证券代码：002425 证券简称：ST 凯文 公告编号：2025-060 一、本次协议转让的基本情况 2025 年 8 月 22 日，公司控股股东凯撒集团与公司董事、总经理何啸威先生签署了《股 权转让协议书》，约定凯撒集团将其所持凯撒文化 47,833,300 股股份（占凯撒文化总股本的 1 凯撒（中国）文化股份有限公司 关于控股股东协议转让公司部分股份过户完成的公告 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。 重要内容提示： 1、本次权益变动为凯撒（中国）文化股份有限公司（以下简称"公司"或"凯撒文化"） 控股股东凯撒集团（香港）有限公司（以下简称"凯撒集团"）向受让方何啸威先生协议转 让其持有的公司 47,833,300 股无限售流通股股份，占公司总股本的 5.00%，受让方与公司控 股股东之间不存在关联关系。 2、本次权益变动未触及要约收购，不会导致公司控股股东及实际控制人发生变化，不会 对公司财务状况、持续经营情况产生重大影响，同时也不存在损害公司及中小投资者利益的 情形。 3、本次权益变动受让方何啸威承诺，本次协议转让的股份自过户完成之日起三十 ...

每经AI快讯，ST凯文（SZ 002425，收盘价：4.15元）11月6日晚间发布公告称，2025年8月22日，公司 控股股东凯撒集团与公司董事、总经理何啸威先生签署了《股权转让协议书》，约定凯撒集团将其所持 凯撒文化约4783万股股份（占凯撒文化总股本的5%）转让给何啸威，本次股份协议转让价格为3.33元/ 股，转让价款合计约为1.59亿元。本次协议转让事项已于2025年11月6日完成股份过户登记，并取得中 国证券登记结算有限责任公司出具的《证券过户登记确认书》，过户日期为2025年11月5日。 2025年1至6月份，ST凯文的营业收入构成为：文化与娱乐业占比97.66%，其他业务占比2.34%。 截至发稿，ST凯文市值为40亿元。 每经头条（nbdtoutiao）——36天，美国联邦政府"停摆"创纪录！航空濒临关闭，军饷发放困难，债务 增超6000亿美元...... （记者 曾健辉） ...

Core Viewpoint - The company is integrating AI technology into its game development process to enhance art design and improve user interaction experiences [1] Group 1 - The company has multiple game products that utilize AI-generated tools for optimizing art design workflows [1] - AI assistants are being introduced to enhance the interactive experience in the company's games [1]

Core Viewpoint - The company has disclosed its third-quarter financial report, ensuring the accuracy and completeness of the information provided, with no significant omissions or misleading statements [2][3]. Financial Data Summary Major Financial Indicators - Cash and cash equivalents decreased by 63.40% compared to the end of the previous year, primarily due to expenditures on service procurement, labor costs, daily operational expenses, and repayment of bank loans [5]. - Trading financial assets increased by 33.5 million yuan, attributed to the maturity of bank wealth management products [5]. - Right-of-use assets decreased by 47.43% due to depreciation [5]. - Long-term prepaid expenses decreased by 46.21% due to amortization of renovation costs [5]. - Short-term borrowings decreased by 41.57% due to repayment of bank loans [5]. - Accounts payable increased by 39.04% due to unsettled payments for sharing costs and channel costs [5]. - Contract liabilities decreased by 57.30% due to the conclusion of business cooperation [5]. - Other payables increased by 203.97% due to amounts owed to partners and increased borrowings from controlling shareholders and related parties [5]. Profit and Loss Statement - Operating costs increased by 33.77% year-on-year, mainly due to higher production costs, sharing costs, and channel costs [6]. - Sales expenses decreased by 34.53% year-on-year, primarily due to reduced wages and benefits [6]. - R&D expenses increased by 76.66% year-on-year, attributed to increased outsourcing development costs [6]. - Financial expenses decreased by 52.40% year-on-year due to reduced bank loan interest [6]. - Other income increased by 97.93% year-on-year, mainly due to increased government subsidies [6]. - Investment income decreased by 206.99% year-on-year due to losses from investments in joint ventures and disposals of other non-current financial assets [6]. - Credit impairment losses decreased by 137.10% year-on-year due to reduced provisions for bad debts [6]. - Asset impairment losses increased by 16.09 million yuan, attributed to provisions for intangible asset impairment [6]. - Income tax expenses increased by 175.17% year-on-year due to increased deferred tax expenses [6]. Cash Flow Statement - Net cash flow from operating activities increased by 40.69% year-on-year, mainly due to reduced service procurement and employee compensation expenditures [8]. - Net cash flow from investing activities decreased by 1,544.31 million yuan, primarily due to increased net outflows from wealth management products [8]. - Net cash flow from financing activities increased by 37.75% year-on-year, attributed to increased borrowings from controlling shareholders and related parties [8]. Shareholder Information - The report includes details on the total number of ordinary shareholders and the shareholding status of the top ten shareholders, although specific numbers are not provided [9].

Core Viewpoint - ST Kevin has shown significant improvement in its financial performance, indicating a positive trend towards stable development, with a notable increase in revenue and a reduction in net losses [1][4]. Group 1: Financial Performance - In Q3 2025, ST Kevin achieved a revenue of 147 million, representing a year-on-year growth of 67.41%, while the net profit attributable to shareholders and the net profit excluding non-recurring items saw a reduction in losses by 0.24% and 8.41% respectively [1]. - For the first three quarters of 2025, the company reported a total revenue of 420 million, marking a year-on-year increase of 28.62%, and a significant improvement in operating cash flow, which rose by 40.69% [1][2]. Group 2: Industry Context - The gaming industry has experienced a recovery in demand, with the actual sales revenue in China's gaming market increasing by 6.96% in Q3 2025, ending a continuous decline since Q4 2024 [2]. - ST Kevin has leveraged its mature products and the gradual launch of new games to achieve steady performance amidst the industry's recovery [2]. Group 3: Product and R&D Strategy - The company has invested 31.63 million in R&D during the first three quarters, accounting for 7.53% of total revenue, which supports the steady development of its gaming and IP businesses [2]. - ST Kevin possesses a rich portfolio of IP resources, including popular titles such as "One Piece," "Yu Yu Hakusho," and "Saint Seiya," and has established strong partnerships with major platforms like Tencent and Alibaba, enhancing the value of its IP [2][3]. Group 4: Future Outlook - With the ongoing relaxation of licensing policies, ST Kevin is expected to enter a phase of intensive product launches, with several major IP products anticipated to contribute positively to annual performance [3]. - The company is on track for a potential removal of its "ST" designation by December 2025, as its fundamental conditions for improvement are being met, which could lead to a revaluation of its stock [4].

Company Performance - ST Kevin reported a revenue of approximately 420 million yuan for the first three quarters of 2023, representing a year-on-year increase of 28.62% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 108 million yuan [1] - The basic earnings per share showed a loss of 0.1131 yuan [1] Market Context - As of the report, ST Kevin's market capitalization stands at 3.8 billion yuan [2] - The A-share market has surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with a new "slow bull" market pattern emerging [2]

Financial Performance - The company's operating revenue for the third quarter reached ¥146,963,617.16, representing a 67.41% increase year-over-year[5] - The net profit attributable to shareholders was -¥48,876,151.87, a slight increase of 0.24% compared to the same period last year[5] - The basic earnings per share were -¥0.0511, reflecting a 1.16% improvement year-over-year[5] - Net profit for the current period was a loss of ¥118,023,148.81, compared to a loss of ¥103,737,131.50 in the previous period, reflecting a deterioration in performance[19] - The company reported a basic and diluted earnings per share of -0.1131, compared to -0.1009 in the previous period, reflecting continued losses[20] Assets and Liabilities - Total assets decreased by 4.00% from the end of the previous year, amounting to ¥3,287,379,434.25[5] - Total current assets decreased from 663,436,648.85 CNY to 611,123,129.90 CNY, a decline of approximately 7.9%[14] - Total assets decreased from 3,424,196,256.14 CNY to 3,287,379,434.25 CNY, a decline of approximately 4.0%[15] - Total current liabilities decreased from 350,923,416.26 CNY to 320,790,731.41 CNY, a decline of about 8.6%[15] - The total liabilities decreased to ¥363,543,812.51 from ¥395,066,873.64, showing a reduction in financial obligations[18] Cash Flow - The net cash flow from operating activities improved by 40.69% year-over-year, attributed to reduced service procurement and employee compensation expenses[10] - The company reported a net cash outflow from operating activities of ¥14,742,451.69, an improvement from a net outflow of ¥24,858,183.24 in the previous period[21] - Cash inflows from operating activities totaled ¥337,188,940.72, down from ¥430,650,926.77 in the previous period, indicating a decline in cash generation[21] - The net cash flow from investing activities was -$72.96 million, a decrease from $5.05 million in the previous period[22] - The net cash flow from financing activities was -$21.75 million, an improvement from -$34.94 million year-over-year[22] Expenses - Operating costs increased by 33.77% year-over-year, primarily due to higher production and channel costs[9] - Research and development expenses rose by 76.66% compared to the previous year, driven by increased outsourcing development costs[9] - The company reported a significant increase of 5978.49% in other operating expenses, primarily due to increased contract late fees[10] - Research and development expenses increased significantly to ¥31,632,094.86, up from ¥17,905,218.10 in the previous period, indicating a focus on innovation[18] - The company incurred a significant investment loss of ¥15,433,279.25, compared to a loss of ¥5,027,250.73 in the previous period, highlighting challenges in investment performance[19] Shareholder Information - Total equity attributable to shareholders decreased by 3.18% from the previous year, totaling ¥2,891,964,591.74[5] - The total equity attributable to shareholders decreased to ¥2,891,964,591.74 from ¥2,986,852,118.56, indicating a decline in shareholder value[18] - Total number of common shareholders at the end of the reporting period is 45,961[12] - The largest shareholder, Caesar Group (Hong Kong) Limited, holds 19.59% of shares, totaling 187,409,497 shares[12] Other Information - The company has not reported any changes in the participation of major shareholders in margin trading[13] - There are no significant new strategies or product developments mentioned in the current report[13] - The company did not undergo an audit for the third quarter financial report[23] - The company will implement new accounting standards starting in 2025[23]

Core Viewpoint - The news highlights ongoing legal actions and claims against Ningke Biological and Caesar Culture, with investors seeking compensation due to alleged misconduct and financial discrepancies by these companies [1][2][3][4]. Group 1: Ningke Biological (600165) - Ningke Biological has received a court ruling in favor of investors, allowing them to claim compensation [1]. - The company is undergoing restructuring, with a court decision to accept its reorganization plan, and the deadline for creditors to file claims has been extended to October 31, 2025 [1]. - The proposed repayment plan for ordinary creditors includes cash repayment for amounts up to 150,000 yuan, while amounts exceeding this will be compensated with trust beneficiary rights and additional shares [1]. Group 2: Caesar Culture (002425) - Caesar Culture has been penalized by the Guangdong Securities Regulatory Bureau for financial misconduct, including failing to disclose significant debts and inflating profits by 15.55% in its 2021 annual report [3][4]. - Investors who purchased Caesar Culture shares between April 27, 2022, and May 6, 2024, may also initiate claims for compensation [4]. - The company is currently facing legal scrutiny, with claims being filed against it for alleged false statements and failure to disclose major events [4].

Market Overview - The gaming sector experienced a decline of 0.27% on October 20, with ST Huatuo leading the drop [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Top Gainers in Gaming Sector - The top gainers included: - Youzu Network (002174) with a closing price of 11.66, up 5.42% and a trading volume of 645,700 shares, totaling 741 million yuan [1] - ST Dazheng (600892) at 4.14, up 5.08% with a trading volume of 106,800 shares, totaling 43.65 million yuan [1] - Kaiying Network (002517) at 23.74, up 4.12% with a trading volume of 526,800 shares, totaling 1.258 billion yuan [1] Top Losers in Gaming Sector - The top losers included: - ST Huadao (002602) at 17.32, down 4.94% with a trading volume of 2,259,200 shares, totaling 3.996 billion yuan [2] - Yaoji Technology (002605) at 25.21, down 2.17% with a trading volume of 85,200 shares, totaling 21.7 million yuan [2] - Shunwang Technology (300113) at 23.75, down 1.86% with a trading volume of 231,900 shares, totaling 559 million yuan [2] Capital Flow in Gaming Sector - The gaming sector saw a net outflow of 421 million yuan from main funds, while retail investors contributed a net inflow of 492 million yuan [2][3] - Notable capital flows included: - Kaiying Network (002517) with a main fund net outflow of 64.59 million yuan [3] - Youzu Network (002174) with a main fund net inflow of 46.51 million yuan [3] - Perfect World (002624) with a main fund net inflow of 24.05 million yuan [3] ETF Performance - The Gaming ETF (159869) tracking the China Animation and Gaming Index saw a decline of 7.55% over the past five days, with a net outflow of 64.67 million yuan [5]

Core Points - The gaming sector experienced a decline of 1.29% on October 16, with Mingchen Health leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - The table shows various gaming stocks with their closing prices, percentage changes, trading volumes, and transaction amounts, indicating mixed performance among individual stocks [1] - Notable declines include: - 37 Interactive Entertainment down 1.33% [1] - Glacier Network down 1.38% [1] - Yaoji Technology down 1.47% [1] - Conversely, ST Dazheng and ST Kaiwen showed slight increases of 0.99% and 0.26% respectively [1] Capital Flow - The gaming sector saw a net outflow of 833 million yuan from major funds, while retail investors contributed a net inflow of 628 million yuan [3] - Speculative funds recorded a net inflow of 205 million yuan [3]