研报掘金丨华源证券：予神州泰岳“增持”评级，AI业务未来或将打开公司增长天花板

Core Insights - Shenzhou Taiyue reported a net profit attributable to shareholders of 724 million yuan for the first three quarters, representing a year-on-year decline of 33.77% [1] - In Q3 2025, the net profit attributable to shareholders was 215 million yuan, showing a significant year-on-year decrease of 53.55% [1] - The company is focusing on game diversification with an emphasis on AI business, which is expected to drive future growth [1] Financial Performance - The net profit for the first three quarters was 724 million yuan, down 33.77% year-on-year [1] - The Q3 2025 net profit was 215 million yuan, reflecting a 53.55% year-on-year decline [1] Business Strategy - The company is launching two new "SLG+X" type games that integrate secondary gameplay with core gameplay, aiming to expand the audience for SLG games and retain a broader player base [1] - The upcoming product cycle is anticipated to stimulate growth, supported by the stable performance of core game revenue and overall stability in the computer business [1] Future Outlook - The AI business is expected to unlock new growth potential for the company, leading to an "overweight" rating [1]