证券代码：002517 证券简称：恺英网络 公告编号：2025-016 恺英网络股份有限公司 关于变更回购股份用途并注销暨通知债权人的公告 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、公司变更回购股份用途并注销的情况 恺英网络股份有限公司（以下简称"公司"或"本公司"）分别于 2025 年 1 月 10 日、2025 年 2 月 7 日召开第五届董事会第十一次会议和 2025 年第一次临时股东大 会，审议通过了《关于变更回购股份用途并注销的议案》《关于减少注册资本并修 订<公司章程>的议案》，为切实推动公司投资价值提升，响应政策号召，维护广大 投资者利益，增强投资者回报能力和水平，提振投资者信心，结合公司实际发展情 况，同意将回购股份用途由原方案"用于后续员工持股计划、股权激励计划"变更为 "用于注销并减少公司注册资本"，即对公司回购专用证券账户中的 16,074,400 股股 份进行注销并相应减少公司注册资本。 本次注销手续完成后，公司注册资本将由目前工商登记的 2,152,517,634 元减少 为 2,136,443,234 元，股份总数由 2, ...

国浩律师（上海）事务所 关于恺英网络股份有限公司 2025 年第一次临时股东大会法律意见书 致：恺英网络股份有限公司 为出具本法律意见书，本所律师审查了公司提供的有关本次大会各项议程及 相关文件，听取了公司董事会就有关事项所作的说明。 在审查有关文件的过程中，公司向本所律师保证并承诺，其向本所提供的文 件和所作的说明是真实的，有关副本材料或复印件与原件一致。 公司向本所律师保证并承诺，公司已将全部事实向本所披露，无任何隐瞒、 遗漏、虚假或误导之处。 本法律意见书仅用于为公司 2025 年第一次临时股东大会见证之目的。本所 律师同意公司将本法律意见书作为本次股东大会的法定文件，随其他文件一并报 送深圳证券交易所审查并予以公告。 本所律师根据《证券法》的要求，按照律师行业公认的业务标准、道德规范 和勤勉尽责精神，出具法律意见如下： 一、本次股东大会的召集、召开程序 本次股东大会的议案经第五届董事会第十一次会议审议通过，并于 2025 年 1 月 11 日在指定披露媒体上刊登《恺英网络股份有限公司关于召开 2025 年第一 次临时股东大会的通知》（以下简称"通知"），公司发布的《通知》载明了会议 的时间、地点、召开 ...

证券代码：002517 证券简称：恺英网络 公告编号：2025-015 恺英网络股份有限公司 2025 年第一次临时股东大会决议公告 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。 重要提示： ●本次会议召开期间无否决提案的情形。 ●本次股东大会未涉及变更前次股东大会决议的情形。 一、会议召开情况 1、会议通知情况：恺英网络股份有限公司（以下简称"公司"）董事会于 2025 年 1 月 11 日在《中国证券报》、《上海证券报》、《证券时报》、《证券 日报》和巨潮资讯网（www.cninfo.com.cn）发布了《关于召开 2025 年第一次临 时股东大会的通知》（公告编号:2025-009）。 2、会议召开的日期、时间： （1）现场会议时间：2025年2月7日（星期五）14：00 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年2月7日的 交易时间，即9:15—9:25，9:30－11:30，13:00－15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2025年2月7日 9:15-15:00。 3、现场会议召 ...

证券代码：002517 证券简称：恺英网络 公告编号：2025-014 恺英网络股份有限公司 关于 2022 年股票期权激励计划第二个行权期 行权结果暨股份上市的公告 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： 1、本次行权的股票期权代码：037320，期权简称：恺英 JLC3； 2、本次符合行权条件的激励对象共计 21 名，可行权的股票期权数量为 9,857,208 份，占公司目前股本总额 2,152,517,634 股的 0.46%；其中 0 名激励 对象因个人原因放弃本次行权，故本次实际行权的激励对象共 21 人，实际行权 的股票期权数量为 9,857,208 份，行权价格为 4.56 元/股； 3、本次行权股票上市流通时间为：2025 年 1 月 27 日； 4、本次股票期权行权采用集中行权模式，股票来源为公司从二级市场回购 的本公司 A 股普通股股票，行权后公司总股本无变化，985.7208 万股全部为无 限售条件流通股，行权后公司股权分布仍具备上市条件。 恺英网络股份有限公司（全文简称"公司"）于 2025 年 1 月 10 日 ...

证券代码：002517 证券简称：恺英网络 公告编号：2025-012 恺英网络股份有限公司 1、股东大会届次：2025 年第一次临时股东大会； 2、股东大会召集人：公司董事会； 3、会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政法 规、部门规章、规范性文件和《公司章程》的规定； 4、会议召开的日期、时间 1）现场会议时间：2025 年 2 月 7 日（星期五）14：00； 2）网络投票时间： 关于召开 2025 年第一次临时股东大会的提示性公告 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、召开会议的基本情况 恺英网络股份有限公司（以下简称"公司"）第五届董事会第十一次会议审 议通过了《关于召开 2025 年第一次临时股东大会的议案》，会议通知已于 2025 年 1 月 11 日刊载于《证券时报》、《证券日报》、《中国证券报》、《上海证 券报》和巨潮资讯网（www.cninfo.com.cn）。根据相关规定，现将股东大会的 有关事宜提示如下： 1）现场投票：股东本人出席现场股东大会或书面委托代理人出席现场会议 和参加表决，股东委托的代理人 ...

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company is focusing on long-term shareholder returns by changing the purpose of its share repurchase plan from employee incentives to share cancellation, which will enhance EPS and long-term investment value [5] - The company has a rich pipeline of games, with several major titles set to launch in 2025, including "Douluo Continent: Legend of the Evil" and "World of Zhigu" [5] - The company is leveraging AI technology to automate and streamline game development processes, enhancing efficiency and reshaping game production workflows [5] - The company's financial performance is expected to grow steadily, with projected EPS of 0.82/0.97/1.11 yuan for 2024-2026 and PE ratios of 15.8/13.3/11.6 times based on the closing price on January 10 [5] Financial Summary - The company's total revenue is expected to grow from 4295 million yuan in 2023 to 7152 million yuan in 2026, with a CAGR of 15.1% [5] - Net profit attributable to the parent company is projected to increase from 1462 million yuan in 2023 to 2387 million yuan in 2026, with a CAGR of 18.9% [5] - The company's gross margin is expected to remain stable, increasing slightly from 83.5% in 2023 to 84.5% in 2026 [5] - ROE is projected to decline from 27.9% in 2023 to 22.5% in 2026, reflecting a gradual decrease in profitability [5] Game Pipeline and AI Integration - The company has a strong game pipeline, with titles like "Douluo Continent: Legend of the Evil" and "World of Zhigu" set to launch in 2025 [5] - The company is integrating AI technology into game development, using its proprietary "Xingyi" model to automate and enhance various aspects of game production [5] Shareholder Returns - The company has been consistently paying dividends and has implemented a semi-annual cash dividend policy since 2023 [5] - The company's executives have committed to using their post-tax dividend income to increase their holdings in the company over the next five years [5]

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company's decision to change the purpose of its share repurchase to cancellation enhances shareholder returns and boosts long-term investor confidence [2] - The company has a rich pipeline of reserve products and IPs, which is expected to open a new product cycle [3] - The company is actively expanding its overseas business and leading in AI-related fields [4] Financial Performance and Projections - The company's revenue is projected to grow from 3725.53 million yuan in 2022 to 7216.31 million yuan in 2026, with a CAGR of 18.76% [6] - Net profit attributable to the parent company is expected to increase from 1025.23 million yuan in 2022 to 2522.59 million yuan in 2026, with a CAGR of 20.01% [6] - The company's ROE is forecasted to remain strong, ranging from 21.75% to 27.87% between 2022 and 2026 [6] - EPS is projected to grow from 0.48 yuan in 2022 to 1.17 yuan in 2026 [6] Product Pipeline - The company announced 22 new products during its 2025 product launch event, covering multiple genres such as MMORPG, SLG, and strategy card games [3] - Key self-developed games include "The Grave Robbers' Chronicles: Departure," "Three Kingdoms: The World's Heart," and "King of Legends 2" [3] - The company also has a strong portfolio of licensed IP games, such as "Dragon Nest World" and "Digimon: Source Code" [3] Share Repurchase and Capital Structure - The company repurchased 16.07 million shares, accounting for 0.75% of its total shares, at an average price of 12.43 yuan per share [2] - The repurchased shares will be canceled, reducing the total number of shares from 2152.52 million to 2136.44 million, which is expected to improve EPS and shareholder returns [2] Valuation Metrics - The company's P/E ratio is projected to decrease from 27.82x in 2022 to 11.31x in 2026, indicating a more attractive valuation [6] - The P/B ratio is expected to decline from 6.38x in 2022 to 2.46x in 2026 [6] - EV/EBITDA is forecasted to drop from 18.19x in 2022 to 8.24x in 2026 [6]

Key Points Company and Industry Overview 1. **Company Information**: The discussion revolves around "凯因网络" (Kaiyin Network), a leading gaming company in the Chinese market. 2. **Industry Context**: The gaming industry, particularly in China, is highlighted as a key focus area for the company. Core Views and Arguments 1. **Share Repurchase and Cancellation**: The company repurchased approximately 16 million shares in 2023, totaling 0.75% of the company's total share capital. The highest transaction price was around 12.7 yuan, and the lowest was around 12.16 yuan, with a total transaction amount of 200 million yuan. The company has now proposed a plan to cancel these repurchased shares, reducing the company's registered capital. 2. **Benefits of Share Cancellation**: This move is expected to enhance the company's investment value, increase EPS and EPS net assets, and improve shareholder returns. It also aligns with regulatory guidelines encouraging share repurchase and cancellation. 3. **Historical Milestones**: The company has achieved several firsts, including the first information rating of A, the first time the company's chairman and major shareholder increased their holdings, and the first time all senior management committed to not reducing their holdings for five years. 4. **Product Pipeline**: The company plans to launch a product launch event on May 25th, showcasing key products for 2025, including "Dragon's Valley World," "Orochi Chain," "Digimon," "Bleach," and "The Lost Tomb: Journey to the West." 5. **AI and Innovation**: The company has made significant breakthroughs in AI technology, focusing on game applications such as scene generation, numerical editing, and animation generation. They have also developed an AI emotional companion app, set to launch soon. Other Important Points 1. **Collaboration with Singaporean Company**: The company has formed a collaboration with a Singaporean company, leveraging their respective strengths and resources to expand their business. 2. **Product Focus**: The company emphasizes key products such as "Dragon's Valley World," "The Lost Tomb: Journey to the West," and "Three Kingdoms: Return of the Heroes." 3. **Platform Business**: The company's platform business, particularly the game box and treasure platform, has shown strong performance, with annual revenue growth of around 20%. 4. **Future Outlook**: The company expects continued growth in the gaming industry and plans to expand its product pipeline and explore new markets, including overseas markets.

Investment Rating - Buy rating with a target price of 15.83 CNY [4] Core Views - The company has a rich pipeline of new products and strong IP capabilities, which are expected to drive future growth [2][9] - The company is expanding its game genres beyond its traditional MMO focus, which could help break through its growth ceiling [9] - The company's IP portfolio includes well-known titles such as "Dragon Nest," "Legend," "Digimon," and "Tomb Raider," which are expected to boost product launches [9] Financial Projections - Revenue is projected to grow from 3,726 million CNY in 2022 to 7,199 million CNY in 2026, with a CAGR of 17.8% [3] - Net profit attributable to shareholders is expected to increase from 1,025 million CNY in 2022 to 2,374 million CNY in 2026, with a CAGR of 18.3% [3] - EPS is forecasted to rise from 0.49 CNY in 2022 to 1.10 CNY in 2026 [3] - ROE is expected to remain strong, ranging from 22.9% in 2022 to 25.0% in 2026 [3] Product Pipeline - The company has announced 22 new products across four categories: "Classic Continuation," "Fantasy Adventure," "Chinese Martial Arts," and "Casual Games" [9][10] - Key IPs include "Dragon Nest: World," "Legend 2," "Digimon: Source Code," and "Tomb Raider: Journey" [9][10] - The company is diversifying its game genres, including ARPG, SLG, and casual games, which could enhance its market position [9] Financial Ratios - The company maintains a high gross margin, projected to be around 82% from 2024 to 2026 [13] - The net profit margin is expected to remain stable at around 31-33% from 2024 to 2026 [13] - The P/E ratio is forecasted to decline from 13.39 in 2022 to 11.64 in 2026, indicating potential undervaluation [3][13] Market Performance - The company's stock has shown strong relative performance compared to the CSI 300 index, with significant outperformance in recent periods [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 12.88 RMB [6] Core Views - The company plans to change the use of repurchased shares from employee incentives to cancellation, which will enhance shareholder returns by increasing EPS by approximately 0.75% [1] - The company has demonstrated a strong commitment to investor returns through dividends, share repurchases, and management share purchases [2] - The company's performance is expected to grow steadily, with a rich pipeline of games set to be released in 2025, and AI applications showing promising potential [3][4] Financial Performance and Projections - The company's revenue for the first three quarters of 2024 increased by 30% YoY, with net profit attributable to the parent company growing by 18% [3] - The company's 2024-2026 forecasted net profit attributable to the parent company is adjusted to 1.73/2.05/2.39 billion RMB, with YoY growth rates of 19%/18%/16% respectively [4] - The company's 2024-2026 forecasted EPS is 0.81/0.95/1.11 RMB, with corresponding P/E ratios of 16/14/12 times [4] Product Pipeline and AI Applications - The company has a rich pipeline of games set to be released in 2025, including titles such as "The Legend of Mir 2," "Dragon Nest World," and "Code: Red Moon" [3] - The company's self-developed "Xingyi" large model has been applied in actual R&D scenarios, significantly improving development efficiency in animation and scene production [4] - The company's investment in Ultimate Illusion has led to the release of a 3D AI companion product "EVE" [4] Shareholder Returns and Management Commitment - The company has consistently paid semi-annual dividends of 210 million RMB in 2023 and 2024 [2] - The company repurchased 16.07 million shares for approximately 200 million RMB in the second half of 2023 [2] - The company's chairman and senior management have committed to not reducing their holdings for the next 5 years and will use post-tax dividends to continue purchasing shares [2] Financial Data and Valuation - The company's 2024-2026 forecasted revenue is 5.44/6.36/7.29 billion RMB, with YoY growth rates of 26.63%/16.89%/14.62% [5] - The company's 2024-2026 forecasted EBITDA is 1.87/2.20/2.54 billion RMB [5] - The company's 2024-2026 forecasted P/B ratios are 2.74/2.13/1.70 times [5]