Core Insights - The 2025 China Science Fiction Conference was held from March 28 to 31, 2025, in Shijingshan District, focusing on talent cultivation in the science fiction industry [1] - The conference featured a "Science Fiction + Talent Forum," where industry professionals and creators discussed the importance of interdisciplinary talent for high-quality industry development [1][4] - The China Science Fiction Research Center reported that the total revenue of the Chinese science fiction industry in 2024 reached 108.96 billion yuan, with the science fiction gaming sector contributing 71.81 billion yuan [2] Company Insights - Perfect World, a digital cultural creative enterprise, is actively involved in the development of the science fiction industry through various dimensions, including film, gaming, and talent cultivation [3] - The company has introduced several major science fiction films to the Chinese market and collaborated with Universal Pictures on projects like "Jurassic World 2" and "Jurassic World 3" [3] - Perfect World has developed science fiction-themed games such as "God of War: Legacy" and "Tower of Fantasy," with "Tower of Fantasy" being a cross-platform game that enhances player immersion and integrates traditional Chinese culture [3] Industry Development - The high-quality development of the science fiction industry relies on the integration of creators, technology workers, and industry practitioners, fostering a collaborative environment for talent development [4] - The company has initiated various competitions and exhibitions to cultivate cross-disciplinary talents with both artistic and technical skills, contributing to the future of Chinese science fiction [4] - The conference emphasized the need for stronger connections between science fiction, technological innovation, and cultural industries to drive collaborative development across these sectors [5]

Group 1 - The establishment of Perfect World (Beijing) Digital Culture Co., Ltd. has been recently reported, with Qiao Tingting as the legal representative [1] - The registered capital of the new company is 1 million yuan, indicating a modest initial investment [1] - The business scope includes organizing cultural and artistic exchange activities, sales of toys, animation and gaming products, stationery retail, office supplies sales, daily necessities sales, and textile sales [1] Group 2 - Perfect World (002624) holds 100% indirect ownership of the newly established company, reflecting its strategic expansion in the digital culture sector [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to experience a fundamental turnaround driven by new products in 2025-2026 after a challenging transformation period in 2024 [5][8] - The company reported a significant decline in revenue and a net loss for 2024, with projected revenue of 55-56 billion yuan, down from 78 billion yuan in 2023, and a net loss of 11-13 billion yuan compared to a profit of 4.9 billion yuan in 2023 [5][8] Financial Data and Earnings Forecast - Total revenue for 2023 was 7,791 million yuan, with a projected decline to 5,503 million yuan in 2024, followed by a recovery to 6,702 million yuan in 2025 and 9,670 million yuan in 2026 [7][10] - The company anticipates a net profit of -1,220 million yuan in 2024, with a recovery to 742 million yuan in 2025 and 1,460 million yuan in 2026 [7][10] - The gross margin is expected to improve from 60.0% in 2024 to 63.7% in 2025, indicating a positive trend in profitability [7][10] Key Investment Highlights - The company is focusing on the release of "Zhu Xian World" and the testing progress of "Yihuan" in 2025, which are expected to drive profitability [8] - The company has undergone significant project and personnel optimization in 2024, which is expected to yield cost savings and efficiency improvements in 2025 [8] - The earnings forecast has been adjusted to reflect the company's project optimizations, with expected revenues of 55 billion yuan in 2024 and 67 billion yuan in 2025, down from previous estimates [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to achieve revenue of 5.5-5.6 billion (a year-on-year decline of 28.1%-29.4%) and a net loss attributable to shareholders of 1.1-1.3 billion, with a non-recurring net loss of 1.12-1.32 billion, indicating a shift to loss compared to the previous year [2][4]. - For Q4 2024, the company is projected to generate revenue of 1.43-1.53 billion (a year-on-year decline of 4.3%-10.5%) and a net loss attributable to shareholders of 0.71-0.91 billion, with a non-recurring net loss of 0.67-0.87 billion, showing an expanded loss compared to the previous year [2][4]. - The gaming and film and television businesses are both experiencing losses due to project optimization and asset impairment [2][4]. - The launch of "Zhu Xian World" has performed well, and attention is focused on the subsequent performance of "Zhu Xian World" and the progress of new games like "Yihuan," with a potential positive trend expected in 2025 [2][4]. Summary by Sections Revenue and Profit Forecast - The company is forecasted to achieve total revenue of 55.5-56 billion in 2024, with a significant year-on-year decline of 28.1%-29.4% [2][4]. - The projected net loss for 2024 is between 1.1-1.3 billion, with a non-recurring net loss of 1.12-1.32 billion, indicating a shift from profit to loss compared to the previous year [2][4]. Q4 2024 Performance - For Q4 2024, the expected revenue is 1.43-1.53 billion, reflecting a year-on-year decline of 4.3%-10.5% [2][4]. - The net loss attributable to shareholders for Q4 is projected to be 0.71-0.91 billion, with a non-recurring net loss of 0.67-0.87 billion, showing an increase in loss compared to the previous year [2][4]. Business Performance - The gaming business is expected to incur a net loss of approximately 650-750 million in 2024, with a non-recurring net loss of about 610-710 million [8]. - The film and television business is projected to have a net loss of around 300-400 million in 2024, with a non-recurring net loss of about 400-500 million [8]. - The losses in both sectors are attributed to project adjustments and asset impairments, including the shutdown of several projects and lower-than-expected performance of ongoing games [8]. Future Outlook - The performance of "Zhu Xian World" is promising, with first-month revenue exceeding 400 million, indicating potential for long-term operation [8]. - The company anticipates that the revenue contributions from "Zhu Xian World" will gradually be released in 2025 due to the timing of its launch and the associated revenue and expense mismatch [8]. - The first test of "Yihuan" in November 2024 showed promising results, warranting continued attention on the progress of key new games [8].

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 9.70 CNY and a fair value of 11.09 CNY [2]. Core Insights - The company is expected to experience a performance turnaround due to the successful launch of new games, particularly "Zhu Xian World," which generated over 400 million CNY in its first 30 days post-launch [9][19]. - The company is undergoing a transformation and restructuring of its product line, which has led to several impairments affecting its 2024 performance [9]. - The anticipated release of the new game "Yihuan" in 2025 is expected to significantly contribute to the company's revenue, with a focus on optimizing management and reducing costs [9][36]. Summary by Sections 1. Game Market Overview - The mobile game market in China is projected to reach 238.2 billion CNY in 2024, with a year-on-year growth of 5.01% [14]. - The client game market is expected to generate 67.98 billion CNY in 2024, reflecting a 2.56% increase [14]. 2. Organizational Optimization - The company has initiated significant personnel reductions to lower management and R&D costs, which were the highest among A-share game companies in 2023, totaling 2.9 billion CNY [25][27]. - The company aims to streamline its product offerings and focus on core projects, which is expected to lead to a decrease in overall expenses [27][33]. 3. New Game Performance - "Zhu Xian World" has been well-received, and its performance is expected to stabilize the company's revenue streams [19]. - The upcoming game "Yihuan" has garnered significant attention, with high user engagement metrics indicating strong potential for success upon release [36]. 4. Profit Forecast and Investment Recommendations - The company forecasts revenues of 55.13 billion CNY in 2024, with a projected net loss of 12.31 billion CNY, followed by a recovery in 2025 with a profit of 8.07 billion CNY [44]. - The report suggests a valuation based on a 14x PE ratio for 2026, leading to a fair value estimate of 11.09 CNY per share [9][44].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is undergoing a transformation period, leading to profit pressure, and attention should be paid to the performance elasticity of new games [1] - The company is expected to achieve revenue of 55-56 billion yuan in 2024, a year-on-year decline of 28%-29%, with a net loss attributable to the parent company of 11-13 billion yuan [1] - The gaming business is facing profit pressure due to project shutdowns and personnel adjustments, with an expected net loss of 6.5-7.5 billion yuan in 2024 [1] - The launch of "Zhuxian World" is anticipated to mark the beginning of a new game cycle, with expectations for profit recovery in 2025 [1] - The film and television business is expected to continue a strategy of quality over quantity, with projected net losses of 3-4 billion yuan in 2024 [1] Financial Forecasts - Total revenue (in million yuan) is projected to decline from 7,791 in 2023 to 5,542 in 2024, before recovering to 6,979 in 2025 and 9,100 in 2026 [1][10] - Net profit attributable to the parent company is expected to drop from 491.48 million yuan in 2023 to a loss of 1,194.64 million yuan in 2024, before returning to profit in 2025 and 2026 [1][10] - The earnings per share (EPS) is forecasted to be -0.62 yuan in 2024, 0.36 yuan in 2025, and 0.67 yuan in 2026 [1][10] Market Data - The closing price of the company's stock is 9.70 yuan, with a market capitalization of approximately 18.82 billion yuan [6] - The price-to-earnings (P/E) ratio is projected to be - for 2024, 27 for 2025, and 14.49 for 2026 [1][10]

Core Viewpoint - Perfect World is facing significant challenges in its transition towards high-quality development, with projected revenue for 2023 between 5.5 billion to 5.6 billion yuan and a net loss of 1.1 billion to 1.3 billion yuan [1][2] Group 1: Business Performance - The company has experienced pressure on profits and is exploring business transformation and diversification beyond its traditional strengths [1] - The gaming industry is seeing increased competition, with rising user demand for high-quality content, leading to higher requirements for creativity and production capabilities [1] - The film and television sector is facing intense competition, particularly in the short drama market, while the long drama market is experiencing a "Matthew Effect" favoring top-tier productions [1] Group 2: Strategic Adjustments - In response to market challenges, the company is reassessing its operational strategies and product layouts, including project reviews and potential closures or scale reductions [2] - Key management personnel have been adjusted to strengthen the management chain for game development and film production [2] - The company plans to focus resources on more certain and advantageous projects while exploring new opportunities with smaller, lightweight investments [2] Group 3: New Product Launches - The new online game "Zhu Xian World" launched on December 19, 2024, generated over 400 million yuan in revenue within the first 30 days, with contributions expected to be reflected in future reports [2] - Other games like "Persona: Nightshade" and "Yihuan" are also in the pipeline, with positive feedback from testing phases, indicating potential for expanding user base and global outreach [2] Group 4: E-sports and Film Strategy - The company successfully hosted the 2024 Counter-Strike World Championship in Shanghai and aims to develop a multi-layered e-sports event system and diverse content matrix [3] - In the film sector, the company plans to reduce overall investment in film projects, control risks, and increase focus on short dramas to meet changing audience demands [3] Group 5: Industry Outlook - The entertainment industry shows strong growth potential, with significant room for improvement in quality compared to developed countries, driven by technological innovation and diverse market demands [3] - The company intends to enhance internal management and external investment strategies to improve profitability and achieve sustainable growth [3]

Financial Performance - The company expects a net loss attributable to shareholders for 2024 to be between 1.1 billion and 1.3 billion CNY, compared to a profit of 491.48 million CNY in the same period last year[3]. - The projected operating revenue for 2024 is estimated to be between 5.5 billion and 5.6 billion CNY, down from 7.79 billion CNY in the previous year[3]. - The gaming business is expected to incur a net loss of 650 million to 750 million CNY, primarily due to project closures and underperformance of several titles[9]. - The film and television segment anticipates a net loss of 300 million to 400 million CNY, driven by lower-than-expected sales prices and inventory impairment losses[14]. - The company has incurred a one-time rental loss of approximately 40 million CNY due to office space reductions as part of its cost-cutting measures[15]. - The overall performance in Q4 2024 is expected to show significant fluctuations compared to Q3, influenced by asset impairment decisions and project performance uncertainties[16]. Strategic Focus - The company plans to focus on a "quality over quantity" strategy in its film and television business, reducing overall investment while increasing efforts in the short drama segment[8]. - The company is focusing on a "quality over quantity" strategy in its film and television business, adjusting project investments based on user demand[18]. - The company is adjusting its management structure and optimizing teams to enhance operational efficiency and focus on more promising projects[7]. - The company is implementing refined management practices internally to enhance organizational efficiency and optimize reward systems[18]. - The company is actively improving its investment management system to control investment risks effectively[18]. Project Developments - The anticipated public test of the key game "Zhu Xian World" on December 19, 2024, is expected to contribute positively to future revenue, although initial marketing expenses will impact current financials[11]. - The MMORPG game "Zhu Xian World" was officially launched on December 19, 2024, generating over 400 million CNY in revenue within the first 30 days[17]. - The JRPG game "Persona: Nightfall Phantom" has received positive feedback after testing in select overseas regions and is being pushed for launch in those areas[17]. - The supernatural urban open-world RPG "Yihuan" had its first test in November 2024 and has been well-received by players, indicating potential for market expansion[17]. Asset Management - The company has identified and closed underperforming projects, leading to an estimated impairment loss of approximately 400 million CNY related to various game development projects[10]. - Asset impairment testing is ongoing, with final impairment amounts to be confirmed by the annual audit[19]. - Preliminary data will be detailed in the company's 2024 annual report, urging investors to make cautious decisions[19]. Event Management - The company successfully hosted the 2024 Counter-Strike World Championship in Shanghai, aiming to develop a multi-tiered esports event system[18].

3、公司本次实际回购时间区间为2024年1月9日至2024年12月27日。在回购 期内，公司通过回购专用证券账户以集中竞价交易方式累计回购股份10,162,000 股，占公司总股本的0.52%，最高成交价为11.98元/股，最低成交价为7.27元/股， 成交总金额为110,003,633元（不含交易费用）。符合公司既定的回购方案以及相 证券代码：002624 证券简称：完美世界 公告编号：2024-053 完美世界股份有限公司 关于股份回购完成暨股份变动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 完美世界股份有限公司（以下简称"公司"）于 2023 年 12 月 28 日召开公司 第五届董事会第二十二次会议审议通过《关于回购公司股份方案的议案》。公司 决定使用自有资金以集中竞价交易的方式回购公司股份用于股权激励或员工持 股计划。本次回购的股份种类为公司发行的 A 股社会公众股，回购资金总额不 超过人民币 2 亿元（含）且不低于人民币 1 亿元（含）。本次回购股份的价格不 超过人民币 19 元/股。回购期限自董事会审议通过之日起 12 个月内，具体回 ...

证券代码：002624 证券简称：完美世界 公告编号：2024-051 完美世界股份有限公司 第六届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 完美世界股份有限公司（以下简称"公司"）第六届董事会第十次会议于2024 年12月23日以现场和通讯相结合的方式召开。本次会议通知已于2024年12月18 日以电话、传真等方式发出，会议应出席董事5人，实际出席董事5人。本次会议 由董事长池宇峰先生主持。会议的召集、召开和表决程序符合《公司法》和《公 司章程》的有关规定。 二、董事会会议审议情况 会议审议通过了以下议案： Scopely, Inc.（以下简称"Scopely"）拟以3,450万美元购买公司全资子公司 上海完美时空软件有限公司（以下简称"完美时空"）旗下乘风工作室在研游戏 相关的资产及文档、电脑等办公设备。作为交易的一部分，该工作室包括主要核 心团队在内的大部分员工将从公司离职，另行设立一家新公司，进行新游戏的研 发，Scopely将投资该公司并持有少数股权。本次交易中，公司为完美时空提供 履约保证。 ...