Group 1 - The core viewpoint of the report indicates that Giant Network achieved a net profit attributable to shareholders of 777 million yuan in the first half of 2025, representing a year-on-year growth of 8.27% [1] - The company plans to distribute a cash dividend of 1.50 yuan (including tax) for every 10 shares to all shareholders [1] - The "Zhengtu" IP continues to advance the "evergreen game" strategy, upgrading content update logic to "layered experience + business synergy," effectively enhancing user stickiness and conversion of old players [1] Group 2 - The flagship mobile game "Original Zhengtu" successfully launched a mini-game version and initiated secondary promotion, achieving 5.86 million new users in the first month and over 20 million new users in the first half of the year [1] - The average monthly revenue of this product has remained stable at 100 million yuan, providing solid support for sustainable business development [1] - The new game "Supernatural Action Team" launched in January 2025 has exceeded expectations, becoming a benchmark for the company's recent innovative products [1] Group 3 - Due to the strong performance of the new game "Supernatural Action Team," the profit forecast has been revised upward, with the current market value corresponding to PE ratios of 29/17/15 times [1] - The report maintains a "buy" rating for the company [1]