Group 1 - The gaming industry is experiencing robust growth driven by AI technology, with Kaiying Network reporting a revenue of 2.578 billion yuan and a net profit of 95,000 yuan for the first half of 2025, reflecting a year-on-year increase of 0.89% and 17.41% respectively [1] - The AI concept is gaining traction across various industries, with policies, industry recovery, and accelerated AI implementation acting as three driving forces for the gaming sector [1] - Kaiying Network is focusing on a diversified strategy, emphasizing "AI + IP" as two key business modules beyond its core gaming operations [1] Group 2 - Kaiying Network launched the "SOON" AI full-process development platform, which can generate playable games from a single sentence input, significantly reducing the development cycle from months to hours [2] - The "SOON" platform divides game generation into three core elements: art assets, code creation, and numerical design, utilizing AI to streamline the development process [2] - The platform has attracted strategic investments from companies like Big High Group and Hengdian Capital, indicating potential for transformative changes in game development [2] Group 3 - Kaiying Network is exploring the emotional companionship sector with the launch of the "Warm Star Valley Dream Journey" AI toy brand, featuring AI-enabled plush toys that provide emotional interaction [3] - The company is also testing a 3D EVE AI companionship application that aims to create deep virtual emotional connections, offering real-life services like "milk tea delivery" and personalized song creation [3] - This initiative expands the application of AI in the emotional companionship field, catering to the growing demand for personalized emotional support [3] Group 4 - Kaiying Network's investment in DPVR has led to the introduction of DPVR AI Glasses, which feature advanced functionalities such as voice recognition and scene identification [4] - Several securities firms have positively evaluated Kaiying Network's ongoing AI developments, suggesting that the integration of companionship, engines, and edge computing could catalyze valuation [4] - The continued rollout of AI-related products and applications is expected to sustain Kaiying Network's strong growth trajectory in the gaming industry and related fields [4]

Core Viewpoint - The company, Kaiying Network, announced a share buyback plan with a total amount between 100 million and 200 million yuan, aiming to stabilize its stock price and enhance shareholder value [1] Group 1: Share Buyback Details - The buyback will be conducted through centralized bidding, with a maximum repurchase price set at 29.33 yuan per share, which is 26.04% higher than the current price of 23.27 yuan [1] - The buyback period is set for 12 months, and the funds will come from the company's own and self-raised funds [1] Group 2: Financial Performance - For the first half of 2025, Kaiying Network reported a revenue of 2.578 billion yuan, reflecting a year-on-year growth of 0.89%, and a net profit attributable to shareholders of 950 million yuan, which is a 17.41% increase [2] - Since its A-share listing, the company has distributed a total of 1.212 billion yuan in dividends, with 852 million yuan distributed over the past three years [3] Group 3: Shareholder Structure - As of July 18, 2025, the number of shareholders increased to 76,100, a rise of 7.48%, while the average circulating shares per person decreased by 6.96% to 24,856 shares [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 110 million shares, an increase of 4.262 million shares from the previous period [3]

Core Insights - The company reported a revenue of 2.578 billion yuan for the first half of 2025, a year-on-year increase of 0.89%, and a net profit attributable to shareholders of 950 million yuan, up 17.41% year-on-year, demonstrating resilience and growth amid industry recovery and AI innovation [1] - The company is leveraging its strong IP reserves, continuous technological innovation, and global operational capabilities to expand its multi-faceted strategic layout, which supports both short-term performance and long-term development [1] Group 1: Overseas Business Growth - The company's overseas revenue reached 202 million yuan in the first half of 2025, marking a significant year-on-year increase of 59.57% [2] - The RPG game "MU Immortal" topped the iOS RPG free charts in multiple countries on its launch day, while the SLG game "Nobunaga's Ambition: Path to the World" ranked second in the iPhone free game list [2] - The company plans to continue expanding its game promotion in markets such as Hong Kong, Macau, Taiwan, Japan, South Korea, and Southeast Asia, while gradually entering the European and American markets [2] Group 2: Domestic New Products - The company launched several successful products in the domestic market, including "Dragon Valley World" and "Digimon: Source Code," achieving top rankings shortly after their release [4] - A number of new titles have received approval and are expected to be released in the latter half of this year and early next year, including "Douluo Dalu: Zhurou Chuan," "Three Kingdoms: The Return of the Heart," and others [4] Group 3: AI Applications - AI technology has become a significant driver for industry upgrades, with the company developing tools like "SOON," which can generate playable games from simple requests, drastically reducing development time [5] - The company is also launching AI companion products targeting emotional needs, such as the "Warm Star Valley Dream Journey," which integrates smart toys with virtual games [6] - The company has invested in EVE, a 3D AI companion application, enhancing its strategic extension into AI and hardware ecosystems [7] Group 4: Governance and Shareholder Returns - The company has been enhancing its governance structure and has announced a share buyback plan with a total fund of up to 200 million yuan [8] - Since 2019, the company has repurchased over 600 million yuan worth of shares and has committed to using dividends for further share purchases [8] - The company has received recognition for its governance improvements, with its ESG rating upgraded from A to AA [8] Group 5: Future Development Direction - The company is focused on sustainable development and aims to transform its diverse business growth momentum into new driving forces for the industry [9]

Core Viewpoint - The performance report of Kaiying Network for the first half of 2025 shows resilience in its overseas business despite increasing competition and rising customer acquisition costs, highlighting the effectiveness of its global expansion strategy [1][3]. Financial Performance - In the first half of 2025, Kaiying Network achieved a revenue of 2.578 billion yuan, a year-on-year increase of 0.89% - The net profit attributable to shareholders reached 950 million yuan, reflecting a year-on-year growth of 17.41% [1]. Overseas Business Expansion - The overseas revenue for the first half of 2025 reached 202 million yuan, marking a significant year-on-year increase of 59.57% - The successful launch of RPG game "MU Immortal" topped the iOS RPG free charts in multiple countries on its release day [1][2]. - The SLG game "Nobunaga's Ambition: Path to the World" ranked 2nd in the iPhone free game list, and 1st in both strategy and simulation categories [1]. Strategic Focus on SLG Games - The SLG genre is highlighted as a key area for future overseas business development, with 41.38% of the top 100 self-developed mobile games in overseas markets being strategy games [2]. - Kaiying Network is currently developing another SLG title aimed at markets in Hong Kong, Macau, Taiwan, Japan, South Korea, and Southeast Asia [2]. Cultural Integration in Game Development - The company emphasizes promoting Chinese culture through games, successfully launching culturally resonant IP games like "The Legend of Sword and Fairy" and "The Heaven Sword and Dragon Saber" in Vietnam [3]. - This approach not only enhances cultural exchange but also strengthens the brand's international influence and market value [3]. Globalization Strategy - Overseas business is now a crucial part of Kaiying Network's strategic framework, evolving from a supplementary revenue source to a core component of its growth strategy [3]. - The company is adapting to global market demands and localizing operations to enhance its competitive edge in the international gaming landscape [3].

证券代码：002517 证券简称：恺英网络 公告编号：2025-053 恺英网络股份有限公司 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。 （1）本次回购将存在因股权激励计划、员工持股计划未能经公司董事会和股东会 等决策机构审议通过、股权激励对象放弃认购等原因，导致已回购股票无法全部授出而 被注销的风险； （2）如公司股票价格持续超出回购方案披露的价格区间，将导致回购方案无法实 施的风险； 公司将在回购期限内根据市场情况择机做出回购决策并予以实施，敬请投资者注意 投资风险。 重要内容提示： 恺英网络股份有限公司（以下简称"公司"、"本公司"）本次将使用自有资金或 自筹资金以集中竞价交易方式回购公司股份，用于回购股份的资金总额不超过（含）人 民币 20,000 万元且不低于（含）人民币 10,000 万元；回购股份的种类为公司发行的 A 股股份；回购股份价格不超过人民币 29.33 元/股，按此次回购资金最高人民币 20,000 万元测算，预计可回购股份数量为 681.8956 万股，约占公司目前总股本的 0.32%；按此 次回购资金最低人民币 10,000 ...

Core Viewpoint - The company plans to repurchase its shares through a centralized bidding process, with a total fund not exceeding RMB 200 million and not less than RMB 100 million, aimed at employee stock ownership and equity incentive plans [1][2][3]. Summary by Sections Repurchase Plan - The repurchase will be conducted within a maximum period of twelve months from the board's approval date, with the repurchased shares intended for future employee stock ownership and equity incentive plans [1][2]. - The maximum repurchase price is set at RMB 29.33 per share, allowing for the purchase of approximately 681.8956 million shares, which represents about 0.32% of the company's total share capital [1][3]. Financial Impact - As of June 30, 2025, the company's total assets were RMB 1,003.62 million, with the maximum repurchase amount of RMB 200 million accounting for 1.99% of total assets, 3.78% of current assets, and 2.44% of equity attributable to shareholders [6]. - The company asserts that the repurchase will not significantly impact its operational, financial, or developmental capabilities, nor will it alter its control or listing status [6]. Implementation Details - The repurchase will be executed based on market conditions, and the board has authorized management to make decisions regarding the timing and execution of the repurchase [5][8]. - If the repurchase is not completed within 36 months for the intended purposes, the repurchased shares will be canceled [7]. Share Structure Changes - If the repurchase is fully utilized for equity incentive and employee stock ownership plans, the share structure will change, with limited shares increasing from 247,397,586 to 254,216,542, and unrestricted shares decreasing from 1,889,045,648 to 1,882,226,692 [4][5]. Risk Factors - The company acknowledges potential risks, including the possibility that the equity incentive plans may not be approved, leading to the cancellation of repurchased shares, and the risk of share prices exceeding the repurchase price range [1][8].

恺英网络股份有限公司 2025 年半年度财务报告 恺英网络股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 恺英网络股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 | 一年内到期的非流动负债 | 32,059,228.98 | 27,004,932.90 | | --- | --- | --- | | 其他流动负债 | 32,586,060.40 | 12,913,750.39 | | 流动负债合计 | 1,483,079,332.18 | 1,381,640,406.80 | | 非流动负债： | | | | 保险合同准备金 | | | | 长期借款 | | | | 应付债券 | | | | 其中：优先股 | | | | 永续债 | | | | 租赁负债 | 55,588,870.03 | 72,258,707.71 | | 长期应付款 | | | | 长期应付职工薪酬 | | | | 预计负债 | | | | 递延收益 | 1,145,000.00 | 70,000.00 | | 递延所得税负债 | 2 ...

恺英网络股份有限公司 | 非经营性资金 | | 占用方与上 | 上市公司核算 | 年初 2025 | 2025年度占用 | 年度占 2025 | 2025年度偿还 | 2025 年上半年 | 占用形成原 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 占用 | 资金占用方名称 | 市公司的关 | 的会计科目 | 占用资金 | 累计发生金额 | 用资金的利 | 累计发生额 | 期末占用资金 | 因 | 占用性质 | | | | 联关系 | | 余额 | （不含利息） | 息（如有） | | 余额 | | | | 现大股东及其 | | | | | | | | | | | | 附属企业 | | | | | | | | | | | | 小 计 | | | | | | | | | | | | 前大股东及其 | | | | | | | | | | | | 附属企业 | | | | | | | | | | | | 小 计 | | | | | | | | | | | | 总 计 | | | | | | | | | | | | ...

证券代码：002517 证券简称：恺英网络 公告编号：2025-050 恺英网络股份有限公司 第五届董事会第十四次会议决议公告 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 8 月 18 日以电子 邮件方式发出召开第五届董事会第十四次会议的通知，会议于 2025 年 8 月 28 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。 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： 一、审议通过《2025 年半年度报告》全文及摘要 公司编制和审核《2025 年半年度报告》全文及摘要的程序符合法律、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。 二个月，具体回购数量以回购 ...

证券代码：002517 证券简称：恺英网络 公告编号：2025-052 恺英网络股份有限公司 关于回购公司股份方案的公告 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、回购方案的主要内容 恺英网络股份有限公司（以下简称"公司"、"本公司"）本次将以集中竞价交易 方式回购公司股份，用于回购股份的资金总额不超过（含）人民币 20,000 万元且不低 于（含）人民币 10,000 万元；回购股份的种类为公司发行的 A 股股份；回购股份价格 不超过人民币 29.33 元/股，按此次回购资金最高人民币 20,000 万元测算，预计可回购 股份数量为 681.8956 万股，约占公司目前总股本的 0.32%；按此次回购资金最低人民币 10,000 万元测算，预计可回购股份数量为 340.9479 万股，约占公司目前总股本的 0.16%。 回购期限自董事会审议通过回购股份方案之日起不超过十二个月，具体回购数量以回购 期满时实际回购的股份数量为准，回购股份用于后期实施股权激励计划、员工持股计划。 2、本次回购的资金来源为自有资金或自筹资金。 3、相关股东 ...