factors (momentum, volatility) 43

Profitability 90
Margins and returns on capital today
Quality Growth 100
Are margins and returns improving?
Cashflow 93
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 64
Disciplined investing over empire-building
Low Volatility 52
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 35
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

G-bits Network Technology (Xiamen) Co., Ltd. engages in research, development, and operation of online games in China, Hong Kong, Macao, and Taiwan. It offers PC and mobile online games. It also offers consultation and publishing services to game producers. The company was founded in 2004 and is based in Xiamen, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

G-bits Network Technology (Xiamen) Co reported revenue of ¥6.2B in FY2025 versus ¥4.6B in FY2021, a compound +7.7%/yr. Reported net income was ¥1.8B in FY2025, compounding +5.1%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
6.2B CNY
Latest YoY
+67.9%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.3%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+17.7%
Avg. growth/yr (14Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+27.8%
Revenue +7.7%/yr
FY21 ¥4.6B
FY22 ¥5.2B
FY23 ¥4.2B
FY24 ¥3.7B
FY25 ¥6.2B
Net income +5.1%/yr
FY21 ¥1.5B
FY22 ¥1.5B
FY23 ¥1.1B
FY24 ¥945M
FY25 ¥1.8B
Character of growth · EPS growth decomposed (2014-2025) +13.0 % p.a.
Revenue per share +20.6 pp

of which total revenue +24.7 pp · buybacks/dilution −4.1 pp

EBIT margin −5.1 pp
Tax rate −0.2 pp
Residual (interest, one-offs) −2.3 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "G-bits Network Technology (Xiamen) Co Fair Value". https://www.fairvalue-calculator.com/stock/603444

Peer Group

Electronic Gaming & Multimedia · 155 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 92 · Top 25%
Fair Value upside +21% · Above median
Return on equity (TTM) 36% · Top 25%
Return on assets 22% · Top 25%
Net margin (TTM) 29% · Top 25%
Operating margin (TTM) 43% · Top 25%
Revenue growth 63% · Top 25%
Dividend yield (TTM) 5.1% · Top 25%
Debt / equity 0.00× · Lower than median

Valuation Multiples vs Electronic Gaming & Multimedia median · lower = cheaper

P/E (TTM) 13.9× · Cheaper than median
P/B 5.00× · Pricier than 75% of peers
P/S (TTM) 3.99× · Pricier than 75% of peers
P/FCF 1.4× · Cheaper than median
EV/EBITDA 8.1× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 62 · sector 16
FUTURE 100 · sector 7
PAST 100 · sector 9
HEALTH 100 · sector 99
DIVIDEND 100 · sector 42

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Electronic Gaming & Multimedia stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
NetEase, Inc 9999 HK$192.50 HK$262.75 +36%
Electronic Arts Inc EA $209.70 $76.57 -63%
Take-Two Interactive Software, Inc TTWO $243.00 $60.20 -75%
Roblox Corporation RBLX $36.22 $21.20 -41%
Zhejiang Century Huatong Group 002602 ¥14.29 ¥14.68 +3%
KRAFTON, Inc 259960 234,500 KRW 356,218 KRW +52%
Giant Network Group 002558 ¥28.57 ¥15.50 -46%
International Games System Co 3293 762.00 TWD 568.16 TWD -25%
37 Interactive Entertainment Network Technology Group 002555 ¥19.21 ¥22.29 +16%
Kingnet Network Co 002517 ¥17.36 ¥12.86 -26%

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Frequently asked questions

Is G-bits Network Technology (Xiamen) Co (603444) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ¥473.65 versus a price of ¥390.30, about +21% (undervalued).
What is the fair value of 603444?
Our model-based fair value for G-bits Network Technology (Xiamen) Co is ¥473.65 (as of Aug 13, 2026), built from audited fundamentals. The current price is ¥390.30.
What is the quality score of 603444?
G-bits Network Technology (Xiamen) Co has a Quality Score of 92/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of G-bits Network Technology (Xiamen) Co (603444)?
G-bits Network Technology (Xiamen) Co reported trailing-twelve-month revenue of about 6.9B CNY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 603444?
The net profit margin of G-bits Network Technology (Xiamen) Co is about 29.3%, meaning it keeps roughly 29.3% of revenue as net income. Based on the latest reported figures.
Does G-bits Network Technology (Xiamen) Co pay a dividend?
G-bits Network Technology (Xiamen) Co currently shows a dividend yield of about 5.79% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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