恺英网络2025Q3业绩亮眼，传奇盒子引领多元增长新态势

Core Viewpoint - Kaiying Network (恺英网络) demonstrated strong performance in Q3 2025, achieving revenue of 1.497 billion yuan, a year-on-year increase of 9.08%, and a net profit of 633 million yuan, reflecting a significant growth of 34.51% compared to the previous year, showcasing its competitive edge in the gaming market [1][2] Financial Performance - The company reported a revenue of 1.497 billion yuan and a net profit of 633 million yuan for Q3 2025, with basic earnings per share at 0.3 yuan [1] - The revenue growth indicates continuous business expansion and increasing market share, while the substantial rise in net profit highlights improvements in cost control and operational efficiency [1] Industry Context - The overall gaming industry is experiencing a recovery, with the Chinese gaming market's actual sales revenue reaching 88.026 billion yuan in Q3 2025, a quarter-on-quarter increase of 6.96% but a year-on-year decline of 4.08% [2] - Kaiying Network's growth contrasts sharply with the industry's overall decline, demonstrating its resilience and adaptability in a challenging market environment [2] Product Development - The company has launched the public beta of "Blood of the River: Return" and has several other products in the pipeline, including games based on popular IPs such as "Three Kingdoms: The World Returns" and "Tomb Raider: Journey" [3] - The AI game development platform "SOON" has entered the project application phase, significantly enhancing development efficiency and is expected to be commercialized by 2026 [3] International Expansion - Kaiying Network is actively pursuing global distribution, with overseas revenue growing from 117 million yuan in 2023 to 202 million yuan in the first half of 2025, increasing its share of total revenue from 2.71% to 7.82% [4] - The company has established deep partnerships with various overseas channels, enhancing its international market presence [4] Competitive Advantage - The company is leveraging the enduring popularity of legendary games, which have generated cumulative revenue of 371.3 billion yuan in China, with a projected market value exceeding 560 billion yuan by 2030 [5] - Despite challenges in the legendary game market, such as version fragmentation and private server issues, Kaiying Network's "Legend Box" aims to create a unified ecosystem for players, enhancing user experience and engagement [6][7] Ecosystem Development - The "Legend Box" aggregates over a thousand legendary games and offers various services, including a trading platform, cloud gaming, live streaming, and community features, providing a comprehensive experience for players [7] - The platform is also expanding into derivative businesses, such as short dramas and novels, to enhance user engagement and broaden monetization channels [8] Strategic Upgrade - Kaiying Network is transitioning from a product-driven strategy to a multi-faceted approach, focusing on content, platform, and ecosystem strength to better withstand market fluctuations and provide stable growth signals to investors [8]