新游戏方面，上半年，巨人网络休闲赛道新品《超自然行动组》取得优异表现。《超自然行动组》于 2025年1月23日正式上线，凭借"中式微恐+多人合作"的差异化玩法打开市场。 8月27日晚，巨人网络（002558）发布2025年半年度报告。上半年公司实现营业收入16.62亿元，同比增 长16.47%；实现归母净利润7.77亿元，同比增长8.27%。 巨人网络提到，公司自研现象级爆款《超自然行动组》上线以来用户和流水规模迅速增长，但因收入递 延因素，其主要贡献将于后续报告期内逐步释放。 巨人网络也披露了2025年半年度利润分配预案。公司拟向全体股东每10股派发现金红利1.5元，现金分 红金额约2.84亿元。这是巨人网络自2023年以来，连续第三年实施中期分红。 报告显示，巨人网络《征途》IP持续推进"长青游戏"建设，系列产品均保持良好发展态势。其旗舰手游 《原始征途》凭借小游戏版本正式上线并开启二次推广，成功实现了用户扩圈，首月新增用户达到586 万，上半年累计新增用户突破2000万。 巨人网络披露，今年以来，该产品月均流水稳定维持在1亿元水平，为业务可持续发展提供了坚实支 撑。 巨人网络旗下另一款经典游戏《球球大作 ...

2025年08月23日 证券研究报告|行业研究|行业点评 社会服务行业·周观点 新游放量叠加 AI 落地，游戏行业景气度持续回升 国家新闻出版署版号发放节奏保持常态化,7月共审批通过134 款版号（其中国产127款、进口7款），2025年累计已达946款, 覆盖腾讯《终极角逐》等头部厂商核心产品与中小厂商创新品 类,优质供给持续释放。地方层面,浙江出台《关于支持游戏出 海的若干措施》,从产业能级、平台支撑、生态优化、要素保障 等维度推动企业出海;广州揭牌游戏出海服务中心和企业服务 中心,整合资源提升企业服务效率;上海设立网络游戏产业研究 中心，支持打造全球游戏创新高地。 伽马数据显示，7月中国游戏市场实际销售收入达290.84亿元, 环比+8.14%、同比+4.62%,暑期新品上线与运营活动为增长注 入核心动能。上半年行业收入与用户规模均创历史新高,其中移 动端占比超74%，保持主导地位。公司层面，吉比特上半年实现 收入25.18亿元、同比+28.49%，归母净利6.45亿元、同比+24. 50%,新游《问剑长生》《杖剑传说》表现亮眼,后者上线后登 投资评级 增持 维持评级 行业走势图 200/ 10% 0% ...

Core Viewpoint - The article discusses the recent financial troubles of Shi Yuzhu, a prominent businessman, due to frozen shares and guarantees made for friends, highlighting the risks associated with personal guarantees in business dealings [4][21][26]. Group 1: Share Freezing Events - Shi Yuzhu's shares worth over 3.9 billion yuan have been frozen, with the latest incident involving 277 million yuan in shares from Guangxi Beibu Gulf Bank [3][4]. - The previous freezing occurred in May 2023, where Giant Investment was implicated in a 490 million yuan execution case related to Lu Zhiyuan [4][10]. - The total amount of frozen shares related to Shi Yuzhu has exceeded 3.9 billion yuan, including significant amounts from companies he has been associated with [20][21]. Group 2: Personal Guarantees and Financial Impact - Shi Yuzhu has been involved in multiple guarantee cases, including a notable 1.8 billion yuan guarantee for Zhao Wei and her ex-husband, which led to significant financial repercussions for him [21][22]. - The article mentions that Shi Yuzhu's guarantees have resulted in a cumulative liability of approximately 5.8 billion yuan, highlighting the risks of high-leverage and personal guarantees in the capital market [21][26]. - Despite these challenges, Shi Yuzhu's company, Giant Network, has shown resilience with a reported revenue of 2.923 billion yuan in 2024, indicating a slight decrease but a significant profit increase of 31.15% [23][24]. Group 3: Return to Core Business - Following advice to focus on game development, Shi Yuzhu returned to Giant Network in September 2022, leading to a revitalization of the company's flagship game, "Zhengtu" [22][23]. - The introduction of new game features and marketing strategies has attracted over 25 million new users for the "Zhengtu" series, contributing significantly to revenue [23][24]. - The stock price of Giant Network has seen a substantial increase of approximately 74% since May 2025, reflecting positive market sentiment despite the ongoing financial issues [23][24]. Group 4: Historical Context and Future Outlook - Shi Yuzhu's business journey has been marked by cycles of debt and recovery, dating back to the 1990s when he faced significant financial challenges [25][26]. - The article suggests that despite his current wealth, the ongoing issues with frozen shares and personal guarantees may continue to pose risks to his financial stability and business operations [26][27]. - The narrative emphasizes the lessons learned from Shi Yuzhu's experiences, particularly regarding the dangers of mixing personal relationships with business commitments [27].

Group 1 - The issuance of domestic game licenses has shown a continuous upward trend, with a total of 757 domestic and 55 imported licenses granted in the first half of the year, exceeding 800 in total [1] - The stable supply of licenses is expected to help the industry transition from scale expansion to quality upgrading, encouraging companies to focus on high-quality game development through innovation and technology [1] - The recent policies from various provinces, such as Zhejiang and Beijing, aim to support the gaming industry’s high-quality development and international expansion, indicating a favorable regulatory environment [2] Group 2 - The overseas market is becoming a new growth engine for companies, with several firms reporting significant success in international markets, such as the launch of games that topped charts in Japan and other countries [3][4] - Companies are increasingly leveraging mature IPs and localized operations to enhance user engagement and overcome cultural barriers in international markets [4] - The normalization of license issuance is releasing supply vitality in the gaming industry, allowing numerous new games to enter the market and reshaping the competitive landscape [5] Group 3 - Companies are actively participating in major gaming events to promote their new titles, with several games set to launch in the upcoming months, indicating a robust pipeline of new products [5][6] - The integration of AI and other advanced technologies is transforming game development and gameplay, with significant improvements in efficiency and user experience [6] - The gaming market in China is projected to grow significantly, with estimates suggesting it could exceed 500 billion yuan by 2025 and reach 670 billion yuan by 2030, reflecting a compound annual growth rate of over 8% [6] Group 4 - Despite the growth in the gaming industry, challenges such as homogenized competition and high marketing costs persist, necessitating innovation and improved global strategies among companies [7] - The domestic gaming market is expected to grow steadily, with mobile games remaining dominant, while PC and console games may gain market share through high-quality offerings [7] - Companies with strong capabilities in quality development, global operations, and technological innovation are likely to gain a competitive advantage in the evolving industry landscape [7]

Core Insights - The article discusses the increasing integration of artificial intelligence (AI) in the gaming industry, highlighting its transformative impact on game production, user experience, and business models [3][4][21] Group 1: AI's Impact on Game Production - AI technology is significantly enhancing game production efficiency, with 71% of game studios reporting improved development and operational effectiveness after adopting AI tools [5][7] - Companies like Century Huatong have reported efficiency improvements of 60%-80% in art production processes, reducing project timelines from 30 days to 4-7 days [7][10] - AI tools are being integrated into various stages of game development, including art creation, programming, and testing, leading to a substantial reduction in labor hours and costs [10][11][12] Group 2: AI's Influence on User Experience - AI is revolutionizing player interactions by enabling dynamic, two-way communication with non-player characters (NPCs), creating a more immersive gaming experience [12][14] - Games like NetEase's "逆水寒" are utilizing AI to develop NPCs that can remember player actions and adapt their behavior accordingly, enhancing the depth of gameplay [12][13] - The introduction of AI-driven gameplay modes, such as in "太空杀," allows for complex interactions between human players and AI, showcasing the potential for innovative game mechanics [16][17] Group 3: Future Trends and Developments - The future of AI in gaming is expected to focus on dynamic content generation, intelligent NPC interactions, and user-generated content (UGC) capabilities [19][20] - AI tools are being utilized to streamline game localization and marketing strategies, allowing smaller teams to compete in global markets [20][21] - The gaming industry is seen as a fertile ground for AI experimentation, providing valuable data and scenarios for AI development, which could lead to broader applications in other sectors [21][22]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [3][11]. Core Insights - The company achieved a record high net profit attributable to shareholders of 14.25 billion RMB in 2024, representing a year-on-year increase of 31.15%. The total revenue for the same year was 29.23 billion RMB, remaining stable compared to the previous year [1]. - In Q1 2025, the company reported revenue of 7.24 billion RMB, a year-on-year increase of 3.94%, while the net profit attributable to shareholders was 3.48 billion RMB, a slight decrease of 1.29% [1]. - The company is actively exploring the integration of gaming and AI, with significant user growth in its gaming IPs, particularly on mini-program platforms [2]. Financial Performance Summary - For 2024, the company reported total revenue of 29.23 billion RMB, with a net profit of 14.25 billion RMB, and a non-recurring net profit of 16.23 billion RMB, showing increases of 31.15% and 18.23% year-on-year, respectively [1]. - The company plans to distribute a cash dividend of 1.40 RMB per share to shareholders, totaling 5.3 billion RMB for the year [1]. - The financial forecast for EPS is projected at 0.84, 0.94, and 1.01 RMB for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 17, 16, and 14 times [3]. Business Development Summary - The company has seen significant success in its gaming segment, particularly with the "Zhengtu" IP, which attracted over 25 million new users on mini-programs, generating 600 million RMB in revenue [2]. - The company is enhancing its AI capabilities, integrating AI features into its games, and collaborating with major tech firms to expand its AI ecosystem [2].