今年6月份，恺英网络举办"BEYOND GAMING"AI科技与IP生态发布会，重磅推出专为游戏行业打造的 《SOON》AI全流程开发平台。区别于传统辅助办公类AI工具，可通过一句话需求生成完整可玩的游 戏，实现从需求输入到游戏成品的端到端交付。这一突破将传统游戏开发周期从原本的数月大幅缩短至 小时级，不仅显著提升了开发效率，还极大地降低了开发成本。 具体来看，《SOON》将游戏生成拆分为美术资产、代码创作、数值设计三大核心要素，通过AI智能体 分工协作完成各模块生成。同时还引入"游戏预设师"角色，由专业用户提供玩法模板，普通用户通过简 单发布指令即可实现游戏创作，形成双边用户生态。对于整个游戏行业来说，通过《SOON》这种整合 各游戏设计环节的平台运作形式，游戏预设师可专注于游戏玩法设计环节，无需涉足运营等领域，大幅 降低了创作压力。目前，《SOON》已经成功收获比高集团、横店资本等战略投资。 恺英网络（002517）8月30日披露2025年半年报。数据显示，公司上半年实现营收25.78亿元，同比增长 0.89%；归母净利润9.50亿元，同比增长17.41%。在行业整体回暖、全球化布局与AI创新加速的背景 ...

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]

Core Viewpoint - Kaiying Network has reported a steady growth in revenue and net profit for the first half of 2025, leveraging its strong IP reserves and technological innovations to expand its global operations [1] Group 1: Financial Performance - In the first half of 2025, Kaiying Network achieved a revenue of 2.578 billion yuan, representing a year-on-year increase of 0.89% [1] - The net profit attributable to shareholders reached 950 million yuan, showing a year-on-year growth of 17.41% [1] - Overseas revenue for the first half of 2025 was 202 million yuan, marking a significant year-on-year increase of 59.57% [1] Group 2: Market Strategy - The company is focusing on expanding its presence in the overseas markets, particularly in the US, Japan, and South Korea, which collectively account for over 55% of the self-developed game overseas market revenue [1] - Kaiying Network plans to continue its growth trend in the second half of the year by consolidating its market base in Japan and Southeast Asia while gradually exploring the European and American markets [1] Group 3: Product Development and Innovation - The company has launched several new game products utilizing its self-developed and licensed IP advantages, achieving notable success [1] - AI technology has been deeply integrated into game development and application, serving as a key driver for industry upgrades [1] - Kaiying Network is developing an independent game generation tool called "SOON," which is currently in internal testing and has attracted strategic investments [2] - The company is also introducing a series of AI companion products under the "AI+IP" initiative, including a 3D AI intelligent companion application [2] Group 4: Strategic Partnerships and Ecosystem - Kaiying Network has invested in DPVR, which has launched its first AI glasses product, enhancing the company's strategic extension into the AI and hardware ecosystem [3] - Analysts note that with the gradual implementation of AI applications, Kaiying Network is expanding its business boundaries beyond traditional gaming, building a new ecological moat characterized by "technological barriers + diverse scenarios" [3]

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 technology industry is calling for a wearable revolution, with smart glasses expected to become a significant accessory after smartphones, as evidenced by a projected shipment of 12.05 million units globally by 2025, reflecting an 18.3% year-on-year growth [1] Group 1: Technological Breakthroughs - DPVR AI Glasses feature EIS electronic stabilization technology, effectively eliminating image shake during activities like running and cycling, ensuring smooth recording [2] - The glasses incorporate distortion correction algorithms to address the "fisheye effect" of traditional wide-angle lenses, enhancing image clarity and overall coherence for first-person vlogging [2] - HDR dynamic range correction technology allows the glasses to adapt to complex lighting conditions, preserving details in both bright and dark areas, resulting in high-quality images [4] Group 2: Scene Innovation - The design of DPVR AI Glasses emphasizes lightweight materials and structural optimization, enhancing user comfort and increasing wear time across various scenarios, from business meetings to casual outings [5] - The glasses plan to integrate with Baidu's intelligent cloud platform, transforming from a mere recording device into a comprehensive smart assistant capable of real-time transcription and personalized adjustments based on environmental conditions [5] Group 3: Industry Positioning - DPVR has accumulated over 200 core patents in the VR/AR field and has received accolades such as the German iF Design Award, showcasing its commitment to innovation and quality [6] - The upcoming DPVR AI Glasses, set to launch in the second half of 2025, aim to redefine the boundaries between technology and daily life, leading the industry from hardware competition to ecosystem competition [9]

Core Insights - The documentary "Focusing on the Leading Area" highlights the breakthroughs in the smart wearable sector in Pudong New District, particularly praising DPVR's innovative practices that have earned global recognition for the region's smart wearable industry [1] - DPVR has been deeply involved in hardware research and development for over a decade, establishing a unique technological moat for its entry into the AI terminal market [1] Group 1: Technological Innovations - DPVR is set to launch the AI glasses, DPVR AI Glasses, which aim to enhance the consumer photography experience through significant advancements in optical design and distortion correction [3] - The glasses utilize multi-dimensional optical module calibration technology to achieve distortion pre-compensation during hardware design, significantly improving linear distortion and reducing edge stretching [3] - The device's soft and hard collaborative correction system effectively addresses common issues like barrel distortion, ensuring accurate restoration of the golden ratio in urban skyline photography [3] Group 2: Dynamic Imaging and HDR Technology - The DPVR AI Glasses achieve a leap in dynamic image capture by employing a self-developed anti-shake system that surpasses conventional electronic stabilization limitations [4] - The integration of MEMS micro-electromechanical systems with AI motion prediction algorithms allows for pixel-level dynamic compensation, maintaining low center displacement during high-speed motion scenarios [4] - The device features HDR fusion technology with a multi-spectral sensor array, enhancing dynamic range capture capabilities and significantly reducing highlight clipping while improving shadow detail in complex lighting environments [4] Group 3: Intelligent Interaction and Future Potential - DPVR AI Glasses leverage Baidu's intelligent cloud platform and the DeepSeek-R1/V3 series models, enabling powerful computational scheduling and multi-modal processing capabilities [6] - Future functionalities may include intelligent scene recognition and image optimization suggestions, transforming the device from a mere photography tool into an intelligent partner that understands user needs [6] - The innovative soft and hard collaborative optimization paradigm introduced by DPVR is poised to redefine the technical standards for smart wearable devices, potentially ushering in a new era of intelligent image creation [6]