Giant Network(SZ:002558) GOLDEN SUN SECURITIES·2025-08-28 07:02Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company achieved a revenue of 1.662 billion yuan in H1 2025, representing a year-on-year growth of 16.47%. The net profit attributable to shareholders was 777 million yuan, up 8.27% year-on-year, while the net profit excluding non-recurring items decreased by 8.79% [1]. - The flagship mobile game "Original Journey" successfully attracted 5.86 million new users in its first month after launching a mini-game version, with total new users exceeding 20 million in H1 2025. The average monthly revenue for this product remained stable at 100 million yuan [2]. - The newly launched game "Supernatural Action Group" exceeded expectations, quickly gaining a user base due to its unique gameplay and social interaction features. The game saw exponential growth in both user numbers and revenue in Q2 2025 [3]. - The company has integrated AI into its gaming experiences, enhancing user interaction and engagement. The new mode "Endgame Duel" in "Space Kill" features a mixed competition mechanism between users and AI, marking a significant innovation in the industry [4]. Financial Summary - For the fiscal year 2025, the company is projected to achieve a revenue of 3.683 billion yuan, with a year-on-year growth rate of 26%. The net profit attributable to shareholders is expected to reach 2.074 billion yuan, reflecting a growth rate of 45.5% [5]. - The company's earnings per share (EPS) is forecasted to be 1.07 yuan for 2025, with a projected price-to-earnings (P/E) ratio of 28.6 [5]. - The financial metrics indicate a strong growth trajectory, with net profit expected to increase to 3.933 billion yuan by 2027, corresponding to a growth rate of 13.6% [5].