Giant Network(SZ:002558) Xin Lang Cai Jing·2025-09-03 04:50Core Viewpoint - The company reported strong revenue and profit growth driven by the success of its self-developed game "Supernatural Action Team" and the ongoing expansion of its core IP "Journey" [1][2] Financial Performance - For the first half of 2025, the company achieved revenue of 1.662 billion yuan, a year-on-year increase of 16.47% - The net profit attributable to shareholders was 777 million yuan, up 8.27% year-on-year - The net profit excluding non-recurring gains and losses was 807 million yuan, a decrease of 8.79% year-on-year [1] User Growth and Product Performance - The launch of "Original Journey" led to significant user growth, with 5.86 million new users in the first month and over 20 million new users in the first half of 2025 - The average monthly revenue from "Original Journey" remained stable at 100 million yuan - "Supernatural Action Team" achieved a milestone of over 1 million concurrent users in July and ranked in the top 4 of the iOS best-seller list, with over 3 billion views of related videos [2] AI Integration and Innovation - The company is integrating AI into its core gaming business, with "Space Kill" launching a new mode "Endgame Duel" in 2025, featuring a mixed competition mechanism with AI - "Original Journey" has fully integrated the AI NPC "Little Sister" to enhance user experience through strategic assistance and emotional companionship [2] Revenue and Profit Forecast - Projected revenues for 2025, 2026, and 2027 are 4.739 billion yuan, 6.563 billion yuan, and 7.618 billion yuan respectively - Projected net profits for the same years are 2.298 billion yuan, 3.187 billion yuan, and 3.551 billion yuan respectively - The company's price-to-earnings ratios for 2025, 2026, and 2027 are estimated at 26.6, 19.2, and 17.2 times respectively [3] Investment Outlook - The company is expected to benefit from its strong IP development and operational capabilities, as well as a high-quality user base - The initial coverage rating is "Buy" based on the positive outlook for revenue and profit growth [3]