Summary of Kingnet (002517.SZ) Conference Call Company Overview - **Company**: Kingnet (002517.SZ) - **Market Cap**: Rmb54,757 million (approximately US$7,921 million) [6] Key Industry Developments 1. **AI Native Apps**: - Kingnet's investee, NatureSelect.ai, is testing a new AI native app called Elys, which allows users to create AI avatars for social networking. This app is positioned as a next-generation platform for human-AI interaction and is currently available on iOS by invitation only [2][2]. - The first app, EVE, is set to launch on March 14, which is expected to be a significant milestone for the company [1]. 2. **Game Center Expansion**: - Kingnet has introduced the Yulgang Online IP into its 996 Game Center, enhancing the platform's content offerings and monetization opportunities. This move aims to establish a robust legacy IP ecosystem [3][3]. 3. **Settlement with WeMade**: - A settlement agreement with WeMade's subsidiary has been reached, which will release asset freezes and improve liquidity for Kingnet. The settlement is expected to have a positive profit impact of approximately Rmb200 million in the current financial year [4][8]. Financial Strategies 1. **Share Buyback Program**: - Kingnet announced a share buyback program of Rmb100-200 million, representing 0.13-0.25% of total share capital. This initiative is aimed at reinforcing confidence in future business development and supporting an employee stock incentive program [9][9]. 2. **Target Price and Valuation**: - The target price for Kingnet is set at Rmb31, based on a 22x PE ratio for 2026E and an expected EPS of Rmb1.41. This valuation is in line with peers in the online gaming sector [10][10]. Risks and Challenges - Potential risks that could hinder reaching the target price include: 1. Delays in launching new games such as SAO and The Night Dawn. 2. A faster-than-expected decline in the existing game portfolio. 3. Higher-than-anticipated marketing expenditures [11][11]. Conclusion - Kingnet is positioned to capture greater market share in the legacy IP market and is optimistic about returns from AI investments. The company maintains a positive outlook, supported by recent developments in AI applications and strategic partnerships [1][1].

Group 1 - Jia Mei Packaging announced that the capital operation plan related to Magic Atom will be completely independent of the listed company, with no injection plan [2] - Shuangliang Energy indirectly participates in commercial aerospace projects but does not have direct cooperation with SpaceX [2] - Zhangyue Technology expects that the revenue from its AI short drama business in 2025 will not exceed 1% of its total annual revenue [2] Group 2 - Xianglu Tungsten stated that significant economic fluctuations in the countries of its main customers could greatly impact the demand for tungsten products and the recovery of accounts receivable [3] - United Optoelectronics signed a business cooperation framework contract with Lingzhi Cloud Creation to provide assembly and processing services for robot products [4] - Hanbo High-tech's subsidiary plans to acquire assets to layout the wet electronic chemicals industry [4] Group 3 - International Composite Materials confirmed that electronic-grade glass fiber is a key raw material for PCBs and that its operations are normal [5] - Jingrui Electric Materials plans to invest 600 million yuan to build a comprehensive base for key materials in the integrated circuit manufacturing industry in the western region [6] - Wenzhou Hongfeng intends to raise no more than 450 million yuan for the expansion of lithium battery copper foil and electronic copper foil projects [7] Group 4 - Zhi Chuang Data plans to procure servers from multiple suppliers, with a total expected amount not exceeding 11 billion yuan [8] - Zhangyuan Tungsten reported that its current operating conditions and external environment are normal, with no undisclosed significant matters [17] - Yida Co. plans to adjust the technical reform project for the production of 220,000 tons of epoxy propylene derivatives [19] Group 5 - Huazhong Bank reported a net profit of 27.2 billion yuan for 2025, a decrease of 1.72% year-on-year [27][28] - Jin Dike reported a net loss of 173 million yuan for 2025, despite a revenue increase of 40.13% [29] - Luan An Huan Neng reported a 16.8% year-on-year increase in coal sales in January 2026 [30]

格隆汇2月12日丨恺英网络(002517.SZ)公布，公司取得中信银行股份有限公司上海分行（简称"中信银 行上海分行"）出具的《贷款承诺函》，主要内容如下：1、贷款银行：中信银行上海分行；2、贷款额 度：最高不超过人民币18,000万元；3、贷款期限：三年；4、贷款用途：仅限于回购恺英网络股票。 ...

证券代码：002517 证券简称：恺英网络 公告编号：2026-007 恺英网络股份有限公司 关于取得金融机构股票回购专项贷款承诺函的公告 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。 一、回购股份的基本情况 恺英网络股份有限公司（以下简称"恺英网络"或"公司"）拟使用自有资金 或自筹资金（含股票回购专项贷款资金等）以集中竞价方式回购部分公司已发 行的人民币普通股（A 股）股票。本次回购股份的价格为不超过（含）人民币 36.91 元/股，回购价格上限未超过公司董事会审议通过回购股份方案前 30 个交 易日公司股票交易均价的 150%。具体回购数量及回购金额以回购期满或回购完毕 时实际回购的股份数量和回购金额为准。回购期限为自公司董事会审议通过本 次回购方案之日起不超过 12 个月。具体内容详见公司于 2026 年 2 月 10 日在巨 潮资讯网（www.cninfo.com.cn）上披露的《关于回购公司股份方案的公告》 （2026-002）。 二、取得金融机构股票回购专项贷款承诺函的情况 2026 年 2 月 12 日，公司取得中信银行股份有限公司上海分行（ ...

格隆汇2月12日｜国泰海通证券研报指出，恺英网络在AI应用领域多维布局，战略投资公司自然选择在 研多个C端AI产品，情感陪伴产品《EVE》持续推进，近期推出的《Elys》则是在AI社交领域的一次积 极探索。看好公司AI布局及其远期价值与估值提升潜力。公司积极布局AI领域，包括C端AI应用（自然 选择）和B 端AI 游戏工具（杭州极逸），有望持续受益于AI技术的发展和自身产品完善。预计2025- 2027年公司EPS分别为1.05/1.40/1.66元（相比上次预测下调了2025年EPS预测，主要由于营业外收入的 预测值减少），维持公司2026年目标价34.48元，对应2026年PE为24.6x。维持"增持"评级。 ...

Macroeconomic Insights - January non-farm employment data exceeded expectations with an increase of 130,000 jobs, significantly higher than the anticipated 65,000[2] - The unemployment rate unexpectedly dropped to 4.3%, despite a rise in labor participation rate[2] - The Federal Reserve may pause interest rate cuts until June, with market expectations for a rate cut probability of less than 6% in March[3] Inflation and Economic Trends - The U.S. economy is transitioning from a "K-shaped" recovery to a "re-inflation" phase, with high-net-worth individuals stabilizing the economy through refinancing[6] - Inflation expectations are self-reinforcing, with actual mortgage rates at a three-year low, contributing to a recovery in the housing sector[8] - The housing affordability index remains above 100, indicating that median-income households can still afford homes despite high prices[21] Industry-Specific Developments - The traditional electronic fabric market is experiencing accelerated price increases due to supply shortages, with prices rising by 0.5-0.6 RMB/m[43] - The AI electronic fabric sector is expected to see significant growth in 2026, driven by demand from AI chips and consumer electronics[46] - The coal industry is projected to benefit from a resurgence in coal power in the U.S., with companies like Peabody Energy and China Shenhua expected to gain[51]

Core Insights - The Zhejiang gaming industry is guided by the philosophy of "green mountains and clear waters are as valuable as mountains of gold and silver," focusing on high-quality development through health, technology empowerment, and content innovation [1][2] - The 2025 Qingshan Award ceremony recognized key players in the industry, with Kaineng Network winning the "Outstanding Industry Contribution Award" and three of its products receiving accolades for excellence [1][2] Industry Development - The Qingshan Award aims to promote high-quality development in the regional gaming industry and enhance the brand image of Zhejiang's gaming sector, reflecting annual achievements and serving as a benchmark for corporate strength and product quality [2] - The award evaluation process is rigorous and professional, focusing on industry contribution, market performance, innovation capability, and user reputation [2] Company Achievements - Kaineng Network's award-winning products include "Hot Blood Jianghu: Return," "Liangshan Legend," and "Douluo Continent: Zhu Xie Chuan Shuo," showcasing the company's diverse development capabilities [3] - "Hot Blood Jianghu: Return" received the "Outstanding Game" award for its solid quality and market performance, while "Liangshan Legend" won "Outstanding Creative Game" for its innovative design [3] - "Douluo Continent: Zhu Xie Chuan Shuo" was recognized as the "Most Anticipated Game" due to its strong IP appeal and forward-thinking design [3] Strategic Focus - Kaineng Network maintains a core strategy focused on the gaming industry, supported by four main business areas: R&D, publishing, investment + IP, and user platforms [3][4] - The company is committed to enhancing game development efficiency through technological innovations, including AI game creation, and aims to improve the gaming industry ecosystem through diversified business layouts and deep industry collaboration [3][4] - Kaineng Network emphasizes high-quality development and corporate social responsibility, positioning itself as a key driver of high-quality development in the gaming industry in Zhejiang and nationwide [4]

Group 1 - The gaming concept stocks have declined, with Light Media falling over 10%, Perfect World down over 4%, and companies like Kaiying Network, G-bits, and Changchun Technology dropping over 2% [1] - The gaming-related ETFs have also seen a decrease of approximately 3% [1] Group 2 - Some brokerages indicate that the global gaming market is currently in an upward cycle, with long-term optimistic growth expected in terms of revenue and player numbers [2] - The strong generative capabilities of DeepSeek may significantly enhance game development efficiency, creating more user-demanded virtual characters, maps, and storylines, thereby enriching gameplay and fostering paid scenarios [2]

每经记者｜彭斐 每经编辑｜文多 在历经长达十年的商业纠葛与司法博弈后，国内游戏巨头恺英网络（SZ002517，股价25.97元，市值 554.83亿元）与韩国游戏企业"传奇IP"（ChuanQi IP Co., Ltd.）终于握手言和。 "" 图片来源：公告截图 2月11日晚间，恺英网络发布公告，宣布其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）与传奇IP正式签署《和解协议》。 《每日经济新闻》记者注意到，这场旷日持久的"战争"起源于当年的游戏授权纠纷，期间经历了国际仲 裁、执行异议、追加被执行人等法律攻防。最终，双方达成"一揽子"解决方案：上海恺英将向传奇IP支 付人民币约1.99亿元作为和解金，以此换取双方互免债务并终止所有法律行动。 值得关注的是，这一结局不仅让恺英网络从高达4.81亿元的连带清偿责任中全身而退，更预计将为公司 本期利润带来约2亿元的正向影响。 2016年，恺英网络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）与Wemade Entertainment Co., Ltd.（即娱美德娱乐有限公司，以下简称"娱美德"，当时公告显示其为传奇IP母公 司）签署了《传奇网页游戏 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 一、诉讼仲裁基本情况 （一）关于传奇IP对公司子公司之仲裁及诉讼 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日作出的第22593/PTA号仲裁裁决，浙江欢游于2019 年9月16日收到北京四中院《民事裁定书》[案号：（2019）京04协外认38号]，裁定予以承认和执行第 22593/PTA号仲裁裁决，并根据《执行裁定书》[案号：(2019)京04执172号]执行冻结浙江欢游及其分公 司银行账号。此后，传奇IP向北京四中院提出追加上海恺英为(2019)京04执172号执行案件的被执行 人，被北京四中院驳回后又向北京四中院提起执行异议之诉，申请追加上海恺英为(2019)京04执172号 执行案件的被执行人。目前，该案已被传奇IP申请撤回起诉，并经北京四中院裁定准许撤回（详见公 告：2019-075、2019-101、2019-121、2019-143、2020-02 ...