Investment Rating - The report maintains a "Buy" rating for Giant Network with a target price of Rmb42, indicating an expected share price return of 15.7% and a total return of 16.8% [5]. Core Insights - The report highlights a stronger tone on the monetization of Supernatural Action, with monthly grossing reaching Rmb600 million in August and a record DAU of nearly 7 million in October, suggesting significant growth potential [2][3]. - Upcoming promotions, particularly around Chinese New Year, are expected to further enhance user engagement and monetization, with management anticipating DAU could exceed 10 million [3]. - The unique positioning of Supernatural Action is noted for attracting young female gamers, which is expected to drive sustained demand and profitability [7]. - Management plans to expand Supernatural Action into overseas markets, targeting regions like Hong Kong, Macau, Taiwan, and Korea for effective localization [8]. - The game pipeline includes a new card game, Ming Jiang Sha, which is set for a soft launch in December, alongside two new MMORPGs [9]. Summary by Sections Monetization and Performance - Supernatural Action's grossing has shown a significant increase, with management noting a full-year run-rate expectation of approximately Rmb6 billion based on September's performance [2]. - The game has successfully optimized content and graphics, contributing to its record performance during peak seasons [2]. Promotions and User Engagement - The next major promotional push is planned for the Chinese New Year, with expectations of increased DAU and improved retention rates [3]. - Management's strategy includes maintaining a weekly content update to keep user engagement high [3]. Unique Positioning and Market Strategy - Supernatural Action's design de-emphasizes combat elements, focusing instead on social gameplay, which appeals to its target demographic [7]. - The selective distribution strategy on iOS and a controlled marketing spend are designed to maximize profitability while minimizing competition risks [7]. Overseas Expansion - Plans for an overseas version of Supernatural Action are in place, with a focus on cultural fit and localization for initial markets [8]. Game Pipeline and Shareholder Returns - The company is preparing for the launch of new titles, including a card game and MMORPGs, which are expected to follow a similar operational strategy as Supernatural Action [9]. - Giant Network aims to maintain a steady cash dividend payout of 35-37% through bi-annual distributions [10].

Summary of Giant Network (002558.SZ) Conference Call Company Overview - **Company**: Giant Network - **Ticker**: 002558.SZ - **Industry**: Online Gaming, specifically MMORPG (Massively Multiplayer Online Role-Playing Games) Key Financial Highlights - **3Q25 Performance**: - Revenues increased by **116% year-over-year** to **Rmb1.71 billion** - Profit reached **Rmb640 million** in 3Q25, which would have exceeded market expectations if the same deferred recognition cycle as 2Q25 was applied [1][2][4] - **Future Revenue Estimates**: - FY25-27E revenues revised upwards by **6.3%**, **11.2%**, and **12.0%** to **Rmb5.2 billion**, **Rmb7.6 billion**, and **Rmb8.0 billion** respectively [2][17] - **Earnings Summary**: - 2025E net profit projected at **Rmb2.022 billion**, with significant growth expected in 2026E and 2027E [6][19] Core Product Insights - **Supernatural Action**: - Cumulative grossing reached approximately **Rmb1.5 billion** by 3Q25, with **Rmb500 million** in September alone [4] - Anticipated longer lifecycle and higher lifetime value due to unique female-oriented positioning and high daily engagement [1][4] - Expected to perform well during upcoming promotional periods, particularly during Chinese New Year [4] Management Changes - **CEO Transition**: - Resignation of CEO Mr. Zhang Dong, succeeded by Ms. Liu Wei, focusing on young talent development [5] Valuation and Investment Strategy - **Target Price**: - Increased to **Rmb42**, based on a **22x FY26E EPS** of **Rmb1.89**, reflecting a **10% premium** to A-share gaming peers [3][26] - **Investment Rating**: - Maintained a **Buy** rating, citing strong growth potential from Supernatural Action and future game developments [1][25] Risks and Challenges - **Downside Risks**: - Shorter-than-expected lifecycle for Supernatural Action - Challenges in overseas expansion - Failure to effectively implement AIGC technology to reduce costs and enhance content quality [27] Additional Financial Metrics - **Market Capitalization**: Approximately **Rmb68.664 billion** (US$9.673 billion) [7] - **Expected Total Return**: - Expected share price return of **18.3%** and dividend yield of **1.1%**, leading to a total expected return of **19.5%** [7] Conclusion Giant Network is positioned for significant growth driven by its flagship title, Supernatural Action, and a strategic focus on young talent and new game development. The recent management changes and positive financial revisions support a bullish outlook, although potential risks remain that could impact future performance.

As filed with the Securities and Exchange Commission on September 16, 2025 Registration No. 333-289524 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Jianzhi Education Technology Group Company Limited (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Cayman Islands 8220 Not applicable (Primary Standard Industrial Classification Code ...