证券研究报告 | 半年报点评 gszqdatemark 2025 08 27 年 月 日 神州泰岳（300002.SZ） 打造"2+2+N"游戏产品矩阵，推出"泰岳灯塔"AI 大模型 业绩概览：公司发布 2025 年半年报。2025H1，公司实现营业收入 26.85 亿元，同比 下滑 12.05%；实现归母净利润 5.09 亿元，同比下滑 19.26%；实现扣非归母净利润 4.88 亿元，同比下滑 21.02%。 股价走势 -10% 12% 34% 56% 78% 100% 2024-08 2024-12 2025-04 2025-08 神州泰岳 沪深300 两款新游已获国内版号，打造"2+2+N"游戏产品矩阵。2025H1，公司游戏业务收入 同比下滑 16.41%至 20.28 亿元，游戏业务毛利率同比提升 0.62pct 至 73.48%。公司 发行的《Age of Origins》和《War and Order》均多次获得 AppStore 和 Google 全球推 荐，累计流水均已超过 10 亿美元，公司将继续丰富游戏内容、创新玩法，深度挖掘产 品的长线运营潜力。新游戏方面，公司持续提升研发效能，通过 ...

Investment Rating - The report maintains a "Buy" rating for the media industry [5] Core Insights - The media industry (Shenwan) saw a weekly increase of 1.55%, ranking 4th among industries, while the Shanghai Composite Index and Shenzhen Component Index both fell by 0.25% and 0.60% respectively [12][18] - Key companies such as Yuanlong Yatu, Chuanwang Media, and Giant Network showed strong performance, with notable weekly gains [18] - The gaming sector continues to thrive, with 33 Chinese companies making it to the global mobile game publisher revenue list, collectively earning $20.2 billion, accounting for 36.6% of the total revenue [29] Summary by Sections Market Performance - The media industry experienced a weekly increase of 1.55%, outperforming the Shanghai Composite Index and Shenzhen Component Index, which fell by 0.25% and 0.60% respectively [12] - The gaming sector saw a 2.57% increase, while advertising and film sectors also reported gains [12][18] Key Industry Data AI Application Data - Gemini's web access increased by 28.9% in May, ranking third among AI products, while Sora's access surged by 121.25% [22] - The top five AI products in China include DeepSeek, Nano AI Search, Doubao, Qwen.ai, and Baidu Wenku [24] Gaming Data - The top three mobile games as of June 12, 2025, are "Honor of Kings," "Mingchao," and "Peace Elite" [27] - The newly launched game "Zhang Jian Chuan Shuo" ranked 15th on the iOS bestseller list [27] - Tencent remains the top mobile game publisher, with "Delta Action" showing a 29% increase in revenue [29] Film Data - The total box office for the week of June 7-13, 2025, was 244 million yuan, with "Mission: Impossible 8" leading the box office [34] - Upcoming films for the summer season are generating significant attention, particularly "Breakup List" [35] Key Industry Events and Announcements - The Zhejiang Provincial Government issued measures to support the overseas expansion of the gaming industry, effective July 10, 2025 [38] - Tencent Music announced plans to acquire Ximalaya for $12.6 billion in cash and stock [38] - Chinese Online launched the "XIAOYAO" platform for international creators, focusing on AI-assisted writing [38]