证券代码：300002 证券简称：神州泰岳 公告编号：2025-020 北京神州泰岳软件股份有限公司 第八届董事会第二十九次会议决议公告 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"）第八届董事会第二十九 次会议于 2025 年 5 月 20 日在公司会议室以现场结合通讯方式召开，会议通知于 2025 年 5 月 14 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《关于公司董事会换届选举暨第九届董事会非独立董事候选人 提名的议案》 公司第八届董事会任期即将届满，公司董事会提名冒大卫先生、李力先生、 刘家歆先生为第九届董事会非独立董事候选人（简历详见附件）。任期自股东会 审议通过之日起三年。 表决结果：同意 6 票，反对 0 票，弃权 0 票。 该议案已经公司董事会提名委员会审议通过，尚需提交公司 2024 年年度股 东 ...

Summary of Key Points Core Viewpoint - As of May 16, the total market financing balance decreased to 1.79 trillion yuan, indicating a slight reduction in investor activity in the market [1]. Company and Industry Analysis - The financing balance in the Shanghai market was 907.43 billion yuan, down by 0.92 billion yuan, while the Shenzhen market's balance was 882.06 billion yuan, also down by 0.92 billion yuan. The North Exchange's financing balance decreased to 5.38 billion yuan, down by 0.038 billion yuan [1]. - On May 16, a total of 1,712 stocks received net financing purchases, with 257 stocks having net purchases exceeding 10 million yuan. Notably, 22 stocks had net purchases over 50 million yuan [1]. - The top three stocks by net financing purchases on May 16 were: - China Merchants Bank: 170.42 million yuan - Tonghua Golden Horse: 167.08 million yuan - China Ping An: 136.61 million yuan [2]. - The industries with the highest concentration of stocks receiving net financing purchases over 50 million yuan included automotive, basic chemicals, and food and beverage, each with three stocks listed [1]. - The average ratio of financing balance to circulating market value for stocks with significant net purchases was 4.01%, with Dongtu Technology having the highest ratio at 9.79% [2]. - The financing net purchase rankings on May 16 highlighted several stocks, including: - Dongtu Technology: 8.04 million yuan, 7.58% increase - Tonghua Golden Horse: 16.71 million yuan, 2.45% increase - BYD: 9.85 million yuan, 3.28% increase [2][3].

Group 1: Business Performance - The company's game business revenue for 2024 reached 4.662 billion CNY, with over 90% of income coming from overseas and Hong Kong, Macau, and Taiwan regions [4][10] - The two main games, "Age of Origins" and "War and Order," generated revenues of 3.454 billion CNY and 1.062 billion CNY respectively, showcasing strong long-term profitability [4][10] - The software and information technology services business achieved a revenue of 1.790 billion CNY, reflecting a year-on-year growth of over 22% [10] Group 2: Strategic Development - The company is committed to deepening its "innovation-driven, global layout" strategy, focusing on expanding its overseas business and enhancing product competitiveness [3][10] - Continuous investment in research and development is planned, with past expenditures of 275 million CNY, 283 million CNY, and 305 million CNY over the last three years [8] - The company aims to leverage AI technology across its business lines to enhance product and service offerings [14] Group 3: Market Position and Future Outlook - The company has maintained a steady growth trajectory, achieving five consecutive years of revenue and net profit growth [10] - New SLG games are set to enter commercialization, contributing to a diversified product matrix and potential long-term revenue streams [9][12] - The company is actively managing market risks, including foreign exchange risks, by monitoring currency fluctuations and engaging in forward foreign exchange transactions [15]

Investment Rating - The report maintains an "Outperform" rating for the media industry [5] Core Insights - The media industry is experiencing a significant rebound in fund preference and fundamentals in Q1 2025, with a notable increase in the allocation towards gaming and other segments [1][12] - The overall revenue for the media industry in 2024 is projected to be 508.1 billion yuan, with a slight year-on-year decline in net profit due to various pressures [2][27] - The gaming sector is witnessing high growth, with revenues reaching 934.34 billion yuan in 2024 and 267.19 billion yuan in Q1 2025, driven by new game launches and improved market conditions [3][36] - The film and cinema sector is benefiting from strong content supply during the Spring Festival, leading to a significant increase in revenue and profitability in Q1 2025 [4][21] - The advertising and marketing sector is under pressure from macroeconomic conditions, but there are signs of recovery as competition improves among leading companies [7][24] Summary by Sections Media Industry Overview - In Q1 2025, the media industry saw a fund holding increase of 12.52% year-on-year, with a fund holding ratio of 2.85% [11][12] - The media sector's heavy stock market value accounted for 1.04%, reflecting a 0.23 percentage point increase [1][12] - The overall low allocation ratio for the media industry decreased to 0.52%, indicating a growing preference for the sector [1][12] Gaming Sector - The gaming sector achieved revenues of 934.34 billion yuan in 2024 and 267.19 billion yuan in Q1 2025, with year-on-year growth rates of 7.74% and 21.93% respectively [3][36] - The adjusted net profit for the gaming sector in Q1 2025 was 35.04 billion yuan, marking a 47% increase year-on-year [3][41] - The sector's profit margin improved to 13.11%, reflecting a 2.25 percentage point increase [3][41] Film and Cinema Sector - The film and cinema sector generated revenues of 357.33 billion yuan in 2024 and 141.15 billion yuan in Q1 2025, with a 41% year-on-year growth in Q1 2025 [4][21] - The sector's net profit in Q1 2025 was 23.68 billion yuan, a significant recovery from a loss in the previous year [4][21] - The Spring Festival box office reached a record high of 95.10 billion yuan, driven by popular films [4][21] Advertising and Marketing Sector - The advertising sector reported revenues of 429.35 billion yuan in 2024, with a slight year-on-year decline of 5.16% [7][24] - The adjusted net profit for the advertising sector in Q1 2025 was 16.01 billion yuan, reflecting a 10.24% increase year-on-year [7][24] - The sector is expected to recover as competition among leading companies improves [7][24] Publishing Sector - The publishing sector's revenue is under pressure, but the effective tax rate has significantly decreased, leading to a recovery in net profit in Q1 2025 [27][28] - The overall revenue for the publishing sector is projected to remain stable, with a focus on maintaining quality content supply [27][28]

Group 1 - The core viewpoint of the articles indicates that the market is expected to experience a steady upward trend supported by policy measures and liquidity easing, with a focus on technology growth and consumer recovery as the main driving forces [1][2] - The Central Political Bureau meeting emphasized timely interest rate cuts and reserve requirement ratio reductions, which are expected to release liquidity through structural tools, thereby solidifying the market bottom [1] - In Q1 2025, the net profit attributable to shareholders of A-shares turned positive year-on-year, with significant recovery in the profitability of small and medium-sized stocks, particularly in the TMT and consumer sectors [1] Group 2 - The CSI 500 Quality Growth Index consists of 100 listed companies selected for their high profitability, sustainable earnings, and strong cash flow, providing diverse investment options for investors [2] - As of April 30, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index accounted for 24.07% of the index, with notable companies including Chifeng Jilong Gold Mining and Ninebot [2][4] - The 500 Quality Growth ETF closely tracks the CSI 500 Quality Growth Index, offering investors a way to invest in these high-quality growth companies [2][4]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [29]. Core Insights - The company's Q4 2024 performance met expectations with a revenue of 1.94 billion yuan, a year-over-year increase of 1.5%, and a quarter-over-quarter increase of 33%. However, Q1 2025 showed pressure with a revenue of 1.32 billion yuan, reflecting a year-over-year decline of 11% and a quarter-over-quarter decline of 32% [1]. - The company anticipates new products to drive revenue growth, with two new SLG products expected to contribute positively in 2025 [7]. - The computer business is accelerating, with a revenue of 1.79 billion yuan in 2024, a year-over-year increase of 22%, primarily driven by cloud services [7]. Financial Performance Summary - Total revenue for 2024 is projected at 6.45 billion yuan, with a year-over-year growth rate of 8.2%. For 2025, revenue is expected to reach 6.87 billion yuan, reflecting a growth rate of 6.4% [3]. - The net profit attributable to the parent company for 2024 is estimated at 1.43 billion yuan, with a significant year-over-year growth of 60.9%. However, a decline of 10.7% is expected in 2025, with a projected net profit of 1.28 billion yuan [3]. - The earnings per share (EPS) for 2024 is forecasted at 0.73 yuan, decreasing to 0.65 yuan in 2025 [3]. Market Position and Valuation - The company's current market capitalization is approximately 21.98 billion yuan, with a target price range of 13.00 to 15.07 yuan based on performance expectations [3]. - The price-to-earnings (P/E) ratio is projected at 15 for 2024, increasing to 17 in 2025, while the price-to-book (P/B) ratio is expected to decrease from 3.1 to 2.7 over the same period [3].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [29]. Core Insights - The company's Q4 2024 performance met expectations, with a revenue of 1.94 billion yuan, a year-over-year increase of 1.5%, and a quarter-over-quarter increase of 33%. However, Q1 2025 showed a decline in performance, with revenue of 1.32 billion yuan, a year-over-year decrease of 11% and a quarter-over-quarter decrease of 32% [1]. - The company anticipates new products to drive revenue growth, with two new SLG products expected to contribute positively in 2025. The existing product line is expected to maintain stable revenue [7]. - The computer business is experiencing accelerated growth, with a revenue of 1.79 billion yuan in 2024, a year-over-year increase of 22% [7]. Financial Summary - Total revenue projections for 2025-2027 are 6.9 billion yuan, 7.8 billion yuan, and 8.6 billion yuan, respectively, with year-over-year growth rates of 6%, 13%, and 11% [3]. - The net profit forecast for 2025-2027 is 1.28 billion yuan, 1.41 billion yuan, and 1.55 billion yuan, with a year-over-year decrease of 11% in 2025, followed by increases in subsequent years [3]. - The company has a target price range of 13.00-15.07 yuan based on its performance and market conditions, with a current price of 11.20 yuan [3].

2025年5月15日是全国第七个"515全国投资者保护宣传日"，为了更好地发挥主流媒体在投资者保护中的 积极作用，《证券日报》社有限责任公司举办了第七届"5 15—5 19中小投资者保护宣传周"公益活动。 近期，北京神州泰岳（300002）软件股份有限公司（以下简称"神州泰岳"）董事会秘书、资本运营中心 总经理、首席品牌官张开彦接受《证券日报》记者专访，并分享了神州泰岳在践行投资者保护理念过程 中的积极举措。 "手游行业迭代快，用户偏好流动性强，这反而要求企业持续沉淀、构筑起自己的护城河。"张开彦表 示，神州泰岳的三个"坚持"，就是要在尊重产业发展规律的同时，持续做自己擅长的事情，不断提高产 品的成功率。 此外，神州泰岳还积极回应投资者询问，对投资者关心的二级市场热点事项客观真实地表述。"不蹭热 点，不搞概念炒作。" 此外，神州泰岳持续加大创新投入，以创新促提升。据介绍，神州泰岳手游团队率先将生成式人工智能 技术融入美术等生产环节，大幅提升游戏制作效率；在软件板块，神州泰岳将软件开发与AI、5G、云 计算、大数据、物联网等数字技术紧密融合，为企业级客户提供数智化产品和解决方案。 同时，张开彦强调，维护投资者利 ...

证券代码：300002 证券简称：神州泰岳 公告编号：2025-019 北京神州泰岳软件股份有限公司 关于参加深圳证券交易所"智脑赋能·逐梦新蓝海" 3、召开方式：视频直播与图文转播 4、公司出席人员：董事兼首席运营官翟一兵先生、副总裁兼财务总监戈爱 晶女士、董事会秘书张开彦先生、独立董事刘慧龙先生，具体以当天实际参会人 员为准。 二、投资者问题征集方式 为充分尊重投资者、提升交流的针对性，现就本次业绩说明会提前向投资者 公开征集问题，广泛听取投资者的意见和建议。投资者可提前登陆深交所"互动 易"平台（http://irm.cninfo.com.cn）"云访谈"栏目进入本次业绩说明会页面，或扫 描二维码（附后）进入问题征集专题页面进行提问。 2024 年度集体业绩说明会的公告 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。 北京神州泰岳软件股份有限公司（以下简称"公司"）将于 2025 年 5 月 21 日（星期三）15:00－17:00 参加由深圳证券交易所组织召开的以"智脑赋能·逐 梦新蓝海"为主题的集体业绩说明会活动，现将有关事项公告如下： 一、本次业绩 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [2][13]. Core Views - The report highlights that the company's core business is improving, with accelerated growth in cloud and AI services. The company achieved a revenue of 6.452 billion yuan in 2024, representing an 8.22% year-on-year increase, and a net profit of 1.428 billion yuan, which is a significant 60.92% increase year-on-year [8][9]. - The company is expected to maintain strong growth momentum driven by new game launches and optimization of its software business profitability structure. Forecasted net profits for 2025, 2026, and 2027 are 1.360 billion yuan, 1.584 billion yuan, and 1.840 billion yuan, respectively [9][11]. Financial Performance Summary - In 2024, the company reported a gross margin of 61.04%, a slight decrease of 1.69 percentage points year-on-year, while the net profit margin improved by 7.24 percentage points to 22.00% [8][9]. - The company’s revenue for Q1 2025 was 1.323 billion yuan, a decrease of 11.07% year-on-year, with a net profit of 239 million yuan, down 19.09% year-on-year [9]. - The company’s total assets are projected to grow from 8.132 billion yuan in 2024 to 13.060 billion yuan by 2027, indicating a strong growth trajectory [12]. Business Segment Performance - The gaming segment generated a revenue of 4.662 billion yuan in 2024, reflecting a year-on-year increase of 3.66%. The AI and ICT services also showed robust growth, with revenues of 1.478 billion yuan and 1.500 billion yuan, respectively, marking increases of 20.53% and 27.05% [9][11]. - The company is focusing on enhancing its core gaming business while expanding into AI and cloud services, which are expected to drive future growth [9]. Future Outlook - The company is well-positioned for future growth due to its strong game pipeline and the integration of AI and cloud services into its business model. The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.69 yuan, 0.81 yuan, and 0.94 yuan, respectively [9][11].