营业成本来看，25Q2 毛利率58.4%（YoY-2.64pct，QoQ-2.9pct），总体保持平稳。费用端来看，25Q2 销售费用1.77 亿元（YoY-32.19%），费用率13.02%，同比下降3.71pct，主因游戏业务周期特性及投放 策略调整，存量游戏（如《Age ofOrigins》等）自然流量支撑基本盘，无需大规模买量推广。同时，新 游处于测试调优阶段，未启动大规模投放，销售费用需求低。 25Q2 研发费用0.91 亿元（YoY-9.98%），费用率6.66%，同比增长0.23pct。主因相比24Q2，存量游戏功 能优化需求减少，研发投入自然回落；但相比25Q1,新游《Stellar Sanctuary》处于测试优化关键阶段， 因此推高环比数据。同时，公司使用自训练模型，通过AI 降低了美术等环节的制作成本，导致同比费 用率降低。 25Q2 管理费用2.52 亿元（YoY+3.78%），费用率18.51%，同比增长2.99pct，主因新增管理岗位适配业 务扩张，叠加人员薪酬正常调增，推高管理费用同比数据。管理季度性成本波动，Q1 含年终奖金、年 度规划会议等大额支出，Q2 回归常规管理成本，环 ...

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 | 半年报点评 gszqdatemark 2025 08 27 年 月 日 神州泰岳（300002.SZ） 打造"2+2+N"游戏产品矩阵，推出"泰岳灯塔"AI 大模型 业绩概览：公司发布 2025 年半年报。2025H1，公司实现营业收入 26.85 亿元，同比 下滑 12.05%；实现归母净利润 5.09 亿元，同比下滑 19.26%；实现扣非归母净利润 4.88 亿元，同比下滑 21.02%。 股价走势 -10% 12% 34% 56% 78% 100% 2024-08 2024-12 2025-04 2025-08 神州泰岳 沪深300 两款新游已获国内版号，打造"2+2+N"游戏产品矩阵。2025H1，公司游戏业务收入 同比下滑 16.41%至 20.28 亿元，游戏业务毛利率同比提升 0.62pct 至 73.48%。公司 发行的《Age of Origins》和《War and Order》均多次获得 AppStore 和 Google 全球推 荐，累计流水均已超过 10 亿美元，公司将继续丰富游戏内容、创新玩法，深度挖掘产 品的长线运营潜力。新游戏方面，公司持续提升研发效能，通过 ...

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， ...

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]