【私募调研记录】复胜资产调研世华科技、巨人网络

Group 1: Shihua Technology - Shihua Technology achieved operating revenue of 537 million yuan in the first half of 2025, representing a year-on-year growth of 73.79% [1] - The net profit attributable to the parent company was 193 million yuan, up 86.38% year-on-year [1] - The company's gross margin was 55.62%, with high-performance optical materials gross margin at 27.36%, both showing improvement compared to the same period last year and the previous year [1] - Shihua Technology plans to invest 2.05 billion yuan in a new high-performance optical adhesive film project, indicating a significant market potential for high-end optical materials and domestic substitution opportunities [1] - The company has completed its IPO fundraising projects and the "New High-Efficiency Sealing Adhesive Project" has been fully utilized and completed [1] - The "Innovation Center Project" is expected to be completed by May 2026, with a total investment of 740 million yuan and a fundraising target of no more than 600 million yuan, projected to generate operating revenue of 1.392 billion yuan upon reaching production [1] - The future product structure will focus on high-performance optical materials, functional electronic materials, and functional adhesives, promoting healthy and sustainable growth for the company [1] Group 2: Giant Network - Giant Network reported operating revenue of 1.662 billion yuan for the first half of 2025, reflecting a year-on-year increase of 16.47% [2] - The net profit was 777 million yuan, up 8.27% year-on-year [2] - The self-developed new product "Supernatural Action Group" has shown outstanding performance, with rapid growth in user base and revenue, although the main contribution will be released in the future due to revenue deferral factors [2] - The company plans to extend the game lifecycle through enhanced content supply, optimized game performance, and collaboration with well-known IPs [2] - "Supernatural Action Group" stands out in competition due to its differentiated gameplay and strong social virality, with plans for continuous content updates and exploration of UGC directions to maintain user activity [2] - Customer acquisition mainly relies on user word-of-mouth and content dissemination, with expected stable sales expense ratio [2] - The company is optimistic about overseas markets and is exploring international expansion for "Supernatural Action Group" [2] - The increase in contract liabilities in Q1 and Q2 is attributed to revenue growth from "Original Journey" and deferred income [2] - R&D expenses in Q2 increased mainly due to rising labor costs and technical service fees [2]