巨人网络(002558)：业绩符合预期 关注《超自然行动组》后续表现

Core Insights - The company reported a revenue of 1.662 billion yuan for the first half of 2025, representing a year-over-year increase of 16.47% [1] - The net profit attributable to shareholders was 777 million yuan, with a year-over-year growth of 8.27% [1] - The company’s flagship mobile games, "Original Journey" and "Ball Battle," have established a solid user base, with "Original Journey" achieving 5.86 million new users in its first month post-launch [1] Financial Performance - In Q2, the company achieved a revenue of 938 million yuan, marking a year-over-year increase of 28.42% [1] - The net profit attributable to shareholders for Q2 was 429 million yuan, reflecting a year-over-year growth of 17.49% [1] - The non-recurring net profit for Q2 was 444 million yuan, showing a year-over-year decline of 7.40% [1] Game Performance and User Growth - "Original Journey" has seen a total of over 20 million new users in the first half of 2025, with a stable monthly revenue of 100 million yuan [1] - "Ball Battle" has experienced significant user growth, with over 11 million new users in the first half of 2025 and over 1 million monthly active users for its mini-program [1] - "Supernatural Action Group" has exceeded expectations, achieving a milestone of over 1 million concurrent users and ranking in the top 4 of the iOS game sales chart [2] Product Development and Innovation - The game "Supernatural Action Group" has shown exponential growth in user base and revenue, with significant improvements in rankings from June to July [2] - The company is innovating game interactions through AI, with "Space Kill" introducing a new mode that combines users with AI entities for competitive gameplay [2] - The "Original Journey" IP has made significant progress in AI integration, enhancing user experience through intelligent NPCs [2] Profit Forecast - The company projects net profits attributable to shareholders of 2.289 billion yuan, 3.088 billion yuan, and 3.631 billion yuan for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 60.6%, 34.9%, and 17.6% [2]