神州泰岳20250826

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]