传媒/游戏Ⅱ 公 司 研 恺英网络（002517.SZ） 新产品有望继续驱动增长，出海与 AI 打开成长空间 究 2024年04月30日 ——公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn tianpeng@kysec.cn 日期 2024/4/30 证 书编号：S0790520030004 证书编号：S0790523090001 当前股价(元) 11.79  2024Q1业绩大增，看好储备游戏继续驱动增长，维持“买入”评级 公 一年最高最低(元) 19.29/9.16 公司 2023 年实现营业收入 42.95 亿元（同比+15.30%），归母净利润 14.62 亿元 司 信 总市值(亿元) 253.78 （同比+42.57%），扣非归母净利润13.51亿元（同比+41.26%）。2024Q1实现营 息 流通市值(亿元) 224.89 业收入 13.08 亿元（同比+36.93%，环比+3.29%），归母净利润 4.26 亿元（同比 更 总股本(亿股) 21.53 +47.06%，环比+12.33%）。公司业绩增长主要系《原始传奇》 ...

Financial Performance - Revenue in 2023 reached 4.295 billion yuan, a year-on-year increase of 15.30%[2] - Net profit attributable to shareholders in 2023 was 1.462 billion yuan, a year-on-year increase of 42.57%[2] - Revenue for 2023 reached 4,295,390,346.58 yuan, a 15.30% increase compared to 2022[21] - Net profit attributable to shareholders in 2023 was 1,461,713,259.53 yuan, up 42.57% year-over-year[21] - Operating cash flow for 2023 was 1,706,441,025.06 yuan, a 15.07% increase from 2022[21] - Total assets at the end of 2023 were 6,610,369,843.65 yuan, a 14.35% increase compared to the end of 2022[21] - Shareholders' equity at the end of 2023 was 5,244,042,212.61 yuan, a 17.28% increase from the end of 2022[21] - Basic earnings per share for 2023 was 0.70 yuan, a 42.86% increase compared to 2022[21] - Weighted average return on equity for 2023 was 28.85%, up 2.66 percentage points from 2022[21] - Revenue reached 4.295 billion yuan, a year-on-year increase of 15.30%[34] - Net profit attributable to shareholders was 1.462 billion yuan, a year-on-year increase of 42.57%[34] - Net cash flow from operating activities was 1.706 billion yuan, a year-on-year increase of 15.07%[34] - The company achieved a revenue of 4.295 billion yuan in 2023, a year-on-year increase of 15.30%, and a net profit attributable to shareholders of 1.462 billion yuan, a year-on-year increase of 42.57%[45] - The company's total assets reached 6.61 billion yuan by the end of 2023, a year-on-year increase of 14.35%, and the net assets attributable to shareholders were 5.244 billion yuan, a year-on-year increase of 17.28%[45] - Total revenue for 2023 reached 4,295,390,346.58 yuan, a year-on-year increase of 15.30%[51] - Mobile game revenue accounted for 83.27% of total revenue, reaching 3,576,655,401.35 yuan, up 13.28% year-on-year[51] - Information service revenue increased by 43.28% to 664,129,536.95 yuan, accounting for 15.46% of total revenue[51] - Overseas revenue surged by 619.54% to 116,616,751.59 yuan, representing 2.71% of total revenue[51] - Self-operated mode revenue grew by 291.40% to 793,556,172.99 yuan, accounting for 18.47% of total revenue[51] - Operating cash flow increased by 15.07% to 1.71 billion yuan, driven by a 9.69% increase in operating cash inflows[64] - Investment cash flow decreased by 184.47% to -377.83 million yuan, mainly due to reduced cash receipts from investment activities[64] - Financing cash flow decreased by 83.45% to -1.06 billion yuan, primarily due to increased cash payments related to financing activities[64] - Net cash and cash equivalents decreased by 80.39% to 268.65 million yuan[64] - Total assets increased from 5.78 billion yuan to 6.61 billion yuan, a growth of 14.3%[195][196] - Monetary funds rose from 2.55 billion yuan to 2.81 billion yuan, an increase of 10.0%[195] - Accounts receivable grew from 858.41 million yuan to 1.05 billion yuan, up 22.0%[195] - Long-term equity investments increased from 397.76 million yuan to 518.41 million yuan, a rise of 30.3%[195] - Total liabilities increased from 1.24 billion yuan to 1.37 billion yuan, up 10.7%[196][197] - Retained earnings surged from 2.07 billion yuan to 3.32 billion yuan, a significant growth of 60.3%[197] - Parent company's total assets grew from 11.35 billion yuan to 11.52 billion yuan, an increase of 1.6%[198][199] - Parent company's long-term equity investments increased from 7.95 billion yuan to 8.66 billion yuan, up 8.9%[199] - Parent company's other receivables decreased from 2.78 billion yuan to 2.26 billion yuan, a drop of 18.7%[198] - Parent company's total liabilities rose from 162.07 million yuan to 599.71 million yuan, a substantial increase of 270.0%[199] - Total liabilities increased to 599,713,962.74, up from 162,065,104.17[200] - Total owner's equity decreased to 10,924,041,336.00 from 11,185,259,315.80[200] - Capital reserve rose to 6,005,590,672.96 from 5,865,895,903.62[200] - Treasury stock increased to 340,670,858.84 from 140,701,119.84[200] - Undistributed profits decreased to 2,766,277,010.07 from 2,968,431,422.54[200] R&D and Innovation - R&D investment in 2023 was 527 million yuan, accounting for 12.26% of revenue[2] - Planned investment of 800 million yuan to establish a digital economy R&D center[2] - Established an AI application research center and developed the "Xingyi" large model for R&D scenarios[2] - The company invested 527 million yuan in R&D in 2023, accounting for 12.26% of its revenue[43] - The self-developed "Xingyi" large model has been applied in actual R&D scenarios, focusing on game vertical applications and significantly improving efficiency for multiple projects[43] - R&D expenses increased by 3.01% to 526.68 million yuan, accounting for 12.26% of total revenue[63] - R&D personnel increased by 12.71% to 1,295, with 69.29% of total employees being R&D staff[62] - Developed the "Xingyi" large model for image generation and text understanding, enhancing content creation efficiency and quality[81] - The company plans to establish the Kaiying Network Digital Economy R&D Center to enhance capabilities in game development, AI, VR/AR, and digital transformation[164] Dividends and Share Repurchases - Implemented a mid-term dividend of 213 million yuan in 2023 and plans to distribute a 2023 annual dividend of 213 million yuan in 2024[3] - Executed a share repurchase of 200 million yuan in 2023[3] - The company completed a share repurchase plan, buying back 16,074,400 shares, representing 0.75% of total shares, with a total transaction value of 199,969,739 yuan[49] - The company allocated a cash dividend of RMB 1 per 10 shares, based on a total of 2,130,570,334 shares, implemented on September 28, 2023[120] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 212,658,602.60 yuan[122] - Total cash dividends, including other methods, amount to 412,628,341.60 yuan, accounting for 100% of the profit distribution[123] - The company's distributable profit for 2023 is 2,766,277,010.07 yuan[123] - The company's total equity base for the dividend distribution plan is 2,126,586,026 shares[122] - The company's repurchase plan involves 4,591,368 to 9,182,736 shares, accounting for 0.21% to 0.43% of the total shares, with a planned repurchase amount of 10,000 to 20,000 million yuan[182] - The company has already repurchased 16,074,400 shares as part of its repurchase plan[182] - The repurchase period is from August 30, 2023, to August 29, 2024, and the repurchased shares are intended for future employee stock ownership plans and equity incentive plans[182] Corporate Governance - Increased the proportion of independent directors on the board from 1/3 to 1/2 and adjusted the audit committee to be fully composed of independent directors[5] - Recognized in multiple indices and awarded titles such as "2023 ESG Best Practice Case" and "Best Investor Relations Award"[5] - The company has four independent directors, accounting for half of the total board members[89] - The company has three supervisors, with the composition and number of the supervisory board meeting legal requirements[89] - The company has established a transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management[90] - The company ensures the independence of its business, personnel, assets, organization, and finance from the controlling shareholder[92] - The company strictly adheres to legal and regulatory requirements for corporate governance and information disclosure[91] - The company's governance practices are in compliance with legal and regulatory standards without significant differences[91] - The 2022 Annual General Meeting had an investor participation rate of 36.69%[93] - The 2023 First Extraordinary General Meeting saw an investor participation rate of 37.25%[93] - The 2023 Second Extraordinary General Meeting recorded an investor participation rate of 40.16%[93] - The 2023 Third Extraordinary General Meeting had an investor participation rate of 27.18%[93] - The company's internal control evaluation report and internal control audit report were both disclosed on April 30, 2024, with no major or significant defects identified in either financial or non-financial reporting[133][134] - The company's internal control system was deemed effective in all material aspects as of December 31, 2023, according to the internal control audit report[134] - The company's internal control evaluation covered 100% of both total assets and operating revenue in the consolidated financial statements[133] - The company's defect identification standards for internal control are based on 5% of pre-tax profit for both financial and non-financial reporting[133] - The company's internal control audit report received a standard unqualified opinion[134] - The company's internal control evaluation report was consistent with the internal control audit report's findings[134] Game Development and Market Performance - The VR game "Mecha Party" was officially launched on PlayStation North America and Steam platforms[37] - The round-based RPG game "Stone Age: Awakening" was officially launched in October 2023[37] - The copyright cooperation project "Nazarick King" was launched on November 21, 2023, with over 1 million pre-registrations[36] - The game "Nazarick King" ranked as high as 19th on the best-selling list in its first month[36] - The game "Gundam Supreme Battle" quickly reached the top of the iOS free list in Hong Kong and Taiwan after its launch in June 2021[35] - The company invested in Chengdu Zhidian Network Technology Co., Ltd., which is developing two medium-sized creative games[40] - The company successfully operates long-cycle premium products such as "Original Legend," "Hot Blood Combo," and "Angel Wars"[43] - The company has obtained IP authorizations for "Sword Art Online," "Mobile Suit Gundam Series," and "The Legend of the Condor Heroes," among others[44] - The company's core game users have a fan base of over 3 million, with more than 50 signed live streamers[47] - The company's product "New Heaven Sword and Dragon Saber" ranked first on the iOS free game charts in Hong Kong and Taiwan[47] - The company signed a strategic cooperation agreement with Century Huatong to deepen collaboration in IP, brand, and other new areas[47] - Multiple new games in development, including "Project RO" and "Code: WL," aimed at expanding IP matrix and exploring new markets[61] - Revenue from online games reached 4.295 billion yuan, accounting for the majority of the company's total revenue[189] - The company's goodwill net value after deducting accumulated impairment was 852.26 million yuan as of December 31, 2023[190] - The audit process included evaluating the design and effectiveness of internal controls related to online game revenue[189] - The company conducted annual impairment tests on goodwill, which involved significant management estimates and assumptions[190] - The audit team performed IT audits to verify the consistency of game product backend data with financial information[189] Investor Relations - The company conducted multiple investor relations activities throughout 2023, including on-site visits, phone conferences, and online platform interactions[85] - Key participants in these activities included major financial institutions such as Tianfeng Securities, GF Securities, and Huatai Securities[85] - Discussions primarily focused on the company's business operations, governance, and performance[85] - Specific events included a performance briefing on May 15, 2023, via the Quanjing Network platform[85] - The company engaged with a diverse range of investors, including domestic and international asset management firms[85] - Detailed records of these investor relations activities were disclosed on the company's official information platform[85] - The company maintained consistent communication with institutional investors throughout the year[85] - Key locations for these activities included Shanghai and Shenzhen[85] - The company utilized various communication methods, including face-to-face meetings, phone calls, and online platforms[85] - The frequency of these activities indicates the company's commitment to transparent investor communication[85] - The company held a phone communication with institutional investors on October 27, 2023, discussing business, performance, and governance[86] - The company disclosed an investor relations activity record on September 26, 2023, detailing business and governance content[86] - The company engaged with multiple institutional investors, including Manulife Investment Management, on September 26, 2023[86] - The company's investor relations activity record on October 27, 2023, included discussions with various asset management firms and securities companies[86] - The company's communication on October 27, 2023, involved detailed discussions on business, performance, and governance with a wide range of institutional investors[86] ESG and Sustainability - Recognized in multiple indices and awarded titles such as "2023 ESG Best Practice Case" and "Best Investor Relations Award"[5] - The company purchased 825 green power certificates in 2023 to accelerate its carbon neutrality process[139] - The company's ESG report for 2023 was disclosed on April 30, 2024, detailing its sustainability efforts and environmental impact[139] - The company's environmental impact is primarily from daily office energy consumption, with no environmental penalties incurred during the reporting period[137] - The company is not listed as a key pollutant discharge unit by environmental protection authorities[136] - The company donated funds and materials worth over 6 million RMB, benefiting more than 12,000 children in rural areas[140] - The company conducted 108 "Cloud Teaching Rural Small Classroom" sessions, totaling over 4,300 minutes[140] - The company donated 140 VR headsets and 288 VR courses to schools in Yushu Prefecture[140] - The company donated 150,000 RMB to the "Sports Dream Class" project, supporting 18 young sports teachers in Qinghai Province[140] - The company donated 6,167 educational materials to 4 rural schools in Sichuan Province[140] Legal and Regulatory Issues - The company's 2018 annual report falsely recorded a reduction in net profit of 43.75 million yuan, accounting for 25.09% of the audited net profit attributable to shareholders[104] - The company was fined 600,000 yuan by the China Securities Regulatory Commission Fujian Bureau for the false financial records in the 2018 annual report[104] - The company's subsidiary Shanghai Yueteng Network Technology Co., Ltd. adjusted 50 million yuan from "available-for-sale financial assets" to "other receivables" and fully provisioned for impairment in the 2018 annual report[103] - The company's 2018 annual report showed a net profit attributable to shareholders of 174.3853 million yuan[104] - The company's former deputy general manager Cheng Long was issued a warning letter by the China Securities Regulatory Commission Fujian Bureau for short-term trading activities[102] - The company's subsidiary Shanghai Kaiying Network Technology Co., Ltd. paid 50 million yuan to Ningbo Jiujin Investment Partnership as a goodwill gesture for a settlement with Blue Sand Information Technology (Shanghai) Co., Ltd.[103] - The company's 2018 annual report was found to have violated the 2005 Securities Law, leading to penalties for the company and its executives[104] - The company's former general manager Chen Yongcong was fined 300,000 yuan for his role in the false financial records of the 2018 annual report[104] - The company's former chairman Jin Feng was fined 300,000 yuan for his role in the false financial records of the 2018 annual report[104] - The lawsuit involving Legend IP and Shanghai Kaiying has an involved amount of 481.5274 million yuan, with the Supreme Court rejecting the retrial application[150] - The arbitration case initiated by Shanghai Kaiying against Legend IP involves an amount of 224.5 million yuan and is awaiting a ruling[150] - The arbitration case initiated by Zhejiang Huanyou against Legend IP involves an amount of 526.7288 million yuan and is in the pre-trial stage[150] - The total amount of disclosed but non-major litigation cases is 100.6251 million yuan[150] - The total amount of undisclosed but non-major litigation cases is 4.9534 million yuan[150] - The company reported no penalties or rectifications during the reporting period[151] - The company had no significant related transactions related to daily operations, asset or equity acquisitions, or joint external investments[152][153] Shareholder and Management Changes - The company's main business shifted from shoe production to computer technology development and sales after listing[19] - The controlling shareholder changed to Jin Feng on December 19, 2023[19] - The company's controlling shareholder and actual controller

恺英网络股份有限公司 2024 年第一季度报告 证券代码：002517 证券简称：恺英网络 公告编号：2024-025 恺英网络股份有限公司 2024 年第一季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第一季度报告是否经审计 □是 否 1 恺英网络股份有限公司 2024 年第一季度报告 一、主要财务数据 （一）主要会计数据和财务指标 | --- | --- | --- | --- | |-----------------------------------------------------|------------------|------------------|--------------------------------| | □是 否 | 本报告期 | 上年 ...

公司研 究 证 券研究 报 告 游戏 2024年04月18日 恺 英网络（002517）深度研究报告 推荐 （首次） 传奇奇迹赛道龙头，掘金 IP 向产品、拥抱游 目标价：14.69元 戏垂类大模型、布局出海发行 当 前价：10.57元  传奇奇迹赛道龙头，开疆拓土再起航。恺英自页游起家，逐步成为覆盖手游研 华创证券研究所 发、发行、渠道全产业链的游戏公司，也是当前国内传奇奇迹赛道的主要参与 者之一，并在积极拓展非传奇奇迹品类。2015 年借壳上市以来，公司经历了 证券分析师：刘欣 一轮经营、公司治理层面的周期，2021年以来重回向上轨道开启强劲复苏。 电话：010-63214660  传奇游戏市场：版权理清下市场有望迎来规范化发展周期。传奇赛道是重度 邮箱：liuxin3@hcyjs.com ARPG 的主要组成部分，占国内游戏市场规模约 10%。20 余年来国内传奇市 执业编号：S0360521010001 场的发展，可以分为两条主线：1）产品侧在端游时期由单一爆款，发展到多 款迭代产品，并在页游、手游时代进一步扩展为衍生赛道。2）版权侧随着盛 证券分析师：廖志国 趣游戏对《传奇》系列 IP 在中国大 ...

[Table_Title] 证券研究报告 恺英网络（002517.SZ）：自研《形意》大模 公司研究 型已应用于研发，分红及回购彰显信心 [Table_ReportType] 公司点评 [Table_ReportDate] 2024年04月02日 恺英网络（002517.SZ） [T事ab件le：_该Su公mm司ary 7] 12AI创作小组研发的《形意》大模型应用已经取得了较大 投资评级 买入 的进展，并顺利进入实际研发场景。 上次评级 买入 点评： [T冯ab翠le婷_Au传th媒or互]联网及海外 《形意》：恺英游戏的AI创作与策划加速器。《形意》具备图像生成（" 形"）和文本理解（"意"）功能，在其辅助下，公司不仅能够利用AI技术处 首席分析师 理旗下产品UI框架、技能和物品图标等各类视觉美术元素的创作过程，还 执业编号：S1500522010001 通过大模型实现了对文学剧本的自动化解析，大幅缩短了前期策划的时间， 为文学IP的游戏化改编提供了高效助力。《形意》以其独特的定位和高实 邮箱：fengcuiting@cindasc.com 用价值，在恺英的研发生态中占据重要地位，为恺英研发生态提供了多样 ...

证券研究报告 公 2024年04月01日 司 报 告 恺英网络(002517) │ 行 业： 传媒/游戏Ⅱ 公 投资评级： 司 当前价格： 11.64元 点 稳定分红回报股东，董事长增持彰显信心 目标价格： 评 研 事件： 究 基本数据 公司发布公告：于3月28日收到公司实际控制人、董事长金锋先生《关于 总股本/流通股本(百万股) 2,152.52/1,907.47 恺英网络股份有限公司2023年度及2024年内现金分红的提议函》，提议： 流通A股市值(百万元) 22,202.90 1）公司2023年现金分红方案为：向全体股东每10股派发现金红利不低于 每股净资产(元) 2.33 1元（含税）；2）开展2024年内分红，总金额不高于2.2亿元（含税）。 资产负债率(%) 20.52 ➢ 分红节奏趋稳，董事长多次增持彰显信心 一年内最高/最低(元) 19.29/9.16 此前，公司23H1分红情况为：每10股派发现金红利1元（含税），共计派 发 2.13亿元，占23H1归母净利润的 29.4%。本次《提议函》对公司2023 股价相对走势 年度、2024年内分红计划提出指引，分红方式、力度与23H1相近。我们认 ...

[Table_Main] 证券研究报告 | 公司点评 恺英网络(002517.SZ) 2024年03月29日 恺英网络点评：增持、分红持续 买入（维持） 所属行业：传媒/游戏Ⅱ 提振信心，看好公司未来长期发 当前价格(元)：11.02 展 证券分析师 马笑 投资要点 资格编号：S0120522100002 邮箱：maxiao＠tebon.com.cn 事件：2024年3月27、28日，公司接连发布《关于实际控制人、董事长增持股  份计划实施完成的公告》和《关于收到实际控制人、董事长2023年度及2024年 市场表现 内现金分红提议的公告》。 恺英网络 沪深300 69% 实控人1亿增持计划已完成。2023年12月26日，恺英网络股份有限公司披露了  51% 实际控制人、董事长金锋先生拟增持公司股份的计划，金锋先生拟增持金额不低 34% 于10,000万元，实施期限为自增持计划披露之日起不超过 6个月。自2024年3 17% 月 7 日至 2024 年 3 月 27 日，金锋先生累计通过集中竞价方式增持公司股份 0% -17% 9,703,100股，占公司总股本的0.45%，累计增持金额约10999.96万 ...

股 票 研 究 [Table_industryInfo] 传播文化业/社会服务 [ Table_Main[恺ITnaf 英bol]e 网_Ti络tle]( 002517) [评Tab级le_：Inv est] 增持 上次评级： 增持 实控人增持提前完成，提议现金分红计划 目标价格： 27.73 上次预测： 27.73 公 ——恺英网络更新报告 当前价格： 11.19 司 陈筱(分析师) 杨昊(分析师) 2024.03.29 更 021-38675863 021-38032025 [交Ta易bl数e_M据a rket] 新 chenxiao@gtjas.com yanghao029514@gtjas.com 证书编号 S0880515040003 S0880524020001 52周内股价区间（元） 9.51-18.56 报 总市值（百万元） 24,087 告 本报告导读： 总股本/流通A股（百万股） 2,153/1,907 公司实控人累积出资近 1.1 亿元增持股份0.45%，提前完成股份增持计划， 流通 B股/H股（百万股） 0/0 流通股比例 89% 并提议2023年和 204年的现金分红计划，体现对公司 ...

2024年03月29日 公 司点评 公 买入 / 维持 司 恺英网络(002517.SZ) 研 究 目标价:17.74 昨收盘:11.19 传媒互联网 分红节奏逐渐稳定，长期投资价值突显 ◼ 走势比较 事件： 3月28日公司发布公告实际控制人、董事长金锋提议：1）2023年度向全 70% 体股东每10股派发现金红利不低于1元；2）在满足公司实际资金需求的 50% 情况下开展24年内分红，总金额不高于2.2亿元。 太 30% 平 ➢ 分红节奏逐渐稳定 10% 洋 (10%)82/3/32 9/6/32 12/8/32 2/11/32 41/1/42 72/3/42 2 元3 ，年 总8 派月 息公 金司 额曾 约实 2施 .1323 亿年 元半 ，年 是度 时权 隔益 5分 年派 来， 的以 首每 次现10 金股 分派 红发 派现 息金 。红 自利 21 3 证 (30%) 年8月起到此次现金分红提议，公司有望实现每半年进行一次现金分红， 券 分红节奏逐渐稳定，提升公司长期投资价值。 恺英网络 沪深300 股 份 ◼ 股票数据 ➢ 管理层持续增持股份，彰显经营信心 有 3 月 27 日公司第一大股东、董事长金锋 ...

[传Tab奇le_筑Titl基e] ，多维成长 [Table_ReportDate] 恺英网络(002517)公司深度报告 | 2024.02.28 [评Ta级ble：_R 买ank入] 核心观点 [ Table_Authors] [Tabl e_Summary] 王建会 ⚫ 恺英网络（002517.SZ）是国内知名的互联网游戏上市公司。公司坚持 传媒互联网首席分析师 将“聚焦游戏主业”作为公司发展的核心战略方向，以研发、发行以 SAC执证编号：S0110522050001 及投资+IP三大业务体系为支撑，持续为用户提供优质内容服务和深度 wangjianhui2@sczq.com.cn 游戏娱乐体验。 ⚫ 公司自研体系逐步实现管线化、标准化、模块化、自动化。公司高度 李甜露 重视多维度、立体化研发体系建设，形成上海本部与浙江盛和两支经 传媒互联网联席首席分析师 验丰富的研发团队，并组建了VR游戏团队和其他研发队伍。当前上海 SAC执证编号：S0110516090001 恺英与浙江盛和的美术中台、技术中台已逐步打通，围绕热门 IP 规模 litianlu@sczq.com.cn 化产出精品游戏的能力显著提高。 ...