中经记者 李哲 北京报道 这被外界视为史玉柱回归巨人网络"一线"的信号。当年上半年，巨人网络实现营收14.43亿元，同比增 长35.68%，净利润6.63亿元，同比增长32.95%。 如今，巨人网络的营收和净利润延续增长态势。财报数据显示，今年上半年，巨人网络实现营业收入 16.62亿元，同比增长16.47%；实现归属于上市公司股东的净利润7.77亿元，同比增长8.27%；实现归属 于上市公司股东的扣除非经常性损益的净利润8.07亿元，同比减少8.79%。 其中，2025年1月上线的《超自然行动组》成为巨人网络游戏业务的新增量。该游戏7月同时在线人数突 破100万，稳居iOS游戏免费榜TOP5。 巨人网络方面介绍称，《超自然行动组》由其自主研发，核心创意源于"摸金探险+团队协作"的差异化 定位。作为组队题材游戏，其核心优势在于两大维度：一是多人协作机制带来的强社交裂变性，二是简 单易上手的玩法设计降低了用户进入门槛。 巨人网络方面表示，《超自然行动组》具备长青爆款的特质，有望成为驱动公司中远期增长的重要引 擎。 谈及这款游戏的成功，巨人网络方面指出，《超自然行动组》的研发团队极具活力与敏捷性，始终对玩 家需求 ...

从最新更新的数据来看，今年（2025 年）的十一黄金周出行数据整体保持较 好的增长。根据交通运输部每天高频更新的全社会跨区域人员流动数量，今年 国庆中秋假期消费数据解读与 10 月观点汇报 20251008 摘要 国庆期间消费数据分化，出行旅游数据向好，但餐饮、社零、票房及地 产销售平平，消费动能恢复仍面临压力，但未显著低于预期，可关注结 构性机会。 海外方面，美国政府停摆短期增加避险情绪，日本新首相倾向宽松货币 政策提振股市压制日元，欧美加征关税增加贸易不确定性，全球股市普 涨，大宗商品价格分化。 10 月美联储议息会议、四中全会及中美两国元首可能举行的会晤，预计 将对 A 股市场估值产生正面影响，市场或延续节前向上趋势。 四季度消费板块赔率重新上升，有望进入强预期与强现实过程，可布局 新消费及大消费领域，关注政策对地方政府消费指标考核的推动作用。 地产市场韧性较好，底部逐渐显现，一二线城市补跌，三四线城市已探 底，未来房企发展将分化，关注能步入新周期并获得优质项目的新房企。 家电市场受补贴影响承压，四季度持平或略增，明年或面临下滑压力， 但美的集团业绩强劲，现金流优势明显，仍具增长潜力。 2025 年国庆 ...

Investment Rating - The report maintains a positive investment rating for the gaming sector, specifically recommending companies like Giant Network, Tencent, and others in the industry [2][7]. Core Insights - The gaming sector is expected to benefit significantly from supportive policies and emerging AI applications, with the third-quarter reports anticipated to show strong performance [7]. - Giant Network is highlighted for its steady revenue and profit growth, with new product launches expected to contribute positively in future reporting periods [7]. - The report emphasizes the resilience of the gaming industry amidst economic fluctuations, positioning it as a promising area for investment [7]. Summary by Sections Industry Overview - The media industry saw a 0.69% increase last week, ranking 10th among all sectors, with a year-to-date increase of 37.23%, placing it 4th overall [11]. - The gaming sector, particularly leading companies like ST Huatuo and Giant Network, reached new highs, prompting recommendations to increase holdings in this area [7]. Company Performance - Giant Network's revenue and profit are steadily increasing, with a significant rise in contract liabilities, indicating growth in deferred revenue from games [7]. - The flagship mobile game "Original Journey" has successfully expanded its user base, achieving over 2 million new users in the first half of the year [7]. - The company is actively integrating AI technologies into its gaming products, enhancing user engagement and gameplay experiences [7]. Market Data - The report notes that the gaming sector's valuation remains attractive, with a strong outlook for international expansion and AI integration [7]. - The gaming industry is characterized as one of the most benefited sectors from current market conditions and policy support [7].

Summary of Key Points from Conference Call Records Industry Overview - The AI sector has experienced significant fluctuations in 2025, but overall shows strong growth momentum. The current market is seen as a good entry point for investments, especially as many leading companies have low valuations around 20 times for 2026 [2][2][2]. - The global demand for computing power is expected to exceed supply by the end of 2026, driving substantial growth for related companies [1][2][2]. - The AI market size is approximately 70 billion RMB, with Nvidia holding a significant share of 35 billion RMB [12][12][12]. Key Companies and Their Prospects - **Leading AI Companies**: Companies like Xuchuang and Xinyi have favorable valuations and strong performance, making them attractive investment opportunities [2][2][2]. - **Red Soft Technology**: The AI glasses business is projected to generate tens of millions in revenue in 2025, with gross margins close to 90%-100% [6][7][7]. - **Lixun Precision**: Actively advancing Nvidia's NVL72 copper connection cable tree solution, expected to gain market share [10][11][11]. - **Giant Network**: Mobile game revenue increased by 21.6% year-on-year, driven by titles like "Original Journey" and "Super Burning Action Group," with a market cap potentially reaching 100 billion RMB [16][16][16]. Market Trends and Investment Opportunities - **Web 3.0 Development**: Companies in the Web 3.0 space are collaborating with financial institutions to enhance cross-border payment applications, indicating significant business opportunities [6][6][6]. - **Consumer Electronics**: The sector is optimistic, with valuations between 15 to 20 times, and significant developments expected from major players like Apple and Google [10][10][10]. - **光模块市场**: The demand for 800G and 1.6T optical modules is projected to grow significantly, with domestic manufacturers expected to achieve profits of around 18 billion RMB [21][23][23]. Potential Risks and Considerations - The AI industry is currently facing high volatility, influenced by macroeconomic factors and previous price increases, which may affect market confidence [21][21][21]. - The light module market is expected to see continued growth, but potential risks include rising copper prices and technological replacements [21][21][21]. Conclusion - The AI and related sectors present substantial investment opportunities, particularly with the expected growth in computing power demand and the ongoing development of Web 3.0 technologies. Companies with strong fundamentals and competitive advantages are likely to perform well in the coming years [25][25][25].

Investment Rating - The report maintains a "Buy" rating for the company [1][12]. Core Views - The company is expected to benefit from the long-term operation of the game "Supernatural" and subsequent profit releases, with strong performance anticipated in the second half of 2025 [7][11]. - The company announced a cash dividend of 1.50 yuan per 10 shares, totaling 284 million yuan, which accounts for 36.49% of the net profit attributable to shareholders for the first half of 2025 [6]. 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%, and a net profit of 777 million yuan, up 8.27% year-on-year [8]. - In the second quarter of 2025, the company reported revenue of 938 million yuan, a year-on-year increase of 28.42% and a quarter-on-quarter increase of 29.64%, with a net profit of 429 million yuan, reflecting a year-on-year increase of 17.49% and a quarter-on-quarter increase of 23.37% [8]. Game Performance - The game "Supernatural" has exceeded expectations, with over one million concurrent users in July and reaching the fourth position in the iOS game sales rankings in August [7][8]. - The "Original Journey" mini-game has maintained a stable monthly revenue of 100 million yuan, contributing to the company's revenue growth [7]. Future Projections - The company is projected to achieve revenues of 4.943 billion yuan, 6.709 billion yuan, and 7.792 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits expected to be 2.346 billion yuan, 3.780 billion yuan, and 4.239 billion yuan [11][12]. - The report anticipates significant profit releases in the third and fourth quarters of 2025, driven by the performance of new game releases [11].

Core Insights - The A-share gaming companies have reported their performance for the first half of the year, with 11 out of 26 companies achieving growth in both revenue and profit [1] - Century Huatong and Sanqi Interactive lead the market in revenue, with Century Huatong achieving 17.2 billion yuan and Sanqi Interactive 8.486 billion yuan [1][2] - AI technology has become a significant focus for A-share gaming companies, with Century Huatong and Sanqi Interactive investing heavily in AI applications across game development and operations [1][11][12] Revenue and Profit Performance - Century Huatong reported a revenue of 17.2 billion yuan, a year-on-year increase of 85.5%, and a net profit of 2.656 billion yuan, up 129.33% [1] - Sanqi Interactive achieved a revenue of 8.486 billion yuan, with a net profit of 1.4 billion yuan, reflecting a growth of 10.72% [2] - Perfect World turned around its performance with a revenue of 3.691 billion yuan, a 33.74% increase, and a net profit of 503 million yuan, marking a significant recovery [3] Key Products and Strategies - Century Huatong's success is attributed to its global strategy and hit products like "Whiteout Survival" and "Kingshot," which ranked first and second in the revenue chart [5] - Sanqi Interactive has diversified its product offerings, focusing on MMORPG, SLG, card games, and simulation games, achieving a peak monthly revenue of approximately 2.2 billion yuan [7] - Perfect World benefited from the performance of its self-developed MMORPG "Zhu Xian World," which contributed to its turnaround [3][10] AI Integration in Gaming - Century Huatong has integrated AI across its operations, enhancing efficiency in game development and operations, with AI tools improving production efficiency by 60% to 80% [11] - Sanqi Interactive has developed an industry-specific AI model "Xiao Qi," which supports various business functions, achieving over 80% AI-generated 2D art assets [12] - Giant Network has incorporated AI into its core gaming business, achieving significant user growth and engagement with its game "Supernatural Action Group" [4][8][13]

Core Viewpoint - The gaming sector is experiencing a surge, with Giant Network's stock hitting a new high, driven by strong financial performance and the launch of new games [1][3]. Financial Performance - In the first half of the year, Giant Network achieved revenue of 1.662 billion yuan, a year-on-year increase of 16.47%, and a net profit of 777 million yuan, up 8.27% [3]. - The company plans to distribute a cash dividend of 1.50 yuan per 10 shares to all shareholders [1]. - The flagship game "Original Journey" has added over 20 million new users in the first half of the year, with a stable monthly revenue of 100 million yuan [3]. New Game Launches - Giant Network's new game "Supernatural Action Group" launched on January 23, 2025, has seen significant market acceptance, with a monthly revenue of approximately 49.98 million yuan in June, a 141% increase [6]. - The upcoming game "Moonlight Night CCG" will begin limited testing on September 4, 2023, featuring a 1v1 card battle mode [7]. Strategic Development - The company is focusing on developing mini-games based on existing IPs to leverage user growth and revenue expansion [4][5]. - Analysts suggest that the integration of classic IPs with new game formats can create a sustainable development foundation for the company [8].

Core Viewpoint - The gaming sector is experiencing a rebound, with Giant Network's stock hitting a new high for the year, driven by strong financial performance and the launch of new games [2][4]. Financial Performance - In the first half of the year, Giant Network achieved revenue of 1.662 billion yuan, a year-on-year increase of 16.47%, and a net profit of 777 million yuan, up 8.27% [4]. - The company plans to distribute a cash dividend of 1.50 yuan per 10 shares to all shareholders [2]. - The flagship mobile game "Original Journey" added over 20 million new users in the first half of the year, with a monthly revenue stabilizing at 100 million yuan [4]. New Game Launches - Giant Network's new game "Supernatural Action Group" launched on January 23, 2025, and has quickly gained market recognition, with a monthly revenue of approximately 49.98 million yuan in June, a 141% increase [7]. - The upcoming game "Moonlight Night CCG" will begin limited testing on September 4, 2023, featuring a 1v1 card battle mode [8]. Strategic Development - The company is focusing on developing mini-games based on existing IPs to leverage user growth and revenue expansion [5]. - Analysts suggest that the transition of traditional games to mini-game platforms can enhance user engagement and maintain the relevance of classic IPs [6]. Market Positioning - Giant Network is positioning itself to create new core IPs while continuing to leverage its existing successful franchises [8]. - The company aims to avoid relying solely on nostalgia and instead focus on innovative content that appeals to both new and existing players [9].

Core Viewpoint - The gaming sector is experiencing a positive trend, with Giant Network's stock hitting a new high for the year, driven by strong financial performance and new game launches [2][3]. Financial Performance - In the first half of the year, Giant Network achieved revenue of 1.662 billion yuan, a year-on-year increase of 16.47%, and a net profit of 777 million yuan, up 8.27% [3]. - The company plans to distribute a cash dividend of 1.50 yuan per 10 shares to all shareholders [2]. - For 2024, revenue is projected to decline slightly to 2.923 billion yuan, a decrease of 0.05%, while net profit is expected to rise to 1.425 billion yuan, an increase of 31.15% [5]. Game Development and Strategy - Giant Network is focusing on both established and new game titles, with the flagship mobile game "Original Journey" successfully attracting over 20 million new users in the first half of the year [3]. - The new game "Supernatural Action Group" launched in January 2025 has shown promising market performance, with a monthly revenue of approximately 49.98 million yuan, a 141% increase [6][7]. - The upcoming game "Moonlight Night CCG" is set to begin limited testing, aiming to explore competitive card gameplay [8]. Market Trends and Insights - The gaming industry is seeing a shift towards mini-games, which are well-suited for long-standing game products due to their social attributes and user engagement [6]. - Analysts suggest that classic IPs can serve as a valuable resource for established gaming companies, provided they are developed in a way that appeals to both new and existing players [9].

Summary of the Conference Call for Giant Network Industry and Company Overview - The conference call focuses on Giant Network, a company in the gaming industry, particularly known for its classic IP "Journey" series, which has generated nearly 3 billion RMB in revenue before 2023, primarily targeting male users from the 70s and 80s [2][4]. Key Points and Arguments - **Revenue Growth from New Titles**: The game "Supernatural Action Group," launched in 2025, has shown strong performance, contributing approximately 2-2.5 billion RMB in revenue from May to December 2025, with expectations to reach 4-5 billion RMB in 2026, marking it as a new growth engine for the company [2][4]. - **User Demographic Shift**: Giant Network has successfully diversified its user base, attracting younger and female users, particularly those born in the 00s and 05s, which has driven overall revenue growth from 3-4 billion RMB to an anticipated 8-9 billion RMB [2][4]. - **Long-term Game Operation Strategy**: The company has shifted from traditional MMORPGs, which rely on short-term hits, to rule-driven games like "Supernatural Action Group," allowing for long-term operation and stable revenue growth [2][5]. - **Performance of "Original Journey"**: The new flagship product "Original Journey" generated 1.5 billion RMB in its first year, achieving a growth rate of approximately 50%, significantly contributing to the company's performance [2][6]. - **Market Opportunity for Female Gamers**: By 2025, the proportion of female users in the Chinese mobile gaming market increased to 48%, presenting a market opportunity due to insufficient quality product offerings for this demographic [2][7]. Additional Important Insights - **Changing Game Market Dynamics**: The gaming market is experiencing a shift in user demographics and preferences, with emerging game genres gaining traction over traditional MMORPGs. This necessitates a focus on long-cycle innovation rather than frequent short-term releases [5][8]. - **Valuation Outlook**: Analysts are optimistic about Giant Network's future performance, suggesting that the company should enjoy a valuation premium due to its growth potential and the overall A-share gaming sector still having significant room for valuation improvement [3][9]. - **Understanding Female Players**: The success of "Supernatural Action Group" in attracting female players is attributed to its understanding of their preferences, which has led to high profitability without the need for advertising [10]. This summary encapsulates the key insights and developments discussed during the conference call, highlighting Giant Network's strategic shifts, market opportunities, and future growth potential.