9月18日，神州泰岳跌5.09%，截至发稿，报14.18元/股，成交15.85亿元，换手率5.86%，总市值278.95 亿元。 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%。 从基金十大重仓股角度 太平改革红利精选（005270）基金经理为徐闯。 数据显示，太平基金旗下1只基金重仓神州泰岳。太平改革红利精选（005270）二季度持有股数60万 股，占基金净值比例为5.24%，位居第六大重仓股。根据测算，今日浮亏损失约45.6万元。 截至发稿，徐闯累计任职时间2年77天，现任基金资产总规模8.85亿元，任职期间最佳基金回报 56.47%， 任职期间最差基金回报14.85%。 太平改革红利精选（005270）成立日期2017年12月1日，最新规模1.35亿。今年以来收益31.57%，同类 ...

Core Viewpoint - Shenzhou Taiyue's stock price has shown a significant increase of 27.42% year-to-date, despite a recent decline of 2.01% on September 18, 2023, indicating volatility in the market [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 A-share listing amount to 1.297 billion yuan, with 372 million yuan distributed over the last three years [3]. Shareholder and Market Activity - As of September 10, 2023, the number of shareholders decreased to 98,800, a reduction of 1.16%, while the average circulating shares per person increased by 1.18% to 18,689 shares [2]. - On September 18, 2023, the stock's trading volume reached 938 million yuan, with a turnover rate of 3.42% and a total market capitalization of 28.799 billion yuan [1]. Business Segments - Shenzhou Taiyue's main business segments include gaming (75.53% of revenue), AI/ICT operation management (19.89%), IoT/communication (2.04%), and innovative services (1.99%) [1]. Institutional Holdings - As of June 30, 2025, 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]. - The top institutional shareholders include various ETFs, with notable changes in holdings among them, indicating shifts in institutional investment strategies [3].

Summary of Key Points Core Viewpoint - Shenzhou Taiyue's stock performance shows a significant increase in trading volume and financing activities, indicating potential investor interest despite a decline in revenue and net profit year-on-year. Group 1: Stock Performance and Financing - On September 17, Shenzhou Taiyue's stock rose by 4.18% with a trading volume of 2.012 billion yuan [1] - The financing buy-in amount for the day was 240 million yuan, with a net buy of 1.1894 million yuan [1] - The total financing and securities lending balance reached 1.274 billion yuan as of September 17 [1] - The current financing balance is 1.255 billion yuan, accounting for 4.27% of the circulating market value, which is below the 30th percentile level over the past year [1] - On the same day, the company repaid 82,200 shares in securities lending, while 16,900 shares were sold, with a selling amount of 252,500 yuan [1] - The securities lending balance is 18.7228 million yuan, exceeding the 90th percentile level over the past year, indicating a high level of short interest [1] Group 2: Company Financials - As of September 10, the number of shareholders for Shenzhou Taiyue was 98,800, a decrease of 1.16% from the previous period [2] - For the first half of 2025, the company reported revenue of 2.685 billion yuan, a year-on-year decrease of 12.05%, and a net profit of 509 million yuan, down 19.26% year-on-year [2] Group 3: Dividend and Shareholder Information - Since its A-share listing, Shenzhou Taiyue has distributed a total of 1.297 billion yuan in dividends, with 372 million yuan distributed over the past three years [3] - As of June 30, 2025, 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] - The third-largest circulating shareholder is E Fund's ChiNext ETF, holding 46.8903 million shares, down by 230,400 shares [3] - The fourth-largest shareholder is Huaxia's China Securities Animation Game ETF, which increased its holdings by 8.8158 million shares to 46.8085 million shares [3]

Group 1: Industry Performance - The gaming industry index closed up 2.13% on September 17, with key stocks like Kaiying Network rising by 9.01% and others like Giant Network and Xunyou Technology increasing by over 4% [1] - Year-to-date, the gaming industry index has increased by 82.61%, ranking third among all Shenwan secondary industries, making it one of the best-performing sectors this year [1] - Six gaming stocks have doubled in price compared to the end of last year, with ST Huatuo, Giant Network, and 37 Interactive Entertainment showing significant cumulative increases of 286.19%, 261.23%, and 157.39% respectively [1] Group 2: Market Growth - The gaming market revenue reached 1970.84 billion yuan from January to July 2025, marking a year-on-year growth of 12.58% [2] - Projected revenues for the gaming market from 2022 to 2024 are 2658.84 billion yuan, 3029.64 billion yuan, and 3257.83 billion yuan respectively, indicating robust growth potential [2] Group 3: Esports Development - The esports industry in China generated 127.61 billion yuan in revenue from January to June 2025, reflecting a year-on-year increase of 6.1% [4] - The Chinese esports industry is expanding its influence overseas, particularly in regions like Latin America, alongside traditional markets in East and Southeast Asia [4] Group 4: Supply and User Growth - The steady growth in industry revenue is attributed to the continuous release of new games, with a noticeable reduction in the approval cycle for game licenses [5] - As of June 2025, the number of online game users in China reached 584 million, an increase of 26.92 million from December 2024, representing 52% of the total internet users [7] - The proportion of female gamers has risen to 48%, up by 3.1 percentage points from the end of 2024, contributing to market expansion and innovation [7] Group 5: International Expansion - The overseas business revenue of 20 A-share gaming companies reached 21.823 billion yuan in the first half of 2025, a year-on-year increase of 30.43% [9] - Notably, ST Huatuo, Kunlun Wanwei, and 37 Interactive Entertainment reported overseas revenues exceeding 1 billion yuan, with ST Huatuo achieving 89.58 billion yuan, accounting for 52.06% of its total revenue [10]

Summary of Stella Sanctuary Conference Call Industry and Company Overview - The conference call discusses **Stella Sanctuary**, a game that combines simulation management and SLG (Strategy Game) elements, set in a sci-fi pixel art style environment, focusing on home building and exploration [2][4]. Core Points and Arguments - **Game Mechanics**: Stella Sanctuary features a mature 4X SLG structure, emphasizing home construction, exploration, and user-friendly onboarding for new players, differentiating itself from other games in the frozen apocalypse genre [2][4]. - **Combat Strategy**: The game includes large map exploration, PVPVE events, and various combat strategies such as unit type advantages and skill combinations, appealing to both traditional SLG players and casual gamers [5][6]. - **User Experience**: The game offers a variety of content to enhance user experience, including automated management features and a detailed onboarding process that reduces entry barriers for new players [6][14]. - **Monetization Strategy**: Commercialization is achieved through various means such as passes, gift packs, construction acceleration, and hero recruitment, with base decorations evolving as the central hub upgrades [2][6][13]. - **Hero Design**: Stella Sanctuary has a unique equipment system where equipment is produced by a manufacturing building, categorized into different levels, with SSR heroes having exclusive equipment slots available for purchase [11][12]. Additional Important Content - **Diverse Gameplay**: The game includes various side activities such as planetary arenas, relic trials, resource gathering, and transportation, which enhance gameplay variety and extend the game's lifecycle [9][10]. - **Player Engagement**: The alliance battle design is lightened, allowing most activities to be managed automatically, reducing psychological pressure on players, while still catering to more engaged PVP players [6][7]. - **Comparison with Competitors**: Stella Sanctuary's combat experience is more simulated compared to competitors like Last Word, which requires manual control, thus providing a different gameplay feel [8][10]. - **Payment Structure**: The game features a range of payment options from $2.99 to $99.99, including growth and convenience payments, with significant options for players looking to enhance their experience through in-game purchases [13][15]. - **User Demographics**: The game targets a broad audience, particularly appealing to female and casual players through its light-hearted theme and engaging graphics, while also accommodating hardcore SLG enthusiasts [16]. This summary encapsulates the key aspects of Stella Sanctuary as discussed in the conference call, highlighting its unique features, gameplay mechanics, and market positioning.

Market Overview - On September 17, the gaming sector rose by 2.02%, with Kaiying Network leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Notable gainers included: - Xinying Network (002517) with a closing price of 28.06, up 9.01% and a trading volume of 563,800 shares, totaling 1.514 billion yuan [1] - Giant Network (002558) closed at 45.38, up 4.49% with a trading volume of 459,700 shares, totaling 2.076 billion yuan [1] - Xunyou Technology (300467) closed at 25.66, up 4.44% with a trading volume of 180,400 shares, totaling 453 million yuan [1] Fund Flow Analysis - The gaming sector experienced a net outflow of 637 million yuan from institutional investors, while retail investors saw a net inflow of 330 million yuan [2][3] - Key stocks with significant fund flows included: - Shenzhou Taiyue (300002) with a net inflow of 141 million yuan from institutional investors [3] - Perfect World (002624) saw a net inflow of 95.9 million yuan from institutional investors [3] ETF Performance - The Gaming ETF (159869) tracking the China Animation and Gaming Index saw a 4.78% increase over the past five days, with a net outflow of 44.875 million yuan [5] - The Food and Beverage ETF (515170) experienced a decline of 1.63% over the past five days, with a net outflow of 17.845 million yuan [5]

Core Viewpoint - Shenzhou Taiyue's stock price increased by 5.02% to 15.06 CNY per share, with a trading volume of 1.621 billion CNY and a turnover rate of 6.00%, resulting in a total market capitalization of 29.626 billion CNY [1] Group 1: Company Overview - Shenzhou Taiyue Software Co., Ltd. was established on May 18, 2001, and listed on October 30, 2009 [1] - The company is located in Chaoyang District, Beijing, and its main business areas include operator services, IoT and communications, artificial intelligence and big data, mobile gaming, and innovative services [1] - The revenue composition of the company is as follows: gaming 75.53%, AI/ICT operation management 19.89%, IoT/communications 2.04%, innovative services 1.99%, and others 0.55% [1] Group 2: Shareholder Information - Among the top ten circulating shareholders of Shenzhou Taiyue, a fund under Southern Fund holds a significant position [2] - The Southern CSI 500 ETF (510500) increased its holdings by 3.817 million shares in the second quarter, bringing its total to 29.1622 million shares, which accounts for 1.58% of the circulating shares [2] - The estimated floating profit from this investment is approximately 20.9968 million CNY [2] Group 3: Fund Manager Profile - The fund manager of Southern CSI 500 ETF (510500) is Luo Wenjie, who has a cumulative tenure of 12 years and 152 days [3] - The total asset size of the fund is 138.999 billion CNY, with the best fund return during his tenure being 146.27% and the worst being -47.6% [3]

Group 1 - The A-share market's online gaming sector experienced a significant upward trend, with notable stocks such as Beiwai Technology hitting the daily limit, and Kaiying Network approaching the daily limit while reaching a new high [1] - Giant Network saw an increase of over 4%, indicating strong performance within the sector [1] - Other companies including Xunyou Technology, Shenzhou Taiyue, Iceberg Network, Perfect World, and 37 Interactive Entertainment also showed positive movement, contributing to the overall growth of the online gaming sector [1]

Summary of the Conference Call Company and Industry Overview - **Company**: 神州泰岳 (Shenzhou Taiyue) - **Industry**: Digital Employee Solutions, AI Technology Key Points and Arguments 1. **Introduction of AvaBox**: 神州泰岳 launched AvaBox, a digital employee solution aimed at enhancing service quality and efficiency through voice technology, utilizing a pay-as-you-go model to reduce costs for businesses [2][3] 2. **Market Potential**: The global digital employee market is vast, with increasing valuations of overseas competitors, validating the necessity for 神州泰岳's entry into this field starting July 2024 [2][6] 3. **Product Positioning**: AvaBox is designed to serve various roles such as HR, customer service, and sales, allowing businesses to reduce costs and improve efficiency through on-demand and pay-per-use features [3][4] 4. **Technological Integration**: The company combines large and small models in high-compliance scenarios like financial services, ensuring security and accuracy during processes such as securities account opening [4][10] 5. **Global Strategy**: 神州泰岳 plans to expand globally, focusing on compliance and local market needs, leveraging China's strong software development capabilities [2][6][18] 6. **Standardization and AI Adoption**: Upbox is positioned as a standardized product benefiting from AI proliferation, requiring no additional market education [2][9] 7. **Focus on Efficiency**: The emphasis is on creating standardized, on-demand products that enhance employee efficiency and competitiveness for businesses [7][21] 8. **Recent Achievements**: Over the past year, the company has successfully implemented a TO C approach for TO B business, enabling low-cost, online access to digital employees [8] 9. **Market Environment**: The digital employee sector is experiencing significant growth, with competitors' valuations rising sharply, indicating a robust market opportunity [6][17] 10. **Challenges in Domestic Market**: The domestic market is highly competitive, with lower user willingness to pay, prompting a strategic shift towards overseas markets for better profitability [18] Additional Important Insights 1. **Product Development Goals**: The aim is to create a globally applicable software application that addresses business pain points, particularly in talent management and cost efficiency [12] 2. **Innovation in Technology**: 神州泰岳 focuses on intelligent dialogue and AI voice technology, optimizing underlying architecture to enhance operational efficiency [13][14] 3. **Differentiation from Competitors**: The company leverages its industry know-how and tailored small models to meet specific client needs, distinguishing itself from competitors [15] 4. **Future Plans**: In the next three years, the company aims to enhance its technology, product offerings, and commercial strategies to become a top player in the industry [21][22] 5. **Customer Engagement**: Continuous product iteration and customer feedback are prioritized to ensure the solution meets diverse business needs [19] 6. **E-commerce Solutions**: The company provides solutions to enhance customer service experiences during peak shopping periods, such as Double Eleven, through digital employees [20][25] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's focus on innovation, market expansion, and customer-centric solutions in the digital employee sector.

格隆汇9月16日丨神州泰岳(300002.SZ)在投资者互动平台表示，如前期回复，公司未与三大运营商合作 开发ESIM支付系统。公司旗下泰岳小漫推出的新品FiRoam eSIM为跨境人群、海外用户提供跨境数据 流量服务，支持eSIM手机及其他eSIM硬件。作为面向海外市场新品之一，我们期望新品FiRoam eSIM 能为公司带来增量业务。 ...