Summary of Stella Sanctuary Conference Call Industry and Company Overview - The conference call discusses **Stella Sanctuary**, a game that combines simulation management and SLG (Strategy Game) elements, set in a sci-fi pixel art style environment, focusing on home building and exploration [2][4]. Core Points and Arguments - **Game Mechanics**: Stella Sanctuary features a mature 4X SLG structure, emphasizing home construction, exploration, and user-friendly onboarding for new players, differentiating itself from other games in the frozen apocalypse genre [2][4]. - **Combat Strategy**: The game includes large map exploration, PVPVE events, and various combat strategies such as unit type advantages and skill combinations, appealing to both traditional SLG players and casual gamers [5][6]. - **User Experience**: The game offers a variety of content to enhance user experience, including automated management features and a detailed onboarding process that reduces entry barriers for new players [6][14]. - **Monetization Strategy**: Commercialization is achieved through various means such as passes, gift packs, construction acceleration, and hero recruitment, with base decorations evolving as the central hub upgrades [2][6][13]. - **Hero Design**: Stella Sanctuary has a unique equipment system where equipment is produced by a manufacturing building, categorized into different levels, with SSR heroes having exclusive equipment slots available for purchase [11][12]. Additional Important Content - **Diverse Gameplay**: The game includes various side activities such as planetary arenas, relic trials, resource gathering, and transportation, which enhance gameplay variety and extend the game's lifecycle [9][10]. - **Player Engagement**: The alliance battle design is lightened, allowing most activities to be managed automatically, reducing psychological pressure on players, while still catering to more engaged PVP players [6][7]. - **Comparison with Competitors**: Stella Sanctuary's combat experience is more simulated compared to competitors like Last Word, which requires manual control, thus providing a different gameplay feel [8][10]. - **Payment Structure**: The game features a range of payment options from $2.99 to $99.99, including growth and convenience payments, with significant options for players looking to enhance their experience through in-game purchases [13][15]. - **User Demographics**: The game targets a broad audience, particularly appealing to female and casual players through its light-hearted theme and engaging graphics, while also accommodating hardcore SLG enthusiasts [16]. This summary encapsulates the key aspects of Stella Sanctuary as discussed in the conference call, highlighting its unique features, gameplay mechanics, and market positioning.

Market Overview - On September 17, the gaming sector rose by 2.02%, with Kaiying Network leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Notable gainers included: - Xinying Network (002517) with a closing price of 28.06, up 9.01% and a trading volume of 563,800 shares, totaling 1.514 billion yuan [1] - Giant Network (002558) closed at 45.38, up 4.49% with a trading volume of 459,700 shares, totaling 2.076 billion yuan [1] - Xunyou Technology (300467) closed at 25.66, up 4.44% with a trading volume of 180,400 shares, totaling 453 million yuan [1] Fund Flow Analysis - The gaming sector experienced a net outflow of 637 million yuan from institutional investors, while retail investors saw a net inflow of 330 million yuan [2][3] - Key stocks with significant fund flows included: - Shenzhou Taiyue (300002) with a net inflow of 141 million yuan from institutional investors [3] - Perfect World (002624) saw a net inflow of 95.9 million yuan from institutional investors [3] ETF Performance - The Gaming ETF (159869) tracking the China Animation and Gaming Index saw a 4.78% increase over the past five days, with a net outflow of 44.875 million yuan [5] - The Food and Beverage ETF (515170) experienced a decline of 1.63% over the past five days, with a net outflow of 17.845 million yuan [5]

Core Viewpoint - Shenzhou Taiyue's stock price increased by 5.02% to 15.06 CNY per share, with a trading volume of 1.621 billion CNY and a turnover rate of 6.00%, resulting in a total market capitalization of 29.626 billion CNY [1] Group 1: Company Overview - Shenzhou Taiyue Software Co., Ltd. was established on May 18, 2001, and listed on October 30, 2009 [1] - The company is located in Chaoyang District, Beijing, and its main business areas include operator services, IoT and communications, artificial intelligence and big data, mobile gaming, and innovative services [1] - The revenue composition of the company is as follows: gaming 75.53%, AI/ICT operation management 19.89%, IoT/communications 2.04%, innovative services 1.99%, and others 0.55% [1] Group 2: Shareholder Information - Among the top ten circulating shareholders of Shenzhou Taiyue, a fund under Southern Fund holds a significant position [2] - The Southern CSI 500 ETF (510500) increased its holdings by 3.817 million shares in the second quarter, bringing its total to 29.1622 million shares, which accounts for 1.58% of the circulating shares [2] - The estimated floating profit from this investment is approximately 20.9968 million CNY [2] Group 3: Fund Manager Profile - The fund manager of Southern CSI 500 ETF (510500) is Luo Wenjie, who has a cumulative tenure of 12 years and 152 days [3] - The total asset size of the fund is 138.999 billion CNY, with the best fund return during his tenure being 146.27% and the worst being -47.6% [3]

Group 1 - The A-share market's online gaming sector experienced a significant upward trend, with notable stocks such as Beiwai Technology hitting the daily limit, and Kaiying Network approaching the daily limit while reaching a new high [1] - Giant Network saw an increase of over 4%, indicating strong performance within the sector [1] - Other companies including Xunyou Technology, Shenzhou Taiyue, Iceberg Network, Perfect World, and 37 Interactive Entertainment also showed positive movement, contributing to the overall growth of the online gaming sector [1]

Summary of the Conference Call Company and Industry Overview - **Company**: 神州泰岳 (Shenzhou Taiyue) - **Industry**: Digital Employee Solutions, AI Technology Key Points and Arguments 1. **Introduction of AvaBox**: 神州泰岳 launched AvaBox, a digital employee solution aimed at enhancing service quality and efficiency through voice technology, utilizing a pay-as-you-go model to reduce costs for businesses [2][3] 2. **Market Potential**: The global digital employee market is vast, with increasing valuations of overseas competitors, validating the necessity for 神州泰岳's entry into this field starting July 2024 [2][6] 3. **Product Positioning**: AvaBox is designed to serve various roles such as HR, customer service, and sales, allowing businesses to reduce costs and improve efficiency through on-demand and pay-per-use features [3][4] 4. **Technological Integration**: The company combines large and small models in high-compliance scenarios like financial services, ensuring security and accuracy during processes such as securities account opening [4][10] 5. **Global Strategy**: 神州泰岳 plans to expand globally, focusing on compliance and local market needs, leveraging China's strong software development capabilities [2][6][18] 6. **Standardization and AI Adoption**: Upbox is positioned as a standardized product benefiting from AI proliferation, requiring no additional market education [2][9] 7. **Focus on Efficiency**: The emphasis is on creating standardized, on-demand products that enhance employee efficiency and competitiveness for businesses [7][21] 8. **Recent Achievements**: Over the past year, the company has successfully implemented a TO C approach for TO B business, enabling low-cost, online access to digital employees [8] 9. **Market Environment**: The digital employee sector is experiencing significant growth, with competitors' valuations rising sharply, indicating a robust market opportunity [6][17] 10. **Challenges in Domestic Market**: The domestic market is highly competitive, with lower user willingness to pay, prompting a strategic shift towards overseas markets for better profitability [18] Additional Important Insights 1. **Product Development Goals**: The aim is to create a globally applicable software application that addresses business pain points, particularly in talent management and cost efficiency [12] 2. **Innovation in Technology**: 神州泰岳 focuses on intelligent dialogue and AI voice technology, optimizing underlying architecture to enhance operational efficiency [13][14] 3. **Differentiation from Competitors**: The company leverages its industry know-how and tailored small models to meet specific client needs, distinguishing itself from competitors [15] 4. **Future Plans**: In the next three years, the company aims to enhance its technology, product offerings, and commercial strategies to become a top player in the industry [21][22] 5. **Customer Engagement**: Continuous product iteration and customer feedback are prioritized to ensure the solution meets diverse business needs [19] 6. **E-commerce Solutions**: The company provides solutions to enhance customer service experiences during peak shopping periods, such as Double Eleven, through digital employees [20][25] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's focus on innovation, market expansion, and customer-centric solutions in the digital employee sector.

格隆汇9月16日丨神州泰岳(300002.SZ)在投资者互动平台表示，如前期回复，公司未与三大运营商合作 开发ESIM支付系统。公司旗下泰岳小漫推出的新品FiRoam eSIM为跨境人群、海外用户提供跨境数据 流量服务，支持eSIM手机及其他eSIM硬件。作为面向海外市场新品之一，我们期望新品FiRoam eSIM 能为公司带来增量业务。 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [1]. Core Insights - The performance of A-share game companies in H1 2025 is strong, driven by two innovative game categories: "Micro Horror Search and Fight" and "Overseas SLG" [2]. - "Micro Horror Search and Fight" is expected to become a long-lasting game with a high profit margin, enhancing the performance of companies like Giant Network [2]. - The overseas SLG market is entering a new expansion cycle, with leading companies showing significant advantages [2]. Summary by Sections 1. Micro Horror Search and Fight: Long-lasting Games with High DAU - The "Search and Fight" category creates a loop of investment, risk, and return, making players addicted through high failure penalties and strong victory rewards [10]. - The game "Supernatural Action Group" targets the casual social and female-oriented segment, with no current competitors in the market, indicating potential for sustained growth [2][20]. - The female gaming market is projected to reach 8 billion yuan in 2024, growing by 124.1% year-on-year, highlighting the increasing importance of female players [11]. 2. Overseas SLG: New Expansion Cycle in the Industry - The overseas SLG mobile game market is expected to reach $124.64 billion in 2024 and $73.08 billion in H1 2025, with year-on-year growth of 17% and 25% respectively [43]. - Chinese companies are projected to generate $185.57 billion in overseas revenue in 2024, with strategy games accounting for 41.38% of the top 100 games [43]. - SLG games have high user value, with the average revenue per download (RPD) for 4X SLG being 8-9 times higher than the overall mobile game level [44]. 3. Major Companies - Giant Network is expected to benefit significantly from "Supernatural Action Group," which could lead to a "Davis Double" effect, enhancing both revenue and valuation [71].

（记者 王瀚黎） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司到底有没有Esim业务？ 神州泰岳（300002.SZ）9月16日在投资者互动平台表示，如前期回复，公司未与三大运营商合作开发 ESIM支付系统。公司旗下泰岳小漫推出的新品FiRoam eSIM为跨境人群、海外用户提供跨境数据流量 服务，支持eSIM手机及其他eSIM硬件。作为面向海外市场新品之一，我们期望新品FiRoam eSIM能为 公司带来增量业务。 ...

Core Viewpoint - The gaming sector continues to show strong performance, with significant gains in stock prices and a robust increase in game approvals, indicating a positive outlook for the industry. Group 1: Stock Performance - The gaming sector saw notable stock price increases, with companies like Xinghui Entertainment and Perfect World hitting the daily limit up, while others like 37 Interactive Entertainment and Giant Network also experienced gains [1] - The gaming ETF rose over 4%, with the Huatai-PB gaming ETF increasing by 3.5%, and both ETFs showing over 58% growth year-to-date [2][4] Group 2: Game Approvals and Market Growth - From January to August, the National Press and Publication Administration reported a 23.53% year-on-year increase in the issuance of domestic online game licenses, reflecting ongoing regulatory support for the gaming industry [6] - In August, a record number of 166 domestic games and 7 imported games were approved, contributing to a total of 1,119 game licenses issued from January to August, marking a 20.8% year-on-year increase [9][10] Group 3: Game Releases and Performance - Domestic mobile games are thriving, with the upcoming launch of "Iser" by Xindong Company generating significant anticipation, ranking 4th on Taptap's reservation list [7] - Giant Network's "Supernatural Action Group" has seen a rise in rankings and revenue following the introduction of new gameplay features, indicating strong ongoing performance [7] - Several mobile games from Century Huatong's subsidiary, including "Whiteout Survival," achieved record revenues in August, contributing to a 11% month-on-month increase in global revenue for the subsidiary [8] Group 4: Industry Outlook - Open Source Securities suggests that the gaming industry will continue to experience high demand and a favorable supply-demand dynamic, with the current valuation offering attractive investment opportunities [9] - Guoxin Securities highlights that the gaming market's revenue grew steadily in the first seven months, with a positive outlook driven by policy support, market conditions, and AI applications [9][10]

截至发稿，李庆阳累计任职时间1年227天，现任基金资产总规模59.97亿元，任职期间最佳基金回报 125.66%， 任职期间最差基金回报25.12%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，博时基金旗下1只基金重仓神州泰岳。博时中证传媒指数发起式A（020183）二季度减持 1200股，持有股数4.93万股，占基金净值比例为3.32%，位居第十大重仓股。根据测算，今日浮盈赚取 约3.7万元。 博时中证传媒指数发起式A（020183）成立日期2024年3月5日，最新规模1318.48万。今年以来收益 30.76%，同类排名1460/4222；近一年收益69.75%，同类排名1219/3802；成立以来收益34.15%。 博时中证传媒指数发起式A（020183）基金经理为李庆阳。 9月15日，神州泰岳涨5.43%，截至发稿，报14.56元/股，成交10.94亿元，换手率4.16%，总市值286.42 亿元。 资料显示，北京神州泰岳软件股 ...