丨证券研究报告丨 报告要点 [Table_Summary] 公司公布 2025 三季报：2025 年前三季度，公司实现营业收入 9.38 亿元，同比增长 10.03%， 实现归母净利润 0.31 亿元，同比增长 1155.49%，实现扣非净利润 0.17 亿元，同比增长 361.55%；其中 2025Q3，公司实现营业收入 3.05 亿元，同比下滑 2.38%，实现归母净利润- 0.22 亿元，扣非净利润-0.33 亿元。公司游戏出海迈入新阶段，关注未来新游上线贡献业绩增 量，AI+社交进展积极，有望进一步打开想象空间。 分析师及联系人 [Table_Author] 高超 杨云祺 朱子愉 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 [Table_scodeMsg1] 公司研究丨点评报告丨盛天网络（300494.SZ） [Table_Title] 业绩整体承压，《三战》合同终止拖累利润 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 盛天网络（300494.SZ） cjzqd ...

Group 1: Game IP Business - The company has achieved a multi-dimensional layout in the game IP sector, launching several adaptations such as "Three Kingdoms 2017" [1] - The project "True Three Kingdoms Warriors World" is currently in the critical review stage and is expected to launch in the first half of 2026, aiming to become a core growth point for the business [1] - The original IP "Star Wings" has performed exceptionally well overseas, with over 80% of revenue coming from international markets since its launch in Japan [1] Group 2: New Game Operations - The company is focusing on the adaptation of "True Three Kingdoms Warriors World," with plans for multiple rounds of player testing [2] - The original IP game "Magical Bopi," an innovative pet-catching idle game, is expected to launch across all platforms in 2025 [2] - The independent game "Heroic Legend" is set to launch in 2024 and has received positive feedback, with plans for ongoing updates [2] Group 3: AI Sector Development - Since 2021, the company has been building a comprehensive AI platform covering application, model, and infrastructure layers [3] - The launch of the AI-native music social app "Give Mic" and the AI virtual podcast feature demonstrates breakthroughs in multi-modal models [3] - The company is exploring AI applications for overseas markets, aiming to enhance its technological capabilities [3] Group 4: Online Entertainment Platform Business - The company is benefiting from the recovery of the PC online game market, leveraging its high market share in offline core scenes like internet cafes and esports hotels [4] - Significant growth in mobile advertising business is attributed to cross-platform advertising needs from PC game clients [4] - The company aims to deepen its role as a "scene ecosystem builder" by integrating online and offline resources [4]