（蔡淑敏/摄） 知名A股游戏公司恺英网络（SZ.002517）迎重要人事变动。 近日，恺英网络发布公告称，公司董事会于近日收到公司财务总监黄振锋的书面辞职报告，因工作调整原因，黄振锋辞去公司财务总监职务，辞职报告 自送达公司董事会之日起生效。 据悉，辞职后，黄振锋将继续在公司任职。目前，黄振锋持有11万股公司股票，占总股本的0.005%，他在辞职后将继续遵守相关法律法规有关上市公 司高级管理人员减持股份的限制性规定。 经公司总经理沈军提名，恺英网络子公司浙江盛和现任预算总监张启闰出任公司新财务总监，任期至第五届董事会届满。公开资料显示，张启闰现年35 岁，1990年出生，大连理工大学本科学历，中国注册会计师。他曾任德勤华永会计师事务所（特殊普通合伙）高级审计员、恺英网络内控经理浙江九翎网络 财务总监、恺英网络预算总监等职务。目前，张启闰不持有恺英网络股票，并与公司控股股东及其他重要股东没有关联关系。 恺英网络成立于2008年，是国内知名的互联网游戏上市公司，其主要业务包括手游与页游等娱乐内容的研发、运营及发行，网页游戏平台、移动应用分 发平台的运营。 提起恺英网络，外界普遍会想起"传奇大厂"。这家手握"传奇" ...

恺英网络最近几年的业绩十分亮眼。 公司的营收自2020年重新恢复增长，并于去年首次跻身50亿级行列。净利润也自2020年扭亏为盈后持续攀升，已连续三年突破10亿元大关。 这家公司在过去经历了创始人因操纵证券市场罪入狱、组织架构大调整、传奇IP诉讼等变故，一度亏损接近19亿元。原以为会一蹶不振，没想到却上演了 逆势翻盘的戏码。 随着曾经埋下的隐患被逐一化解，加上资金也宽裕了许多，恺英得以腾出手不断梳理整体业务。 近年来，其产品发布节奏明显加快，投资动作也较为频繁，同时大量引入IP且愈发注重品宣，甚至今年罕见地举办了成立以来首个年度产品发布会（此举 多见于腾讯、网易等大厂）。如今恺英在努力摆脱外界对其「传奇大厂」的固有印象。除了传统品类（「传奇」「奇迹」），公司的版图已逐步拓展到更 多品类。 当然就目前来说，「传奇」「奇迹」依旧构成了恺英的收入基本盘。财报中将它们归为「复古情怀类游戏」。 去年公司的营收同比增长了19%来到51亿元。其中，自营收入和联营收入均属大头，合占公司总营收的63%。贡献主力便包括《原始传奇》《热血合击》 《天使之战》《永恒联盟》等复古情怀类游戏。 另有一项信息服务的收入增长也比较快，约占总 ...

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].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and growth potential [3]. Core Insights - The company focuses on its core gaming business, driving steady growth through three main segments: R&D, publishing, and investment in IP [1]. - In 2024, the company achieved a revenue of 5.118 billion yuan, representing a year-on-year growth of 19.16%, and a net profit attributable to the parent company of 1.628 billion yuan, up 11.41% [1]. - For the first quarter of 2025, the company reported a revenue of 1.353 billion yuan, a 3.46% increase year-on-year, and a net profit of 518 million yuan, which is a 21.57% growth [1]. - The overseas market continues to expand, with overseas revenue reaching 375 million yuan in 2024, a significant increase of 221.48% [1]. - The company has successfully launched several games that ranked high on various platforms, such as "OVERLORD" and "Angel's War" in South Korea and Singapore [1][2]. Financial Projections - The company is projected to achieve net profits of 2.156 billion yuan, 2.537 billion yuan, and 3.033 billion yuan for the years 2025, 2026, and 2027, with respective growth rates of 32.4%, 17.7%, and 19.5% [3][5]. - Revenue is expected to grow from 6.127 billion yuan in 2025 to 8.257 billion yuan in 2027, with annual growth rates of 19.7% and 14.9% [5][11]. Business Strategy - The company emphasizes a systematic R&D framework and has made significant technological investments to enhance game quality and meet player demands [2]. - It is actively pursuing a global publishing strategy, establishing deep partnerships with various overseas channels [2]. - The investment strategy focuses on early-stage investments and strategic partnerships to enhance value through post-investment support [2].

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.

Investment Rating - The report maintains a "Buy-A" rating for the company with a target price of 19.6 yuan, reflecting a 20x PE valuation for 2025 [3][5]. Core Insights - The company reported a revenue of 5.118 billion yuan and a net profit of 1.628 billion yuan for 2024, with year-on-year growth rates of 19.16% and 11.41% respectively. For Q1 2025, revenue was 1.353 billion yuan and net profit was 518 million yuan, showing year-on-year growth of 3.46% and 21.57% [1]. - The mobile gaming segment, which accounts for 80% of total revenue, grew by 13.38% year-on-year, although its gross margin decreased by 2.75 percentage points. The overseas business saw a remarkable growth of 222%, albeit with a low revenue contribution of about 7%, and its gross margin improved by 8.53 percentage points [1][2]. - The company has a clear positioning in the gaming industry, focusing on IP games, and has successfully launched new IPs while maintaining classic titles. The overseas expansion strategy is expected to continue driving growth in 2025 [2]. Financial Performance Summary - The company is projected to achieve revenue growth rates of 22.8%, 15%, and 15% for 2025-2027, with net profit growth rates of 29.4%, 15%, and 10% respectively. The expected EPS for these years are 0.98 yuan, 1.13 yuan, and 1.23 yuan [3][8]. - The financial metrics indicate a stable performance with a net profit margin of 34.0% in 2023, projected to be 33.5% in 2025, and a return on equity (ROE) of 27.9% in 2023, expected to decline to 22.6% by 2025 [8][9].