Investment Rating - The investment rating for the media industry is "Positive (Maintain)" [1] Core Insights - The report highlights the acceleration of AI comic dramas driven by major platforms and IP investments, suggesting continued growth in this segment [4] - The demand for AI comic dramas is increasing, with Douyin's original comic dramas achieving over 8.9 billion new views in October, indicating a strong market response [4] - The report recommends focusing on three key areas for investment: leading comic drama platforms, major IP companies entering the comic drama space, and companies with technological advantages in AI video tools [4] Industry Data Overview - The report notes that "元气唤灵师" topped the iOS free game chart, while "王者荣耀" led the iOS revenue chart as of November 1, 2025 [11][15] - The film "浪浪人生" achieved the highest box office for the week, grossing 0.42 billion with a cumulative total of 3.87 billion [23] Industry News Summary - AI comic dramas are performing exceptionally well, with significant viewership and engagement metrics reported [27] - OpenAI plans to submit an IPO application as early as the second half of 2026, aiming to raise at least 60 billion [28] - Google Play has announced the opening of third-party payment options, benefiting game developers and companies looking to expand internationally [29] Company Performance - Major gaming companies reported substantial year-on-year profit growth in Q3 2025, with notable increases from companies like 巨人网络 and 吉比特 [5] - The report emphasizes the ongoing upward cycle in the gaming industry, driven by new game launches and sustained performance of existing titles [5]

盈利预测、估值与评级 公司核心游戏持续贡献流水基本盘，两款SLG 新游《StellarSanctuary》和《Next Agers》上线有望较先 贡献增量。此外，三大AI垂类产品不断发展，有望推动软件和信息技术服务业务发展。因此，我们预 计公司2025-2027 年营收分别为56.5/70.4/74.9 亿元，对应增速-12.5%/24.7%/6.37%，归母净利润分别为 10.9/13.5/14.4 亿元，对应增速-24.0%/24.1%/7.24%。给予公司"增持"评级。 公司两款SLG 新游《Stellar Sanctuary》和《Next Agers》均上线美区App Store 和Google Play，目前已进 入商业化测试尾声。同时，两款游戏的中文版《荒星传说：牧者之息》和《长河万卷》已获得国产游戏 版号，未来计划在国内上线。此外，三款SLG 储备游戏《代号： XCT》、《代号：AOO2》、《代号：MN》预计将从今年底到明年二季度陆续开启商业化。看好公司 在擅长的SLG 品类上的持续深耕，关注多款新游上线节奏及表现。 三大AI 垂类产品不断发展，avavox 开启全球菁英生态伙伴计划公司面向特定 ...

格隆汇10月31日丨神州泰岳(300002.SZ)在互动平台表示，公司目前尚未布局量子科技领域。 ...

Core Viewpoint - Shenzhou Taiyue is a leading comprehensive information technology service provider in China, with strong technical capabilities in artificial intelligence and gaming, and has shown solid financial performance in the industry [1][2]. Group 1: Business Overview - Shenzhou Taiyue was established on May 18, 2001, and listed on the Shenzhen Stock Exchange on October 30, 2009, with its headquarters in Beijing [1]. - The company's main business segments include operator services, IoT and communications, artificial intelligence and big data, mobile gaming, and innovative businesses [1]. Group 2: Financial Performance - For Q3 2025, Shenzhou Taiyue reported revenue of 4.068 billion yuan, ranking 7th among 26 companies in the industry, with the industry leader, ST Huatuo, generating 27.223 billion yuan [2]. - The net profit for the same period was 711 million yuan, placing the company 6th in the industry, with ST Huatuo leading at 4.442 billion yuan [2]. - The company's asset-liability ratio was 11.09%, lower than the previous year's 12.55% and significantly below the industry average of 29.04%, indicating strong solvency [3]. - The gross profit margin for Q3 2025 was 58.58%, slightly down from 61.95% year-on-year but still above the industry average of 58.35% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.14% to 84,100, while the average number of circulating A-shares held per shareholder increased by 5.26% to 21,900 [5]. - The top circulating shareholder is the Huaxia CSI Animation Game ETF, holding 56.4599 million shares, an increase of 9.6514 million shares from the previous period [5]. Group 4: Executive Compensation - Chairman David Mao's compensation increased from 8.6126 million yuan in 2023 to 9.7151 million yuan in 2024, reflecting a rise of 1.1025 million yuan [4]. Group 5: Market Outlook - Analysts from Galaxy Securities expect the company's net profit to reach 1.059 billion yuan in 2025, with projections of 1.382 billion yuan in 2026 and 1.563 billion yuan in 2027, maintaining a "recommended" rating [6]. - Haitong Securities noted that the company's revenue and net profit have shown signs of narrowing decline, with stable performance from existing games and the launch of new titles [6].

投资要点： 新游《Stellar Sanctuary》已近上线，后续表现值得期待。在新游戏方面，公司重点产品《Stellar Sanctuary》已经上线，该游戏采用模拟经营+SLG 的玩法设计，后续表现值得期待。 我们认为公司 长青游戏《Age of Origins》《War and Order》后续流水有望保持稳健，新游戏《Stellar Sanctuary》已经正式上线，后续表现值得期待。我们预计 2025-2027 年公司 EPS 分别为0.61/0.84/1.01 元，参考可比公司，给予公司2025 年27 倍动态PE，目标价16.47元，维持"增持"评级。 风险提示。游戏出海竞争加剧；新品上线推迟。 25Q3 公司营收、扣非归母利润下滑收窄。25Q3 公司实现营业收入13.84 亿元，同比下降5.29%；实现 归母净利润2.15 亿元，同比下降53.55%；实现扣非归母净利润为2.08 亿元，同比下降3.20%。归母净利 润下滑主要源于2024 年同期公司收回诉讼应收款冲减以前计提的坏账准备所致，去除非经营项影响， 公司25Q3 扣非利润同比仅下滑3.20%，低于收入下滑幅度。2025 年前三季度 ...

Core Viewpoint - Shenzhou Taiyue's stock price has shown fluctuations, with a recent increase of 2.03% to 12.04 CNY per share, while the company faces a decline in revenue and profit year-on-year [1][2]. Financial Performance - For the period from January to September 2025, Shenzhou Taiyue reported a revenue of 4.068 billion CNY, a year-on-year decrease of 9.86%, and a net profit attributable to shareholders of 724 million CNY, down 33.77% year-on-year [2]. - The company has cumulatively distributed dividends of 1.297 billion CNY since its A-share listing, with 372 million CNY distributed over the past three years [3]. Stock Market Activity - As of October 31, Shenzhou Taiyue's market capitalization stands at 23.685 billion CNY, with a trading volume of 113 million CNY and a turnover rate of 0.51% [1]. - The stock has increased by 4.79% year-to-date but has seen a decline of 1.63% over the last five trading days and 22.57% over the last 20 days [1]. Shareholder Information - As of October 20, the number of shareholders increased to 92,300, with an average of 19,985 circulating shares per shareholder, a decrease of 3.27% [2]. - The largest circulating shareholder is Huaxia Zhongzheng Animation Game ETF, holding 56.4599 million shares, an increase of 9.6514 million shares compared to the previous period [3].

毛利率有所下滑，24Q3 确认非经推高归母净利润基数公司25Q3 毛利率 56.17%，同比下降5.02pct，预 计主因高毛利的游戏业务占比下降。公司25Q3 销售/管理/研发费用率 12.89/19.32/6.09%，分别同比变 动-1.75/-5.05/0.7pct。此外，公司24Q3 非经常性损益增加，其中收回诉讼应收款后冲减计提的坏账准备 约2.5 亿元，推高净利润基数，25Q3无大额非经常损益，因此25Q3 净利润同比下滑幅度较大。 盈利预测与估值 公司25Q3 实现营业收入13.84 亿元，同比下降5.29%，环比增长1.7%；实现归母净利润2.15 亿元，同比 下降53.55%；实现扣非归母净利润2.08亿元，同比下降3.20%，环比下降20.6%。25Q3 归母净利润大幅 下滑，主因24Q3 收回诉讼应收款冲减以前计提的坏账准备导致利润基数较高，以及Q3 游戏业务收入及 净利润同环比有下滑。公司2025Q1-Q3 实现营业收入40.68 亿元，同比下降9.86%；实现归母净利润7.24 亿元，同比下降33.77%；实现扣非归母净利润6.96 亿元，同比下降16.42%。我们认为公司正处在新旧 ...

证券研究报告 神州泰岳 (300002 CH) 静待新游大规模推广后进展 2025 年 10 月 30 日│中国内地 文化娱乐 公司 25Q3 实现营业收入 13.84 亿元，同比下降 5.29%，环比增长 1.7%； 实现归母净利润 2.15 亿元，同比下降 53.55%；实现扣非归母净利润 2.08 亿元，同比下降 3.20%，环比下降 20.6%。25Q3 归母净利润大幅下滑，主 因 24Q3 收回诉讼应收款冲减以前计提的坏账准备导致利润基数较高，以及 Q3 游戏业务收入及净利润同环比有下滑。公司 2025Q1-Q3 实现营业收入 40.68 亿元，同比下降 9.86%；实现归母净利润 7.24 亿元，同比下降 33.77%； 实现扣非归母净利润 6.96 亿元，同比下降 16.42%。我们认为公司正处在新 旧动能转换的关键时期，25Q3 业绩短期承压，但长期看好公司出海 SLG 产品力与 AI 业务商业化落地。维持"买入"。 老游戏流水仍回落但降幅收窄，新游仍在调优中 公司存量游戏《Age of Origins》和《War and Order》在减少投放后流水自 然回落，但仍表现出较强的生命力，时代财 ...

业绩情况: 公司发布2025 年三季度业绩。2025 前三季度公司实现营收40.68亿元，yoy-9.86%；实现归母净利润7.24 亿元，yoy-33.77%；实现扣非净利润6.96 亿元，yoy-16.42%。 25 Q3，公司营收13.84 亿元，yoy-5.29%；归母净利润2.15 亿元，yoy-53.55%；扣非归母净利润2.08 亿 元，yoy-3.20%。 存量游戏稳定运营，新游戏发行在即 公司存量游戏《Age of Origins》和《War and Order》稳定运营。 8 月末，公司新游《Stellar Sanctuary》海外上线，据AppGrowing 统计，游戏上线后在欧美和东南亚地 区半个月保持单日500 以上的广告投放量级，越南地区的投放广告数位居第二位。《Next Agers》已在 美区Google Play 和App Store 上架。后续公司两款新游有望在国内上线。 此外，公司储备的三款SLG 游戏预计将于26 上半年展开测试。 "泰岳灯塔"及三大 AI 垂类产品发布，赋能多种行业场景公司于6 月10 日推出"太岳灯塔"AI 大模型应用 能力体系，包括三大垂类AI 产品 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to gradually reach an inflection point in performance driven by a new game cycle and AI commercialization [4] - Q3 revenue and net profit margins show signs of resilience despite previous declines, indicating potential for recovery [4] - The company has adjusted its product launch strategies and is seeing improved performance in core gaming products [4] Financial Summary - For Q1-Q3 2025, the company achieved revenue of 4.068 billion yuan, a year-on-year decrease of 9.86%, and a net profit of 724 million yuan, down 33.77% [4] - Q3 revenue was 1.384 billion yuan, with a year-on-year decline of 5.3%, while the net profit margin was 17.5%, down 6.5 percentage points [4] - The gross margin for Q1-Q3 2025 was 58.6%, a decrease of 3.4 percentage points year-on-year [4] Game Performance - The core games "Age of Origins" and "War and Order" have shown stable performance in the U.S. iOS market, with rankings improving over the months [5] - New SLG games "Stellar Sanctuary" and "Next Agers" are nearing commercialization, which is expected to contribute to revenue growth [5] AI Product Development - The company launched the intelligent voice robot avavox, which has significantly improved communication efficiency and reduced operational costs [6] - The global expansion of avavox is anticipated to provide additional revenue streams [6] Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 1.154 billion yuan, 1.724 billion yuan, and 2.604 billion yuan respectively, with corresponding P/E ratios of 20.6, 13.8, and 9.1 [4][7] - Revenue is expected to decline in 2025 but rebound significantly in 2026 and 2027, with growth rates of 36.4% and 28.9% respectively [7]