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 ...

《球球大作战》在玩法层面不断创新，玩法日参与率大幅提升。用户体验的改善带来了留存率和用户口 碑的提升，5月、6月的新增用户数和日活跃用户数均同比大幅增长。此外，《球球大作战》通过抖音和 微信小游戏平台拓展用户圈层，为APP端带来新进转化。2025年上半年累计新进用户数超1100万，且呈 逐月攀升的态势，小程序日活跃用户超100万。（罗宁） 巨人网络也披露了2025半年度利润分配预案，拟向全体股东每10股派发现金红利1.50元，现金分红金额 约2.84亿元。这是公司自2023年以来，连续第三年实施中期分红。 责任编辑：何俊熹 进入二季度，《超自然行动组》用户规模与流水均呈现指数级增长，屡创新高，7月成功达成"同时在线 人数突破100万"的重要里程碑，并稳居iOS游戏免费榜TOP5，iOS游戏畅销榜最高位列TOP4。在社交媒 体传播方面，产品相关视频于抖音、B站、快手等平台累计播放量已突破30亿次。 报告显示，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。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。今 ...

Investment Rating - The report maintains a positive investment rating for the media and internet industry, particularly highlighting leading companies in various segments such as gaming, IP, and live streaming [1]. Core Insights - The media sector has seen a 2.39% increase over the past week, ranking 6th among all industries, and a year-to-date increase of 13.62%, ranking 3rd overall. This growth is attributed to policy support for sub-industries like gaming and a shift in market perception towards "emerging consumption" [1]. - The report emphasizes the long-term growth potential of cultural, sports, gaming, and live streaming sectors as part of China's consumption upgrade, driven by rising GDP per capita [1]. - The gaming industry is currently valued at approximately 17 times earnings, indicating a reasonable valuation with safety margins despite multiple favorable factors such as policy support and accelerated overseas expansion [1]. Summary by Sections Market Performance Review - The media industry index increased by 2.39% from June 30 to July 6, outperforming the Shanghai Composite Index, which rose by 1.40% [10]. - The top-performing stocks in the media sector during this period included Giant Network with a 17.42% increase and other companies like Jibite and 37 Interactive Entertainment [12][13]. Key Data in Film and Gaming Industries - The top films by box office for the week included "Jurassic World: Rebirth" with a box office of 298.34 million and "Detective Conan: The One-Eyed Phantom" with 125.00 million [18]. - In the gaming sector, the top mobile games included "Honor of Kings" and "Peacekeeper Elite," both published by Tencent, dominating the iOS sales rankings [31]. Television and Streaming Insights - The highest-rated TV drama was "Jinxiu Fanghua" with a rating of 2.075% on Hunan TV, while the top web dramas included "In the Name of Law" and "Jinxiu Fanghua" [22][24]. - The top variety show was "Keep Running Season 9," leading the ratings with a broadcast index of 79.4 [28]. Emerging Consumption Trends - The report identifies emerging consumption as a new market focus, with significant user engagement and consumption potential observed in sectors like gaming, trendy IPs, music, and sports events [1]. - The report suggests a 2-3 year investment horizon for quality leading companies in these sectors, emphasizing the importance of content creativity and operational capabilities [1].

Summary of Giant Network Conference Call Company Overview - **Company**: Giant Network - **Industry**: Gaming Key Points and Arguments 1. **Valuation and Growth Potential**: The gaming sector's overall valuation is between 16 to 17 times, with a long-term upward trend expected when excluding AI-related entities. The upcoming summer season and AI application data are anticipated to perform well, suggesting an overweight recommendation for the gaming sector [2][4]. 2. **2025 Performance Outlook**: Giant Network's performance growth for 2025 is highly certain, with significant valuation elasticity. The stock price is expected to rise due to dual catalysts from the summer season and the implementation of AI multimodal models [2][5]. 3. **Game Launch Success**: The game "Supernatural Action Group" has shown strong performance post-launch, with peak daily revenue exceeding one million on iOS. Monthly revenue is projected to reach 20 million, with optimistic scenarios suggesting 60 million to 100 million, translating to annual revenue between 500 million to 1.2 billion [2][6]. 4. **Target Demographic**: The user profile for "Supernatural Action Group" skews towards young female players, a demographic known for high mobile game spending, indicating strong potential for summer performance [2][6]. 5. **Future Development Directions**: Giant Network aims to transition from single-category casual games to multiple categories, including a shift from MMO to SLG in mid-to-heavy value games. Current profit forecasts do not yet account for new card and SLG categories, with impacts expected to reflect in next year's reports [2][7]. 6. **AI Application Strategy**: Since 2023, Giant Network has been actively pursuing an AI application strategy, with a structured approach that, while slower than competitors like Kaiying Network, still shows promising development potential [2][7][8]. 7. **Comparison with Kaiying Network**: Both companies are exploring AI applications, but Giant Network has a clearer strategic layout and steadier implementation pace compared to the more aggressive approach of Kaiying Network [2][8]. 8. **Current Valuation Assessment**: The current valuation of Giant Network is approximately 17 times, which is considered attractive for investment. The company's performance, profit structure, and long-term logic indicate a positive improvement trend, supported by organizational changes made by CEO Zhang Dong [3][9]. Additional Important Insights - **Market Share Growth**: The A-share gaming sector is expected to gain market share due to weaker product lines from major competitors [4]. - **Product Line Stability**: Existing products, including "Ball Battle" and "Space Sand," have shown stable performance and growth, contributing to the overall positive outlook for the company [5].

Group 1 - The Ministry of Commerce announced the key enterprises and projects for cultural exports for 2025-2026, with popular online games like "Genshin Impact" and "Arknights" included as key projects [3][4] - A total of 404 enterprises and 121 projects were recognized through a multi-step evaluation process involving various government departments [3] - 16 game titles were selected as key export projects, accounting for over 13% of the total, with nearly half of these games coming from Shanghai-based companies [4][6] Group 2 - Industry analyst Zhang Shule highlighted that online games serve as a new medium for cultural export, effectively immersing overseas players in Chinese culture [5] - The success of Chinese games abroad is attributed to their unique style and cultural integration, combining traditional Chinese elements with familiar themes for international audiences [5] - Nearly 100 companies with gaming operations were included among the key enterprises, such as Tencent, NetEase, and miHoYo, indicating a robust presence in the cultural export sector [6]

Core Viewpoint - The article discusses the recent financial troubles faced by Shi Yuzhu, a prominent entrepreneur, due to frozen shares linked to personal guarantees, raising concerns about the stability of his company, Giant Network [3][4][6]. Group 1: Financial Issues - Shi Yuzhu's company, Giant Investment, has a newly reported execution amount exceeding 490 million yuan, with the Beijing Financial Court involved [3]. - The total amount of frozen shares related to Shi Yuzhu has surpassed 3.9 billion yuan, indicating significant financial strain [14]. - Previous instances of share freezes occurred in 2021, highlighting a pattern of financial difficulties linked to personal guarantees [6][4]. Group 2: Company Operations and Strategy - Despite financial issues, Giant Network continues to focus on its core gaming business, particularly the "Journey" series, which remains a significant revenue source [26][28]. - The company has successfully launched new products, including the mini-program game "King of Journey," which attracted over 25 million new users and generated 600 million yuan in revenue [30]. - Shi Yuzhu's return to the gaming sector is marked by a strategic shift to enhance user experience and reduce reliance on high spending by players [31][32]. Group 3: Market Position and Future Outlook - Giant Network's revenue for 2024 was reported at 2.923 billion yuan, showing a slight decline of 0.05%, while net profit increased by 31.15% to 1.425 billion yuan [28]. - The company has shifted its focus from the metaverse to AI technologies, integrating AI tools to improve operational efficiency and game development [35][38]. - The ongoing challenges in the gaming market, including competition from mobile and MOBA games, pose risks to Giant Network's long-term growth potential [30][31].

Core Viewpoint - The article discusses the recent financial troubles of Shi Yuzhu, a prominent entrepreneur, due to frozen shares amounting to over 490 million yuan, raising concerns about the stability of his investment platform and associated companies [1][2][9]. Group 1: Financial Issues and Legal Troubles - Shi Yuzhu's company, Giant Investment, has been listed as a defendant in a court case with an execution amount exceeding 490 million yuan, indicating significant financial distress [1]. - Previous instances of share freezes have occurred, with a notable freeze of 114 million yuan due to similar issues related to personal guarantees [2][4]. - The total amount of frozen shares related to Shi Yuzhu has surpassed 3.9 billion yuan, highlighting ongoing financial challenges [9]. Group 2: Business Operations and Strategic Moves - Despite stepping back from frontline operations, Shi Yuzhu has been involved in significant capital operations, including a failed attempt to list Playtika, which he acquired for approximately 44 billion yuan [11]. - Giant Network has attempted to diversify its revenue streams by venturing into internet finance, achieving revenues of 3.13 billion yuan in 2017, but later exited the sector due to regulatory pressures [17][18]. - The company has focused on its flagship game "Zhengtu," which continues to be a major revenue source, generating 29.23 billion yuan in revenue, albeit with a slight decline [21]. Group 3: Market Position and Future Outlook - The "Zhengtu" series remains a cornerstone of Giant Network's business, with new user acquisition strategies contributing to its sustained popularity [23]. - The company has shifted its focus from the metaverse to AI technologies, enhancing game development efficiency and player experience through AI-driven features [30]. - The ongoing challenges in maintaining player engagement and addressing the concerns of non-paying players could impact future growth prospects for the "Zhengtu" franchise [24][25].

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].