格隆汇9月15日｜游戏板块持续走强，其中，星辉娱乐20cm涨停，完美世界此前涨停，三七互娱、巨人 网络、冰川网络、神州泰岳、恺英网络跟涨。 相关ETF方面，游戏ETF华泰柏瑞（516770）涨3.83%，成交额3011.15万元。 ...

游戏板块持续走强，星辉娱乐20cm涨停，完美世界此前涨停，三七互娱、巨人网络、冰川网络、神州 泰岳、恺英网络跟涨。相关ETF方面，游戏ETF华泰柏瑞（516770）涨3.83%，成交额3011.15万元。 ...

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。 ...

（文章来源：每日经济新闻） 神州泰岳（300002.SZ）9月11日在投资者互动平台表示，公司一直关注国内市场的开发，进入商业化测 试尾声的新品《Stellar Sanctuary》《Next Agers》均已获得国内版号，且专门为国内市场开发了小程序 版本，国内上线后有望提升市场占有率。印度市场在下载量方面全球占比领先，但付费率过低；若未来 该市场付费能力提升，将成为我们重点关注的区域。 每经AI快讯，有投资者在投资者互动平台提问：国内和印度市场是游戏产业未来不可或缺的最重要市 场，请问公司在这两个市场做了哪些市场拓展？ ...

9月10日，神州泰岳盘中上涨2.06%，截至09:43，报13.85元/股，成交1.88亿元，换手率0.75%，总市值 272.45亿元。 资金流向方面，主力资金净流出473.48万元，特大单买入450.58万元，占比2.40%，卖出439.77万元，占 比2.34%；大单买入2300.65万元，占比12.24%，卖出2784.94万元，占比14.81%。 神州泰岳今年以来股价涨20.54%，近5个交易日涨1.99%，近20日跌3.28%，近60日涨25.23%。 资料显示，北京神州泰岳软件股份有限公司位于北京市朝阳区北苑路甲13号院1号楼22层，成立日期 2001年5月18日，上市日期2009年10月30日，公司主营业务涉及运营商业务、物联网与通信、人工智能 与大数据、手机游戏及创新业务等。主营业务收入构成为：游戏75.53%，AI/ICT运营管理19.89%，物 联网/通讯2.04%，创新服务1.99%，其他(补充)0.55%。 神州泰岳所属申万行业为：传媒-游戏Ⅱ-游戏Ⅲ。所属概念板块包括：职业教育、核电、信息安全、智 慧政务、区块链等。 截至8月29日，神州泰岳股东户数10.00万，较上期减少2.38 ...

神州泰岳 20250909 摘要 神州泰岳未来几年的发展预期是什么？ 我们预计神州泰岳将在 2025 年至 2027 年进入一个从产品到流水再到业绩的 大周期。SLG 品类的流水模式优秀，产品上线后的 1 至 3 年为爬坡期，第 3 年 至第 10 年为利润释放期。例如华通的《无尽冬日》于 2023 年初上线，到 2025 年开始大规模释放利润。因此，如果神州泰岳的新产品从 2025 年第四 季度开始进入市场，将带动未来 3 至 5 年的收入和利润增长。 神州泰岳的新产品储备情况如何？ 神州泰岳目前储备有五款新产品，包括两款四清品（代号 DL 和代号 LAV）， 预计分别于今年 9 月底和 10 月底进行推广。此外，还有三款新品：城建加末 日、冰雪加末日以及黑帮题材。其中冰雪末日题材由旭日之城团队制作，有望 于明年推出。这些新产品数量充足且质量较高，为公司的未来发展提供了坚实 基础。 神州泰岳专注于自研自发 SLG 游戏，深耕该赛道 10 年以上，市占率稳 定在前十，SLG 游戏收入占比超 80%，利润贡献更高。 SLG 赛道通过轻度化买量素材吸引泛用户，2025 年上半年下载量占比 仅 1.6%，表明仍有较 ...

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].