摘要 神州泰岳经营情况稳定，一至三季度流水环比舒展，显示出良好的增长 态势，为投资者提供了积极的市场信号。 三季度扣非业绩主要由存量游戏贡献，老游戏表现稳定，流水降幅逐季 收窄，表明公司在维护现有游戏用户和延长游戏生命周期方面取得成效。 新游戏 DL 和 LOV 正在测试优化，三款 SLG 新品按计划推进，但新游戏 大推时间尚未明确，投资者需关注后续测试数据及市场反馈。 海外市场买量竞争激烈，但公司新老游戏表现平稳，未受明显影响，同 时储备包括轻度和休闲类游戏在内的多元化产品线，占比约 20%。 神州泰岳对游戏项目立项、测试和推广有严格标准，侧重长期运营潜力， 非 SLG 游戏立项概率较低，投资者需关注公司在游戏选择上的策略。 四季度是神州泰岳计算机业务传统旺季，预计延续增长趋势，云服务和 小曼业务表现良好，Arvox 用户数量保持增长，但短期内对营收贡献有 限。 四季度游戏业务预期稳定，主要收入来源于旭日和战火两款老游戏，新 游戏大概率不会大规模推广，预计四季度整体业绩稳定。 Q&A 神州泰岳 20251029 公司第三季度的财务表现如何？ 第三季度公司实现营业收入 80 亿元，同比下降 10%。年初至报告 ...

New Token Offerings - Binance Wallet's exclusive TGE Phase 38 launches JoJoWorld (JOJO) [1] - 32 million JOJO tokens will be reserved for future events [1] - Binance Alpha will launch Dill (DL) at 11:30 AM (UTC) on September 19 [1] Launch Details - JoJoWorld (JOJO) subscription period is open from 9:00 AM to 11:00 AM (UTC) on September 19 [1]

Summary of Shenzhou Taiyue Conference Call Company Overview - **Company**: Shenzhou Taiyue - **Industry**: Gaming and Software Development Key Financials - **Revenue**: 1.36 billion CNY, a quarter-on-quarter increase of 2.85% [2] - **Net Profit**: 270 million CNY, a quarter-on-quarter increase of 13.45%, indicating steady improvement in overall profitability [2] - **First Half of 2025**: Revenue of 2.685 billion CNY, a year-on-year decrease of 12%; net profit of 509 million CNY, a year-on-year decrease of 19.26% [3] Gaming Business Insights - **Revenue Source**: 92% of revenue comes from the overseas gaming market, with North America contributing approximately half [2][12] - **Upcoming Games**: Two games, DL and LA, are nearing launch on the Apple Store, with three additional SL products expected to enter commercialization testing in Q1 and Q2 of 2026 [2][4][8] - **Existing Games**: The games "Sunrise City" and "War Fire and Order" are performing well, with stable revenue maintained through frequent updates and consistent investment [6] Software Business Developments - **Abox Smart Voice Robot**: Launched with a subscription model based on call duration, showing good market feedback and plans for international expansion [5][7] - **Productization and Internationalization**: The software segment is experiencing continuous growth, with a focus on productization and international outreach [5][11] Market Strategy and Trends - **New Product Development**: The company is accelerating the pace of new product launches, integrating various themes and gameplay styles to capture the expanding SLG market [10] - **Cultural Elements**: Games incorporate Chinese cultural elements, which have been well-received by overseas players [13][14] - **Competitive Landscape**: The SLG market is highly competitive, with established players dominating due to their understanding of overseas player preferences [14] Future Outlook - **Game Development Focus**: Emphasis on refining product quality and learning from successful market examples to enhance new product offerings [15][16] - **Profitability of Software Products**: The subscription model for Everbox is expected to yield high profit margins, with a focus on customer feedback and demand growth [17][18] - **Domestic Market Plans**: Domestic versions of games have been completed and are expected to launch soon, aligning closer with overseas release schedules [19]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8 HKD, corresponding to a P/E of 20x for 2025 and 16x for 2026 [4][7]. Core Insights - The company reported a revenue of 2.24 billion USD for the first half of 2025, representing a year-on-year growth of 6.8%, driven by the continuous growth in the Asia-Pacific region [1]. - The adjusted EBITDA for the first half of 2025 reached 230 million USD, a year-on-year increase of 16.8%, benefiting from the higher revenue share from the Asia-Pacific region [2]. - The company is actively advancing its line control chassis technology, including line control steering and braking systems, with expectations of securing more orders in the second half of the year [3]. Revenue and Profitability - The company's gross margin improved by 1.5 percentage points year-on-year to 11.5%, with gross profit increasing by 22.7% to 260 million USD [2]. - The net profit attributable to shareholders surged by 304.5% year-on-year to 63.48 million USD, with a net profit margin of 2.8% [2]. - The Asia-Pacific region's revenue share increased by 2.3 percentage points to 30.6%, with a significantly higher EBITDA margin compared to North America and EMEASA [4]. Future Outlook - The company expects to achieve a record high in annual revenue, outperforming the market by 300-400 basis points, with a target of 5 billion USD in orders for the year [1]. - Revenue projections for 2025-2027 are estimated at 4.6 billion USD, 4.8 billion USD, and 5.1 billion USD, respectively, with net profits expected to grow significantly [4][6].