Core Viewpoint - The report from Zheshang Securities indicates that Kaiying Network achieved a net profit attributable to shareholders of 633 million yuan in Q3 2025, representing a year-on-year increase of 34.51%, primarily driven by the growth of the 996 Legend Box [1] Group 1: Financial Performance - In Q3 2025, Kaiying Network's revenue and profit growth is attributed to the increasing volume of the 996 Legend Box [1] - The company signed licensing agreements for "Hot Blood Legend" and "Legend World" in Q3 2025, securing exclusive rights for the Legend IP ecosystem, which is becoming more standardized, scaled, and collaborative [1] Group 2: User Engagement and Partnerships - Since its launch in April 2020, the daily active users of the 996 Legend Box have seen rapid growth, with the platform expanding its partnership network in Q3 2025 [1] - The 996 Legend Box has welcomed brands such as Sanjiu Interactive Entertainment, Tanwan Games, and Zhangwan Games, generating approximately 450 million yuan in promotional fees in its first year, which is expected to be a significant revenue increment for the company in the coming years [1] Group 3: Product Development and Future Outlook - The company's proprietary product line is steadily developing, with new games based on major IPs like "Douluo Dalu" and "Tomb Raider Notes" expected to launch by 2026, which are worth close attention [1] - The company is optimistic about its robust product line for the year and the potential investment returns and technological reserves from various AI projects, maintaining a "buy" rating [1]

营收利润高增接近新高，996 传奇盒子逐步起量 ——恺英网络点评报告 恺英网络(002517) 报告日期：2025 年 11 月 06 日 投资要点 事件：公司 10 月 29 日发布 25Q3 财报，营收利润同比高增。 公司 25Q3 营收利润同比分别增长 9.08%、34.51% 公司 25Q3 实现营收 14.97 亿元（YoY +9.08%），实现归母净利润 6.33 亿元 （YoY +34.51%）。公司 25Q3 营收和利润的增长主因或因 996 传奇盒子逐步起量 推动。 公司 25Q3 成本端全面优化 25Q3 公司毛利率 84.19%（YoY +1.6pct）；销售费用 4.08 亿元，费用率 27.28% （YoY -3.51pct)；管理费用 0.4 亿元，费用率 2.66%（YoY -0.68pct)；研发费用 2.02 亿元，费用率 13.49%（YoY +1.06pct)。公司 25Q3 营业成本、销售费用、管 理费用全面优化，费率均下降，研发费用率微增 1.06pct，成本端总体均有优 化。 营收利润增量或因传奇盒子贡献 公司 25Q3 初签署《热血传奇》及《传奇世界》授权许可协议 ...

智通财经APP获悉，国泰海通发布研报称，游戏行业增长趋势持续，头部公司亮眼。2025Q3行业营收 303.62亿元，同比增长28.6%，环比增长9.48%，继续二季度趋势，行业利润同比增长112%；行业利润 在2025Q3达到57.77亿元，利润率19%，同环比提升显著，结合营收端的高增速，归母净利润总额同比 增长112%，实现强劲增长。其中头部公司如ST华通(002602.SZ)、三七互娱(002555.SZ)、巨人网络 (002558.SZ)、恺英网络(002517.SZ)、吉比特(603444.SH)，单季度归母净利润超过5亿元，也都体现出 35%以上的高增速。看好行业景气度向上趋势，后续关注核心产品表现及行业估值提升趋势。 国泰海通主要观点如下： 游戏行业政策端积极、新品表现亮眼，该行对游戏行业整体乐观。 2）巨人网络：公司25Q3还原后营收21.5亿元，相比25Q2的10.67亿元增长101.5%，体现了重点产品 《超自然行动组》的流水增量贡献；《超自然》保持两周一次重要版本的高频更新节奏，Q3以来产品 排名稳定iOS游戏畅销榜20名水平，特别是9月排名仍然稳定，流水预期稳定。 3）吉比特：公司单季 ...

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]

游戏行业政策端积极、新品表现亮眼，我们对游戏行业整体乐观。 2025Q3 ：行业增长趋势持续，头部公司亮眼。 2025Q3 行业营收 303.62 亿元，同比增长 28.6% ，环比增长 9.48% ，继续二季度趋势，行业利润同比 增长 112% ；行业利润在 2025Q3 达到 57.77 亿元，利润率 19% ，同环比提升显著，结合营收端的高增速，归母净利润总额同比增长 112% ，实现强劲 增长。其中头部公司如 ST 华通、三七互娱、巨人网络、恺英网络、吉比特，单季度归母净利润超过 5 亿元，也都体现出 35% 以上的高增速。 版号发放节奏稳定，客户端游戏市场三季度增长亮眼。 国产版号数量创新高，进口版号稳定每月发放， 2025 年累计发放 1354 个国产版号，超过 2024 年 全年的 1306 个。中国游戏市场实际销售收入 2025 年 1-9 月同比增长 7.11% ，环比持续增长，优秀产品拉动客户端游戏收入在三季度大幅增长，移动市 场受 24 年高基数影响同比微降。 产品驱动业绩，行业头部公司趋势乐观。 1 ）恺英网络： 2025Q3 归母净利润 6.3 亿元，创下单季度新高，同比增长 34. ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the benchmark index by more than 15% [3][11]. Core Insights - The company's performance in Q3 2025 was significantly driven by the "Legend Box," contributing approximately 5.7 billion yuan in revenue, with a notable year-on-year growth of 34.51% in net profit [2][3]. - The company has a rich product and IP reserve, with several new game releases and collaborations enhancing its market position [2]. - The financial outlook for 2025-2027 shows a steady increase in earnings per share (EPS), projected at 1.02 yuan in 2025, 1.21 yuan in 2026, and 1.44 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 23x, 20x, and 17x respectively [3]. Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 4.075 billion yuan, a year-on-year increase of 3.75%, and a net profit of 1.583 billion yuan, up 23.70% [2]. - In Q3 2025 alone, the revenue reached 1.497 billion yuan, reflecting a 9.08% increase year-on-year, while the net profit was 633 million yuan, marking a 34.51% growth [2]. - The company's expense ratios for sales, management, and R&D were 31.28%, 2.90%, and 10.70% respectively, showing improvements in sales and management expenses compared to the previous year [2]. Product and IP Development - The company continues to focus on its core gaming business, with multiple new titles launched, including the overseas version of "Super Shrimp Battle" and several mobile games [2]. - The "996 Legend Box" platform is highlighted as a key asset, with plans to introduce over 100 new games to enhance user engagement and content diversity [2]. - The company is also advancing its AI initiatives, with a game AI development platform and a 3D AI emotional companion application showing promising early feedback [2].

Investment Rating - The report maintains an investment rating of "Buy" for the company with a target price of RMB 29.73 [1][5]. Core Insights - The company's Q3 revenue reached RMB 1.497 billion, representing a year-over-year increase of 9.08% and a quarter-over-quarter increase of 22.19%. The net profit attributable to shareholders was RMB 633 million, up 34.51% year-over-year and 46.66% quarter-over-quarter [1]. - The growth in Q3 was primarily driven by the high-margin "996 Legend Box" platform business, which signed brand area cooperation agreements with leading publishers, confirming revenue starting from Q3 [2]. - The company is transitioning from a game developer to a platform company, with expectations of continued user growth and diversified monetization methods [2]. Revenue and Profitability - For the first three quarters of 2025, the company achieved a revenue of RMB 4.075 billion, a year-over-year increase of 3.75%, and a net profit of RMB 1.583 billion, up 23.70% year-over-year [1]. - The company has a stable revenue stream from existing games and has several new IP titles in the pipeline, expected to launch by the end of 2025 or in 2026 [3]. AI Development and Commercialization - The company is diversifying its AI initiatives, including the upcoming launch of the AI companion application "EVE" and the AI game development platform "SOON," which aims to lower development barriers [4]. - The AI product lineup is expected to provide valuation flexibility and open new market opportunities [4]. Financial Forecast and Valuation - The report maintains profit forecasts for 2025-2027 at RMB 2.182 billion, RMB 2.538 billion, and RMB 2.866 billion respectively, with a PE valuation of 25X for 2026 [5]. - The target price reflects a slight adjustment from the previous value of RMB 30.72, based on the company's ongoing growth and market positioning [5].

10月29日晚，恺英网络股份有限公司（002517 SZ，以下简称"恺英网络"）发布2025年三季 报。得益于以"传奇盒子"等多元业务在三季度的活跃，恺英网络业绩取得较快增长。 值得一提的是，恺英网络在营收取得增长的同时，营业成本、销售费用等不增反降。其中，恺英网络前 三季度营业成本为6.91亿元，比去年同期下降1.10%；销售费用为12.75亿元，同比下降7.60%。 据恺英网络介绍，自2020年4月平台筹备上线以来，"996传奇盒子"日活跃用户(DAU)实现了快速增长。 今年三季度，传奇盒子进一步扩大了与业内厂商的合作版图，三九互娱、贪玩游戏、掌玩游戏分别入驻 品牌专区，为恺英网络带来了稳定的信息服务收入。 基于"996传奇盒子"的表现，国泰海通证券近期发表研报，维持了恺英网络"增持"评级，并上调了2026 年目标价至34.48元。截至10月29日收盘，恺英网络股价为24.99元。 目前，恺英网络新游戏《热血江湖：归来》已经开启公测，另有多款产品储备中，涵盖《三国：天下归 心》《盗墓笔记：启程》《斗罗大陆：诛邪传说》《纳萨力克：崛起》等多款正版授权IP改编游戏，以 及《BLEACH 千年血战篇》《奥特曼》 ...

Macroeconomic Insights - In September 2025, the profits of industrial enterprises continued to recover, primarily due to a low base from the previous year and an increase in working days, with a notable "volume-price rise" pattern driven by anti-involution policies and external demand recovery[6] - Structural issues remain, with significant industry differentiation and unclear demand signals, necessitating efforts to address supply-demand transmission blockages for sustained recovery[6] Market Strategy Observations - The average daily trading volume in the A-share market decreased to 1.8 trillion yuan, with the proportion of stocks rising to 81.2% and the median weekly return increasing to 3.1%[8][9] - Public fund issuance increased to 12.15 billion yuan, while private fund confidence slightly declined, nearing the highest levels of the year[9] Industry Trends - In the steel sector, the average spot price of rebar fell by 20 yuan/ton to 3190 yuan/ton, while hot-rolled coil prices rose by 20 yuan/ton to 3300 yuan/ton, indicating mixed price movements[30] - The operating rate of blast furnaces in 247 steel mills rose to 84.71%, with profitability rates at 47.62%, reflecting a slight decline from the previous week[31] Investment Recommendations - The report suggests a focus on technology growth sectors, cyclical materials, and financial stability, with specific recommendations for companies like Baosteel and Hualing Steel, which are expected to benefit from industry consolidation and high-quality development trends[32][23] Risk Factors - Potential risks include uncertainties in trade dynamics, insufficient implementation of anti-involution policies, and the possibility of a significant decline in demand[7][24][33]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 34.48 CNY, reflecting a positive outlook on the company's growth potential and performance [14][20]. Core Insights - The "996 Legend Box" is identified as a rare platform business with both stability and growth potential, driven by established IP licensing, increased market penetration, and enhanced bargaining power [2][14]. - The company is expected to see significant earnings per share (EPS) growth from 1.11 CNY in 2025 to 1.65 CNY in 2027, with an upward revision in forecasts due to positive developments in the Legend Box business [14][16]. Financial Summary - Total revenue projections for the company are as follows: - 2023: 4,295 million CNY - 2024: 5,118 million CNY - 2025: 6,111 million CNY - 2026: 7,769 million CNY - 2027: 8,994 million CNY - The revenue growth rates are projected at 15.3% for 2023, 19.2% for 2024, 19.4% for 2025, 27.1% for 2026, and 15.8% for 2027 [4][16]. - Net profit attributable to the parent company is forecasted to grow from 1,462 million CNY in 2023 to 3,533 million CNY in 2027, with a notable increase of 42.6% in 2024 [4][16]. Business Segmentation - The report outlines three main business segments: 1. **Mobile Games**: Expected revenue growth of 10% in 2025 and 20% in 2026, with stable gross margins [15]. 2. **Information Services**: Revenue from the 996 Legend Box is projected to grow by 65% to 15.5 billion CNY in 2025, continuing to grow by 50% and 30% in the following years [15][16]. 3. **Web Games**: This segment is expected to decline, with revenue decreasing by 20% in 2025 and 10% in the subsequent years [15]. Market Positioning - The "996 Legend Box" serves as a unique platform connecting players and content providers, generating revenue through advertising, platform features, live streaming, and transaction fees [30][33]. - The platform is positioned as a "Legend Application Store," catering to diverse player needs and providing a centralized selection of game versions [36][37]. - The report highlights the potential for horizontal expansion into more IPs and vertical exploration of industry chain value, leveraging the company's existing IP portfolio [14][24].