神州泰岳(300002)：新游发行节奏有望加快 AI+ICT深度融合

Group 1 - The company reported a revenue of 2.685 billion yuan for the first half of 2025, a year-on-year decrease of 12.05% [1] - The net profit attributable to the parent company was 509 million yuan, down 19.26% year-on-year [1] - The game business revenue for H1 2025 was 2.027 billion yuan, with overseas revenue accounting for over 90%, reflecting a 16.4% year-on-year decline [1] Group 2 - The company has new games such as "Stellar Sanctuary" and "Next Agers" that have received domestic licenses, indicating a potential acceleration in the release schedule [1] - The company is developing a product matrix of "2+2+N" to maintain a balance between new and existing games [1] - The AI and ICT technology integration has led to the launch of the "Taiyue Lighthouse" AI model application system, which includes various models for different business functions [2] Group 3 - The subscription-based model for the avavox product is being monitored for customer uptake and overall payment situation [2] - The company expects a recovery and growth in the gaming business in the long term, supported by the steady operation of existing games [2] - Projected net profits for 2025-2027 are estimated at 1.177 billion, 1.604 billion, and 1.918 billion yuan, with corresponding PE ratios of 23x, 17x, and 14x [2]