恺英网络股份有限公司 详式权益变动报告书 上市公司名称：恺英网络股份有限公司 股票上市地点：深圳证券交易所 股票简称：恺英网络 权益变动性质：不变 签署日期：2024 年 9 月 9 日 声明 一、本报告书系信息披露义务人及其一致行动人依据《中华人民共和国公司 法》、《中华人民共和国证券法》、《上市公司收购管理办法》、《公开发行证券公司 信息披露内容与格式准则第 15 号——权益变动报告书》、《公开发行证券公司信 息披露内容与格式准则第 16 号——上市公司收购报告书》及其他相关法律、法 规和规范性文件编写。 股票代码：002517 信息披露义务人：金锋 住所：上海市宝山区沪太路***弄***号甲 通讯地址：上海市闵行区陈行公路 2388 号 3 号楼 3 楼 权益变动性质：增加 一致行动人：绍兴市安嵊企业管理合伙企业（有限合伙） 通讯地址：浙江省绍兴市嵊州市三江街道官河南路 575 号南楼第十层 1001- 16 室（住所申报） 二、依据《中华人民共和国证券法》、《上市公司收购管理办法》的规定，本 报告书已全面披露信息披露义务人及其一致行动人在恺英网络股份有限公司（以 下简称"恺英网络"、"上市公司"）中拥 ...

上海荣正企业咨询服务（集团）股份有限公司 关于 恺英网络股份有限公司 详式权益变动报告书 之 3、本财务顾问未委托和授权任何其他机构和个人提供未在本财务顾问核查 意见中列载的信息和对本财务顾问核查意见做任何解释或者说明。 4、特别提醒投资者注意，本财务顾问核查意见不构成对本次权益变动各方 及其关联公司的任何投资建议，投资者根据本财务顾问核查意见所做出的任何投 资决策而产生的相应风险，本财务顾问不承担任何责任。 财务顾问核查意见 上海荣正企业咨询服务（集团）股份有限公司 二〇二四年九月 1 声 明 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司收购 管理办法》、《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变 动报告书》、《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公 司收购报告书》及其他相关法律、法规及部门规章的规定，上海荣正企业咨询服 务（集团）股份有限公司（以下简称"本财务顾问"）按照行业公认的业务标准、 道德规范，本着诚实守信、勤勉尽责的精神，就本次信息披露义务人及其一致行 动人披露的《恺英网络股份有限公司详式权益变动报告书》进行核查，并出具核 查意 ...

2024 年 09 月 06 日 公司研究 评级：买入(维持) 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn [Table_Title] 2024H1 业绩稳健增长，出海表现亮眼；2024H2 新品+IP 储备丰富，关注新品周期开启 ——恺英网络（002517）公司动态研究 研究所： 最近一年走势 事件: （1）2024H1 业绩：2024 年 8 月 22 日，公司公告 2024 半年报，2024H1 营收 25.55 亿元，yoy+29.28%；归母净利润 8.09 亿元，yoy+11.72%； 扣非归母净利润 8.01 亿元，yoy+18.55%。 （2）2024 年 9 月 2 日，《盗墓笔记：启程》宣布 9 月 19 日开启首次删 档测试。 投资要点: 2024H1 业绩增长稳健、出海表现亮眼。 （1）2024H1 营收 25.55 亿元，yoy+29.28%；毛利率 82.01%，同比-2.03 pct；归母净利润 8.09 亿元，yoy+11.72%；扣非归母净利润 ...

证券代码：002517 证券简称：恺英网络 公告编号：2024-038 1、本次变动为恺英网络股份有限公司（以下简称"公司"）控股股东、实际 控制人金锋先生以集中竞价与大宗交易的方式增持公司无限售条件流通股 21,310,965 股，本次权益变动后，金锋先生持有公司股份 318,026,449 股，占公 司总股本 14.77%，金锋先生及其一致行动人绍兴市安嵊企业管理合伙企业（有限 合伙）（以下简称"绍兴安嵊"）合计持有公司股份 430,503,527 股，占公司总股 本 20.00%。 2、本次权益变动不触及要约收购，不会导致公司控股股东、实际控制人发生 变化，不会影响公司的治理结构和持续经营。 公司控股股东、实际控制人金锋先生于 2023 年 11 月 21 日披露了《详式权益 变动报告书》，该次权益变动后，金锋先生直接持有公司 296,715,484 股股份，占 公司总股本的 13.78%，通过绍兴安嵊间接控制公司 112,477,078 股股份，占公司 总股本的 5.23%。金锋先生合计控制公司的股份数量为 409,192,562 股，占公司总 股本的 19.01%，上市公司实际控制人变更为金锋先生。 ...

证券代码：002517 证券简称：恺英网络 公告编号：2024-039 先生、副总经理唐悦先生、财务总监黄振锋先生、董事会秘书刘洪林先生承诺将 2024 年 1 月 1 日-2028 年 12 月 31 日期间收到的公司税后分红所得用于持续每年 增持公司股份。 2024 年 7 月 23 日至 7 月 24 日，上述人员进行了 2024 年第一次现金分红增 持，增持金额 1,100.95 万元，增持股数 129.41 万股，具体内容详见公司于 2024 年 7 月 25 日在《中国证券报》、《上海证券报》、《证券时报》、《证券日报》 和巨潮资讯网（www.cninfo.com.cn）披露的《关于控股股东、实际控制人及全体 高级管理人员 2024 年第一次现金分红增持股份的公告》（公告编号：2024-031）。 恺英网络股份有限公司 关于控股股东、实际控制人及全体高级管理人员 2024年第二次现金分红增持股份的公告 控股股东、实际控制人、董事长金锋先生、副董事长兼总经理沈军先生、 董事兼副总经理赵凡先生、董事兼副总经理骞军法先生、副总经理林彬先生、 副总经理唐悦先生、财务总监黄振锋先生、董事会秘书刘洪林先生保证 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Views - The company's H1 2024 performance met expectations with revenue of 2.56 billion (up 29% YoY) and net profit of 810 million (up 12% YoY) [5] - The company plans to distribute a semi-annual cash dividend of 1 yuan per 10 shares, totaling 213 million [5] - The core subsidiary, Zhejiang Shenghe, showed stable growth with H1 revenue of 1.04 billion (up 26% YoY) and net profit of 740 million (up 39% YoY) [5] - The company is actively exploring new technologies in AI and VR, with significant investments in overseas game markets [5][6] - A rich product pipeline is set to be released soon, including titles like "That Time I Got Reincarnated as a Slime" and "Tomb Raider: Journey" [6] Financial Summary - For H1 2024, the company reported total revenue of 2.56 billion, with a YoY growth rate of 29.3% [7] - The net profit for H1 2024 was 810 million, reflecting a YoY increase of 11.7% [7] - The projected net profit for 2024 is adjusted to 1.683 billion, with further estimates of 1.965 billion for 2025 and 2.211 billion for 2026 [6][7] - The company's PE ratios for 2024-2026 are projected at 11x, 10x, and 9x respectively [6]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company's H1 2024 performance met expectations, with revenue of 2.56 billion yuan, a year-on-year increase of 29.3%, and a net profit attributable to shareholders of 810 million yuan, up 11.7% year-on-year [2] - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders, totaling approximately 425 million yuan for the year [2] - The company is focusing on core sectors, investing 230 million yuan in R&D, which accounts for 8.9% of revenue, and has established an AI application research center [2] - The company is expanding its global product reach, with overseas revenue of 130 million yuan in H1 2024, a significant increase of 335% year-on-year [2] - The company is actively acquiring quality IPs to enhance new game development, partnering with Century Huatong and securing licenses for popular IPs [2] Financial Projections - The forecasted net profit attributable to shareholders for 2024-2026 is 1.74 billion yuan, 2.01 billion yuan, and 2.27 billion yuan, respectively, with corresponding PE ratios of 11x, 10x, and 9x [3] - The company's core products are performing steadily, with a solid foundation in legendary games and a rich pipeline of new projects expected to launch [3]

证券代码：002517 证券简称：恺英网络 恺英网络股份有限公司 编号：2024-004 | 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） | | 参与单位名称 | 万和证券、金谷信托、衡道投资、利曦投资、恒穗投资、上海聚 然、鸣石投资、高恩投资、赫富投资、兆信基金、春晖基金、香 | | | 农投资等 24 名机构投资者与个人投资者 | | 时 间 | 2024 年 9 月 2 日（星期二）14:00-15:30 | | 上市公司接待 | 董事会秘书 刘洪林 | | 人员姓名 | 证券事务代表 陆文昭 | | 接待地点 | 上海市闵行区陈行公路 2388 号三号楼公司会议室 | | | 1、公司储备产品有哪些？ 回复：公司从短期、中期、长期分梯队进行产品储备；短期， 根据市场情况进行产品快速迭代；中期，基于 IP 产品的开发合作； | | | 长期，全方位打造自有 IP，构建游戏产品矩阵。 | | 投资者关系活动 | 《关于我转生变成史莱姆这档事： ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [1][9]. Core Insights - The company reported a total revenue of 2.555 billion yuan for the first half of 2024, representing a year-on-year growth of 29.28%. The net profit attributable to shareholders was 809 million yuan, up 11.72% year-on-year [4]. - The company has a strong cash flow, with net cash generated from operating activities reaching 923 million yuan, a significant increase of 63.17% year-on-year [4]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders, with a total dividend payout of approximately 213 million yuan for the 2023 fiscal year [4]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is projected to grow from 5.230 billion yuan in 2024 to 6.616 billion yuan in 2026, with year-on-year growth rates of 22%, 15%, and 10% respectively. Net profit is expected to increase from 1.642 billion yuan in 2024 to 2.249 billion yuan in 2026, with growth rates of 12%, 18%, and 16% [1][6]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 0.76 yuan in 2024 to 1.04 yuan in 2026 [1][6]. - **Valuation Metrics**: - The current market price is 8.71 yuan, with corresponding P/E ratios of 11x for 2024, 10x for 2025, and 8x for 2026 [1][6]. - **Revenue Breakdown**: - Mobile game revenue reached 2.095 billion yuan, growing 23.42% year-on-year, while information services revenue surged 76.59% to 397 million yuan, with a high gross margin of 88.9% [5]. - **Cost and Margin Analysis**: - The overall gross margin slightly decreased to 82.01%, primarily due to lower margins in mobile games and information services [5]. - **New Product Pipeline**: - The company has a rich pipeline of new games, including titles based on popular IPs, which are expected to drive future growth [5]. - **Sales and Marketing Expenses**: - Sales expenses increased significantly, with a sales expense ratio of 37.5%, reflecting the company's strategy to expand its market presence [5].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1][3]. Core Views - The company has shown significant growth in its IP business, which is expected to empower its core gaming operations. The report highlights the successful acquisition of several well-known IPs, contributing to the launch of popular games [1][3]. - The company is actively expanding its overseas market presence, with a notable increase in overseas revenue, which grew by 334.95% year-on-year in the first half of 2024 [1][3]. Financial Performance Summary - For the first half of 2024, the company reported a revenue of 2.555 billion yuan, representing a year-on-year growth of 29.28%. The net profit attributable to shareholders was 809 million yuan, up 11.72% year-on-year [1][4]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 213 million yuan [1][4]. Revenue Projections - The company forecasts revenues of 5.050 billion yuan, 5.913 billion yuan, and 6.880 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.833 billion yuan, 2.426 billion yuan, and 2.643 billion yuan [4][6]. - The mobile gaming segment is expected to generate revenues of 4.141 billion yuan, 4.756 billion yuan, and 5.397 billion yuan from 2024 to 2026, with a growth rate of approximately 15.77%, 14.86%, and 13.48% [3][4]. Market Position and Competitors - The report compares the company with peers such as 37 Interactive Entertainment, Giant Network, and Shenzhou Taiyue, indicating a positive outlook for the company's main business and its proactive overseas market strategy [3][5]. - The company's current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 10.1, 7.6, and 7.0, respectively, which are competitive compared to its peers [4][5].