Kaiying Network's Legend of Mir Saga | Generated by AI
Question: What is the relationship between 恺英网络 (Kaiyuan/Kaying Network), the 传奇 (Legend of Mir) IP, and their self-developed games?
Answer:
Here’s the full picture — it’s a messy decade-long saga with IP disputes, strategic pivots, and a now-dominant position in the 传奇 ecosystem.
Origin of the 传奇 IP
《传奇》(Legend of Mir) entered China in 2001 when 盛大游戏 (now 盛趣游戏) founder 陈天桥 licensed it from 亚拓士 (Actoz). The IP’s copyright is jointly owned by 娱美德 (WeMade) and 亚拓士, which later became a subsidiary of 世纪华通.
恺英网络’s Entry and the IP Disaster (2016–2025)
In 2016, 恺英网络’s sub-subsidiary 浙江欢游 signed a license agreement with 娱美德, paying ~500 billion KRW (~300M CNY) for rights to develop mobile and web games based on Legend of Mir 2 in mainland China. 浙江欢游 failed to pay the minimum guaranteed fee, triggering a 2017 ICC arbitration.
The legal fallout cascaded for nearly a decade:
- 2019: ICC ruled 浙江欢游 owed ~480M CNY to 娱美德
- 2022: Shanghai High Court ruled 上海恺英 (parent) bears joint liability for that debt
- 2024: Supreme Court rejected 恺英’s retrial application
- 2026 February: 恺英网络 settled with 传奇IP company for 199M CNY, resolving the 480M CNY joint liability in one shot — a ~2B CNY positive impact on profits.
Self-Developed Games Under 传奇 IP
Despite the legal mess, 恺英 kept developing 传奇 games through its subsidiary 浙江盛和:
浙江盛和, founded in 2011, has been exclusively focused on 传奇 IP games and sits at the top of the 传奇 R&D stack. Its flagship products include 《蓝月传奇》 (high drop-rate + strong social mechanics), 《原始传奇》 (retro art style, lightweight), and the newer 《梁山传奇》 (Chinese cultural narrative). These form 恺英网络’s core revenue base.
Beyond 传奇, 恺英 has also self-developed titles like 《刀剑神域黑衣剑士：王牌》《魔神英雄传》《敢达争锋对决》, and has titles like 《一念永恒》 and an open-world game in development. They also have licensed IPs including 《仙剑奇侠传》《倚天屠龙记》《盗墓笔记》《斗罗大陆》.
The Strategic Alliance with 世纪华通 (2021–Present)
恺英 and 世纪华通 deepened their cooperation progressively: a 2018 strategic agreement, a 2021 “comprehensive deepened strategic cooperation” covering exclusive mobile/PC IP rights, and then 恺英 participated in a judicial auction of 世纪华通 shares to escalate from business cooperation to equity cooperation.
In October 2023, 恺英 and 世纪华通 signed a strategic cooperation agreement to collaborate deeply around 传奇2, 传奇3, and 传奇世界 IP resources, covering the full upstream-to-downstream chain. In January 2024, 恺英 authorized management to invest up to 500M CNY in equity with 世纪华通.
The 996传奇盒子 Platform
恺英’s subsidiary 闲趣互娱 obtained exclusive authorization from 天穹互动 (a 盛趣游戏 subsidiary) to develop, operate, and promote a 传奇/传世-themed game community “box” product — an aggregation platform combining game distribution, livestreaming, esports, and trading.
This “996 传奇盒子” had aggregated over 1,000 传奇 games by Q3 2025 and contributed ~570M CNY in Q3 2025 revenue alone, including ~245M CNY from brand zone entry fees.
The “Iron Triangle” and Current Position
The 传奇 ecosystem now has three dominant players: 世纪华通 (IP rights holder), 恺英网络, and 贪玩游戏 — an “iron triangle” that effectively controls the 传奇 IP game market.
In 2025 Q1–Q3, 恺英 hit 40.75B CNY revenue (up 3.75% YoY) with net profit of 15.83B CNY (up 23.7% YoY) — their best financial results ever.
TL;DR Structure
娱美德 (WeMade, Korea) ──原始IP权
亚拓士 / 世纪华通 ────── 中国独家版权持有人
│
└─ 授权给 ──► 恺英网络 (002517.SZ)
│
┌─────────┼──────────┐
浙江盛和 闲趣互娱 上海恺英
(自研游戏) (传奇盒子) (早期IP纠纷主体)
蓝月传奇 996平台
原始传奇
梁山传奇
恺英网络 is essentially a 传奇 IP vertically integrated operator — from licensed IP through self-developed games to their own distribution/community platform. The decade of legal battles with 娱美德 is now settled, clearing the path for clean growth.
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