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]

近日，网易CEO丁磊在财报会议中直言主力产品受到竞品冲击。来自多家专业游戏媒体的报道指出，冲击的来源正是巨人网络(002558.SZ)今年推出的爆款 《超自然行动组》。 "在暑假期间，我们的产品受到了一些竞品的影响，尤其是在二三线(lower-tier)城市的大众用户中。" 在网易2025年第三季度财报电话会议上，CEO丁磊在回应《第五人格》用户数据波动时，罕见地提及了来自竞品的冲击。尽管未直接点名，但多方证据指向 巨人网络旗下的新品《超自然行动组》。 数据显示，这款今年1月正式上线的游戏，在暑期展现出惊人爆发力——仅半年时间同时在线人数突破100万，持续占据iOS免费榜前列，最高跻身畅销榜第 4位，成为2025年度最抢眼的爆款产品之一。七麦数据则显示，其万圣节版本推出后在iOS免费榜、畅销榜排名从20名左右直线跃升至前十。这说明这款游 戏的热度仍在继续推高，团队拥有强大的长线运营能力。 这款由95后年轻团队打造的游戏，是如何让巨人网络这家厂商再度绽放、重回舞台C位? 团队基因：年轻团队更懂年轻人，有丰富大DAU实战经验 纵观整个行业，或许《超自然行动组》的爆发并非偶然。据游戏专业媒体报道，近两年游戏行业多次 ...

Core Insights - Giant Network (002558.SZ) reported a significant increase in Q3 revenue, doubling year-on-year, with net profit growing over 80% [3][5] - The resignation of CEO Zhang Dong, who served for less than two years, is not expected to impact the company's operations significantly, as the company transitions to a strategy focusing on nurturing young talent [4][5] - The company has implemented an integrated development, operation, and publishing strategy, allowing project leaders to manage all aspects of game development, which has contributed to the success of the hit game "Supernatural Action Group" [5][6] Financial Performance - For the first three quarters, Giant Network achieved revenue of 3.368 billion yuan, a year-on-year increase of 51.84%, and a net profit of 1.417 billion yuan, up 32.31% [5][8] - In Q3 alone, the company reported revenue of 1.706 billion yuan, a remarkable growth of 115.63% year-on-year, with net profit reaching 640 million yuan, an increase of 81.19% [5][8] - Deferred revenue reached over 1.333 billion yuan, with an increase of approximately 440 million yuan from the previous quarter, primarily driven by "Supernatural Action Group" [7] Strategic Developments - The integrated strategy initiated in early 2023 allows project leaders to have full control over their games, enhancing decision-making efficiency and reducing internal conflicts [5][6] - The company aims to rejuvenate its workforce by promoting younger talent, as emphasized by Chairman Shi Yuzhu, who advocates for a culture that empowers young professionals [5][9] - The success of "Supernatural Action Group" is attributed to its unique gameplay and strong social features, which have led to a significant increase in user engagement and loyalty [8][10] Market Positioning - Giant Network's classic IP "Journey" continues to perform well, with the mobile game "Original Journey" attracting over 20 million new users [9][10] - The company is also focusing on international markets, with "Super Sus" achieving notable success in Southeast Asia, providing valuable localization experience for future mobile game launches [10] - The company plans to enhance "Supernatural Action Group" by deepening content supply and optimizing game performance, aiming to maintain its status as a long-term growth driver [10][11]

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 Insights - The return of founder Shi Yuzhu has revitalized Giant Network's growth trajectory, with significant announcements and personnel changes indicating a strategic shift towards nurturing young talent [2][3][4] Management Changes - CEO Zhang Dong resigned for personal reasons, and Liu Wei, a board member, has been appointed as the new CEO and General Manager, focusing on developing young core talent [2][4] - Liu Wei previously served as CEO from April 2016 to December 2023 and is expected to bring a fresh perspective to the leadership [3][4] Financial Performance - In Q3, Giant Network reported revenue of 1.706 billion yuan, a year-on-year increase of 115.63%, and a net profit of 640 million yuan, up 81.19% [2][7] - For the first three quarters of the year, total revenue reached 3.368 billion yuan, reflecting a 51.84% increase, while net profit grew by 32.31% to 1.417 billion yuan [7] Product Success - The self-developed game "Supernatural Action Group" has become a phenomenon, significantly contributing to the company's Q3 performance and showcasing the effectiveness of a young development team [2][6][7] - The game achieved a revenue increase of 800 million yuan in August alone, marking a 106% month-on-month growth, and reached a peak of 1.1 billion yuan in total revenue [6][7] Market Position and Future Outlook - The success of "Supernatural Action Group" has positioned Giant Network favorably in the market, with its stock price doubling since the beginning of the year, closing at 37.92 yuan per share [8] - Analysts express optimism about the game's potential for further growth, particularly with upcoming seasonal updates and the possibility of expanding its player base [8]

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]