据Sensor Tower披露的7月出海手游收入榜，点点互动"大爆款"《Whiteout Survival》继续占据榜 首，同时其新游《Kingshot》延续上市以来强劲的增长态势跃至收入榜TOP2，柠檬微趣旗下女性向经 营+合成手游《Gossip Harbor》居于第三位。未来神州泰岳两款新游戏：模拟经营+SLG的《Stellar Sanctuary》、文明题材+塔防玩法的《Next Agers》或面临不小的市场竞争压力。 "厂商力压SLG手游出海，在于这类游戏基本全球通用，打法大多易学难精，且一旦上手，黏性极 高。"互联网产业分析师张书乐在接受记者采访时指出，但不可忽视的是，SLG游戏的体验同质化程度 极高，也使得在全球市场上很容易变成"红海"竞争。 与游戏业务一样下滑的还有AI/ICT运营管理业务和其他业务，分别同比下滑1.67%、20.96% ，营收 分别为5.34亿元、1466.18万元；物联网/通讯业务、创新业务本期均实现增长，营收分别为5468.35万 元、5355.19万元。 具体来看，神州泰岳游戏业务收入主要来全资子公司壳木游戏，产品以SLG（策略类）手游为主， 主打精品化和长线运营。作为国 ...

本报讯 （记者许林艳）8月27日，北京神州泰岳软件股份有限公司（以下简称"神州泰岳"）发布2025年 中报。今年上半年，公司实现营业收入26.85亿元；实现归母净利润5.09亿元；分季度看，第二季度营收 13.61亿元，环比增长2.85%，第二季度归母净利润2.71亿元，环比增长13.45%。 全面拥抱AI技术，加速多行业落地渗透 除游戏业务外，AI驱动的软件与数智化服务业务也是半年报中的亮点之一。 新游蓄势待发，老游筑牢营收根基 今年以来，全球SLG（策略类游戏）市场规模持续扩容，神州泰岳也迎来新游戏密集上线的窗口期。 2025年初，公司陆续在海外商业化测试两款"SLG+模拟经营"新游戏——《Stellar Sanctuary》和《Next Agers》。据公司介绍，这两款产品已处于商业化测试后期，预计将在今年下半年正式推广。上述两款 产品已获得国内版号，也将择期在国内发行。公司表示，基于对SLG市场的持续看好，公司这两年加大 了相关新品的储备力度。除已经开始商业化测试的产品外，公司还有多款SLG新品在今明两年陆续投放 市场。业内分析认为，在SLG市场明显扩容的背景下，真正有实力制作、发行新品的手游厂商极为 ...

8月26日晚间，神州泰岳(300002)发布2025年半年报。今年上半年，公司实现营业收入26.85亿元；实现 归母净利润5.09亿元；分季度看，二季度营收13.61亿元，环比增长2.85%，二季度归母净利润2.71亿 元，环比增长13.45%。 创新业务上新，拉动增长新预期 除了核心的游戏与AI业务外，神州泰岳其他创新板块也陆续推出多款新品。在教育场景方面，神州泰 岳硬件团队推出了望远鲸护眼网课屏系列（43/65英寸Max2及专业版）主打护眼、智能管控与交互，为 青少年打造更健康、更高效的学习体验；同时，神州泰岳旗下电力设备状态监测企业泰岳天成还推 出"以采代录"转换装置、超声阵列局放监测装置、双超声暂态地电压局放传感器等产品，用于复杂电网 系统的设备监测、故障诊断和应急处理，进一步提升电力运维的智能化水平和安全保障能力。泰岳小漫 在提供跨境流量服务之外，用于全球精准定位服务的FiROAM QuadTrack也即将上市。 全面拥抱 AI 技术，加速多行业落地渗透 除游戏业务外，AI驱动的软件与数智化服务业务也是半年报中的亮点之一。 公司全面拥抱 AI，构建 AI 技术生态，推动 AI 技术与各业务线的深度融 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 19.13 [1][5]. Core Views - The company is expected to see high growth in revenue from new products such as "Stellar Sanctuary" and "Next Agers," which are set to launch soon and will be promoted aggressively [2][5]. - The subsidiary Dingfu Intelligent has launched avavox, an AI Voice Agent, which is anticipated to be a key driver for the company's AI initiatives [3]. - The cloud business has introduced new products like UltraTalk and UltraUI, enhancing the integration of cloud and AI capabilities across various industries [4]. Summary by Sections New Products and Revenue Growth - The company is launching two new games, "Stellar Sanctuary" and "Next Agers," which are expected to contribute significantly to revenue growth in the upcoming periods [2]. - "Stellar Sanctuary" is a sci-fi themed simulation game, while "Next Agers" combines various gameplay styles, indicating a strategic move towards innovative gaming experiences [2]. AI Applications - The avavox AI Voice Agent is designed for versatility across industries, allowing users to create voice bots easily without coding [3]. - The business model for avavox is based on a pay-per-call system, which is expected to address the needs of small and medium enterprises [3]. Cloud Business Developments - The introduction of UltraTalk and UltraUI signifies the company's commitment to enhancing its cloud services, providing comprehensive solutions for data processing and AI applications [4]. - The company is adopting a "SI + ISV" model to deepen the integration of cloud and AI technologies, aiming for commercialization across multiple sectors [4]. Financial Projections - The company has adjusted its profit forecasts, projecting a net profit of RMB 1.15 billion for 2025, with significant increases in 2026 and 2027 [5][11]. - The expected revenue growth rates are 14.98% for 2025, 28.15% for 2026, and 10.37% for 2027, reflecting strong performance from new product launches [11][12].

Investment Rating - The report assigns a "Buy" rating for the company [5][72]. Core Views - The company's gaming business, led by its wholly-owned subsidiary Kemu Games, has a strong track record in overseas game publishing, with past titles like "Age of Origins" and "War and Order" generating revenues exceeding 30 billion and 10 billion respectively. Future titles such as "Stellar Sanctuary" and "Next Agers" are expected to exceed revenue expectations [1][4]. - The company is positioned in the low-performing segment of the gaming sector for 2025, with its current stock price reflecting only the expected performance of existing games and not accounting for new product lines [3][4]. - The company is projected to achieve revenues of 69.3 billion, 89.4 billion, and 99.3 billion for 2025, 2026, and 2027 respectively, with net profits of 12.9 billion, 19.6 billion, and 21.5 billion [5][72]. Summary by Sections Company Overview - The company, established in 1998 and listed in 2009, aims to be a leader in the digital economy with a focus on game development and AI technology [18][19]. - Its gaming business is a top-tier player in the domestic mobile game market, with over 250 million registered users across more than 150 countries [19]. Industry Analysis - SLG games are characterized by high entry barriers and sustained revenue generation, with a typical lifecycle of 6 to 8 years [26]. - The "SLG+X" model, which integrates various gameplay elements, has gained popularity and is expected to enhance user acquisition and retention [35]. Financial Performance - The company has shown significant revenue growth, with a peak revenue of 19.4 billion in Q4 2024 and a record net profit of 4.63 billion in Q3 2024 [23][25]. - The overall expense ratio has improved, with a notable decrease in sales expense ratio from 54.5% in Q1 2021 to 43.5% in Q1 2025 [25]. New Product Development - The upcoming titles "Stellar Sanctuary" and "Next Agers" are set to initiate a new product cycle, with "Stellar Sanctuary" expected to contribute significantly to revenue [53][66]. - The company has multiple SLG games in development, with plans for commercial testing in the near future [60]. Valuation and Market Potential - The estimated target market capitalization for 2026 is around 400 billion, based on a P/E ratio of 20 times projected earnings [4][72]. - The global SLG game market is anticipated to exceed 20 billion USD by 2027, indicating strong growth potential for the company [30].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][7]. Core Insights - The company is making significant strides in the AI field, particularly in ICT operations, with the launch of the "Yueqing" intelligent IT operation model, which has passed authoritative testing by the China Academy of Information and Communications Technology [2][3]. - The company has a strong long-term operational capability in the gaming sector, with core games showing revenue recovery and stability. The two main mobile games, "Age of Origins" and "War and Order," account for 74% and 23% of gaming revenue, respectively [3]. - The company is expected to release new games in the second half of 2024, which could significantly enhance revenue potential, with several games in development set to launch in overseas markets [3]. Financial Summary - The company's projected revenues for 2023 to 2027 are as follows: - 2023: 5,962 million - 2024: 6,452 million (+8.22%) - 2025: 6,895 million (+6.86%) - 2026: 7,685 million (+11.46%) - 2027: 7,991 million (+3.97%) [6]. - The net profit attributable to the parent company is forecasted to be: - 2023: 887 million - 2024: 1,428 million (+60.92%) - 2025: 1,344 million (-5.83%) - 2026: 1,561 million (+16.12%) - 2027: 1,594 million (+2.08%) [6]. - Earnings per share are expected to be: - 2024: 0.73 - 2025: 0.69 - 2026: 0.80 - 2027: 0.81 [6]. Market Performance - The company's stock has shown strong performance with absolute returns of 18% over the last month, 13% over three months, and 62% over the past year [9]. - The stock's closing price was 12.95, with a 12-month price range of 7.83 to 15.88 [7]. Conclusion - The report highlights the company's robust positioning in the gaming and ICT sectors, with promising revenue growth and a strong operational framework, making it a compelling investment opportunity [4][6][7].

Group 1 - The global mobile game market is experiencing a slowdown, but the SLG (Simulation Game) segment presents structural investment opportunities due to high user spending, long lifecycle, and global adaptability [1][2] - In 2024, the global strategy game revenue is projected to reach $17.5 billion, making it the top category in mobile games, with significant contributions from Chinese titles like "Last War: Survival" and "Whiteout Survival" [2] - The proportion of strategy games among the top 100 self-developed mobile games in overseas markets is 41.38%, indicating a strong presence and growth potential for SLG games [2] Group 2 - SLG developers are innovating gameplay to attract lighter users and reduce user acquisition costs, with successful cases emerging from SLG+ simulation and mini-games [1][3] - The industry is focusing on two main strategies: maintaining core SLG features while reducing player investment ("降肝降氪") and integrating lighter gameplay elements to broaden user appeal [3] - The enduring popularity of Three Kingdoms themes and the combination of new themes and IPs are helping SLG games to explore new market spaces [3] Group 3 - Notable products are successfully entering overseas markets, providing stable revenue support, such as "Whiteout Survival," which has generated $2.25 billion globally by March 2025 [4] - The games "Age of Origins" and "War and Order" have shown stable growth in ARPU and revenue, contributing 96.83% to the total revenue of Shenzhou Taiyue's gaming business [4] - New games like "Stellar Sanctuary" and "Next Agers" are undergoing commercialization testing overseas, potentially offering new revenue streams for the company [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5]. Core Insights - The company achieved a revenue of 6.452 billion yuan in 2024, representing an 8.22% year-on-year increase, and a net profit of 1.428 billion yuan, which is a 60.92% increase year-on-year [2]. - The gaming business continues to show stable growth, with the main mobile games generating significant revenue, while new games are expected to contribute to future performance [3]. - The software and IT services segment also demonstrated stable growth, integrating advanced technologies such as AI and IoT into its offerings [4]. Financial Performance Summary - In 2024, the company reported a revenue of 64.52 billion yuan, with a year-on-year growth of 8.22%, and a net profit of 14.28 billion yuan, up 60.92% year-on-year [2]. - For Q1 2025, the company recorded a revenue of 1.323 billion yuan, a decrease of 11.07% year-on-year, and a net profit of 239 million yuan, down 19.09% year-on-year [2]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [2]. Business Segment Performance - The gaming segment, particularly through its subsidiary Shellwood Games, ranked 9th globally among mobile game publishers in 2024, with significant revenue contributions from established titles [3]. - The software and IT services segment generated revenues of 1.478 billion yuan from AI/ICT, 133 million yuan from IoT/communications, and 150 million yuan from innovative services, showing year-on-year growth rates of 20.53%, 62.30%, and 27.05% respectively [4]. Future Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.67 yuan, 0.75 yuan, and 0.81 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 16, 15, and 14 [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue growth in 2024, with total revenue of 64.52 billion yuan, representing a year-on-year increase of 8.22%. The net profit attributable to the parent company was 14.28 billion yuan, up 60.92% year-on-year [4] - The company is expected to continue its growth trajectory driven by new game launches and AI-related business developments [4][5] - The first quarter of 2025 saw a decline in revenue and net profit, attributed to the maturity of core game products and adjustments in marketing strategies [4][5] Financial Summary - Revenue for 2024 is projected at 64.52 billion yuan, with a year-on-year growth of 8.22%. The net profit for 2024 is expected to be 14.28 billion yuan, reflecting a 60.92% increase [4] - The company forecasts net profits of 13.60 billion yuan, 15.03 billion yuan, and 16.62 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.69, 0.77, and 0.85 yuan [4] - The company's gross margin is expected to be around 62.3% in 2025, with a net margin of 18.6% [8][9] Game Development and AI Integration - The company has launched two new games overseas, "Stellar Sanctuary" and "Next Agers," which are currently in the commercialization testing phase. These games are expected to enhance user engagement and revenue streams [5] - The AI/ICT operations management business generated 14.78 billion yuan in revenue in 2024, marking a year-on-year increase of 20.53% [6] - The integration of AI into products and services is becoming a significant growth engine for the company, with ongoing development of various industry solutions [6]

Core Insights - The company reported a revenue of 6.452 billion yuan for 2024, representing a year-over-year increase of 8.22%, and a net profit attributable to shareholders of 1.428 billion yuan, up 60.92% year-over-year, aligning with the performance forecast range [1] - In Q1 2025, the company achieved a revenue of 1.323 billion yuan, down 11.07% year-over-year and 31.74% quarter-over-quarter, with a net profit of 239 million yuan, down 19.09% year-over-year and 28.53% quarter-over-quarter, primarily due to a decline in core game product revenue [1][2] Game Business Performance - The company's game business generated a revenue of 4.662 billion yuan in 2024, an increase of 3.66% year-over-year [2] - The core products, "Age of Origins" and "War and Order," saw a decline in recharge revenue in Q4 2024, with figures of 825 million yuan and 249 million yuan respectively, down 4.4% and 2.6% quarter-over-quarter [2] - New games "Stellar Sanctuary" and "Next Agers" were released overseas at the end of 2024 and are currently in the commercialization testing phase, with expectations for performance contributions in 2025 [2] Software and AI Business Development - The software business achieved a revenue of 1.79 billion yuan in 2024, reflecting a year-over-year growth of 22.21% [3] - The company is leveraging AI technology to enhance product innovation and commercialization, particularly in ICT operations, cloud services, and information security [3] - Notable initiatives include collaboration with Amazon Cloud and the introduction of the Ultra-AIS intelligent security model, which significantly improves the level of intelligence in security solutions [3] Profit Forecast and Valuation - Due to the decline in existing game revenue and increased marketing expenses, the company has adjusted its profit forecast, lowering expected net profits for 2025 and 2026 to 1.15 billion yuan and 1.29 billion yuan respectively, a reduction of 21% and 22% [4] - The target price is set at 13.47 yuan, based on a 23x PE for 2025, reflecting a stable position in overseas markets and the need to monitor the performance of new products [4]