Core Viewpoint - Kaiying Network achieved significant growth in Q3 2025, driven by the active performance of its diversified business, particularly the "Legend Box" platform [1][4]. Financial Performance - In Q3 2025, Kaiying Network reported revenue of 1.497 billion yuan, a year-on-year increase of 9.08% and a quarter-on-quarter increase of 22.19% [2][3]. - The net profit attributable to shareholders reached 633 million yuan, marking a year-on-year growth of 34.51% and a quarter-on-quarter growth of 46.66% [2][3]. - For the first three quarters of the year, total revenue was 4.075 billion yuan, a slight increase of 3.75% year-on-year, while net profit was 1.583 billion yuan, up 23.70% year-on-year [2][3]. Business Highlights - The "996 Legend Box" platform has maintained high activity levels, contributing significantly to the company's revenue growth [4]. - The platform aggregates over a thousand "Legend" games and offers various services, including trading, cloud gaming, and community features [4]. - The daily active users (DAU) of the "996 Legend Box" have seen rapid growth since its preparation phase began in April 2020 [4]. Market Position and Future Prospects - The "Legend" game market has over 150 million users, with a market potential of approximately 35 billion to 40 billion yuan, although it faces challenges such as numerous versions and private servers [4]. - Kaiying Network's new game "Blood of Jianghu: Return" has entered public testing, with several other licensed IP games in the pipeline [5]. - The company's AI game development platform "SOON" is in the project application phase, expected to commercialize by 2026 [5]. Cost Management - Despite revenue growth, Kaiying Network managed to reduce operating costs and sales expenses, with operating costs at 691 million yuan, down 1.10% year-on-year, and sales expenses at 1.275 billion yuan, down 7.60% year-on-year [6]. - Accounts payable increased significantly to 887 million yuan, a 97.07% rise year-on-year, primarily due to increased land and marketing payments [6].

Core Insights - The company reported a revenue of 1.497 billion yuan for Q3 2025, representing a year-on-year growth of 9.08%, and a net profit of 633 million yuan, up 34.51%, maintaining a dual growth trend in performance [1] Group 1: Business Performance - The company's core business and accelerated platform strategy contributed to steady growth amid an overall industry recovery [1] - The "Legend Box" platform, representing diverse business lines, maintained high activity levels in Q3, providing significant support for revenue growth [1] Group 2: Platform Strategy - The "Legend" game segment has a vast user base exceeding 150 million, with a market potential of approximately 35-40 billion yuan, but faces challenges from numerous versions and fragmented competition [2] - The "Legend Box" platform aggregates over a thousand games and offers comprehensive services, creating a unified entry point for players and enhancing user engagement through diverse content and monetization channels [2] Group 3: Competitive Edge - The company has established a strong competitive barrier with its exclusive licensing of the "Legend" IP and has seen rapid growth in daily active users since the platform's launch in April 2020 [3] - Collaborations with industry partners have expanded the platform's ecosystem, generating stable service revenue and demonstrating market recognition of its traffic [3] Group 4: Product and Market Expansion - The company is launching new products, including "Blood of Heroes: Return," and has a pipeline of several licensed IP games, ensuring a stable product iteration [4] - The AI game development platform "SOON" is in the application phase, enhancing development efficiency, with plans for commercialization by 2026 [4] Group 5: International Growth - The company is actively expanding its global distribution, achieving significant revenue growth from overseas markets, with foreign income rising from 117 million yuan in 2023 to 202 million yuan in the first half of 2025 [5] - Successful products in markets like Japan, South Korea, and Southeast Asia have boosted overseas user numbers and revenue [5] Group 6: Shareholder Returns - The major shareholders and management have committed to a "five-year no reduction" policy, with recent share buybacks totaling over 800 million yuan since 2019 [6] - The company has implemented nine cash dividend distributions since its listing, totaling 1.212 billion yuan, reflecting a stable dividend policy and confidence in future growth [6] Group 7: Strategic Outlook - The company is transitioning from a product-driven to a multi-faceted growth strategy, positioning itself to better withstand industry fluctuations and provide stable growth signals to the capital market [6]

Core Insights - The company reported a revenue of 1.497 billion yuan for Q3 2025, representing a year-on-year growth of 9.08% [1] - The net profit attributable to shareholders reached 633 million yuan, showing a significant year-on-year increase of 34.51% [1] Financial Performance - Q3 2025 revenue: 1.497 billion yuan, up 9.08% year-on-year [1] - Net profit for Q3 2025: 633 million yuan, up 34.51% year-on-year [1]

Core Insights - The company reported a revenue of 4.075 billion yuan for the first three quarters, representing a year-on-year growth of 3.75% [1] - The net profit attributable to shareholders reached 1.583 billion yuan, showing a year-on-year increase of 23.7% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.52 billion yuan, reflecting a year-on-year growth of 18.65% [1]

Market Overview - The gaming sector increased by 2.53% on October 29, with Jibite leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in Gaming Sector - Jibite (603444) closed at 503.95, up 10.00% with a trading volume of 24,200 lots and a transaction value of 1.2 billion [1] - Sanqi Interactive Entertainment (002555) closed at 21.18, up 7.29% with a trading volume of 1,254,200 lots and a transaction value of 2.642 billion [1] - Kaiying Network (002517) closed at 24.99, up 4.78% with a trading volume of 441,200 lots and a transaction value of 1.092 billion [1] Other Notable Stocks - Perfect World (002624) closed at 17.57, up 3.72% with a trading volume of 389,900 lots and a transaction value of 681 million [1] - Xinghui Entertainment (300043) closed at 6.26, up 2.96% with a trading volume of 770,900 lots and a transaction value of 476 million [1] Market Capital Flow - The gaming sector saw a net inflow of 451 million from institutional investors, while retail investors experienced a net outflow of 91.375 million [2] - The main stocks with significant capital inflow included Jibite with a net inflow of 1.82 billion, accounting for 15.18% of the total [3] - Perfect World had a net inflow of 1.11 billion, representing 16.28% of its total [3]

恺英网络(002517)10月29日发布2025年三季报，公司第三季度营业收入14.97亿元，同比增长9.08%；净 利润6.33亿元，同比增长34.51%。2025年前三季度营业收入40.75亿元，同比增长3.75%；净利润15.83亿 元，同比增长23.70%；基本每股收益0.74元。 ...

根据《公司章程》规定，本次会议由董事长金锋先生主持，与会董事就会 议议案进行了审议、表决，审议通过如下议案： 证券代码：002517 证券简称：恺英网络 公告编号：2025-058 恺英网络股份有限公司 第五届董事会第十五次会议决议公告 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。 恺英网络股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日以电子 邮件方式发出召开第五届董事会第十五次会议的通知，会议于 2025 年 10 月 29 日以现场结合通讯方式召开。根据《公司章程》的规定，会议应出席董事 9 名， 实际出席董事 9 名；公司部分高级管理人员列席会议。会议的召开符合《公司 法》、《公司章程》及相关法律、法规的有关规定，会议决议合法有效。 一、审议通过《2025 年第三季度报告》 公司编制和审核《2025 年第三季度报告》的程序符合法律、行政法规和中 国证监会的规定，报告内容真实、准确、完整地反映了公司的实际情况，不存 在任何虚假记载、误导性陈述或者重大遗漏。本议案已经董事会审计委员会审 议通过。 具体内容详见公司同日披露在《中国证券报 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥1,497,020,983.16, representing a year-on-year increase of 9.08%[5] - Net profit attributable to shareholders was ¥633,428,241.18, up 34.51% compared to the same period last year[5] - The basic earnings per share increased by 36.36% to ¥0.30, while diluted earnings per share also rose by 36.36% to ¥0.30[5] - Total operating revenue for Q3 2025 reached ¥4,075,034,147.51, an increase of 3.76% compared to ¥3,927,588,266.40 in the same period last year[19] - Net profit for the period was ¥1,583,318,071.24, up 23.69% from ¥1,280,286,442.72 year-over-year[20] - The total comprehensive income for the period reached ¥4,035,414,339.05, compared to ¥1,153,831,845.13 in the previous period, indicating a significant increase[21] - Basic and diluted earnings per share improved to ¥0.74 from ¥0.60 year-over-year[21] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥13,168,354,491.03, reflecting a 64.06% increase from the previous year-end[5] - Total assets amounted to ¥13,168,354,491.03, a significant rise from ¥8,026,379,432.43, indicating a growth of 64.67%[18] - Non-current assets totaled ¥7,177,782,860.87, up from ¥2,935,821,813.98, representing an increase of 144.00%[18] - Total liabilities increased to ¥2,954,220,870.03 from ¥1,479,600,469.36, reflecting a growth of 99.80%[18] - The company's equity attributable to shareholders reached ¥10,215,409,500.86, an increase of 56.01% compared to the end of the previous year[5] - The company's equity attributable to shareholders reached ¥10,215,409,500.86, compared to ¥6,547,972,198.88, an increase of 56.93%[18] Cash Flow - The cash flow from operating activities for the year-to-date was ¥1,317,139,633.09, showing a growth of 6.84%[5] - Net cash flow from operating activities was ¥1,317,139,633.09, up from ¥1,232,790,320.89 in the previous period[23] - Cash inflow from operating activities totaled ¥4,172,818,625.77, while cash outflow was ¥2,855,678,992.68, resulting in a net cash flow of ¥1,317,139,633.09[23] - Cash and cash equivalents increased to 3,619,979,311.65 RMB from 3,269,192,709.21 RMB[16] - Cash and cash equivalents at the end of the period amounted to ¥3,414,654,370.19, an increase from ¥2,979,216,815.12 at the end of the previous period[23] Investments - The company reported a significant increase in long-term equity investments, which rose by 116.37% to ¥1,093,967,985.18 due to appreciation in investments in joint ventures[9] - The company experienced a 100.27% increase in trading financial assets, totaling ¥60,246,821.91, attributed to increased purchases of financial products during the reporting period[9] - The company’s investment income rose by 797.11% to ¥17,387,043.41, driven by increased returns from long-term equity investments accounted for using the equity method[10] - Investment activities resulted in a net cash outflow of ¥754,128,806.93, compared to a net outflow of ¥668,769,310.27 in the previous period[23] Shareholder Information - The total number of common shareholders at the end of the reporting period is 61,349[11] - The largest shareholder, Jin Feng, holds 14.99% of shares, totaling 320,319,849 shares[11] - The company has a significant shareholder, Shaoxing An Sheng Enterprise Management Partnership, holding 5.26% of shares[11] - The company has a total of 0 preferred shareholders with voting rights restored[11] Other Information - The company successfully acquired a land parcel in Hangzhou for 272.04 million RMB, which will be recorded as intangible assets[13] - The company has not yet completed the relocation of its registered address as per the agreement, leading to a provision of 27.204 million RMB[14] - The company reported a decrease in cash received from other operating activities, totaling ¥120,377,016.06, compared to ¥110,233,851.33 in the previous period[22] - Total cash outflow for financing activities was ¥452,193,366.33, compared to ¥438,051,486.44 in the previous period[23] - The financial report for the third quarter was not audited[24]

恺英网络股份有限公司 信息披露暂缓与豁免管理制度 第一章 总则 第一条 恺英网络股份有限公司(以下简称"公司")为规范信息披露暂缓、豁 免行为，督促公司和其他信息披露义务人依法合规履行信息披露义务，保护投资者 的合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司信息披露管理办法》《上市公司信息披露暂缓与豁免管理规定》《深圳证券交易所股 票上市规则》等相关法律法规、规范性文件及公司章程的规定，结合公司实际情况，特 制定本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、临 时报告中豁免披露中国证券监督管理委员会和深圳证券交易所规定或者要求披露的内 容，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地披露 信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实施内幕交 易、操纵市场等违法行为。 第四条 公司和其他信息披露义务人应当审慎确定信息披露暂缓、豁免事项，履 行内部审核程序后实施。 第二章 暂缓、豁免披露信息的范围 第五条 公司和其他信息披露义务人有确实充分的证据证明拟披露的信息涉及 国家秘密或者其他因披露可能导致 ...

Group 1: Guodian Power (国电电力) - The company is experiencing a positive earnings trend with an upward adjustment of EPS for 2025-2027 to 0.40/0.46/0.50 yuan, reflecting a valuation premium compared to peers [2][4] - In Q3 2025, the company's revenue was 476 billion yuan, a year-on-year decrease of 1.0%, while net profit increased by 24.9% to 30.9 billion yuan, indicating a recovery in profitability [2][3] - The company is optimizing its installed capacity structure, with a slowdown in new energy installations and an increase in thermal power installations, which is expected to enhance its dividend growth potential [4] Group 2: Kying Network (恺英网络) - The "996 Legend Box" is identified as a rare platform business with stable and growth potential, driven by established IP licensing and increased market penetration [11][12] - The company expects EPS for 2025-2027 to be 1.11/1.39/1.65 yuan, with an upward adjustment due to the positive progress of the Legend Box business [11] - The platform's revenue sources include advertising, platform functionality, live streaming, and transaction fees, indicating a diversified income stream [12][13] Group 3: Logistics and Express Delivery Industry - The express delivery industry saw a year-on-year increase of 12.7% in September 2025, with major players like SF Express leading the growth with a 31.81% increase [20][21] - The industry is experiencing a narrowing decline in express delivery prices, indicating a shift towards healthier competition and potential profitability recovery [22][23] - The market share of leading companies is increasing, with the CR8 for the express delivery industry rising to 86.9%, reflecting a trend towards industry consolidation [21][22] Group 4: Basic Chemicals Industry - The basic chemicals sector is witnessing a positive trend, with new Yangfeng's Q3 net profit increasing by 23.87% year-on-year, indicating strong performance in the sector [25] - The convertible bond market for basic chemicals is active, with several companies seeing significant price movements in their bonds [25][26] Group 5: Steel Industry - The steel industry is showing signs of recovery, with demand expected to gradually bottom out and supply-side adjustments beginning to take effect [27][28] - The average production profit for rebar has increased, while hot-rolled coil profits have decreased, indicating mixed performance across different steel products [30] - The industry is expected to benefit from improved market conditions and regulatory support for supply-side reforms [30][31]