公开资料显示，知名IP改编的手游产品《遮天世界》已经由腾讯在组织测试；另一款IP改编大作《全明 星觉醒》也在测试阶段。随着新产品的上线，有望为公司业务及业绩增长注入新动能。 游戏行业人士指出，这次协议转让显示出ST凯文主要经理人对公司未来发展前景和投资价值的认可。 从ST凯文角度看，很好的加强公司核心团队成员与公司的深度绑定，优化股权结构，改善经营质量， 对ST凯文未来发展将会产生积极影响。 8月22日，ST凯文（002425）公告称，公司控股股东凯撒集团（香港）有限公司拟通过协议转让方式向 公司董事、总经理何啸威先生以每股3.33元的价格转让其持有的公司4783.33万股无限售流通股，占公司 总股本的5.00%，总价款为159,284,889.00元。此次权益变动后，ST凯文董事、总经理何啸威持有ST凯 文的比例从0.08%增加至5.08%，成为公司持股5%以上的股东。这次控股股东拟转让5%股份体现了总经 理对公司长期发展前景的坚定信心，也为资本市场传递了积极信号。 据了解，ST凯文自转型以来，专注IP游戏的改编和发行，其研发团队主要是以何啸威为主的天上友嘉 团队。可以说这次何啸威受让5%股权是其对公司未来 ...

Core Viewpoint - Caesar Culture is facing significant financial challenges, with projected net losses for the first half of 2025, despite efforts to launch new game products and a slight revenue recovery in 2024 [2][3]. Financial Performance - The company expects a net profit attributable to shareholders of between -48 million to -65 million yuan for the first half of 2025, a change of -2.84% to -39.26% compared to a loss of 46.67 million yuan in the same period last year [2]. - Revenue for 2021 reached 933 million yuan, but dropped to 620 million yuan and 430 million yuan in 2022 and 2023, representing year-on-year declines of 33.40% and 30.65% respectively [3]. - Cumulative losses over the past two years amounted to 1.451 billion yuan, with losses of 656 million yuan and 795 million yuan in 2022 and 2023 [3]. - In 2024, revenue slightly increased to 454 million yuan, marking a growth of 5.38%, but the company remained in a loss position [3]. Business Operations - The main business of Caesar Culture includes cultural entertainment, copyright operation, and online game development and operation, with significant contributions from subsidiaries Cool Cow Interactive and Tian Shang You Jia [3]. - The company has a strong IP reserve and validated R&D capabilities, positioning itself as a quasi-first-tier player in the industry, aside from major players like Tencent and NetEase [4]. - Upcoming products for 2025 include titles such as "Zhe Tian World," "All-Star Awakening," and "Ultraman: Light Warrior," with plans to innovate in the WeChat mini-game market and embrace AI transformations in the gaming industry [4]. Regulatory and Market Position - Caesar Culture's stock has been under risk warning since September 19, 2024, with its name changed to "ST Kevin" [3]. - The company received an administrative penalty from the Guangdong Regulatory Bureau of the China Securities Regulatory Commission, allowing it to apply for the removal of risk warnings after December 4, 2025 [3].