Core Insights - The company Shenzhou Taiyue (300002) has confirmed that its two main games, "Age of Origins" and "War and Order," along with two new games, "Stellar Sanctuary" and "Next Agers," have obtained domestic game licenses [1] - The two new games, "Stellar Sanctuary" and "Next Agers," are currently in the commercialization testing phase and have not yet entered the formal promotion and launch stage [1]

Group 1 - The core point of the article is that Shenzhou Taiyue (300002.SZ) has received domestic game licenses for its two main games, "Age of Origins" and "War and Order," as well as for two new games, "Stellar Sanctuary" and "Next Agers," which are currently in the commercialization testing phase and have not yet entered the formal promotion stage [1] Group 2 - The gaming ETF (product code: 159869) tracks the China Securities Animation and Gaming Index and has seen a recent decline of 0.78% over the past five days, with a price-to-earnings ratio of 35.70 times and a net subscription of 190 million yuan [4] - The food and beverage ETF (product code: 515170) tracks the China Securities Subdivision Food and Beverage Industry Theme Index, experiencing a decline of 1.01% over the past five days, with a price-to-earnings ratio of 21.07 times and a net redemption of 47.515 million yuan [3] - The Sci-Tech Innovation 50 ETF (product code: 588000) tracks the Shanghai Stock Exchange Sci-Tech Innovation Board 50 Index, showing a decline of 2.48% over the past five days, with a price-to-earnings ratio of 150.85 times and a net redemption of 290 million yuan [5] - The cloud computing 50 ETF (product code: 516630) tracks the China Securities Cloud Computing and Big Data Theme Index, with a slight increase of 0.19% over the past five days, a price-to-earnings ratio of 91.61 times, and a net redemption of 12.313 million yuan [5]

Core Viewpoint - Shenzhou Taiyue is a leading comprehensive information technology service provider in China, with strong technical capabilities in artificial intelligence and gaming, and has shown solid financial performance in the industry [1][2]. Group 1: Business Overview - Shenzhou Taiyue was established on May 18, 2001, and listed on the Shenzhen Stock Exchange on October 30, 2009, with its headquarters in Beijing [1]. - The company's main business segments include operator services, IoT and communications, artificial intelligence and big data, mobile gaming, and innovative businesses [1]. Group 2: Financial Performance - For Q3 2025, Shenzhou Taiyue reported revenue of 4.068 billion yuan, ranking 7th among 26 companies in the industry, with the industry leader, ST Huatuo, generating 27.223 billion yuan [2]. - The net profit for the same period was 711 million yuan, placing the company 6th in the industry, with ST Huatuo leading at 4.442 billion yuan [2]. - The company's asset-liability ratio was 11.09%, lower than the previous year's 12.55% and significantly below the industry average of 29.04%, indicating strong solvency [3]. - The gross profit margin for Q3 2025 was 58.58%, slightly down from 61.95% year-on-year but still above the industry average of 58.35% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.14% to 84,100, while the average number of circulating A-shares held per shareholder increased by 5.26% to 21,900 [5]. - The top circulating shareholder is the Huaxia CSI Animation Game ETF, holding 56.4599 million shares, an increase of 9.6514 million shares from the previous period [5]. Group 4: Executive Compensation - Chairman David Mao's compensation increased from 8.6126 million yuan in 2023 to 9.7151 million yuan in 2024, reflecting a rise of 1.1025 million yuan [4]. Group 5: Market Outlook - Analysts from Galaxy Securities expect the company's net profit to reach 1.059 billion yuan in 2025, with projections of 1.382 billion yuan in 2026 and 1.563 billion yuan in 2027, maintaining a "recommended" rating [6]. - Haitong Securities noted that the company's revenue and net profit have shown signs of narrowing decline, with stable performance from existing games and the launch of new titles [6].

Core Viewpoint - The company has shown a narrowing decline in revenue and net profit in Q3 2025, with strong performance from evergreen games like "Age of Origins" and "War and Order," and promising expectations for new games [1][2][3] Financial Performance - In Q3 2025, the company achieved revenue of 1.384 billion yuan, a year-on-year decrease of 5.29% - The net profit attributable to shareholders was 215 million yuan, down 53.55% year-on-year - The non-GAAP net profit attributable to shareholders was 208 million yuan, a decline of 3.20% year-on-year, indicating a smaller drop compared to revenue [2] - For the first three quarters of 2025, the cumulative revenue was 4.068 billion yuan, down 9.86% year-on-year, with a net profit of 724 million yuan, down 33.77% year-on-year [2] Game Performance - Evergreen games "Age of Origins" and "War and Order" have maintained stable performance, with "Age of Origins" undergoing frequent updates and events to enhance player engagement [3] - "War and Order" has also seen multiple updates to improve user experience, showcasing the company's long-term operational capabilities [3] - The new game "Stellar Sanctuary" has been launched, combining simulation management and SLG gameplay, with expectations for strong future performance [3] Future Outlook - The company anticipates steady revenue from its evergreen games and is optimistic about the performance of new releases [2][3] - EPS estimates for 2025-2027 are projected at 0.61, 0.84, and 1.01 yuan respectively, with a target price of 16.47 yuan based on a 27x dynamic PE for 2025 [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 16.37 [7][5]. Core Views - The company is currently undergoing a critical transition between old and new growth drivers, with short-term performance under pressure but long-term potential in overseas SLG products and AI business commercialization [1][5]. - The existing games are experiencing a natural decline in revenue due to reduced marketing spend, but they still show strong resilience, with expectations of narrowing revenue decline in the upcoming quarters [2]. - The AI product OurWorks has been launched with a business model targeting cost reduction for SMEs, and while it is in the user accumulation phase, it is expected to contribute positively to revenue in the future [3]. Financial Performance Summary - In Q3 2025, the company reported revenue of RMB 1.384 billion, a year-on-year decrease of 5.29% but a quarter-on-quarter increase of 1.7%. The net profit attributable to shareholders was RMB 215 million, down 53.55% year-on-year [1]. - For the first three quarters of 2025, the company achieved a total revenue of RMB 4.068 billion, a year-on-year decline of 9.86%, and a net profit of RMB 724 million, down 33.77% year-on-year [1]. - The gross margin for Q3 2025 was 56.17%, a decrease of 5.02 percentage points year-on-year, primarily due to a lower proportion of high-margin game business [4]. Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been revised downwards, with net profit estimates adjusted to RMB 961.53 million, RMB 1.401 billion, and RMB 1.605 billion, representing declines of 16.46%, 17.92%, and 20.63% respectively [5][11]. - The company is assigned a PE valuation of 23 times for 2026, reflecting its potential for new product elasticity and rapid AI application progress [5].

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 4.068 billion CNY and a net profit attributable to shareholders of 0.724 billion CNY [3] - In Q3 2025, the net profit attributable to shareholders was 0.215 billion CNY, with a non-attributable net profit of 0.208 billion CNY [3] Main Products - The two main products, "Age of Origins" and "War and Order," have maintained strong player engagement, continuing a stable revenue trend after over 6 and 8 years since their launch, respectively [3] - New games "Stellar Sanctuary" and "Next Agers" are currently in the commercialization testing phase and have received domestic game licenses [3] Computer Business Line - The computer business line remains stable, with new businesses in cloud and AI showing promising performance [3] - The AI product "avavox" was officially launched at the 2025 China Mobile Global Partner Conference, integrating general large models and proprietary small models to enhance commercial application efficiency [4]

Core Viewpoint - The A-share gaming landscape has changed in the first half of the year, with Century Huatong leading significantly in revenue, followed by 37 Interactive Entertainment and Perfect World returning to the top three [3][5]. Revenue Performance - Century Huatong achieved revenue of 17.207 billion yuan, a year-on-year increase of 85.5%, far surpassing 37 Interactive Entertainment's revenue of 8.486 billion yuan [3]. - Perfect World reported revenue of 3.691 billion yuan, up 33.74%, primarily driven by a surge in film and television revenue, which reached 767 million yuan (up 756.35%) [3]. - Only Century Huatong and Perfect World maintained high growth among the top five gaming companies, while 37 Interactive Entertainment and Shenzhou Taiyue experienced revenue declines [3]. Profitability Analysis - Century Huatong emerged as the most profitable gaming stock in A-shares, with a net profit exceeding 2.6 billion yuan, the only company in the sector to surpass 2 billion yuan in net profit [4]. - 37 Interactive Entertainment ranked second with a net profit exceeding 1 billion yuan, while Heiying Network, Giant Network, and Gibit each reported net profits exceeding 600 million yuan [4]. - Century Huatong's net profit surged by 129%, while Gibit and Heiying Network also saw significant increases [4]. Market Capitalization - Century Huatong's market capitalization exceeded 140 billion yuan, reclaiming its position as the top gaming stock, followed by Giant Network at over 80 billion yuan and Heiying Network at over 50 billion yuan [4]. - 37 Interactive Entertainment fell to fourth place in market capitalization [4]. Overseas Revenue Insights - Century Huatong's overseas revenue reached 8.958 billion yuan, leading significantly, while 37 Interactive Entertainment and Shenzhou Taiyue each exceeded 2 billion yuan [7]. - Heiying Network and Perfect World had overseas revenues around 200 million yuan, indicating a reliance on the domestic market [7]. Product Development Focus - The leading A-share gaming companies are focusing on high-quality IP development to mitigate market risks and enhance user attraction [10]. - The SLG (strategy game) genre remains a core focus, with 37 Interactive Entertainment having 10 SLG products in development [11]. - The trend of launching both APP and mini-program versions simultaneously is becoming mainstream in the industry, with companies like Shenzhou Taiyue adapting to market demands [12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [5]. Core Insights - The company reported a revenue of 2.685 billion yuan for the first half of 2025, a year-on-year decrease of 12.05%, with a net profit attributable to shareholders of 509 million yuan, down 19.26% [1]. - The gaming business experienced a revenue decline of 16.41% year-on-year in H1 2025, primarily due to reduced user acquisition costs as core games entered a mature phase [2]. - The company is focusing on long-life cycle SLG games, with two core mobile games, "Age of Origins" and "War and Order," contributing 74% and 23% to gaming revenue, respectively [2]. - New game releases are expected to accelerate, with two new SLG games currently in commercialization testing and several others planned for release in the overseas market [2]. - The company is expanding its AI product matrix, launching the "Taiyue Lighthouse" AI model application system and the subscription-based AI voice robot "avavox," which integrates over 200 industry templates [3]. - Profit forecasts for 2025-2027 project net profits of 1.29 billion, 1.57 billion, and 1.71 billion yuan, respectively, with corresponding P/E ratios of 20.9, 17.2, and 15.8 [3]. Financial Summary - For H1 2025, the company achieved a revenue of 2.685 billion yuan, with a net profit of 509 million yuan [1]. - The financial projections indicate a revenue of 6.177 billion yuan for 2025, a decrease of 4.26% from the previous year, with a net profit of 1.286 billion yuan, down 9.93% [4]. - The company’s earnings per share are projected to be 0.65 yuan in 2025, with a P/E ratio of 20.93 [4]. - The total market capitalization is approximately 26.91 billion yuan, with a closing price of 13.68 yuan as of September 1, 2025 [5].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 18.00 CNY, while the current price is 13.82 CNY [7]. Core Insights - The company's classic games "Age of Origins" and "War and Order" have entered a mature phase, leading to a decline in revenue. However, new games "Stellar Sanctuary" and "Next Agers" have been launched, and their future performance is promising [2][13]. - The company is expected to maintain stable revenue from its long-standing games, while new titles are in the early growth stage and are anticipated to contribute positively in the future [13]. Financial Summary - Total revenue is projected to grow from 5,962 million CNY in 2023 to 9,139 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 11.8% [4][14]. - Net profit attributable to the parent company is expected to increase from 887 million CNY in 2023 to 1,668 million CNY in 2027, with a peak in 2024 at 1,428 million CNY [4][14]. - Earnings per share (EPS) are forecasted to be 0.45 CNY in 2023, rising to 0.85 CNY by 2027 [4][14]. Market Performance - The company's stock has a 52-week price range of 8.58 CNY to 15.88 CNY, with a total market capitalization of 27,186 million CNY [8]. - The stock has shown an absolute increase of 62% over the past 12 months [12]. Product Development - The company has launched a new AI product, avavox, aimed at enhancing work efficiency across various business functions [13]. - The new games "Stellar Sanctuary" and "Next Agers" have received approval for domestic release and are expected to accelerate their launch pace [13].

Group 1: Company Insights - Jianzun Investment recently conducted research on two listed companies, Shenzhou Taiyue and Yinlun Co., focusing on their performance and product developments [1][2] - Shenzhou Taiyue's games, "Age of Origins" and "War and Order," have maintained steady revenue streams, generating 1.502 billion yuan and 465 million yuan in the first half of the year, respectively, with cumulative revenues exceeding 1 billion USD [1] - The SLG market's top products have seen a monthly revenue ceiling increase to 200 million USD, indicating an expanding market space, with the company aiming for new releases to become leading titles [1] - Yinlun Co. has established a 4+N product system targeting data centers, energy storage, charging and swapping, and low-altitude aircraft, with significant progress in customer collaborations [2] - In the data center sector, products include megawatt-level immersion cooling equipment and precision air conditioning, with a customer layout of 3+3+N [2] - The company is also advancing in the low-altitude aircraft sector with drone supercharging and has improved production capacity for energy storage thermal management and new energy heavy trucks [2] - The humanoid robot segment has developed a 1+4+N product system, focusing on key customer needs and achieving progress in product development [2] Group 2: Market Overview - The recent performance of various ETFs indicates mixed trends, with the Food and Beverage ETF showing a slight increase of 0.84% and a P/E ratio of 20.80 [6] - The Gaming ETF has experienced a notable rise of 8.05%, with a P/E ratio of 48.19, while the Cloud Computing ETF has increased by 7.94% with a significantly higher P/E ratio of 128.95 [7][6] - The Semiconductor ETF has also shown a positive trend with a 4.52% increase, reflecting ongoing interest in technology sectors [7]