Core Viewpoint - The gaming industry in China is experiencing a significant recovery in the first half of the year, as evidenced by the performance forecasts of several A-share gaming companies, with many reporting substantial profit growth or turning losses into profits [1][2]. Financial Performance - ST华通 (Century Huatong) is expected to achieve a net profit of 2.4 billion to 3 billion yuan, representing a growth of 107.20% to 158.00% [2] - 浙数文化 (ZheShu Culture) anticipates a net profit of 330 million to 390 million yuan, with a growth of 124% to 165% [2] - 游族网络 (Youzu Network) forecasts a net profit of 40 million to 60 million yuan, marking an increase of 768.75% to 1203.13% [2] - 完美世界 (Perfect World) and 冰川网络 (Icefire Network) are expected to turn losses into profits, with 完美世界 projecting a profit of 480 million to 520 million yuan [2][6] - ST凯文 (ST Kevin) expects to maintain a loss level similar to last year, with a projected loss of 65 million to 48 million yuan [2] - 电魂网络 (Dianhun Network) anticipates a loss of 11 million to 7.5 million yuan, indicating a shift from profit to loss [2] Cost Control as a Key Factor - Cost control has emerged as a critical factor for gaming companies to avoid losses, with companies like 完美世界 and 冰川网络 attributing their turnaround to reduced investment in underperforming projects [1][4] - High distribution costs have made it challenging for gaming companies to maintain profitability [2][3] Market Environment - The number of game licenses issued in the first half of the year has significantly increased compared to last year, with the domestic mobile game market growing by 20% year-on-year [1][7] - The gaming market is characterized by intense competition, with a focus on product quality as a determinant of success [1][8] Long-term Products and New Releases - Long-standing products are crucial for the stability of gaming companies, providing a solid revenue base amid market growth [7] - New blockbuster games remain essential for driving rapid revenue growth, as seen with ST华通's new release, which has performed exceptionally well in the market [9][10] Industry Trends - The gaming industry is witnessing a recovery in market sentiment, with a notable increase in the issuance of domestic game licenses and the integration of AI technology enhancing operational efficiency [8] - The upcoming release of major titles from leading companies is expected to intensify market competition [10]

Core Viewpoint - Caesar Culture is facing significant financial challenges, with projected net losses for the first half of 2025, despite efforts to launch new game products and a slight revenue recovery in 2024 [2][3]. Financial Performance - The company expects a net profit attributable to shareholders of between -48 million to -65 million yuan for the first half of 2025, a change of -2.84% to -39.26% compared to a loss of 46.67 million yuan in the same period last year [2]. - Revenue for 2021 reached 933 million yuan, but dropped to 620 million yuan and 430 million yuan in 2022 and 2023, representing year-on-year declines of 33.40% and 30.65% respectively [3]. - Cumulative losses over the past two years amounted to 1.451 billion yuan, with losses of 656 million yuan and 795 million yuan in 2022 and 2023 [3]. - In 2024, revenue slightly increased to 454 million yuan, marking a growth of 5.38%, but the company remained in a loss position [3]. Business Operations - The main business of Caesar Culture includes cultural entertainment, copyright operation, and online game development and operation, with significant contributions from subsidiaries Cool Cow Interactive and Tian Shang You Jia [3]. - The company has a strong IP reserve and validated R&D capabilities, positioning itself as a quasi-first-tier player in the industry, aside from major players like Tencent and NetEase [4]. - Upcoming products for 2025 include titles such as "Zhe Tian World," "All-Star Awakening," and "Ultraman: Light Warrior," with plans to innovate in the WeChat mini-game market and embrace AI transformations in the gaming industry [4]. Regulatory and Market Position - Caesar Culture's stock has been under risk warning since September 19, 2024, with its name changed to "ST Kevin" [3]. - The company received an administrative penalty from the Guangdong Regulatory Bureau of the China Securities Regulatory Commission, allowing it to apply for the removal of risk warnings after December 4, 2025 [3].

[Current Period Performance Forecast](index=1&type=section&id=Item%20I.%20Current%20Period%20Performance%20Forecast) The company anticipates a net loss for H1 2025, ranging from **RMB 48 million to RMB 65 million**, with a potential widening of the loss compared to the prior year 2025 H1 Performance Forecast | Item | Current Period | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders (RMB)** | Loss: 48 million - 65 million | Loss: 46.6747 million | | Year-over-Year Change | 2.84% to 39.26% | - | | **Net Profit After Non-Recurring Gains/Losses (RMB)** | Loss: 44 million - 61 million | Loss: 48.2719 million | | Year-over-Year Change | -26.37% to 8.85% | - | | **Basic Earnings Per Share (RMB/share)** | Loss: 0.0506 - 0.0685 | Loss: 0.0492 | [Pre-Audit Status of Performance Forecast](index=1&type=section&id=Item%20II.%20Pre-Audit%20Status%20of%20Performance%20Forecast) The financial data presented in this performance forecast is a preliminary estimate by the company's finance department and remains unaudited - The data for this performance forecast is a **preliminary estimate** by the company's finance department and has **not been audited** by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=Item%20III.%20Explanation%20of%20Performance%20Changes) The company's continued losses are primarily attributed to limited profit contribution from new games in their early promotion phase and increased income tax expenses for certain operating entities - In H1 2025, the company actively advanced the iterative deployment of new game products, with several newly launched games contributing **incremental revenue streams**[5](index=5&type=chunk) - The primary reasons for continued losses include new games being in their **early promotion phase** with limited profit contribution, and **increased income tax expenses** for certain operating entities[5](index=5&type=chunk) [Other Relevant Information](index=1&type=section&id=Item%20IV.%20Other%20Relevant%20Information) The company emphasizes that this performance forecast is a preliminary estimate, with final financial data to be disclosed in the 2025 semi-annual report, and advises investors to be aware of investment risks - This performance forecast is a **preliminary estimate**, and specific financial data will be subject to the company's **2025 semi-annual report disclosure**[6](index=6&type=chunk)[7](index=7&type=chunk) - The company reminds investors to **invest rationally** and be aware of **investment risks**[7](index=7&type=chunk)

1、公司未发现前期披露的信息存在需要更正、补充之处。 股票代码：002425 股票简称：ST凯文 公告编号：2025-046 凯撒(中国)文化股份有限公司 关于股价异常波动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 一、股票交易异常波动的情况介绍 凯撒（中国）文化股份有限公司（以下简称"公司"或"ST凯文"）股票交易价格连续 三个交易日（2025年6月11日、6月12日和6月13日）收盘价格涨幅累计偏离12.32%，根据《深 圳证券交易所交易规则》的有关规定，属于股票交易异常波动情况。 二、公司关注及核实相关情况说明 根据相关规定的要求，公司进行了必要核实，现对有关核实情况说明如下： 2、公司未发现近期公共媒体报道了可能或已经对本公司股票交易价格产生较大影响的未 公开重大信息。 3、公司近期生产经营情况正常，内外部经营环境未发生重大变化。 4、经核查，公司控股股东和实际控制人不存在应披露而未披露的信息。 5、经核查，公司控股股东、实际控制人在股票交易异常波动期间不存在买卖公司股票的 情形。 三、是否存在应披露而未披露信息的说明 公司董事会确认，公 ...

证券代码：002425 证券简称：ST 凯文 公告编号：2025-045 凯撒（中国）文化股份有限公司 关于签订募集资金三方监管协议的公告 | 序 | 账户名称 | 募集资金专户开 | 帐号 | 存储金额（元） | 用途 | | --- | --- | --- | --- | --- | --- | | 号 | | 户银行 | | | | | 1 | 凯撒（中国）文化 | 上海浦东发展银 | 79430078801700000820 | 0 | 补充流动资金 | | | 股份有限公司 | 行股份有限公司 | | | | | | | 深圳分行 | | | | 三、 募集资金三方监管协议的主要内容 甲方：凯撒（中国）文化股份有限公司（以下简称"甲方"） 乙方：上海浦东发展银行股份有限公司深圳分行（以下统称"乙方"） 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准凯撒（中国）文化股份有限公司非公开发行股票 的批复》（[2020]3290 号）核准，公司向 28 名投资者发行 142,920,634 股普通股 ...

经中国证券监督管理委员会《关于核准凯撒（中国）文化股份有限公司非公开发行股票 的批复》（[2020]3290 号）核准，公司向 28 名投资者发行 142,920,634 股普通股股票，每 股发行价格 6.30 元，募集资金总额为 900,399,994.20 元，扣除保荐承销费用 25,483,018.71 元（不含增值税），实际到账的募集资金为人民币 874,916,975.49 元，扣除不含税其他发行 费用 4,245,969.63 元（验资费、律师费等），募集资金净额为 870,671,005.86 元。上述募 集资金已于 2021 年 2 月 9 日到位，经致同会计师事务所（特殊普通合伙）审验，并出具了致 同验字（2021）第 442C000072 号验资报告。公司已对募集资金进行了专户存储，并与保荐机 构、存放募集资金的银行签订了《募集资金专户三方监管协议》。 二、募集资金三方监管协议的签订情况 凯撒（中国）文化股份有限公司（以下简称"公司"）于 2025 年 5 月 30 日召开第八届 董事会第十六次会议，审议通过了《关于设立募集资金专户并授权签订三方监管协议的议案》， 董事会同意公司在交通银行 ...

证券代码：002425 证券简称：ST 凯文 公告编号：2025-043 凯撒（中国）文化股份有限公司 2025年员工持有计划持有人会议第一次会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 一、持有人会议召开情况 凯撒（中国）文化股份有限公司（以下简称"公司"）2025 年员工持股计划第一次持有 人会议于 2025 年 5 月 30 日在公司以现场结合通讯形式召开。本次会议由公司董事会秘书邱 明海先生召集和主持，出席本次会议的持有人共 35 人，代表公司 2025 年员工持股计划份额 11,043,328 份，占本员工持股计划总份额的 100%。 本次会议的召集、召开和表决程序符合相关法律法规、规范性文件及《凯撒（中国）文 化股份有限公司 2025 年员工持股计划（草案）》和《凯撒（中国）文化股份有限公司 2025 年 员工持股计划管理办法》（以下简称"《2025 年员工持股计划管理办法》"）的有关规定。 二、持有人会议审议情况 经与会持有人认真审议，形成如下决议： （一）、审议通过《关于设立公司 2025 年员工持股计划管理委员会的议案》； ...

证券代码：002425 证券简称：ST 凯文 公告编号：2025-042 凯撒（中国）文化股份有限公司 关于2025年员工持股计划非交易过户完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 凯撒（中国）文化股份有限公司（以下简称"公司"）分别于 2025 年 4 月 24 日、2025 年 5 月 20 日召开第八届董事会第十四次会议和第八届监事会第十二次会议、2024 年年度股 东大会，审议通过了《凯撒（中国）文化股份有限公司关于＜2025 年员工持股计划（草案） ＞及其摘要的议案》等员工持股计划的相关议案。具体内容详见于 2025 年 4 月 28 日披露在 《 证 券 时 报 》《 中 国 证 券 报 》《 上 海 证 券 报 》《 证 券 日 报 》 和 巨 潮 资 讯 网 （http://www.cninfo.com.cn）的公告。 根据《中华人民共和国公司法》《中华人民共和国证券法》《关于上市公司实施员工持股 计划试点的指导意见》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》等法律、行政法规及规范性文件的相关 ...

Core Points - The company held its 16th meeting of the 8th Board of Directors on May 30, 2025, with all 9 directors present, confirming the legality and validity of the meeting [1] - The Board approved the use of up to 100 million yuan of idle raised funds to temporarily supplement working capital for a period not exceeding 12 months, ensuring the funds are used for operations related to the company's main business [1] - The Board also approved the establishment of dedicated accounts for raised funds at three banks to enhance fund management and protect shareholder interests [2]

浙商证券股份有限公司 关于凯撒（中国）文化股份有限公司 继续使用部分闲置募集资金暂时补充流动资金 的核查意见 一、募集资金基本情况 经中国证券监督管理委员会《关于核准凯撒（中国）文化股份有限公司非公 开发行股票的批复》（[2020]3290 号）核准，公司向 28 名投资者发行 142,920,634 股普通股股票，每股发行价格 6.30 元，募集资金总额为 900,399,994.20 元，扣除 保荐承销费用 25,483,018.71 元（不含增值税），实际到账的募集资金为人民币 874,916,975.49 元，扣除不含税其他发行费用 4,245,969.63 元（验资费、律师费 等），募集资金净额为 870,671,005.86 元。上述募集资金已于 2021 年 2 月 9 日到 位，经致同会计师事务所（特殊普通合伙）审验，并出具了致同验字（2021）第 442C000072 号验资报告。公司已对募集资金进行了专户存储，并与保荐机构、 存放募集资金的银行签订了《募集资金三方监管协议》。 二、募集资金使用情况 公司本次非公开发行募集资金扣除发行费用后拟投资以下项目： 单位：万元 | 序号 | 项目名称 ...