Core Viewpoint - Kaiying Network is advancing the integration of AI technology and is focusing on four major business systems for future growth [3]. Financial Performance - In the first three quarters of 2025, Kaiying Network achieved operating revenue of 4.075 billion yuan, a year-on-year increase of 3.75% [3]. - The net profit attributable to shareholders reached 1.583 billion yuan, up 23.7% year-on-year, with a gross margin stable at over 83% and a net profit margin increasing to 38.86% [3]. Business Development - The company's overseas revenue in the first half of the year was 202 million yuan, reflecting a significant year-on-year growth of 59.57% [3]. - Popular games such as "Monster League," "MU Immortal," and "Blood of Jianghu: Return" topped local app store free charts upon release in markets like South Korea, Europe, and the United States [3]. - The 996 Box platform has nearly 500,000 daily active users, driving rapid expansion of the platform's business scale [3]. Technological Innovation - Kaiying Network has integrated its self-developed "Xingyi" and "Zhimeng" large models into its R&D pipeline, significantly enhancing industrial efficiency and fostering the SOON platform to transform game production methods [3]. - The company has made substantial progress in AI emotional companionship applications, such as EVE, and the AI toy brand "Warm Star Valley Dream Journey" [3][5]. Future Strategy - The year 2026 is identified as a key year for enhancing the four major business systems, focusing on R&D, publishing, investment + IP, and user platforms [3]. - The 996 Legend Box aims to create a high-activity vertical community by addressing the challenges of numerous game versions and private servers, enhancing player experience through community interaction and content aggregation [4]. AI Toy Development - The "Warm Star Valley Dream Journey" brand targets emotional companionship needs for individuals aged 12-35, featuring AI toys with capabilities like voice recognition and interactive gameplay [5]. - The brand introduces the concept of "digital life forms," with products set to launch on December 8, 2025 [5]. Market Performance - On November 28, 2023, Kaiying Network's stock closed at 22.32 yuan, with a rise of 1.59%, bringing the total market capitalization to 47.685 billion yuan [6].

恺英网络股份有限公司 投资者关系活动记录表 回复：7 月 8 日，公司子公司闲趣互娱与天穹互动签署《热 血传奇》及《传奇世界》授权许可协议。许可协议约定天穹互 动授权闲趣互娱基于传奇、传世游戏及游戏要素独家开发、运 营、推广专注于传奇、传世游戏社区的盒子产品，闲趣互娱可 在该游戏盒子产品内管理、推广、宣传、运营改编传奇、传世 游戏，制作、发布改编游戏相关的短视频，对改编游戏进行直 播宣传，组织改编游戏竞技赛事，开设改编游戏论坛，开展改 编游戏道具交易及其他相关衍生服务。 证券代码：002517 证券简称：恺英网络 编号：2025-007 | 投资者关系 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 路演活动 | | | □现场参观 其他 ☑ （投资者交流会） | | | 宝盈基金、博时基金、财通基金、财通证券、测度基金、长江 | | | 养老、城堡基金、东方财富证券、东方红、东方证券、东吴证 | | | 券、方正证券、复胜资产、富国基金、光大证券、广发证券、 | | | 国海证券、国金基金、国金证券、国联安、国联基金、 ...

Group 1 - The gaming sector is experiencing a downward trend, with several popular stocks showing significant adjustments, including ShengTian Network and ShunNet Technology, which fell over 7%, and Giant Network and Kaiying Network, which dropped over 5% [1] - The gaming ETF (159869) is down more than 3%, providing a potential opportunity for medium to long-term investment [1] - As of October 29, the gaming ETF (159869) has a product scale of 11.259 billion yuan, facilitating investors to easily allocate to leading A-share gaming companies [1] Group 2 - Kaiying Network's short drama "Hot Blood Era" is set to launch on Tencent Video during the National Day holiday in 2025, showcasing the company's "AI + IP" strategy in the trendy toy sector [2] - The "Warm Star Valley Dream Journey" brand, featuring AI smart dolls, targets the emotional companionship market, appealing to the 12-35 age group interested in cute culture [2] - The gaming sector is expected to grow long-term, driven by AI technology innovation, content ecosystem upgrades, and the evolution of commercialization models [2]

Group 1: Company Updates - Gibit (603444) expects net profit for the first three quarters to exceed 1 billion yuan, with a projected increase of 57% to 86% year-on-year [4] - Kaiying Network (002517) showcased its AI toy brand "Warm Star Valley Dream Journey" at the 2025 China Toy Expo, targeting the emotional companionship market for ages 12-35 [5] - Korean game developer 111% and Chinese publisher Habby announced plans to establish a joint venture in Singapore to enhance their presence in the global mobile gaming market [6] Group 2: Regulatory Developments - South Korea's domestic agent system for games is set to be implemented on October 23, aiming to improve regulatory communication and compliance for foreign companies [7] Group 3: Industry News - Renowned game creator Tomonobu Itagaki, known for titles like "Ninja Gaiden" and "Dead or Alive," has passed away [9] - Elon Musk announced that his AI company xAI will enter the gaming industry, focusing on developing interactive 3D virtual game environments using advanced "world models" technology [10] - Web3 game studio Mythical Games secured strategic investment from Eightco Holdings to accelerate its mission in the entertainment ecosystem [11] Group 4: Esports Events - The 2025 League of Legends World Championship (S15) commenced in Beijing, featuring 17 top teams competing for the global championship title [12] - The 2025 CFS (CrossFire World Championship) China regional qualifiers began in Chongqing, attracting many top teams [13] - The CAC2025 (CS Asia Invitational) kicked off in Shanghai, with a total prize pool of 1 million USD and participation from 16 top teams [14]

Group 1: Company Updates - Gibit expects net profit for the first three quarters to exceed 1 billion yuan, with a year-on-year increase of 57% to 86% [4] - Haier Network's "Warm Star Valley Dream Journey" was showcased at the 2025 China Toy Expo, targeting the emotional companionship market for ages 12-35 [5] - Korean game developer 111% and Chinese publisher Habby plan to establish a joint venture in Singapore to enhance their presence in the global mobile gaming market [6] Group 2: Regulatory Developments - South Korea's domestic agent system for games will be implemented on October 23, aiming to improve compliance and communication efficiency for foreign companies [7] Group 3: Industry News - Renowned game creator Tomonobu Itagaki has passed away, known for his work on the "Ninja Gaiden" and "Dead or Alive" series [8] - Elon Musk announced that his AI company xAI will enter the gaming industry, focusing on creating interactive 3D virtual game environments [9][10] - Web3 game studio Mythical Games has secured strategic investment from Eightco Holdings to accelerate its mission in the entertainment ecosystem [11] Group 4: Esports Events - The 2025 League of Legends World Championship officially commenced in Beijing, featuring 17 top teams competing for the championship title [12] - The 2025 CFS China Regional Qualifiers are taking place in Chongqing, attracting many top teams [13] - CAC 2025, hosted by Perfect World, has started in Shanghai with a total prize pool of 1 million USD [14]

Core Viewpoint - The company, Kaiying Network, reported a resilient and growth-oriented performance in its 2025 semi-annual report, with revenue of 2.578 billion yuan and a net profit of 950 million yuan, reflecting a year-on-year growth of 0.89% and 17.41% respectively, amidst a recovering industry and accelerated AI innovation [2] Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 2.578 billion yuan, marking a 0.89% increase year-on-year [2] - The net profit attributable to shareholders reached 950 million yuan, representing a year-on-year growth of 17.41% [2] Group 2: International Expansion - The company's overseas revenue reached 202 million yuan, showing a significant year-on-year increase of 59.57% [3] - The RPG game "MU Immortal" topped the iOS RPG free charts in multiple countries on its launch day, indicating strong international market performance [3] - The company plans to continue expanding its game promotion in markets such as Hong Kong, Macau, Japan, South Korea, and Southeast Asia, while gradually entering the European and American markets [3] Group 3: Domestic Product Launches - The company launched several successful products in the domestic market, including "Dragon Valley World" and "Digital Monster: Source Code," with "Dragon Valley World" achieving the top position on the App Store game chart on its launch day [5] - Multiple new titles have received approval and are expected to be released in the latter half of the year and early next year [5] Group 4: AI Integration - AI technology has become a significant driver for industry upgrades, with the company developing tools like "SOON," which can generate playable games from simple requests, drastically reducing development time [7] - The company is also launching AI-powered products aimed at emotional companionship, targeting the 12-35 age demographic [8] Group 5: Governance and Shareholder Returns - The company has been enhancing its governance structure and has committed to share buybacks, with plans to repurchase shares worth up to 200 million yuan [10] - Since its listing, the company has distributed cash dividends totaling 1.212 billion yuan over nine occasions, reflecting its commitment to returning value to shareholders [10] Group 6: Future Outlook - The company is positioned for sustainable growth through diversified business strategies, aiming to drive forward the gaming industry [11]

Group 1 - The company announced a share buyback on September 1, with 4.5673 million shares repurchased, accounting for 0.21% of total share capital, at a total cost of approximately 99.602 million yuan [1] - The buyback plan, announced on August 29, aims to repurchase shares with a total amount not exceeding 200 million yuan and not less than 100 million yuan, with a maximum price of 29.33 yuan per share [1] - The company's major shareholders and executives have committed to continuously increase their holdings using after-tax dividends received from the company between January 1, 2024, and December 31, 2028 [1] Group 2 - For the first half of the year, the company reported revenue of 2.578 billion yuan, a year-on-year increase of 0.89%, and a net profit attributable to shareholders of 950 million yuan, a year-on-year increase of 17.41% [2] - The company has shifted its business structure, increasing the proportion of high-margin R&D and platform businesses while decreasing the proportion of low-margin distribution businesses, leading to net profit growth despite stable overall revenue [2] - The company's overseas revenue reached 202 million yuan, a year-on-year increase of 59.57%, accounting for 7.82% of total revenue, reflecting its active global market expansion [2] Group 3 - The company introduced an AI full-process development platform named "SOON," designed specifically for the gaming industry, which automates the entire game development process, significantly reducing development time from months to hours [2][3] - "SOON" divides game generation into three core elements: art assets, code creation, and numerical design, utilizing AI agents for collaborative module generation [3] - The company is also developing an AI toy brand called "Warm Star Valley Dream Journey," targeting emotional companionship needs for individuals aged 12 to 35, with plans to launch the product within the year [3]

Core Viewpoint - The company reported a revenue of 2.578 billion yuan and a net profit of 950 million yuan for the first half of 2025, indicating a year-on-year growth of 0.89% and 17.41% respectively, amidst a recovering industry and accelerated AI innovation [1] Group 1: Business Performance - The company's overseas revenue reached 202 million yuan, showing a significant year-on-year increase of 59.57% [2] - The company launched several new products, including "Dragon Valley World," "Digimon: Source Code," and "Hot Blood Jianghu: Return," which have received positive market responses [2] - The company plans to expand the promotion of games like "Monster Alliance" and "OVERLORD" in the overseas market, targeting new growth opportunities in Europe and America [2] Group 2: AI Applications - AI technology has been deeply integrated into game development, significantly enhancing production efficiency and flexibility [3] - The company developed "SOON," a game generation tool that can create playable games from simple text prompts, reducing development time from months to hours [3] - The company is also launching AI companion products targeting emotional needs of users aged 12-35, with the brand "Warm Star Valley Dream Journey" expected to launch this year [3] Group 3: Investment and Shareholder Returns - The company announced a share buyback plan of 100 million to 200 million yuan, continuing its trend of returning value to shareholders [6] - Since 2019, the company has repurchased over 600 million yuan worth of shares and has distributed a total of 1.212 billion yuan in cash dividends [6] - The controlling shareholder and executives have committed to reinvesting their dividends into the company's shares, with over 130 million yuan already reinvested since 2024 [6]

Group 1 - The gaming industry is experiencing robust growth driven by AI technology, with Kaiying Network reporting a revenue of 2.578 billion yuan and a net profit of 95,000 yuan for the first half of 2025, reflecting a year-on-year increase of 0.89% and 17.41% respectively [1] - The AI concept is gaining traction across various industries, with policies, industry recovery, and accelerated AI implementation acting as three driving forces for the gaming sector [1] - Kaiying Network is focusing on a diversified strategy, emphasizing "AI + IP" as two key business modules beyond its core gaming operations [1] Group 2 - Kaiying Network launched the "SOON" AI full-process development platform, which can generate playable games from a single sentence input, significantly reducing the development cycle from months to hours [2] - The "SOON" platform divides game generation into three core elements: art assets, code creation, and numerical design, utilizing AI to streamline the development process [2] - The platform has attracted strategic investments from companies like Big High Group and Hengdian Capital, indicating potential for transformative changes in game development [2] Group 3 - Kaiying Network is exploring the emotional companionship sector with the launch of the "Warm Star Valley Dream Journey" AI toy brand, featuring AI-enabled plush toys that provide emotional interaction [3] - The company is also testing a 3D EVE AI companionship application that aims to create deep virtual emotional connections, offering real-life services like "milk tea delivery" and personalized song creation [3] - This initiative expands the application of AI in the emotional companionship field, catering to the growing demand for personalized emotional support [3] Group 4 - Kaiying Network's investment in DPVR has led to the introduction of DPVR AI Glasses, which feature advanced functionalities such as voice recognition and scene identification [4] - Several securities firms have positively evaluated Kaiying Network's ongoing AI developments, suggesting that the integration of companionship, engines, and edge computing could catalyze valuation [4] - The continued rollout of AI-related products and applications is expected to sustain Kaiying Network's strong growth trajectory in the gaming industry and related fields [4]

Core Insights - The company reported a revenue of 2.578 billion yuan for the first half of 2025, a year-on-year increase of 0.89%, and a net profit attributable to shareholders of 950 million yuan, up 17.41% year-on-year, demonstrating resilience and growth amid industry recovery and AI innovation [1] - The company is leveraging its strong IP reserves, continuous technological innovation, and global operational capabilities to expand its multi-faceted strategic layout, which supports both short-term performance and long-term development [1] Group 1: Overseas Business Growth - The company's overseas revenue reached 202 million yuan in the first half of 2025, marking a significant year-on-year increase of 59.57% [2] - The RPG game "MU Immortal" topped the iOS RPG free charts in multiple countries on its launch day, while the SLG game "Nobunaga's Ambition: Path to the World" ranked second in the iPhone free game list [2] - The company plans to continue expanding its game promotion in markets such as Hong Kong, Macau, Taiwan, Japan, South Korea, and Southeast Asia, while gradually entering the European and American markets [2] Group 2: Domestic New Products - The company launched several successful products in the domestic market, including "Dragon Valley World" and "Digimon: Source Code," achieving top rankings shortly after their release [4] - A number of new titles have received approval and are expected to be released in the latter half of this year and early next year, including "Douluo Dalu: Zhurou Chuan," "Three Kingdoms: The Return of the Heart," and others [4] Group 3: AI Applications - AI technology has become a significant driver for industry upgrades, with the company developing tools like "SOON," which can generate playable games from simple requests, drastically reducing development time [5] - The company is also launching AI companion products targeting emotional needs, such as the "Warm Star Valley Dream Journey," which integrates smart toys with virtual games [6] - The company has invested in EVE, a 3D AI companion application, enhancing its strategic extension into AI and hardware ecosystems [7] Group 4: Governance and Shareholder Returns - The company has been enhancing its governance structure and has announced a share buyback plan with a total fund of up to 200 million yuan [8] - Since 2019, the company has repurchased over 600 million yuan worth of shares and has committed to using dividends for further share purchases [8] - The company has received recognition for its governance improvements, with its ESG rating upgraded from A to AA [8] Group 5: Future Development Direction - The company is focused on sustainable development and aims to transform its diverse business growth momentum into new driving forces for the industry [9]