巨人網絡市值突破500億元，憑藉新爆款重回A股遊戲龍頭地位
7月9日，巨人網絡(002558.SZ)股價收報26.20元/股，市值突破500億元，創下六年來新高，這一市值規模使巨人網絡躍居A股遊戲公司前三甲。憑藉新品《超自然行動組》的強勢爆發、AI戰略的突圍與公司創始人精力的全面迴歸，這家老牌遊戲企業正逐步重返A股遊戲龍頭地位，成為行業復甦背景下的最大黑馬之一。
巨人網絡在2025年上半年推出的新遊《超自然行動組》成為點燃市場熱情的“主引擎”。這款主打“微恐”題材的多人組隊歡樂冒險遊戲，自1月開啟不刪檔測試以來快速躥紅，在7月份成功躋身iOS免費遊戲榜前三、暢銷榜前十，並登頂TapTap熱門下載榜。
更具想象空間的是，該產品主要依靠社羣內容自發傳播，並未大規模買量推廣。東吳證券分析指出，隨着暑期假期到來，未來一段時間，《超自然行動組》的收入或進一步提升。此外，當前該遊戲並未上線安卓渠道服，產品利潤率預計顯著高於存量老遊，看好該遊戲自2025年起帶來顯著業績彈性。
值得一提的是，巨人網絡“遊戲+AI”佈局也卓有成效。自2023年以來，公司逐步搭建起以自研大模型為核心、覆蓋研發全鏈條的 AI 生產體系，並持續開拓產業上下游的合作和投資佈局，探索生態共建，阿里通義千問、騰訊混元、字節豆包等國產大模型均與其建立長期緊密的合作關係。
在公司重回增長軌道背後，史玉柱的精力迴歸或起到關鍵作用。他自2022年底重回公司研發一線以來，每天工作時間超過15個小時，成功帶領巨人網絡打了“翻身仗”。2024年公司淨利潤同比增長31%，達到14.25億元，2025年業績彈性有望繼續釋放。
立足自主研發，持續佈局AI，多年的紮實耕耘終於收穫市場的碩果，巨人網絡正在用實際行動完成了一次漂亮的“逆襲”。隨着更多儲備產品上線，以及AI戰略的持續推進，巨人網絡的長期成長空間正逐步打開。
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