Core Viewpoint - The company reported a stable performance in H1 2025, with revenue growth driven by new game contributions and high growth in information services, alongside a share buyback plan for 2025 [1] Financial Performance - H1 2025 revenue reached 2.578 billion yuan, a year-on-year increase of 0.89%, with net profit attributable to shareholders at 950 million yuan, up 17.41% year-on-year [1] - Q2 2025 revenue was 1.225 billion yuan, down 1.80% year-on-year and 9.43% quarter-on-quarter, while net profit was 432 million yuan, up 12.79% year-on-year but down 16.64% quarter-on-quarter [1] - The company's gross margin for H1 2025 was 82.38%, with a slight increase of 0.37 percentage points year-on-year [4] Product Innovation and Market Expansion - The company launched successful new products such as "Dragon Valley World" and "Digimon: Source Code," with the self-developed mobile game "Hot Blood Jianghu: Return" performing well in both domestic and overseas markets [2] - H1 2025 overseas revenue reached 202 million yuan, a year-on-year increase of 59.6% [2] - The company is expanding its 996 Legend Box collaboration, which contributed to a 65.33% increase in information service revenue to 660 million yuan, accounting for 25.47% of total revenue [3] Cost Management - The sales expense ratio decreased by 3.85 percentage points to 33.61%, reflecting optimized user acquisition strategies, while management expenses also declined, indicating effective cost control [4] Profit Forecast and Valuation - The company slightly raised its net profit forecast for 2025-2027 to 2.19 billion, 2.55 billion, and 2.89 billion yuan, respectively, reflecting a 7.27% to 5.97% adjustment [5] - The target price was increased to 30.72 yuan based on a 30X PE valuation for 2025, considering the ongoing expansion in overseas markets and high growth in information services [5]

Core Viewpoint - The company has successfully completed its share repurchase plan, which aims to enhance investor confidence and align the interests of shareholders, the company, and employees through future employee stock ownership and incentive plans [5][11]. Summary by Sections Share Repurchase Plan - The company announced a share repurchase plan with a total funding amount not exceeding RMB 200 million and not less than RMB 100 million, with a maximum repurchase price of RMB 29.33 per share [2]. - The repurchase period is set for a maximum of twelve months from the board's approval date [2]. Repurchase Execution - The actual repurchase occurred from September 1 to September 3, 2025, with a total of 8,952,800 shares repurchased, representing 0.42% of the company's total share capital [3]. - The highest transaction price was RMB 23.73 per share, and the lowest was RMB 21.38 per share, with a total transaction amount of approximately RMB 199.96 million (excluding transaction fees) [3]. Impact on Company - The share repurchase is expected to enhance investor confidence and improve the long-term investment value of the company's stock, while also motivating employees and aligning their interests with those of shareholders [5]. - The repurchase will not adversely affect the company's financial, operational, or developmental capabilities, nor will it change the company's control or listing status [5]. Compliance and Procedures - The company confirmed that there were no stock trading activities by directors, senior management, or major shareholders during the repurchase period [6]. - The execution of the repurchase plan adhered to the approved terms, including funding sources and price limits [7][10]. Future Arrangements - The repurchased shares will be held in a dedicated account and will not have voting rights or profit distribution rights until transferred [11]. - If the company does not implement the intended employee stock ownership or incentive plans within 36 months post-repurchase, the shares will be legally canceled [11].

Group 1 - The core viewpoint of the articles highlights the significant concentration of stock recommendations from brokerages for September, with 41 brokerages recommending a total of 281 unique stocks, indicating a strong market interest in specific companies [1][2] - Key stocks receiving multiple recommendations include Kaiying Network and ZTE Corporation, both recommended by five brokerages, reflecting a consensus on their potential for growth [1][2] - The overall sentiment among brokerages is optimistic, with expectations of a continued structural opportunity in the A-share market, driven by positive feedback from incremental capital inflows [2][3] Group 2 - In August, the performance of recommended stocks was validated, with 287 stocks recommended, of which 244 saw price increases, showcasing the effectiveness of brokerage recommendations [4] - Three stocks from August recommendations saw gains exceeding 100%, including Huasheng Tiancai with a 115.11% increase, indicating strong market performance in specific sectors [4] - The financial sector showed robust performance in August, with most recommended stocks in this category experiencing significant price increases, highlighting the sector's resilience [4][5] Group 3 - The brokerage stock index for August also performed well, with the "Kaiying Securities Stock Index" leading with a 25.58% monthly increase, indicating strong research capabilities among brokerages [5][6] - The liquidity and policy environment are expected to support a structural market trend, with a focus on sectors showing high growth potential, such as technology and consumer electronics [3]

Core Viewpoint - The company has approved a share repurchase plan to enhance investor confidence and align the interests of shareholders and employees through stock incentive programs [1][2]. Summary by Sections Share Repurchase Plan - The company will repurchase shares through centralized bidding, with a total fund not exceeding RMB 200 million and not less than RMB 100 million, at a price not exceeding RMB 29.33 per share, within a period of up to 12 months [1]. Repurchase Execution - The actual repurchase occurred from September 1 to September 3, 2025, with a total of 8,952,800 shares repurchased, accounting for 0.42% of the total share capital. The highest transaction price was RMB 23.73 per share, and the lowest was RMB 21.38 per share, with a total transaction amount of RMB 199,963,337.44 (excluding transaction fees) [1]. Impact on Share Capital Structure - The repurchase will not change the total share capital, which remains at 2,136,443,234 shares. The proportion of restricted shares will increase from 11.58% to 12.00%, while unrestricted shares will decrease from 88.42% to 88.00% [1]. Effects on Company Operations - The repurchase aligns with the company's strategy and is expected to enhance long-term investment value, boost employee motivation, and support sustainable development without adversely affecting financial or operational capabilities [1]. Compliance with Regulations - The company confirmed that there were no discrepancies between the actual repurchase and the approved plan, including the total amount spent and the price range of the repurchased shares [1][2]. Future Arrangements for Repurchased Shares - The repurchased shares will be held in a dedicated account and will not have voting rights or profit distribution until they are utilized for employee stock ownership plans or incentive programs. If not used within 36 months, the shares will be canceled [2].

Group 1 - The company announced the completion of its share repurchase plan as of September 3, 2025 [1] - A total of 8,952,800 shares were repurchased, representing 0.42% of the company's total share capital [1]

（记者 王晓波） 每经头条（nbdtoutiao）——AI内容强制标识"首周"实测：抖音、小红书、微博自动识别"失灵"，AI应 用文本漏标，视频"会员可去水印" 每经AI快讯，恺英网络9月3日晚间发布公告称，公司实际回购的时间区间为2025年9月1日至2025年9月 3日，截至2025年9月3日，公司通过回购专用证券账户以集中竞价交易方式回购股份完成，累计回购股 份数量约895万股，占公司总股本的0.42%，其中，最高成交价为23.73元/股，最低成交价为21.38元/ 股，成交总金额约为2亿元。 ...

Core Viewpoint - The company has completed its share repurchase plan, acquiring a total of 8.9528 million shares, which represents 0.42% of the company's total share capital, with a total transaction amount of 200 million yuan (excluding transaction fees) [1] Summary by Relevant Categories Share Repurchase - The company announced the completion of its share repurchase plan [1] - A total of 8.9528 million shares were repurchased, accounting for 0.42% of the total share capital [1] - The total amount spent on the repurchase was 200 million yuan, excluding transaction fees [1]

Group 1 - The company has completed its share repurchase plan, having repurchased a total of 8.9528 million shares [1] - The repurchased shares account for 0.42% of the company's total share capital [1] - The total amount spent on the repurchase is 200 million yuan, excluding transaction fees [1]

Core Viewpoint - The company, Kaiying Network, has conducted a share buyback, indicating a strategic move to enhance shareholder value and confidence in its stock performance [1] Summary by Categories Share Buyback Details - The actual buyback period was from September 1, 2025, to September 3, 2025 [1] - A total of 8,952,800 shares were repurchased, representing 0.42% of the company's total share capital [1] - The highest transaction price during the buyback was 23.73 yuan per share, while the lowest was 21.38 yuan per share [1] - The total amount spent on the buyback was 199,963,337.44 yuan, excluding transaction fees [1]

Group 1 - The company announced a share repurchase plan approved by the board on August 28, 2025 [1] - As of September 3, 2025, the company completed the repurchase of 8.9528 million shares, accounting for 0.42% of the total share capital [1] - The total amount spent on the share repurchase was 200 million yuan [1] Group 2 - The repurchased shares will be used for future implementation of equity incentive plans and employee stock ownership plans [1]