Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported strong revenue growth and significant profit increase in Q3 2024, with total revenue reaching 4.514 billion yuan, a year-on-year increase of 11.42%, and net profit attributable to shareholders of 1.094 billion yuan, up 94.33% year-on-year [1] - The gaming business remains robust, with core mobile games continuing to perform well, and new games set to launch by the end of the year, which are expected to support future revenue growth [1] - The company has upgraded its cloud service brand and is actively exploring AI technology, enhancing its operational capabilities and expanding its customer base globally [1] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 4.514 billion yuan, with a net profit of 1.094 billion yuan, reflecting a 94.33% increase year-on-year [1] - The Q3 2024 revenue was 1.461 billion yuan, a 4.53% increase year-on-year, while net profit for the quarter was 463 million yuan, up 191.43% year-on-year [1] - The company expects net profits for 2024-2026 to be 1.365 billion yuan, 1.419 billion yuan, and 1.625 billion yuan respectively, with corresponding EPS of 0.70, 0.72, and 0.83 yuan [1][2] Business Segments - The gaming segment is driven by established titles like "City of the Rising Sun" and "War Fire and Order," which continue to rank in the top 30 of China's mobile games [1] - The company plans to launch two new games in the "SLG + simulation management" category by the end of the year, which are expected to contribute to future growth [1] - The cloud service division has signed over 90 new customers this year and has expanded its services to more than 40 countries [1] Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 20, 19, and 16 respectively, indicating a favorable valuation outlook [2][6] - The company’s revenue is expected to grow at a CAGR of approximately 11.05% from 2024 to 2026 [7]

证券代码：300002 证券简称：神州泰岳 北京神州泰岳软件股份有限公司 投资者关系活动记录表 编号：2024-006 | --- | --- | --- | |----------------|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Summary of the Conference Call Company Overview - The conference call is regarding Shenzhou Taiyue's Q3 performance for 2024, highlighting financial results and future strategies. Key Financial Highlights - Total revenue for the first three quarters reached 4.514 billion CNY, a year-on-year increase of 11.42% [1] - Scale profit for the same period was 1.094 billion CNY, up 94.33% year-on-year [1] - Q3 scale profit was 463 million CNY, reflecting a 191.43% increase year-on-year and a 37.42% quarter-on-quarter growth [1] - Marketing expenses decreased by approximately 18% quarter-on-quarter, contributing to profit growth [2] Gaming Business Insights - The gaming revenue remains stable across different tiers, supported by demand and performance of existing titles [1] - The company plans to release two new SLG games in Q4, focusing on sci-fi and civilization themes, with one already approved for domestic release [3] - The existing games, "Xuri" and "Zhanhuo," have shown stable revenue performance, with "Zhanhuo" maintaining a revenue range of 12 to 13 million USD [5][6] Management and Operational Strategies - Management expenses increased due to legal settlements, but this is not expected to be a recurring issue [9][10] - The company emphasizes long-term product lifecycle management, with a focus on maintaining stable revenue from mature products [5][11] - The team sizes for "Xuri" and "Zhanhuo" are approximately 50 and 40 members, respectively, indicating a strong commitment to ongoing updates and support for these titles [22] Market and Competitive Landscape - The SLG market is described as vibrant, with new products capable of significantly expanding market space [14][15] - The company is cautious about competition, noting that successful new products often come from established teams with extensive experience in the SLG genre [15][16] - The company is exploring new gameplay mechanics and themes to differentiate its offerings and attract a broader audience [29][30] Future Outlook - The company is optimistic about Q4 performance, expecting strong contributions from seasonal business and stable gaming revenue [18] - There is a strategic focus on balancing marketing investments with expected returns, particularly for new game launches [20] - The company is also exploring AI and cloud services as part of its growth strategy, leveraging existing customer relationships [34][35] Additional Considerations - The company is open to exploring mergers and acquisitions but emphasizes organic growth through product development and market expansion [32][33] - There is ongoing development of non-SLG games, indicating a diversification strategy to capture different segments of the gaming market [37]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has continued to show high growth in Q3, with a focus on the performance of new game launches [1] - For the first three quarters of 2024, the company achieved operating revenue of 4.514 billion yuan (up 11.42% year-on-year) and a net profit attributable to shareholders of 1.094 billion yuan (up 94.33% year-on-year) [3] - The growth in net profit for Q3 was primarily due to the recovery of approximately 245 million yuan from litigation receivables, which offset previously provisioned bad debts [3] - The company is optimistic about the performance of new games and AI-related businesses driving future growth, leading to an upward revision of profit forecasts for 2024-2026 [3] Financial Performance Summary - In Q3 2024, the company reported operating revenue of 1.461 billion yuan (up 4.53% year-on-year) and a net profit of 463 million yuan (up 191.43% year-on-year, up 37.72% quarter-on-quarter) [3] - The gross margin for Q3 2024 was 61.19% (down 2.13 percentage points year-on-year, up 0.15 percentage points quarter-on-quarter) [4] - The company expects net profits for 2024, 2025, and 2026 to be 1.374 billion yuan, 1.414 billion yuan, and 1.629 billion yuan respectively, with corresponding EPS of 0.70 yuan, 0.72 yuan, and 0.83 yuan [3][6] New Game Launches and AI Business - The company is set to launch two new SLG games, "Code DL" and "Code LOA," overseas by the end of 2024, which are expected to contribute to long-term performance growth [5] - The company is also leveraging AI technology in various applications, which may open new growth opportunities in its computer business and enhance efficiency in its gaming operations [5]

北京神州泰岳软件股份有限公司 章 程 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下 简称"公司"）。 公司经北京市人民政府经济体制改革办公室京政体改股函［2002］7 号文《关 于同意北京神州泰岳软件有限公司变更为北京神州泰岳软件股份有限公司的通知》 批准，由原北京神州泰岳软件有限公司全体股东共同作为发起人，以原北京神州泰 岳软件有限公司账面净资产整体折股进行整体变更的方式设立，在北京市海淀区市 场 监 督 管 理 局 登 记 注 册 ， 取 得 营 业 执 照 。 统 一 社 会 信 用 代 码 ： 91110000802090167W。 第三条 公司于 2009 年 9 月 20 日经中国证券监督管理委员会核准，首次向社 会公众发行人民币普通股 3,160 万股，于 2009 年 10 月 30 日在深圳证券交易所创业 板上市。 第四条 公司注册名称：北京神州泰岳软件 ...

证券代码：300002 证券简称：神州泰岳 公告编号：2024-046 北京神州泰岳软件股份有限公司 第八届董事会第二十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 北京神州泰岳软件股份有限公司（以下简称"公司"）第八届董事会第二十五 次会议于2024年10月28日在公司会议室以现场结合通讯的方式召开，会议通知于 2024年10月23日以邮件方式送达。应参加董事6人，实际参加董事6人，部分高级 管理人员列席了本次会议，本次会议的召开符合法律、行政法规、部门规章和公 司章程的有关规定。会议由公司董事长冒大卫先生主持，与会董事认真审议，形 成如下决议： 一、 审议通过《关于<公司 2024 年第三季度报告>的议案》 公司董事会经审议认为：公司2024年第三季度报告全文所载资料内容真实、 准确、完整地反映了公司2024年第三季度的实际经营情况，不存在任何虚假记载、 误导性陈述或者重大遗漏。 公司2023年限制性股票激励计划第一个归属期规定的归属条件已经成就，公 司按照激励计划的相关规定为符合条件的激励对象办理归属相关事宜。本次股票 归属将使公司注 ...

北京神州泰岳软件股份有限公司 证券代码：300002 证券简称：神州泰岳 公告编号：2024-048 关于变更注册资本并修订《公司章程》的公告 特此公告。 北京神州泰岳软件股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 北京神州泰岳软件股份有限公司（以下简称"公司"）于2024年10月28日召开 了公司第八届董事会第二十五次会议，审议通过了《关于变更注册资本并修订< 公司章程>的议案》等议案。 根据《上市公司股权激励管理办法》《公司2023年限制性股票激励计划（草 案）》等相关规定及2023年第一次临时股东大会对董事会的授权，董事会同意为 符合条件的激励对象办理归属相关事宜，本次股票归属将使公司注册资本、总股 本发生相应变动，公司总股本由1,961,091,984股增加至1,962,564,954股，注册资 本由人民币1,961,091,984元增加至1,962,564,954元。 基于上述事项的变更，公司对《公司章程》的相关条款进行相应修订。根据 公司2023年第一次临时股东大会的授权，本次变更注册资本并修改《公司章程》 事宜无需再次提交股东大 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,460,916,729.98, representing a 4.53% increase compared to the same period last year[1]. - Net profit attributable to shareholders was ¥214,658,348.29, marking a 38.19% increase year-over-year[1]. - Basic earnings per share (EPS) increased by 189.61% to ¥0.2369, while diluted EPS rose by 189.11% to ¥0.2362[1]. - The weighted average return on equity (ROE) improved to 7.03%, up from 2.99% in the previous year[1]. - The total operating revenue for the third quarter reached CNY 4,513,572,455.84, an increase of 11.43% compared to CNY 4,051,041,446.32 in the same period last year[20]. - The net profit attributable to shareholders of the parent company was CNY 1,093,682,043.93, up 94.19% from CNY 562,789,810.62 in the previous year[21]. - The total comprehensive income for the period was CNY 1,079,383,154.86, compared to CNY 554,514,495.75, representing a growth of 94.96%[22]. Assets and Liabilities - Total assets at the end of the reporting period were ¥7,823,703,402.93, reflecting a 15.01% increase from the previous year-end[1]. - The total current assets increased to approximately 4.81 billion, up from 3.80 billion, representing a growth of about 26%[17]. - The total non-current assets increased to approximately 3.01 billion from 2.99 billion, showing a growth of about 0.9%[18]. - The total liabilities decreased to CNY 981,646,804.02 from CNY 1,016,010,141.45, reflecting a reduction of 3.39%[21]. - The company's short-term borrowings decreased to approximately 15.01 million from 20.02 million, a reduction of about 25%[18]. - The accounts payable decreased to approximately 347.78 million from 385.53 million, a decline of about 10%[18]. Cash Flow - The company's cash flow from operating activities increased significantly by 99.32% to ¥1,237,355,120.31[1]. - The cash flow from operating activities totaled CNY 4,459,899,195.17, up from CNY 3,555,586,947.09, indicating a growth of 25.38%[23]. - The net cash flow from operating activities for Q3 2024 was ¥1,237,355,120.31, compared to ¥620,794,063.78 in Q3 2023, representing an increase of approximately 99.0%[24]. - The cash inflow from investment activities was ¥3,054,496,217.97, significantly higher than ¥1,471,133,901.75 in the same period last year, marking an increase of approximately 107.5%[24]. - The cash outflow for investment activities was ¥4,634,076,235.65, compared to ¥2,111,789,183.17 in Q3 2023, indicating an increase of about 119.5%[24]. - The cash inflow from the recovery of investments was ¥3,020,257,449.02, compared to ¥1,468,713,115.02 in Q3 2023, reflecting an increase of approximately 105.0%[24]. Expenses - Sales expenses decreased by 31.34% to ¥763,992,946.65 due to a reduction in promotional costs[8]. - Management expenses increased by 46.14% to ¥855,428,059.67 primarily due to higher employee compensation[8]. - The company reported a decrease in sales expenses to CNY 763,992,946.65 from CNY 1,112,730,393.76, a reduction of 31.25%[21]. - Research and development expenses amounted to CNY 271,950,775.65, which is an increase of 10.67% from CNY 246,932,268.98 in the previous year[21]. Shareholder Information - Total number of common shareholders at the end of the reporting period was 91,023[11]. - The largest shareholder, Li Li, holds 8.77% of shares, totaling 172,191,092 shares[11]. - The company distributed dividends amounting to ¥118,065,320.91, an increase of 98.41% compared to the previous period[10]. - The company reported a total of 144.69 million restricted shares at the end of the period, an increase of 2.79 million from the previous period[14]. Other Financial Adjustments - The company has adjusted its accounting treatment of certain government subsidies, now classifying them as regular income[2]. - The company received approximately 245 million from a settlement with Datang Semiconductor and Datang Microelectronics, enhancing its financial position[15]. - The impact of exchange rate changes on cash and cash equivalents was a decrease of ¥14,621,779.04[10]. - The cash flow impact from exchange rate changes was -¥14,621,779.04, contrasting with a positive impact of ¥43,167,645.47 in the previous year[24].

财务管理制度 北京神州泰岳软件股份有限公司 财务管理制度 （2024 年 10 月修订） 第一章 总 则 第一条 为加强北京神州泰岳软件股份有限公司（以下简称"公司"）财务 管理工作，规范财务行为，防范财务风险，健全内部管理机制，保护公司、股东 及相关方的合法权益，根据《中华人民共和国公司法》、《中华人民共和国会计法》、 《企业会计准则》等相关法律、法规和《公司章程》的有关规定，结合公司实际 情况，制定本制度。 第二条 本制度为公司财务管理的基本制度，在募集资金管理、关联交易、 对外担保、对外投资等各专项领域，可根据相关法律、法规拟定各项管理制度、 实施细则等，经审议通过后执行。 第三条 本制度适用于公司、分公司及下属全资、控股子公司（以下简称 "子公司"）的财务管理工作，各子公司可根据本制度制定具体的实施细则，经 审议通过后执行，并报公司财务部备案，参股公司可以参照执行。 第二章 财务管理体制及机构设置 第八条 公司设置财务部，财务部在财务总监的领导下开展工作，负责开展 公司财务管理和会计核算的各项具体工作。公司财务部根据财务管理和会计核算 需求设置财务会计工作岗位。财务部岗位设置应当严格执行不相容职务相分 ...

关于全资子公司有关诉讼事项进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：300002 证券简称：神州泰岳 公告编号：2024-045 北京神州泰岳软件股份有限公司 特别提示： 1.案件所处的诉讼（仲裁）阶段：执行中。 2023年12月、2024年4月，公司陆续收到50个涉诉案件民事判决书，一审判 决金额合计约37,953.12万元（不包括案件受理费、保全费、公告费等）及利息， 其中，大唐半导体、大唐微电子在对应案件中实利通和的应付款项不能返还部分 的二分之一向泰岳系统集成承担赔偿责任。相关内容请见公司分别于2023年12月 6 日 、 2023 年 12 月 8 日 、 2023 年 12 月 9 日 、 2024 年 5 月 6 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）上披露的《关于全资子公司有关诉讼事项进展的公告》（公 告编号：2023-037、2023-038、2023-039、2024-020）。 2.上市公司所处的当事人地位：一审原告。 3.涉案的金额：北京神州泰岳软件股份有限公司（以下简称"公司"） ...