业绩情况: 公司发布2025 年三季度业绩。2025 前三季度公司实现营收40.68亿元，yoy-9.86%；实现归母净利润7.24 亿元，yoy-33.77%；实现扣非净利润6.96 亿元，yoy-16.42%。 25 Q3，公司营收13.84 亿元，yoy-5.29%；归母净利润2.15 亿元，yoy-53.55%；扣非归母净利润2.08 亿 元，yoy-3.20%。 存量游戏稳定运营，新游戏发行在即 公司存量游戏《Age of Origins》和《War and Order》稳定运营。 8 月末，公司新游《Stellar Sanctuary》海外上线，据AppGrowing 统计，游戏上线后在欧美和东南亚地 区半个月保持单日500 以上的广告投放量级，越南地区的投放广告数位居第二位。《Next Agers》已在 美区Google Play 和App Store 上架。后续公司两款新游有望在国内上线。 此外，公司储备的三款SLG 游戏预计将于26 上半年展开测试。 "泰岳灯塔"及三大 AI 垂类产品发布，赋能多种行业场景公司于6 月10 日推出"太岳灯塔"AI 大模型应用 能力体系，包括三大垂类AI 产品 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to gradually reach an inflection point in performance driven by a new game cycle and AI commercialization [4] - Q3 revenue and net profit margins show signs of resilience despite previous declines, indicating potential for recovery [4] - The company has adjusted its product launch strategies and is seeing improved performance in core gaming products [4] Financial Summary - For Q1-Q3 2025, the company achieved revenue of 4.068 billion yuan, a year-on-year decrease of 9.86%, and a net profit of 724 million yuan, down 33.77% [4] - Q3 revenue was 1.384 billion yuan, with a year-on-year decline of 5.3%, while the net profit margin was 17.5%, down 6.5 percentage points [4] - The gross margin for Q1-Q3 2025 was 58.6%, a decrease of 3.4 percentage points year-on-year [4] Game Performance - The core games "Age of Origins" and "War and Order" have shown stable performance in the U.S. iOS market, with rankings improving over the months [5] - New SLG games "Stellar Sanctuary" and "Next Agers" are nearing commercialization, which is expected to contribute to revenue growth [5] AI Product Development - The company launched the intelligent voice robot avavox, which has significantly improved communication efficiency and reduced operational costs [6] - The global expansion of avavox is anticipated to provide additional revenue streams [6] Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 1.154 billion yuan, 1.724 billion yuan, and 2.604 billion yuan respectively, with corresponding P/E ratios of 20.6, 13.8, and 9.1 [4][7] - Revenue is expected to decline in 2025 but rebound significantly in 2026 and 2027, with growth rates of 36.4% and 28.9% respectively [7]

Performance Overview - In Q1-Q3 2025, the company achieved operating revenue of 4.068 billion yuan, a year-on-year decline of 9.86% [1] - The net profit attributable to shareholders was 724 million yuan, down 33.77% year-on-year [1] - The net profit excluding non-recurring items was 696 million yuan, a decrease of 16.42% year-on-year [1] - In Q3 2025, the operating revenue was 1.384 billion yuan, a year-on-year decline of 5.29% [1] - The net profit attributable to shareholders in Q3 was 215 million yuan, down 53.55% year-on-year [1] - The net profit excluding non-recurring items in Q3 was 208 million yuan, a decrease of 3.20% year-on-year [1] Game Development and Strategy - The new game "Stellar Sanctuary" was launched on the US App Store, while existing games continue to undergo frequent iterations [2] - The company’s subsidiary, Shellwood Games, adheres to a "diversification + quality" strategy, continuously innovating in game themes and gameplay [2] - "Age of Origins" maintained high-frequency updates in Q3, introducing new systems and celebrating its seventh anniversary with various activities [2] - "War and Order" also received multiple updates to enhance user experience [2] - Both "Age of Origins" and "War and Order" ranked in the top 20 of the "2025 Q3 China Game Overseas Evergreen List" [2] - The company is actively integrating with the Hongmeng ecosystem, with two strategy games already adapted for the Hongmeng system [2] AI and Digital Solutions - The "Yueqing" large model passed authoritative testing by the China Academy of Information and Communications Technology, marking a significant breakthrough in AI technology integration [3] - The "Yueqing" model is built on the "Taiyue Lighthouse" AI model application capability system, featuring a dual-core intelligent agent collaborative architecture [3] - The company joined the "Agent Qizhi" application research promotion plan initiated by the China Academy of Information and Communications Technology [3] - The company launched the voice digital employee "avavox," which includes over 200 industry templates to enhance operational efficiency [4] - "avavox" can complete tasks in 10 minutes that would take human agents half a day, achieving a 95% accuracy rate in problem identification [4] - The new knowledge management agent "UltraTalk" integrates generative AI capabilities and is adaptable to various industry scenarios [4] Profit Forecast - Due to the current product launch being in the investment phase, the profit forecast has been adjusted [5] - The company is expected to achieve net profits attributable to shareholders of 1.015 billion, 1.250 billion, and 1.437 billion yuan for 2025-2027, with corresponding P/E ratios of 23, 19, and 16 times [5] - The investment rating is maintained as "Buy" [5]

1 | 上市公司接待人 | 董事会秘书:张开彦先生 | | --- | --- | | 员姓名 | | | | 一、公司 年三季度经营情况介绍 2025 | | | 前三季度，公司实现营业收入 40.68 亿元，实现归母净 | | | 利润 亿元。第三季度，公司归母净利润 亿元，扣 7.24 2.15 | | | 非归母净利润 2.08 亿元。 | | | 二、问答交流 | | | 1、公司的两款主力产品《Age of Origins》《War and | | | Order》，经营情况如何？ | | | 上线超 6 年的《Age of Origins》和上线超 8 年的《War | | | and Order》，继续保持较高的玩家吸引力，延续稳健流水态 | | | 势，公司将继续通过稳定的投放、高频的更新，深度挖掘产 | | 投资者关系活动 | 品的长线运营潜力，使上述两款游戏产品保持稳健的流水状 | | 主要内容介绍 | 态。 | | | 2、请介绍一下新的游戏产品的情况？ | | | 公司的两款新游《Stellar Sanctuary》《Next Agers》，处 | | | 在商业化测试阶段，已经获得 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's performance has shown a quarter-on-quarter improvement, with core games "Age of Origins" and "War and Order" expected to stabilize in revenue trends. The company has a rich pipeline of new SLG products, including "Stellar Sanctuary" and "Next Agers," and continues to implement AI applications. The company is likely to maintain its advantage in the SLG category while also focusing on the progress of its cloud and AI businesses [5][14][15]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 2.685 billion yuan, a year-on-year decrease of 12%. The net profit attributable to the parent company was 510 million yuan, down 19% year-on-year. In Q2 2025, revenue was 1.36 billion yuan, a 13% year-on-year decline but a 3% quarter-on-quarter increase. The net profit for Q2 was 270 million yuan, also down 19% year-on-year but up 13% quarter-on-quarter [13][14]. Game Business - The gaming segment generated revenue of 2.03 billion yuan in H1 2025, a 16% year-on-year decline, primarily due to reduced promotional efforts for long-term games. The marketing expenses for the core products "Age of Origins" and "War and Order" decreased by 40% and 19% respectively. The revenue for "Age of Origins" in Q1 and Q2 was 785 million and 737 million yuan, down 15% and 19% year-on-year, while "War and Order" generated 235 million and 231 million yuan, down 20% and 13% year-on-year. Future revenue is expected to stabilize [14]. New Product Pipeline and AI Applications - The company has a robust reserve of new SLG products, with two new games undergoing commercialization testing and adjustments in H1 2025. These games have received domestic game licenses. Additionally, the company has launched an AI application for enterprises, which includes over 200 industry templates, aiming to meet the high-frequency needs of small and medium-sized B-end clients [15]. Financial Projections - The company is projected to achieve net profits of 1.19 billion, 1.37 billion, and 1.55 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of -16.5%, 15.2%, and 12.8%. The price-to-earnings ratios are expected to be 23, 20, and 17 times for the respective years [15][16].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [5]. Core Insights - The company reported a revenue of 2.685 billion yuan for the first half of 2025, a year-on-year decrease of 12.05%, with a net profit attributable to shareholders of 509 million yuan, down 19.26% [1]. - The gaming business experienced a revenue decline of 16.41% year-on-year in H1 2025, primarily due to reduced user acquisition costs as core games entered a mature phase [2]. - The company is focusing on long-life cycle SLG games, with two core mobile games, "Age of Origins" and "War and Order," contributing 74% and 23% to gaming revenue, respectively [2]. - New game releases are expected to accelerate, with two new SLG games currently in commercialization testing and several others planned for release in the overseas market [2]. - The company is expanding its AI product matrix, launching the "Taiyue Lighthouse" AI model application system and the subscription-based AI voice robot "avavox," which integrates over 200 industry templates [3]. - Profit forecasts for 2025-2027 project net profits of 1.29 billion, 1.57 billion, and 1.71 billion yuan, respectively, with corresponding P/E ratios of 20.9, 17.2, and 15.8 [3]. Financial Summary - For H1 2025, the company achieved a revenue of 2.685 billion yuan, with a net profit of 509 million yuan [1]. - The financial projections indicate a revenue of 6.177 billion yuan for 2025, a decrease of 4.26% from the previous year, with a net profit of 1.286 billion yuan, down 9.93% [4]. - The company’s earnings per share are projected to be 0.65 yuan in 2025, with a P/E ratio of 20.93 [4]. - The total market capitalization is approximately 26.91 billion yuan, with a closing price of 13.68 yuan as of September 1, 2025 [5].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 18.00 CNY, while the current price is 13.82 CNY [7]. Core Insights - The company's classic games "Age of Origins" and "War and Order" have entered a mature phase, leading to a decline in revenue. However, new games "Stellar Sanctuary" and "Next Agers" have been launched, and their future performance is promising [2][13]. - The company is expected to maintain stable revenue from its long-standing games, while new titles are in the early growth stage and are anticipated to contribute positively in the future [13]. Financial Summary - Total revenue is projected to grow from 5,962 million CNY in 2023 to 9,139 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 11.8% [4][14]. - Net profit attributable to the parent company is expected to increase from 887 million CNY in 2023 to 1,668 million CNY in 2027, with a peak in 2024 at 1,428 million CNY [4][14]. - Earnings per share (EPS) are forecasted to be 0.45 CNY in 2023, rising to 0.85 CNY by 2027 [4][14]. Market Performance - The company's stock has a 52-week price range of 8.58 CNY to 15.88 CNY, with a total market capitalization of 27,186 million CNY [8]. - The stock has shown an absolute increase of 62% over the past 12 months [12]. Product Development - The company has launched a new AI product, avavox, aimed at enhancing work efficiency across various business functions [13]. - The new games "Stellar Sanctuary" and "Next Agers" have received approval for domestic release and are expected to accelerate their launch pace [13].

Group 1: Company Insights - Jianzun Investment recently conducted research on two listed companies, Shenzhou Taiyue and Yinlun Co., focusing on their performance and product developments [1][2] - Shenzhou Taiyue's games, "Age of Origins" and "War and Order," have maintained steady revenue streams, generating 1.502 billion yuan and 465 million yuan in the first half of the year, respectively, with cumulative revenues exceeding 1 billion USD [1] - The SLG market's top products have seen a monthly revenue ceiling increase to 200 million USD, indicating an expanding market space, with the company aiming for new releases to become leading titles [1] - Yinlun Co. has established a 4+N product system targeting data centers, energy storage, charging and swapping, and low-altitude aircraft, with significant progress in customer collaborations [2] - In the data center sector, products include megawatt-level immersion cooling equipment and precision air conditioning, with a customer layout of 3+3+N [2] - The company is also advancing in the low-altitude aircraft sector with drone supercharging and has improved production capacity for energy storage thermal management and new energy heavy trucks [2] - The humanoid robot segment has developed a 1+4+N product system, focusing on key customer needs and achieving progress in product development [2] Group 2: Market Overview - The recent performance of various ETFs indicates mixed trends, with the Food and Beverage ETF showing a slight increase of 0.84% and a P/E ratio of 20.80 [6] - The Gaming ETF has experienced a notable rise of 8.05%, with a P/E ratio of 48.19, while the Cloud Computing ETF has increased by 7.94% with a significantly higher P/E ratio of 128.95 [7][6] - The Semiconductor ETF has also shown a positive trend with a 4.52% increase, reflecting ongoing interest in technology sectors [7]

Group 1: Company Insights - Shenzhou Taiyue reported stable revenue from its long-standing games, with revenue of 1.502 billion yuan and 465 million yuan for "Age of Origins" and "War and Order" respectively, both exceeding 1 billion USD in cumulative revenue [1] - Morninglight Bio achieved a revenue of 3.658 billion yuan and a net profit of 215 million yuan in the first half of 2025, marking a year-on-year growth of 115.33% [2] - Haon Electric's revenue reached 805 million yuan in the first half of 2025, a year-on-year increase of 35.79%, with a net profit of 41.29 million yuan [3] - Weixing Co. reported a revenue of 2.338 billion yuan in the first half of 2025, a growth of 1.80% year-on-year, with international business growing by 13.72% [4] - Yongyi Co. noted that China is the largest producer and exporter of office chairs, with exports expected to account for 58% of the global total in 2024 [6] - Xinjubang achieved a revenue of 4.248 billion yuan in the first half of 2025, with a year-on-year growth of 18.58% [7] - Yilian Network maintained stable gross margins, with an optimistic outlook for the second half of the year [8] - Yinlun Co. established a product system focusing on data centers, energy storage, and low-altitude flying vehicles, with positive progress in customer collaborations [9] - Huafeng Technology reported good sales growth in high-speed line modules and an increase in sales revenue from the new energy vehicle business [10] Group 2: Market Trends and Strategies - The SLG market's top products have a monthly revenue ceiling of 200 million USD, indicating an expanding market space [1] - Morninglight Bio's core products are experiencing varied gross margins, with a focus on maintaining reasonable profit margins through strategic measures [2] - Haon Electric's R&D investment reached 103 million yuan, accounting for 12.85% of revenue, indicating a strong commitment to innovation [3] - Weixing Co. is cautious about the winter clothing consumption trend, with a need to observe future market conditions [4] - Yongyi Co. is expanding its non-U.S. market presence, with rapid growth in Europe, Southeast Asia, and Australia [6] - Xinjubang is capitalizing on market opportunities due to the shutdown of international competitors, particularly in the fluorinated liquid business [7] - Yilian Network's overseas capacity construction is not significantly impacting gross margins, with cost optimization through process upgrades [8] - Yinlun Co. is focusing on developing a product system around customer needs in the humanoid robot sector, enhancing collaboration with educational institutions [9] - Huafeng Technology is promoting high-voltage connector applications to expand market scale in the new energy vehicle sector [10]

Group 1: Company Insights - Shenzhou Taiyue reported stable revenue from its long-standing games, with H1 revenue of 1.502 billion yuan and 465 million yuan for "Age of Origins" and "War and Order" respectively, both exceeding 1 billion USD in cumulative revenue [1] - Dahong Technology achieved a 50% year-on-year revenue growth in Q2, driven by its self-developed BlackEye multimodal model technology, with plans to establish 50 ultra-high-definition channels by 2025 [2] - Huada Zhizao introduced the "PrimeGen" dry-wet collaborative multi-agent system during its performance briefing [3] - Yinlun Co. has established a 4+N product system focusing on data centers, energy storage, and low-altitude flying vehicles, with positive progress in customer collaborations [4] - Huafeng Technology's sales revenue from its new energy vehicle business increased year-on-year, with plans to expand market scale and promote high-voltage connector applications [5] - Far East Co. has achieved bulk supply of various products to leading AI chip companies, with ongoing development of new liquid cooling technology and solid-state batteries [6] Group 2: Fund Insights - Western Lide Fund, established in 2010, has an asset management scale of 116.646 billion yuan, ranking 55th among 210 funds, with 144 public funds under management [7]