北京神州泰岳软件股份有限公司 2025 年第三季度报告 证券代码：300002 证券简称：神州泰岳 公告编号：2025-036 北京神州泰岳软件股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个 别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度财务会计报告是否经过审计 □是 否 1 北京神州泰岳软件股份有限公司 2025 年第三季度报告 （二） 非经常性损益项目和金额 适用 □不适用 | | | | 单位：元 | | --- | --- | --- | --- | | 项目 | 本报告期金额 | 年初至报告期 期末金额 | 说明 | | 非流动性资产处置损益（包括已计提资产减值准备的冲销部分） | 15,101.55 | 212,018.30 | | | 计入当期损益的政府补助（与公司正常经营业务密 ...

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、职工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，制定本章程。 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 ...

Core Insights - As of October 27, a total of 119 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stocks with the longest streak of net financing inflows are Zhongxin Bo and Jifeng Co., both achieving this for ten consecutive trading days [1] - Other notable stocks with significant net financing inflows include Shenzhou Taiyue, Zhongxin Heavy Industry, Daimai Co., Huaten Technology, Xusheng Group, New Industry, Dazhu CNC, and Meinuohua [1]

Core Insights - Shenzhou Taiyue's stock price increased by 2.01% on October 24, reaching 12.18 CNY per share, with a trading volume of 500 million CNY and a market capitalization of 23.96 billion CNY [1] - The company has seen a year-to-date stock price increase of 6.01%, but has experienced a decline of 14.23% over the past 20 trading days [1] Financial Performance - For the first half of 2025, Shenzhou Taiyue reported a revenue of 2.685 billion CNY, a year-on-year decrease of 12.05%, and a net profit attributable to shareholders of 509 million CNY, down 19.26% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 1.297 billion CNY, with 372 million CNY distributed over the past three years [3] Shareholder Structure - As of October 20, the number of shareholders increased to 92,300, a rise of 3.38%, while the average circulating shares per person decreased by 3.27% to 20,014 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] - Other notable shareholders include E Fund's ChiNext ETF and Huaxia's China Securities Animation Game ETF, with varying changes in their holdings [3] Business Overview - Shenzhou Taiyue, established in May 2001 and listed in October 2009, operates in sectors including telecommunications, IoT, AI, big data, and mobile gaming, with gaming contributing 75.53% to its revenue [1] - The company is categorized under the media and gaming industry, with involvement in mobile games, online education, and smart governance [1]

Group 1 - The company Shenzhou Taiyue (300002) reported that as of October 20, 2025, the number of shareholders is 92,284 [1]

Market Overview - The gaming sector increased by 2.84% on October 21, with Youzu Interactive leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Youzu Interactive (002174) closed at 12.41, up 6.43%, with a trading volume of 953,200 shares and a turnover of 1.17 billion [1] - ST Huaton (002602) closed at 18.19, up 5.02%, with a trading volume of 1,414,900 shares and a turnover of 2.54 billion [1] - Giant Network (002558) closed at 40.10, up 4.02%, with a trading volume of 420,600 shares and a turnover of 1.66 billion [1] - Other notable performers include Kying Network (002517) up 4.00%, WenTou Holdings (600715) up 3.63%, and Jibite (603444) up 2.58% [1] Capital Flow Analysis - The gaming sector saw a net inflow of 965 million from institutional investors, while retail investors experienced a net outflow of 739 million [2] - Major stocks with significant net inflows include ST Huaton with 487 million and Giant Network with 135 million [3] - Conversely, Youzu Interactive experienced a net outflow of 645 million from retail investors [3]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [10]. Core Insights - The report highlights the rising trend of "small happiness" self-consumption as a relative safe haven amid increasing risk aversion, with specific companies like Pop Mart and Damai Entertainment showing strong growth potential through innovative product offerings and expansion strategies [3][5]. - The gaming sector is experiencing significant adjustments, with major companies like Tencent and Century Huatong expected to maintain strong performance despite market volatility, while the AI video segment is emerging as a key area for growth [3][5]. Summary by Relevant Sections Consumer Sector - Pop Mart is ramping up production capacity and expanding product categories, with successful new IP launches and international expansion, achieving rapid sales growth during peak seasons [3]. - Damai Entertainment's core IP Chiikawa has seen high demand in mainland China, indicating strong market interest and potential for future growth [3]. Gaming Sector - Tencent Holdings is projected to have a market cap of 50,823 million RMB with a revenue growth of 13% year-on-year, while its PE ratio is expected to be 20 for 2025 [5]. - Century Huatong is also highlighted with a projected revenue increase of 21% year-on-year, indicating a positive outlook for its gaming products [5]. Cloud Computing and Entertainment - Alibaba's cloud computing segment is expected to grow at a rate of 11% year-on-year, with a market cap of 26,914 million RMB [5]. - Mango TV is anticipated to see a turnaround in its operations, benefiting from favorable policy changes in the long video sector [3]. AI and Technology - The report emphasizes the importance of AI in video production, with companies like Bilibili and Kuaishou positioned to leverage AI advancements for monetization [3]. - The technology sector has faced a 14% adjustment since October 2, but the report suggests that the fundamentals remain strong, driven by advancements in domestic models and chips [3].

Core Insights - Shenzhou Taiyue's stock price decreased by 2.74% on October 16, with a trading volume of 607 million yuan [1] - The company reported a net financing outflow of 639.24 million yuan on the same day, with a total financing and securities balance of 1.403 billion yuan [1] - The company experienced a year-on-year decline in revenue and net profit for the first half of 2025, with revenue at 2.685 billion yuan (down 12.05%) and net profit at 509 million yuan (down 19.26%) [2] Financing and Securities - On October 16, Shenzhou Taiyue had a financing buy-in of 79.82 million yuan and a financing repayment of 86.21 million yuan, resulting in a net financing buy-in of -6.39 million yuan [1] - The current financing balance is 1.393 billion yuan, accounting for 5.70% of the circulating market value, which is above the 60th percentile of the past year [1] - The company had a securities lending balance of 952.24 million yuan, which is below the 30th percentile of the past year, indicating a low level of short selling activity [1] Shareholder Information - As of October 10, the number of shareholders increased to 89,300, a rise of 6.12%, while the average circulating shares per person decreased by 5.77% to 20,690 shares [2] - The company has distributed a total of 1.297 billion yuan in dividends since its A-share listing, with 372 million yuan distributed in the last three years [3] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 56.3593 million shares, a decrease of 59.5812 million shares from the previous period [3]

神州泰岳今年以来股价涨8.88%，近5个交易日跌10.00%，近20日跌8.69%，近60日跌1.88%。 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：手游、网络游戏、出海概念、 5G、东数西算等。 10月16日，神州泰岳盘中下跌2.04%，截至10:35，报12.51元/股，成交1.91亿元，换手率0.82%，总市值 246.09亿元。 资金流向方面，主力资金净流出1355.67万元，特大单买入1021.90万元，占比5.34%，卖出978.83万元， 占比5.12%；大单买入3596.15万元，占比18.80%，卖出4994.89万元，占比26.12%。 机构持仓方面，截止2025年6月30日，神州泰岳十大流通股东中 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [9]. Core Insights - The report highlights strong performance in the gaming and cloud computing sectors, with several companies expected to achieve significant year-on-year revenue growth in Q3 2025 [3][4]. - The gaming industry is anticipated to maintain high growth due to relaxed regulations and innovative game categories, with a total of 1,195 game approvals in the first nine months of 2025, a 25% increase year-on-year [3]. - Companies like Tencent and Giant Network are expected to drive growth through new product launches and enhanced operational capabilities [3][4]. Summary by Sections Gaming Sector - Companies such as Giant Network, Century Huatong, and G-bits are projected to experience high growth driven by product launches [3]. - The demand from younger consumers and the potential of AI to create new gaming experiences are key growth drivers [3]. - The report emphasizes the importance of differentiated competition rather than price wars in the gaming market [3]. Cloud Computing and Internet Media - Cloud computing revenues are accelerating, with major players like Tencent and Alibaba investing heavily in AI and cloud services [3][5]. - The report notes that the competition in instant retail is expected to peak in Q3 2025, which will significantly impact profitability expectations [3]. - Companies like Kuaishou are positioned to leverage AI to enhance content and advertising efficiency [3]. Other Industries - The long video and drama sectors are showing signs of recovery, with new policies expected to stimulate growth [3]. - The advertising market is experiencing structural growth, particularly in entertainment and technology sectors [3]. - Companies such as Kuaishou and Bilibili are recovering, while others like Mango Super Media and Focus Media are facing challenges in Q3 [3][4].