Investment Rating - The report assigns a "Buy-A" rating to the company, with a 6-month target price of 44.5 yuan [4]. Core Insights - The company demonstrated strong revenue growth in Q3 2025, achieving 1.706 billion yuan, a year-on-year increase of 115.63%, and a net profit of 640 million yuan, up 81.19% year-on-year [1]. - The game "Supernatural Action Group" has shown rapid user growth and revenue increase, contributing significantly to the company's performance [1][2]. - The company has a strong ability to release deferred revenue, with contract liabilities reaching 1.333 billion yuan in Q3 2025, indicating robust commercialization potential [2]. - The company maintains a focus on self-developed and high-quality games, with successful IPs like "Journey" and "Ball Battle," which form a stable performance base [2]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company reported total revenue of 3.368 billion yuan, a 51.84% increase year-on-year, and a net profit of 1.416 billion yuan, up 32.31% year-on-year [1]. - The gross margin for Q3 2025 was 90.46%, slightly up by 0.64 percentage points year-on-year [1]. - The sales expense ratio increased to 36.65%, up 1.41 percentage points year-on-year, reflecting higher advertising and channel costs [1]. Future Projections - The company expects revenues of 5.14 billion yuan, 7.36 billion yuan, and 8.085 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 2.252 billion yuan, 3.367 billion yuan, and 3.691 billion yuan for the same years [3][8]. - The report anticipates that the deferred revenue will continue to be released, supporting future earnings growth [2]. Valuation Metrics - The report suggests a price-to-earnings (PE) ratio of 25 times for 2026, leading to a target price of 44.5 yuan [3]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.19 yuan, 1.78 yuan, and 1.95 yuan respectively [3][8].

【巨人网络前三季度营收增长51.84% CEO却突然生变】10月29日，巨人网络（002558.SZ）发布2025年 三季报。前三季度，巨人网络实现营业收入33.68亿元，同比增长51.84%；净利润14.17亿元，同比增长 32.31%。 10月20日，史玉柱在征途IP二十周年活动中现身。他指出，过去两年征途"人数的增长远远超过收入的 增长"，这是他对团队最满意的地方，说明团队走在了正确的方向上。 史玉柱认为，一个游戏不应该过于在乎收入，应该更多在乎人数，在乎玩家的体验，这也是他于2022年 年底回归研发一线后即提给团队的要求。 "这两年征途人数的增加远远超过收入的增长，这点就说明我们的团队过去几年做得还是挺出色的，但 是要让游戏好玩，我觉得他们做得还远远不够，下一步还要继续努力，其实核心就是三点：第一会玩， 第二好玩，第三耐玩。"史玉柱说道。中经记者 李哲 北京报道 此前一天，巨人网络公告披露，公司CEO、总经理张栋因个人原因辞职。巨人网络方面表示，张栋所负 责的相关工作已进行交接，其辞职不会影响公司的正常生产经营。公司董事刘伟出任公司CEO、总经理 职务。刘伟曾于两年前卸任巨人网络CEO，此次回归将聚焦 ...

Core Insights - The chairman of Giant Network, Shi Yuzhu, expressed satisfaction with the growth in player numbers for the "Journey" IP, which has outpaced revenue growth over the past two years, indicating the team is on the right track [2] - Shi emphasized the importance of focusing on player experience rather than just revenue, highlighting three key aspects for future development: being engaging, enjoyable, and sustainable [2] - The company aims to enhance its appeal to younger players by adjusting art styles, simplifying gameplay, and improving communication regarding game rules and features [2] Company Strategy - Shi Yuzhu rated the team's performance at 80 out of 100, indicating a strong foundation but recognizing the need for further improvement in game enjoyment [2] - The company plans to prioritize the development of games that not only last for 20 years but also thrive, with expectations for significant improvements in gameplay and player growth in the coming years [2] - Future game versions and products will involve direct player feedback, with Shi committing to engage with the games personally to understand player opinions [2]

Core Insights - The chairman of Giant Network, Shi Yuzhu, emphasized that the growth in player numbers for the "Zhengtu" IP has significantly outpaced revenue growth over the past two years, which he considers a major achievement for the team [1] - Shi Yuzhu expressed a focus on enhancing player experience rather than solely prioritizing revenue, highlighting the importance of attracting younger players and ensuring the game is enjoyable and engaging [1] Summary by Categories Company Performance - The player growth for the "Zhengtu" game has exceeded revenue growth, indicating strong team performance in expanding the user base [1] - Shi Yuzhu rated the team's overall performance at 80 out of 100, reflecting satisfaction with their efforts while also indicating room for improvement [1] Strategic Focus - The company aims to prioritize player experience, focusing on three key aspects: being playable, enjoyable, and sustainable [1] - Shi Yuzhu's return to the development front in late 2022 has reinforced the emphasis on these strategic priorities [1]

Core Insights - The chairman of Giant Network, Shi Yuzhu, expressed satisfaction with the growth in player numbers for the "Journey" IP, which has outpaced revenue growth over the past two years [2] - Shi emphasized the importance of focusing on player experience rather than just revenue, highlighting the need for games to be engaging, fun, and durable [2] - He rated the team's performance at 80 out of 100, indicating that while there has been significant progress, there is still room for improvement [2] Company Performance - The growth in player numbers for the "Journey" IP has significantly exceeded revenue growth, which Shi considers a positive indicator of the team's efforts [2] - Shi believes that the game must prioritize player experience, stating that the focus should be on making the game enjoyable and sustainable [2] - The company has experienced a resurgence in recent years, and Shi is optimistic about the future, expecting substantial improvements in gameplay and player growth [2] Future Outlook - Shi Yuzhu expressed a commitment to enhancing the game's quality over the next twenty years, aiming for both longevity and excellence [2] - He plans to engage with new versions and products personally to gather player feedback and ensure a better gaming experience [2] - The chairman is confident that the collaborative effort between developers and players will lead to significant advancements in the game's appeal [2]

北京商报讯(记者魏蔚)10月20日，巨人网络（002558）董事长史玉柱在征途IP二十周年庆上指出，过去 两年征途"人数的增长远远超过收入的增长"，这是他对团队最满意的地方，说明团队走在了正确的方向 上，"我觉得能打个80分，60分及格，80分算优秀，但是我还给他扣掉20分，我觉得未来他们的提升空 间还是挺大的。"史玉柱认为，一个游戏不应该过于在乎收入，应该更多在乎人数，在乎玩家的体验， 这也是他于2022年底回归研发一线后即提给团队的要求。 ...

新浪科技讯 10月20日晚间消息，巨人网络董事长史玉柱现身为征途IP二十周年寄语，他指出过去两年 征途"人数的增长远远超过收入的增长"，这是他对团队最满意的地方，说明团队走在了正确的方向上。 总体上，他为团队和产品的表现打80分，希望团队未来重视年轻玩家，过好"会玩、好玩、耐玩"这三 关。 第三，耐玩。一款游戏很容易玩一段时间就开始觉得无聊，所以耐玩这个很难，但是又是必须要做的， 最主要的还是要想办法在玩家友谊性的、对抗性的互动上进一步强化，在随机性上进一步强化，能让明 天玩的内容和今天玩的内容、方式每天都有不同的变化，同一个功能玩起来过程是不一样的，这个还是 需要继续打磨的。 谈及年轻玩家，史玉柱强调和研发团队多次探讨，对年轻玩家要予以高度重视，并提出三个具体的优化 建议。 第一是美术风格，年轻玩家和老玩家对美术风格的感觉是不一样的，研发需要中间找一个平衡点；第二 就是要简单，现在年轻人的生活节奏很快，一款游戏过于复杂他是玩不了的，所以要能上手，就像傻瓜 版本一样，没有任何人教他，他自己就能很顺利地上手；第三，年轻玩家对游戏的兴趣点和老玩家也是 有些区别的，所以这个也是要跟玩家充分沟通之后，对一些规则、功能 ...

Core Insights - Chengdu is emerging as a new hub for China's cultural and creative industries, characterized by a unique blend of traditional and modern elements, creating a vibrant cultural landscape [1][15] Group 1: Industry Growth and Development - Chengdu's cultural and creative industry has seen rapid growth, with the industry's added value reaching 287.6 billion yuan in 2024, marking an 11.69% year-on-year increase [4] - The number of digital cultural enterprises in Chengdu has surpassed 6,000, contributing to a robust industrial ecosystem [4] Group 2: Investment Promotion Activities - The "2025 Chengdu Cultural and Creative Industry 'Li Yuan Man Yuan' Investment Promotion Inspection Activity" focused on the gaming and esports sector, attracting representatives from over ten well-known companies [1][16] - The event highlighted the city's commitment to fostering collaboration and exploring new opportunities in the gaming and esports fields [1][16] Group 3: Key Locations and Transformations - The inspection included visits to three major cultural and creative parks in Chengdu, showcasing the transformation of old industrial sites into vibrant cultural hubs [4][9][13] - The East Eight District Film and Cultural Park, a former industrial site, has been revitalized into a comprehensive ecosystem for film production, digital creation, and commercial activities [4][9] Group 4: Esports Industry Insights - Chengdu's esports industry is thriving, having produced hit games like "Honor of Kings" and hosted major tournaments, including the League of Legends Mid-Season Invitational [16] - The city aims to establish itself as an "Esports Cultural Capital," supported by government policies promoting high-quality development in the gaming and esports sectors [16][17] Group 5: Company Engagement and Future Plans - Companies like SNK and Shanghai Giant Network expressed strong interest in collaborating with Chengdu, citing the city's supportive environment and strategic planning for the gaming industry [20][23] - The event also focused on talent acquisition and collaboration opportunities, with local companies eager to engage in projects that promote the development of the digital cultural sector [24]

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].

Core Viewpoint - The chairman of Giant Network, Shi Yuzhu, expressed the ambition for the game "Journey" to thrive for another 20 years, emphasizing the importance of respecting players as the key to achieving this goal [2][3]. Group 1: Player Engagement - The game has been successful for 20 years, largely due to the support from players, creating lasting memories and emotional connections [3]. - Shi Yuzhu highlighted the need for the development team to listen to player feedback, noting significant improvements in this area over the past few years [4]. Group 2: Game Quality Over Revenue - The focus should be on enhancing game quality rather than prioritizing revenue, as player satisfaction is paramount [4]. - The development team has shifted its approach to prioritize gameplay, correcting previous mistakes of overemphasizing income [4]. Group 3: User-Friendly Development - New features must be designed to be enjoyable and accessible for players, with a commitment to ensuring that the game remains engaging [4]. - Shi Yuzhu expressed satisfaction with the current development team's progress in making the game more user-friendly and anticipates further improvements [4].