恺英网络20250918

Summary of the Conference Call for Kaiying Network Company Overview - The focus is on the 996 Legend Box, which enhances brand recognition through exclusive IP licensing, such as "Legend of Blood" and "Legend World" [2][4][5] - The company is shifting its strategy towards a platform-based community centered around "retro sentiment" to expand game categories and community services [2][6] Key Points and Arguments Industry and Company Strategy - The 996 Legend Box is positioned as a vertical community platform catering to "Legend" users, with potential expansion to other retro IPs [3] - The current daily active users (DAU) are approximately 400,000 to 500,000, with a potential market of over 2 million "Legend" users, indicating significant growth potential [3] - The company has signed exclusive licensing agreements, expecting an increase in revenue by 400 to 500 million RMB in 2025, with a projected revenue of 1.5 to 2 billion RMB in 2026, and gross margins of 90% [2][8] Revenue and Profitability - The primary revenue model is currently advertising, but future monetization paths include cloud services, live streaming fees, and in-game rewards [7][9] - The company anticipates a significant revenue boost in Q3 2025 due to new licensing agreements, with total revenue expected to reach around 1 billion RMB [8] - The net profit margin is projected to be between 50% and 60%, with potential increases as advertising prices rise [8] User Growth and Engagement - New users are expected to be attracted through brand zones and the integration of popular products, with all products required to feature the 996 Legend Box logo [10][11] - The company aims to double its user base through live streaming and influencer engagement, enhancing platform activity [11] Future Growth Potential - The company sees potential for revenue growth to reach 2 to 3 billion RMB in the next two years, with corresponding net profits of approximately 12 to 18 billion RMB [13] - The overall profit potential for the company could exceed 3 to 4 billion RMB if other major products perform well [14] Recent Initiatives - Recent initiatives include a unified branding campaign requiring all products to feature the 996 logo and inviting influencers to enhance platform engagement [15] - The company is also developing a props trading platform and a points system to ensure user retention [15] Confidence in Future Development - The company demonstrates confidence in its future through share buybacks and commitments from executives not to sell shares for five years [16] Additional Important Insights - The core of the business model revolves around user growth and advertising revenue, with a significant increase in revenue from 200 million to 900 million RMB over the past few years [17] - Key performance indicators for future growth include user engagement metrics and advertising investments, with a focus on high-quality user acquisition [19] - The company has several upcoming game releases, including "Three Kingdoms" and "Douluo Dalu," which are expected to contribute to overall performance [20][21] Conclusion - The 996 Legend Box is positioned for significant growth through strategic licensing, user engagement, and diversified revenue streams, with a strong focus on community building and brand recognition. The company's proactive measures and confidence in its strategy suggest a promising outlook for future performance.