Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company's decision to change the purpose of its share repurchase to cancellation enhances shareholder returns and boosts long-term investor confidence [2] - The company has a rich pipeline of reserve products and IPs, which is expected to open a new product cycle [3] - The company is actively expanding its overseas business and leading in AI-related fields [4] Financial Performance and Projections - The company's revenue is projected to grow from 3725.53 million yuan in 2022 to 7216.31 million yuan in 2026, with a CAGR of 18.76% [6] - Net profit attributable to the parent company is expected to increase from 1025.23 million yuan in 2022 to 2522.59 million yuan in 2026, with a CAGR of 20.01% [6] - The company's ROE is forecasted to remain strong, ranging from 21.75% to 27.87% between 2022 and 2026 [6] - EPS is projected to grow from 0.48 yuan in 2022 to 1.17 yuan in 2026 [6] Product Pipeline - The company announced 22 new products during its 2025 product launch event, covering multiple genres such as MMORPG, SLG, and strategy card games [3] - Key self-developed games include "The Grave Robbers' Chronicles: Departure," "Three Kingdoms: The World's Heart," and "King of Legends 2" [3] - The company also has a strong portfolio of licensed IP games, such as "Dragon Nest World" and "Digimon: Source Code" [3] Share Repurchase and Capital Structure - The company repurchased 16.07 million shares, accounting for 0.75% of its total shares, at an average price of 12.43 yuan per share [2] - The repurchased shares will be canceled, reducing the total number of shares from 2152.52 million to 2136.44 million, which is expected to improve EPS and shareholder returns [2] Valuation Metrics - The company's P/E ratio is projected to decrease from 27.82x in 2022 to 11.31x in 2026, indicating a more attractive valuation [6] - The P/B ratio is expected to decline from 6.38x in 2022 to 2.46x in 2026 [6] - EV/EBITDA is forecasted to drop from 18.19x in 2022 to 8.24x in 2026 [6]

Key Points Company and Industry Overview 1. **Company Information**: The discussion revolves around "凯因网络" (Kaiyin Network), a leading gaming company in the Chinese market. 2. **Industry Context**: The gaming industry, particularly in China, is highlighted as a key focus area for the company. Core Views and Arguments 1. **Share Repurchase and Cancellation**: The company repurchased approximately 16 million shares in 2023, totaling 0.75% of the company's total share capital. The highest transaction price was around 12.7 yuan, and the lowest was around 12.16 yuan, with a total transaction amount of 200 million yuan. The company has now proposed a plan to cancel these repurchased shares, reducing the company's registered capital. 2. **Benefits of Share Cancellation**: This move is expected to enhance the company's investment value, increase EPS and EPS net assets, and improve shareholder returns. It also aligns with regulatory guidelines encouraging share repurchase and cancellation. 3. **Historical Milestones**: The company has achieved several firsts, including the first information rating of A, the first time the company's chairman and major shareholder increased their holdings, and the first time all senior management committed to not reducing their holdings for five years. 4. **Product Pipeline**: The company plans to launch a product launch event on May 25th, showcasing key products for 2025, including "Dragon's Valley World," "Orochi Chain," "Digimon," "Bleach," and "The Lost Tomb: Journey to the West." 5. **AI and Innovation**: The company has made significant breakthroughs in AI technology, focusing on game applications such as scene generation, numerical editing, and animation generation. They have also developed an AI emotional companion app, set to launch soon. Other Important Points 1. **Collaboration with Singaporean Company**: The company has formed a collaboration with a Singaporean company, leveraging their respective strengths and resources to expand their business. 2. **Product Focus**: The company emphasizes key products such as "Dragon's Valley World," "The Lost Tomb: Journey to the West," and "Three Kingdoms: Return of the Heroes." 3. **Platform Business**: The company's platform business, particularly the game box and treasure platform, has shown strong performance, with annual revenue growth of around 20%. 4. **Future Outlook**: The company expects continued growth in the gaming industry and plans to expand its product pipeline and explore new markets, including overseas markets.

Investment Rating - Buy rating with a target price of 15.83 CNY [4] Core Views - The company has a rich pipeline of new products and strong IP capabilities, which are expected to drive future growth [2][9] - The company is expanding its game genres beyond its traditional MMO focus, which could help break through its growth ceiling [9] - The company's IP portfolio includes well-known titles such as "Dragon Nest," "Legend," "Digimon," and "Tomb Raider," which are expected to boost product launches [9] Financial Projections - Revenue is projected to grow from 3,726 million CNY in 2022 to 7,199 million CNY in 2026, with a CAGR of 17.8% [3] - Net profit attributable to shareholders is expected to increase from 1,025 million CNY in 2022 to 2,374 million CNY in 2026, with a CAGR of 18.3% [3] - EPS is forecasted to rise from 0.49 CNY in 2022 to 1.10 CNY in 2026 [3] - ROE is expected to remain strong, ranging from 22.9% in 2022 to 25.0% in 2026 [3] Product Pipeline - The company has announced 22 new products across four categories: "Classic Continuation," "Fantasy Adventure," "Chinese Martial Arts," and "Casual Games" [9][10] - Key IPs include "Dragon Nest: World," "Legend 2," "Digimon: Source Code," and "Tomb Raider: Journey" [9][10] - The company is diversifying its game genres, including ARPG, SLG, and casual games, which could enhance its market position [9] Financial Ratios - The company maintains a high gross margin, projected to be around 82% from 2024 to 2026 [13] - The net profit margin is expected to remain stable at around 31-33% from 2024 to 2026 [13] - The P/E ratio is forecasted to decline from 13.39 in 2022 to 11.64 in 2026, indicating potential undervaluation [3][13] Market Performance - The company's stock has shown strong relative performance compared to the CSI 300 index, with significant outperformance in recent periods [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 12.88 RMB [6] Core Views - The company plans to change the use of repurchased shares from employee incentives to cancellation, which will enhance shareholder returns by increasing EPS by approximately 0.75% [1] - The company has demonstrated a strong commitment to investor returns through dividends, share repurchases, and management share purchases [2] - The company's performance is expected to grow steadily, with a rich pipeline of games set to be released in 2025, and AI applications showing promising potential [3][4] Financial Performance and Projections - The company's revenue for the first three quarters of 2024 increased by 30% YoY, with net profit attributable to the parent company growing by 18% [3] - The company's 2024-2026 forecasted net profit attributable to the parent company is adjusted to 1.73/2.05/2.39 billion RMB, with YoY growth rates of 19%/18%/16% respectively [4] - The company's 2024-2026 forecasted EPS is 0.81/0.95/1.11 RMB, with corresponding P/E ratios of 16/14/12 times [4] Product Pipeline and AI Applications - The company has a rich pipeline of games set to be released in 2025, including titles such as "The Legend of Mir 2," "Dragon Nest World," and "Code: Red Moon" [3] - The company's self-developed "Xingyi" large model has been applied in actual R&D scenarios, significantly improving development efficiency in animation and scene production [4] - The company's investment in Ultimate Illusion has led to the release of a 3D AI companion product "EVE" [4] Shareholder Returns and Management Commitment - The company has consistently paid semi-annual dividends of 210 million RMB in 2023 and 2024 [2] - The company repurchased 16.07 million shares for approximately 200 million RMB in the second half of 2023 [2] - The company's chairman and senior management have committed to not reducing their holdings for the next 5 years and will use post-tax dividends to continue purchasing shares [2] Financial Data and Valuation - The company's 2024-2026 forecasted revenue is 5.44/6.36/7.29 billion RMB, with YoY growth rates of 26.63%/16.89%/14.62% [5] - The company's 2024-2026 forecasted EBITDA is 1.87/2.20/2.54 billion RMB [5] - The company's 2024-2026 forecasted P/B ratios are 2.74/2.13/1.70 times [5]

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong shareholder return focus and long-term investment value [1][8] Core Views - The company's share buyback and cancellation plan enhances long-term investment value by increasing EPS [3] - Stable dividend policy with semi-annual cash dividends since 2023 demonstrates commitment to shareholder returns [3] - Management's continuous share purchases signal confidence in future development [3] - Rich game pipeline with multiple new releases expected to drive future growth [4] - Breakthroughs in self-developed AI models and expansion into AI emotional companionship sector [5] Financial Performance - Revenue forecast for 2024-2026: 5.385B, 6.314B, 7.200B yuan with growth rates of 25.37%, 17.25%, 14.03% respectively [8] - Net profit forecast for 2024-2026: 1.735B, 2.064B, 2.322B yuan with growth rates of 18.72%, 18.95%, 12.51% respectively [8] - Diluted EPS projected to increase from 0.81 yuan in 2024 to 1.08 yuan in 2026 [8] - PE ratio expected to decline from 16 in 2024 to 12 in 2026 [8] Game Pipeline - Over ten games in pipeline, including "Tomb Raider: Departure" with 806k official channel reservations [4] - "Douluo Continent: Legend of Punishment" scheduled for testing in Jan 2025 with 280k TapTap reservations [4] - "Dragon Nest World" 3D MMORPG mobile game to launch in Feb 2025 [4] - 13 games obtained licenses in H2 2024, including "Primitive Awakening" and "Eternal Dragon" [4] AI Development - Self-developed Xingyi AI model achieves breakthroughs in animation and scene production [5] - Zhimeng AI model obtained generative AI service filing in Dec 2024, featuring dialogue and role-playing functions [5] - Strategic investment in 3D AI virtual companion application "EVE" targeting male users with emotional companionship features [5] Shareholder Returns - Completed share buyback of 16.07M shares (0.75% of total shares) for 200M yuan [3] - Semi-annual cash dividend of 0.1 yuan per share in 2024, totaling 213M yuan [3] - Management committed to using after-tax dividends for continuous share purchases over next five years [3]

证券代码：002517 证券简称：恺英网络 公告编号：2025-004 恺英网络股份有限公司 关于 2022 年股票期权激励计划 第二个行权期行权条件成就的公告 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。 重要内容提示： 1、本次符合行权条件的激励对象共计 21 名，可行权的股票期权数量为 9,857,208 份，占公司目前股本总额 2,152,517,634 股的 0.46%，行权价格为 4.56 元/股； 2、本次行权采用集中行权模式； 3、本次可行权股票期权若全部行权，公司股份仍具备上市条件； 4、本次行权事宜需在中国证券登记结算有限责任公司深圳分公司的手续办 理结束后方可行权，届时将另行公告，敬请投资者注意。 恺英网络股份有限公司（以下简称"公司"、"恺英网络"）于 2025 年 1 月 10 日召开第五届董事会第十一次会议及第五届监事会第十一次会议审议通过 了《关于 2022 年股票期权激励计划第二个行权期行权条件成就的议案》。现将 2022 年股票期权激励计划（以下简称"本次激励计划"）有关情况公告如下： 一、公司 2022 年股票期权激励计划 ...

北京国枫律师事务所 关于恺英网络股份有限公司 2022 年股票期权激励计划第二个行权期行权条件成 就及调整行权价格的 法律意见书 国枫律证字[2022]AN250-5 号 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 邮编：100005 电话（Tel）：010-88004488/66090088 传真（Fax）：010-66090016 北京国枫律师事务所 关于恺英网络股份有限公司 2022 年股票期权激励计划第二个行权期行权条件成就 及调整行权价格的 法律意见书 国枫律证字[2022]AN250-5 号 致：恺英网络股份有限公司 北京国枫律师事务所（以下称"本所"）接受恺英网络股份有限公司（以 下称"恺英网络"或"公司"）委托，担任恺英网络实施 2022 年股票期权激励 计划（以下称"本次股权激励计划"）的专项法律顾问，并已出具了"国枫律 证字[2022]AN250-1号"《北京国枫律师事务所关于恺英网络股份有限公司实施 2022 年股票期权激励计划的法律意见书》、"国枫律证字[2022]AN250-2 号" 《北京国枫律师事务所关 ...

二〇二五年一月 上海信公轶禾企业管理咨询有限公司 关于 恺英网络股份有限公司 2022 年股票期权激励计划 第二期行权相关事项 之 独立财务顾问报告 独立财务顾问： 上海信公轶禾企业管理咨询有限公司 独立财务顾问报告 | | | | 第一章 | 声 明 3 | | --- | --- | | 第二章 | 释 义 5 | | 第三章 | 基本假设 6 | | 第四章 | 本激励计划履行的审批程序 7 | | 第五章 | 本激励计划第二个行权期行权条件成就的说明 10 | | | 一、关于本激励计划第二个行权期行权条件成就的说明 10 | | | 二、本激励计划第二个行权期的行权安排 11 | | | 三、本次实施的股权激励计划与已披露的股权激励计划差异情况说明 12 | | | 四、本次行权对公司的影响 13 | | 第六章 | 独立财务顾问核查意见 14 | 2 上海信公轶禾企业管理咨询有限公司 独立财务顾问报告 第一章 声 明 上海信公轶禾企业管理咨询有限公司接受委托，担任恺英网络股份有限公 司（以下简称"恺英网络"或"上市公司"、"公司"）2022 年股票期权激励 计划（以下简称"本激励计划"）的独立财务 ...

证券代码：002517 证券简称：恺英网络 公告编号：2025-003 恺英网络股份有限公司 关于调整 2022 年股票期权激励计划 股票期权行权价格的公告 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（全文简称"公司"）于 2025 年 1 月 10 日召开第五 届董事会第十一次会议及第五届监事会第十一次会议审议通过了《关于调整 2022 年股票期权激励计划股票期权行权价格的议案》。现将有关情况公告如下： 一、已履行的相关审批程序 1、2022 年 10 月 21 日，公司召开第四届董事会第四十一次会议审议通过了 《关于<恺英网络股份有限公司 2022 年股票期权激励计划（草案）>及其摘要的 议案》、《关于<恺英网络股份有限公司 2022 年股票期权激励计划实施考核管理 办法>的议案》、《关于提请股东大会授权董事会办理股权激励相关事宜的议案》。 同日，公司召开第四届监事会第三十三次会议审议通过了《关于<恺英网络 股份有限公司 2022 年股票期权激励计划（草案）>及其摘要的议案》、《关于< 恺英网络股份有限公司 2022 年股票期权激 ...

证券代码：002517 证券简称：恺英网络 公告编号：2025-009 恺英网络股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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。 一、召开会议的基本情况 恺英网络股份有限公司（以下简称"公司"）第五届董事会第十一次会议审 议通过了《关于召开 2025 年第一次临时股东大会的议案》。现将有关事宜通知 如下： 1、股东大会届次：2025 年第一次临时股东大会； 2、股东大会召集人：公司董事会； 3、会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政法 规、部门规章、规范性文件和《公司章程》的规定； 4、会议召开的日期、时间 1）现场会议时间：2025 年 2 月 7 日（星期五）14：00； 2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 2 月 7 日的交易时间，即 9:15—9:25，9:30－11:30，13:00－15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 2 月 7 日 09:15-15:00； 5、会议召开方式： ...