神州泰岳 20250826 摘要 神州泰岳营收 13.6 亿元，环比增长 2.85%；归母净利润 2.7 亿元，环 比增长 13.45%，显示公司整体盈利能力稳步提升。 海外游戏市场是神州泰岳的主要收入来源，占比高达 92%，其中北美市 场贡献约半壁江山，表明公司在海外 SLG 游戏市场具有显著优势。 两款海外测试游戏 DL 和 LA 即将登陆苹果商店，三款 SL 产品预计 2026 年一二季度商业化测试，预示公司未来游戏业务增长潜力。 Abox 智能语音机器人采用订阅制模式，按通话时长收费，已获客户签 单，并计划推向海外市场，有望成为计算机业务新的增长点。 老游戏《旭日之城》和《战火与秩序》运营状态良好，通过高频更新和 稳定投放维持流水，并在 7 月中国出海流水排行榜中排名上升。 公司加快新产品储备和发布节奏，新品融合模拟经营与 SLG 等多种题材 和玩法，旨在抓住 SLG 市场扩容机会，冲击市场。 计算机业务持续产品化和国际化，Apple Works 采用订阅制收费模式， 官网设计具有海外风格，未来将在海外推广，提升收入和利润率。 Q&A 2025 年上半年神州泰岳的经营情况如何？ 2025 年上半年，神 ...

Summary of Shenzhou Taiyue's Conference Call Company Overview - **Company**: Shenzhou Taiyue - **Industry**: Mobile Gaming Key Financials - **2024 Total Revenue**: 64.52 billion CNY, up 8.22% YoY - **2024 Net Profit**: 14.28 billion CNY, up over 60% YoY - **2024 Game Revenue**: 46.62 billion CNY, with overseas revenue exceeding 50% - **Key Titles**: "Sunrise City" contributed 34 billion CNY, "War Fire and Order" contributed 10 billion CNY - **Q1 2025 Revenue**: 13.23 billion CNY, with a net profit of 3.29 billion CNY, slightly down YoY due to peak performance in the previous year [2][3] Game Development and Strategy - **New Game Releases**: Plans to launch two new SLG mobile games (code-named DL and LVA) in H2 2025, with three additional SLG games expected by Q2 2026, accelerating release cadence to five games per year [2][5] - **Long-term Strategy**: Commitment to long-term operation of SLG games, anticipating stable revenue and profit from new titles [2][5] - **Market Focus**: 50% of game revenue comes from North America, primarily the U.S. [4][11] Business Segments - **Server Cluster Business**: Achieved breakeven last year, expected to improve further this year [6] - **Cloud and AI Services**: Integration of cloud and AI services aimed at supporting Chinese companies going global, serving over 300 clients [6][17] - **SaaS Revenue**: Accounts for approximately 40%-50% of cloud business revenue, with double-digit growth in recent years [17] Regulatory and Market Environment - **Government Policies**: Encouragement of game exports positively impacts business development and improves market sentiment, increasing industry valuation confidence [7] - **U.S. Court Ruling**: Monitoring the ruling allowing bypassing Apple's iOS store for payments, which could reduce costs and enhance profitability [8] Game Performance Insights - **"Sunrise City"**: Revenue fluctuated significantly in 2024 due to competition, with a focus on ROI leading to reduced marketing spend [9] - **"War Fire and Order"**: Maintained stable revenue performance [9] Future Outlook - **2025 Revenue and Profit Projections**: Dependent on the performance of key products and new releases, with a focus on maintaining revenue stability and effective marketing strategies [18] - **Governance Structure**: Highlighted as a strong foundation for future growth [19] Additional Notes - **Art Production Costs**: Art production accounts for about 40% of game development costs, with improved third-party tools enhancing efficiency [16] - **Non-SLG Game Development**: Exploring non-SLG products while maintaining focus on core SLG offerings [13] This summary encapsulates the key points from the conference call, providing insights into Shenzhou Taiyue's financial performance, strategic direction, and market environment.