渲染了多日，11月21日，一支时长31分钟的实机演示Demo，正式揭开了米哈游旗下新游《Varsapura》的神秘面纱。 该作最大的亮点，是米哈游创始人蔡浩宇亲自操刀。 追溯至更早的时间，今年7月就已经有细致的玩家发现了一些"小动作"——米哈游在欧洲、美国、韩国等多个国家地区秘密申请了商标"Varsapura"，与此 同时，"Varsapura"官方账号已经在微信公众平台、微博、B站、小红书、米游社等平台完成注册及企业认证，所有IP显示皆指向了新加坡，众人猜测这与 蔡浩宇在新加坡成立的AI创业公司Anuttacon存在深度绑定。 目前，在Instagram上，《Varsapura》关注了Anuttacon，在X平台上，该账号还关注了Anuttacon旗下游戏《星之低语》。 截至发稿，《Varsapura》实机演示Demo在B站播放量突破了470万。蔡浩宇重新出山，这次会在米哈游复刻下一个《原神》吗？ 蔡浩宇"回归" 多方消息显示，蔡浩宇将担当《Varsapura》的制作人，团队还集结了上海、新加坡、洛杉矶、蒙特利尔等多地研发力量。 新游曝光前夕，米哈游招聘官网就已经更新了相关岗位信息：过往标记为UE5城市开放 ...

数据显示，该游戏上线后迅速崛起，已成为2025年游戏行业增长最强势的爆款之一。 一、市场表现：从数据看黑马的崛起轨迹 从资本市场角度看，《超自然行动组》的市场表现堪称教科书级。 根据七麦数据监测，该游戏自2025年1月正式上线后，用户规模和营收呈现指数级增长态势。 近日，网易CEO丁磊在财报电话会议中首次公开承认，旗下产品在暑期受到某竞品冲击，特别是在二三线城市用户中。这一表态将市场目光引向了巨人网络 （002558.SZ）今年推出的新品《超自然行动组》。 具体来看，5月中旬其iOS免费榜排名开始快速攀升，6月起畅销榜排名迅速上升，7月创下新高，最高达到第4名，暑期稳居Top 10，此后基本维持在Top 20 以内。 iOS免费榜半年数据对比 特别值得关注的是，今年7月官方宣布游戏同时在线人数突破100万，标志着其已跻身头部游戏阵营。 与市场担忧的"此消彼长"不同，数据显示《超自然行动组》在一定程度上扩大了"微恐社交"赛道的整体规模。值得注意的是，丁磊承认的"开学季影响缓 解"恰从侧面印证了《超自然行动组》已稳居"微恐社交"品类第一的位置——保持稳定，经受住了开学季的用户留存考验。 9-11月iOS畅销榜对比 ...

Core Viewpoint - NetEase's CEO Ding Lei acknowledged that the company's main products are facing competition, particularly from Giant Network's new hit game "Supernatural Action Group" [1][2] Company Performance - "Supernatural Action Group," launched in January 2025, has seen over 1 million concurrent users within six months and reached the top 4 in the iOS sales chart, indicating strong market performance [3][17] - The game’s Halloween version significantly boosted its rankings, moving from around 20 to the top 10 in both the iOS free and sales charts [10][11] Team and Development - The game was developed by a young team, primarily consisting of post-95 and post-00 members, who have prior experience with successful projects like "Ball Battle" and "Space Kill" [4][16] - The team’s deep understanding of young users and their preferences has been a key factor in the game's success, as evidenced by their active engagement on social media [5][10] Industry Trends - The success of "Supernatural Action Group" reflects a broader trend in the gaming industry where studios are increasingly led by younger teams who are more in tune with current user preferences [4][17] - The game has redefined the micro-horror genre by combining cultural familiarity with social connectivity, appealing to younger audiences [17][20] Company Strategy - Giant Network emphasizes a long-term approach to game development, focusing on nurturing young talent and allowing them autonomy in their projects [12][14] - The company has shifted away from chasing market trends to a strategy of deepening expertise in areas where they have established knowledge [13][20] Competitive Landscape - The emergence of "Supernatural Action Group" has created competitive pressure on existing titles like "Identity V," as indicated by the decline in its rankings following the new game's release [17][20] - The gaming industry is witnessing a shift where established players must adapt to the innovative strategies of newer competitors like Giant Network [20]

Core Viewpoint - Giant Network's stock price nearly tripled in 2025 but peaked around the release of its Q3 report, which showed significant revenue and profit growth, leading to a subsequent decline in stock price due to a CEO resignation and market reactions [1][4][12]. Financial Performance - For Q3 2025, Giant Network reported revenue of 1.71 billion yuan, a year-on-year increase of 115.6% - The net profit attributable to shareholders was 640 million yuan, up 81.2% year-on-year - The net profit excluding non-recurring items was 678 million yuan, reflecting a 73.9% year-on-year increase - The full-year net profit attributable to shareholders is projected to be 1.42 billion yuan, a 32.3% increase year-on-year [1]. CEO Transition - CEO and General Manager Zhang Dong resigned for personal reasons, with Liu Wei appointed as the new CEO and General Manager, focusing on nurturing young core talent [4][12]. - Zhang Dong's departure comes after a year of significant changes and innovations within the company, including the successful launch of the game "Supernatural Action Team" [5][8][16]. - The transition raises questions about the continuity of the company's strategic direction and the impact on ongoing projects [10][11]. Game Performance - The game "Supernatural Action Team" achieved over 1 million concurrent users and ranked in the top 5 of the iOS free game chart, indicating strong market reception [7]. - The game's success is seen as a reflection of Giant Network's shift towards innovation and diversification, moving away from traditional MMO games [8][11]. Strategic Direction - Zhang Dong implemented significant reforms aimed at transitioning the company towards a more innovative and competitive stance, focusing on new game development and operational efficiency [11][16]. - The company is expected to revert to a governance model that emphasizes internal succession and traditional management practices following Zhang Dong's departure [16][17].

Core Viewpoint - Giant Network is a leading internet gaming company in China, with strong revenue and profit performance in the industry, showcasing robust financial health and growth potential [2][3][6][7]. Group 1: Business Performance - In Q3 2025, Giant Network reported revenue of 3.368 billion yuan, ranking 8th in the industry, with the top competitor, ST Huatong, at 27.223 billion yuan [2]. - The net profit for the same period was 1.431 billion yuan, placing the company 5th in the industry, with ST Huatong leading at 4.442 billion yuan [2]. - The company's contract liabilities surged to 1.333 billion yuan, a 49.9% increase quarter-on-quarter, indicating strong future performance support [6]. Group 2: Financial Health - As of Q3 2025, the asset-liability ratio was 16.40%, significantly lower than the industry average of 29.04%, reflecting strong solvency [3]. - The gross profit margin stood at 90.62%, higher than the industry average of 58.35%, indicating robust profitability [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 21.47% to 61,000, while the average number of shares held per shareholder decreased by 17.67% to 31,700 shares [5]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings [5]. Group 4: Product and Market Developments - The new self-developed game "Supernatural Action Team" saw a revenue increase, ranking 10th in iOS mobile game revenue in China [6]. - The "Journey" IP series continues to perform well, with the mini-game version achieving over 20 million users [7]. - The company is actively integrating AI into its games, enhancing user engagement and gameplay experience [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 3.368 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 51.84%. The net profit attributable to shareholders was 1.417 billion yuan, up 32.31% year-on-year. The third quarter revenue reached 1.706 billion yuan, showing a year-on-year growth of 115.6% and a quarter-on-quarter increase of 81.8%. The strong performance is primarily driven by the game "Supernatural Action Group" [4][5] - The gross margin for the first three quarters of 2025 was 90.6%, an increase of 1.7 percentage points year-on-year, while the net profit margin was 42.5%, down 6.1 percentage points year-on-year due to increased sales expenses from new game launches [4] - The company’s contract liabilities reached 1.333 billion yuan by the end of Q3, a significant increase of 172% year-on-year and 50% quarter-on-quarter, indicating a potential acceleration in revenue recognition in Q4 [4] - The forecast for net profit attributable to shareholders for 2025-2027 has been raised to 2.415 billion, 3.772 billion, and 4.607 billion yuan respectively, with corresponding price-to-earnings ratios of 30.4, 19.5, and 15.9 times [4] Financial Summary - For 2025, the estimated revenue is 5.205 billion yuan, with a year-on-year growth of 78.1%. The estimated net profit attributable to shareholders is 2.415 billion yuan, reflecting a year-on-year increase of 69.5% [7] - The gross margin is projected to be 90.7% in 2025, with a net profit margin of 46.4% [7] - The company’s return on equity (ROE) is expected to reach 16.1% in 2025, increasing to 20.4% by 2026 [7] Game Performance and Potential - "Supernatural Action Group" has shown strong user engagement, with monthly active users reaching 795,000 in August 2025. The game has consistently ranked high in the iOS game sales charts, indicating a solid player base [5] - The upcoming game "Ming Jiang Sha" is expected to launch in the first half of 2026 and has received high ratings, suggesting strong potential for user engagement [6] - The company is continuously refining its game offerings, with multiple new games set to launch, which are anticipated to drive sustained revenue growth [6]

Core Viewpoint - Giant Network has reported significant growth in revenue and net profit for the first three quarters of 2023, alongside a management change with the return of former CEO Liu Wei, raising expectations for the company's future performance and strategic direction [1][2][5]. Financial Performance - For the first three quarters of 2023, Giant Network's revenue reached 3.368 billion yuan, a year-on-year increase of 51.84%, while net profit was 1.417 billion yuan, up 32.31%. In Q3 alone, revenue and net profit saw year-on-year growth of 115.63% and 81.19%, respectively [1]. - The operating cash flow for the first three quarters was 1.851 billion yuan, a significant increase of 151.9% year-on-year [4]. Management Change - Zhang Dong, the current general manager, has resigned for personal reasons, and Liu Wei, who previously held the position, will return to lead the company [1][2]. - Liu Wei is recognized for his deep understanding of the company's strategy and management capabilities, which are expected to provide continuity during a critical transformation period [2][5]. Strategic Focus - The company aims to continue its "youth-oriented" strategy, with new products like "Supernatural Action Group" developed by a team of young talent [3][4]. - Liu Wei plans to implement an internal rotation mechanism to involve frontline developers in decision-making, aligning with the founder's philosophy of prioritizing player engagement over short-term revenue [3][4]. Product Development and AI Integration - The classic IP "Journey" has revitalized through multi-platform collaboration, contributing significantly to revenue, with "King's Journey" attracting over 25 million new users since its launch [4]. - AI technology is becoming a major growth driver, with the company launching its first game AI model, GiantGPT, and integrating AI features into existing games to enhance user engagement [4][5]. Global Expansion Challenges - Giant Network's overseas revenue remains low at 604.6 thousand yuan, accounting for only 0.36% of total revenue, highlighting a significant challenge in global market penetration [5]. - The company is focusing on building an overseas publishing team and enhancing localization capabilities to drive international growth, particularly for products like "Supernatural Action Group" [5].

Core Viewpoint - Giant Network has gained significant attention in the capital market this year, with its stock price increasing over 200% since the beginning of the year, reaching a market capitalization of 73.4 billion yuan as of October 29 [2][7]. Management Changes - General Manager Zhang Dong has resigned for personal reasons, effective immediately upon submission of his resignation to the board, and will no longer hold any positions within the company or its subsidiaries [2][4]. - Liu Wei has been appointed as the new General Manager, with a focus on nurturing young core talent [4][5]. Financial Performance - For the first three quarters of 2025, Giant Network reported a revenue of 3.37 billion yuan, a year-on-year increase of 51.8%, and a net profit of 1.42 billion yuan, up 32.3% [7]. - In Q3 alone, revenue reached 1.71 billion yuan, reflecting a 115.6% increase year-on-year, while net profit surged by 81.2% [7]. Product Performance - The success of the game "Supernatural Action Group," which launched in January, has contributed to the company's revenue growth, achieving over 1 million concurrent users shortly after its release [8]. - However, there are concerns regarding the reliance on a single product, as revenue growth has shown signs of slowing down [8]. AI Initiatives - Giant Network is actively expanding its AI capabilities, having collaborated with Tsinghua University to develop a multi-dialect speech synthesis model and invested in AI video generation company Aishi Technology [10][11]. - The company is also integrating AI into its games, enhancing user engagement and gameplay experiences through innovative AI features [12][13].

Group 1: Management Changes - Zhang Dong, a notable executive with a background in the gaming industry, has resigned as General Manager of Giant Network due to personal reasons, effective immediately [1] - Following Zhang's resignation, Liu Wei, a veteran figure in the company, has returned to take over the CEO position, having been with the company since 1992 and previously leading it through significant transitions [2] Group 2: Company Performance and Strategy - Giant Network has been focusing on expanding its gaming portfolio, particularly targeting younger players, and has successfully launched several popular games, including the hit mobile game "Supernatural Action Group," which has achieved over 1 million concurrent users [5] - The company reported a significant revenue increase, with a total revenue of 3.368 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 51.84%, and a net profit of 1.417 billion yuan, up 32.31% [6] - In the third quarter alone, revenue surged by 115.63% to 1.706 billion yuan, with net profit increasing by 81.19% to 640 million yuan, driven by a rise in game revenue [6]

Core Insights - Giant Network reported a revenue of 3.368 billion yuan for the first three quarters, representing a year-on-year growth of 51.84%, with a net profit of 1.417 billion yuan, up 32.31% [1] - The company announced the resignation of General Manager Zhang Dong, with Liu Wei returning to the position, highlighting a significant management change [1][2] - The return of Liu Wei is expected to continue the company's strategy of youth-oriented transformation and address challenges in globalization [1][3] Financial Performance - For Q3, Giant Network's revenue and net profit saw year-on-year increases of 115.63% and 81.19%, respectively [1] - The net profit for Q3 2025 reached 640 million yuan, marking an 81.19% increase year-on-year, with operating cash flow net amounting to 1.851 billion yuan, a surge of 151.9% [3][4] Management Changes - Zhang Dong, who took over as CEO in January 2024, has been credited with driving AI strategy and product development, including the successful launch of "Supernatural Action Team" [2] - Liu Wei's return is seen as a move to maintain strategic continuity during a critical transformation period for the company [2][5] Strategic Focus - The company aims to enhance its youth talent development system, with new products being developed by teams primarily composed of individuals born in the 1990s [3] - Liu Wei plans to implement an internal rotation mechanism to involve frontline staff in decision-making processes [3] Product and Market Development - The classic IP "Journey" has revitalized through multi-platform collaboration, contributing significantly to revenue growth [4] - The company is focusing on AI technology integration, with the launch of the industry’s first game AI model, GiantGPT, and various AI-driven gameplay innovations [4] Globalization Challenges - Giant Network's overseas revenue remains low at 604.6 thousand yuan, accounting for only 0.36% of total revenue, indicating a need for improved global market penetration [5] - The company is expected to enhance its overseas publishing team and local development capabilities to address these challenges [5]