神州泰岳(300002)：公司稳健运营 新游戏筹备中

Performance Overview - In the first three quarters of 2025, the company achieved revenue of 4.068 billion yuan, a year-over-year decrease of 9.86% [1] - The net profit attributable to the parent company was 724 million yuan, down 33.77% year-over-year [1] - The non-recurring net profit was 696 million yuan, a year-over-year decline of 16.42% [1] - In Q3 2025, the company reported revenue of 1.384 billion yuan, a year-over-year decrease of 5.29% [1] - The net profit attributable to the parent company for Q3 was 215 million yuan, down 53.55% year-over-year [1] - The non-recurring net profit for Q3 was 208 million yuan, a year-over-year decrease of 3.20% [1] Game Operations and New Releases - The company's existing games, "Age of Origins" and "War and Order," are operating stably [2] - The new game "Stellar Sanctuary" was launched overseas at the end of August, maintaining over 500 daily advertising placements in Europe, America, and Southeast Asia within two weeks [2] - "Next Agers" has been launched on Google Play and the App Store in the US [2] - Two additional new games are expected to launch domestically in the near future [2] AI Product Development - The company plans to test three SLG games in the first half of 2026 [3] - On June 10, the company launched the "Taiyue Lighthouse" AI model application capability system, which includes three AI products [3] - The key product, avavox, integrates a large model with over 200 industry templates to provide intelligent voice robot services for B-end users [3] - Avavox operates on a subscription-based revenue model, with a focus on customer subscription numbers and overall payment status [3] Investment Outlook - The company is projected to achieve net profits attributable to the parent company of 1.08 billion yuan, 1.3 billion yuan, and 1.38 billion yuan for the years 2025, 2026, and 2027, representing year-over-year changes of -24.3%, 20.2%, and 6.5% respectively [4] - Corresponding price-to-earnings ratios are expected to be 22.05, 18.34, and 17.22 for the respective years [4] - The long-term operation of core games is expected to continue providing performance growth, while the overseas launch of new games is anticipated to contribute to revenue increases [4]