Investment Rating - The investment rating for the company is "Outperform the Market" [6][19]. Core Views - The company has shown steady revenue growth, with a 0.89% year-on-year increase in revenue to 2.578 billion yuan in the first half of 2025, and a 17.41% increase in net profit to 950 million yuan [1][10]. - The product matrix is continuously enriched, with significant growth in overseas business, achieving a 59.6% year-on-year increase in overseas revenue to 202 million yuan [2][14]. - The company is advancing AI applications, launching self-developed AI platforms and new business models, which are expected to create new growth curves [3][19]. Financial Performance - In the first half of 2025, the company achieved a total revenue of 2.578 billion yuan, with a net profit of 950 million yuan, leading to a diluted EPS of 0.44 yuan [1][10]. - For Q2 2025, the company reported a revenue of 1.225 billion yuan, a 1.8% decrease year-on-year, while net profit increased by 12.8% to 432 million yuan [1][10]. - The financial forecast for 2025, 2026, and 2027 projects net profits of 2.268 billion yuan, 2.432 billion yuan, and 2.661 billion yuan respectively, with corresponding diluted EPS of 1.05 yuan, 1.13 yuan, and 1.24 yuan [19][21]. Product and Market Development - The product lineup includes both nostalgic and innovative categories, with successful titles in both segments contributing to revenue growth [2][14]. - The overseas performance of the game "Xianjian Qixia Chuan: New Beginning" has been notable, achieving top rankings in various app stores, which has significantly boosted overseas revenue [2][14]. - The company is also focusing on AI-driven game development and community platforms, which are expected to enhance user engagement and create new revenue streams [3][19].

Group 1 - The company, Kaiying Network, announced a share repurchase plan during its board meeting on August 28, 2025 [1] - The announcement includes details about the top ten shareholders and their respective shareholding percentages as of August 29, 2025 [1] - The company ensures that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1] Group 2 - The top ten shareholders include entities such as Shaoxing Ansheng Enterprise Management Partnership and China Life Insurance [1] - The announcement also lists the top ten unrestricted shareholders, indicating their shareholding numbers and proportions [1] - The company has made the relevant shareholder register available for review [1]

证券代码：002517 证券简称：恺英网络 公告编号：2025-055 恺英网络股份有限公司 关于首次回购公司股份暨进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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 28 日召开了第 五届董事会第十四次会议，审议通过了《关于回购公司股份方案的议案》，公司 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；回购股份价格不超过人民 币 29.33 元/股，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。上述事项具体内容详见公司 2025 年 8 月 30 日披露 的《第五届董事会第十四次会议决议公告》（公告编号：2025-050）、《关于回 购公司股份方案的公告》（公告编号：2025-052）、《关于以集中竞价交易方式 回购公司股份的回购报告书》（公告编号：2025-053）等相关公告。 根据《上 ...

证券代码：002517 证券简称：恺英网络 公告编号：2025-054 恺英网络股份有限公司 关于回购股份事项前十名股东持股信息的公告 | 序号 | 股东名称 | 持股数量（股） | 持股比例（%） | | --- | --- | --- | --- | | 1 | 绍兴市安嵊企业管理合伙企业（有限合 伙） | 112,477,078 | 5.26 | | 2 | 香港中央结算有限公司 | 94,561,566 | 4.43 | | 3 | 金丹良 | 87,915,237 | 4.12 | | 4 | 金锋 | 80,079,963 | 3.75 | | 5 | 中国人寿保险股份有限公司－传统－ 普通保险产品－005L－CT001 沪 | 40,178,750 | 1.88 | | | 中国民生银行股份有限公司－华夏中 | | | | 6 | 证动漫游戏交易型开放式指数证券投 | 39,826,627 | 1.86 | | | 资基金 | | | | 7 | 信泰人寿保险股份有限公司－传统产 品 | 35,019,800 | 1.64 | | 8 | 中国农业银行股份有限公司－中证 500 | 24,977 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 2.578 billion, a year-on-year increase of 0.89% [2] - Net profit attributable to shareholders reached CNY 950 million, reflecting a year-on-year growth of 17.41% [2] - As of June 30, 2025, total assets amounted to CNY 10.036 billion, up 25.04% from the end of the previous year [2] - Net assets attributable to shareholders were CNY 8.203 billion, an increase of 25.28% compared to the end of the previous year [2] Revenue Composition - The increase in net profit was primarily due to a shift in business structure, with higher-margin R&D and platform services gaining a larger share, while lower-margin distribution services decreased [3] - Information service revenue for the first half of 2025 was CNY 657 million, mainly from game resource publishing and community services [4] International Business - Overseas revenue reached CNY 202 million, accounting for 7.82% of total revenue, with a year-on-year growth of 59.57% [4] - The company launched several successful games in international markets, including "Monster League" and "MU Immortal," achieving top rankings in various app stores [6][8] Shareholder Commitment - Major shareholders and executives have committed to not reducing their holdings for five years and to reinvest dividends into purchasing additional shares [6] - As of June 16, 2025, the total amount reinvested from dividends was CNY 416.81 million [6] AI Development - The company introduced "SOON," an AI development platform that automates the game development process, significantly reducing development time from months to hours [7][8] - The upcoming product "EVE" aims to create deep emotional connections through a 3D AI companion application, set to launch in 2025 [8] Future Products - The company plans to release "Warm Star Valley Adventure," an AI toy brand targeting emotional companionship for ages 12-35, expected to launch in 2025 [9] - The "Legend Box" business is expanding with new partnerships and promotional agreements, aiming to enhance user experience and community interaction [11]

Market Overview - On September 1, the gaming sector declined by 0.69% compared to the previous trading day, with Youzu Network leading the decline [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Individual Stock Performance - Notable gainers included: - Wento Holdings (600715) with a closing price of 2.93, up 10.15% and a trading volume of 1.94 million shares, totaling 553 million yuan [1] - ST Kaiwen (002425) closed at 3.86, up 4.89% with a trading volume of 280,800 shares, totaling 107 million yuan [1] - Major decliners included: - Youzu Network (002174) closed at 16.22, down 4.53% with a trading volume of 698,700 shares, totaling 1.155 billion yuan [2] - Kaiying Network (002517) closed at 22.30, down 4.17% with a trading volume of 864,500 shares, totaling 1.892 billion yuan [2] Capital Flow Analysis - The gaming sector experienced a net outflow of 1.371 billion yuan from institutional investors, while retail investors saw a net inflow of 814 million yuan [2] - Specific stock capital flows showed: - Wento Holdings had a net inflow of 89.38 million yuan from institutional investors, while retail investors had a net outflow of 42.56 million yuan [3] - ST Kaiwen saw a net inflow of 25.72 million yuan from institutional investors, with retail investors experiencing a net outflow of 17.60 million yuan [3]

Quantitative Models and Construction Methods 1. Model Name: "All Stocks Portfolio" - **Model Construction Idea**: This model aggregates all broker-recommended stocks ("golden stocks") and evaluates their performance as a portfolio[18][21] - **Model Construction Process**: 1. Collect all broker-recommended stocks for the month 2. Weight the stocks within the portfolio based on the number of recommendations by brokers 3. Exclude non-A-share stocks and Hong Kong-listed stocks to focus solely on A-shares[18] - **Model Evaluation**: The model demonstrates strong performance, significantly outperforming benchmark indices such as CSI 300 and CSI 500[18][21] 2. Model Name: "Newly Added Stocks Portfolio" - **Model Construction Idea**: Focuses on stocks newly added to the broker-recommended list, as they tend to exhibit better performance compared to repeated recommendations[18][23] - **Model Construction Process**: 1. Identify stocks newly added to the broker-recommended list for the month 2. Construct a portfolio weighted by the number of broker recommendations 3. Exclude non-A-share stocks and Hong Kong-listed stocks[18] - **Model Evaluation**: Newly added stocks outperform repeated recommendations, showcasing their superior return potential[18][23] 3. Model Name: "Repeated Stocks Portfolio" - **Model Construction Idea**: Focuses on stocks that have been repeatedly recommended by brokers across multiple months[18] - **Model Construction Process**: 1. Identify stocks that were recommended in the previous month and continue to be recommended in the current month 2. Construct a portfolio weighted by the number of broker recommendations 3. Exclude non-A-share stocks and Hong Kong-listed stocks[18] - **Model Evaluation**: While the performance is positive, it is generally weaker compared to newly added stocks[18] 4. Model Name: "Optimized Golden Stocks Portfolio" - **Model Construction Idea**: Selects the top 30 newly added stocks with the highest earnings surprise factor (SUE factor) to construct an optimized portfolio[23] - **Model Construction Process**: 1. Filter newly added stocks based on their earnings surprise factor (SUE factor) 2. Select the top 30 stocks with the highest SUE factor 3. Weight the portfolio based on the number of broker recommendations[23] - **Model Evaluation**: This optimized portfolio demonstrates superior performance compared to the "All Stocks Portfolio" and benchmark indices[23][25] --- Model Backtesting Results 1. All Stocks Portfolio - **August Return**: 13.6%[21] - **2025 YTD Return**: 33.5%[21] - **Annualized Return**: 13.7%[21] - **Annualized Volatility**: 23.6%[21] - **Sharpe Ratio**: 0.58[21] - **Maximum Drawdown**: 42.6%[21] 2. Newly Added Stocks Portfolio - **August Return**: 11.8%[21] - **2025 YTD Return**: 37.9%[21] - **Annualized Return**: 16.5%[21] - **Annualized Volatility**: 24.3%[21] - **Sharpe Ratio**: 0.68[21] - **Maximum Drawdown**: 38.5%[21] 3. Repeated Stocks Portfolio - **August Return**: 15.6%[21] - **2025 YTD Return**: 30.2%[21] - **Annualized Return**: 11.3%[21] - **Annualized Volatility**: 23.7%[21] - **Sharpe Ratio**: 0.48[21] - **Maximum Drawdown**: 45.0%[21] 4. Optimized Golden Stocks Portfolio - **August Return**: 19.6%[25] - **2025 YTD Return**: 37.6%[25] - **Annualized Return**: 22.3%[25] - **Annualized Volatility**: 25.5%[25] - **Sharpe Ratio**: 0.88[25] - **Maximum Drawdown**: 24.6%[25] --- Quantitative Factors and Construction Methods 1. Factor Name: Earnings Surprise Factor (SUE Factor) - **Factor Construction Idea**: Measures the degree to which a company's earnings exceed or fall short of market expectations, serving as a key indicator for stock selection[23] - **Factor Construction Process**: 1. Calculate the earnings surprise for each stock as the difference between reported earnings and consensus estimates 2. Normalize the earnings surprise to account for variations across stocks and industries 3. Rank stocks based on their normalized earnings surprise values[23] - **Factor Evaluation**: The SUE factor demonstrates strong predictive power, particularly in identifying high-performing newly added stocks[23] --- Factor Backtesting Results 1. SUE Factor - **Performance**: The SUE factor is highly effective in selecting top-performing stocks within the newly added category, contributing to the superior returns of the Optimized Golden Stocks Portfolio[23]

Core Insights - The company reported its mid-year results for 2025, showing a revenue of 2.578 billion yuan, 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 [1] Revenue Performance - The revenue growth in 1H25 was primarily driven by the long-term operation of classic IPs and the successful overseas launch of new games. Notable titles contributing to revenue include "Original Legend," "Blood of the Heroes," and "Sword and Fairy: New Beginnings." The overseas revenue reached 202 million yuan, a significant increase of 59.6% year-on-year [2] Cost Management - The company demonstrated a clear optimization in sales expenses, with Q2 2025 sales expenses amounting to 407 million yuan, down 13.69% year-on-year. The gross margin for Q2 2025 was 81.07%, reflecting a slight decrease of 0.91 percentage points year-on-year [2] R&D Investment - R&D expenses for Q2 2025 were 134 million yuan, representing a year-on-year increase of 13.59%. The company continues to prioritize R&D, particularly in AI projects, leading to an increase in both expenses and expense ratio [3] Management Expenses - Management expenses for Q2 2025 were 38 million yuan, down 13.87% year-on-year, with an expense ratio of 3.12% [4] Product Development - The company is enhancing user experience through the "Legend Box," which serves as a vertical ecosystem for players of legendary games, offering various functionalities such as game downloads and live interactions [5] Future Outlook - The company has a rich reserve of multi-dimensional IPs and is leveraging AI technology to optimize its product matrix. Upcoming games based on top IPs like "Douluo Dalu" and "Tomb Raider" are expected to launch within the year [6] Investment Recommendation - The company is expected to benefit from a robust product line and AI projects, with projected revenues of 6.1 billion yuan, 7.1 billion yuan, and 7.8 billion yuan for 2025-2027, and net profits of 2.1 billion yuan, 2.5 billion yuan, and 2.8 billion yuan respectively [7]

Suspension and Resumption of Trading - SMIC is planning to issue A-shares to acquire minority stakes in its subsidiary, SMIC North, leading to a suspension of its stock trading [1] - Huahong Semiconductor intends to issue shares and pay cash to acquire 97.5% of Huali Micro's equity and will resume trading [2] - Tailin Micro plans to acquire 100% of Panqi Micro, both companies operate in the low-power wireless IoT chip design sector, and will resume trading [2] Mergers and Acquisitions - Xingchen Technology plans to acquire 53.3087% of Furui Kun for 214 million yuan, aiming to enhance its capabilities in connectivity, audio, and low power, thereby strengthening its SoC self-developed IP platform [3] - Huijin Co. intends to cash purchase 20% of Cooper New Energy's equity, which is expected to constitute a major asset restructuring [3] Share Buybacks - Kweichow Moutai's controlling shareholder plans to increase its stake by purchasing 3 to 3.3 billion yuan worth of company shares [4] - Kaiying Network intends to repurchase shares worth 100 to 200 million yuan [4] Investment Cooperation and Operational Status - Jiayuan Technology plans to invest 500 million yuan to acquire a portion of Endatong's equity, which is related to the optical module industry [5] - Zhiyang Innovation plans to establish a wholly-owned subsidiary with an investment of 20 million yuan to promote embodied intelligence technology innovation [6] - Yunzhu Technology plans to raise no more than 876 million yuan through a private placement for the upgrade and expansion of chip insertion integrated (CMI) component projects [6] Performance Changes - Sails reported a net profit of 2.941 billion yuan for the first half of 2025, an increase of 81.03% year-on-year [8] - BYD's net profit for the first half reached 15.51 billion yuan, up 13.79% year-on-year [8] - Lanke Technology reported a net profit of 1.159 billion yuan for the first half, a significant increase of 95.41% year-on-year [8] - Yilake Co. reported a net profit of 2.515 billion yuan for the first half, up 13.69% year-on-year, with a lithium salt project expected to start trial operations by the end of September [8] - Haowei Group reported a net profit of 2.028 billion yuan for the first half, an increase of 48.34% year-on-year, and has entered NVIDIA's supply chain [9] - Tianqi Lithium reported a net profit of 84.41 million yuan for the first half, marking a return to profitability [10] - China Rare Earth reported a net profit of 162 million yuan for the first half, also returning to profitability [10] - BeiGene reported a net profit of 450 million yuan for the first half, returning to profitability [10] - Guoxuan High-Tech reported a net profit of 367 million yuan for the first half, an increase of 35.22% year-on-year, and plans to invest up to 4 billion yuan in a new lithium-ion battery manufacturing base [10] - Lingyi Technology reported a net profit of 930 million yuan for the first half, an increase of 35.94% year-on-year [10] - Shenwan Hongyuan reported a net profit of 4.284 billion yuan for the first half, an increase of 101% year-on-year [10] - Zhongtai Securities reported a net profit of 711 million yuan for the first half, an increase of 77.26% year-on-year [10] - Guotai Junan reported a net profit of 15.737 billion yuan for the first half, an increase of 213.74% year-on-year [10] - China Shipbuilding reported a net profit of 2.946 billion yuan for the first half, an increase of 108.59% year-on-year [10] - Yangtze Power reported a net profit of 13.056 billion yuan for the first half, an increase of 14.86% year-on-year [10] - TCL Technology reported a net profit of 1.883 billion yuan for the first half, an increase of 89.26% year-on-year [10] - ST Huatuo reported a net profit of 2.656 billion yuan for the first half, an increase of 129% year-on-year [10] - Wentai Technology reported a net profit of 474 million yuan for the first half, an increase of 237.36% year-on-year [10]

Core Insights - Kaiying Network (002517) reported a revenue of 2.578 billion yuan for the first half of 2025, representing a year-on-year growth of 0.89%, while the net profit attributable to shareholders reached 950 million yuan, up 17.41% year-on-year, showcasing resilience and growth amid industry recovery and AI innovation acceleration [1] Group 1: AI Innovations and Strategic Developments - The company is focusing on a diversified strategy, emphasizing "AI + IP" as two key business modules, in response to the booming AI sector and the recovery of the gaming industry [1] - The launch of the "SOON" AI full-process development platform allows for the generation of playable games from a single sentence input, significantly reducing the traditional game development cycle from months to hours, thereby enhancing efficiency and lowering costs [1][2] - "SOON" breaks down game generation into three core elements: art assets, code creation, and numerical design, utilizing AI agents for collaborative module generation, and introduces the role of "game preset designers" to streamline the game creation process [2] Group 2: Emotional Companionship and AI Hardware - Kaiying Network is venturing into the emotional companionship sector with the launch of the "Warm Star Valley Dream Journey" AI toy brand, featuring smart toys that provide personalized emotional support through AI capabilities [2] - The company is also involved in the development of the world's first 3D EVE AI companionship application, which aims to establish long-term virtual emotional connections using self-developed multimodal interaction systems [2] - In the AI hardware space, the company’s invested enterprise DPVR unveiled the DPVR AI Glasses, equipped with advanced features such as electronic image stabilization and intelligent interaction capabilities [3]