Ge Long Hui A P P·2025-11-07 07:53Core Viewpoint - The report from Zheshang Securities indicates that Kaiying Network achieved a net profit attributable to shareholders of 633 million yuan in Q3 2025, representing a year-on-year increase of 34.51%, primarily driven by the growth of the 996 Legend Box [1] Group 1: Financial Performance - In Q3 2025, Kaiying Network's revenue and profit growth is attributed to the increasing volume of the 996 Legend Box [1] - The company signed licensing agreements for "Hot Blood Legend" and "Legend World" in Q3 2025, securing exclusive rights for the Legend IP ecosystem, which is becoming more standardized, scaled, and collaborative [1] Group 2: User Engagement and Partnerships - Since its launch in April 2020, the daily active users of the 996 Legend Box have seen rapid growth, with the platform expanding its partnership network in Q3 2025 [1] - The 996 Legend Box has welcomed brands such as Sanjiu Interactive Entertainment, Tanwan Games, and Zhangwan Games, generating approximately 450 million yuan in promotional fees in its first year, which is expected to be a significant revenue increment for the company in the coming years [1] Group 3: Product Development and Future Outlook - The company's proprietary product line is steadily developing, with new games based on major IPs like "Douluo Dalu" and "Tomb Raider Notes" expected to launch by 2026, which are worth close attention [1] - The company is optimistic about its robust product line for the year and the potential investment returns and technological reserves from various AI projects, maintaining a "buy" rating [1]