Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 724 million yuan, representing a year-over-year increase of 3.94% and a quarter-over-quarter increase of 2.75% [1] - The net profit attributable to shareholders was 348 million yuan, showing a year-over-year decrease of 1.29% and a quarter-over-quarter decrease of 1.76% [1] - The non-recurring net profit attributable to shareholders was 349 million yuan, reflecting a year-over-year decline of 10.45% but a quarter-over-quarter increase of 3.95% [1] Group 2: Contract Liabilities and Revenue Recognition - Contract liabilities continued to grow, reaching 761 million yuan by the end of Q1 2025, an increase of 290 million yuan year-over-year and 128 million yuan quarter-over-quarter [1] - The increase in contract liabilities is primarily due to user recharge flows that need to be amortized based on item consumption and player lifecycle [1] - The sales expense ratio for Q1 2025 was 38.41%, up 9.40 percentage points year-over-year but down 3.76 percentage points quarter-over-quarter, indicating a mismatch between revenue recognition and expense recognition [1] Group 3: New Game Development - The company is actively developing new games to expand its product matrix and create new growth points [2] - The multiplayer game "Supernatural Action Team" began a paid test in early 2025 and reached a peak ranking of 16 in the iOS free game chart and 18 in the iOS adventure game sales chart [2] - The strategy card game "Code Kill" started a limited test on March 27, 2025, while historical SLG "Five Thousand Years" and casual competitive game "Pocket Fight" have obtained approval for launch [2] Group 4: AI Integration - The company has built comprehensive AI capabilities centered around self-developed large models, aiming to industrialize AI applications across various modalities [3] - AI tools have been developed for image, video, voice, code, text, and strategy, which help reduce research and operational costs [3] - The company announced a deepened AI collaboration with Alibaba Cloud in February 2025, focusing on AI applications in gaming scenarios and computational power ecosystem development [3] Group 5: Earnings Forecast and Investment Rating - The company maintains its previous earnings forecast, expecting EPS of 0.85, 0.92, and 0.99 yuan for 2025-2027, corresponding to current PE ratios of 17, 16, and 15 times [3] - The company is optimistic about the steady release of existing game performance and the incremental contributions from new game launches, while also looking forward to the exploration of AI in gaming [3]

Financial Performance - The company's revenue for Q1 2025 was ¥723,814,403.15, representing a 3.94% increase compared to ¥696,402,216.01 in the same period last year[5] - Net profit attributable to shareholders decreased by 1.29% to ¥347,867,744.96 from ¥352,409,048.46 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥362,337,017.62, down 10.45% from ¥404,618,536.43 in the previous year[5] - Net profit for the current period was ¥345,720,701.43, a decrease of 2.5% from ¥354,249,561.82 in the previous period[18] - Earnings per share remained stable at ¥0.19 for both the current and previous periods[19] Cash Flow - Operating cash flow decreased by 18.30% to ¥217,568,723.50 from ¥266,305,471.33 in the same period last year[5] - Cash flow from operating activities was ¥774,958,959.63, an increase of 9.8% from ¥705,815,995.85 in the previous period[21] - The net cash flow from operating activities was $217,568,723.50, a decrease of 18.3% compared to $266,305,471.33 in the previous period[22] - Total cash inflow from operating activities amounted to $818,753,765.53, an increase of 7.5% from $764,098,338.89[22] - Cash outflow from operating activities totaled $601,185,042.03, up 20.8% from $497,792,867.56[22] Assets and Liabilities - Total assets increased by 1.69% to ¥14,991,100,669.06 from ¥14,742,575,985.33 at the end of the previous year[5] - Total current assets increased to ¥2,716,667,533.39 from ¥2,491,228,346.96, reflecting a growth of approximately 9.1%[15] - Total liabilities increased to ¥1,944,005,252.70 from ¥1,881,497,502.11, reflecting a growth of 3.3%[16] - Long-term equity investments decreased slightly to ¥9,526,040,353.73 from ¥9,556,739,886.80, a decline of approximately 0.3%[15] Shareholder Information - Total number of common shareholders at the end of the reporting period is 59,237[11] - Shanghai Giant Investment Management Co., Ltd. holds 29.16% of shares, totaling 564,205,115 shares, with 184,927,582 shares pledged[11] - The number of shares held by the repurchase special securities account is 44,358,640, accounting for 2.29% of total shares[12] Expenses - Sales expenses rose by 37.63% to ¥278,035,815.40, primarily due to increased channel and advertising costs[9] - Research and development expenses for the current period were ¥166,070,601.15, an increase of 7.5% compared to ¥154,211,410.95 in the previous period[18] Other Financial Metrics - The weighted average return on equity decreased to 2.69% from 2.97% year-on-year[5] - Other comprehensive income after tax for the current period was -¥201,313,415.57, compared to ¥17,291,473.93 in the previous period, indicating a significant decline[19] - The company reported a financial expense of ¥3,355,573.81, compared to a financial income of -¥1,489,246.47 in the previous period, reflecting a shift in financial performance[18] Contract Liabilities - The company reported a significant increase in contract liabilities by 20.13%, reaching ¥761,068,762.32, attributed to increased deferred revenue from game confirmations[9] - Contract liabilities increased to ¥761,068,762.32 from ¥633,543,789.64, reflecting a rise of about 20.1%[15] Dividend Information - The company did not distribute dividends or profits during the reporting period[22] Product Development - The company has not disclosed any new product or technology developments in the current reporting period[13]

巨人网络（002558）公告，2025年第一季度营业收入7.24亿元，同比增长3.94%。净利润3.48亿元，同 比下降1.29%。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company achieved a revenue of 2.923 billion yuan in 2024, a slight decrease of 0.05% year-on-year, while the net profit attributable to the parent company was 1.425 billion yuan, an increase of 31.15% year-on-year [2][5] - The company's core products performed steadily, with significant growth in the mini-game business, particularly from the "Original Journey" mini-program [2][7] - The company is actively advancing several new game reserves and has implemented a comprehensive layout of games combined with AI technology [7] Financial Performance - In Q4 2024, the company reported a revenue of 704 million yuan, representing a year-on-year increase of 7.23% but a quarter-on-quarter decrease of 10.97% [2][5] - The net profit for Q4 2024 was 354 million yuan, showing a remarkable year-on-year increase of 21,776% and a slight quarter-on-quarter increase of 0.28% [2][5] - The company’s non-recurring net profit for Q4 2024 was 349 million yuan, up 35.96% year-on-year but down 10.58% quarter-on-quarter [2][5] Product and Market Development - The "Original Journey" mini-program significantly contributed to revenue growth, with over 25 million new users since its launch in February 2024, generating 600 million yuan in revenue for the year [12] - The casual competitive game "Ball Battle" saw a notable increase in revenue, with core user retention reaching a new high and monthly revenue hitting a five-year peak [12] - The overseas version of "Space Kill," titled "SuperSus," achieved record revenue growth of over 50% year-on-year in 2024 [12] Future Outlook - The company plans to launch several new games in 2025, including "Supernatural Action Group" and historical SLG game "Five Thousand Years," which have already obtained approval for release [12] - The integration of AI technology in gaming is a key focus, with "Space Kill" being one of the first games to utilize AI-driven gameplay [12] - The company expects to see a significant increase in deferred revenue, with contract liabilities rising to 634 million yuan by the end of 2024 [12] Earnings Forecast - The company is projected to achieve net profits of 1.62 billion yuan and 1.82 billion yuan in 2025 and 2026, respectively, corresponding to PE ratios of 16.5 and 14.7 times [12]

Market Performance - As of April 28, the cloud gaming sector rose by 0.62%, ranking fourth among concept sectors, with 13 stocks increasing in value, including ST Kevin which hit the daily limit, and others like Sheng Tian Network, Perfect World, and Tian Zhou Culture showing gains of 9.47%, 6.35%, and 4.85% respectively [1] - The top decliners in the sector included *ST Peng Bo, AOC Technology, and ST Zhong Qing Bao, with declines of 4.41%, 3.63%, and 3.59% respectively [1] Capital Flow - The cloud gaming sector experienced a net outflow of 265 million yuan, with 11 stocks seeing net inflows, and 5 stocks receiving over 10 million yuan in net inflows. The leading stock in net inflow was Giant Network, with a net inflow of 45.30 million yuan, followed by Sheng Tian Network, ST Huaton, and Feng Assistant [2] - The net inflow ratios for the top stocks were led by Giant Network at 7.91%, Sheng Tian Network at 7.21%, and ST Huaton at 6.17% [3] Stock Performance - The stock performance of key players in the cloud gaming sector included Giant Network with a rise of 3.40% and a turnover rate of 2.08%, Sheng Tian Network with a significant increase of 9.47% and a turnover rate of 12.05%, and ST Huaton with a modest increase of 0.86% and a turnover rate of 1.10% [3][4] - Other notable performers included ST Kevin with a rise of 5.16% and a turnover rate of 3.18%, while stocks like *ST Peng Bo and AOC Technology faced declines of 4.41% and 3.63% respectively [4]

| 002174 | 游族网 | 3.23 | 2.80 | 834.66 | 3.47 | | --- | --- | --- | --- | --- | --- | | | 络 | | | | | | 603258 | 电魂网 | 1.20 | 3.55 | 634.94 | 3.65 | | | 络 | | | | | | 30101 1 | 华立科 | 4.00 | 6.33 | 568.84 | 2.50 | | | 技 | | | | | | 300710 | 万隆光 | 3.90 | 4.52 | 519.88 | 7.84 | | | 电 | | | | | | 600358 | ST联合 | 4.99 | 2.63 | 349.24 | 6.28 | | | 星辉娱 | | | | | | 300043 | 乐 | 2.1 1 | 4.01 | 325.26 | 1.93 | | | 智迪科 | | | | | | 301503 | 技 | 0.52 | 3.85 | 1.54 | 0.03 | | 002577 | 雷柏科 | -0.56 | 1.1 1 | -25.32 | -0.42 ...

每经记者 张梓桐 每经编辑 文多 4月24日，巨人网络（SZ002558）发布2024年年度报告。报告显示，公司2024年实现营业收入29.23亿元，与上年基本持平，归母净利润14.25亿元，同比 增长31.15%。 《每日经济新闻》记者注意到，财报显示，公司旗下《王者征途》游戏于2024年2月上线小程序平台，全年贡献流水（营业收入）达6亿元，成为公司新的 增长引擎。 在过去的一年里，国内小程序游戏市场呈爆发式增长态势。"2024中国游戏产业年会"上发布的《2024年中国游戏产业报告》显示，2024年国内小程序游戏 市场收入398.36 亿元，同比增长幅度达99.18%。 不仅仅是巨人网络，ST华通（SZ002602，即世纪华通）、恺英网络（SZ002517）等游戏公司也在将小游戏当作开拓新市场、"投石问路"的利器。但如何 在同质化的竞争中厮杀出一条血路，仍然需要游戏公司持续摸索。 "征途"IP借道小程序游戏实现用户扩圈 巨人网络目前最主要的两条产品线分别为"征途"系列和《球球大作战》。其中，"征途"IP（知识版权）是"国战"类MMORPG（大型多人在线角色扮演游 戏）网游知名品牌之一，《球球大作战》则是公司 ...

Core Insights - The gaming market is experiencing a robust recovery, driven by normalized licensing and technological advancements, leading to a stable growth in market size [1] - Giant Network has reported impressive financial results for 2024, with revenue reaching 2.923 billion yuan and a net profit of 1.425 billion yuan, reflecting a year-on-year increase of 31.15% [1] Group 1: Financial Performance - Giant Network achieved a revenue of 2.923 billion yuan in 2024, with a net profit of 1.425 billion yuan, marking a 31.15% increase year-on-year [1] - The company's net profit excluding non-recurring items was 1.623 billion yuan, up 18.23% year-on-year [1] Group 2: Product Performance - The "征途" IP's game "王者征途" has attracted over 25 million new users since its launch on the mini-program platform, generating a revenue of 600 million yuan [2] - The game "球球大作战" saw significant growth in 2024, with core user retention reaching a new high and monthly revenue hitting a five-year peak [2] - The game "月圆之夜" has successfully transitioned to a networked model, with a significant increase in revenue share from this mode [3] Group 3: Strategic Initiatives - Giant Network is focusing on innovation to cultivate new growth drivers while consolidating its existing advantages [2] - The company is actively developing an "AI + gaming" ecosystem, leveraging its self-developed AI capabilities to innovate gameplay [3][4] - Giant Network has deepened its AI collaboration with Alibaba Cloud and invested in AI image generation startup LiblibAI [4] Group 4: Future Outlook - The gaming industry is expected to benefit from favorable policy changes, with the issuance of 118 domestic and 9 imported game licenses in April [3] - Giant Network is set to launch new games, including "超自然而行动组," which is currently in paid testing [3]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 25 年 月 日 巨人网络（002558.SZ） 征途 IP 产品持续扩圈，打造游戏+AI 生态图谱 事件：公司发布 2024 年年报，2024 年公司实现营业收入 29.23 亿元，同 比下滑 0.05%；实现归母净利润 14.25 亿元，同比增长 31.15%；实现扣 非归母净利润 16.23 亿元，同比增长 18.23%。公司年度利润分配预案拟 向全体股东每 10 股派发现金红利 1.40 元（含税）。 征途 IP 赛道：成熟产品实现用户扩圈，小程序端完成突破。2024 年，公 司上线多个季度资料片，2024 年 6 月的年度" 征途嘉年华"和 10 月的周 年庆典持续吸引核心玩家，强化了玩家对游戏的归属感。《原始征途》创新 地利用短剧这一新形式营销，形成 短剧+代言人"双驱动模式，精准契 合买量需求，传播辐射范围广泛，吸引大量潜在用户。爆款新游戏《王者 征途》凭借独特玩法设计与精准的市场定位，实现了小程序端的突破。"《王 者征途》自 2024 年 2 月上线小程序平台以来，成功引入超 2500 万新增 用户，全年贡献流水 6 亿 ...