公司核心老产品长线运营较为稳健，《Age of Origins》和《War and Order》 上线均超 6 年，累计流水均突破 10 亿美元。其中，《Age of Origins》海外 表现稳健，25H1 在美国、日本市场仍位列中国出海移动游戏收入前十，预 计将持续贡献稳定流水。新产品方面，公司于 25 年元旦前后于海外先后开 展了《Stellar Sanctuary》和《Next Agers》两款新游的商业化测试，其中 《Stellar Sanctuary》为模拟经营+SLG 的科幻题材游戏，即将在 App Store 上线，《Next Agers》则是一款融合肉鸽生存+塔防+SLG+4X 玩法的创新 策略手游，目前这两款新游已获得国产游戏版号。我们认为，在出海 SLG 3.0 时代融合玩法愈热的背景下，这两款新游或将打开公司单产品流水空间， 贡献业绩新增量。 AI 应用 avavox 语音智能体推出，云业务新品赋能云智一体化 公司 AI 应用布局持续深化，子公司鼎富智能于 7 月发布语音智能体 avavox， 覆盖通知、回访、营销等多类场景，可 30 秒生成机器人，同时具备拟人音 色和主动思考能力。商 ...

神州泰岳(300002) 报告日期：2025 年 08 月 27 日 产品周期过渡期，新游有望年内推广上线 ——神州泰岳点评报告 投资要点 事件：公司 8 月 26 日披露 2025 年中报 1H25，公司实现营收 26.85 亿元，同比-12.05%；实现归母净利润 5.09 亿元，同 比-19.26%；扣非净利润 4.88 亿元，同比-21.02%；其中，25Q2，营收 13.61 亿元 （YoY-12.99%，QoQ+2.85%）；归母净利润 2.71 亿元（YoY-19.40%， QoQ+13.45%）；扣非净利润 2.62 亿元（YoY-20.95%，QoQ+15.61%）。 收入端：存量游戏流水存在一定自然下滑 1H25，公司实现营收 26.85 亿元，同比-12.05%。主因核心游戏《Age of Origins》和《War and Order》进入成熟期，《Age of Origins》25Q1-Q2 用户数从 393.5 万降至 317.2 万，流水存在自然下滑。新游《Stellar Sanctuary》和《Next Agers》尚未规模化变现，叠加季节性投放调整所致，导致游戏业务营收同比下 ...

证券研究报告·公司点评报告·游戏Ⅱ 神州泰岳（300002） 2025 年半年报点评：业绩符合预期，关注新 游周期及 AI 应用落地 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,962 | 6,452 | 5,485 | 7,176 | 7,458 | | 同比（%） | 24.06 | 8.22 | (15.00) | 30.84 | 3.94 | | 归母净利润（百万元） | 887.18 | 1,427.67 | 1,105.51 | 1,328.13 | 1,445.24 | | 同比（%） | 63.84 | 60.92 | (22.57) | 20.14 | 8.82 | | EPS-最新摊薄（元/股） | 0.45 | 0.73 | 0.56 | 0.68 | 0.73 | | P/E（现价&最新摊薄） | 32.13 | 19.97 | 25.78 | 21.46 | 19.72 | [Table_Ta ...

8月26日晚间，神州泰岳(300002)发布2025年半年报。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，二季度营收13.61亿元，环比增长2.85%，二季度归母净利润2.71亿 元，环比增长13.45%。 新游蓄势待发，老游筑牢营收根基 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。 公司全面拥抱 AI，构建 AI 技术生态，推动 AI 技术与各业务线的深度融合，加速 AI 的商业化应用及成 果转化。2025年6月，基于对AI大模型技术的深入研究和应用探索，神州泰岳正式发布"泰岳灯塔"AI大 模型应用能力体系，紧密衔接通用大模型与千行百业业务需求，聚焦AI应用，为企业和社会提供全方 位、多领域的AI集成能力和AI创新能力。公司还同步推出了面向ICT运营管理的"岳擎"数智化新IT运营 大模型体系、面向信息安全的"泰岳泰斗"安全大模型系统，构建行业应用新范式。 在智能语音交互领域，公司推出了全新升级的 avavox智能语音机器人。作为"泰岳智呼"在大模型时代 的迭代版本，avavox不仅延续了快速部署、低门槛配置的优势，更在应用广度和深度上实现突破， ...

Summary of Key Points from the Equity Research Report on the Gaming Sector Industry Overview - The gaming sector in China is expected to perform strongly in the second half of 2025, with the Wind Internet Games Index rising 17% since June 2025, compared to a 7% increase in the CSI 300 index [2][10] - The sector is currently trading at a 2026 estimated average price-to-earnings (PE) ratio of 16x, slightly below the historical average of 17x [2][28] Core Insights 1. **Gaming Consumption Growth**: Domestic mobile gaming revenue reached RMB125.3 billion in the first half of 2025, marking a year-on-year increase of 16.6% [2][10] 2. **Product Releases**: A-share gaming companies are planning to increase product releases in the second half of 2025, which is expected to drive sustained earnings growth [2][10] 3. **Profit Margin Optimization**: Game developers are optimizing channel costs, which may lead to wider profit margins [2][10] Company-Specific Highlights Perfect World (002624 CH) - Current Price: RMB15.91, Target Price: RMB20.90, Rating: Buy - The game 'NTE' is anticipated to be a major success in the ACG category, with expected gross billing of approximately RMB5 billion in the first year post-launch, contributing to 73% of the company's net profit in 2026 [4][10] - Projected net profit growth of 143% year-on-year in 2026 [4][10] Ultrapower (300002 CH) - Current Price: RMB13.49, Target Price: RMB15.60, Rating: Buy - Key products 'Staller Sanctuary' and 'Next Agers' are expected to see large-scale commercialization starting in Q3 2025, contributing to a projected CAGR of 17% in net profit from 2025 to 2027 [5][10] Kingnet Network (002517 CH) - Current Price: RMB19.76, Target Price: RMB25.20, Rating: Buy - Expected net profit CAGR of 18% from 2025 to 2027, with a target PE multiple of 21x [9][10] Sanqi Entertainment (002555 CH) - Current Price: RMB17.40, Target Price: RMB23.80, Rating: Buy - Projected net profit CAGR of 10% from 2025 to 2027 [9][10] Key Product Tracking 1. **Game Exports**: Overseas revenue of Chinese games grew 11% year-on-year to USD9.5 billion in 1H25 [3][10] - Diandian Interactive's 'Whiteout Survival' ranked No. 1 in overseas revenue for the first half of 2025 [3][10] 2. **Commercial Promotions**: Giant Network's 'Chao Zi Ran Xíng Dong Zu' launched in July, achieving a peak iOS ranking of No. 11 [3][10] 3. **Beta Tests**: Perfect World's 'NTE' completed its second beta test in June, showing significant performance improvements [3][10] Market Trends and Risks - The gaming sector is experiencing rapid growth, particularly in overseas markets, with leading games performing well [8][10] - Risks include delayed game launches, regulatory changes, and potential operational challenges in overseas markets [9][10] Conclusion - The gaming sector in China is poised for strong growth in the latter half of 2025, driven by robust consumption trends, new product launches, and improved profit margins. Key companies like Perfect World and Ultrapower are well-positioned to capitalize on these trends, with favorable ratings and target prices indicating potential upside for investors [2][10]

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [2][13]. Core Views - The report highlights that the company's core business is improving, with accelerated growth in cloud and AI services. The company achieved a revenue of 6.452 billion yuan in 2024, representing an 8.22% year-on-year increase, and a net profit of 1.428 billion yuan, which is a significant 60.92% increase year-on-year [8][9]. - The company is expected to maintain strong growth momentum driven by new game launches and optimization of its software business profitability structure. Forecasted net profits for 2025, 2026, and 2027 are 1.360 billion yuan, 1.584 billion yuan, and 1.840 billion yuan, respectively [9][11]. Financial Performance Summary - In 2024, the company reported a gross margin of 61.04%, a slight decrease of 1.69 percentage points year-on-year, while the net profit margin improved by 7.24 percentage points to 22.00% [8][9]. - The company’s revenue for Q1 2025 was 1.323 billion yuan, a decrease of 11.07% year-on-year, with a net profit of 239 million yuan, down 19.09% year-on-year [9]. - The company’s total assets are projected to grow from 8.132 billion yuan in 2024 to 13.060 billion yuan by 2027, indicating a strong growth trajectory [12]. Business Segment Performance - The gaming segment generated a revenue of 4.662 billion yuan in 2024, reflecting a year-on-year increase of 3.66%. The AI and ICT services also showed robust growth, with revenues of 1.478 billion yuan and 1.500 billion yuan, respectively, marking increases of 20.53% and 27.05% [9][11]. - The company is focusing on enhancing its core gaming business while expanding into AI and cloud services, which are expected to drive future growth [9]. Future Outlook - The company is well-positioned for future growth due to its strong game pipeline and the integration of AI and cloud services into its business model. The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.69 yuan, 0.81 yuan, and 0.94 yuan, respectively [9][11].

Core Viewpoint - Shenzhou Taiyue reported a strong financial performance for the year 2024, with total revenue of 6.452 billion yuan, an 8.22% increase year-on-year, and a net profit of 1.428 billion yuan, soaring by 60.92% compared to the previous year, attributed to effective marketing strategies and cost optimization [1][2]. Financial Performance - Total revenue for 2024 reached 6.452 billion yuan, up from 5.962 billion yuan in 2023, marking an 8.22% increase [2]. - Net profit attributable to shareholders was 1.428 billion yuan, a significant rise of 60.92% from 887 million yuan in 2023 [2]. - The net profit excluding non-recurring gains was 1.147 billion yuan, reflecting a 38.29% increase from 829 million yuan in 2023 [2]. - Operating cash flow for the year was 1.648 billion yuan, up 52.83% from 1.078 billion yuan in 2023 [2]. - Basic earnings per share increased to 0.7311 yuan, a 60.68% rise from 0.4550 yuan in 2023 [2]. Asset and Equity Growth - Total assets at the end of 2024 were 8.132 billion yuan, a 19.54% increase from 6.803 billion yuan at the end of 2023 [2]. - Net assets attributable to shareholders rose to 7.011 billion yuan, up 21.63% from 5.764 billion yuan in 2023 [2]. R&D Personnel and Structure - The number of R&D personnel was 1,142, slightly down from 1,156 in 2023, with a notable increase in senior personnel aged 40-50 from 115 to 201, a 74.78% rise [3]. - R&D personnel accounted for 26.18% of the total workforce, down from 28.31% in 2023 [3]. Subsidiary Performance - Shellwood Games, a wholly-owned subsidiary, achieved revenue of 4.662 billion yuan in 2024, with over 90% of income coming from overseas and Hong Kong, Macau, and Taiwan [1][3]. - Operating profit for Shellwood Games reached 1.765 billion yuan, marking a historical high in both revenue and profit, continuing a seven-year trend of growth [1][3]. Game Performance and Market Position - Shellwood Games' titles, "Age of Origins" and "War and Order," contributed significantly to revenue, with "Age of Origins" generating 3.454 billion yuan and "War and Order" 1.062 billion yuan [10][12]. - "Age of Origins" ranked 5th among Chinese game publishers in overseas revenue, while "War and Order" ranked 9th globally [5][14]. - The marketing strategy for these games has led to a reduction in promotional expenses by nearly 40% for "Age of Origins" and over 18% for "War and Order" [10]. Future Product Development - Shellwood Games is advancing two new SLG titles, "Stellar Sanctuary" and "Next Agers," expected to launch in late 2024 and early 2025, respectively [14][15]. - The company is focusing on enhancing its product pipeline, with several SLG products scheduled for commercialization testing by the end of 2025 [15].

Investment Rating - The report maintains an "Accumulate" rating for the company Shenzhou Taiyue (300002) [1] Core Views - The company has shown stable operation of existing products and is focusing on the performance of several new SLG games set to launch [1] - In 2024, the company achieved a revenue of 6.452 billion yuan, representing a year-on-year growth of 8.22%, while the net profit attributable to shareholders increased by 60.92% to 1.428 billion yuan [3][4] - The first quarter of 2025 saw a decline in revenue to 1.323 billion yuan, down 11.07% year-on-year, and a net profit of 239 million yuan, down 19.09% year-on-year [3][4] Financial Performance - The company plans to distribute a cash dividend of 1 yuan for every 10 shares, totaling approximately 196 million yuan [3] - The core game "Age of Origins" saw a recharge flow increase of 7.26% year-on-year, contributing to the revenue growth in 2024 [4] - The company is expected to see revenue growth of 12.0%, 11.8%, and 10.0% for the years 2025, 2026, and 2027, respectively, with net profits projected at 1.111 billion yuan, 1.257 billion yuan, and 1.457 billion yuan [6][9] Game Development Strategy - The company is deepening its focus on SLG games while also expanding into RPG genres, with two new SLG games, "Stellar Sanctuary" and "Next Agers," currently in commercialization testing [5] - Three additional SLG games are planned for commercialization testing by mid-2026, alongside the development of a sci-fi RPG game [5] Valuation Metrics - The report provides a projected P/E ratio of 16 for 2024, increasing to 20 in 2025, and then decreasing to 15 by 2027 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's existing games are operating steadily while awaiting the launch of new games [1] - The gaming business shows robust performance with a strong pipeline of new games [8] - The computer business is experiencing significant growth driven by innovations in AI and ICT [8] Financial Performance Summary - Total revenue for 2023 is projected at 5,962 million, with a year-on-year growth of 24.06% [1] - Net profit attributable to the parent company for 2023 is expected to be 887.18 million, reflecting a year-on-year increase of 63.84% [1] - Earnings per share (EPS) for 2023 is estimated at 0.45 yuan [1] Revenue and Profit Forecast - Revenue is expected to reach 6,452 million in 2024, with a year-on-year growth of 8.22% [1] - The net profit for 2024 is projected at 1,427.67 million, indicating a year-on-year increase of 60.92% [1] - EPS for 2024 is forecasted to be 0.73 yuan [1] Game Business Insights - The gaming segment achieved revenue of 46.62 billion in 2024, with a year-on-year growth of 3.66% and a gross margin of 72.70% [8] - Key games such as "Age of Origins" and "War and Order" continue to perform well, contributing significantly to revenue [8] - New games like "Stellar Sanctuary" and "Next Agers" are set to launch in 2025, with expectations for substantial contributions to revenue [8] Computer Business Performance - The computer and other businesses generated revenue of 17.90 billion in 2024, reflecting a year-on-year increase of 22.21% [8] - AI/ICT operations accounted for 14.78 billion, growing by 20.53% year-on-year [8] - The company is actively integrating AI into various business lines, enhancing service offerings [8] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 19.49, 17.96, and 16.66 respectively [1] - The company maintains a strong financial position with a net asset value per share of 3.70 yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company achieved a revenue of 6.452 billion yuan in 2024, representing a year-on-year growth of 8.22%, and a net profit attributable to shareholders of 1.428 billion yuan, up 60.92% [1]. - In Q1 2025, the company reported a revenue of 1.323 billion yuan, a decline of 11.07% year-on-year, and a net profit of 239 million yuan, down 19.09% [1]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares for 2024 [1]. Financial Performance - The gross profit margin for 2024 decreased by 1.69 percentage points to 61.04%, while the sales expense ratio decreased by 9.06 percentage points to 15.60% [2]. - In Q1 2025, the gross profit margin improved by 2.37 percentage points to 61.30% compared to the previous quarter [2]. - The company’s game business revenue grew by 3.66% to 4.662 billion yuan in 2024, with overseas revenue increasing by 12.84% to 4.906 billion yuan [3]. Product Development and Innovation - The company launched two new games, "Stellar Sanctuary" and "Next Agers," in overseas markets at the end of 2024, which are currently in the commercialization testing phase [3]. - The company is focusing on AI technology applications across various business areas, having applied for 367 patents in the AI field, with 208 patents granted [4]. Profit Forecast - The company is expected to achieve net profits of 1.451 billion yuan, 1.681 billion yuan, and 1.888 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 16, 13, and 12 [5][6].