Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **media industry** and highlights significant opportunities in **AI** and **AI glasses** for the second quarter and second half of 2025, particularly following positive guidance from President Xi Jinping regarding AI glasses, which may catalyze the industry [1][2] - The **gaming sector** is noted for its strong performance, with several companies exceeding market expectations in the first quarter of 2025 [2] Core Insights and Arguments - **AI and AI Glasses**: The media industry should pay attention to AI and AI glasses, with a projected market size of **4.71 billion** yuan by 2027, and **Inpaas** expected to generate over **90 million** yuan in net profit, contributing to a market capitalization increase of **2.8 billion** yuan [1][5] - **Film and Gaming Projects**: Anticipated summer releases include animated films like **"Three Kingdoms Starry Sky"** and **"Wang Wang Island,"** along with games such as **"One Ring"** and **"SLG 5,000 Years,"** which are expected to drive revenue for related companies [1][4] - **Fengjun Media**: Reported first-quarter revenue of **2.858 billion** yuan, a **4.7%** year-on-year increase, and a net profit of **1.135 billion** yuan, up **9.14%** year-on-year, with a dividend yield exceeding **6%** [1][8] - **Gaming Sector Performance**: The gaming sector reported a profit of **3.476 billion** yuan in Q1 2025, a **41.7%** increase year-on-year, with notable performances from companies like **Kying Network**, **Perfect World**, **ST Huayun**, and **Jibite** [1][11] Additional Important Insights - **Mergers and Acquisitions**: Fengjun Media's recent acquisition of **Xinchao** is expected to enhance overall efficiency and bargaining power, positively impacting future performance [1][9] - **Education Sector**: The education sector is highlighted for its strong domestic demand characteristics, with recommendations to focus on high-performance, high-dividend stocks like **Oriental Education**, which saw a **15%-35%** increase in spring enrollment [2][12] - **Doushen Education**: As the first AI+ education application stock in A-shares, its **AI class** product is expected to launch in Q2, potentially replacing online language courses and driving significant revenue growth [2][15][16] - **Market Dynamics**: The K12 education sector is advised to focus on AI-enabled education, with companies like **Doushen Education** and **Shengtong Co.** showing promise for future growth [2][14][17] This summary encapsulates the key points discussed in the conference call, providing insights into the media and gaming industries, as well as emerging opportunities in AI and education sectors.

Investment Rating - The report maintains an "Overweight" rating for the media industry [1] Core Insights - The overall performance of the media sector in Q1 2025 exceeded market expectations, driven by blockbuster films and games [5][11] - The publishing and periodicals sector is facing revenue declines due to regulatory impacts and tax policy changes, with expected revenue drops of 2% in 2024 and 4% in Q1 2025 [2] - The gaming sector showed strong performance with a revenue increase of 21% in Q1 2025, supported by successful new game launches [20][29] - The marketing sector is experiencing revenue declines due to cautious ad spending amid economic recovery challenges, but top companies are showing resilience [5][20] - The film industry is expected to have a strong start in 2025, with Q1 revenue growth of 41% driven by popular films [5][20] Summary by Sections Overall Performance - In Q4 2024, the media sector achieved a total revenue of 1,393 billion, a 2% year-on-year decline; however, in Q1 2025, revenue rose to 1,240 billion, marking a 5% year-on-year increase [11][12] Gaming Sector - The domestic gaming market's actual sales revenue reached 3,257.83 billion in 2024, with a year-on-year growth of 7.53%, and 857.04 billion in Q1 2025, growing by 17.99% [20][29] - A-share gaming companies reported total revenues of 873.7 billion and 248.2 billion for 2024 and Q1 2025, respectively, with year-on-year increases of 8% and 21% [29][37] Marketing Sector - The marketing industry faced revenue declines in Q4 2024 and Q1 2025, primarily due to cautious spending from advertisers; however, the sector showed signs of recovery with a 9% year-on-year increase in net profit in Q1 2025 [5][20] Film Industry - The film industry saw a revenue of 141.2 billion in Q1 2025, a 41% increase year-on-year, largely due to successful films like "Nezha: Birth of the Demon Child" [5][20] Digital Media - The digital media sector experienced slight revenue declines in both 2024 and Q1 2025, with major player Mango TV reporting a revenue of 140.8 billion in 2024, down 3.8% year-on-year [5][20] Publishing and Periodicals - The publishing sector is projected to see a revenue decline of 2% in 2024 and 4% in Q1 2025, influenced by regulatory changes in educational publishing [2][5]

Group 1 - The report emphasizes a return to technology growth in May 2025, focusing on three main investment directions [2][5] - The recommended "golden stocks" for May include companies from various sectors such as technology, environmental services, defense, and healthcare, with detailed financial metrics provided [3][68] - The report highlights the importance of macroeconomic factors such as "loose monetary policy" and "weak dollar" in influencing market styles, favoring small-cap growth stocks [5][6] Group 2 - For the computer sector, the report recommends Shen Sanda A, citing its strong position in AI infrastructure and data services, with expected revenue growth driven by government and state-owned enterprise demand [10][11] - In the environmental services sector, Hanlan Environment is highlighted for its potential revenue growth and improved cash flow due to ongoing debt resolution and operational efficiency [15][16] - The defense sector's Steel Research High-tech is projected to benefit from increasing market demand for high-temperature alloys, with significant profit growth anticipated [20][23] Group 3 - The report identifies Xiaoshangpin City in the commerce sector as a key player in the small commodity trade, benefiting from the growth of the Yiwu market and new business opportunities in cross-border e-commerce [29][31] - Horizon Robotics is noted for its advanced autonomous driving solutions, with a significant market opportunity as the penetration of high-level autonomous vehicles increases [36][40] - BeiGene is recognized for its innovative drug pipeline, particularly the growth of its core product, with expectations of substantial revenue increases in the coming years [44][45] Group 4 - The report discusses the electronic sector's Jingzhida, which is positioned to capture market share in storage testing machines, with significant growth potential as domestic demand increases [54][55] - In the new energy sector, Sanhua Intelligent Control is highlighted for its strategic partnerships with major automotive manufacturers, anticipating strong profit growth driven by electric vehicle demand [56][57] - Huichuan Technology is noted for its advancements in automation and robotics, with expectations of increased market share and profitability as the industry recovers [62][63]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company reported a revenue of 724 million in Q1 2025, representing a year-on-year increase of 3.94% and a quarter-on-quarter increase of 2.75%. The net profit attributable to the parent company was 348 million, showing a year-on-year decrease of 1.29% and a quarter-on-quarter decrease of 1.76%. The non-recurring net profit was 362 million, down 10.45% year-on-year but up 3.95% quarter-on-quarter [2][4] - The core product, "Original Journey," has shown significant incremental contributions, and several new games are actively being developed. The company is focusing on a comprehensive layout of games and AI, with a keen eye on the progress of new games and AI empowerment [2][11] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 724 million, with a year-on-year growth of 3.94% and a quarter-on-quarter growth of 2.75%. The net profit attributable to the parent company was 348 million, reflecting a year-on-year decline of 1.29% and a quarter-on-quarter decline of 1.76%. The non-recurring net profit was 362 million, down 10.45% year-on-year but up 3.95% quarter-on-quarter [2][4] Product Development - The "Original Journey" game has been performing steadily, with its official version launched on January 10, 2025. The game features significant upgrades to its open economic system, increasing the output of high-value items and lowering access thresholds. The game also optimized its auction trading system, providing a secure and free trading environment for players. The mini-program version of "Original Journey" was launched in January 2025, contributing significantly to revenue growth in Q1 2025 [11] - The company has several new games in development, including "Supernatural Action Group" and "Five Thousand Years," which have received approval for release. The ongoing iteration of the "Journey" IP games and the active development of new games are expected to contribute to revenue growth [11] AI Integration - The company is actively integrating AI technology into its gameplay innovations. "Space Kill" is one of the first games in the industry to deeply explore AI-native gameplay, utilizing the Deepseek large model capabilities. The game has integrated Tencent's Turbo S, resulting in nearly 900,000 total matches and generating over 7 million AI players. The company's "Thousand Shadows" voice game generation model is continuously iterating, and it is deepening its AI collaboration with Alibaba Cloud [11] Profit Forecast and Investment Recommendation - The company is expected to achieve net profits attributable to the parent company of 1.62 billion and 1.82 billion in 2025 and 2026, respectively, corresponding to PE ratios of 17.3 and 15.4 times. The "Buy" rating is maintained [11]

Financial Performance - The company reported a revenue of 2.923 billion yuan for 2024, a slight decrease of 0.05% year-on-year [1] - The net profit attributable to shareholders was 1.425 billion yuan, representing a year-on-year increase of 31.15% [1] - The net profit excluding non-recurring items was 1.623 billion yuan, up 18.23% year-on-year [1] - A cash dividend of 1.40 yuan per 10 shares (including tax) is proposed, totaling approximately 265 million yuan [1] Product and User Growth - The company's "Zhengtu" IP has successfully expanded its user base, with the mini-program game "Wangzhe Zhengtu" generating significant revenue growth since its launch in February 2024, contributing 600 million yuan in revenue [2] - The "Yuan Shi Zhengtu" game has also seen innovation through short drama marketing, attracting a large number of potential users [2] - The casual competitive game "Qiu Qiu Da Zuo Zhan" achieved significant revenue growth and high user retention, with monthly revenue reaching a five-year high [3] AI Integration and Innovation - The company is embracing AI technology, collaborating with Alibaba Cloud to enhance game applications and develop intelligent agents [4] - The game "Tai Kong Sha" has integrated AI features, including the "Inner Ghost Challenge," which utilizes advanced AI models for gameplay [4] - The introduction of AI NPCs in "Yuan Shi Zhengtu" aims to enhance player engagement through personalized experiences [4] Future Outlook - The company maintains a strong investment rating, with projected revenues of 3.332 billion yuan, 3.665 billion yuan, and 3.977 billion yuan for 2025-2027, reflecting year-on-year growth rates of 14%, 10%, and 8% respectively [5] - Expected net profits for the same period are projected to be 1.618 billion yuan, 1.764 billion yuan, and 1.949 billion yuan, with growth rates of 14%, 9%, and 10% respectively [5]

2025年4月30日，巨人网络(002558.SZ)发布2025年第一季报。截至2025年4月30日，共有42个机构投资 者披露持有巨人网络A股股份，合计持股量达10.55亿股，占巨人网络总股本的54.54%。其中，前十大 机构投资者包括上海巨人投资管理有限公司、上海腾澎投资合伙企业(有限合伙)、香港中央结算有限公 司、巨人网络集团股份有限公司-第一期员工持股计划、中国民生银行股份有限公司-华夏中证动漫游戏 交易型开放式指数证券投资基金、上海铼钸投资咨询中心(有限合伙)、兴业银行股份有限公司-富国兴远 优选12个月持有期混合型证券投资基金、中国农业银行股份有限公司-中证500交易型开放式指数证券投 资基金、富国文体健康股票A、国泰中证动漫游戏ETF，前十大机构投资者合计持股比例达51.91%。相 较于上一季度，前十大机构持股比例合计上涨了0.06个百分点。 外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达0.12%。 公募基金方面，本期较上一期持股增加的公募基金共计8个，主要包括富国兴远优选12个月持有期混合 A、富国文体健康股票A、华安安信消费混合A、富国天恒混 ...

Group 1: Company Performance Overview - In 2024, the company achieved an operating income of CNY 2.923 billion, remaining flat year-on-year, and a net profit attributable to shareholders of CNY 348 million, representing a year-on-year increase of 31.15% [1][2] - The net profit excluding non-recurring gains and losses was CNY 1.623 billion, up 18.23% year-on-year [1] - In Q1 2025, the company reported an operating income of CNY 724 million, reflecting a year-on-year growth of 3.94% [1] Group 2: User and Product Insights - The new user ratio for the "Zhengtu" mini-program is significantly higher compared to the PC and mobile game versions, with mini-program revenue accounting for approximately 20% to 30% of "Original Zhengtu" [3] - The new self-developed SLG game "Five Thousand Years" has obtained a license and is undergoing multiple rounds of testing, with each round showing improvement [3] - "Supernatural Action Group," a new iteration from the "Space Kill" team, is expected to begin promotion and enter commercial operation this year [3] Group 3: Financial Metrics and Projections - The company's Q4 2024 gross margin decreased year-on-year due to rising operating costs, including server hosting and labor costs [8][9] - In Q1 2025, the gross margin significantly improved due to a one-time reversal of server hosting costs, alongside other factors such as reduced revenue sharing from older agency games [9] - The increase in contract liabilities in Q1 2025 was primarily driven by significant revenue growth from "Original Zhengtu," although the income recognition lagged behind the revenue increase [10] Group 4: Strategic Initiatives and Future Plans - The company is actively exploring AI applications beyond gaming, including strategic and financial investments in AI projects [6] - There are considerations for launching new products in the PC gaming market, although no formal projects have been initiated yet [7] - The company is researching suitable product directions for overseas markets, aiming to create globally operable products [8]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company reported a revenue of 724 million yuan in Q1 2025, showing a year-over-year increase of 3.94% and a quarter-over-quarter increase of 2.75%. The net profit attributable to shareholders was 348 million yuan, reflecting a year-over-year decrease of 1.29% and a quarter-over-quarter decrease of 1.76% [1]. - The "Journey" IP is seeing multiple products launch simultaneously, aiming to create a sustainable gaming ecosystem. The new gameplay and promotional activities are designed to enhance player engagement and expand the user base [1]. - The company is actively integrating AI into its gaming experiences, with the "DeepSeek-R1" model enhancing gameplay and user interaction. This integration is expected to drive innovation and improve operational efficiency [4]. Financial Summary - The company forecasts net profits of 1.665 billion yuan, 1.871 billion yuan, and 2.090 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 16.8, 15.0, and 13.4 [4][5]. - Revenue projections for the upcoming years are 3.215 billion yuan for 2025, 3.569 billion yuan for 2026, and 3.890 billion yuan for 2027, indicating a growth rate of 10.0%, 11.0%, and 9.0% respectively [5][12]. - The company's net profit margin is projected to improve, with net profit growth rates of 16.9%, 12.4%, and 11.7% for the years 2025, 2026, and 2027 respectively [5][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [3][11]. Core Insights - The company achieved a record high net profit attributable to shareholders of 14.25 billion RMB in 2024, representing a year-on-year increase of 31.15%. The total revenue for the same year was 29.23 billion RMB, remaining stable compared to the previous year [1]. - In Q1 2025, the company reported revenue of 7.24 billion RMB, a year-on-year increase of 3.94%, while the net profit attributable to shareholders was 3.48 billion RMB, a slight decrease of 1.29% [1]. - The company is actively exploring the integration of gaming and AI, with significant user growth in its gaming IPs, particularly on mini-program platforms [2]. Financial Performance Summary - For 2024, the company reported total revenue of 29.23 billion RMB, with a net profit of 14.25 billion RMB, and a non-recurring net profit of 16.23 billion RMB, showing increases of 31.15% and 18.23% year-on-year, respectively [1]. - The company plans to distribute a cash dividend of 1.40 RMB per share to shareholders, totaling 5.3 billion RMB for the year [1]. - The financial forecast for EPS is projected at 0.84, 0.94, and 1.01 RMB for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 17, 16, and 14 times [3]. Business Development Summary - The company has seen significant success in its gaming segment, particularly with the "Zhengtu" IP, which attracted over 25 million new users on mini-programs, generating 600 million RMB in revenue [2]. - The company is enhancing its AI capabilities, integrating AI features into its games, and collaborating with major tech firms to expand its AI ecosystem [2].

登录新浪财经APP 搜索【信披】查看更多考评等级 □是 √否 ■ 证券代码：002558 证券简称：巨人网络 公告编号：2025-定002 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、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。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 （二） 非经常性损益项目和金额 √适用 □不适用 单位：元 ■ 其他符合非经常性损益定义的损益项目的具体情况 √适用 □不适用 其他符合非经常性损益定义的损益项目主要为本集团联营公司持有之长期借款利息，该部分借款未用于 生产经营活动。 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 √适用 □不适用 ...