KINGNET(SZ:002517) Nan Fang Du Shi Bao·2025-10-29 10:44Core Viewpoint - Kaiying Network achieved significant growth in Q3 2025, driven by the active performance of its diversified business, particularly the "Legend Box" platform [1][4]. Financial Performance - In Q3 2025, Kaiying Network reported revenue of 1.497 billion yuan, a year-on-year increase of 9.08% and a quarter-on-quarter increase of 22.19% [2][3]. - The net profit attributable to shareholders reached 633 million yuan, marking a year-on-year growth of 34.51% and a quarter-on-quarter growth of 46.66% [2][3]. - For the first three quarters of the year, total revenue was 4.075 billion yuan, a slight increase of 3.75% year-on-year, while net profit was 1.583 billion yuan, up 23.70% year-on-year [2][3]. Business Highlights - The "996 Legend Box" platform has maintained high activity levels, contributing significantly to the company's revenue growth [4]. - The platform aggregates over a thousand "Legend" games and offers various services, including trading, cloud gaming, and community features [4]. - The daily active users (DAU) of the "996 Legend Box" have seen rapid growth since its preparation phase began in April 2020 [4]. Market Position and Future Prospects - The "Legend" game market has over 150 million users, with a market potential of approximately 35 billion to 40 billion yuan, although it faces challenges such as numerous versions and private servers [4]. - Kaiying Network's new game "Blood of Jianghu: Return" has entered public testing, with several other licensed IP games in the pipeline [5]. - The company's AI game development platform "SOON" is in the project application phase, expected to commercialize by 2026 [5]. Cost Management - Despite revenue growth, Kaiying Network managed to reduce operating costs and sales expenses, with operating costs at 691 million yuan, down 1.10% year-on-year, and sales expenses at 1.275 billion yuan, down 7.60% year-on-year [6]. - Accounts payable increased significantly to 887 million yuan, a 97.07% rise year-on-year, primarily due to increased land and marketing payments [6].