Core Insights - Giant Network (002558.SZ) reported its Q3 2025 results, revealing that as of October 28, 2025, 250 institutional investors held a total of 1.187 billion shares, accounting for 61.34% of the company's total equity [1] - The top ten institutional investors collectively held 52.04% of the shares, with a 0.78 percentage point increase from the previous quarter [1] Institutional Holdings - The number of public funds that increased their holdings in Giant Network reached 72, with a total increase ratio of 1.97% [2] - Conversely, 83 public funds reduced their holdings, with a decrease ratio of 2.13% [2] - A total of 87 new public funds disclosed their holdings in this period, including notable funds such as GF Technology Innovation Mixed A and GF Value Core Mixed A [2] - 432 public funds did not disclose their holdings in this period, including several funds from Fortune and Huashan [2] Social Security Fund and Foreign Investment - Two new social security funds disclosed their holdings in Giant Network, including the National Social Security Fund 111 Portfolio and GF Fund Management Co., Ltd. - Social Security Fund 420 Portfolio [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings, with a rise ratio of 2.23% [2]

| 项目 | 本报告期 | 本报告期比上年同 | | 年初至报 | | --- | --- | --- | --- | --- | | | | 期增减变动幅度 | 年初至报告期末 | 上年同期 | | | | (%) | | 幅度 | | 营业收入 | 1.967.877.015 | 129.19 | 4.485.778.792. | | | | .92 | | 56 | | | 利润总额 | 865.818.768.2 | 296.99 | 1.816.029.695. | | | | ଚ | | 44 | | | 归属于上市公司股东 569,454,670.3 | | 307.70 | 1.214.135.779. | | | 的净利润 | 5 | | 94 | | "爆款"是部分公司翻盘关键，业绩和股价一同攀升。 10月29日，游戏股吉比特（603444.SH）开盘涨停，截至发稿报503.95元/股，总市值363.1亿元，今年已然翻倍。 吉比特在A股市场有"游戏茅"之称，就在28日刚刚公布了2025年三季报，在业绩连续下滑两年后成功翻身，今年第三季度公司营收近19.7亿元，同比增长129 %；归母净利润 ...

Group 1: Economic Data - The GDP data for various provinces in China shows significant disparities, with Jiangsu leading at 137,008 billion yuan, followed by Guangdong at 141,634 billion yuan, and Shanghai at 53,927 billion yuan [1][2] - Beijing has a GDP of 49,843 billion yuan with a population of 21.83 million, resulting in a per capita GDP of 22.8 million yuan [1] - The lowest GDP recorded is for Ningxia at 2,203 billion yuan, with a population of 729 thousand [2] Group 2: Corporate Developments - Zhong Shanshan, founder of Nongfu Spring, has become the richest person in China for the fourth time, with a wealth increase of 190 billion yuan, totaling 530 billion yuan [6] - Nvidia's market capitalization has approached 5 trillion dollars, driven by a nearly 50% increase in stock price this year, following significant announcements at the GTC conference [7] - Apple has reached a market capitalization of over 4 trillion dollars, becoming the third company to achieve this milestone [8] Group 3: Regulatory and Compliance Issues - The State Post Bureau has conducted an administrative interview with ZTO Express, highlighting issues with service quality and compliance, and requiring improvements [3] - Meituan has denied rumors of being fined by JD.com, stating that the claims are untrue [11][12] Group 4: Market Trends - The price of gold jewelry has dropped significantly, with some brands falling below 1,200 yuan per gram [3] - The wholesale price of Feitian Moutai has fallen below 1,700 yuan per bottle for the first time, marking a decline of over 31% from its initial price [12] Group 5: Technology and Innovation - Google plans to restart a nuclear power plant in Iowa to supply energy for its AI infrastructure, indicating a strategic move to meet growing power demands [17] - OpenAI has completed a capital restructuring, with Microsoft holding a 27% stake in the newly formed OpenAI Group PBC [15]

新华财经查阅三季报预约时间表发现，市值较大的游戏股中，ST华通、恺英网络的2025三季报预约披露时间则分别为2025年10月31日和2025年10月30日。 在净利润大幅增长的同时，吉比特与三七互娱继续"慷慨"分红。吉比特第三季度拟每10股派60.00元（含税），合计拟派现约4.305亿元，前三季度现金分红 总额预计为9.041亿元，占前三季度归母净利润的74.47%。三七互娱第三季度拟每10股派2.10元（含税），合计拟派现约4.619亿元。2025年第一季度和半年 度，三七互娱也均每10股派2.10元（含税），相关权益分派的除权除息日分别为2025 年5月27日和2025年9月4日。 需要留意的是，游戏股近期持续跑输大盘，2025年9月30日至10月28日的15个交易日期间，巨人网络股价累计下跌18.12%，吉比特股价累计下跌22.11%，三 七互娱股价累计下跌9.20%，ST华通股价累计下跌15.62%，恺英网络股价累计下跌14.55%。 | 证券代码 | 证券简称 | 定期报告预计披露日期 [报告期] 今年三季 | 单季度. 归属母公司 [报告期] | | --- | --- | --- | --- ...

Key Points - The rumor regarding Midea being fined 5 million by JD.com has been confirmed as false, indicating possible platform manipulation [4] - Xiaomi has made significant organizational adjustments, with Lei Jun leading a new automotive department and Chen Kai taking over Xiaomi Home [8][9] - The 2025 Q3 earnings report for Xiaomi is anticipated to show a profit of 722 million yuan for its electric vehicle segment, with another institution predicting a profit of 1 billion yuan [9] - Zhong Shanshan has regained the title of China's richest person with a wealth increase of 190 billion yuan, while Lei Jun's wealth surged by 196 billion yuan due to Xiaomi's automotive growth [11] - Meta's AI department has undergone major layoffs, with around 600 employees affected, attributed to the underperformance of the Llama4 model against Chinese competitors [30][31] - Apple's service revenue is projected to exceed 100 billion USD for the first time in fiscal year 2025, driven by strong growth in services like iCloud and Apple Pay [31][32] - The European new car market saw a 10.7% year-on-year increase in September, with BYD's sales skyrocketing by 398%, while Tesla's market share declined [36] - Tesla's Full Self-Driving (FSD) subscription rate is only 12%, with related revenue down compared to the previous year, highlighting challenges in customer adoption [37]

Core Viewpoint - The company's Q3 2025 revenue met expectations, while net profit fell short due to extended revenue recognition for its leading product, "Supernatural Action Group" [1][2] Financial Performance - Q3 2025 revenue reached 1.71 billion yuan, a 116% year-on-year increase, aligning with the expected 1.69 billion yuan - Net profit attributable to shareholders was 640 million yuan, up 81% year-on-year, but below the anticipated 800 million yuan - Non-GAAP net profit was 678 million yuan, reflecting a 74% year-on-year growth [1] Development Trends - The revenue performance of "Supernatural" continues to exceed market expectations, with cumulative revenue in Q3 2025 nearing 1.5 billion yuan - The revenue recognition pace was slightly delayed due to reassessment of user lifecycle expectations, while costs were recognized in the current period, leading to lower-than-expected profits - As of the end of Q3 2025, contract liabilities stood at 1.33 billion yuan, up 440 million yuan from the previous quarter, providing a solid foundation for future performance [2] Expense Management - Sales expense ratio increased by 1.4 percentage points to 36.6%, with absolute sales expenses rising 124% to 625 million yuan, primarily due to promotional costs for "Supernatural" and increased channel sharing expenses - R&D expenses grew by 80% year-on-year to 340 million yuan, with an R&D expense ratio of 20%, driven by orderly project staffing to support content updates and version iterations [2] Future Outlook - In 2026, the focus will remain on the development trends of "Supernatural," with attention on domestic new versions and overseas expansion - Key domestic metrics include peak concurrent users during the October holiday and potential user growth during the winter and Spring Festival - Internationally, the company will monitor release plans in Hong Kong, Macau, Taiwan, and preparation in Europe, the U.S., and Japan - The new game "Ming Jiang Sha" has received positive user feedback during its latest paid testing phase, with attention on its commercialization adjustments and launch plans for early next year [3] Profit Forecast and Valuation - The company maintains its net profit forecast, with the current price corresponding to 31/21x P/E for 2025/2026 - The rating remains "outperform" with a target price of 48.7 yuan, indicating a potential upside of 30% [4]

10月28日，三七互娱（002555.SZ）发布2025年三季报。2025年1月—9月，公司实现营业收入124.61亿 元，同比下降6.59%；归母净利润为23.45亿元，同比增长23.57%。其中，公司第三季度实现营业收入 39.75亿元，同比下降3.23%；归母净利润为9.44亿元，同比增长49.24%。公司表示，业绩增长一方面得 益于公司对现有产品长线运营的精细化深耕。另一方面，本年度上线的《时光大爆炸》《英雄没有闪》 《斗罗大陆：猎魂世界》等多款游戏表现优异，为公司业绩增长提供了重要支撑。此外，三季度三七互 娱拟向全体股东每10股派送现金股利2.10元（含税），预计现金分红金额4.62亿元。 10月28日，巨人网络（002558.SZ）发布2025年三季度报告。据财报数据，公司第三季度营收为17.06亿 元，同比增长115.63%；归母净利润为6.40亿元，同比增长81.19%。前三季度营收为33.68亿元，同比增 长51.84%；归母净利润为14.17亿元，同比增长32.31%。公司在报告中表示，业绩增长主要系本报告期 游戏收入上升所致。 点评：三七互娱三季报业绩亮眼，彰显其强劲的盈利能力与增长韧性 ...

智通财经APP讯，巨人网络(002558.SZ)发布2025年三季度报告，前三季度，公司实现营业收入33.68亿 元，同比增长51.84%。归属于上市公司股东的净利润14.17亿元，同比增长32.31%。归属于上市公司股 东的扣除非经常性损益的净利润14.84亿元，同比增长16.50%。 ...

接棒的刘伟是巨人发展史上的关键人物。这位南开大学双学位、中欧国际工商学院EMBA毕业生，自珠 海巨人大厦时期便追随史玉柱，亲历脑白金与征途系列的完整周期。 2013年史玉柱卸任CEO（首席执行官）后，刘伟曾掌舵巨人网络至2023年底，主导私有化等关键资本运 作，在创始人缺席期间维系公司发展。此次回归距其卸任仅一年有余，董事会明确表示，看重其对公司 战略的深刻理解与统筹全局的管理能力，期望在关键转型期保持发展连续性。 从巨人网络最近一段时间释出的产品来看，刘伟的回归将延续"年轻化"战略主线。近年来巨人已形成鲜 明的年轻人才培养体系：《超自然行动组》《名将杀》等新品均由"95后"团队操盘，《球球大作战》 《原始征途》等项目持续涌现年轻制作人。刘伟计划进一步推动内部轮值机制，让研发一线骨干直接参 与决策。 10月28日，巨人网络（002558.SZ，股价37.45元，市值724.56亿元）发布财报，公司前三季度营收33.68 亿元，同比增长51.84%，净利润14.17亿元，同比增长32.31%，第三季度营收与净利润同比增幅分别高 达115.63%和81.19%。 同日，巨人网络发布公告称，公司总经理张栋因个人原因 ...

格隆汇10月28日丨巨人网络(002558.SZ)公布第三季度报告，营业收入17.06亿元，同比增长115.63%，归 属于上市公司股东的净利润6.4亿元，同比增长81.19%，归属于上市公司股东的扣除非经常性损益的净 利润6.78亿元，同比增长73.88%。 ...