Group 1: Industry Overview - The media sector showed signs of recovery in April 2025, outperforming the market with a decline of 2.23%, which was 0.78 percentage points better than the CSI 300 index, ranking 14th among 31 industries [2][11][4] - In Q1 2025, the A-share media sector achieved a total revenue of 1258.53 billion yuan and a net profit of 110.77 billion yuan, representing year-on-year growth of 5.59% and 28.63% respectively, indicating a significant improvement after four consecutive quarters of decline [28][23][24] Group 2: Gaming Sector - The gaming market experienced double-digit revenue growth in the first quarter of 2025, with actual sales revenue reaching 857.04 billion yuan, a year-on-year increase of 17.99%, and mobile gaming revenue at 636.26 billion yuan, up 20.29% [54][55] - In April 2025, 118 domestic games and 9 imported games were approved, with a total of 510 game licenses issued from January to April, marking a 7.6% year-on-year increase [46][47] Group 3: Film and Television Sector - The film market faced challenges in April 2025, with total box office revenue of 11.97 billion yuan, down 46.5% year-on-year, indicating a lack of new releases with box office appeal [68][73] - In the television sector, the top 10 online dramas in April included "无忧渡" with 865 million views, leading the rankings, while Mango TV continued to dominate the variety show market with a market share of 16.09% for "乘风2025" [91][92] Group 4: AI Applications - The AI sector is rapidly advancing, with Google launching the Agent2Agent (A2A) protocol, which allows AI agents to communicate and collaborate effectively [106][99] - ByteDance introduced a universal AI agent platform called "扣子空间," designed for task collaboration and intelligent execution, showcasing its potential in enterprise applications [107][109]

Core Viewpoint - The overall performance of A-share listed gaming companies in 2024 showed a decline, with over half experiencing revenue downturns, while a few companies achieved significant growth [1][5][11]. Group 1: Company Performance - More than half of the 23 A-share listed gaming companies reported a decline in total revenue in 2024, with 13 companies experiencing a year-on-year decrease compared to 9 in 2023 [5][9]. - Perfect World, once a leading company, saw its gaming revenue drop from 66.69 billion yuan in 2023 to 51.81 billion yuan in 2024, marking a decline of nearly 15 billion yuan [5][11]. - Century Huatong and 37 Interactive Entertainment remained the top gaming companies, with Century Huatong's gaming revenue reaching 208.75 billion yuan, a year-on-year increase of 86.57% [11][12]. - 37 Interactive Entertainment's gaming revenue was 172.93 billion yuan, up 5.47% year-on-year, maintaining its position as a profitable leader with a net profit of 26.73 billion yuan [10][12]. Group 2: Revenue and Profit Trends - The gaming revenue of companies like Jibite and Icefire Network declined significantly, with Jibite's revenue falling to 36.49 billion yuan, a decrease of 11.52% [8][10]. - Icefire Network reported a net profit drop of 190% due to high marketing costs, leading to a net loss of 2.47 billion yuan [14][10]. - Perfect World was the only major A-share gaming company to report a loss, with a net loss of 12.88 billion yuan in 2024 [9][10]. Group 3: Market Dynamics and Strategies - Many companies increased their sales expenses significantly, with Century Huatong's sales expenses rising by 129.47% to 77.42 billion yuan, while 37 Interactive Entertainment's sales expenses reached 97.12 billion yuan, an increase of 6.84% [15][14]. - The trend of "de-gaming" was noted, with companies like Zhongqingbao seeing their gaming revenue contribution drop from 49.59% in 2020 to 22.29% in 2024 [7][9]. - The gaming industry faced challenges with aging main products and a lack of new releases, impacting revenue for companies like Jibite and Electric Soul Network [8][9]. Group 4: International Performance and Employee Trends - Century Huatong achieved overseas revenue of 113.68 billion yuan, accounting for 50.26% of its total revenue, driven by successful titles like "Whiteout Survival" [17][18]. - Perfect World experienced a significant reduction in its workforce, with employee numbers dropping from 5,754 to 3,905, a decrease of 32.13% [19][20]. - Overall, 14 out of 23 companies reduced their workforce, indicating a trend of downsizing in the industry [19][20]. Group 5: Future Outlook - The first quarter of 2025 showed better-than-expected performance for several companies, with Century Huatong reporting a revenue increase of 91.12% year-on-year [22][23]. - Analysts predict continued improvement in the gaming sector as new products are launched and the market adapts to changing consumer preferences [25][22].

Investment Rating - The report maintains an "Overweight" rating for the media industry [6] Core Insights - The media industry faced significant pressure in 2024, with a notable recovery in Q1 2025, where the industry saw a revenue increase of 4.5% year-on-year, reaching 134.25 billion yuan, and a net profit growth of 44.9%, amounting to 10.97 billion yuan [13][10] - The gaming sector experienced substantial growth in Q1 2025, with revenues of 26.83 billion yuan, up 21.0% year-on-year, and net profits of 3.46 billion yuan, reflecting a 42.6% increase [2][18] - The internet sector reported a revenue decline of 24.7% year-on-year in Q1 2025, totaling 20.08 billion yuan, while net profit slightly increased by 0.2% to 680 million yuan [3] - The marketing sector showed signs of recovery in Q1 2025, with revenues of 44.04 billion yuan, down only 0.6% year-on-year, and a marginal decline in net profit of 0.7% [4] - The film industry, after facing challenges in 2024, showed recovery signs in Q1 2025 with revenues of 8.09 billion yuan, up 21.8%, and a significant net profit increase of 125.5% [5] Summary by Sections Media Industry - In 2024, the media industry reported a revenue of 549.95 billion yuan, down 0.7%, and a net profit of 17.34 billion yuan, down 55.7% [13] - Q1 2025 saw a recovery with revenues of 134.25 billion yuan and net profits of 10.97 billion yuan [13] Gaming Sector - The gaming market in 2024 achieved a revenue of 325.78 billion yuan, growing by 7.53% [19] - In Q1 2025, the gaming sector's revenue reached 26.83 billion yuan, with a net profit of 3.46 billion yuan [2][18] - The performance varied significantly among companies, with some achieving over 50% growth in net profit [28][31] Internet Sector - The internet sector's revenue in Q1 2025 was 20.08 billion yuan, reflecting a 24.7% decline [3] - The net profit was 680 million yuan, showing a slight increase of 0.2% [3] Marketing Sector - The marketing sector's revenue in 2024 was 189.25 billion yuan, with a slight increase of 3.9% [4] - In Q1 2025, revenues were 44.04 billion yuan, down 0.6%, with a net profit decline of 0.7% [4] Film Industry - The film industry faced a revenue decline in 2024, totaling 21.66 billion yuan, down 17.2% [5] - Q1 2025 revenues were 8.09 billion yuan, with a net profit increase of 125.5% [5]

Summary of Key Points from the Conference Call Industry Overview - The gaming industry is experiencing performance divergence in 2024, with Kaiying Network achieving impressive revenue of 1.35 billion and turning a profit, while 37 Interactive Entertainment and Taiyue Information fell short of expectations due to marketing expenses and product competition, indicating intensified industry competition [1][2][3] Core Companies and Their Performance - Kaiying Network and Huatuo are expected to have a higher success rate in the future. Jibite is anticipated to grow due to its reserve products like "Warship Legend" and "Nine Woods in the Wild," maintaining a relatively stable market position [3][1] - In Q1 2025, Kaiying's revenue was approximately 510 to 520 million, Perfect World reported 300 million, and Jibite achieved 283 million. ST Huadong performed exceptionally well at 1.35 billion, while Youzu managed to turn a profit [2] Emerging Technologies and Trends - The integration of AI and gaming shows promising prospects. Successful cases include 1V1 games that utilize AI models and VR/XR technologies, enhancing user experience through 3D AR scene construction. For instance, "Love and Deep Space" helped increase Zhe Paper's revenue from 1.4 billion to 7 billion [4][5] - The combination of AI, AR, and virtual human technologies is expected to further enhance immersion and user experience in gaming [4][5] Notable Game Genres - MMORPG, SLG, and casual gaming are highlighted as important areas to watch. MMORPG and SLG have long lifecycles and can integrate various gameplay styles, while casual games are performing well in the Western markets, with increased fragmented time in China providing opportunities [6][7] - The lifecycle of successful JSR games can reach 8 to 10 years, attracting high ARPU users and forming stable player communities [6] Upcoming Game Releases - A significant number of new games are set to launch in 2025, with Kaiying Network having the most reserves, including "Douluo Dalu: The Legend of the Exorcist" and "Tomb Raider: The Journey." Other companies like 37 Interactive Entertainment, Tencent, and NetEase also have substantial reserves [8][9] - Key products from Kaiying Network include "Douluo Dalu: The Legend of the Exorcist," which features deep design for combo attacks, and "Tomb Raider: The Journey," which combines Dungeons & Dragons and ARPG elements [10] Company-Specific Highlights - Jibite is launching "Sword Legend," a JRPG that incorporates a pet-catching system, and "Nine Woods in the Wild," which enhances real-time strategy gameplay [13] - Giant Network's new titles include "Supernatural Action Group," a Chinese horror-themed game, and "5000 Years," a historical strategy game [12] - Mingchen Health's core product is "Realm of the Blade," an ARPG featuring a death god IP, designed for cooperative play [11] Market Dynamics - The casual gaming sector is thriving in Western markets, with titles like "Candy Crush Saga" maintaining a long presence in the top sales charts. The increasing fragmented time in China due to longer working hours also benefits casual games [7] - The market may polarize into heavy games like MMORPG and SLG, and lighter casual games [7] Conclusion - The gaming industry is poised for significant developments in 2025, with numerous new titles and innovative technologies shaping the landscape. Companies like Kaiying Network, Jibite, and Giant Network are at the forefront of these changes, leveraging their unique products and market strategies to capture growth opportunities.

证券代码：002517 证券简称：恺英网络 公告编号：2025-038 恺英网络股份有限公司 关于参加 2025 年福建辖区上市公司投资者 网上集体接待日活动的公告 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、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，恺英网络股份有限公司（以下简称"公 司"）将参加由福建证监局指导，福建省上市公司协会主办与深圳市全景网络有 限公司联合举办的"2025 年福建辖区上市公司投资者网上集体接待日活动"，现 将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2025 年 5 月 14 日（周三） 15:30-17:00。 届时公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、 融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交 流，欢迎广大投资者踊跃参与！ 特此公告。 恺英网络股份有限公司董事会 2025 年 5 月 9 日 1 ...

Core Viewpoint - The AI Fund, Xingzheng Global Sustainable Investment Three-Year Open Mixed Fund (019384), reported a profit of 4.2568 million yuan in Q1 2025, with a net value growth rate of 1.09% [3][16]. Fund Performance - As of April 23, the fund's unit net value was 1.029 yuan, and the fund size was 395 million yuan [3][16]. - The fund manager, He Yiguang, currently manages two funds, both of which have shown negative returns over the past year [3]. - The fund's one-year cumulative net value growth rate is -1.24%, ranking 539 out of 642 comparable funds [3]. - Over the past three months, the fund's net value growth rate is -1.03%, ranking 446 out of 646 comparable funds [3]. - The fund's six-month net value growth rate is -6.01%, ranking 520 out of 646 comparable funds [3]. Risk Metrics - The fund's Sharpe ratio since inception is 0.623 [9]. - The maximum drawdown since inception is 17.56%, with the largest quarterly drawdown occurring in Q3 2024 at 11.79% [12]. Investment Strategy - The fund's average stock position since inception is 82.84%, compared to the industry average of 85.26% [15]. - The fund reached its highest stock position of 88.94% at the end of H1 2024 and its lowest of 68.18% at the end of Q1 2024 [15]. - The fund manager aims to select high-quality stocks with independent fundamentals to achieve excess returns amid a potentially volatile market [3]. Top Holdings - As of Q1 2025, the fund's top ten holdings include Tencent Holdings, Xiaomi Group-W, Alibaba-W, CATL, Kweichow Moutai, Lens Technology, Industrial and Commercial Bank of China, Kaiying Network, SMIC, and Haiguang Information [19].

Investment Rating - The report maintains a positive outlook on the A-share media sector for 2024 and Q1 2025, highlighting significant growth in gaming, film, and publishing sectors [4][5]. Core Insights - The report indicates that the overall performance of the media sector in 2024 remains under pressure, but there are signs of improvement in quarterly trends, with a notable increase in net profit by 38.6% year-on-year in Q1 2025 [5][6]. - The gaming industry shows a strong upward trend, with Q1 2025 revenue growth of 21.9%, marking the best growth rate in nearly 13 quarters, driven by new product launches and the upcoming AI gaming developments [11][15]. - The film sector benefits from a resurgence in box office performance, particularly driven by the success of "Nezha: Birth of the Demon Child," with Q1 2025 box office revenue increasing by 49% year-on-year [5][14]. - The publishing sector demonstrates resilience, with net profit recovering to levels close to Q1 2023, despite a slight revenue decline [14]. Summary by Relevant Sections Gaming Sector - Q1 2025 revenue increased by 21.9%, with a net profit margin of 13%, up 2.4 percentage points from the previous year [11][15]. - Companies like Century Huatong and Perfect World reported significant growth, with expectations for continued improvement in the second half of 2025 as new products are launched [15][21]. Film Sector - The domestic film market saw a 49% increase in box office revenue in Q1 2025, with average ticket prices reaching 46.8 yuan [5][14]. - The success of major films like "Nezha: Birth of the Demon Child" has positively impacted the industry, leading to improved profit margins for cinema chains [14]. Publishing Sector - The publishing industry experienced a slight revenue decline of 4.2% year-on-year, but profit margins improved significantly due to tax exemptions for state-owned publishing companies [14]. - The overall financial health of major publishing groups remains stable, with expectations for consistent dividend payouts [14]. Advertising Sector - The advertising market continues to face pressure, but companies like Focus Media show resilience with a year-on-year revenue increase of 5% and net profit growth of 9% [14]. Long Video Sector - The long video sector is impacted by macroeconomic factors, with a shift in user attention towards short dramas affecting brand advertising revenues [5][14].

Core Viewpoint - The A-share market experienced a strong opening on the first trading day of May, with major indices rising significantly, indicating a potential recovery trend after a challenging April [1][4]. Market Performance - On May 1, the Shanghai Composite Index rose by 1.13%, closing above 3300 points, while the Shenzhen Component and ChiNext Index increased by 1.84% and 1.97%, respectively [1]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.34 trillion yuan, an increase of 166.8 billion yuan compared to the previous trading day [1]. April Market Review - In April, the Shanghai Composite Index fell by 1.70%, the Shenzhen Component by 5.75%, and the ChiNext Index by 7.40%, while the North Star 50 index rose by 4.72% [4]. - Among 31 primary industries, only four saw gains, with the top three being Beauty Care (6.15%), Agriculture, Forestry, Animal Husbandry, and Fishery (3.39%), and Retail Trade (1.74%) [4]. - The largest decline was in the Power Equipment sector, which fell by 8.23%, followed by Communications (-6.69%) and Home Appliances (-5.65%) [4]. May Market Outlook - Institutions predict that the A-share market will maintain a volatile but controllable adjustment in May, with a focus on technology growth sectors [6][7]. - East Wu Securities suggests that the market may return to a technology growth focus, supported by macro liquidity and policy stability [7]. - Multiple institutions recommend focusing on sectors benefiting from domestic demand policies and those with favorable valuation characteristics [7]. Recommended Investment Strategies - Institutions emphasize the importance of technology and consumer sectors as key investment themes for May, with expectations of excess returns in technology [8]. - Suggested sectors include AI, robotics, and smart driving, as well as defensive positions in dividend-paying assets like banks [8]. - A table summarizing various brokerages' strategies highlights a focus on high-dividend stocks, gold, and sectors related to domestic consumption and technology [9]. Top Stock Picks for May - The most frequently recommended stocks include Proya (603605.SH) and Kaiying Network (002517.SZ), each mentioned six times by different brokerages [10][11]. - Other notable mentions include Haida Group (002311.SZ) and Gree Electric (000651.SZ), each recommended five times [10][11]. - Proya is recognized for its strong market position and growth potential in the domestic market, while Kaiying Network is noted for its impressive revenue growth and strategic initiatives in AI [12][15].

Group 1 - The core viewpoint is that SLG (Simulation and Strategy Game) products have a long lifecycle and stable revenue, with successful SLG products contributing significantly to company performance. The global mobile gaming market has shown signs of improvement in 2024, with in-app purchase revenues rebounding [1] - In 2024, China's self-developed game export scale reached $18.556 billion, a year-on-year increase of 13.4%. Strategy games, including SLG, accounted for 41.38% of the top products, suggesting a market size of approximately $7.7 billion per year for strategy games [1] - The report suggests focusing on companies with strong R&D capabilities and quality product reserves in the SLG field, recommending companies such as ST Huatuo, Tencent, NetEase, 37 Interactive Entertainment, and Kaiying Network [1] Group 2 - The integration of various gameplay styles has attracted users and reduced customer acquisition costs. SLG games, characterized by construction and combat, have a high entry barrier for new players, making customer acquisition challenging. However, lighter gameplay can quickly convert users, enhancing acquisition efficiency [2] - The game "Kingshot" shows a clear growth trend and high monetization potential. Its combination of tower defense and SLG gameplay enhances user acquisition efficiency, and its early performance is comparable to "Whiteout Survival," indicating strong commercial potential [3]

Investment Rating - The report provides a "Buy" recommendation for the technology sector, indicating a positive outlook for the industry over the next 12 months [24]. Core Insights - The report highlights key stocks in the technology sector for May 2025, including Hengxuan Technology, Weir Shares, Cambricon, Tax Friend, Huafeng Technology, Huace Navigation, Kaiying Network, and Shanghai Film [4][7]. - The report emphasizes the growth potential in various sub-sectors such as electronics, computing, communications, and media, driven by advancements in AI and digital transformation [9][10][11][12][14]. Summary by Category Electronics - Hengxuan Technology is recognized as a leader in wearable SoC, with strong growth in TWS earphones and potential in AI glasses and smartwatches [9]. - Weir Shares reported better-than-expected Q1 results, driven by high demand in automotive, IoT, and medical sectors, with a focus on maintaining high gross margins [9]. Computing - Cambricon is positioned as a leading AI chip manufacturer in China, with significant revenue growth expected in 2024 and 2025, benefiting from the expansion of AI capabilities [10]. - Tax Friend is a leading digital government service provider, with strong growth in AI-driven revenue and a focus on enhancing high-margin business segments [11]. Communications - Huafeng Technology is set to benefit from the increasing demand for high-performance connectors in AI computing clusters, with projected net profits of 278 million, 361 million, and 471 million yuan from 2025 to 2027 [12]. - Huace Navigation has seen significant improvements in overseas business margins and aims for a net profit target of 730 million yuan in 2025, reflecting a 25% year-on-year increase [12]. Media - Kaiying Network has a robust pipeline of IP products and is actively expanding into new game categories and overseas markets, with a focus on AI applications in gaming [14]. - Shanghai Film is leveraging its strong IP portfolio and aims to capitalize on the recovery of the film market, with growth strategies centered around IP monetization and innovative product offerings [14].