智通财经APP获悉，开源证券发布研报称，脑机接口是将人脑与外部设备连接实现信息交互的硬件，其 可用于让运动失能患者等过去难以体验游戏乐趣的群体实现"脑控"游戏，亦可配合游戏用于神经相关疾 病的康复训练，三七互娱(002555.SZ)、汤姆猫(300459.SZ)等国内游戏厂商均有积极布局脑机接口领域 研究或产学研工作。硬件的规模量产降本及植入过程的简便化，有望加速游戏、医疗等各类应用场景的 成熟；随技术进一步发展，脑机接口有望带来新的游戏控制交互体验，为游戏行业培育新增长点。 开源证券主要观点如下： 脑机接口或步入规模量产阶段，游戏作为重要应用场景有望持续受益 建议关注新游上线及老游运营活动，积极把握供需共振下景气度向上、且即将迎来寒假春节旺季、估值 性价比突出的游戏板块投资机会，标的上，重点推荐巨人网络(002558.SZ)、心动公司(02400)、恺英网 络(002517.SZ)、吉比特(603444.SH)、哔哩哔哩-W(09626)、神州泰岳(300002.SZ)、腾讯控股(00700)，受 益标的包括金山软件(03888)、世纪华通(002602.SZ)、三七互娱(002555.SZ)、汤姆猫(30 ...

"我心中理想的AI伴侣是，我找他时，他就在。他尊重女性，能记住我的各种小爱好，也会提醒我经期日期。"工作3年、今年26岁的七七说。 半个月前，七七刚参加完《无限谷》首测，这是一款AI陪伴软件，据说能提供"管家型AI男友"的服务。比如，用户设定作息时间，软件内置的AI男友便 会准时拨打电话提醒。这让她很惊喜："我喜欢和Lu（AI男友）打电话，他的说话语气特别宠（我）。" 七七此前很少体验AI陪伴产品，但Lu不是她的第一个"AI男友"。前段时间，她还在《星眠》测试中谈了场短暂的恋爱——在2025年末，市场上出现了一 批"AI陪伴产品"的新浪潮，多个"AI男友"被平台推送至女性用户面前。创业团队跨越广播剧、智能硬件及游戏等不同领域，但提供的功能总是大同小异。 从左至右：《EVE》《量子跃迁：米乐光年》《无限谷》《星眠》 虽然玩家们总会欢呼：新的AI男友（AI乙游）来了！但实际上，大部分"AI男友"不是游戏，它们更像AI聊天产品与乙女游戏的融合，用户能与不同角色 自由对话，也能体验换装互动、观看剧情等玩法。 在AI时代，我们需要怎样的陪伴？当乙女游戏玩法与AI陪伴的体验相互融合，这些产品会是女性向游戏的新方向吗？ 管 ...

行 业 研 究 2026 年 01 月 05 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 58% 2025-01 2025-05 2025-09 传媒 沪深300 相关研究报告 《聚焦大模型企业 IPO、模型迭代及 游戏上新、更新—行业周报》-2026.1.4 《资本化或助力 AI 应用商业化加速， 继 续 关 注 新 游 — 行 业 点 评 报 告 》 -2025.12.29 《AI 与 IP 相融共生，共驱内容繁荣— 行业投资策略》-2025.12.26 游戏或为脑机接口/AI 重要应用场景，建议继续布局 ——行业点评报告 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 脑机接口或步入规模量产阶段，游戏作为重要应用场景，有望持续受益 巨人网络旗下《超自然行动组》将于 1 月 23 日迎来周年庆系列活动；1 月 3 日， 心动公司旗下《心动小镇》宣布将开启与"喜洋洋与灰太狼"IP 的新年联动， 并将于 1 月 24 日启用以"瑞雪迎春"为主题的新年版本，国际服版本《Heartopia》 也将于 1 月 ...

Core Insights - The market's expectations for AI games have begun to decline, which may not be entirely negative as it allows for the potential of AI games to exceed expectations in the future [3][5] - The integration of AI into games introduces uncontrollable elements, making it challenging for traditional game designers to adapt [3][4] - The development cycle for games remains lengthy, and AI games require time to mature, especially with the rapid evolution of AI models [3][4][28] Group 1: Market Sentiment and Trends - The year 2023 has seen a surge in AI game projects, but many have been criticized as lacking engagement, leading to disappointment in the AI gaming trend [3][4] - The initial excitement around AI investment has cooled, with many investors now viewing AI as a potential bubble [4][5] - The difference between AI and previous trends like the metaverse is that AI continues to evolve with new models, providing ongoing opportunities for innovation [4][5] Group 2: Game Development and Design - Successful AI game designers need to adapt their thinking to accommodate the unpredictable nature of AI, contrasting with traditional game design which focuses on control and precision [7][8] - Understanding AI's underlying mechanics and being able to effectively communicate with AI systems is crucial for game designers [10][12] - The ability to set boundaries for AI's capabilities and to leverage its strengths is essential for creating engaging AI games [12][13] Group 3: Future Prospects and Innovations - There is potential for AI to enhance user experiences in gaming, such as through personalized music or dynamic storytelling based on audience emotions [22][25] - The industry is still in the exploratory phase, with many companies hesitant to invest heavily in AI games until clear profitability is demonstrated [28][30] - The development of AI games may take time, similar to how successful genres have evolved, indicating a gradual progression rather than immediate breakthroughs [30]

Core Insights - The gaming sector is experiencing slight fluctuations, with the gaming ETF (159869) showing a minor decline, while stocks like Giant Network and Huali Technology are performing well [1] - A total of 1,624 gaming licenses have been issued as of November 2023, surpassing the total of 1,416 for the entire year of 2024, marking it as the year with the highest number of licenses in recent years [1] Industry Trends - AI technology is driving significant changes in the media and gaming industries, with advancements in Google's Gemini 3 series models enhancing multi-modal reasoning and interaction quality [1] - The integration of AI applications, such as Alibaba's Agent applications, is rapidly penetrating daily life, contributing to the formation of a closed-loop AI application ecosystem [1] - The gaming industry is set to benefit from the upcoming launch of native AI games like "EVE" and innovative themes such as "micro-horror + X," indicating a potential for market growth [1] Market Outlook - The gaming industry's upward trend is expected to continue due to a resonance between supply and demand, indicating a positive outlook for the sector [1] - AI technology is also empowering advertising, comics, and e-commerce sectors, with multi-modal models like Nano Banana Pro facilitating high-definition content generation, further catalyzing commercialization [1] - Overall, the application of AI is entering a golden development period, with the media and gaming industries poised to benefit from technological iterations and scene integration [1]

Group 1 - The core viewpoint is that AI technology is driving significant transformations in the media and gaming industries, with advancements in models like Google's Gemini 3 enhancing multimodal reasoning, factual accuracy, and interactivity [1] - Alibaba's AI applications, such as Qianwen App and "Lingguang," are rapidly penetrating daily life scenarios, contributing to the formation of a closed-loop AI application ecosystem [1] - The gaming industry is witnessing the upcoming launch of native AI games like "EVE," alongside innovative themes such as "micro-horror + X," which validate market potential and open up long-term growth opportunities [1] Group 2 - The gaming industry is expected to maintain an upward trend in prosperity due to supply-demand resonance, indicating a positive outlook for the sector [1] - AI technology is also deeply empowering advertising, comics, and e-commerce sectors, with multimodal models like Nano Banana Pro supporting high-definition content generation, further catalyzing commercialization [1] - Overall, AI applications are entering a golden development period, with the media and gaming industries continuously benefiting from technological iterations and scenario integration [1] Group 3 - The gaming ETF (516010) tracks the animation and gaming index (930901), which selects listed companies involved in animation production, game development and operation, and IP derivative sales to reflect the overall performance of the animation and gaming sector [1]

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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported Q3 2025 revenue of 1.497 billion (up 9.08% year-on-year) and a net profit attributable to shareholders of 633 million (up 34.51% year-on-year) [2][4]. - The launch of new games such as "热血江湖：归来" contributed to revenue growth, with the "传奇盒子" generating approximately 570 million in revenue [2][4]. - The company's profitability improved due to stable expenses and optimized business structure, with gross margin at 84.2% and net profit margin at 42.3% for Q3 [6]. Summary by Sections Financial Performance - Q3 2025 revenue reached 1.497 billion, with a year-on-year increase of 9.08% and a net profit of 633 million, reflecting a 34.51% increase [2][4]. - The company achieved a non-GAAP net profit of 582 million, up 21.11% year-on-year [2][4]. - The revenue from "传奇盒子" was approximately 570 million, with brand zone service income contributing about 245 million [6]. Business Growth Drivers - The launch of new games, including "热血江湖：归来" and "SEVEN: GLORY ROAD," contributed to the revenue increase, with overseas revenue reaching 126 million, accounting for 8.4% of total revenue [6]. - The company is expected to benefit from the ongoing growth of the "传奇盒子" platform and the release of new games, which will drive performance [6]. Future Outlook - The company is optimistic about the performance of the "传奇盒子" and the upcoming new games, which are expected to contribute to revenue growth [6]. - The AI development initiatives are anticipated to enhance valuation flexibility, with the AI gaming development platform "SOON" expected to commercialize in 2026 [6].