Core Insights - The company reported a revenue of 1.662 billion yuan for the first half of 2025, representing a year-on-year growth of 16.47% [1] - The net profit attributable to shareholders was 777 million yuan, with an increase of 8.27% compared to the previous year [1] - A cash dividend of 1.50 yuan per 10 shares (including tax) is proposed for all shareholders [1] Group 1: Game Performance - The "Zhengtu" IP has effectively enhanced user engagement and conversion rates among existing players, with flagship mobile game "Original Zhengtu" achieving 5.86 million new users in its first month after launching a mini-game version [1] - The total number of new users for "Original Zhengtu" exceeded 20 million in the first half of the year, maintaining an average monthly revenue of 100 million yuan [1] - The self-developed casual game "Supernatural Action Group" has significantly outperformed expectations since its launch on January 23, becoming a benchmark for the company's innovative products [2] Group 2: User Engagement and Innovations - "Ball Battle" has seen over 11 million new users in the first half of the year, with a monthly increasing trend and daily active users exceeding 1 million for its mini-program [2] - "Space Kill" has collaborated with well-known IPs like "Detective Conan" to enhance game popularity and maintain stable revenue [2] - The overseas game "SuperSus" has a stable active user base, particularly in the Southeast Asian market, with daily active users in Indonesia reaching a two-year high and significant revenue growth [2] Group 3: AI Integration and Future Strategy - The company has integrated artificial intelligence technology into its core gaming business, innovating product interaction and gameplay mechanisms [3] - "Space Kill" has launched a new AI-native gameplay mode, collaborating with major domestic AI models to create a mixed competitive mechanism [3] - The company plans to deepen insights into user needs and leverage its R&D advantages to create high-quality games that align with market trends, thereby enhancing user coverage and promoting ecological diversity [3]

Industry Overview - The National Press and Publication Administration has approved a total of 173 games in August 2025, including 166 domestic and 7 imported games, marking a new high for the year [1] - Among the approved domestic games, there are 107 mobile games, 39 casual puzzle games, 17 mobile and client games, 1 console game (PS5), and 2 client games [1] - Tianfeng Securities predicts that the market size for AAA games in China will reach 13.3 billion yuan in 2025 and 16.9 billion yuan in 2026, with a projected CAGR of 35% from 2027 to 2028 [1] Company Developments - Giant Network has launched its overseas brand ZTimes and is expanding into the European and American markets with its self-developed game "SuperSus" [1] - G-bits focuses on developing high-quality products in niche segments and aims to withstand industry fluctuations through long-term operations, with its game "Kulu" successfully obtaining a license [2]