恺英网络股份有限公司 审计报告 众环审字[2025]1700028 号 审计报告 众环审字[2025]1700028 号 恺英网络股份有限公司全体股东: 一、审计意见 我们审计了恺英网络股份有限公司(以下简称"恺英网络")财务报表，包 括 2024 年 12 月 31 日的合并及公司资产负债表,2024 年度的合并及公司利润表、 合并及公司现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制, 公允反映了恺英网络 2024 年 12 月 31 日合并及公司的财务状况以及 2024 年度合 并及公司的经营成果和现金流量。 二、形成审计意见的基础 | 关键审计事项 | 在审计中如何应对该事项 | | --- | --- | | 要来源于网络游戏收入。网络游戏运营高度依 | 识别控制权转移的合同条款与条件,评价收 | | 赖内部控制及信息技术系统,具有用户数量 | 入确认是否符合企业会计准则的要求; | | 多、交易发生频繁、区域分散、数据量大等特 | 3、针对自主运营模式,核对结算系统充值 | | 征,产生错报的固有风险高。因此,我们将网 | ...

恺英网络股份有限公司 内部控制审计报告 众环审字[2025]1700029 号 恺英网络股份有限公司 2024年度内部控制评价报告 恺英网络股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称"企业内部控制规范体系"），结合恺英网络股份有限公司（以下 简称"公司"）内部控制制度和评价办法，在内部控制日常监督和专项监督的基 础上，我们对公司于2024年12月31日（内部控制评价报告基准日）的内部控制有 效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。公 司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假 记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个 别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存 在的固有局限性，故仅 ...

4月25日晚，恺英网络（002517.SZ）披露了2024年年报及2025年一季报。数据显示，2024年恺英网络实 现营业收入51.18亿元，同比增长19.16%；归母净利润16.28亿元，同比增长11.41%。恺英网络2025年一 季度实现营业收入13.53亿元，同比增长3.46%；归母净利润5.18亿元，同比增长21.57%。 三驾马车驱动主业提质，出海营收增幅跃升221.48% 2024年，恺英网络坚持围绕"研发、发行、投资+IP"三驾马车的发展战略，不断丰富其产品矩阵，为业 绩稳增提供了有力的支撑。公司秉持发展战略，在夯实游戏研发与发行体系的同时，深度探索AI技术 应用，高度重视游戏产品生命周期及其可持续盈利能力，通过精细化运营打磨长周期精品产品如《原始 传奇》《热血合击》《天使之战》《永恒联盟》《敢达争锋对决》《仙剑奇侠传：新的开始》等游戏。 积极布局全球化发行，通过深挖核心用户，精准引流，口碑拓圈等组合推广方式，在亚太地区实现了流 水翻倍的突破，积极布局欧美市场，加码未来的增长动力。恺英网络实现2024年度海外营收3.75亿元， 同比大幅增长221.48%，彰显出强劲的海外市场拓展能力。《仙剑奇侠 ...

Financial Performance - The company's revenue reached 5.118 billion yuan, representing a year-on-year growth of 19.16%[5] - The net profit attributable to shareholders was 1.628 billion yuan, an increase of 11.41% year-on-year[5] - The company's operating revenue for 2024 reached ¥5,118,192,932.04, representing a 19.16% increase compared to ¥4,295,390,346.58 in 2023[27] - Net profit attributable to shareholders for 2024 was ¥1,628,471,564.05, an increase of 11.41% from ¥1,461,713,259.53 in 2023[27] - The net profit after deducting non-recurring gains and losses was ¥1,599,438,782.35, up 18.43% from ¥1,350,523,207.75 in 2023[27] - The company's total assets increased by 21.42% to ¥8,026,379,432.43 at the end of 2024, compared to ¥6,610,369,843.65 at the end of 2023[27] - Basic earnings per share for 2024 were ¥0.77, a 10.00% increase from ¥0.70 in 2023[27] - The weighted average return on equity for 2024 was 27.05%, down from 28.85% in 2023[27] - The net cash flow from operating activities for 2024 was ¥1,753,813,218.18, a slight increase of 2.78% from ¥1,706,441,025.06 in 2023[27] Research and Development - Research and development investment rose to 598 million yuan, marking a 13.61% increase compared to the previous year[5] - The company invested 598 million yuan in R&D, accounting for 11.69% of its operating revenue[97] - Research and development (R&D) expenditure amounted to CNY 598,373,081.00, reflecting a 13.61% increase year-on-year, accounting for 11.69% of operating revenue[126] - The number of R&D personnel increased to 1,488, a rise of 14.90% from 1,295 in the previous year[125] - The proportion of R&D personnel with a bachelor's degree increased by 20.38% to 886, while the number of personnel aged over 40 surged by 147.37%[125] Market Expansion and Strategy - The overseas market revenue grew by 221.48% year-on-year, driven by successful entries into markets such as Hong Kong, Macau, and Southeast Asia[9] - The company plans to continue expanding its market presence and investing in new technologies, including AI and AIGC[27] - The company aims to deepen its engagement with Chinese cultural IPs and expand its global presence through strategic partnerships[10] - The company is actively expanding its market presence in regions such as Europe, Hong Kong, and Taiwan, with multiple new game launches planned for 2024[71] - The company is focusing on expanding its market share and enhancing cash flow through new product launches and strategic brand development[125] Product Development and Innovation - The AI-driven development model has been integrated into the entire game development process, enhancing efficiency and creativity[9] - The company focuses on the core strategy of "focusing on the gaming main business," aiming to create high-quality game products that meet market demand[53] - The company has launched over 100 premium games on its XY distribution platform, covering various genres such as RPG, simulation, and strategy[55] - The company is committed to enhancing its core competitiveness through continuous investment in R&D and IP diversification strategies[55] - The company is focusing on product diversification and global strategies, utilizing big data analysis to enhance product quality and user experience[156] Shareholder Returns and Dividends - The company distributed over 400 million yuan in cash dividends to shareholders, reaffirming its commitment to shareholder returns[6] - The company plans to distribute a cash dividend of 1 yuan per 10 shares for the 2024 fiscal year[13] - The company reported a cash dividend amount of ¥213,644,323.40, which is 100% of the total profit distribution amount[199] - The base for the dividend distribution is 2,136,443,234 shares, with a dividend of ¥1 per 10 shares (including tax)[199] - The cash dividend policy is compliant with the company's articles of association and shareholder resolutions[199] Corporate Governance and Management - The company has received an A-level rating for information disclosure and investor relations management for the 2023-2024 period[6] - The commitment from executives to not sell their shares for the next five years reflects confidence in the company's future growth[6] - The company has established a sound corporate governance structure in compliance with legal and regulatory requirements[170] - The board of directors consists of four independent directors, accounting for 50% of the total board members, ensuring compliance with legal requirements[168] - The company has established a performance evaluation and incentive mechanism for senior management to enhance work motivation and transparency[168] Industry Trends and Challenges - The gaming industry is witnessing a shift towards content innovation driven by changes in user demographics and preferences, emphasizing quality and cultural value[50] - The company faces risks from intensified market competition, necessitating continuous improvement in product differentiation and user experience[157] - Regulatory changes in the gaming industry pose risks, prompting the company to adapt its operational strategies in response to policy shifts[158] Future Outlook - The company provided a positive outlook for the next quarter, projecting revenue growth of 25% and aiming for $1.875 billion[161] - Future outlook indicates a projected revenue growth of 15% for the next fiscal year[162] - The company plans to launch three new products in Q1 2025, aiming to capture a larger market share[162] - The company is considering strategic acquisitions to enhance its product offerings, with a budget of $200 million earmarked for potential deals[161]

Financial Performance - The company's revenue for Q1 2025 was ¥1,352,807,839.06, representing a 3.46% increase compared to ¥1,307,535,557.40 in the same period last year[4] - Net profit attributable to shareholders was ¥518,139,178.50, up 21.57% from ¥426,189,898.93 year-on-year[4] - The basic earnings per share increased by 20.00% to ¥0.24 from ¥0.20 in the same period last year[4] - Net profit for the current period was ¥517,893,257.30, up from ¥426,130,633.29, representing an increase of approximately 21.5%[20] - The company reported a comprehensive income total of ¥650,699,497.36, compared to ¥372,775,165.11 in the previous period, representing a significant increase of approximately 74.5%[20] Cash Flow - The net cash flow from operating activities increased by 17.04% to ¥390,679,993.81, compared to ¥333,789,114.84 in the previous year[4] - Operating cash flow for the current period is ¥390,679,993.81, an increase of 17% compared to ¥333,789,114.84 in the previous period[21] - Total cash inflow from operating activities decreased to ¥1,220,634,231.03 from ¥1,314,459,579.11, reflecting a decline of approximately 7.1%[21] - Cash outflow from operating activities decreased to ¥829,954,237.22 from ¥980,670,464.27, resulting in a reduction of about 15.4%[21] - Net cash flow from investing activities was -¥85,077,508.19, an improvement compared to -¥544,942,218.89 in the previous period[21] - Cash inflow from investment activities increased significantly to ¥76,333,128.28 from ¥3,011,115.66[21] - Cash outflow from investment activities decreased to ¥161,410,636.47 from ¥547,953,334.55, indicating a reduction of approximately 70.7%[21] - Net cash flow from financing activities was ¥40,797,036.32, down from ¥47,045,182.11 in the previous period[22] - The ending balance of cash and cash equivalents increased to ¥3,594,234,883.63 from ¥2,637,595,084.12, marking a significant increase of approximately 36.4%[22] - The company received ¥44,948,868.48 from financing activities, a decrease from ¥54,110,195.02 in the previous period[22] - The impact of exchange rate changes on cash and cash equivalents was -¥278,536.89, compared to a positive impact of ¥265,266.63 in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period reached ¥8,931,099,672.18, an increase of 11.27% from ¥8,026,379,432.43 at the end of the previous year[4] - Total liabilities rose to ¥1,688,664,501.76 from ¥1,479,600,469.36, indicating an increase of approximately 14.1%[18] - The equity attributable to shareholders rose by 10.63% to ¥7,243,874,327.43 from ¥6,547,972,198.88 at the end of the previous year[4] - The company's equity attributable to shareholders increased to ¥7,243,874,327.43 from ¥6,547,972,198.88, reflecting a growth of about 10.6%[18] - Deferred income tax liabilities increased to ¥56,758,979.16 from ¥25,631,354.85, showing a growth of about 121.5%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 50,909, with no preferred shareholders having restored voting rights[13] - The largest shareholder, Jin Feng, holds 14.89% of the shares, amounting to 318,026,449 shares, with 238,519,836 shares subject to restrictions[13] - The total number of shares held by the top ten shareholders accounts for 50.56% of the total shares outstanding[13] - The company has no preferred shareholders or significant changes in the top ten shareholders' financing activities[14] Inventory and Receivables - Accounts receivable increased by 31.09% to ¥1,182,872,166.14, primarily due to an increase in receivables within one year[8] - Accounts receivable rose to ¥1,182,872,166.14 from ¥902,303,309.12, indicating an increase of about 31%[16] - The company reported inventory of ¥28,255,218.67, up from ¥24,661,236.04, marking an increase of approximately 15%[16] - The total amount of receivables from financing decreased to ¥239,121,459.36 from ¥264,201,394.55, a decline of about 9%[16] Investment and Expenses - The company's investment income decreased by 79.47% to ¥775,611.83, attributed to reduced investment gains from disposals[10] - Research and development expenses were ¥100,716,313.89, down from ¥110,856,306.04, a decrease of approximately 9.3%[19] - Total operating costs decreased to ¥814,292,289.39 from ¥868,887,344.15, marking a reduction of about 6.3%[19] Share Repurchase - The company plans to change the purpose of its share repurchase from employee stock ownership plans to cancellation and reduction of registered capital[14] - The company has completed the share repurchase and cancellation process as of February 19, 2025[14]

证券代码：002517 证券简称：恺英网络 公告编号：2025-020 恺英网络股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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。 公司独立董事傅蔚冈先生，副董事长、总经理沈军先生，董事、副总经理骞 军法先生，财务总监黄振锋先生，董事会秘书刘洪林先生，证券事务代表陆文昭 女士（如遇特殊情况，参与人员或有调整）。 三、投资者参与方式 1、网络参会 1 重要内容提示： 恺英网络股份有限公司（以下简称"公司"）计划于 2025 年 4 月 26 日披露 《2024 年年度报告》和《2025 年第一季度报告》。为了便于广大投资者更全面、 深入地了解公司经营业绩情况及未来发展战略等，公司计划于 2025 年 4 月 28 日 （周一）通过网络方式及电话会议方式召开 2024 年度暨 2025 年第一季度业绩说 明会，在信息披露允许的范围内就投资者普遍关注的问题进行回答，欢迎广大投 资者积极参与。 一、业绩说明会召开的时间和方式 1、会议召开时间：2025 年 4 月 28 日（周一）15:00- ...

Investment Rating - The report suggests a positive outlook on overseas Chinese assets, focusing on sectors that may benefit from policy changes and deep value stocks that have been negatively impacted by market rumors [2][12]. Core Insights - The report emphasizes the importance of patience in waiting for market changes while actively seeking investment opportunities, particularly in sectors like cross-border e-commerce, domestic consumption-related internet assets, and undervalued stocks [3][12]. - It highlights the potential for recovery in the education sector due to government support for service consumption, as well as the luxury goods sector facing challenges from macroeconomic fluctuations [5][23]. - The report also notes the growth in the coffee and tea beverage sector, driven by increased delivery services and consumer demand, alongside a positive outlook for the OTA (Online Travel Agency) segment as travel demand rises [5][28]. Summary by Sections 1. Education - The Chinese education index increased by 2.28% during the week of April 14-18, 2025, underperforming against the Hang Seng Index but outperforming other major indices [14]. - Notable stock performances included a significant rise in stocks like Zhuoyue Education Group (+18.18%) and NetEase Youdao (+13.84%) [14][19]. 2. Luxury Goods - The luxury goods sector saw a decline, with LVMH's sales falling short of expectations, reporting a 3% decrease in Q1 2025 sales [23][29]. - The report suggests focusing on high-end brands with strong management capabilities and product innovation, as they are less affected by economic cycles [5][23]. 3. Coffee and Beverage & OTA - The coffee and beverage sector experienced notable stock increases, with Tims China (+18.29%) and Luckin Coffee (+8.45%) leading the gains [28]. - The OTA sector is expected to benefit from rising travel demand, with predictions indicating a significant increase in travel bookings during the upcoming holiday [5][28]. 4. E-commerce and Internet - The internet technology sector index rose by 0.37%, with key stocks like Beike (+7.67%) and Alibaba (+5.53%) showing strong performance [36][37]. - The report highlights the importance of monitoring the impact of tariff changes on cross-border e-commerce platforms and the overall market dynamics [12][36]. 5. Media - The media sector is encouraged to focus on stocks with strong fundamentals and dividend value, particularly in light of recent policy support for cultural industries [5][12]. - The report notes the potential for growth in AI applications within the media sector, emphasizing the importance of tracking developments in this area [5][12]. 6. Virtual Assets & Brokerage - The report indicates a slight improvement in sentiment towards virtual asset trading, with expectations for strong Q1 performance from brokerage firms like Futu Holdings and Tiger Brokers [5][12]. 7. Real Estate Transactions - The report suggests a positive outlook for the real estate market, with government emphasis on market potential and the construction of quality housing [5][12]. 8. Automotive Services - The report mentions potential developments in ride-hailing services in Macau, indicating a growing interest in the automotive service sector [5][12]. 9. Media and M&A - The report highlights ongoing trends in mergers and acquisitions within the media sector, suggesting a focus on companies that are well-positioned for growth through strategic partnerships [5][12].

Group 1 - The gaming sector is experiencing a positive trend, with companies like Zhangqu Technology rising over 3% and others such as Ice Glacier Network and Perfect World also showing gains [1][2] - As of April 2023, a total of 118 domestic games have been approved, including titles from Perfect World and NetEase, contributing to a total of 510 game approvals this year [3] - The domestic gaming market shows strong internal demand, with monthly growth rates of 28% and 12% in January and February respectively, indicating a robust market environment [3] Group 2 - The gaming industry is expected to perform well under the cultural export backdrop, with continuous technological upgrades and rich content enhancing its capacity to carry Chinese cultural elements [4] - Companies with strong research and development capabilities and a focus on overseas markets are recommended for investment, as they are likely to enhance profitability through global expansion [4]

Core Insights - A total of 510 games have been approved for release in 2025, with 480 being domestic and 30 being imported [1][2][4] Domestic Games - In April 2025, 127 games were approved, including 118 domestic and 9 imported titles [1] - The number of "casual puzzle" games among the approved domestic titles decreased, with 46 such games making up approximately 39% of the month's approvals [1] - Notable domestic games include: - "Sea Melody: Return" by Xiamen Boyou (client game) - "Mountain Gate and Illusions" by Chengdu Xingyi (client game) - Four cross-platform games supporting mobile and PC, including "Extreme Battlefield" by NetEase LeiHuo and "Lost" by Perfect World [1][4] - The majority of the approved domestic games (110 out of 118) are pure mobile games [1] Imported Games - Among the approved imported games, Tencent's "Path of Exile: Ascendancy" and Shanghai Guoqu's "Track Connection" are pure client games, while the remaining seven are mobile games [2][4] - Tencent's "Path of Exile: Ascendancy" has over 2 million pre-registrations, indicating strong market interest [4] - Other notable imported titles include "Monopoly: Number One Winner" by Kaiying Network and "Book Realm Legend" by Zhongyou Mobile [4] Game Approval Changes - Six games completed operational approval changes, including "War of the Dual" by Kuro and "Dragon Stone War" by Guangzhou Kaiyibo, which added client versions [6] - One game underwent a name change, and another changed its publishing unit [6]

Investment Rating - The investment rating for the media industry is "Positive" (maintained) [1] Core Insights - The report highlights the ongoing development of the MCP protocol and the "Network Publishing Technology Innovation Leading Plan," which are expected to boost the AI sector and related industries, particularly in IP and experiential consumption [5] - The collectible card game (CCG) market in China is projected to grow significantly, with a market size increasing from 2.8 billion RMB in 2019 to 26.3 billion RMB in 2024, reflecting a CAGR of 56.6% [6][14] - The report emphasizes the importance of AI applications in various sectors, including gaming, education, and entertainment, suggesting continued investment in AI-related companies [5][6] Summary by Sections Section 1: Media Industry Overview - The media sector is experiencing a positive outlook, driven by advancements in AI and supportive government policies [1][5] - The report notes that the CCG market is expected to reach 44.6 billion RMB by 2029, with a CAGR of 11.1% from 2024 to 2029 [14] Section 2: Key Companies and Recommendations - Key companies recommended for investment include Tencent Holdings, Kuaishou-W, and others in the AI and gaming sectors [5] - The report identifies specific companies in various sub-sectors, such as AI gaming (Xindong Company, NetEase-S) and AI education (Guomai Culture, Century Tianhong) [5] Section 3: Market Performance and Trends - The report indicates that the CCG market is benefiting from emotional consumption and the rise of domestic IPs, with significant growth expected in the coming years [6][14] - The performance of major games like "Peacekeeper Elite" is highlighted, maintaining top positions in iOS rankings [31][35] Section 4: Industry Data and Insights - The report provides data on the performance of various media and entertainment products, including box office results and streaming viewership [45][46][49] - It notes that the collectible card game market is characterized by a high concentration of leading companies, with Card Game Company holding a 71.1% market share [14][22]