Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2023 reached 4.295 billion yuan, a year-on-year increase of 15.30%, with a net profit attributable to shareholders of 1.462 billion yuan, up 42.57% year-on-year, indicating that performance fell within the forecast range [2][3] - The strong growth in revenue and profit is driven by both new and existing games, with successful titles such as "Original Legend" and "Sword of Legends" contributing significantly [3] - The company has a robust pipeline of new games and is actively expanding its global presence, achieving notable success in overseas markets [3] - The company is enhancing its research and operational capabilities, with a focus on integrating AI into its development processes [3] Financial Performance and Forecast - The company achieved a total revenue of 4.295 billion yuan in 2023, with projections for 2024, 2025, and 2026 at 5.408 billion yuan, 6.027 billion yuan, and 6.576 billion yuan respectively, reflecting a growth rate of 25.91%, 11.43%, and 9.12% [2][4] - The net profit attributable to shareholders is forecasted to be 1.814 billion yuan in 2024, 2.082 billion yuan in 2025, and 2.324 billion yuan in 2026, with corresponding growth rates of 24.10%, 14.78%, and 11.63% [2][4] - The earnings per share (EPS) are projected to be 0.84 yuan for 2024, 0.97 yuan for 2025, and 1.08 yuan for 2026, with current price-to-earnings (P/E) ratios of 14, 12, and 11 respectively [4][8] Market Data - The closing price of the company's stock is 11.79 yuan, with a market capitalization of approximately 25.378 billion yuan [5] - The price-to-book (P/B) ratio stands at 4.47 [5] Operational Insights - The company reported a gross margin of 83.47% in 2023, with expectations to maintain a high level of profitability due to increased self-developed game revenue and reduced sharing costs [3][4] - The company has a strong focus on marketing and promotion for new game launches, which has led to an increase in sales expenses [3][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2023 reached 4.295 billion yuan, a year-on-year increase of 15.30%, with a net profit attributable to shareholders of 1.462 billion yuan, up 42.57% year-on-year, indicating that performance met expectations [2][3] - The strong growth in revenue and profit is driven by both new and existing games, with successful titles such as "Original Legend" and "New Legend of the Condor Heroes" contributing significantly [3] - The company has a robust pipeline of upcoming games, which is expected to sustain steady growth in performance [3] - The company is enhancing its research and operational capabilities, with a focus on AI applications to improve efficiency [3] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 3,726, with projections for 2023A at 4,295, 2024E at 5,408, 2025E at 6,027, and 2026E at 6,576, reflecting a growth rate of 56.84%, 15.30%, 25.91%, 11.43%, and 9.12% respectively [2][4] - Net profit attributable to shareholders (in million yuan) for 2022A was 1,025, with projections for 2023A at 1,462, 2024E at 1,814, 2025E at 2,082, and 2026E at 2,324, showing growth rates of 77.77%, 42.57%, 24.10%, 14.78%, and 11.63% respectively [2][4] - The latest diluted EPS is projected to be 0.68 for 2024E, 0.84 for 2025E, and 0.97 for 2026E, with corresponding P/E ratios of 14, 12, and 11 [4] Market Data - The closing price of the stock is 11.79 yuan, with a market capitalization of 25.378 billion yuan [5] - The company has a price-to-book ratio of 4.47 [5] Cash Flow Summary - Operating cash flow for 2023A is projected at 1.706 billion yuan, with expectations of 2.207 billion yuan for 2024E and 2.319 billion yuan for 2025E [9] - The net increase in cash for 2023A is 269 million yuan, with projections of 1.507 billion yuan for 2024E [9]

事件  4月 30 日，公司发布23年报及24 年一季报，23 年收入 43.0 亿元/同增15.3%，归母净利14.6 亿/同增 42.6%，扣非归母13.5 亿/同增 41.3%；23年度拟现金分红0.1 元/股。1Q24 收入 13 亿/ 同增36.9%，净利4.3亿/同增47.1%，扣非归母4.2亿/同增48.4%。 点评  23年符合业绩预告，盈利水平提高。1）收入：23 年同增15.3%， 主要系移动游戏（35.8 亿/同增13.3%）及信息服务业务（6.6 亿/ 同增 43.3%），受益于《原始传奇》《敢达争锋对决》《天使之战》 等长线产品的稳定运营及《新倚天屠龙记》《仙剑奇侠传：新的开 始》《石器时代：觉醒》等新上线产品出色表现。2）盈利：归母 净利率同比+6.5pct 至 34.0%，扣非净利率同比+5.8pct至31.4%， 预计主要系收入结构变化使毛利率同比+8.5pct，及收购浙江盛和 29%股权，少数股东损益占收入比同比-6.3pct；销售/管理/研发 费率同比+5.8/+2.3/-1.5pct，销售、管理费率增幅较大分别主要 系市场推广费增加；员工持股计划及股票期权计划费用摊销 ...

传媒/游戏Ⅱ 公 司 研 恺英网络（002517.SZ） 新产品有望继续驱动增长，出海与 AI 打开成长空间 究 2024年04月30日 ——公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn tianpeng@kysec.cn 日期 2024/4/30 证 书编号：S0790520030004 证书编号：S0790523090001 当前股价(元) 11.79  2024Q1业绩大增，看好储备游戏继续驱动增长，维持“买入”评级 公 一年最高最低(元) 19.29/9.16 公司 2023 年实现营业收入 42.95 亿元（同比+15.30%），归母净利润 14.62 亿元 司 信 总市值(亿元) 253.78 （同比+42.57%），扣非归母净利润13.51亿元（同比+41.26%）。2024Q1实现营 息 流通市值(亿元) 224.89 业收入 13.08 亿元（同比+36.93%，环比+3.29%），归母净利润 4.26 亿元（同比 更 总股本(亿股) 21.53 +47.06%，环比+12.33%）。公司业绩增长主要系《原始传奇》 ...

证券代码：002517 证券简称：恺英网络 恺英网络股份有限公司 投资者关系活动记录表 编号：2024-001 | 投资者关系 | □特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 ☑业绩说明会 | | | □新闻发布会 路演活动 | | | □现场参观 □其他 （投资者集体接待日活动） | | | LMR Partners 有限公司、Mighty Divine Investment Management | | | Limited、爱建证券有限责任公司、安华农业保险股份有限公司、 | | | 安联寰通资产管理(上海)有限公司、安中投资管理(上海)有限公 | | | 司、宝盈基金管理有限公司、北京国际信托有限公司、北京合木 | | | 私募基金管理有限公司、北京炼金聚信投资管理有限公司、北京 | | | 永瑞私募基金管理有限公司、北京志开投资管理有限公司、财通 | | | 基金管理有限公司、财通证券股份有限公司、德邦证券股份有限 | | | 公司、东北证券股份有限公司、东方财富证券股份有限公司、东 | | 参与单位名称及 | 方证券股份有限公司、东吴证券股份有限公司 ...

Financial Performance - Revenue in 2023 reached 4.295 billion yuan, a year-on-year increase of 15.30%[2] - Net profit attributable to shareholders in 2023 was 1.462 billion yuan, a year-on-year increase of 42.57%[2] - Revenue for 2023 reached 4,295,390,346.58 yuan, a 15.30% increase compared to 2022[21] - Net profit attributable to shareholders in 2023 was 1,461,713,259.53 yuan, up 42.57% year-over-year[21] - Operating cash flow for 2023 was 1,706,441,025.06 yuan, a 15.07% increase from 2022[21] - Total assets at the end of 2023 were 6,610,369,843.65 yuan, a 14.35% increase compared to the end of 2022[21] - Shareholders' equity at the end of 2023 was 5,244,042,212.61 yuan, a 17.28% increase from the end of 2022[21] - Basic earnings per share for 2023 was 0.70 yuan, a 42.86% increase compared to 2022[21] - Weighted average return on equity for 2023 was 28.85%, up 2.66 percentage points from 2022[21] - Revenue reached 4.295 billion yuan, a year-on-year increase of 15.30%[34] - Net profit attributable to shareholders was 1.462 billion yuan, a year-on-year increase of 42.57%[34] - Net cash flow from operating activities was 1.706 billion yuan, a year-on-year increase of 15.07%[34] - The company achieved a revenue of 4.295 billion yuan in 2023, a year-on-year increase of 15.30%, and a net profit attributable to shareholders of 1.462 billion yuan, a year-on-year increase of 42.57%[45] - The company's total assets reached 6.61 billion yuan by the end of 2023, a year-on-year increase of 14.35%, and the net assets attributable to shareholders were 5.244 billion yuan, a year-on-year increase of 17.28%[45] - Total revenue for 2023 reached 4,295,390,346.58 yuan, a year-on-year increase of 15.30%[51] - Mobile game revenue accounted for 83.27% of total revenue, reaching 3,576,655,401.35 yuan, up 13.28% year-on-year[51] - Information service revenue increased by 43.28% to 664,129,536.95 yuan, accounting for 15.46% of total revenue[51] - Overseas revenue surged by 619.54% to 116,616,751.59 yuan, representing 2.71% of total revenue[51] - Self-operated mode revenue grew by 291.40% to 793,556,172.99 yuan, accounting for 18.47% of total revenue[51] - Operating cash flow increased by 15.07% to 1.71 billion yuan, driven by a 9.69% increase in operating cash inflows[64] - Investment cash flow decreased by 184.47% to -377.83 million yuan, mainly due to reduced cash receipts from investment activities[64] - Financing cash flow decreased by 83.45% to -1.06 billion yuan, primarily due to increased cash payments related to financing activities[64] - Net cash and cash equivalents decreased by 80.39% to 268.65 million yuan[64] - Total assets increased from 5.78 billion yuan to 6.61 billion yuan, a growth of 14.3%[195][196] - Monetary funds rose from 2.55 billion yuan to 2.81 billion yuan, an increase of 10.0%[195] - Accounts receivable grew from 858.41 million yuan to 1.05 billion yuan, up 22.0%[195] - Long-term equity investments increased from 397.76 million yuan to 518.41 million yuan, a rise of 30.3%[195] - Total liabilities increased from 1.24 billion yuan to 1.37 billion yuan, up 10.7%[196][197] - Retained earnings surged from 2.07 billion yuan to 3.32 billion yuan, a significant growth of 60.3%[197] - Parent company's total assets grew from 11.35 billion yuan to 11.52 billion yuan, an increase of 1.6%[198][199] - Parent company's long-term equity investments increased from 7.95 billion yuan to 8.66 billion yuan, up 8.9%[199] - Parent company's other receivables decreased from 2.78 billion yuan to 2.26 billion yuan, a drop of 18.7%[198] - Parent company's total liabilities rose from 162.07 million yuan to 599.71 million yuan, a substantial increase of 270.0%[199] - Total liabilities increased to 599,713,962.74, up from 162,065,104.17[200] - Total owner's equity decreased to 10,924,041,336.00 from 11,185,259,315.80[200] - Capital reserve rose to 6,005,590,672.96 from 5,865,895,903.62[200] - Treasury stock increased to 340,670,858.84 from 140,701,119.84[200] - Undistributed profits decreased to 2,766,277,010.07 from 2,968,431,422.54[200] R&D and Innovation - R&D investment in 2023 was 527 million yuan, accounting for 12.26% of revenue[2] - Planned investment of 800 million yuan to establish a digital economy R&D center[2] - Established an AI application research center and developed the "Xingyi" large model for R&D scenarios[2] - The company invested 527 million yuan in R&D in 2023, accounting for 12.26% of its revenue[43] - The self-developed "Xingyi" large model has been applied in actual R&D scenarios, focusing on game vertical applications and significantly improving efficiency for multiple projects[43] - R&D expenses increased by 3.01% to 526.68 million yuan, accounting for 12.26% of total revenue[63] - R&D personnel increased by 12.71% to 1,295, with 69.29% of total employees being R&D staff[62] - Developed the "Xingyi" large model for image generation and text understanding, enhancing content creation efficiency and quality[81] - The company plans to establish the Kaiying Network Digital Economy R&D Center to enhance capabilities in game development, AI, VR/AR, and digital transformation[164] Dividends and Share Repurchases - Implemented a mid-term dividend of 213 million yuan in 2023 and plans to distribute a 2023 annual dividend of 213 million yuan in 2024[3] - Executed a share repurchase of 200 million yuan in 2023[3] - The company completed a share repurchase plan, buying back 16,074,400 shares, representing 0.75% of total shares, with a total transaction value of 199,969,739 yuan[49] - The company allocated a cash dividend of RMB 1 per 10 shares, based on a total of 2,130,570,334 shares, implemented on September 28, 2023[120] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 212,658,602.60 yuan[122] - Total cash dividends, including other methods, amount to 412,628,341.60 yuan, accounting for 100% of the profit distribution[123] - The company's distributable profit for 2023 is 2,766,277,010.07 yuan[123] - The company's total equity base for the dividend distribution plan is 2,126,586,026 shares[122] - The company's repurchase plan involves 4,591,368 to 9,182,736 shares, accounting for 0.21% to 0.43% of the total shares, with a planned repurchase amount of 10,000 to 20,000 million yuan[182] - The company has already repurchased 16,074,400 shares as part of its repurchase plan[182] - The repurchase period is from August 30, 2023, to August 29, 2024, and the repurchased shares are intended for future employee stock ownership plans and equity incentive plans[182] Corporate Governance - Increased the proportion of independent directors on the board from 1/3 to 1/2 and adjusted the audit committee to be fully composed of independent directors[5] - Recognized in multiple indices and awarded titles such as "2023 ESG Best Practice Case" and "Best Investor Relations Award"[5] - The company has four independent directors, accounting for half of the total board members[89] - The company has three supervisors, with the composition and number of the supervisory board meeting legal requirements[89] - The company has established a transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management[90] - The company ensures the independence of its business, personnel, assets, organization, and finance from the controlling shareholder[92] - The company strictly adheres to legal and regulatory requirements for corporate governance and information disclosure[91] - The company's governance practices are in compliance with legal and regulatory standards without significant differences[91] - The 2022 Annual General Meeting had an investor participation rate of 36.69%[93] - The 2023 First Extraordinary General Meeting saw an investor participation rate of 37.25%[93] - The 2023 Second Extraordinary General Meeting recorded an investor participation rate of 40.16%[93] - The 2023 Third Extraordinary General Meeting had an investor participation rate of 27.18%[93] - The company's internal control evaluation report and internal control audit report were both disclosed on April 30, 2024, with no major or significant defects identified in either financial or non-financial reporting[133][134] - The company's internal control system was deemed effective in all material aspects as of December 31, 2023, according to the internal control audit report[134] - The company's internal control evaluation covered 100% of both total assets and operating revenue in the consolidated financial statements[133] - The company's defect identification standards for internal control are based on 5% of pre-tax profit for both financial and non-financial reporting[133] - The company's internal control audit report received a standard unqualified opinion[134] - The company's internal control evaluation report was consistent with the internal control audit report's findings[134] Game Development and Market Performance - The VR game "Mecha Party" was officially launched on PlayStation North America and Steam platforms[37] - The round-based RPG game "Stone Age: Awakening" was officially launched in October 2023[37] - The copyright cooperation project "Nazarick King" was launched on November 21, 2023, with over 1 million pre-registrations[36] - The game "Nazarick King" ranked as high as 19th on the best-selling list in its first month[36] - The game "Gundam Supreme Battle" quickly reached the top of the iOS free list in Hong Kong and Taiwan after its launch in June 2021[35] - The company invested in Chengdu Zhidian Network Technology Co., Ltd., which is developing two medium-sized creative games[40] - The company successfully operates long-cycle premium products such as "Original Legend," "Hot Blood Combo," and "Angel Wars"[43] - The company has obtained IP authorizations for "Sword Art Online," "Mobile Suit Gundam Series," and "The Legend of the Condor Heroes," among others[44] - The company's core game users have a fan base of over 3 million, with more than 50 signed live streamers[47] - The company's product "New Heaven Sword and Dragon Saber" ranked first on the iOS free game charts in Hong Kong and Taiwan[47] - The company signed a strategic cooperation agreement with Century Huatong to deepen collaboration in IP, brand, and other new areas[47] - Multiple new games in development, including "Project RO" and "Code: WL," aimed at expanding IP matrix and exploring new markets[61] - Revenue from online games reached 4.295 billion yuan, accounting for the majority of the company's total revenue[189] - The company's goodwill net value after deducting accumulated impairment was 852.26 million yuan as of December 31, 2023[190] - The audit process included evaluating the design and effectiveness of internal controls related to online game revenue[189] - The company conducted annual impairment tests on goodwill, which involved significant management estimates and assumptions[190] - The audit team performed IT audits to verify the consistency of game product backend data with financial information[189] Investor Relations - The company conducted multiple investor relations activities throughout 2023, including on-site visits, phone conferences, and online platform interactions[85] - Key participants in these activities included major financial institutions such as Tianfeng Securities, GF Securities, and Huatai Securities[85] - Discussions primarily focused on the company's business operations, governance, and performance[85] - Specific events included a performance briefing on May 15, 2023, via the Quanjing Network platform[85] - The company engaged with a diverse range of investors, including domestic and international asset management firms[85] - Detailed records of these investor relations activities were disclosed on the company's official information platform[85] - The company maintained consistent communication with institutional investors throughout the year[85] - Key locations for these activities included Shanghai and Shenzhen[85] - The company utilized various communication methods, including face-to-face meetings, phone calls, and online platforms[85] - The frequency of these activities indicates the company's commitment to transparent investor communication[85] - The company held a phone communication with institutional investors on October 27, 2023, discussing business, performance, and governance[86] - The company disclosed an investor relations activity record on September 26, 2023, detailing business and governance content[86] - The company engaged with multiple institutional investors, including Manulife Investment Management, on September 26, 2023[86] - The company's investor relations activity record on October 27, 2023, included discussions with various asset management firms and securities companies[86] - The company's communication on October 27, 2023, involved detailed discussions on business, performance, and governance with a wide range of institutional investors[86] ESG and Sustainability - Recognized in multiple indices and awarded titles such as "2023 ESG Best Practice Case" and "Best Investor Relations Award"[5] - The company purchased 825 green power certificates in 2023 to accelerate its carbon neutrality process[139] - The company's ESG report for 2023 was disclosed on April 30, 2024, detailing its sustainability efforts and environmental impact[139] - The company's environmental impact is primarily from daily office energy consumption, with no environmental penalties incurred during the reporting period[137] - The company is not listed as a key pollutant discharge unit by environmental protection authorities[136] - The company donated funds and materials worth over 6 million RMB, benefiting more than 12,000 children in rural areas[140] - The company conducted 108 "Cloud Teaching Rural Small Classroom" sessions, totaling over 4,300 minutes[140] - The company donated 140 VR headsets and 288 VR courses to schools in Yushu Prefecture[140] - The company donated 150,000 RMB to the "Sports Dream Class" project, supporting 18 young sports teachers in Qinghai Province[140] - The company donated 6,167 educational materials to 4 rural schools in Sichuan Province[140] Legal and Regulatory Issues - The company's 2018 annual report falsely recorded a reduction in net profit of 43.75 million yuan, accounting for 25.09% of the audited net profit attributable to shareholders[104] - The company was fined 600,000 yuan by the China Securities Regulatory Commission Fujian Bureau for the false financial records in the 2018 annual report[104] - The company's subsidiary Shanghai Yueteng Network Technology Co., Ltd. adjusted 50 million yuan from "available-for-sale financial assets" to "other receivables" and fully provisioned for impairment in the 2018 annual report[103] - The company's 2018 annual report showed a net profit attributable to shareholders of 174.3853 million yuan[104] - The company's former deputy general manager Cheng Long was issued a warning letter by the China Securities Regulatory Commission Fujian Bureau for short-term trading activities[102] - The company's subsidiary Shanghai Kaiying Network Technology Co., Ltd. paid 50 million yuan to Ningbo Jiujin Investment Partnership as a goodwill gesture for a settlement with Blue Sand Information Technology (Shanghai) Co., Ltd.[103] - The company's 2018 annual report was found to have violated the 2005 Securities Law, leading to penalties for the company and its executives[104] - The company's former general manager Chen Yongcong was fined 300,000 yuan for his role in the false financial records of the 2018 annual report[104] - The company's former chairman Jin Feng was fined 300,000 yuan for his role in the false financial records of the 2018 annual report[104] - The lawsuit involving Legend IP and Shanghai Kaiying has an involved amount of 481.5274 million yuan, with the Supreme Court rejecting the retrial application[150] - The arbitration case initiated by Shanghai Kaiying against Legend IP involves an amount of 224.5 million yuan and is awaiting a ruling[150] - The arbitration case initiated by Zhejiang Huanyou against Legend IP involves an amount of 526.7288 million yuan and is in the pre-trial stage[150] - The total amount of disclosed but non-major litigation cases is 100.6251 million yuan[150] - The total amount of undisclosed but non-major litigation cases is 4.9534 million yuan[150] - The company reported no penalties or rectifications during the reporting period[151] - The company had no significant related transactions related to daily operations, asset or equity acquisitions, or joint external investments[152][153] Shareholder and Management Changes - The company's main business shifted from shoe production to computer technology development and sales after listing[19] - The controlling shareholder changed to Jin Feng on December 19, 2023[19] - The company's controlling shareholder and actual controller

Financial Performance - The company's revenue for Q1 2024 reached ¥1,307,535,557.40, representing a 36.93% increase compared to ¥954,871,461.79 in the same period last year[3] - Net profit attributable to shareholders was ¥426,189,898.93, up 47.06% from ¥289,801,559.02 year-on-year[3] - The basic earnings per share increased to ¥0.20, a rise of 42.86% from ¥0.14 in the previous year[3] - Operating profit for the quarter was CNY 440,868,496.21, up from CNY 389,758,949.85, reflecting a growth of 13.1%[15] - Net profit for Q1 2024 was CNY 426,130,633.29, compared to CNY 366,230,242.07 in the same period last year, marking a 16.4% increase[15] - The total comprehensive income attributable to the parent company for Q1 2024 was approximately CNY 372.83 million, compared to CNY 286.42 million in the same period last year, marking a year-over-year increase of 30.2%[16] - Basic and diluted earnings per share for Q1 2024 were both CNY 0.20, up from CNY 0.14 in Q1 2023, reflecting a 42.9% increase[16] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,211,732,876.28, reflecting a 9.10% increase from ¥6,610,369,843.65 at the end of the previous year[3] - Total liabilities increased to CNY 1,534,785,924.86 from CNY 1,371,911,719.49, a growth of 11.9%[13] - Current assets rose to CNY 4,697,010,721.23, up from CNY 4,549,832,639.14, indicating a 3.2% increase[13] - Accounts receivable increased to CNY 1,144,600,005.46 from CNY 1,047,520,676.79, a rise of 9.3%[12] - Inventory grew to CNY 24,894,392.84, compared to CNY 19,597,818.49, reflecting a 27.5% increase[12] Cash Flow - The company reported a net cash flow from operating activities of ¥333,789,114.84, down 12.39% from ¥381,004,359.20 in the same period last year[3] - Cash inflows from operating activities totaled approximately CNY 1.31 billion in Q1 2024, compared to CNY 1.00 billion in Q1 2023, indicating a growth of 31%[17] - The net cash flow from operating activities for Q1 2024 was approximately CNY 333.79 million, down from CNY 381.00 million in Q1 2023, a decrease of 12.3%[18] - Cash outflows from investment activities were approximately CNY 547.95 million in Q1 2024, significantly higher than CNY 8.53 million in Q1 2023[18] - The net cash flow from financing activities for Q1 2024 was approximately CNY 47.05 million, a recovery from a net outflow of CNY 64.71 million in Q1 2023[18] - The ending balance of cash and cash equivalents as of the end of Q1 2024 was approximately CNY 2.64 billion, down from CNY 2.84 billion at the end of Q1 2023, a decrease of 7%[18] - The company reported a significant increase in cash received from sales of goods and services, totaling approximately CNY 1.26 billion in Q1 2024, compared to CNY 976.64 million in Q1 2023, representing a growth of 28.6%[17] - The company’s total operating cash outflows for Q1 2024 were approximately CNY 980.67 million, compared to CNY 621.14 million in Q1 2023, reflecting an increase of 58%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period was 71,501[8] - The largest shareholder, Jin Feng, holds 14.33% of the shares, totaling 308,449,284 shares[8] - The second-largest shareholder, Shaoxing Ansheng Enterprise Management Partnership, holds 5.23% of the shares, totaling 112,477,078 shares[8] - The total number of shares held by the top ten shareholders represents a significant portion of the company's equity, with the top three shareholders alone holding over 24%[8] - The company reported that the number of shares held by the top ten unrestricted circulating shareholders has changed due to securities lending activities[9] - The China Minsheng Bank Co., Ltd. - Huaxia CSI Animation Game ETF holds 1.98% of the shares, totaling 42,545,457 shares[10] - The China Agricultural Bank Co., Ltd. - CSI 500 ETF holds 1.16% of the shares, totaling 24,938,913 shares[10] - The company has not disclosed any significant changes in the relationships among the top shareholders[10] - The report indicates that there are no significant changes in the participation of major shareholders in securities lending activities[9] Expenses - The company experienced a significant increase in prepayments, which rose by 45.15% to ¥365,831,563.68 due to increased prepayments for copyright and game sharing fees[6] - The company's sales expenses surged by 107.57% to ¥484,908,618.51, primarily due to increased marketing expenses[7] - Research and development expenses for the quarter were CNY 110,856,306.04, up from CNY 95,341,566.15, indicating a 16.3% increase[15] Investment Income - Investment income improved significantly, showing a 129.37% increase to ¥3,778,260.01 compared to a loss of ¥12,865,991.27 in the previous year[7] - The company reported a substantial increase in other income, which rose by 227.82% to ¥1,926,151.14, mainly due to increased compensation received from judgments[7] Equity - The company’s total equity attributable to shareholders increased by 8.36% to ¥5,682,590,305.51 from ¥5,244,042,212.61 at the end of the previous year[3] - The company's equity attributable to shareholders rose to CNY 5,682,590,305.51 from CNY 5,244,042,212.61, a growth of 8.4%[13]

证券代码：002517 证券简称：恺英网络 公告编号：2024-016 恺英网络股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明会的公告 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、误导性陈述或重大遗漏。 重要内容提示： 恺英网络股份有限公司（以下简称"公司"）计划于 2024 年 4 月 30 日披露 《2023 年年度报告》和《2024 年第一季度报告》。为了便于广大投资者更全面、 深入地了解公司经营业绩情况及未来发展战略等，公司计划于 2024 年 4 月 30 日 （周二）通过网络方式及电话会议方式召开 2023 年度暨 2024 年第一季度业绩说 明会，在信息披露允许的范围内就投资者普遍关注的问题进行回答，欢迎广大投 资者积极参与。 一、业绩说明会召开的时间和方式 1、会议召开时间：2024 年 4 月 30 日（周二）15:30-16:30； 2、会议召开方式：网络方式及电话会议。 二、公司出席人员 1、网络参会 1 会议召开时间：2024年4月30日（周二）15:30-16:30； 会议召开方式：网络方式及电话会议方式。 （1）电脑端参会：ht ...

Investment Rating - The report gives a "Recommended" rating for the company, with a target price of 14.69 CNY based on a 2024 PE of 18x, corresponding to a target market value of 31.6 billion CNY [1][52][54]. Core Viewpoints - The company is a leading player in the "Legend" and "Miracle" gaming sector, actively expanding into new game categories and leveraging IP to enhance product offerings [1][8]. - The "Legend" gaming market is expected to enter a period of standardized development due to clarified copyright issues, which will help release the value of downstream IP [1][26]. - The company has a solid foundation in the "Legend" and "Miracle" sectors, with a clear second growth curve emerging through IP expansion and new product development [1][9]. - AI capabilities and overseas distribution strategies are opening new growth opportunities for the company [1][49]. Summary by Sections Company Overview - The company started with web games and has evolved into a comprehensive gaming company covering mobile game development, publishing, and distribution, becoming a major player in the "Legend" and "Miracle" sectors [1][13]. - Since its reverse listing in 2015, the company has undergone a cycle of operational and governance changes, returning to a growth trajectory since 2021 [1][13]. Market Analysis - The "Legend" gaming market constitutes about 10% of the domestic gaming market, with a stable scale expected due to the resolution of copyright disputes [1][26][27]. - The market has evolved from single blockbuster products to multiple iterations and derivative categories over the past 20 years [1][27]. Business Model and Growth Strategy - The company has established a full industry chain layout in the "Legend" sector, with a focus on both development and distribution [1][37]. - The company is accelerating its expansion into non-"Legend" categories, focusing on IP-driven product development, particularly targeting the "70/80s" user demographic [1][43]. - The company has a rich pipeline of products scheduled for release in 2024, including titles like "Lin Xian" and "Douluo Dalu: Zhu Xie Chuan Shuo," which are expected to contribute significantly to revenue growth [1][47]. Financial Forecast - The company is projected to achieve revenues of 4.4 billion CNY in 2023, 5.7 billion CNY in 2024, and 6.8 billion CNY in 2025, with year-over-year growth rates of 17%, 31%, and 19% respectively [2][52]. - The net profit is expected to reach 1.5 billion CNY in 2023, 1.8 billion CNY in 2024, and 2.0 billion CNY in 2025, with growth rates of 47%, 16%, and 16% respectively [2][52].

证券代码：002517 证券简称：恺英网络 公告编号：2024-015 恺英网络股份有限公司 关于子公司涉及诉讼的进展公告 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、误导性陈述或重大遗漏。 重要内容提示： 案件事由：株式会社传奇IP（以下简称"传奇IP"）诉恺英网络股份有 限公司（以下简称"公司"）全资子公司上海恺英网络科技有限公司（以下简称 "上海恺英"）及全资二级子公司浙江欢游网络科技有限公司（以下简称"浙江 欢游"）损害公司债权人利益责任纠纷。 案件所处的诉讼阶段：上海恺英于近日收到中华人民共和国最高人民法 院（以下简称"最高院"）《民事裁定书》[（2023）最高法民申142号]，最高院 驳回上海恺英的再审申请。 上海恺英所处当事人地位：原审被告、再审申请人 上海恺英于近日收到最高院《民事裁定书》[（2023）最高法民申 142 号]， 最高院驳回上海恺英的再审申请。现就相关情况公告如下： 一、诉讼基本情况 传奇 IP 就其与浙江欢游之间的商事纠纷仲裁案，向北京市第四中级人民法 院（以下简称"北京四中院"）申请承认和执行国际商会国际仲裁院 2019 年 5 月 22 日作 ...