编号：2025-003 | | | □特定对象调研□分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访☑业绩说明会 | | | 类别 | □新闻发布会□路演活动 | | | | □现场参观 | | | | □其他 | | | 参与单位名称及 | 参加"智脑赋能·逐梦新蓝海—2024 年度集体业绩说明会" | | | 人员姓名 | 的全体投资者 | | | 时间 | | 2025 年 5 月 21 日下午 15:00-17:00 | | 地点 | | 深圳证券交易所"互动易"平台（http://irm.cninfo.com.cn） | | | | 董事兼首席运营官:翟一兵先生 | | 上市公司接待人 | | 独立董事:刘慧龙先生 | | 员姓名 | | 副总裁兼财务总监:戈爱晶女士 | | | | 董事会秘书兼首席品牌官:张开彦先生 | | | 年度业 | 公司于 年 月 日（星期三）在深圳证券交易所 2025 5 21 上市大厅通过图文与直播视频转播的方式举办 2024 | | 投资者关系活动 | | 绩说明会，公司与投资者进行了互动交流和沟通，并就投资 | | 主要内 ...

国泰海通发布研报称，在当前全球手游市场增速放缓的背景下，SLG赛道因其高用户付费、长生命周 期、全球化适配性，仍具备结构性投资机会。SLG厂家切入玩法创新赛道，SLG+模拟经营等玩法吸引 轻度用户，降低买量成本，副玩法买量通过塔防、肉鸽等机制提升转化率;SLG与小游戏的结合已经涌 现成功案例，未来有望进一步成为赛道主流发展方向之一。头部厂商具备长线运营能力和技术壁垒，叠 加技术降本能力和本地化深度，护城河较为稳固，成熟产品有望为厂商持续提供盈利支撑。 国泰海通主要观点如下： 1)点点互动：《WhiteoutSurvival》表现优秀，截至2025年3月底全球累计收入达22.5亿美元，通过冰雪 题材和模拟经营前期玩法引领SLG新模式。新作《Kingshot》预估总收入已达690万美元。2)壳木游戏： 2024年两款SLG产品《Age of Origins(旭日之城)》和《War and Order(战火与秩序)》ARPU值和流水稳定 增长，总计占据了神州泰岳（300002）游戏业务收入总额的96.83%，新游戏《Stellar Sanctuary》和 《Next Agers》正在海外进行商业化测试，有望为公司游 ...

Core Viewpoint - The A-share gaming industry in China is experiencing a structural recovery in Q1 2025 after policy adjustments and market reshuffling in 2024, with a reported revenue of 85.704 billion yuan, a year-on-year increase of 17.99% [1] Industry Overview - The gaming industry has transitioned from extensive growth to a "technology-driven content" phase, with AI and globalization as the two core tracks for future development [2] - The market landscape is increasingly polarized, with only 7 out of 17 listed gaming companies achieving growth in both revenue and profit in Q1 2025 [2] Company Performance - Century Huatong led the industry with a revenue growth of 91.12%, reaching 8.145 billion yuan, marking a historical high [3] - Youzu Network reported a revenue of 359 million yuan, a year-on-year increase of 7.29%, with a net profit of 24.7035 million yuan, up 43.74% [3] - 37 Interactive Entertainment experienced a decline in both revenue and net profit, with Q1 2025 revenue at 4.243 billion yuan, down 10.67%, and net profit at 549 million yuan, down 10.87% [3] - Perfect World saw a significant turnaround with a revenue of 2.023 billion yuan, a year-on-year increase of 52.22%, and returned to profitability [4] - Tencent and NetEase maintained stable revenue growth of 10% or more, showcasing strong market competitiveness [4] Market Dynamics - The outflow of gaming companies to overseas markets has become essential as domestic user growth plateaus, with overseas revenue becoming a core growth engine [5] - Century Huatong's overseas revenue reached 11.367 billion yuan in 2024, accounting for 50.26% of total revenue [6] - Emerging markets such as Southeast Asia and Latin America are becoming new growth points due to increased smartphone penetration and unique cultural preferences [7] Technological Advancements - The integration of generative AI technologies has significantly optimized efficiency across the gaming industry, impacting everything from development to operations [8] - Tencent reported a 24% increase in gaming revenue to 59.5 billion yuan in Q1 2025, supported by AI applications [9] - 37 Interactive Entertainment indicated that over 80% of its 2D art assets and over 30% of its 3D models were generated with AI, enhancing its competitive edge in a rapidly evolving market [10]

证券代码：300002 证券简称：神州泰岳 北京神州泰岳软件股份有限公司 投资者关系活动记录表 编号：2025-002 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 ☑业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称及 人员姓名 | 通过全景网参与公司 年度网上业绩说明会的投资者 2024 | | 时间 | 2025 年 5 月 16 日下午 15:00-17:00 | | 地点 | 全景网"投资者关系互动平台"（http://ir.p5w.net） | | 上市公司接待人 | 董事长兼总裁:冒大卫先生 独立董事:刘慧龙先生 | | 员姓名 | 副总裁兼财务总监:戈爱晶女士 | | | 董事会秘书兼首席品牌官:张开彦先生 | | 投资者关系活动 | 公司于 2025 年 5 月 16 日（星期五）下午 15:00-17:00 在全景网举行 2024 年度网上业绩说明会，本次业绩说明会 采用网络远程的方式举行，主要问题及回复如下： | | 主要内容介绍 | | | | 1、公司的海 ...

2025年05月08日 证券研究报告|公司研究|公司点评 神州泰岳（300002） 核心业务提质、云与 AI 业务加速放量 投资评级 买入 维持评级 | 2025年05月07日 | | --- | | 收盘价(元): | | 公司基本数据 | | | --- | --- | | 总股本(百万股) | 1,962.56 | | 总市值(百万) | 22.451.74 | | 流通股本(百万股) | 1,817.91 | | 流通市值(百万) | 20,796.91 | | 12 月最高/最低价(元) | 16.08/7.73 | | 资产负债率(%) | 10.99 | | 每股净资产(元) | 3.70 | | 市盈率(TTM) | 16.37 | | 市净率(PB) | 3.09 | | 净资产收益率(%) | 3.29 | 股价走势图 70% 50% 30% 10% -10% | 作者 | | | --- | --- | | 裴伊凡 | 分析师 | | SAC 执业证书: S0640516120002 | | | 联系电话:010-59562517 | | | 邮箱:peiyf@avicsec.com | ...

Core Viewpoint - The overall performance of A-share listed gaming companies in 2024 showed a decline, with over half experiencing revenue downturns, while a few companies achieved significant growth [1][5][11]. Group 1: Company Performance - More than half of the 23 A-share listed gaming companies reported a decline in total revenue in 2024, with 13 companies experiencing a year-on-year decrease compared to 9 in 2023 [5][9]. - Perfect World, once a leading company, saw its gaming revenue drop from 66.69 billion yuan in 2023 to 51.81 billion yuan in 2024, marking a decline of nearly 15 billion yuan [5][11]. - Century Huatong and 37 Interactive Entertainment remained the top gaming companies, with Century Huatong's gaming revenue reaching 208.75 billion yuan, a year-on-year increase of 86.57% [11][12]. - 37 Interactive Entertainment's gaming revenue was 172.93 billion yuan, up 5.47% year-on-year, maintaining its position as a profitable leader with a net profit of 26.73 billion yuan [10][12]. Group 2: Revenue and Profit Trends - The gaming revenue of companies like Jibite and Icefire Network declined significantly, with Jibite's revenue falling to 36.49 billion yuan, a decrease of 11.52% [8][10]. - Icefire Network reported a net profit drop of 190% due to high marketing costs, leading to a net loss of 2.47 billion yuan [14][10]. - Perfect World was the only major A-share gaming company to report a loss, with a net loss of 12.88 billion yuan in 2024 [9][10]. Group 3: Market Dynamics and Strategies - Many companies increased their sales expenses significantly, with Century Huatong's sales expenses rising by 129.47% to 77.42 billion yuan, while 37 Interactive Entertainment's sales expenses reached 97.12 billion yuan, an increase of 6.84% [15][14]. - The trend of "de-gaming" was noted, with companies like Zhongqingbao seeing their gaming revenue contribution drop from 49.59% in 2020 to 22.29% in 2024 [7][9]. - The gaming industry faced challenges with aging main products and a lack of new releases, impacting revenue for companies like Jibite and Electric Soul Network [8][9]. Group 4: International Performance and Employee Trends - Century Huatong achieved overseas revenue of 113.68 billion yuan, accounting for 50.26% of its total revenue, driven by successful titles like "Whiteout Survival" [17][18]. - Perfect World experienced a significant reduction in its workforce, with employee numbers dropping from 5,754 to 3,905, a decrease of 32.13% [19][20]. - Overall, 14 out of 23 companies reduced their workforce, indicating a trend of downsizing in the industry [19][20]. Group 5: Future Outlook - The first quarter of 2025 showed better-than-expected performance for several companies, with Century Huatong reporting a revenue increase of 91.12% year-on-year [22][23]. - Analysts predict continued improvement in the gaming sector as new products are launched and the market adapts to changing consumer preferences [25][22].

近日，神州泰岳对外发布了2024年全年财务报告。 报告显示，公司全年实现总营业收入64.52亿元，同比稳健增长8.22%；归属于母公司股东的净利润达14.28亿元，同比飙升60.92%。这一亮眼的盈利表现 主要得益于公司实施的精准营销策略，有效控制了市场推广支出，优化了整体成本结构，从而显著提升了利润率水平。 | | 2024 年 | 2023 年 | 本年比上年 | 2022 年 | | --- | --- | --- | --- | --- | | | | | 增减 | | | 营业收入(元) | 6,452,399,099.15 | 5.962,244,473.08 | 8.22% | 4.806,013.816.09 | | 归属于上市公司股东的净利润(元) | 1.427.670.670.61 | 887,180,309.72 | 60.92% | 541.476.100.89 | | 归属于上市公司股东的扣除非经常性 损益的净利润(元) | 1,146,504,663.41 | 829.080.678.58 | 38.29% | 446,295,695.34 | | 经营活动产生的现金流量净额(元 ...

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]

世纪华通和三七互娱是2024年度营收冠亚军，也是唯二两家规模破百亿的A股游戏厂商。 4月29日，A股游戏厂商世纪华通发布了2024年报及2025年一季报，得益于爆款游戏的支撑，2024年其 营收同比增长70.3%至226.2亿元，净利润同比增长131.5%至12.1亿元。今日ST华通（002602）开盘涨 停。 至此，A股几大游戏厂商2024年"成绩单"均已发布。世纪华通和三七互娱是2024年度营收冠亚军，也是 唯二两家规模破百亿的A股游戏厂商，世纪华通以超过220亿元的营收规模居首，其次是三七互娱，营 收超过174亿元。 按整体业务算，A股游戏营收第三位是神州泰岳，2024年其营收超过64亿元。按游戏业务规模算，完美 世界则稳住了A股第三的位置。恺英网络2024年营收超过51亿元，位列前五。A股前五大厂商2024年收 入超过570亿元。 世纪华通旗下拥有包括点点互动、盛趣游戏等多家游戏业务子公司，过去一年其业绩大增得益于点点互 动的爆款产品《Whiteout Survival》（《无尽冬日》），这一游戏目前已经连续10个月稳居中国手游出 海收入榜第一。 2024 年，世纪华通互联网游戏业务实现收入 209. ...