Ge Long Hui·2025-11-05 06:25Core Viewpoint - The report from Xinda Securities highlights that Kaiying Network's net profit attributable to shareholders for the first three quarters of 2025 reached 1.583 billion yuan, representing a year-on-year increase of 23.70% [1]. Financial Performance - In Q3, the net profit attributable to shareholders was 633 million yuan, showing a year-on-year growth of 34.51% and a quarter-on-quarter increase of 46.66% [1]. Business Development - The growth of the "Legend Box" is notable, emphasizing the value of the company. The company continues to optimize the operation of the Legend ecosystem through traffic sharing, content co-creation, and ecological construction to further explore the value potential of the Legend IP [1]. AI Initiatives - In the AI sector, the company has invested in Natural Selection's "EVE," the world's first 3D AI companion application, which has begun internal testing [1]. - The company launched an AI full-process development platform called "SOON" specifically designed for the gaming industry in July [1]. - A new AI healing toy brand, "Warm Star Valley Dream Journey," featuring a model of "smart dolls + virtual games," is set to release its first product during the "Double Eleven" shopping festival [1]. Future Outlook - The company's product reserves are expected to support future performance growth, with the Legend Box further tapping into the value of the Legend IP and ongoing investments in AI [1]. - The report maintains a "Buy" rating for the company [1].