| 市场数据 | 2025/10/31 | | --- | --- | | 当前价格（元） | 35.09 | | 周价格区间（元） 52 | 11.11-47.66 | | 总市值（百万） | 67,890.40 | | 流通市值（百万） | 67,890.40 | | 总股本（万股） | 193,475.06 | | 流通股本（万股） | 193,475.06 | | 日均成交额（百万） | 1,853.04 | | 近一月换手（%） | 2.48 | 2025 年 11 月 02 日 公司研究 评级：买入(维持) | 研究所： | | | | | --- | --- | --- | --- | | 证券分析师： | | 杨仁文 | S0350521120001 | | | | | yangrw@ghzq.com.cn | | 证券分析师： | | 谭瑞峤 | S0350521120004 | | | | | tanrq@ghzq.com.cn | | | | 魏连昆 | S0350125050006 | | 联系人 | ： | | | [Table_Title] 《超自然行动组》表现优秀带动 Q3 业绩 ...

Summary of the Conference Call for Giant Network Company Overview - **Company**: Giant Network - **Key Game**: Supernatural Action Group Industry Insights - The gaming industry is expected to see a revival in 2025, with the domestic self-developed game market projected to grow nearly 20% [doc id='2'][doc id='26'] - The overall gaming market is becoming more resilient, with increased total playtime and user spending [doc id='26'][doc id='27'] - The supply side of the gaming industry has seen a significant increase in the number of game licenses issued, rising from over 80 per month in 2023 to 166 in August 2025 [doc id='28'] Key Points on Supernatural Action Group - The game has maintained strong revenue performance due to frequent skin updates and IP collaborations, with expected revenue of 4-5 billion CNY in September 2025 [doc id='2'][doc id='3'] - The user base is expanding to include male players, similar to the model of Pop Mart, which could further enhance market reach [doc id='2'][doc id='4'] - The game is projected to achieve an annual revenue of 30-40 billion CNY in 2026, with a profit margin of 40%-50% [doc id='2'][doc id='10'] - Marketing expenses are focused on high ROI content and brand investments, rather than broad advertising [doc id='11'] Financial Performance and Projections - Giant Network's stable core business includes the Journey series, which contributes approximately 30 billion CNY annually, and other games like Ball Battle and Space Kill, expected to contribute 16-17 billion CNY [doc id='12'][doc id='13'] - The company’s profit forecast for next year is between 35 billion to 40 billion CNY, with a potential market capitalization of 1 trillion CNY if valued at 25 times earnings [doc id='13'][doc id='24'] - The third quarter is expected to show significant growth, with profits potentially doubling from the second quarter [doc id='24] Market Dynamics - The competitive landscape is shifting, with large companies focusing on optimizing existing games rather than launching new blockbuster titles, creating opportunities for mid-sized companies like Giant Network [doc id='29] - The gaming industry is experiencing a self-optimization phase, with companies refining their teams and project pipelines to improve success rates [doc id='31'][doc id='32'] AI and Marketing Trends - AI has been integrated into game development processes, enhancing productivity without leading to significant layoffs [doc id='34'] - Sales expense ratios are decreasing due to a shift from traditional advertising to more effective content and community marketing strategies [doc id='33'] Investment Recommendations - Recommended investments include Giant Network and ST Huatuo, with projected market capitalizations of 1.2 trillion CNY and 1.5 trillion CNY respectively [doc id='36]