据中手游消息，7月9日，中手游与恺英网络（002517）宣布续约恺英网络旗下《仙剑奇侠传：新的开 始》的正版IP授权。同时，双方新签订一款基于《仙剑奇侠传》IP改编的卡牌RPG游戏授权合作，该产 品将于2026年进入开发期。 ...

六月第一周，《藏海传》正式收官。但是在社交媒体上，《藏海传》从上映到完结一直伴随着各种争议。 除了《藏海传》的剧粉与《盗墓笔记》系列死忠粉的激情开撕，还有不少自媒体博主将《藏海传》与《琅琊榜》对比，称其为"翻版琅琊榜""没有对比就 没有伤害"。 然而真正值得注意的是，抛开对单个作品的评价，2015年播出的《琅琊榜》已经是10年前的作品，作为参照物未免太过久远。除此之外，当下的古装剧市 场，悬疑、权谋等关键词站上了C位，曾经红极一时的武侠剧成为了小众类型作品，且鲜有新作问世。 这或许反映出一个事实：内容消费群体已经出现某种文化断层或脱节。 1976年，传奇导演楚原执导，白彪、米雪主演的《射雕英雄传》为港产武侠剧打开了历史的大门。此后，麦当雄导演，徐少强、顾冠忠、苗可秀主演的 《天蚕变》以及王天林（导演王晶的父亲）执导，郑少秋、汪明荃、赵雅芝主演的《楚留香》等经典作品的出现，又为武侠剧市场不断培养出新的受众。 *76版《射雕英雄传》剧照 影视剧行业的转折点，往往伴随着爆款的出现。而武侠剧的关键转折点，就来自于83版《射雕》的开播。 1983年，由王天林、杜琪峰等执导，黄日华与翁美玲主演的《射雕英雄传》在TVB正式 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve a revenue of 5.118 billion (up 19.16% year-on-year) and a net profit attributable to shareholders of 1.628 billion (up 11.41% year-on-year) in 2024. The first quarter of 2025 shows a revenue of 1.353 billion (up 3.46% year-on-year) and a net profit of 518 million (up 21.57% year-on-year) [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.118 billion (up 19.16% year-on-year) and a net profit of 1.628 billion (up 11.41% year-on-year). The fourth quarter of 2024 saw a revenue of 1.191 billion (down 5.95% year-on-year) and a net profit of 348 million (down 8.17% year-on-year). The first quarter of 2025 reported a revenue of 1.353 billion (up 3.46% year-on-year) and a net profit of 518 million (up 21.57% year-on-year) [2][4]. Growth Drivers - The company has shown strong overseas performance in 2024, with overseas revenue reaching 375 million (up 221.48% year-on-year). The new game "Dragon Valley World" launched in February 2025 has driven growth, entering the iOS bestseller list on its launch day [10]. Cost Management and Profitability - The company increased its sales expenses by 29% to 459 million in the first quarter of 2025 due to the new game launch. However, the sales expense ratio decreased year-on-year. The gross margin improved to 83.6% in the first quarter of 2025, contributing to an increase in net profit margin to 38.3% [10]. AI and New Game Pipeline - The company is actively investing in AI, with the development of the "Xingyi" model and partnerships for AI applications. A rich pipeline of new games is expected to drive future performance, with several key IP products set to launch [10].

Summary of Key Points from the Conference Call of Kaiying Network Company Overview - **Company**: Kaiying Network - **Date**: April 28, 2025 Financial Performance - Total assets increased by 21.42% year-on-year to 8.026 billion CNY, and net assets attributable to shareholders grew by 24.86% to 6.548 billion CNY in 2024 [2][4] - In Q1 2025, revenue reached 1.353 billion CNY, a year-on-year increase of 3.46%, with net profit attributable to shareholders at 518 million CNY, up 21.57% [2][5] - For the full year 2024, revenue was 5.118 billion CNY, a 19.16% increase, and net profit was 1.628 billion CNY, up 11.41% [4] Market Expansion - Overseas revenue surged by 221.48% to 375 million CNY, accounting for 7.32% of total revenue [2][7] - Successful launches in Hong Kong, Macau, and Southeast Asia, with games like "Xianjian Qixia Zhuan" and "Tenshi no Sensou" performing well [2][7][8] IP Strategy - The company has accumulated numerous IP licenses, including "Mobile Suit Gundam" and is focusing on developing original IPs [2][9] - A strategic partnership with Shanghai Film was established to develop a game based on the classic IP "Black Cat Sheriff," set to launch in 2025 [2][17] AI Technology Investment - Increased investment in AI technology, establishing a subsidiary for independent operations and collaborating with Fudan University to integrate AI elements into games [2][3][10][37] - AI applications aim to enhance game design, numerical systems, and art optimization, improving R&D efficiency and product innovation [3][10][39] Product Development and Innovation - The company employs a dual strategy of maintaining a base with nostalgic products while exploring new categories like card games and RPGs [4][23] - Launched 22 new products before the Spring Festival, diversifying into various game genres [4][23] Shareholder Commitment - Management has committed to not selling shares for five years and will reinvest dividends into the company, reflecting confidence in future growth [4][13][15] Challenges and Risks - The impact of tariffs on business is minimal, as the primary markets are in regions where digital products are not significantly affected [2][32] - The company is cautious about the execution of favorable rulings from the International Chamber of Commerce, pending domestic court approval [4][21] Future Outlook - The company anticipates continued revenue and profit growth from "Dragon Valley World," which launched in February 2025 [2][19][20] - Future growth drivers include nostalgic and innovative game products, alongside a growing platform business [4][31] Conclusion - Kaiying Network is positioned for growth through strategic IP development, international market expansion, and technological innovation, while maintaining a strong commitment to shareholder value and cautious risk management.