（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" ...

Core Viewpoint - The company achieved significant revenue growth in 2024, driven by overseas expansion and new game launches, with a notable performance in Q1 2025. Group 1: Financial Performance - In 2024, the company reported revenue of 5.118 billion, a year-on-year increase of 19.16%, and a net profit attributable to shareholders of 1.628 billion, up 11.41% year-on-year [1] - Q4 2024 revenue was 1.191 billion, down 5.95% year-on-year, while net profit was 348 million, a decrease of 8.17% year-on-year [1] - In Q1 2025, the company achieved revenue of 1.353 billion, a year-on-year increase of 3.46%, and net profit of 518 million, up 21.57% year-on-year [1] Group 2: Growth Drivers - The company's overseas revenue reached 375 million in 2024, a significant increase of 221.48% year-on-year, with a revenue share of 9.7% [2] - The successful launch of new games such as "Dragon Valley World" in February 2025 contributed to steady revenue and performance growth in Q1 2025 [2] - The information services segment also showed robust growth, with revenue of 940 million in 2024, up 42% year-on-year, accounting for 18.4% of total revenue [2] Group 3: Cost Management and Profitability - Sales expenses increased by 29% to 459 million in Q1 2025 due to the launch of "Dragon Valley World," but the sales expense ratio improved to 33.9% [3] - The gross profit margin in Q1 2025 rose to 83.6%, and the net profit margin increased to 38.3% due to effective cost management and growth in high-margin businesses [3] Group 4: Future Prospects - The company is actively investing in AI and has a rich pipeline of new games, with several expected to launch in 2025, potentially driving further revenue growth [4] - The company anticipates net profits of 2.15 billion and 2.37 billion for 2025 and 2026, respectively, with corresponding PE ratios of 16.8 and 15.2 [4]

Core Insights - The company reported strong financial performance in 2024, with revenue reaching 5.118 billion yuan, a year-on-year increase of 19.16%, and net profit attributable to shareholders at 1.628 billion yuan, up 11.41% [1] - The company continues to reward shareholders through cash dividends and share buybacks, totaling 426 million yuan, which represents 26.18% of the net profit for the year [1] - The company is focusing on game development and expansion into international markets, launching several new titles that have performed well [2][3] Financial Performance - In Q1 2025, the company achieved revenue of 1.352 billion yuan, a growth of 3.46% year-on-year, and net profit of 518 million yuan, up 21.57% [1] - The company’s operating expenses in sales, management, and R&D decreased by 3.2 percentage points, 0.8 percentage points, and 1.0 percentage points respectively [1] - Forecasts for net profit growth from 2025 to 2027 are 25.32%, 18.98%, and 17.86%, with projected profits of 2.041 billion yuan, 2.428 billion yuan, and 2.862 billion yuan respectively [4] Product Development and Market Expansion - The company launched the card strategy game "Nazarick King" in 2024, achieving over 1 million pre-registrations domestically and ranking high on various charts [2] - The overseas revenue for the company reached 375 million yuan in 2024, marking a significant increase of 221.48% [2] - The company is integrating AI into game development, enhancing efficiency and creating new market opportunities [3] Strategic Initiatives - The company is committed to its core strategy of focusing on the gaming industry and has introduced multiple new products to accelerate its international presence [2] - The development of AI models aims to streamline the game development process and improve collaboration [3] - The company has invested in AI firm Tyrell AI Limited, increasing its stake to over 16%, further expanding its footprint in the AI sector [3]