Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continued high growth in social and gaming sectors, particularly in the MENA region, emphasizing companies with operational advantages and market positioning [4] - The report notes significant revenue growth for companies like Zhiyu City Technology, which achieved total revenue of 5.09 billion yuan in 2024, a year-on-year increase of 53.9% [4] - The report emphasizes the importance of AI applications and the ongoing development of domestic video models, which are expected to drive further growth in the industry [5] Summary by Sections Industry Overview - The report indicates that the A-share media sector underperformed compared to major indices, while the gaming sector showed better performance [9] - The report provides insights into the performance of popular games and films, with "Peace Elite" topping the iOS free and revenue charts in mainland China [12][16] Company Performance - Zhiyu City Technology's social business revenue reached 4.63 billion yuan, growing by 58.1%, while its innovative business revenue was 460 million yuan, up by 21.3% [4] - Yalla Technology reported a revenue of 339.7 million USD in 2024, with a net profit of 134.2 million USD, reflecting an 18.7% year-on-year increase [4] AI and Technology Developments - The report discusses breakthroughs in domestic video models, with Vidu achieving top rankings in evaluation benchmarks [5] - The report highlights the integration of AI capabilities in various applications, suggesting continued investment in AI technologies [5] Market Trends - The report notes the increasing popularity of AI-generated content and tools, with significant engagement on social media platforms [33][34] - The report emphasizes the ongoing demand for gaming and entertainment content, with several new titles gaining traction in the market [23][24]

Investment Rating - The report maintains a "Buy-A" rating for the company with a target price of 19.6 yuan, reflecting a 20x PE valuation for 2025 [3][5]. Core Insights - The company reported a revenue of 5.118 billion yuan and a net profit of 1.628 billion yuan for 2024, with year-on-year growth rates of 19.16% and 11.41% respectively. For Q1 2025, revenue was 1.353 billion yuan and net profit was 518 million yuan, showing year-on-year growth of 3.46% and 21.57% [1]. - The mobile gaming segment, which accounts for 80% of total revenue, grew by 13.38% year-on-year, although its gross margin decreased by 2.75 percentage points. The overseas business saw a remarkable growth of 222%, albeit with a low revenue contribution of about 7%, and its gross margin improved by 8.53 percentage points [1][2]. - The company has a clear positioning in the gaming industry, focusing on IP games, and has successfully launched new IPs while maintaining classic titles. The overseas expansion strategy is expected to continue driving growth in 2025 [2]. Financial Performance Summary - The company is projected to achieve revenue growth rates of 22.8%, 15%, and 15% for 2025-2027, with net profit growth rates of 29.4%, 15%, and 10% respectively. The expected EPS for these years are 0.98 yuan, 1.13 yuan, and 1.23 yuan [3][8]. - The financial metrics indicate a stable performance with a net profit margin of 34.0% in 2023, projected to be 33.5% in 2025, and a return on equity (ROE) of 27.9% in 2023, expected to decline to 22.6% by 2025 [8][9].

Core Viewpoint - The company ensures the authenticity, accuracy, and completeness of the quarterly report, with all board members bearing legal responsibility for any misrepresentation or omissions [2]. Financial Data Summary - The quarterly report has not been audited [2][4]. - The company does not require retrospective adjustments or restatements of previous accounting data [2]. - Non-recurring gains and losses are applicable, with specific definitions and confirmations based on regulatory guidelines [2]. Shareholder Information - There are no changes in the top ten shareholders or significant shareholders due to securities lending activities [3]. Other Important Matters - The company has approved a change in the purpose of repurchased shares from employee stock ownership plans to cancellation and reduction of registered capital, with the cancellation completed on February 19, 2025 [3].

Core Viewpoint - The performance of major A-share gaming companies in 2024 shows a significant disparity, with Perfect World maintaining the third position in revenue but suffering substantial losses, while other companies like Shenzhou Taiyue and Kaixin Network are showing better profitability and growth [1][17]. Company Performance Summary Perfect World - In 2024, Perfect World reported a revenue of 5.57 billion yuan, a decrease of 28.50% year-on-year, and a net loss of 1.29 billion yuan, marking a shift from profit to loss [2][3]. - The gaming business revenue was 5.18 billion yuan, down 23.32% from the previous year, attributed to project adjustments and underperforming game launches [2][3]. - The company underwent significant layoffs, reducing its workforce by 32% to 3,905 employees, impacting various expense categories [4][5]. Shenzhou Taiyue - Shenzhou Taiyue achieved a revenue of 6.45 billion yuan in 2024, an increase of 8.22%, with a net profit of 1.43 billion yuan, up 60.92% [10][11]. - The gaming segment generated 4.66 billion yuan, a growth of 3.66%, primarily driven by overseas player spending on the game "Age of Origins" [8][10]. Kaixin Network - Kaixin Network reported a revenue of 5.12 billion yuan, a year-on-year increase of 19.16%, and a net profit of 1.63 billion yuan, up 11.41% [12][13]. - The company saw a significant increase in overseas revenue, which grew by 221.48% to 375 million yuan, driven by successful game launches in various markets [14]. Industry Ranking - The ranking of A-share gaming companies shows that 37 Interactive Entertainment and Century Huatong remain the top two, while Perfect World, despite its revenue position, is the only major company reporting losses [16][17]. - Perfect World has been surpassed in overall revenue by Shenzhou Taiyue and is at risk of being overtaken by Kaixin Network in the near future [17].

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a significant profit increase in Q1 2025, exceeding market expectations, with a revenue of 1.35 billion yuan, up 3.46% year-on-year, and a net profit of 518 million yuan, up 21.6% year-on-year [2][4] - The company's performance is driven by both retro-themed and innovative game categories, with titles like "Dragon Valley World" contributing significantly to revenue growth [2][3] - The company has a rich product pipeline for 2025, with multiple new games expected to launch, leveraging various IPs [3] Financial Summary - In 2024, the company achieved a revenue of 5.12 billion yuan, a year-on-year increase of 19.2%, and a net profit of 1.63 billion yuan, up 11.4% [2][6] - Forecasted revenues for 2025, 2026, and 2027 are 6.33 billion yuan, 7.55 billion yuan, and 8.85 billion yuan respectively, with corresponding net profits of 2.18 billion yuan, 2.70 billion yuan, and 3.29 billion yuan [4][6] - The current P/E ratios for the forecasted years are 16, 13, and 11 respectively [4][6]

Company Overview - Kaiying Network announced a 2024 annual distribution plan, proposing a cash dividend of 1 yuan per 10 shares (including tax), with a total cash distribution amounting to 214 million yuan, representing 13.12% of the net profit, marking the 9th cumulative cash distribution since the company's listing [2][3]. Financial Performance - For the fiscal year 2024, the company reported total revenue of 5.118 billion yuan, reflecting a year-on-year growth of 19.16%. The net profit reached 1.628 billion yuan, an increase of 11.41%, with basic earnings per share at 0.77 yuan and a weighted average return on equity of 27.05% [2]. Industry Comparison - Within the media industry, 51 companies have announced their 2024 distribution plans. Phoenix Media leads with a cash distribution of 1.272 billion yuan, followed by 37 Interactive Entertainment and Zhejiang Publishing Media with distributions of 814 million yuan and 667 million yuan, respectively [3][4].

市值管理制度 第一章 总则 第一条 为加强恺英网络股份有限公司（以下简称"公司 "）市值管理工作， 进一步规范公司的市值管理行为，维护公司、投资者及其他利益相关者的合法权益， 根据《中华人民共和国公司法》《中华人民共和国证券法》《国务院关于加强监管防 范风险推动资本市场高质量发展的若干意见》《上市公司信息披露管理办法》《上市 公司监管指引第10号——市值管理》等相关法律、行政法规、规范性文件以及《恺英 网络股份有限公司章程》（以下简称"《公司章程》"）的规定，结合公司实际情况， 制定本制度。 第二条 本制度所称市值管理，是指公司以提高公司质量为基础，为提升公司投 资价值和股东回报能力而实施的战略管理行为。 恺英网络股份有限公司 第三条 公司应当牢固树立回报股东意识，采取措施保护投资者尤其是中小投资 者利益，诚实守信、规范运作、专注主业、稳健经营，以新质生产力的培育和运用， 推动经营水平和发展质量提升，并在此基础上做好投资者关系管理，增强信息披露质 量和透明度，必要时积极采取措施提振投资者信心，推动公司投资价值合理反映公司 质量。公司质量是公司投资价值的基础和市值管理的重要抓手。公司应当立足提升公 司质量，依法 ...

恺英网络股份有限公司 2024 年度独立董事述职报告 本人（朱亚元）作为恺英网络股份有限公司（以下简称"公司""恺英网络"） 的独立董事，根据《公司法》、《上市公司独立董事管理办法》等相关法律法规、 部门规章、规范性文件及《公司章程》、《独立董事工作制度》的规定和要求， 在 2024 年度工作中，忠实履行职责，认真了解公司经营管理情况，积极出席相 关会议，认真审议会议各项议案及相关资料，积极参与各议题的讨论并提出相关 建议，对公司相关事项发表有关意见，充分发挥独立董事的独立作用，切实维护 了公司和全体股东的利益。现将本人 2024 年度履行独立董事职责情况汇报如下： 一、独立董事的基本情况 （一）个人履历 本人朱亚元，1965 年 7 月出生，现任本公司独立董事，本科学历。本人为浙 江六和律师事务所创始合伙人，高级律师。曾任职浙江广源律师事务所。现任浙 江六和律师事务所副主任、浙江省律师协会证券与资本市场专业委员会委员、浙 江省律师协会并购专业委员会委员、浙江德宝通讯科技股份有限公司独立董事。 （二）独立性情况说明 作为公司独立董事，任职期间，本人未在公司担任除独立董事以外的其他职 务，与公司、公司的控股股东 ...

恺英网络股份有限公司 2024 年度独立董事述职报告 本人（傅蔚冈）作为恺英网络股份有限公司（以下简称"公司"）的独立董事， 根据《公司法》、《上市公司独立董事管理办法》等相关法律法规、部门规章、 规范性文件及《公司章程》、《独立董事工作制度》的规定和要求，在 2024 年 度工作中，忠实履行职责，积极出席相关会议，认真审议董事会各项议案，对公 司相关事项发表有关意见，充分发挥独立董事的独立作用，切实维护了公司和股 东的利益。现将本人 2024 年度履行独立董事职责情况汇报如下： 一、独立董事的基本情况 （一）个人履历 本人傅蔚冈，1977 年 12 月出生，现任本公司独立董事，博士研究生学历。 本人历任上海金融与法律研究院院长助理、副院长，北京鸿儒金融教育基金会副 秘书长。现任上海金融与法律研究院院长、华科智能投资有限公司非执行董事、 嘉兴凯实生物科技股份有限公司独立董事。 （二）独立性情况说明 作为公司独立董事，任职期间，本人未在公司担任除独立董事以外的其他职 务，与公司、公司的控股股东不存在可能妨碍本人进行独立客观判断的关系，本 人也没有从公司、公司控股股东及其关联方取得额外的、未予披露的其他利益。 因 ...

恺英网络股份有限公司 2024 年度独立董事述职报告 本人（蒋红珍）作为恺英网络股份有限公司（以下简称"公司"）的独立董事， 根据《公司法》、《上市公司独立董事管理办法》等相关法律法规、部门规章、 规范性文件及《公司章程》、《独立董事工作制度》的规定和要求，在 2024 年 度工作中，忠实履行职责，积极出席相关会议，认真审议董事会各项议案，对公 司相关事项发表有关意见，充分发挥独立董事的独立作用，切实维护了公司和股 东的利益。现将本人 2024 年度履行独立董事职责情况汇报如下： 一、独立董事的基本情况 （一）个人履历 本人蒋红珍，1979 年 5 月出生，现任本公司独立董事，法学博士学位，现为 上海交通大学凯原法学院教授、博士生导师；《上海交通大学学报·哲学社会科 学版》副主编、合规研究中心执行主任。本人获评美国国务院 SUSI 学者、上海 市曙光学者。兼任全国法律专业学位研究生教指委委员、中国法学会行政法研究 会常委理事、中国行为法学会行政法治分委会常务理事、中国法学会行政法研究 会政府规制专业委员会委员、中国法学会行政法研究会案例研究专委会委员、上 海市法学会行政法研究会秘书长等学术兼职。曾访学英国剑桥 ...