恺英网络股份有限公司 第五届董事会独立董事专门会议 2025 年第一次会议决议 恺英网络股份有限公司（以下简称"公司"）第五届董事会独立董事专门会议 2025 年第一次会议于 2025 年 4 月 24 日以现场结合通讯方式召开。应参会独立 董事 4 人，实际参会独立董事 4 人，符合《上市公司独立董事管理办法》《深圳 证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号—— 规范运作》及《公司章程》等有关规定。独立董事朱亚元先生为召集人，在充分 沟通基础上，经记名投票表决，形成如下决议： 一、审议通过《关于续聘公司 2025 年审计机构的议案》 经核查，我们认为，中审众环会计师事务所（特殊普通合伙）具有从事证券 业务资格，在担任公司审计机构期间，勤勉、尽职、公允、合理地发表独立审计 意见，出具的各项报告客观、真实地反映了公司的财务状况和经营成果。因此， 我们同意 2025 年续聘中审众环会计师事务所（特殊普通合伙）为公司的审计机 构，并同意提交公司董事会审议。 表决结果：同意 4 票，反对 0 票，弃权 0 票。 独立董事：黄法、朱亚元、傅蔚冈、蒋红珍 恺英网络股份有限公司 2025 年 ...

证券代码：002517 证券简称：恺英网络 公告编号：2025-026 恺英网络股份有限公司 关于 2024 年度利润分配方案的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、审议程序 2025 年 4 月 24 日，恺英网络股份有限公司（以下简称"公司"）召开第五届 董事会第十二次会议及第五届监事会第十二次会议，审议通过了《关于 2024 年 度利润分配方案的议案》，本议案尚需提交公司股东大会审议。 二、利润分配方案的基本情况 公司 2024 年度利润分配方案为：以公司 2024 年度实施权益分派时股权登 记日登记的总股本为基数，向全体股东每 10 股派发现金红利 1 元（含税），不 送红股，不以资本公积金转增股本。 按当前公司总股本 2,136,443,234 股为基数测算，共计派发现金股利人民币 213,644,323.40 元。利润分配表如下： （单位：元） | 项目 | 金额 | | --- | --- | | 归属于母公司股东的净利润 | 1,628,471,564.05 | | 减:法定盈余公积 | 8,939,804.73 | | 加： ...

恺英网络股份有限公司 审计报告 众环审字[2025]1700028 号 审计报告 众环审字[2025]1700028 号 恺英网络股份有限公司全体股东: 一、审计意见 我们审计了恺英网络股份有限公司(以下简称"恺英网络")财务报表，包 括 2024 年 12 月 31 日的合并及公司资产负债表,2024 年度的合并及公司利润表、 合并及公司现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制, 公允反映了恺英网络 2024 年 12 月 31 日合并及公司的财务状况以及 2024 年度合 并及公司的经营成果和现金流量。 二、形成审计意见的基础 | 关键审计事项 | 在审计中如何应对该事项 | | --- | --- | | 要来源于网络游戏收入。网络游戏运营高度依 | 识别控制权转移的合同条款与条件,评价收 | | 赖内部控制及信息技术系统,具有用户数量 | 入确认是否符合企业会计准则的要求; | | 多、交易发生频繁、区域分散、数据量大等特 | 3、针对自主运营模式,核对结算系统充值 | | 征,产生错报的固有风险高。因此,我们将网 | ...

恺英网络股份有限公司 内部控制审计报告 众环审字[2025]1700029 号 恺英网络股份有限公司 2024年度内部控制评价报告 恺英网络股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称"企业内部控制规范体系"），结合恺英网络股份有限公司（以下 简称"公司"）内部控制制度和评价办法，在内部控制日常监督和专项监督的基 础上，我们对公司于2024年12月31日（内部控制评价报告基准日）的内部控制有 效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。公 司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假 记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个 别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存 在的固有局限性，故仅 ...

4月25日晚，恺英网络（002517.SZ）披露了2024年年报及2025年一季报。数据显示，2024年恺英网络实 现营业收入51.18亿元，同比增长19.16%；归母净利润16.28亿元，同比增长11.41%。恺英网络2025年一 季度实现营业收入13.53亿元，同比增长3.46%；归母净利润5.18亿元，同比增长21.57%。 三驾马车驱动主业提质，出海营收增幅跃升221.48% 2024年，恺英网络坚持围绕"研发、发行、投资+IP"三驾马车的发展战略，不断丰富其产品矩阵，为业 绩稳增提供了有力的支撑。公司秉持发展战略，在夯实游戏研发与发行体系的同时，深度探索AI技术 应用，高度重视游戏产品生命周期及其可持续盈利能力，通过精细化运营打磨长周期精品产品如《原始 传奇》《热血合击》《天使之战》《永恒联盟》《敢达争锋对决》《仙剑奇侠传：新的开始》等游戏。 积极布局全球化发行，通过深挖核心用户，精准引流，口碑拓圈等组合推广方式，在亚太地区实现了流 水翻倍的突破，积极布局欧美市场，加码未来的增长动力。恺英网络实现2024年度海外营收3.75亿元， 同比大幅增长221.48%，彰显出强劲的海外市场拓展能力。《仙剑奇侠 ...

Financial Performance - The company's revenue reached 5.118 billion yuan, representing a year-on-year growth of 19.16%[5] - The net profit attributable to shareholders was 1.628 billion yuan, an increase of 11.41% year-on-year[5] - The company's operating revenue for 2024 reached ¥5,118,192,932.04, representing a 19.16% increase compared to ¥4,295,390,346.58 in 2023[27] - Net profit attributable to shareholders for 2024 was ¥1,628,471,564.05, an increase of 11.41% from ¥1,461,713,259.53 in 2023[27] - The net profit after deducting non-recurring gains and losses was ¥1,599,438,782.35, up 18.43% from ¥1,350,523,207.75 in 2023[27] - The company's total assets increased by 21.42% to ¥8,026,379,432.43 at the end of 2024, compared to ¥6,610,369,843.65 at the end of 2023[27] - Basic earnings per share for 2024 were ¥0.77, a 10.00% increase from ¥0.70 in 2023[27] - The weighted average return on equity for 2024 was 27.05%, down from 28.85% in 2023[27] - The net cash flow from operating activities for 2024 was ¥1,753,813,218.18, a slight increase of 2.78% from ¥1,706,441,025.06 in 2023[27] Research and Development - Research and development investment rose to 598 million yuan, marking a 13.61% increase compared to the previous year[5] - The company invested 598 million yuan in R&D, accounting for 11.69% of its operating revenue[97] - Research and development (R&D) expenditure amounted to CNY 598,373,081.00, reflecting a 13.61% increase year-on-year, accounting for 11.69% of operating revenue[126] - The number of R&D personnel increased to 1,488, a rise of 14.90% from 1,295 in the previous year[125] - The proportion of R&D personnel with a bachelor's degree increased by 20.38% to 886, while the number of personnel aged over 40 surged by 147.37%[125] Market Expansion and Strategy - The overseas market revenue grew by 221.48% year-on-year, driven by successful entries into markets such as Hong Kong, Macau, and Southeast Asia[9] - The company plans to continue expanding its market presence and investing in new technologies, including AI and AIGC[27] - The company aims to deepen its engagement with Chinese cultural IPs and expand its global presence through strategic partnerships[10] - The company is actively expanding its market presence in regions such as Europe, Hong Kong, and Taiwan, with multiple new game launches planned for 2024[71] - The company is focusing on expanding its market share and enhancing cash flow through new product launches and strategic brand development[125] Product Development and Innovation - The AI-driven development model has been integrated into the entire game development process, enhancing efficiency and creativity[9] - The company focuses on the core strategy of "focusing on the gaming main business," aiming to create high-quality game products that meet market demand[53] - The company has launched over 100 premium games on its XY distribution platform, covering various genres such as RPG, simulation, and strategy[55] - The company is committed to enhancing its core competitiveness through continuous investment in R&D and IP diversification strategies[55] - The company is focusing on product diversification and global strategies, utilizing big data analysis to enhance product quality and user experience[156] Shareholder Returns and Dividends - The company distributed over 400 million yuan in cash dividends to shareholders, reaffirming its commitment to shareholder returns[6] - The company plans to distribute a cash dividend of 1 yuan per 10 shares for the 2024 fiscal year[13] - The company reported a cash dividend amount of ¥213,644,323.40, which is 100% of the total profit distribution amount[199] - The base for the dividend distribution is 2,136,443,234 shares, with a dividend of ¥1 per 10 shares (including tax)[199] - The cash dividend policy is compliant with the company's articles of association and shareholder resolutions[199] Corporate Governance and Management - The company has received an A-level rating for information disclosure and investor relations management for the 2023-2024 period[6] - The commitment from executives to not sell their shares for the next five years reflects confidence in the company's future growth[6] - The company has established a sound corporate governance structure in compliance with legal and regulatory requirements[170] - The board of directors consists of four independent directors, accounting for 50% of the total board members, ensuring compliance with legal requirements[168] - The company has established a performance evaluation and incentive mechanism for senior management to enhance work motivation and transparency[168] Industry Trends and Challenges - The gaming industry is witnessing a shift towards content innovation driven by changes in user demographics and preferences, emphasizing quality and cultural value[50] - The company faces risks from intensified market competition, necessitating continuous improvement in product differentiation and user experience[157] - Regulatory changes in the gaming industry pose risks, prompting the company to adapt its operational strategies in response to policy shifts[158] Future Outlook - The company provided a positive outlook for the next quarter, projecting revenue growth of 25% and aiming for $1.875 billion[161] - Future outlook indicates a projected revenue growth of 15% for the next fiscal year[162] - The company plans to launch three new products in Q1 2025, aiming to capture a larger market share[162] - The company is considering strategic acquisitions to enhance its product offerings, with a budget of $200 million earmarked for potential deals[161]

Financial Performance - The company's revenue for Q1 2025 was ¥1,352,807,839.06, representing a 3.46% increase compared to ¥1,307,535,557.40 in the same period last year[4] - Net profit attributable to shareholders was ¥518,139,178.50, up 21.57% from ¥426,189,898.93 year-on-year[4] - The basic earnings per share increased by 20.00% to ¥0.24 from ¥0.20 in the same period last year[4] - Net profit for the current period was ¥517,893,257.30, up from ¥426,130,633.29, representing an increase of approximately 21.5%[20] - The company reported a comprehensive income total of ¥650,699,497.36, compared to ¥372,775,165.11 in the previous period, representing a significant increase of approximately 74.5%[20] Cash Flow - The net cash flow from operating activities increased by 17.04% to ¥390,679,993.81, compared to ¥333,789,114.84 in the previous year[4] - Operating cash flow for the current period is ¥390,679,993.81, an increase of 17% compared to ¥333,789,114.84 in the previous period[21] - Total cash inflow from operating activities decreased to ¥1,220,634,231.03 from ¥1,314,459,579.11, reflecting a decline of approximately 7.1%[21] - Cash outflow from operating activities decreased to ¥829,954,237.22 from ¥980,670,464.27, resulting in a reduction of about 15.4%[21] - Net cash flow from investing activities was -¥85,077,508.19, an improvement compared to -¥544,942,218.89 in the previous period[21] - Cash inflow from investment activities increased significantly to ¥76,333,128.28 from ¥3,011,115.66[21] - Cash outflow from investment activities decreased to ¥161,410,636.47 from ¥547,953,334.55, indicating a reduction of approximately 70.7%[21] - Net cash flow from financing activities was ¥40,797,036.32, down from ¥47,045,182.11 in the previous period[22] - The ending balance of cash and cash equivalents increased to ¥3,594,234,883.63 from ¥2,637,595,084.12, marking a significant increase of approximately 36.4%[22] - The company received ¥44,948,868.48 from financing activities, a decrease from ¥54,110,195.02 in the previous period[22] - The impact of exchange rate changes on cash and cash equivalents was -¥278,536.89, compared to a positive impact of ¥265,266.63 in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period reached ¥8,931,099,672.18, an increase of 11.27% from ¥8,026,379,432.43 at the end of the previous year[4] - Total liabilities rose to ¥1,688,664,501.76 from ¥1,479,600,469.36, indicating an increase of approximately 14.1%[18] - The equity attributable to shareholders rose by 10.63% to ¥7,243,874,327.43 from ¥6,547,972,198.88 at the end of the previous year[4] - The company's equity attributable to shareholders increased to ¥7,243,874,327.43 from ¥6,547,972,198.88, reflecting a growth of about 10.6%[18] - Deferred income tax liabilities increased to ¥56,758,979.16 from ¥25,631,354.85, showing a growth of about 121.5%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 50,909, with no preferred shareholders having restored voting rights[13] - The largest shareholder, Jin Feng, holds 14.89% of the shares, amounting to 318,026,449 shares, with 238,519,836 shares subject to restrictions[13] - The total number of shares held by the top ten shareholders accounts for 50.56% of the total shares outstanding[13] - The company has no preferred shareholders or significant changes in the top ten shareholders' financing activities[14] Inventory and Receivables - Accounts receivable increased by 31.09% to ¥1,182,872,166.14, primarily due to an increase in receivables within one year[8] - Accounts receivable rose to ¥1,182,872,166.14 from ¥902,303,309.12, indicating an increase of about 31%[16] - The company reported inventory of ¥28,255,218.67, up from ¥24,661,236.04, marking an increase of approximately 15%[16] - The total amount of receivables from financing decreased to ¥239,121,459.36 from ¥264,201,394.55, a decline of about 9%[16] Investment and Expenses - The company's investment income decreased by 79.47% to ¥775,611.83, attributed to reduced investment gains from disposals[10] - Research and development expenses were ¥100,716,313.89, down from ¥110,856,306.04, a decrease of approximately 9.3%[19] - Total operating costs decreased to ¥814,292,289.39 from ¥868,887,344.15, marking a reduction of about 6.3%[19] Share Repurchase - The company plans to change the purpose of its share repurchase from employee stock ownership plans to cancellation and reduction of registered capital[14] - The company has completed the share repurchase and cancellation process as of February 19, 2025[14]

Core Viewpoint - The investment enthusiasm for artificial intelligence (AI) continues to rise, with notable fund managers increasing their allocations in AI-related industries, particularly in humanoid robots and intelligent driving sectors, as well as leading internet and computer companies [1]. Group 1: Investment Trends - Fund managers such as Zhou Weiwen, Zhao Yi, and Liu Yuanhai are significantly increasing their investments in the AI sector, focusing on various applications and technologies [1][2][4]. - Zhou Weiwen's funds have a total management scale exceeding 30 billion yuan, with a focus on manufacturing and information technology, including investments in humanoid robots and AI applications in education and gaming [2]. - Zhao Yi's fund, with a net asset value of 92.58% in stocks, emphasizes high-end manufacturing and internet companies, with a notable portion in Hong Kong stocks [4][5]. Group 2: Sector Performance - The insurance industry is entering a recovery phase, with improved investment returns and optimized liabilities, leading to increased holdings in top insurance companies [3]. - The shipbuilding and chemical industries are experiencing a decline, prompting a reduction in exposure to these sectors due to their high economic cycle dependency [3]. Group 3: Future Outlook - Liu Yuanhai predicts that 2025 will be a pivotal year for the intelligent driving industry in China, with an expected rapid increase in the penetration rate of advanced intelligent driving systems in passenger vehicles [7][8]. - The AI sector is anticipated to continue its rapid development, with a focus on advanced models and applications, remaining a key investment theme in the A-share market [8].

Investment Rating - The report maintains a positive investment rating for the media and internet industry, specifically recommending leading companies in various segments such as Shenzhou Taiyue, Southern Media, and Tencent Holdings [1][3]. Core Insights - The media industry has shown resilience with a 1.73% increase in the past week, ranking 7th among all sectors. Year-to-date, the media sector has increased by 0.16% [7][10]. - The report highlights the strong performance of the film industry, particularly due to the success of "Nezha 2," which is expected to drive growth in the cinema sector. Hengdian Film's Q1 report exceeded market expectations, with a 50.76% increase in box office revenue [7][17]. - The gaming sector is also viewed positively, benefiting from valuation, performance growth, and policy support, particularly in relation to AI development [7][8]. Summary by Sections Market Performance Review - The media sector index rose by 1.73% from April 14 to April 20, outperforming the CSI 300 index, which increased by 0.59% [10]. - Individual stock performance showed significant gains for companies like Ciwen Media (14.58%) and Huawen Group (13.18%), while companies like Beijing Culture saw declines of up to 9.48% [12][13]. Film Industry Data - The top films for the week included "Xiangyang·Hua" and "Nezha: The Devil's Child," with weekly box office revenues of 47.21 million and 41.01 million respectively [18]. - The overall box office for the Chinese film market reached 24.39 billion, reflecting a 49.10% year-on-year increase [7][17]. Television and Streaming Insights - The top-rated TV dramas included "Chengjia" on Hunan TV with a rating of 2.331% and "Zhangxin" on Zhejiang TV with a rating of 2.095% [21][22]. - Online dramas such as "My Second Half" and "Manhao's Life" led in streaming indices, indicating strong viewer engagement [23][24]. Gaming Sector Highlights - Tencent's "Honor of Kings" topped the iOS sales chart, with six of its games in the top ten [30]. - The gaming industry continues to thrive, with significant contributions from mobile gaming and emerging titles [30][32]. Publishing Sector Overview - The report notes that the publishing industry remains stable, with companies like Zhongyuan Media increasing dividends and reporting high growth in Q1 [7][8]. - Best-selling books in March included "Nezha: The Three Realms" and "To Live (2021 Edition)," indicating strong consumer interest in both fiction and non-fiction categories [33][34].

复盘中欧新蓝筹一季度的操作，周蔚文和共管基金经理冯炉丹表示，该基金在人工智能产业链上的布局 不仅涵盖了持续看好的人形机器人以及自动驾驶领域，还拓展至人工智能眼镜等新型可穿戴设备，以及 人工智能在教育、广告、游戏等应用领域。他对光模块持谨慎态度，一方面是因为行业盈利能力已处于 较高位置，另一方面是DeepSeek的出现使短期算力需求重估，中长期供需关系有所平衡。 2025年基金一季报收官，人工智能投资热度持续升温。 从最新披露的基金一季报来看，周蔚文、赵诣、刘元海等多位知名基金经理持续加码人工智能相关产业 链。部分基金明确押注人形机器人、智能驾驶等细分赛道，另一些则重点关注人工智能相关领域的头部 互联网、计算机企业。 整体来看，随着人工智能大模型加速推动产业智能化变革，相关产业正从制造端向应用端不断拓展投资 边界，AI主题有望在震荡市中持续发挥结构性优势。 周蔚文加大人形机器人布局 一季报显示，由中欧基金知名基金经理周蔚文掌舵的5只基金总管理规模超过了300亿元。以中欧新蓝筹 为例，该基金的最新管理规模为78.8亿元，重仓制造业和信息技术行业，重仓股包括万华化学 （600309）、中国平安、三花智控（00205 ...