Group 1 - The gaming concept stocks have declined, with Light Media falling over 10%, Perfect World down over 4%, and companies like Kaiying Network, G-bits, and Changchun Technology dropping over 2% [1] - The gaming-related ETFs have also seen a decrease of approximately 3% [1] Group 2 - Some brokerages indicate that the global gaming market is currently in an upward cycle, with long-term optimistic growth expected in terms of revenue and player numbers [2] - The strong generative capabilities of DeepSeek may significantly enhance game development efficiency, creating more user-demanded virtual characters, maps, and storylines, thereby enriching gameplay and fostering paid scenarios [2]

每经记者｜彭斐 每经编辑｜文多 在历经长达十年的商业纠葛与司法博弈后，国内游戏巨头恺英网络（SZ002517，股价25.97元，市值 554.83亿元）与韩国游戏企业"传奇IP"（ChuanQi IP Co., Ltd.）终于握手言和。 "" 图片来源：公告截图 2月11日晚间，恺英网络发布公告，宣布其全资子公司上海恺英网络科技有限公司（以下简称上海恺 英）与传奇IP正式签署《和解协议》。 《每日经济新闻》记者注意到，这场旷日持久的"战争"起源于当年的游戏授权纠纷，期间经历了国际仲 裁、执行异议、追加被执行人等法律攻防。最终，双方达成"一揽子"解决方案：上海恺英将向传奇IP支 付人民币约1.99亿元作为和解金，以此换取双方互免债务并终止所有法律行动。 值得关注的是，这一结局不仅让恺英网络从高达4.81亿元的连带清偿责任中全身而退，更预计将为公司 本期利润带来约2亿元的正向影响。 2016年，恺英网络二级子公司浙江欢游网络科技有限公司（以下简称浙江欢游）与Wemade Entertainment Co., Ltd.（即娱美德娱乐有限公司，以下简称"娱美德"，当时公告显示其为传奇IP母公 司）签署了《传奇网页游戏 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、诉讼仲裁基本情况 （一）关于传奇IP对公司子公司之仲裁及诉讼 传奇IP就其与浙江欢游之间的商事纠纷仲裁案，向北京市第四中级人民法院（以下简称"北京四中院"） 申请承认和执行国际商会国际仲裁院2019年5月22日作出的第22593/PTA号仲裁裁决，浙江欢游于2019 年9月16日收到北京四中院《民事裁定书》[案号：（2019）京04协外认38号]，裁定予以承认和执行第 22593/PTA号仲裁裁决，并根据《执行裁定书》[案号：(2019)京04执172号]执行冻结浙江欢游及其分公 司银行账号。此后，传奇IP向北京四中院提出追加上海恺英为(2019)京04执172号执行案件的被执行 人，被北京四中院驳回后又向北京四中院提起执行异议之诉，申请追加上海恺英为(2019)京04执172号 执行案件的被执行人。目前，该案已被传奇IP申请撤回起诉，并经北京四中院裁定准许撤回（详见公 告：2019-075、2019-101、2019-121、2019-143、2020-02 ...

Summary of Key Points from the Conference Call Company and Industry Overview - The conference call focuses on **Kaiying Network** and its strategic initiatives in the **AI and gaming** sectors, particularly through the development of AI social products and tools [2][6][11]. Core Insights and Arguments - **AI Integration in Gaming**: Kaiying Network is enhancing the integration of AI in gaming through the development of the "Dun" AIGC tool, which aims to improve game creation capabilities [2][6]. - **Strategic Investment**: The company has made a strategic investment in **Natural Selection Company**, which has developed a social software called **1V1**. This software features an AI boyfriend function that has gained significant attention [2][6]. - **EVE Product Launch**: Natural Selection's product **EVE** is set to launch on **March 14** and is expected to provide a nuanced and realistic chat experience, surpassing traditional simulation products in interactivity [2][8]. - **Social Product Innovation**: Kaiying Network's **1V1** software utilizes a super invitation code system to create new social relationship chains, showcasing its innovative approach in social product development [2][10]. - **AI Character Generation**: The **Ailis** product allows users to upload photos and voice recordings to create personalized virtual avatars, enhancing user interaction with AI or real individuals [3][4]. Additional Important Content - **User Experience Features**: Ailis includes features such as anonymity, a "Inner OS" function to express deep thoughts, and a feedback mechanism to improve the AI's understanding of user behavior [3][7]. - **Community Interaction**: The community aspect of Ailis is divided into **Actions** and **Space**, facilitating user engagement and activity tracking [4]. - **Performance Updates**: Despite some delays in response times, Ailis is expected to receive updates during the Spring Festival to enhance performance [5]. - **Market Position**: Kaiying Network maintains a strong market position with a solid foundation and significant influence in the legendary IP space, indicating potential for growth in the AI sector [11]. - **Understanding User Needs**: The gaming industry has a natural advantage in developing AI products due to its deep understanding of user needs, which allows for the creation of innovative features that can drive product success [9].

Group 1: Major Announcements - Unisplendour plans to raise no more than 5.57 billion yuan through a private placement to acquire a 6.98% stake in New H3C and for other projects [2] - Zhongwei Semiconductor intends to establish an IPM production line project in Ziyang, Sichuan, using 1.21 billion yuan of leftover IPO funds [2] - Kaiying Network has signed a settlement agreement with Legend IP, which is expected to positively impact the company's profit by approximately 200 million yuan [2] Group 2: Project Developments - Blue Ocean Huaten plans to invest 8 million yuan in Wanren Technology to support its daily operations and AI project development [4] - Yuedian Power A has successfully put into operation the expansion project of the Huizhou Power Plant, which includes two 1000MW units [7] - Longmag Technology intends to raise up to 760 million yuan for its second phase project in Vietnam and chip inductor manufacturing [8] Group 3: Financial Performance - Top Group expects a net profit of 2.6 billion to 2.9 billion yuan for 2025, a decrease of 3.35% to 13.35% year-on-year due to rising raw material costs and increased market competition [20] - Jingchen Technology reported a net profit of 871 million yuan for 2025, a 6% increase year-on-year, with record high sales of over 174 million chips [21] - Guodian Xintong's net profit for 2025 is projected at 678 million yuan, a decline of 16.91% year-on-year, primarily due to increased credit impairment losses and tax expenses [22] Group 4: Shareholder Actions - Jieshun Technology's actual controller plans to reduce holdings by up to 2.8% of the company's shares [27] - Lihexing's controlling shareholder and concerted actors plan to collectively reduce their holdings by up to 1% [27] - Kory Technology's shareholders plan to reduce their holdings by a total of up to 3.13% [29] Group 5: Stock Buybacks - Quzhou Dongfeng plans to repurchase shares worth between 50 million and 100 million yuan, with a maximum price of 6.48 yuan per share [30]

Group 1 - Unisplendour plans to raise no more than 5.57 billion yuan through a private placement to acquire a 6.98% stake in H3C and for other projects [1] - Dawi Technology's Zhangbei data center project will not involve computing power leasing and is expected to have minimal revenue contribution in 2025 [2] - Kaixin Network's subsidiary signed a settlement agreement with Legend IP, which is expected to positively impact the company's profit by approximately 200 million yuan [3] Group 2 - Newray plans to acquire a 70% stake in PCB tool company Huilian Electronics for no more than 700 million yuan, enhancing its market position [4] - Shangwei New Materials' embodied intelligent robot business is still in the product development stage and has not yet generated revenue [5] - Lanshi Heavy Industry's deputy general manager is under investigation for suspected violations, but the company's operations remain unaffected [6] Group 3 - Tianji Technology is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations, but its operations are normal [8] - Top Group expects a net profit decline of 3% to 13% in 2025, despite revenue growth of 8.08% to 14.10% [9] - Shoulu Hotel's subsidiary plans to invest 281 million yuan in a new hotel property project, expected to enhance its business scale and profitability [10] Group 4 - Pingzhi Information plans to raise no more than 1 billion yuan for the construction of a domestic intelligent computing center [11] - Dongfang Guoxin's Inner Mongolia intelligent computing center project has been partially completed, contributing a small revenue share [12] - Zhongwei Semiconductor intends to allocate 1 billion yuan of surplus fundraising for a new investment project [13] Group 5 - Guolin Technology plans to issue up to 16.5 million shares, which will increase its total share capital to 201 million shares [14] - Dabeinong reported a 22.71% year-on-year increase in pig sales in January [15] - Qiu Tai Technology sold 41.48 million mobile camera modules in January, a 19.5% year-on-year increase [19]

Group 1 - Unisplendour Corporation has decided to terminate its plan to issue H-shares and list on the Hong Kong Stock Exchange due to strategic development considerations [2] - Yuandong Biotech is participating in a follow-up procurement for 13 products, with expected sales revenue of approximately 651 million yuan in 2024, accounting for 48.25% of total revenue [3] - Blue Lithium has terminated its participation in the GreenMei Indonesia project due to strategic adjustments by GreenMei, with no significant impact on its operations [4] Group 2 - Jinhaitong plans to invest up to 400 million yuan in the construction of a semiconductor equipment manufacturing center in Shanghai, covering an area of 55,000 square meters [5] - Kaiying Network's subsidiary has signed a settlement agreement with Legend IP, which is expected to positively impact profits by approximately 200 million yuan [6] - Newray plans to acquire 70% of PCB tool company Huilian Electronics for no more than 700 million yuan, enhancing its market position in the PCB tool sector [7] Group 3 - Longbai Group intends to acquire a 5.46% stake in Yunnan Guotai for 234 million yuan [8] - Dawi Technology's Zhangbei data center project is set to be completed by October 2025, primarily providing customized standard data center environments [9] Group 4 - Guobang Electronics reported a net profit of 508 million yuan for 2025, a year-on-year increase of 4.72%, despite a revenue decline of 7.92% [11] - Daotong Technology achieved a net profit of 935 million yuan in 2025, reflecting a significant year-on-year growth of 45.89% [12] - Jingchen Co. reported a net profit of 871 million yuan for 2025, with a growth of 6% year-on-year [13] Group 5 - Qizhou Dongfeng plans to repurchase shares worth between 50 million and 100 million yuan to implement an employee stock ownership plan [17] - Keri Technology's shareholders plan to reduce their holdings by a total of up to 3.13% of the company's shares [19] Group 6 - Roman Co. signed a 260 million yuan contract for a wind power project, with the company’s share of the contract amounting to approximately 190 million yuan [21] - Zhongke Haixun is expected to win projects totaling approximately 288 million yuan [22] - Shan Jian Co. won four construction projects with a total value of 4.834 billion yuan [23]

公 司 研 究 自然选择推出 AI 社交新品《Elys》，看好 AI 应用多维布局 恺英网络(002517) 恺英网络公司点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 陈筱(分析师) | 021-38675863 | chenxiao@gtht.com | S0880515040003 | | 杨昊(分析师) | 021-38032025 | yanghao4@gtht.com | S0880524020001 | 本报告导读： 恺英网络在 AI 应用领域多维布局，战略投资公司自然选择在研多个 C 端 AI产品， 情感陪伴产品《EVE》持续推进，近期推出的《Elys》则是在 AI社交领域的一次积 极探索。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 4,295 | 5,118 | 6,111 | 7,769 | 8, ...

Core Viewpoint - Kaiying Network has reached a settlement agreement with Legendary IP, which is expected to positively impact the company's liquidity and profitability, with an estimated profit increase of approximately 200 million yuan [1] Group 1: Legal and Financial Implications - The settlement will help lift asset freezes caused by litigation, improving the company's asset liquidity [1] - The company had previously recognized 480 million yuan in extraordinary expenses related to the lawsuit in 2022, but did not confirm the receivable compensation for winning the arbitration in 2025 [1] - The resolution of the lawsuit is anticipated to create significant value for shareholders and protect the interests of all investors [1] Group 2: Strategic Importance of Legendary IP - Kaiying Network considers the classic IP "Legend" as a core strategic asset, having developed several successful games such as "Original Legend" and "Hot Blood Dual" [2] - The market size for the "Legend" IP is projected to reach 35.55 billion yuan by 2025, maintaining around 30 billion yuan annually for several years [2] - The cumulative value created by the "Legend" IP is expected to exceed 370 billion yuan by 2025, with potential growth to 40 billion yuan in 2026 [2] Group 3: Ecosystem Development - The 996 Legend Box has achieved real-time data interoperability across Windows, Android, and iOS, aggregating over a thousand premium versions of "Legend" games [3] - The platform has 500,000 daily active users and 12 million monthly first-time users, attracting major industry players and generating over 450 million yuan in cooperative agreements [3] - The settlement is expected to strengthen the "IP authorization—development—distribution" chain, promoting a healthier market for the "Legend" IP [3] Group 4: Share Buyback and Market Confidence - Kaiying Network plans to repurchase shares worth 100 million to 200 million yuan to implement equity incentive plans and employee stock ownership plans [4] - Since 2019, the company has invested over 800 million yuan in share buybacks, demonstrating confidence in its future development prospects [4]

Group 1 - The company announced that its subsidiary, Shanghai Kaiying, signed a settlement agreement with Legendary IP on February 10, 2026, involving a one-time payment of RMB 198,646,893 to resolve litigation [1] - The signing of the settlement agreement is expected to lift asset freezes caused by the lawsuit, thereby improving the company's asset liquidity [1] - The resolution of the long-standing litigation with Legendary IP will allow the company to focus on its core business development and is beneficial for maintaining the interests of the company and its investors, with an estimated positive impact of approximately RMB 200 million on the current period's profit [1]