证券日报网讯1月5日，恺英网络（002517）在互动平台回答投资者提问时表示，《暖星谷梦游记》是公 司推出的治愈系AI潮玩品牌，产品已于2025年12月8日在天猫及京东官方旗舰店开启销售。公司数字经 济研发中心项目进度请以公司披露的相关公告为准。 ...

2026 年 01 月 05 日 关注盒子产品与 AI 赋能业务新探索 —恺英网络（002517.SZ）公司动态研究报告 买入(首次) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn | 基本数据 | 2 0 2 5-1 2-3 1 | | --- | --- | | 当前股价（元） | 21.87 | | 总市值（亿元） | 467 | | 总股本（百万股） | 2136 | | 流通股本（百万股） | 1889 | | 52 周价格范围（元） | 12.83-29 | | 日均成交额（百万元） | 879.45 | ▌ 游戏研发与 IP 双驱动 AI 赋能 移动游戏为公司核心收入来源，构建了"研发、发行、投资 +IP、用户平台"四大业务体系，长周期游戏如《原始传奇》 《热血合击》《天使之战》《永恒联盟》等持续精细化运 营；公司依托自研产品《新倚天屠龙记》《刀剑神域黑衣剑 士：王牌》等 IP 联动数字资产，结合"数字资产+实体经 济"模式激活文旅消费。织梦大模型与 AI 游戏引擎《SOON》 实现从美术资产生成到代码部署的全流程自动化操作，显著 缩短开发周期，展现 ...

Core Insights - The company has a strong focus on its core gaming business, aiming to create high-quality games that meet market demands, supported by a four-part business system of R&D, publishing, investment, and IP/user platforms [2][3] - The company is actively expanding its overseas business, establishing a strategy for international publishing and aiming for revenue growth from foreign markets over the next three years [2][3] - The company has signed licensing agreements for its subsidiary to develop and promote games based on popular IPs, indicating a strategic move to enhance its product offerings and market presence [3][4] Fund Performance - As of November 26, 2025, the top-performing fund of the company, "泉果旭源三年持有期混合A," achieved a return of 35.13% over the past year [2] - The company manages assets totaling 23.787 billion yuan across six funds, with five fund managers [1][2] Share Buyback and Ownership - The company repurchased 8.9528 million shares from September 1 to September 3, 2025, representing 0.42% of its total share capital, with a total expenditure of approximately 200 million yuan [6] - The actual controller of the company has committed to not reducing their shareholding for five years and plans to use dividends to increase their stake in the company [7][8] Shareholder Trends - As of November 20, 2025, the total number of shareholders is 82,977, showing a general trend of increase in shareholder numbers [9] Product Development - The company is developing "EVE," a 3D AI companion application, which is set to launch in Q1 2026, focusing on creating deep emotional connections with users [10][11] - The company is also launching an AI toy brand, "暖星谷梦游记," with pre-sales starting on December 8, 2025, targeting emotional companionship for the 12-35 age group [12][13] Financial Reporting - The company holds shares in "世纪华通," classified as financial assets measured at fair value, with changes recorded in other comprehensive income, indicating a strategic investment approach [14]

Core Viewpoint - The company is focusing on its core gaming business and aims to build a diversified ecosystem centered around gaming, with a market capitalization of 46.9 billion yuan as of November 27, 2025 [1] Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 4.075 billion yuan, a year-on-year increase of 3.75%, and a net profit attributable to shareholders of 1.583 billion yuan, up 23.70% year-on-year [2] - The gross margin remained stable at over 83%, while the net profit margin increased to 38.86% [2] Corporate Governance - The company has enhanced its governance capabilities through structural optimization, stock incentives, and cash dividends, receiving an A-level disclosure rating from the Shenzhen Stock Exchange for two consecutive years [2] - The largest shareholder and actual controller holds a 20% stake, ensuring stability in the shareholding structure [2] Business Strategy - The company is restructuring its strategic framework for 2024, adding a user platform core business to its existing three business systems: R&D, publishing, and investment + IP [1][4] - The company plans to enhance its R&D through standardized and automated processes, focusing on both nostalgic and innovative game development [4] International Expansion - The overseas business has seen rapid growth, with revenue reaching 202 million yuan in the first half of 2025, a year-on-year increase of 59.57% [3] - Several games have performed well in international markets, including Korea, Europe, and the United States [3] AI and Technology Innovation - The company has integrated self-developed AI models into its R&D pipeline, significantly improving industrial efficiency [3] - The SOON platform, developed by a subsidiary, is recognized as the first commercial AI model in the gaming industry, enhancing game production capabilities [13] Community Engagement - The company is developing the "Legend Box" as a vertical community platform for players, focusing on enhancing user experience and community interaction [5][6] - The platform aims to create a comprehensive service ecosystem for players, integrating various gaming-related services [6] Sustainable Development - The company has completed its first three-year sustainable development plan, achieving carbon neutrality in operations and exceeding its public welfare investment goals [9][11] - The new sustainable development framework for 2026-2030 will expand its strategic pillars to include "Enjoyment, Coexistence, Benefit, and Advancement" [12] Cultural Promotion - The company promotes Chinese culture through its games and has developed educational content in collaboration with universities [10] - The "Year of the Seasons" IP has achieved a full ecological layout, with significant overseas engagement [10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The commercialization of the "Legend Box" is accelerating, and a new product cycle is beginning [5] - The company reported a revenue of 4.075 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.75%, and a net profit attributable to shareholders of 1.583 billion yuan, a year-on-year increase of 23.70% [7] - The "Legend Box" platform is showing significant value, contributing approximately 570 million yuan to the company's revenue in Q3 2025 [7] - The company has a rich pipeline of products and is actively expanding into AI applications [7] Financial Performance Summary - Revenue forecast for 2023 to 2027 is as follows: 4,295 million yuan (2023), 5,118 million yuan (2024), 6,046 million yuan (2025E), 6,929 million yuan (2026E), and 7,659 million yuan (2027E) with corresponding growth rates of 15.30%, 19.16%, 18.13%, 14.60%, and 10.54% [6] - Net profit attributable to shareholders is projected to be 1,462 million yuan (2023), 1,628 million yuan (2024), 2,094 million yuan (2025E), 2,452 million yuan (2026E), and 2,722 million yuan (2027E) with growth rates of 42.58%, 11.41%, 28.57%, 17.10%, and 11.01% respectively [6] - The price-to-earnings ratio (P/E) is expected to decrease from 34.93 in 2023 to 18.76 in 2027 [6]

Core Viewpoint - The report from Xinda Securities highlights that Kaiying Network's net profit attributable to shareholders for the first three quarters of 2025 reached 1.583 billion yuan, representing a year-on-year increase of 23.70% [1]. Financial Performance - In Q3, the net profit attributable to shareholders was 633 million yuan, showing a year-on-year growth of 34.51% and a quarter-on-quarter increase of 46.66% [1]. Business Development - The growth of the "Legend Box" is notable, emphasizing the value of the company. The company continues to optimize the operation of the Legend ecosystem through traffic sharing, content co-creation, and ecological construction to further explore the value potential of the Legend IP [1]. AI Initiatives - In the AI sector, the company has invested in Natural Selection's "EVE," the world's first 3D AI companion application, which has begun internal testing [1]. - The company launched an AI full-process development platform called "SOON" specifically designed for the gaming industry in July [1]. - A new AI healing toy brand, "Warm Star Valley Dream Journey," featuring a model of "smart dolls + virtual games," is set to release its first product during the "Double Eleven" shopping festival [1]. Future Outlook - The company's product reserves are expected to support future performance growth, with the Legend Box further tapping into the value of the Legend IP and ongoing investments in AI [1]. - The report maintains a "Buy" rating for the company [1].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 4.075 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 3.75%, and a net profit attributable to the parent company of 1.583 billion yuan, which is a year-on-year increase of 23.70% [1] - The "Legend Box" product line showed significant growth, achieving approximately 570 million yuan in revenue in Q3 2025, driven by brand zone entry services [4] - The company has a rich pipeline of new products and is diversifying into AI applications, which are expected to drive future revenue growth [5] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 1.497 billion yuan, a year-on-year increase of 9.08% and a quarter-on-quarter increase of 22.19% [3] - The net profit attributable to the parent company for Q3 2025 was 633 million yuan, reflecting a year-on-year growth of 34.51% and a quarter-on-quarter growth of 46.66% [3] - The company’s gross profit margin for 2025 is projected to be around 82.0% [7] - The expected net profit attributable to the parent company for 2025 is 2.207 billion yuan, with a year-on-year growth of 35.5% [6][7] Product and Market Development - The company has launched several new games in Q3 2025, including "Hot Blood Jianghu: Return" and "Ragnarok: The Promised Adventure," with more titles in the pipeline [5] - The "Legend Box" platform integrates various entertainment forms, enhancing user engagement and monetization opportunities [4] - The company is actively investing in AI technologies, including a 3D AI companion application and an AI development platform tailored for the gaming industry [5]

Core Insights - The company reported a record high quarterly revenue of 1.497 billion in Q3 2025, representing a year-on-year increase of 9.08%, and a net profit attributable to shareholders of 633 million, up 34.51% year-on-year [1] - The growth in revenue is primarily driven by the increased contribution from the "Legend Box," which has a higher gross margin, leading to an overall gross margin increase to 84.19% [1] - The company has established a vertical community platform, "Legend Box," which is expected to open up new avenues for revenue growth through advertising, promotion, and live streaming [2] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 4.075 billion, reflecting a year-on-year growth of 3.75%, and a net profit of 1.583 billion, which is a 23.70% increase year-on-year [1] - The company demonstrated strong cost control with a decrease in sales, management, and R&D expense ratios in Q3 2025 [1] Product Development and Market Strategy - The company has a rich pipeline of new games, including "Blood Legend: Return," and several other licensed IP adaptations, which are expected to support future revenue growth [2] - The company is actively developing AI capabilities, including a comprehensive AI development platform and applications, which are anticipated to create competitive advantages in the gaming industry [3] Investment Outlook - The company is projected to achieve revenues of 5.936 billion, 6.986 billion, and 7.442 billion for the years 2025 to 2027, with net profits of 2.154 billion, 2.536 billion, and 2.790 billion respectively [3] - The increase in platform-based business is expected to solidify financial performance, with a target price of 29.75 yuan based on a 25x PE ratio for 2026 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is leveraging AI and IP to create an ecological matrix that drives stable revenue growth through multi-level optimization [5] - The company has shown strong performance in its gaming segment, with a focus on expanding its product matrix through AI and IP integration [5] Financial Data and Valuation - Projected revenue for 2023 is 4,295 million, with a year-on-year growth of 15.3%. Revenue is expected to reach 5,118 million in 2024, 6,164 million in 2025, 7,182 million in 2026, and 8,350 million in 2027 [3][6] - Projected net profit for 2023 is 1,462 million, with a year-on-year growth of 42.6%. Net profit is expected to be 1,628 million in 2024, 2,157 million in 2025, 2,565 million in 2026, and 3,102 million in 2027 [3][6] - The gross margin is projected to be 83.5% in 2023, gradually decreasing to 81.7% by 2027 [3][6] - The company’s P/E ratio is expected to decrease from 34.4 in 2023 to 16.2 in 2027, indicating an improving valuation over time [3][6] Recent Performance - In the first three quarters of 2025, the company achieved a revenue of 40.75 billion, a year-on-year increase of 3.75%, and a net profit of 15.83 billion, up 23.70% year-on-year [5] - The company reported a significant increase in net profit for Q3 2025, reaching 6.33 billion, which is a 34.51% increase year-on-year [5] Strategic Initiatives - The company is expanding its product offerings with new game releases and AI applications, including the AI game development platform "SOON" and various IP-based mobile games [5] - The "Legendary Box" initiative aims to transform the company from a single product competitor to an ecological operator, enhancing its market position [5]

Core Viewpoint - Kaiying Network (恺英网络) demonstrated strong performance in Q3 2025, achieving revenue of 1.497 billion yuan, a year-on-year increase of 9.08%, and a net profit of 633 million yuan, reflecting a significant growth of 34.51% compared to the previous year, showcasing its competitive edge in the gaming market [1][2] Financial Performance - The company reported a revenue of 1.497 billion yuan and a net profit of 633 million yuan for Q3 2025, with basic earnings per share at 0.3 yuan [1] - The revenue growth indicates continuous business expansion and increasing market share, while the substantial rise in net profit highlights improvements in cost control and operational efficiency [1] Industry Context - The overall gaming industry is experiencing a recovery, with the Chinese gaming market's actual sales revenue reaching 88.026 billion yuan in Q3 2025, a quarter-on-quarter increase of 6.96% but a year-on-year decline of 4.08% [2] - Kaiying Network's growth contrasts sharply with the industry's overall decline, demonstrating its resilience and adaptability in a challenging market environment [2] Product Development - The company has launched the public beta of "Blood of the River: Return" and has several other products in the pipeline, including games based on popular IPs such as "Three Kingdoms: The World Returns" and "Tomb Raider: Journey" [3] - The AI game development platform "SOON" has entered the project application phase, significantly enhancing development efficiency and is expected to be commercialized by 2026 [3] International Expansion - Kaiying Network is actively pursuing global distribution, with overseas revenue growing from 117 million yuan in 2023 to 202 million yuan in the first half of 2025, increasing its share of total revenue from 2.71% to 7.82% [4] - The company has established deep partnerships with various overseas channels, enhancing its international market presence [4] Competitive Advantage - The company is leveraging the enduring popularity of legendary games, which have generated cumulative revenue of 371.3 billion yuan in China, with a projected market value exceeding 560 billion yuan by 2030 [5] - Despite challenges in the legendary game market, such as version fragmentation and private server issues, Kaiying Network's "Legend Box" aims to create a unified ecosystem for players, enhancing user experience and engagement [6][7] Ecosystem Development - The "Legend Box" aggregates over a thousand legendary games and offers various services, including a trading platform, cloud gaming, live streaming, and community features, providing a comprehensive experience for players [7] - The platform is also expanding into derivative businesses, such as short dramas and novels, to enhance user engagement and broaden monetization channels [8] Strategic Upgrade - Kaiying Network is transitioning from a product-driven strategy to a multi-faceted approach, focusing on content, platform, and ecosystem strength to better withstand market fluctuations and provide stable growth signals to investors [8]