《盗墓笔记:启程》

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恺英网络(002517):业绩增长稳健 新品周期及AI应用值得期待
Xin Lang Cai Jing· 2025-09-03 00:39
Performance Summary - The company achieved operating revenue of 2.578 billion yuan in the first half of 2025, a year-on-year increase of 0.89% [1] - The net profit attributable to shareholders reached 950 million yuan, up 17.41% year-on-year, with a fully diluted EPS of 0.44 yuan [1] - In Q2 2025, the company reported a single-quarter operating revenue of 1.225 billion yuan, a decrease of 1.8% year-on-year, while the net profit attributable to shareholders was 432 million yuan, an increase of 12.8% year-on-year, corresponding to a diluted EPS of 0.20 yuan [1] Product Development and International Expansion - The company's product matrix includes retro-themed games and innovative premium titles, with notable products such as "Original Legend," "Angel Battle," and "Dragon Valley World" in the retro category, and "Three Kingdoms: The World Returns," "Douluo Continent: The Legend of Evil," and "Tomb Raider: The Journey" in the innovative category [1] - The overseas business saw significant growth, with "Sword and Fairy: A New Beginning" topping the iOS free charts in Macau and achieving high rankings in Taiwan and Hong Kong, leading to overseas operating revenue of 202 million yuan, a year-on-year increase of 59.6% [1] AI and New Business Initiatives - The company is advancing AI applications with its self-developed "Dream Weaving" model and the launch of the AI industrial pipeline "SOON," which automates the entire process from art asset generation to code deployment [2] - The "Legend Box" community platform is being developed to integrate various gaming elements, including live streaming, esports, and short dramas, aiming to enrich the content ecosystem and create new growth points [2] - The digital asset platform "Shiyuan Cube" combines blockchain, Web 3.0, and AI technologies to build a marketing ecosystem for digital art, promoting consumption in cultural tourism through a "digital assets + real economy" model [2]
恺英网络(002517):中报点评:业绩增长稳健,新品周期及AI应用值得期待
Guoxin Securities· 2025-09-01 11:09
Investment Rating - The investment rating for the company is "Outperform the Market" [6][19]. Core Views - The company has shown steady revenue growth, with a 0.89% year-on-year increase in revenue to 2.578 billion yuan in the first half of 2025, and a 17.41% increase in net profit to 950 million yuan [1][10]. - The product matrix is continuously enriched, with significant growth in overseas business, achieving a 59.6% year-on-year increase in overseas revenue to 202 million yuan [2][14]. - The company is advancing AI applications, launching self-developed AI platforms and new business models, which are expected to create new growth curves [3][19]. Financial Performance - In the first half of 2025, the company achieved a total revenue of 2.578 billion yuan, with a net profit of 950 million yuan, leading to a diluted EPS of 0.44 yuan [1][10]. - For Q2 2025, the company reported a revenue of 1.225 billion yuan, a 1.8% decrease year-on-year, while net profit increased by 12.8% to 432 million yuan [1][10]. - The financial forecast for 2025, 2026, and 2027 projects net profits of 2.268 billion yuan, 2.432 billion yuan, and 2.661 billion yuan respectively, with corresponding diluted EPS of 1.05 yuan, 1.13 yuan, and 1.24 yuan [19][21]. Product and Market Development - The product lineup includes both nostalgic and innovative categories, with successful titles in both segments contributing to revenue growth [2][14]. - The overseas performance of the game "Xianjian Qixia Chuan: New Beginning" has been notable, achieving top rankings in various app stores, which has significantly boosted overseas revenue [2][14]. - The company is also focusing on AI-driven game development and community platforms, which are expected to enhance user engagement and create new revenue streams [3][19].
恺英网络人事变动:财务总监换人,“90后”注会张启闰接棒
Guo Ji Jin Rong Bao· 2025-06-17 11:51
Group 1: Management Changes - Kaiying Network announced the resignation of CFO Huang Zhenfeng due to work adjustments, effective immediately upon receipt of the resignation report [1] - Zhang Qirun, the current budget director of the subsidiary Zhejiang Shenghe, has been appointed as the new CFO, with a term until the fifth board of directors concludes [1] - Zhang Qirun, aged 35, holds a bachelor's degree from Dalian University of Technology and is a certified public accountant, with previous experience in Deloitte and various roles within Kaiying Network [1] Group 2: Company Performance - In the 2024 annual report, Kaiying Network's revenue surpassed 5 billion yuan, reaching 5.118 billion yuan, a year-on-year increase of 19.16%, while net profit attributable to shareholders was 1.628 billion yuan, up 11.41% year-on-year [5] - The company's robust growth is attributed to a combination of research and development, publishing, and investment in intellectual property [5] - Kaiying Network focuses on three main areas in its gaming business: retro nostalgia games, innovative premium games, and IP-related projects, with 22 new products announced at the annual product launch [5] Group 3: Game Development and Innovation - The company has developed and operated several classic games, including "Original Legend," "Blood of the Alliance," and "Angel Battle," while also venturing into innovative premium games and adaptations of classic novels [5] - Notable new games include real-time battle game "Gundam Battle," 3D action game "Code: Ultraman," and open-world adventure game "Douluo Dalu: Zhu Xie Chuan Shuo" [5] - Kaiying Network is also investing in AI applications, having introduced the "Xingyi" large model for game development, which enhances efficiency across various stages of game production [6]