Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of April 21, 2025, highlighting significant players in the industry [1]. Group 1: Market Capitalization Rankings - JD.com ranks 8th with a market capitalization of $504.58 billion [3]. - SMIC (Semiconductor Manufacturing International Corporation) is in 9th place with a market cap of $473.13 billion [3]. - Kuaishou Technology holds the 10th position with a market cap of $277.81 billion [3]. - Li Auto is ranked 12th with a market capitalization of $247.49 billion [3]. - Tencent Music is in 14th place with a market cap of $210.91 billion [3]. Group 2: Additional Notable Companies - Xpeng Motors is ranked 16th with a market cap of $173.41 billion [3]. - NIO is in 21st place with a market capitalization of $79.71 billion [3]. - Bilibili holds the 23rd position with a market cap of $67.76 billion, showing an upward trend [3]. - Vipshop is ranked 27th with a market cap of $64.15 billion [4]. - Kingsoft has a market cap of $62.85 billion, placing it 28th [4]. Group 3: Market Trends - The rankings reflect the competitive landscape of the Chinese technology sector, with significant fluctuations in market capitalizations among the top companies [1]. - The data is calculated based on the daily market values, converted using the current exchange rate between USD and HKD [5].

Core Viewpoint - The long-standing copyright dispute over the "Legend" IP between Actoz and Wemade has seen a recent arbitration ruling in favor of Kaixin Network, which is ordered to receive 224.5 million yuan in compensation from Wemade, although Wemade disputes the validity of this ruling and plans to continue legal actions [1][10]. Group 1: Background of the Dispute - The conflict originates from the shared copyright ownership of the "Legend" IP between Actoz and Wemade, dating back to the success of "Legend of Mir" in 1998, which contributed 70% of Actoz's revenue in its first year [2]. - Following the underperformance of "Legend 2," the development team led by Park Kwan-ho left Actoz to establish Wemade, leading to a series of exchanges and agreements regarding the rights to "Legend 2" [2][3]. Group 2: Legal Battles and Agreements - From 2001 to 2003, over 20 lawsuits occurred between Actoz and Wemade, with both parties struggling over profit distribution and external licensing rights [4]. - In 2004, a preliminary agreement was reached acknowledging both parties as co-owners of the "Legend" IP, but disputes continued, especially after the acquisition of Actoz by Shengqu Games [4][5]. Group 3: Impact on Companies - The ongoing legal battles have affected numerous companies, with claims often reaching hundreds of millions, leading to operational disruptions and financial losses for many involved [5][12]. - Kaixin Network has been particularly impacted, facing lawsuits from both Wemade and Shengqu Games, resulting in significant financial strain and asset disposals [6][7]. Group 4: Recent Developments - The arbitration ruling in favor of Kaixin Network marks a potential turning point, with the court ordering Wemade to pay 224.5 million yuan, although Wemade is contesting this ruling [8][10]. - Despite the arbitration outcome, Wemade has signed a new exclusive licensing agreement with Actoz, clarifying the rights to the "Legend" IP in mainland China, indicating ongoing complexities in the legal landscape [10][12].

Group 1 - The company’s youth league branch has been awarded the title of "National May Fourth Red Flag Youth League Branch" [1] - The youth league branch focuses on leveraging the power of young pioneers, guiding young employees, and creating a platform for nurturing young business backbones [3][6] - The branch has previously received recognition as a "Typical Grassroots Youth League Organization" in Shanghai and the "Youth Civilization" title in Minhang District [3] Group 2 - The company emphasizes the integration of party building and youth league building, strengthening the construction of youth organizations and promoting thematic education for young members [6] - The youth league branch implements a detailed plan for thematic education, utilizing various learning methods to enhance the educational experience [6] - Initiatives such as "Youth Red Tea House" serve as a platform for political and ideological guidance for young employees, addressing their concerns and suggestions [8] Group 3 - The youth league branch has created a brand for youth development called "Spark Orange Light," encouraging young employees to ignite their ideals and actively contribute to the company's sustainable development [10]

2、成立日期：2000 年 1 月 3 日 3、注册资本：贰拾壹亿叁仟陆佰肆拾肆万叁仟贰佰叁拾肆圆整 4、住所：福建省泉州市经济技术开发区清濛园区美泰路 36 号 5、法定代表人：沈军 证券代码：002517 证券简称：恺英网络 公告编号：2025-019 恺英网络股份有限公司 关于完成工商变更登记的公告 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。 恺英网络股份有限公司（以下简称"公司"）分别于 2025 年 1 月 10 日、 2025 年 2 月 7 日召开第五届董事会第十一次会议及 2025 年第一次临时股东大 会，审议通过了《关于减少注册资本并修订<公司章程>的议案》，公司注册资本 将由 2,152,517,634 元变更为 2,136,443,234 元，股份总数由 2,152,517,634 股 变更为 2,136,443,234 股。 近日，公司完成相关工商变更登记手续并取得了福建省市场监督管理局换 发的《营业执照》，具体情况如下： 1、名称：恺英网络股份有限公司 6、公司类型：股份有限公司（上市） 7、经营范围：计算机领域内的技术开发、技术 ...

Investment Rating - The report maintains an "Outperform" rating for the media industry [4][39]. Core Insights - The media sector experienced a decline of 6.88% this week, underperforming compared to the CSI 300 (-2.87%) and the ChiNext Index (-6.73%) [11][12]. - Key developments include the launch of a national AI fund with a scale of 60 billion RMB, aimed at early-stage AI projects, and the announcement by the National Film Administration to reduce the import of American films [15][18]. - The report highlights the continuous growth in AI applications and the rising popularity of IP-driven products, particularly in the context of the domestic animation industry [39]. Summary by Sections Industry Performance - The media industry ranked 27th in terms of performance among all sectors this week [13]. - Notable gainers included Xiangyuan Cultural Tourism and Guomai Culture, while major losers were Reader Media and Ice River Network [11][12]. Key Developments - The national AI fund was introduced with a focus on investing in early AI projects, totaling 60 billion RMB [15]. - OpenAI announced the retirement of GPT-4, with the new model GPT-4o set to replace it, indicating a significant advancement in AI capabilities [16][17]. - Pika launched a revolutionary technology called Pika Twist, allowing users to manipulate video content in a surreal manner [17]. - The National Film Administration stated it would moderately reduce the number of American films imported [18]. - A joint directive from four departments supports financing for the sports industry, emphasizing the need for increased direct financing [18]. Box Office and Content Performance - The box office for the week (April 6-13) reached 209 million RMB, with the top three films being "Sunshine Flower" (57 million RMB, 27.3%), "My World Movie" (38 million RMB, 17.9%), and "The Silent Love" (31 million RMB, 14.8%) [2][20]. - In the variety show segment, "Riding the Wind 2025" and "Wife's Romantic Travel 2025" were among the top performers [25]. - The gaming sector saw significant revenue from mobile games, with "Whiteout Survival" and "PUBG Mobile" leading the charts [29]. Investment Recommendations - The report suggests focusing on performance metrics and maintaining a long-term positive outlook on AI applications and IP-driven products [39]. - Specific recommendations include companies like Kayi Network and Mango Super Media, which are expected to benefit from the ongoing trends in the industry [39].

Investment Rating - The report maintains a "Market Perform" rating for the media industry, in line with the overall market performance [1] Core Insights - The media sector has underperformed compared to major indices, with a decline of 12.20% from March 14 to April 11, 2025, while the Shanghai Composite Index and CSI 300 fell by 3.59% and 4.12%, respectively [3][13] - The report suggests focusing on the gaming sector due to its resilience against US-China tariffs and potential for valuation recovery, supported by favorable WTO policies [11][12] - The advertising market is expected to rebound due to government initiatives aimed at boosting consumption, with stable demand from consumer goods clients [12][18] - State-owned publishing companies are highlighted for their high dividend yields and defensive value, with some companies achieving an average dividend yield of over 6% in the past three years [4][7] Summary by Sections Investment Recommendations - Focus on the gaming sector, which is expected to recover in valuation due to minimal impact from tariffs and strong domestic demand [11][12] - Monitor the advertising market for cyclical recovery driven by government consumption stimulus policies [12] - Consider state-owned publishing companies for their stable performance and high dividend yields [4][7] Market Review - The media sector's performance from March 14 to April 11, 2025, saw a 12.20% decline, ranking 28th among all sectors [3][13] - The sector's PE ratio as of April 11, 2025, is 26.38, above the historical average of 24.46 [17] Industry News - The Chinese government has implemented a consumption stimulus plan, which includes 30 key tasks aimed at boosting consumer spending [18] - The gaming industry continues to receive support from government policies, with a significant number of game licenses issued in Q1 2025 [11][41] - The advertising market is showing signs of recovery, with notable increases in spending in various sectors [52][54] Monthly Data - In March 2025, the domestic film market generated a box office of 1.925 billion yuan, a decrease of 30.95% year-on-year [21][27] - The gaming market reported a sales revenue of 27.953 billion yuan in February 2025, reflecting a year-on-year growth of 12.3% [37][39] - The advertising market is projected to grow, with a 1.6% increase in overall spending in 2024 [52][54]

Investment Rating - The investment rating for the media industry is "Positive (Maintain)" [1] Core Insights - The report highlights the continuous advancement of domestic large models in AI, with applications in AI proofreading and gaming deepening, suggesting ongoing investment in AI [4][5] - The report emphasizes the favorable government policies aimed at boosting consumption, particularly in IP and experiential new consumption, indicating a sustained high level of activity in these sectors [5] Industry Overview - The media sector has shown a significant performance trend, with the A-share media sector underperforming compared to major indices like the Shanghai Composite Index and the CSI 300 [8] - The report notes that "Peace Elite" has maintained the top position in both the iOS free and revenue charts in mainland China [11][12] AI Developments - The report discusses the launch of SenseNova V6 by SenseTime, a large model with 600 billion parameters, surpassing competitors in various tasks [4] - AI proofreading technology has gained traction, with successful bids for projects, indicating a growing market for AI applications [30] Consumption Policies - Recent government initiatives aim to expand the service industry and promote digital consumption, which is expected to stimulate demand in IP and experiential consumption [5] - The report suggests that the digital economy's core industry revenue is projected to exceed 220 billion by 2027, reflecting a robust growth outlook [5] Recommended Companies - Key recommendations include Tencent Holdings and Kuaishou for large models/agents, with Alibaba and SenseTime as beneficiaries [4] - In the AI gaming sector, companies like Xindong Company and NetEase are highlighted as key players [4] - For AI education and proofreading, companies such as Guomai Culture and Century Tianhong are recommended [4] Market Performance - The report indicates that the A-share media sector has shown weaker performance compared to the broader market indices during the specified period [8] - The report also provides insights into the performance of various media companies, with specific rankings in gaming and film sectors [25][26][27]

Industry Trends - The gaming industry is experiencing diversified development, with domestic companies accelerating strategic adjustments amid legal disputes and policy support [1] - Newzoo's report indicates a 1.2% increase in annual revenue for PC games from 2021 to 2024, while console game revenue is projected to decline by 2.1% [3] - The 2025 National Cultural Innovation Experimental Zone Investment Conference signed three key projects aimed at promoting the integration of culture and technology [4] Company News - Zhongjiu Mobile appointed Wang Chunye as co-CEO, effective April 9, 2025, while current CEO Xiao Jian remains in his position [5] - NetEase's Zen division has been renamed to the Onmyoji division, with plans for organizational restructuring and new team development [6] - 2PGames and Double-Headed Dragon Studio addressed recent online controversies regarding their operations [7][8] - The "Black Myth: Wukong" art exhibition opened in Hangzhou, showcasing the game's artistic creation process [9] Legal and Regulatory Developments - Kaiying Network received over 300 million RMB in arbitration compensation related to a legendary IP dispute [10] - The Suzhou Industrial Park People's Court ruled in favor of Paper Games in a trademark infringement case against Zulong Technology, ordering Zulong to pay 100,000 RMB for trademark infringement and 50,000 RMB for unfair competition [11] International Developments - Krafton acquired a controlling stake in Indian game developer Nautilus Mobile for $14 million (approximately 102 million RMB) [12] - Yandex introduced market expansion solutions for Chinese manufacturers, including YandexPaySDK and EasyMonetization [13] - Unity China explained the removal of the Unity 6 engine and its future charging plans for the Unity engine professional and personal versions [14] - Blockchain gaming platform Ultra completed a $12 million financing round to enhance its services [15] Esports Events - The Snapdragon Esports Pioneer Global Championship kicked off in Jakarta on April 7, 2025 [16] - The KPL Annual Finals for Honor of Kings will be held at the Bird's Nest in the second half of 2025, expected to attract over 50,000 spectators [18] - The Hero Asian Champions League x CS2 China qualifiers commenced in Yancheng on April 10, 2025 [19]

每经记者 李宇彤 每经编辑 张海妮 ｜ 2025年4月10日 星期四 ｜ NO.1 Steam一周游戏销量榜：《双影奇境》登顶中国区销量榜 4月8日消息，Valve公布了Steam最新一周（4月2日至4月8日）游戏销量排行榜，第一人称模拟游戏 《Schedule I》全球销量两连冠，《R.E.P.O.》和《云族裔》分别位列第二名和第三名。在中国区，双人 合作游戏《双影奇境》的热度持续高涨，再次登顶中国区销量榜。国产剧情卡牌新游《苏丹的游戏》拿 下中国区第二。 点评：Steam最新销量榜显示，《Schedule I》蝉联全球冠军，反映模拟游戏持续受关注，利好相关游戏 开发公司。中国区《双影奇境》热度不减，登顶销量榜，体现国内玩家对合作游戏青睐有加。国产新游 《苏丹的游戏》表现亮眼，有望提振国产游戏板块信心。 NO.2 腾讯Rust正版玩法授权手游《失控进化》开启测试招募 4月9日，腾讯Rust正版玩法授权手游《失控进化》开启测试招募。据4月8日发布的首曝PV（宣传视 频）和介绍，该游戏作为一款硬核生存对抗游戏，玩家将进入一个海陆空的开放世界，沉浸式感受真实 末世生存体验，徒手开启资源采集、庇护所搭建、武器锻造与 ...

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。 登录新浪财经APP 搜索【信披】查看更多考评等级 三、其他尚未披露的诉讼、仲裁事项 一、已披露累计诉讼、仲裁事项的进展情况 截至目前，公司及子公司不存在其他应披露而未披露的重大诉讼及仲裁事项，其他诉讼、仲裁情况及进 展详见公司的相关公告或定期报告。 四、备查文件 1、裁决书等法律文件。 恺英网络股份有限公司（以下简称"公司"或"恺英网络"）于2023年8月5日披露了《关于累计诉讼、仲裁 情况的公告》（公告编号：2023-033）。 近日，公司收到国际商会国际仲裁院作出的关于公司控股子公司上海恺英网络科技有限公司（以下简 称"上海恺英"）与株式会社传奇IP（以下简称"传奇IP"）仲裁案（ICC仲裁案号：27315/XZG）的《最 终裁决书》。本次裁决为终局裁决，自作出之日起生效，主要裁决结果如下：（1）被申请人传奇IP应 向申请人上海恺英支付人民币2.245亿元的赔偿金。（2）被申请人传奇IP应向申请人上海恺英支付 135.00万美元的法律费用。（3）被申请人传奇IP应承担国际商会国际仲裁院确定的仲裁费用，金额为 ...