Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's Q3 performance was strong, with revenue of 790 million yuan, a year-over-year decrease of 4%, and a net profit attributable to shareholders of 350 million yuan, down 16% year-over-year. However, these figures exceeded market expectations [4]. - The "Wangzhe Zhengtu" game has successfully supported the overall performance of the Zhengtu IP, with revenue increasing for three consecutive quarters. Despite a decline in revenue from "Yuan Shi Zhengtu," the newly launched "Wangzhe Zhengtu" mini-game has shown strong growth [4][5]. - The company is expanding its mid-term pipeline with high certainty, including new projects led by different teams, and is actively implementing AI technologies to enhance development efficiency [5][6]. Financial Data and Profit Forecast - The company reported total revenue of 2,924 million yuan in 2023, with projected revenues of 3,032 million yuan in 2024, 3,454 million yuan in 2025, and 4,175 million yuan in 2026 [8]. - The net profit attributable to shareholders is expected to be 1,401 million yuan in 2024, 1,629 million yuan in 2025, and 1,808 million yuan in 2026, reflecting a year-over-year growth of 29% in 2024 [6][8]. - The company's price-to-earnings ratio (PE) is projected to be 17x in 2024, 14x in 2025, and 13x in 2026, indicating a relatively low valuation compared to historical levels [6].

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for the stock in the near term [1][2]. Core Insights - The company achieved a revenue of 2.218 billion yuan in the first three quarters of 2024, a year-on-year decrease of 2.15%, while the net profit attributable to shareholders was 1.071 billion yuan, down 1.29% year-on-year [1]. - The company is focusing on the mini-game sector, with a quarter-on-quarter revenue growth of 8.28% in Q3 2024, driven by stable operations of mature products and the success of mini-games [1]. - The company is actively integrating AI into its gaming offerings, enhancing user experience and gameplay innovation through various AI-driven platforms and models [1]. - The company has implemented a cash dividend policy, distributing 1.4 yuan per 10 shares, totaling approximately 265 million yuan, which represents 31.92% of the net profit attributable to shareholders for the first three quarters [1]. Financial Summary - Revenue projections for 2024-2026 are 3.054 billion, 3.323 billion, and 3.616 billion yuan, with corresponding growth rates of 4.42%, 8.82%, and 8.83% [2][4]. - The net profit attributable to shareholders is forecasted to be 1.428 billion, 1.581 billion, and 1.752 billion yuan for the same period, with growth rates of 31.47%, 10.69%, and 10.84% respectively [2][4]. - The diluted earnings per share are expected to increase from 0.56 yuan in 2023 to 0.91 yuan in 2026 [4].

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company achieved Q3 revenue of 791 million RMB, a year-over-year decrease of 3.94% but a quarter-over-quarter increase of 8.28%. The net profit attributable to shareholders was 353 million RMB, down 16.18% year-over-year and down 3.34% quarter-over-quarter. For the first three quarters of 2024, the company reported revenue of 2.218 billion RMB, a year-over-year decrease of 2.15%, and a net profit of 1.071 billion RMB, a year-over-year decrease of 1.29% [1]. - The report highlights strong growth in the company's "Journey" series of mini-games and ongoing advancements in AI deployment, which supports the positive outlook [1][3]. Summary by Sections Financial Performance - Q3 2024 gross margin was 89.8%, a year-over-year increase of 0.2 percentage points, while the sales expense ratio rose to 35.2%, an increase of 7.5 percentage points year-over-year, primarily due to new mini-game promotions [1]. - The company expects to continue significant investment in user acquisition, leading to revised profit forecasts for 2024-2026, with net profits projected at 1.42 billion, 1.62 billion, and 1.79 billion RMB respectively [3]. Game Development - The "Journey" IP series mini-games continue to grow, with "King of Journey" maintaining a stable position in the top 10 of WeChat mini-game sales since its launch in February. The upcoming "Original Journey" mini-game is expected to increase user acquisition efforts in the second half of 2024 [2]. - The report notes the successful launch of new AI gameplay in "Space Kill," which is the first AI-native game feature based on a multi-agent large model [3]. Valuation - The target price for the company is set at 15.91 RMB, up from a previous estimate of 11.63 RMB, based on a projected 19 times PE ratio for 2025, compared to a sector average of 16 times [3].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's revenue in Q3 2024 reached 791 million yuan, a year-over-year decrease of 3.94%, but a quarter-over-quarter increase of 8.28%. The net profit attributable to the parent company was 353 million yuan, down 16.18% year-over-year and down 3.34% quarter-over-quarter [3][4] - The gross profit margin for Q3 2024 was 89.81%, an increase of 0.22 percentage points year-over-year [4] - The company is focusing on the performance of its mini-games, particularly the "Wangzhe Zhengtu" and the new version of "Yuanshi Zhengtu," which are expected to drive growth [5][7] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a total revenue of 2.218 billion yuan, a year-over-year decrease of 2.15%. The net profit attributable to the parent company was 1.071 billion yuan, a decrease of 1.29% year-over-year [4] - The company’s operating expenses for Q3 2024 were 2.79 million yuan for sales, 0.50 million yuan for management, and 1.89 million yuan for R&D, with year-over-year increases of 21.99%, 40.36%, and 3.34% respectively [4] Market Position - The company’s stock has performed well relative to the CSI 300 index, with a 1-month performance of 7.5%, 3-month performance of 45.6%, and a 12-month performance of 12.1% [4] - The "Wangzhe Zhengtu" mini-game ranked in the top 10 of the mini-game sales charts for July, August, and September 2024, indicating strong market traction [5] Future Projections - Revenue projections for 2024-2026 are 3.293 billion yuan, 3.639 billion yuan, and 3.926 billion yuan respectively, with net profits projected at 1.456 billion yuan, 1.654 billion yuan, and 1.814 billion yuan [7][8] - The expected EPS for 2024, 2025, and 2026 is 0.75 yuan, 0.86 yuan, and 0.94 yuan respectively, with corresponding P/E ratios of 16.88, 14.85, and 13.54 [8]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company has launched the AI-native gameplay in the mobile game "Space Kill" and released two self-developed large models, enhancing its game interaction experience and content creation capabilities [3][4]. - The "Journey" IP has shown strong performance with the mini-game "King's Journey" ranking as high as fourth in the WeChat mini-game sales chart, indicating effective low-cost user acquisition strategies [2]. - The company is actively building an MMO esports event system, with multiple esports formats already launched for the "Journey" IP series games [2]. Financial Overview - For the first three quarters of 2024, the company reported a revenue of 2.218 billion yuan, a year-on-year decline of 2.15%, and a net profit attributable to shareholders of 1.071 billion yuan, down 1.29% year-on-year. The net profit excluding non-recurring items was 1.274 billion yuan, up 14.16% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 791 million yuan, a year-on-year decrease of 3.94%, but a quarter-on-quarter increase of 8.28%. The net profit attributable to shareholders was 353 million yuan, down 16.18% year-on-year, but up 3.34% quarter-on-quarter [1]. - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 1.510 billion, 1.730 billion, and 1.946 billion yuan respectively, with growth rates of 39.0%, 14.6%, and 12.5% [5][6]. Financial Metrics - The company’s projected revenue for 2024 is 3.105 billion yuan, with a year-on-year growth rate of 6.2%. The projected net profit for 2024 is 1.510 billion yuan, with a year-on-year growth rate of 39.0% [6][13]. - The earnings per share (EPS) for 2024 is expected to be 0.78 yuan, with a projected price-to-earnings (P/E) ratio of 16.3 times [6][13]. - The company’s return on equity (ROE) is projected to be 11.5% in 2024, increasing to 11.9% by 2026 [6][13].

Financial Performance - Total revenue for Q3 2024 was ¥791,274,181.21, a decrease of 3.94% year-over-year[2] - Net profit attributable to shareholders was ¥353,093,651.88, down 16.18% compared to the same period last year[2] - Net profit excluding non-recurring items was ¥389,792,919.64, reflecting an 8.23% decline year-over-year[2] - Basic earnings per share decreased by 17.39% to ¥0.19[2] - The net profit for Q3 2024 was approximately ¥1.08 billion, a slight decrease from ¥1.09 billion in Q3 2023, representing a year-over-year decline of about 0.3%[18] - The total comprehensive income for Q3 2024 was approximately ¥927.39 million, down from ¥1.43 billion in Q3 2023, indicating a decrease of around 35%[18] Cash Flow and Investments - Cash flow from operating activities for the year-to-date was ¥734,918,882.14, down 8.19% from the previous year[2] - Cash flow from operating activities generated ¥734.92 million, compared to ¥800.47 million in the same period last year, reflecting a decline of approximately 8.2%[19] - The net cash flow from investment activities was negative at approximately -¥268.57 million, worsening from -¥27.21 million in the previous year[19] - The net cash flow from financing activities was negative at approximately -¥501.24 million, compared to -¥645.09 million in Q3 2023, showing an improvement of about 22.3%[20] - The company received cash from investment returns amounting to ¥73.15 million, an increase from ¥60.76 million in the previous year, indicating a growth of approximately 20.4%[19] Assets and Liabilities - Total assets increased by 3.87% to ¥13,887,674,350.33 compared to the end of the previous year[2] - The total liabilities rose to CNY 1,648,798,643.34, compared to CNY 1,638,581,089.32 in the previous year[15] - The company's equity attributable to shareholders increased to CNY 12,195,041,865.87 from CNY 11,688,701,654.62 in Q3 2023[15] - Cash and cash equivalents at the end of Q3 2024 stood at approximately ¥1.84 billion, a slight decrease from ¥1.86 billion at the end of Q3 2023[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 86,265[7] - The largest shareholder, Shanghai Giant Investment Management Co., holds 28.59% of the shares, totaling 564,205,115 shares[7] - The second largest shareholder, Shanghai Tengpeng Investment Partnership, holds 9.91% of the shares, totaling 195,574,676 shares[7] - The company has a total of 10 major shareholders, with the top 10 holding a significant portion of the shares[8] Share Repurchase Plan - The company plans to repurchase shares with a total amount not exceeding RMB 200 million, with a maximum repurchase price of RMB 20 per share[12] - As of September 30, 2024, the company has repurchased a total of 8,396,400 shares, accounting for 0.43% of the total share capital[12] - The maximum number of shares expected to be repurchased at the upper limit of the plan is approximately 10,000,000 shares[12] - The company’s stock repurchase plan was approved on December 25, 2023, and is set to be executed within 12 months[12] Operating Performance - Total operating revenue for Q3 2024 was CNY 2,218,411,601.50, a decrease of 2.15% from CNY 2,267,254,807.49 in Q3 2023[17] - Total operating costs decreased to CNY 1,637,464,224.15, down 2.96% from CNY 1,687,437,439.06 in the previous year[17] - The company reported an operating profit of CNY 1,115,407,147.36, compared to CNY 1,140,724,563.17 in the same period last year, reflecting a decrease of 2.23%[17] Research and Development - Research and development expenses for the quarter were CNY 520,990,402.11, slightly up from CNY 517,485,428.64 in Q3 2023[17] - The company plans to continue investing in new technologies and market expansion strategies to drive future growth[17] Financial Expenses - The company reported a significant increase in financial expenses, with a change of -109.14% due to decreased interest income[5]

证券代码：002558 证券简称：巨人网络 公告编号：2024-临 042 巨人网络集团股份有限公司 关于部分回购股份注销完成暨股份变动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、巨人网络集团股份有限公司（以下简称"公司"）本次注销回购库存股份 38,791,795 股，占注销前公司总股本的 1.97%。本次注销完成后，公司总股本将 由 1,973,542,406 股减少为 1,934,750,611 股。 公司因实施注销回购专用证券账户部分股份导致公司总股本发生变化，根据 《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所上市公 司自律监管指引第 9 号——回购股份》等相关规定，现就本次部分回购股份注销 完成暨股份变动情况公告如下： 一、回购股份的实施情况 公司于 2020 年 10 月 28 日召开第五届董事会第五次会议，会议逐项审议通 过《关于以集中竞价交易方式回购公司股份的方案》，公司决定使用不超过 6 亿 元（含）且不低于 4.5 亿元（含）的自有资金或自筹资金以集中竞价交易方式回 购公司部分社会公众股股份， ...

巨人网络集团股份有限公司 章程 2024 年 10 月 巨人网络集团股份有限公司 章程 目 录 第十一章 修改章程 第十二章 附则 3 巨人网络集团股份有限公司 章程 第一章 总则 2 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》（以下简称《证券法》）和其他有关规定，制订本章程。 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东大会 第一节 股东 第二节 股东大会的一般规定 第三节 股东大会的召集 第四节 股东大会的提案与通知 第五节 股东大会的召开 第六节 股东大会的表决和决议 第五章 董事会 第一节 董事 第二节 董事会 第六章 总经理及其他高级管理人员 第七章 监事会 第一节 监事 第二节 监事会 第八章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第九章 通知与公告 第一节 通知 第二节 公告 第十章 合并、分立、增资、减资、解散和清算 巨人网络集团股份有限公司 章程 ...

致：巨人网络集团股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受巨人网络集 团股份有限公司（以下简称"公司"）的委托，指派本所律师出席了 公司 2024 年第二次临时股东大会（以下简称"本次股东大会"）。现 依据《中华人民共和国证券法》（以下简称"《证券法》"）、《中 华人民共和国公司法》（以下简称"《公司法》"）、中国证券监督 管理委员会《上市公司股东大会规则》等法律、法规和规范性文件以 及《巨人网络集团股份有限公司章程》（以下简称"《公司章程》"） 的规定，就公司本次股东大会的召集与召开程序、出席会议人员的资 格、表决程序等有关事项的合法有效性出具本法律意见书。 国浩律师（上海）事务所 股东大会法律意见书 国浩律师（上海）事务所 关于巨人网络集团股份有限公司 2024 年第二次临时股东大会的法律意见书 1、出席现场会议的股东 为出具本法律意见书，本所律师对本次股东大会所涉及的事项进 行了审查，查阅了本所律师认为出具本法律意见书所必需查阅的文件， 并对有关文件进行了必要的核查和验证。 本所律师同意将本法律意见书随公司其他公告文件一并予以公告， 并依法对本所出具的法律意见承担相应的责任。 本所律师 ...

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。 特别提示： 1、本次股东大会无增加、否决或变更提案的情形； 证券代码：002558 证券简称：巨人网络 公告编号：2024-临039 2、本次股东大会不涉及变更以往股东大会已通过的决议。 巨人网络集团股份有限公司 2024 年第二次临时股东大会决议公告 一、会议召开和出席情况 （2）网络投票时间： ①通过深圳证券交易所交易系统进行网络投票的具体时间为：2024年10月24 日上午9:15—9:25，9:30—11:30，下午13:00—15:00； ②通过深圳证券交易所互联网投票系统投票的具体时间为：2024年10月24日 上午9:15至下午15:00的任意时间。 2、现场会议召开地点：上海市松江区中辰路655号。 3、会议召开方式：以现场表决与网络投票相结合的方式召开。 4、会议召集人：巨人网络集团股份有限公司（以下简称"公司"）董事会。 5、会议主持人：经半数以上董事共同推举，会议由董事孟玮先生主持。 6、本次股东大会的召集、召开程序符合《中华人民共和国公司法》《深圳证 1、会议召开时间： （1）现场会议召开 ...