神州泰岳，年内股价近乎“躺平”

Core Viewpoint - The performance of A-share gaming companies in the third quarter shows a recovery trend, with over half of the major gaming companies reporting revenue growth, while Shenzhou Taiyue stands out with declines in both revenue and net profit [1][3]. Financial Performance - In Q3 2025, Shenzhou Taiyue reported operating revenue of 4.068 billion yuan, a year-on-year decrease of 9.86% [2] - The net profit attributable to shareholders was 724 million yuan, down 33.77% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 696 million yuan, a decline of 16.42% year-on-year [2] - The basic earnings per share were 0.3697 yuan, reflecting a decrease of 34.08% compared to the previous year [2] Cash Flow and Operational Challenges - The net cash flow from operating activities decreased by 47.57% to 649 million yuan, influenced by reduced sales receipts and increased employee bonuses from the previous year [3] - The company attributed the decline in net profit to a reduction in business income and an increase in operating expenses, particularly a significant rise in non-operating expenses by 478.55% due to late fees and anticipated litigation losses [3] Market Position and Future Outlook - The top three companies in the A-share gaming sector, Century Huatong, 37 Interactive Entertainment, and Perfect World, reported significant year-on-year growth in net profit, with increases of 141.65%, 23.57%, and 271.17% respectively [3] - Analysts from Pacific Securities and China Galaxy Securities have given positive ratings to Shenzhou Taiyue, citing the potential for new game launches and the development of AI-related products to drive future growth [4] - The company has maintained a steady growth trajectory over the years, with net profits increasing from 351 million yuan in 2020 to 1.428 billion yuan in 2024 [4] Stock Market Performance - As of November 7, the stock price of Shenzhou Taiyue was 12.07 yuan per share, down 2.50%, with a total market capitalization of approximately 23.744 billion yuan [6]