Core Viewpoint - The gaming sector continues to strengthen, with notable stock performances from various companies [1] Group 1: Company Performance - Xinghui Entertainment reached a 20% limit-up [1] - Perfect World previously hit a limit-up [1] - Other companies such as 37 Interactive Entertainment, Giant Network, Iceberg Network, Shenzhou Taiyue, and Kaiying Network also experienced gains [1] Group 2: ETF Performance - The gaming ETF Huatai Bairui (516770) increased by 3.83% [1] - The trading volume for the ETF was 30.11 million yuan [1]

Core Viewpoint - The gaming sector continues to strengthen, with notable stock performances from various companies and related ETFs showing positive trends [1] Group 1: Company Performance - Xinghui Entertainment reached a daily limit increase of 20% [1] - Perfect World previously hit a daily limit increase [1] - Other companies such as 37 Interactive Entertainment, Giant Network, Iceberg Network, Shenzhou Taiyue, and Kaiying Network also experienced upward movement [1] Group 2: ETF Performance - The Huatai-PB Gaming ETF (516770) rose by 3.83% [1] - The trading volume for the ETF was 30.11 million yuan [1]

Investment Rating - The investment rating for the company is "Buy" with an expectation of returns exceeding 10% relative to the CSI 300 index over the next six months [2][13]. Core Viewpoints - The company's revenue for the first half of 2025 was CNY 26.85 billion, a decrease of 12.05% year-on-year, while the net profit attributable to shareholders was CNY 5.09 billion, down 19.26% year-on-year [1][7]. - The mobile gaming business generated revenue of CNY 20.28 billion, a decline of 16.41% year-on-year, attributed to the maturation of two major products [7]. - The company is focusing on AI, cloud services, and ICT sectors, with a new model application system launched in 2025H1, enhancing operational efficiency and user experience [9]. - The company is positioned to benefit from the growth of its overseas mobile gaming business and the expansion of its AI and cloud services [9]. Financial Performance Summary - In 2025H1, the overall gross margin was 59.83%, down 2.48 percentage points year-on-year, while the net profit margin was 18.78%, down 1.63 percentage points year-on-year [1][7]. - The company’s total assets were CNY 6,802.77 million in 2023, projected to grow to CNY 12,839.62 million by 2027 [12]. - The projected net profit for 2025 is CNY 1.36 billion, with an expected EPS of CNY 0.69, corresponding to a PE ratio of 19.24 [10].

证券日报网讯神州泰岳（300002）9月11日在互动平台回答投资者提问时表示，截至2025年9月10日，公 司股东人数为98，828户。 ...

Group 1 - The company is focusing on the domestic market development and has obtained domestic licenses for new products "Stellar Sanctuary" and "Next Agers," which are nearing the end of commercial testing [2] - The company has developed mini-program versions specifically for the domestic market, which is expected to enhance market share upon launch [2] - The Indian market leads globally in download volume but has a low payment rate; if payment capabilities improve in the future, it will become a key area of focus for the company [2]

Core Viewpoint - Shenzhou Taiyue's stock price has shown fluctuations with a year-to-date increase of 20.54%, while recent financial performance indicates a decline in revenue and net profit for the first half of 2025 [1][2]. Company Overview - Shenzhou Taiyue Software Co., Ltd. was established on May 18, 2001, and listed on October 30, 2009. The company is based in Beijing and operates in various sectors including telecommunications, IoT, AI, big data, and mobile gaming [1]. - The company's revenue composition is as follows: gaming (75.53%), AI/ICT operations management (19.89%), IoT/communications (2.04%), innovative services (1.99%), and others (0.55%) [1]. Financial Performance - For the first half of 2025, Shenzhou Taiyue reported a revenue of 2.685 billion yuan, a year-on-year decrease of 12.05%, and a net profit attributable to shareholders of 509 million yuan, down 19.26% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.297 billion yuan, with 372 million yuan distributed over the last three years [3]. Shareholder Information - As of August 29, 2025, the number of shareholders decreased to 100,000, a reduction of 2.38%, while the average circulating shares per person increased by 2.44% to 18,471 shares [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 56.3593 million shares, a decrease of 5.95812 million shares from the previous period [3].

Summary of Shenzhou Taiyue Conference Call Company Overview - Shenzhou Taiyue focuses on self-developed SLG (Simulation and Strategy Games) for over 10 years, maintaining a market share within the top ten, with SLG game revenue accounting for over 80% of total income and contributing even higher profits [2][3]. Industry Insights - The SLG market is the largest category in overseas markets, with a market size of approximately 100 billion RMB, experiencing a year-on-year growth of 20% in the first half of 2025 [3]. - The SLG sector has seen significant development and user expansion, with a current download share of only 1.6%, indicating substantial room for growth compared to other casual games [4]. - The competitive landscape in the SLG sector is relatively fragmented, allowing for the development of multiple successful companies, unlike more concentrated categories such as MOBA [4]. Future Development Expectations - Shenzhou Taiyue is expected to enter a major cycle from 2025 to 2027, transitioning from product launches to revenue and profit growth. The revenue model for SLG games shows a ramp-up period of 1 to 3 years post-launch, followed by a profit release period from the 3rd to the 10th year [5][6]. - The company anticipates that new products launched in the fourth quarter of 2025 will drive revenue and profit growth over the next 3 to 5 years [6]. New Product Pipeline - Shenzhou Taiyue has five new products in the pipeline, including two major titles (code-named DL and LAV) expected to launch at the end of September and October respectively. Additionally, there are three more titles: city-building with apocalypse themes, ice and snow with apocalypse themes, and a gangster-themed game [7]. - The ice and snow apocalypse-themed game is being developed by the Sunrise City team and is expected to be released next year. The quantity and quality of these new products are seen as a solid foundation for the company's future growth [7]. Valuation and Investment Recommendations - The current valuation of Shenzhou Taiyue is considered reasonable, with a positive outlook on its long-term growth potential. Given the ongoing performance of the A-share gaming sector, it is recommended to actively monitor Shenzhou Taiyue and anticipate performance growth driven by new product launches [8].

Core Insights - The domestic gaming industry in China has shown a strong recovery in the first half of the year, with actual sales revenue reaching 168 billion yuan, a year-on-year increase of 14.08% [1] - The number of gaming users has also reached a historical high of 679 million, growing by 0.72% year-on-year [1] - The issuance of gaming licenses remains high, with 766 domestic online games approved in the first half of the year, a 21.97% increase compared to the same period in 2024 [2] Industry Performance - The gaming market is entering a phase of stock competition, with a significant disparity between companies holding popular products and those facing revenue pressures [2] - Among A-share and Hong Kong-listed gaming companies, 10 reported declines in both revenue and profit, while several others faced revenue declines or "increased revenue without increased profit" [2] Company Performance - Century Huatong leads the A-share gaming companies with a revenue of 17.2 billion yuan, up 85.5%, and a net profit of 2.656 billion yuan, up 129.33% [7] - Tencent and NetEase continue to dominate the market, with Tencent's domestic gaming revenue at 83.3 billion yuan and NetEase's at 51.6 billion yuan in the first half of the year [5] - 37 Interactive Entertainment reported a revenue decline of 8.08% to 8.486 billion yuan, but its net profit increased by 10.72% to 1.4 billion yuan [9][10] - Perfect World achieved a revenue of 3.691 billion yuan, a 33.74% increase, and turned a profit with a net profit of 503 million yuan [15][17] - Kunlun Wanwei's revenue reached 3.733 billion yuan, a 49.23% increase, but it reported a net loss of 856 million yuan [14] - G-bits reported a revenue of 2.518 billion yuan, up 28.49%, and a net profit of 645 million yuan, up 24.5% [18] Market Trends - The gaming industry is shifting towards high-quality game development and international expansion, moving away from imitation and low-quality products [4] - Companies are focusing on cost reduction and efficiency improvements to enhance profitability amid rising sales costs and market competition [18]

Industry Overview - The domestic gaming industry in China showed a strong recovery in the first half of the year, with actual sales revenue reaching 168 billion yuan, a year-on-year increase of 14.08%, marking a new high [1] - The number of gaming users reached nearly 679 million, a year-on-year growth of 0.72%, also a historical peak [1] - The issuance of gaming licenses remained high, with 766 domestic online games receiving licenses in the first half of the year, a 21.97% increase compared to the same period in 2024 [2] Market Competition - The gaming market has entered a phase of stock competition, with a growing disparity between companies holding popular products and those facing revenue pressures [2] - Among A-share and Hong Kong-listed gaming companies, 10 reported declines in both revenue and profit, while several others faced year-on-year revenue declines or "increased revenue without increased profit" [2] Company Performance - Century Huatong led the A-share gaming companies with a revenue of 17.2 billion yuan, up 85.5% year-on-year, and a net profit of 2.656 billion yuan, up 129.33% [7] - Tencent and NetEase continued to dominate the gaming market, with Tencent's domestic gaming revenue reaching 83.3 billion yuan and NetEase's gaming revenue at 51.6 billion yuan in the first half of the year [6] - 37 Interactive Entertainment reported a revenue of 8.486 billion yuan, down 8.08% year-on-year, but its net profit increased by 10.72% to 1.4 billion yuan [11] - Perfect World achieved a revenue of 3.691 billion yuan, up 33.74%, and turned a profit with a net profit of 503 million yuan [17] Cost Management and Strategy - Companies are focusing on cost management and efficiency improvements to counteract rising sales costs and the peak of user acquisition benefits [3][17] - Perfect World and G-bits have implemented strategies to reduce costs significantly, with G-bits' sales expenses halving, contributing to their profitability [17][18] - The gaming industry is shifting towards high-quality game development and international expansion, moving away from the previous reliance on imitation and low-quality games [4] Challenges and Future Outlook - Companies face challenges in product lifecycle management, with several major titles reaching maturity and new releases not yet stabilizing [13][15] - The need for continuous innovation and the development of new hit games is critical for maintaining market position and profitability [15][18]

Core Viewpoint - The company Shenzhou Taiyue has launched the "Taiyue Lighthouse" AI model application capability system, which aims to transform AI from a technical concept into business effectiveness through a comprehensive support framework [2]. Group 1: AI Model Application - Shenzhou Taiyue has developed the "Taiyue Lighthouse" system, which includes various AI applications such as the digital employee avavox (AI Voice Agent), the "Yueqing" intelligent IT operation model, and the "Taiyue Taidou" security model [2]. - The "Taiyue Lighthouse" serves as an intelligent hub connecting general AI models with industry applications, featuring a structure of "1 AI dual-core engine, 1 vertical intelligent body matrix, and N industry empowerment solutions" [2]. - The primary application customers for the "Taiyue Lighthouse" are telecommunications operators [2].