恺英网络20250809

Summary of Key Points from the Conference Call Company and Industry Overview - The conference call discusses Kaiying Network, a company in the gaming and AI industry, focusing on its recent developments and market position in China [2][12]. Core Insights and Arguments - Exclusive Licensing: Kaiying Network has secured exclusive rights for the Legend and Chuan Shi IP in mainland China, becoming the only legal distributor of box-type products, which is expected to enhance its market share [2][3]. - Revenue Growth: The Legend Box business achieved a revenue of 9.4 billion RMB in 2024, marking a 41.6% year-on-year increase with a gross margin close to 90% [3]. - Strategic Partnerships: Agreements worth 450 million RMB have been signed with leading publishers like Sanjiu Interactive Entertainment, which will establish brand zones within the Legend Box, anticipated to significantly boost revenue [3]. - AI Application Development: The AI companion application Eve has shown outstanding performance in its initial tests, leading the market in terms of personification and memory capabilities, and is exploring gamified applications in real-life scenarios [2][5]. - Growth in Female Gaming Market: The female-oriented gaming market is rapidly expanding, with the game Love and Deep Space projected to generate over 5 billion RMB in revenue in 2024, indicating a growing demand for romance and companionship games [6][7]. Additional Important Insights - AI Platform Commercialization: Leading AI platforms like Talky and Xingye have reached 30 million monthly active users, with projected revenues of 10 million USD in 2024, showcasing high commercialization potential [8]. - Comprehensive AI Strategy: Kaiying's AI strategy encompasses both software (ToB SaaS, ToC AI companions) and hardware (AR/VR products), with plans to release AI glasses this year, positioning itself uniquely in the domestic A-share gaming sector [9]. - Upcoming Product Launches: Kaiying has launched several products in 2025, including Dragon Valley World and Biochemical Baby Yuan Code, with more significant titles like Three Kingdoms: The Return of Hearts expected by early 2026 [4][10]. - Enhanced Distribution Capabilities: The company has improved its distribution capabilities, which are expected to play a crucial role in capturing the nostalgic MMO market and the Legend market [11]. - Future Expectations: There is an expectation for Kaiying to continue its comprehensive AI industry chain development and to monitor the release of new models and game products closely [13].