。事件公司发布2025年中期报告：2025年上半年年公司实现营业收入26.85亿元，同比下降12.05%；归 母净利润5.09亿元，同比下降19.26%；扣非归母净利润4.88亿元，同比下降21.02%。其中Q2单季度公司 实现营业收入 13.61亿元，同比下降12.99%；归母净利润2.71亿元，同比下降19.40%；扣非归母净利润 2.62亿元，同比下降20.95%。 投资建议：我们认为，公司储备游戏的发行节奏有望加快，在老游整体稳健运营的前提下，游戏业务有 望在长线实现修复和增长；同时公司深度融合AI和 ICT技术，产品性能表现良好，应用场景广阔，看好 后续ICT业务的前景。据此，我们预计公司2025-2027年归母净利润分别为11.77/16.04/19.18亿元，对应 PE为23x/17x/14x，维持"推荐"评级。 风险提示：市场竞争加剧的风险、行业监管政策不确定性的风险、新游流水不及预期的风险等。 AI与ICT技术深度融合，构建数字化能力体系公司已推出"泰岳灯塔" AI大模型应用能力体系，包括语音 数字员工avavox（大模型语音机器人），"岳擎"数智化新IT运营大模型体系和"泰岳泰斗"安全大模 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with a focus on the new game cycle and AI application implementation [8] - The gaming business remains stable with existing titles, while new games are anticipated to launch soon, potentially driving revenue growth [8] - The computer business is advancing in productization and internationalization, with a focus on the rollout of AI technologies [8] Financial Performance Summary - For the first half of 2025, the company achieved total revenue of 2.685 billion yuan, a year-over-year decrease of 12.05%, and a net profit of 509 million yuan, down 19.26% year-over-year [8] - The gaming segment generated revenue of 2.028 billion yuan, a decline of 16.41% year-over-year, with a gross margin of 73.48% [8] - The computer and other businesses reported revenue of 657 million yuan, an increase of 4.82% year-over-year, driven by growth in IoT/communication and innovative service sectors [8] Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 0.56, 0.68, and 0.73 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 26, 21, and 20 times [8] - The company is expected to maintain stable performance from existing SLG games while new titles are projected to provide growth potential [8]

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 ...

Core Insights - The company reported a revenue of 2.685 billion yuan and a net profit of 509 million yuan for the first half of 2025, with a quarterly revenue of 1.361 billion yuan in Q2, reflecting a 2.85% increase quarter-on-quarter, and a net profit of 271 million yuan in Q2, showing a 13.45% increase quarter-on-quarter [1] Group 1: Game Business Performance - The global SLG (strategy game) market is expanding, and the company is set to launch two new games, "Stellar Sanctuary" and "Next Agers," in the second half of the year after successful commercialization testing [2] - The gaming segment generated 2.028 billion yuan in revenue in the first half of 2025, accounting for 75.53% of total revenue, with mainstay games "Age of Origins" and "War and Order" generating 1.5 billion yuan and 465 million yuan, respectively [3] Group 2: AI Technology Integration - The company is embracing AI technology, launching the "Taiyue Lighthouse" AI model application system to integrate AI capabilities across various business lines, enhancing commercial applications [4] - The upgraded avavox intelligent voice robot has been introduced, covering diverse industry scenarios and addressing different market needs, including plans for an overseas version [5] Group 3: Innovation and Growth Expectations - The company is launching new products in various innovative sectors, including an eye-care online course screen series and advanced monitoring devices for power systems, aimed at enhancing operational safety and efficiency [6] - The combination of improved Q2 performance, upcoming game launches, and AI product upgrades are seen as key growth drivers for the company [7]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 张开彦：大家好。非常感谢新浪财经《董秘说》的邀请。神州泰岳是一家以"创新驱动，全球布局"为战 略，以"打造行业精品、支撑客户提升、推动产业发展"为使命的民营高科技上市企业。公司构建了"沿 着ICT架构布局，云提供基础设施，C端布局游戏，B端赋能行业"的数字产业格局，形成了手机游戏、 软件和信息技术服务两大业务板块。目前我担任公司董事会秘书兼首席品牌官，主要负责公司市值管 理、公司治理、资本运作和品牌宣传等工作。 2024年，公司营收64.52亿元，归母净利润14.28亿元，业绩再创历史新高；2020-2024年，公司营收复合 增长率达15.74%，归母净利润复合增长率达42%。作为一家以具备全球视野的企业，公司持续发展以手 机游戏、云服务、跨境数据流量服务为代表的出海业务，其海外业务营收从2020年的23.26亿元，提升 至2024年的49.06亿元，营收占比从64.68%，提高至76.04%。 由新浪财经主办的第十一届金麒麟·金牌董秘评选火热进行中！评选期间推出《董秘说》专访活动，助 力投资者深入了解上市公司资本价值和发展战略。本期， ...

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].