证券代码：002517 证券简称：恺英网络 公告编号：2025-007 恺英网络股份有限公司 关于变更回购股份用途并注销的公告 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"）于 2025 年 1 月 10 日召开的第五 届董事会第十一次会议审议通过《关于变更回购股份用途并注销的议案》，同意变 更 2023 年 8 月 30 日公司第五届董事会第四次会议审议通过的《关于回购公司股 份方案的议案》的回购股份用途，由原方案"用于后续员工持股计划、股权激励计 划"变更为"用于注销并减少公司注册资本"。本议案尚需提交公司股东大会审议。 现将相关情况公告如下： 一、回购股份方案及实施情况 公司于 2023 年 8 月 30 日召开了第五届董事会第四次会议，审议通过了《关 于回购公司股份方案的议案》，公司将以集中竞价交易方式回购公司股份，用于回 购股份的资金总额不超过（含）人民币 20,000 万元且不低于（含）人民币 10,000 万元；回购股份价格不超过人民币 21.78 元/股，回购期限自董事会审议通过回购 股份方案之日起不超 ...

证券代码：002517 证券简称：恺英网络 公告编号：2025-002 恺英网络股份有限公司 第五届监事会第十一次会议决议公告 本公司及监事会全体成员保证信息披露内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、审议通过《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》 经核查，监事会认为：本次调整符合《上市公司股权激励管理办法》、公司 《2022 年股票期权激励计划（修订稿）》等相关法律法规及公司制度的规定， 调整程序合法合规，不会对公司的财务状况和经营成果产生实质性影响，不存在 损害公司及股东利益的情形。因此，监事会同意本次 2022 年股票期权激励计划 股票期权调整行权价格事项。 具体内容详见公司同日披露在《中国证券报》、《上海证券报》、《证券时 报》、《证券日报》及巨潮资讯网（www.cninfo.com.cn）上的《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》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 二、审议通过《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》 经审核，监事会认为：根据公司《2022 年股票期权激 ...

证券代码：002517 证券简称：恺英网络 公告编号：2025-001 恺英网络股份有限公司 第五届董事会第十一次会议决议公告 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"）于 2025 年 1 月 6 日以电子邮 件方式发出召开第五届董事会第十一次会议的通知，会议于 2025 年 1 月 10 日 以现场结合通讯方式召开。根据《公司章程》的规定，会议应出席董事 8 名，实 际出席董事 8 名；公司监事和部分高级管理人员列席会议。会议的召开符合《公 司法》、《公司章程》及相关法律、法规的有关规定，会议决议合法有效。 根据《公司章程》规定，本次会议由董事长金锋先生主持，与会董事就会议 议案进行了审议、表决，审议通过如下议案： 一、审议通过《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》 鉴于公司 2023 年年度利润分配方案以及 2024 年中期利润分配方案已实施 完毕，董事会同意将 2022 年股票期权激励计划股票期权行权价格由 4.76 元/股 调整至 4.56 元/股。 具体内容详见公司同日披露在 ...

恺英网络股份有限公司 章 程 二〇二五年一月 | 目录 | | --- | | 第一章 | 总则 3 | | --- | --- | | 第二章 | 经营宗旨和范围 4 | | 第三章 | 公司股份 5 | | 第一节 | 股份发行 5 | | 第二节 | 股份增减和回购 5 | | 第三节 | 股份转让 7 | | 第四章 | 股东和股东大会 8 | | 第一节 | 股东 8 | | 第二节 | 股东大会的一般规定 11 | | 第三节 | 股东大会的召集 15 | | 第四节 | 股东大会的提案与通知 17 | | 第五节 | 股东大会的召开 18 | | 第六节 | 股东大会的表决和决议 22 | | 第五章 | 董事会 27 | | 第一节 | 董事 27 | | 第二节 | 董事会 30 | | 第六章 | 总经理及其他高级管理人员 36 | | 第七章 | 监事会 38 | | 第一节 | 监事 39 | | 第二节 | 监事会 39 | | 第八章 | 财务会计制度、利润分配和审计 41 | | 第一节 | 财务会计制度 41 | | 第二节 | 内部审计 45 | | 第三节 | 会计师事务所 ...

Key Points Industry or Company Involved - **Company**: 凯因网络 (Kaiyin Network) - **Industry**: Gaming Industry Core Views and Arguments - **2015 Gaming Industry Outlook**: The gaming industry is expected to see a new cycle in 2015, with potential for cross-seasonal trends and a rise in "small bull" stocks. This cycle is not primarily driven by earnings but by business potential and technological advancements. - **Product Development**: Kaiyin Network has a robust pipeline of new products, including "Dou Ge Dalu", "Damo Note", "Dragon's Valley World", and innovative game categories like VR and AR games. They also plan to expand into new genres like SRG and Legend games. - **Business Expansion**: The company is focusing on expanding its distribution channels, both domestically and internationally, targeting regions like Hong Kong, Taiwan, Japan, Southeast Asia, and potentially Europe. - **AI and VR Integration**: Kaiyin Network is actively exploring the integration of AI and VR technologies into its games, with a VR game already launched on Steam and PlayStation. - **IP Derivatives**: The company is developing derivative products based on its IPs, such as comic books and merchandise. - **Market Integration**: The company is working towards integrating various aspects of the gaming industry, including market normalization and platform development. - **AR and VR**: The company is keeping a close eye on AR and VR technology, considering its potential application in gaming. - **AI and Game Development**: The company is exploring the application of AI in game development, but the relationship between AI and the gaming industry is not as direct as in the media industry. - **Economic Outlook**: The company acknowledges the economic challenges but believes the gaming industry has resilience and potential for growth. - **Global Market Expansion**: The company is focusing on expanding its presence in the global market, leveraging its strengths in storytelling, art, and game design. Other Important Points - **2014 Performance**: The company's performance in 2014 was stable, with a focus on research and development and distribution. - **2015 Growth Expectations**: The company expects a stable growth rate in 2015, with potential for higher growth in overseas markets and new product launches. - **Content Expansion**: The company is exploring new content formats, including short-form videos and live streaming. - **Investment Opportunities**: The company's overseas business and new product launches are expected to be key growth drivers in 2015.

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has launched its first AI industrial pipeline, empowering all aspects of game production, with products being released smoothly and a rich product pipeline [3] - The "Xingyi" large model application has significantly reduced repetitive labor and communication costs in the development process, ensuring stable and consistent quality in game content development and unleashing the creative potential of developers [2] - The company has a diversified product release strategy, with short-term, medium-term, and long-term product reserves, including rapid iteration based on market conditions, IP-based product development cooperation, and comprehensive construction of its own IP to build a game product matrix [2] Financial Projections - Revenue is projected to be 5,389 million yuan in 2024, 6,499 million yuan in 2025, and 7,519 million yuan in 2026 [3] - Net profit attributable to the parent company is expected to be 1,919 million yuan in 2024, 2,490 million yuan in 2025, and 2,936 million yuan in 2026 [3] - EPS is forecasted to be 0.89 yuan in 2024, 1.16 yuan in 2025, and 1.36 yuan in 2026 [3] - The P/E ratio is estimated to be 15.9x in 2024, 12.3x in 2025, and 10.4x in 2026 [3] Product Releases - The company released several games in October, including the MMO game "Zhushen Jie: Yingji," the mini-game "Baigong Ling," the overseas version of "Monster Alliance" titled "Guai Ka Jiu Cha Dui," the officially licensed mobile game "LaTale: Rainbow Orange," and the new fairy tale casual RPG mobile game "Xianjian Qixia Zhuan: New Beginning" in Vietnam [2] AI Technology Application - The "Xingyi" large model application, launched in April, covers a complete toolchain including interface generation, map generation, animation generation, code generation, and numerical generation, significantly improving development efficiency [2] - The "Yueqian" tool supports developers in generating various game elements directly through AI tools, ultimately automating the creation of complete games [2]

Investment Rating - The report assigns an "Overweight" rating to Kaiying Network (002517 SZ) for the first time [2] Core Views - Kaiying Network has established a solid foundation with its nostalgic games, particularly in the Legend and Miracle game categories, which have a broad user base, strong stability, and high ARPU values [2] - The company completed the acquisition of Zhejiang Shenghe in 2023, which contributed RMB 737 million in net profit in H1 2024, a 38 5% YoY increase, and is expected to reach new highs in profit contribution for 2024 [2] - The company's chairman has been increasing his shareholding since 2020, with three increases in 2024 alone, reaching a 14 77% stake by the end of Q3 2024, and the chairman and executives have pledged not to reduce their holdings for the next five years, demonstrating strong confidence in the company's long-term development [4] - Kaiying Network has a robust pipeline of new games, including "Liangshan Legend," "Taishang Butian Scroll," "Tomb Raider: Departure," "Douluo Dalu: Zhuxie Legend," "Dragon Nest World," and "Romance of the Three Kingdoms: The World Returns to the Heart," with a rich IP portfolio supporting its product diversification strategy [4] - The company is deeply involved in AIGC, with its self-developed "Xingyi" large model already enhancing multiple projects, and it has invested in an AI-driven 3D male-oriented romantic companion product "EVE," which has garnered over 1 million views on Bilibili and is expected to pioneer the male-oriented romantic companion market [4] Financial Forecasts - The company's revenue is expected to grow from RMB 4 295 billion in 2023 to RMB 7 055 billion in 2026, with a CAGR of 17 13% [5] - Net profit attributable to the parent company is projected to increase from RMB 1 462 billion in 2023 to RMB 2 236 billion in 2026, with a CAGR of 16 44% [5] - The company's ROE is forecasted to remain strong, ranging from 23 86% to 27 87% over the forecast period [5] - The P/E ratio is expected to decrease from 19 92x in 2023 to 13 03x in 2026, indicating potential undervaluation [5] Industry and Market Performance - The company's market capitalization stands at RMB 29 123 56 billion, with a circulating market capitalization of RMB 25 899 91 billion [3] - The stock price closed at RMB 13 53 on December 2, 2024, with a 52-week range of RMB 8 33 to RMB 14 55 [3] - The company's asset-liability ratio is 19 41%, and its net asset per share is RMB 2 81 [3]

证券代码:002517 证券简称:恺英网络 恺英网络股份有限公司 投资者关系活动记录表 编号: 2024-007 | 投资者关系 | □特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 ☑其他 (投资者交流会) | | | 海通证券、兴业证券、上海证券、德邦证券、华金证券、中邮证 | | | 券、太平洋证券、国联证券、安信证券、中银证券、中原证券、 | | | 招商证券、国海证券、东吴证券、华福证券、中信建投、国泰君 | | | 安、东方财富、广发证券、开源证券、中信证券、国盛证券、华 | | | 泰证券、西南证券、华鑫证券、山西证券、长江证券、国元证券、 | | | 华创证券、中泰证券、中金公司、东方证券、浙商证券、国金证 | | | 券、华源证券、光大证券、国联安、财通基金、平安资管、华泰 | | | 资管、泰康资管、Citadel、恒越基金、国寿资管、国寿养老、交 | | 参与单位名称 | 银施罗德、华安基金、国泰基金、农银汇理、申万菱信、百年人 | | | 寿、东海基金、永赢基金、华宝基 ...

Industry Overview - The National Press and Publication Administration officially announced the approval information for online games in November 2024, with a total of 112 domestic online games and 7 imported online games approved [1] Company Highlights - Kaiying Network's subsidiary, Shanghai Kaiying Network Technology Co Ltd, published the game "Honghuang Ao Jian," which is operated by Hangzhou Wenwei Network Technology Co Ltd, and successfully obtained a license [1] - Another subsidiary, Shanghai Shuangmeng Network Technology Co Ltd, published the game "Xianyuan Lu," which is operated by Shanghai Kaiying Software Technology Co Ltd, and also successfully obtained a license [1]