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 年第一次临时股东大会（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。 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。 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 年第一次临时股东大会的法律意见书 致：巨人网络集团股份有限公司 本所律师根据对事实的了解和对法律 ...

Investment Rating - Maintains a "Buy" rating for Giant Interactive Group (002558) [5][6] Core Views - The company's profit growth in the first half of 2024 outpaced revenue growth, with small games taking over as the growth driver while older products remained stable [5] - The core product "Original Journey" remained stable in Q2 2024, but revenue weakened year-over-year due to a high base in 2023 [5] - The small game "King's Journey" has seen continuous month-over-month growth in revenue since its launch in February 2024, becoming a successful benchmark for heavy MMO small games [5] - The company's expense ratio has been optimized, with contract liabilities reaching a historical high of 500 million yuan as of mid-2024, providing strong support for future performance growth [5] - The company has high expansion certainty for the next two years, with significant share repurchases in July 2024 and continued active AI deployment [5] - Adjusted revenue forecasts for 2024-2026 are 3,077/3,586/4,154 million yuan, with net profit forecasts of 1,398/1,604/1,775 million yuan [6] Financial Highlights - Revenue for 1H24 was 1,427 million yuan, a year-over-year decline of 1.1%, while net profit attributable to the parent company was 718 million yuan, a year-over-year increase of 8.2% [5] - Gross margin for 1H24 was 88.4%, slightly down from 88.9% in 2023 [7] - ROE for 1H24 was 5.8%, with expected ROE for 2024-2026 at 11.0%/11.6%/11.9% [7] - The company's P/E ratio for 2024-2026 is projected at 13/12/10x [6] Product Performance - "Original Journey" remained stable in Q2 2024, with a 5% quarter-over-quarter revenue growth [5] - "King's Journey" has shown continuous revenue growth since its launch, contributing significantly to the "Journey" IP [5] - Other games like "Ball Ball," "Night of the Full Moon," and "Space Kill" have also seen improved revenue through optimized monetization strategies [5] Future Outlook - The company is entering a new project initiation phase in 2024, with strong expansion certainty for the next two years, including projects like "Code SLG" and "Code Card" [5] - AI deployment continues to be actively pursued, with new AI features introduced in "Space Kill" in August 2024 [5] - The company's share repurchase in July 2024, accounting for more than half of the total repurchased amount, may signal a market bottom [5]

2024 年 09 月 11 日 公司研究 评级：买入(首次覆盖) 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn [Table_Title] 小游戏助力征途 IP 增长，休闲竞技赛道深耕突 破，关注《王者征途》小游戏及《原始征途》大 推版本表现 研究所： ——巨人网络（002558）公司动态研究 投资要点: 最近一年走势 2024H1 营收同比基本持平、扣非归母净利润同比高增。 2024H1 公司营收 14.27 亿元，yoy-1.13%；归母净利润 7.18 亿元， yoy+8.16%；扣非归母净利润 8.84 亿元，yoy+27.92%。 2024H1 毛利率 88.42%，yoy-1.07pct，主要系人员成本上升；销售 费用率 30.08%，yoy-8.52pct，主要系 2023 年同期《原始征途》上 线推广费用基数较高；研发/管理费用率分别 23.26%/6.26%，yoy 分别+0.08/-0.15pct；投资收益 3.38 亿元，yoy-5.79%。 2024Q2 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company has demonstrated stable revenue growth in the first half of 2024, with a slight year-on-year decrease in revenue but an increase in net profit, driven by the successful launch of the mini-program game "King of Conquest" and stable operations of mature products [2][3]. - The company plans to distribute a cash dividend of RMB 1.40 per 10 shares to shareholders, reflecting its commitment to returning value to investors [2]. - The mini-games under the "Conquest" IP have revitalized the brand, with multiple new games launched or in testing phases, contributing to user growth and revenue [3]. Financial Performance - In H1 2024, the company achieved operating revenue of RMB 1.427 billion, a slight decrease of 1.13% year-on-year, while net profit attributable to shareholders was RMB 718 million, an increase of 8.16% year-on-year [2]. - The mobile gaming segment generated revenue of RMB 1.069 billion, up 8.11% year-on-year, with a gross margin of 90.39% [3]. - The company expects net profit attributable to shareholders to reach RMB 1.515 billion, RMB 1.681 billion, and RMB 1.848 billion for the years 2024, 2025, and 2026, respectively [4]. Business Strategy - The company is focusing on the casual competitive gaming sector, with successful titles like "Ball Battle" achieving record user engagement and revenue during peak periods [3]. - The company is expanding its distribution channels for its games, including partnerships with platforms like Kuaishou to enhance user acquisition [3]. - The report highlights the company's strategic investment in AI to empower various business operations, indicating a forward-looking approach to technology integration [4].

Investment Rating - The report assigns an investment rating of "Buy - A" for the company, indicating a positive outlook for future performance [1][3]. Core Insights - The company has shown significant growth in its mobile gaming segment, particularly with the successful launch of multiple mini-program games, including "Wangzhe Zhengtu," which has gained over 8 million new users and achieved consistent revenue growth [1][3]. - The integration of AI technology into game development is expected to enhance user experience and operational efficiency, with the company actively exploring AI-driven gameplay innovations [3][8]. - The favorable policy environment and the increasing value of quality IP assets are anticipated to support the company's long-term growth in the digital entertainment sector [3][8]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 1.427 billion yuan, with a net profit of 718 million yuan, reflecting an 8.16% year-on-year increase [1]. - The company plans to distribute a cash dividend of 1.40 yuan per 10 shares [1]. Revenue Projections - Revenue forecasts for 2024 to 2026 are projected at 3.297 billion yuan, 3.673 billion yuan, and 4.018 billion yuan, respectively, with year-on-year growth rates of 12.75%, 11.40%, and 9.41% [3][8]. - The expected net profit for the same period is 1.395 billion yuan, 1.716 billion yuan, and 1.947 billion yuan, with corresponding EPS of 0.71, 0.87, and 0.99 yuan [3][8]. Market Position and Strategy - The company has established a strong competitive advantage in the MMORPG and multiplayer casual gaming sectors, focusing on high-quality game development and player retention [3][10]. - The report highlights the company's strategy to leverage its classic IPs and explore diverse gaming avenues, particularly in the context of AI integration [3][10]. Valuation Metrics - The company's projected P/E ratios for 2024, 2025, and 2026 are 12.9, 10.5, and 9.3, respectively, indicating a relatively low valuation compared to peers [3][10]. - The average P/E ratios of comparable companies are 13.56, 11.12, and 9.77 for the same period, suggesting potential for valuation improvement [10][11].

%% %% 丨证券研究报告丨 公司研究丨点评报告丨巨人网络（002558.SZ） [Table_Title] 长线产品表现稳健，小游戏赛道成绩亮眼，关注 核心游戏后续运营进展 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 巨人网络披露 2024 年中报， 24Q2 实现营收 7.31 亿（同比 -21.93% ，环比 +4.93% ），归母净利 | | | 润 3.65 亿（同比 -12.78% ，环比 +3.66% ），扣非净利润 4.80 亿（同比 +11.74% ，环比 +18.57% ）。 | | | 公司开展 2024 年中期分红，每 10 股派发现金红利 1.4 元（含税），合计分红约 2.65 亿，占上 | | | 半年归母净利润比例为 36.9% 。《原始征途》等核心产品长线表现稳健，小游戏流水持续 ...

证券代码：002558 证券简称：巨人网络 公告编号：2024－临 031 巨人网络集团股份有限公司 （1）申报价格不得为公司股票当日交易涨幅限制的价格； 一、回购股份的进展情况 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等有关规定，回购期间，公司应当在每个月的前三个交易日 内，公告截至上月末的回购进展情况，包括已回购股份数量和比例、购买的最高 价和最低价、支付的总金额。现将公司回购股份进展情况公告如下： 截至 2024 年 8 月 31 日，公司通过集中竞价方式累计回购股份数量为 8,396,400 股，占公司总股本的 0.43%，最高成交价为 9.94 元/股，最低成交价为 8.64 元/股，成交总金额为 76,891,592.00 元（不含交易费用）。本次回购符合相 关法律法规的要求，符合公司既定的回购方案。 三、其他说明 1、公司回购股份的时间、回购的股份数量、回购股份价格及集中竞价交易 的委托时段符合《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》 的相关规定。公司未在下列期间内回购股票： （1）自可能对公司证券及其衍生品种交易价格产生重大影 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve net profits of 1.5 billion, 1.67 billion, and 1.88 billion yuan for 2024-2026, corresponding to PE ratios of 13x, 11x, and 10x respectively, indicating a solid growth outlook supported by existing game titles and AI enhancements [1] - The company reported a revenue of 1.43 billion yuan for H1 2024, a slight decrease of 1% year-on-year, while net profit increased by 8.2% to 720 million yuan [2] - The company plans to distribute a cash dividend of 1.4 yuan per 10 shares, totaling 270 million yuan [2] - The company focuses on a strategy of self-developed and high-quality products, with flagship IPs like "Journey" and "Ball Battle" showing long-term growth potential [2] - The launch of mini-program games is seen as a new growth engine, with the "King's Journey" game attracting over 8 million new users since its launch in February 2024 [2] - The company is enhancing its AI capabilities to improve efficiency and user engagement, particularly in the casual competitive gaming sector [2] Financial Summary - The company achieved a revenue of 14.3 billion yuan in H1 2024, with a year-on-year growth rate of -1% [2] - The net profit for H1 2024 was 7.2 billion yuan, reflecting an 8.2% increase year-on-year, while the non-recurring net profit rose by 27.9% to 8.8 billion yuan [2] - The projected revenues for 2024, 2025, and 2026 are 29.24 billion, 34.08 billion, and 38.54 billion yuan respectively, with corresponding net profits of 10.86 billion, 14.95 billion, and 16.74 billion yuan [3][8] - The company’s PE ratio is projected to decrease from 17 in 2023 to 10 by 2026, indicating improving valuation metrics [3][8]

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance in H1 2024 met expectations, with mini-program games contributing incremental growth [1] - Revenue in H1 2024 was RMB 1.427 billion, a slight decrease of 1.13% YoY, while net profit attributable to the parent company was RMB 718 million, an increase of 8.16% YoY [3] - The mini-program game "King's Journey" performed exceptionally well, driving growth in the "Journey" IP's revenue [3] - The company continues to focus on the casual gaming sector, with AI-driven gameplay innovations showing promise [3] - Revenue and expense control were stable, with profits expected to gradually release [4] Financial Performance and Projections Revenue and Profit - H1 2024 revenue: RMB 1.427 billion, down 1.13% YoY [3] - H1 2024 net profit attributable to the parent company: RMB 718 million, up 8.16% YoY [3] - 2024E revenue: RMB 3.145 billion, up 7.55% YoY [2] - 2024E net profit attributable to the parent company: RMB 1.464 billion, up 34.72% YoY [2] EPS and Valuation - 2024E EPS: RMB 0.74, down from previous estimate of RMB 0.77 [4] - 2024E P/E ratio: 12.88x [2] Segment Performance - PC gaming revenue in H1 2024: RMB 338 million, down 22.11% YoY [3] - Mobile gaming revenue in H1 2024: RMB 1.069 billion, up 8.11% YoY [3] - "Ball Ball Fight" achieved record-high ARPU during the Spring Festival, with revenue reaching a five-year high [3] Operational Highlights - The mini-program game "King's Journey" ranked as high as 4th on the WeChat mini-program bestseller list and has shown continuous growth in revenue since its launch in February 2024 [3] - The company is testing the mini-program version of "Original Journey," with plans to increase marketing efforts in H2 2024 [3] - "Space Kill" introduced AI-driven gameplay innovations, such as the "AI Endgame Challenge," which is expected to enhance user engagement and monetization [3] Financial Health - Contract liabilities as of H1 2024: RMB 498 million, up from RMB 435 million at the end of 2023 [4] - Sales/management/R&D expense ratios in H1 2024: 30.08%, 6.26%, and 23.26%, respectively, with sales expenses down 8.52 percentage points YoY [4] Market Data - Closing price: RMB 9.55 [5] - 52-week low/high: RMB 8.06/RMB 15.26 [5] - P/B ratio: 1.53x [5] - Market capitalization: RMB 18.847 billion [5] Key Financial Ratios - 2024E ROE: 11.43% [9] - 2024E ROIC: 7.74% [9] - 2024E debt-to-asset ratio: 10.84% [9]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a slight decline in revenue for H1 2024, with total revenue of 1.427 billion yuan, down 1.13% year-on-year, while net profit attributable to shareholders increased by 8.16% to 718 million yuan [1]. - The launch of multiple mini-program games under the "Zhengtu" IP has created new growth momentum, with "Wangzhe Zhengtu" achieving over 8 million new users and ranking fourth in the WeChat mini-game sales list [1]. - The casual gaming segment continues to show strong performance, with "Qiuqiu Zuozhan" maintaining revenue growth and "Super Sus" achieving record daily active users [1]. - The company has advanced its AIGC capabilities, successfully developing a TTS model and integrating various AIGC technologies into its self-developed products [1]. - Profit forecasts indicate a strong growth trajectory, with net profit expected to reach 1.537 billion yuan in 2024, reflecting a year-on-year growth rate of 41.5% [1]. Financial Summary - For H1 2024, the company achieved a revenue of 1.427 billion yuan, with a net profit of 718 million yuan and a non-GAAP net profit of 884 million yuan [1]. - The company expects to achieve net profits of 1.537 billion yuan, 1.735 billion yuan, and 1.903 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 41.5%, 12.8%, and 9.7% [2][1]. - The current market capitalization corresponds to a PE ratio of 12, 11, and 10 times for the years 2024, 2025, and 2026 respectively [1].