每经AI快讯，8月26日，完美世界(002624.SZ)公告称，2025年上半年实现营业收入36.91亿元，同比增长 33.74%；净利润5.03亿元，同比扭亏。 （文章来源：每日经济新闻） ...

| 非经营性资金占用 | 资金占用方名称 | 占用方与上市 | 上市公司核算的 2025 | 2025 年期初占 | 半年度占用 | 半年度占 2025 | 2025 半年度偿还 | 2025 年 | 6 月末 | | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 公司的关联关 | | | 累计发生金额（不 | 用资金的利息 | | | | 占用形成原因 | | | | | 系 | 会计科目 用资金余额 | | 含利息） | （如有） | 累计发生金额 | | 占用资金余额 | | | | 控股股东、实际控制 | 无 | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | | 小计 | | | | | | | | | | | | | 前控股股东、实际控 | 无 | | | | | | | | | | | | 制人及其附属企业 | | | | | | | | | | | | | 小计 | | | | | | | | | | | | ...

完美世界股份有限公司 2025 年半年度财务报告 完美世界股份有限公司 2025 年半年度财务报告 2025 年 08 月 完美世界股份有限公司 2025 年半年度财务报告 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：完美世界股份有限公司 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 3,287,207,510.59 | 3,117,342,251.21 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 109,505,031.75 | 129,203,477.60 | | 衍生金融资产 | | | | 应收票据 | 27,250,000.00 | 15,906,000.00 | | 应收账款 | 746,462,372.54 | 668,177,646.64 | | 应收款项融资 | | | | 预付款项 | 235,541,996.68 | 161,0 ...

完美世界8月26日披露半年报，公司上半年实现营业收入36.91亿元，同比增长33.74%；归属于上市公司 股东的净利润5.03亿元，上年同期亏损1.77亿元；基本每股收益0.27元。 ...

完美世界公告，2025年上半年营业收入36.91亿元，同比增长33.74%。净利润5.03亿元，同比增长 384.52%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

[Part I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) This section provides crucial preliminary information, including the report's table of contents and definitions of key terms [Important Notice](index=2&type=section&id=重要提示) The company's board, supervisors, and senior management guarantee the report's truthfulness, accuracy, and completeness, and the company plans no cash dividends, bonus shares, or capital increase from reserves - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report's content[4](index=4&type=chunk) - Company head Chi Yufeng, chief accountant Wang Xiangyu, and head of accounting department Yang Lu declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=目录) This report's clear table of contents lists nine main chapters, providing comprehensive information navigation for investors - The report contains nine main chapters, structured clearly for easy reference[7](index=7&type=chunk) [Reference Documents Catalog](index=4&type=section&id=备查文件目录) Reference documents include signed financial statements, original public disclosures, and the chairman's signed report, all available at the company's securities department - Reference documents include signed and stamped financial statements, original public disclosure documents, and the chairman's signed report text[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines key terms used in the report, including company and subsidiary names, their history, and abbreviations of regulatory bodies - "The Company" refers to Perfect World Co., Ltd., formerly known as Perfect World Entertainment Co., Ltd[14](index=14&type=chunk) - "Perfect World Pictures" refers to Perfect World (Beijing) Interactive Entertainment Co., Ltd., formerly known as Beijing Perfect World Pictures Co., Ltd[14](index=14&type=chunk) - "Perfect World Games" refers to Perfect World Games Co., Ltd., formerly known as Shanghai Perfect World Network Technology Co., Ltd[14](index=14&type=chunk) [Part II Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information and key financial performance metrics [Company Profile](index=6&type=section&id=一、公司简介) Perfect World Co., Ltd., stock code 002624, is listed on the Shenzhen Stock Exchange, with Chi Yufeng as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Perfect World | | Stock Code | 002624 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Chi Yufeng | [Contact Person and Information](index=6&type=section&id=二、联系人和联系方式) The company's board secretary is Ma Jun, and the securities affairs representative is Xue Ting, with contact details provided - The Board Secretary is Ma Jun, and the Securities Affairs Representative is Xue Ting[17](index=17&type=chunk) - The company's contact address is Building A, Perfect World, No. 4, Courtyard 1, Wangjing East Road, Chaoyang District, Beijing[17](index=17&type=chunk) - The company's securities affairs email is zhengquanbu@pwrd.com[17](index=17&type=chunk) [Other Information](index=6&type=section&id=三、其他情况) The company's registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period - The company's contact information remained unchanged during the reporting period, details can be found in the 2024 Annual Report[18](index=18&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period, details can be found in the 2024 Annual Report[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=四、主要会计数据和财务指标) The company achieved significant revenue growth, turned net profit to positive, and saw substantial increases in operating cash flow and EPS during the reporting period Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (RMB) | Prior Year (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,690,992,631.88 | 2,759,914,394.43 | 33.74% | | Net Profit Attributable to Shareholders of Listed Company | 503,205,318.94 | -176,860,206.36 | 384.52% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 318,082,847.73 | -235,404,481.79 | 235.12% | | Net Cash Flow from Operating Activities | 502,214,625.90 | -155,527,712.50 | 422.91% | | Basic Earnings Per Share (RMB/share) | 0.27 | -0.09 | 400.00% | | Diluted Earnings Per Share (RMB/share) | 0.27 | -0.09 | 400.00% | | Weighted Average Return on Net Assets | 7.22% | -2.04% | 9.26% | | **Period-End Indicators** | **Current Period-End (RMB)** | **Prior Year-End (RMB)** | **Period-End vs. Prior Year-End Change** | | Total Assets | 11,148,087,466.17 | 11,365,625,431.97 | -1.91% | | Net Assets Attributable to Shareholders of Listed Company | 6,913,681,127.89 | 6,752,408,376.06 | 2.39% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=五、境内外会计准则下会计数据差异) The company reported no differences in net profit and net assets between international/overseas and Chinese accounting standards - The company had no differences in accounting data under domestic and overseas accounting standards during the reporting period[22](index=22&type=chunk)[23](index=23&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=六、非经常性损益项目及金额) Non-recurring gains and losses totaled 185.12 million yuan, primarily from the sale of Feng Studio, government grants, and fair value changes of financial assets Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Disposal gains/losses of non-current assets | 171,936,313.27 | Primarily disposal gains from the sale of Feng Studio | | Government grants included in current profit and loss | 40,105,783.58 | | | Fair value changes and disposal gains/losses of financial assets | 22,704,442.55 | Primarily tax refunds for films related to Universal Pictures' film slate assets in agreed countries, and fair value changes of other non-current financial assets during the holding period | | Gains/losses from entrusted investment or asset management | 778,301.89 | | | Other non-operating income and expenses | 4,266,869.03 | Primarily compensation received | | Other gains/losses meeting the definition of non-recurring gains/losses | 63,453.79 | | | Less: Income tax impact | 48,538,812.57 | | | Impact on minority interests (after tax) | 6,193,880.33 | | | **Total** | **185,122,471.21** | | [Part III Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) This section provides an in-depth analysis of the company's operations, financial performance, and strategic outlook [Main Businesses During the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) Perfect World is a global cultural entertainment group focused on game R&D, publishing, and operations, with a growing presence in film and TV production - The company's core business is the research, development, publishing, and operation of online games, while also developing film and television businesses, including TV series and short-form dramas[28](index=28&type=chunk) - The gaming business, relying on self-developed 3D game engines, has established full-platform R&D and publishing capabilities covering PC, mobile, console, cloud, and mini-program games, and is deepening AI technology applications[28](index=28&type=chunk) - The company is the exclusive operator of "DOTA2" and "CS" in mainland China, building a complete and multi-dimensional professional esports event and operation system[29](index=29&type=chunk) - The film and television business, established in 2008, adheres to a boutique strategy, having participated in the creation and distribution of over 300 film and television works, winning over 500 authoritative awards[29](index=29&type=chunk) [Core Competitiveness Analysis](index=9&type=section&id=二、核心竞争力分析) The company builds a diversified product matrix through a "boutique content" strategy, driven by technology, diversified development, global market expansion, and refined operations - The company adheres to a "boutique content" strategy, expanding its product matrix and deepening user value excavation, forming an IP-centric, innovation-driven content ecosystem[30](index=30&type=chunk) - The company highly values R&D investment, driven by innovative technology R&D and cutting-edge technology applications, fully integrating AI tools into the R&D pipeline to significantly improve R&D efficiency[32](index=32&type=chunk) - The company focuses on strategic expansion, deepening diversified layouts, with the gaming business advancing a "classic and trending genres dual-track" model, the esports business deepening its ecosystem, and the film and television business adopting a "long-form deep cultivation, short-form refined production, co-existence and co-growth" strategy[36](index=36&type=chunk) - The company adheres to an international strategy of "boutique products, global expansion," promoting high-quality cultural products worldwide, with gaming, esports, and film/TV businesses actively exploring overseas markets[39](index=39&type=chunk) - The company insists on "boutique R&D and production" and "user-centric operations," continuously activating the full lifecycle value of products through content renewal, refined marketing, and community co-creation[41](index=41&type=chunk) [Craftsmanship: Building a Boutique Content Matrix](index=9&type=section&id=1、匠心制作%20构建精品内容矩阵) The company's "boutique content" strategy drives game and film/TV production, balancing classic and trending genres while earning numerous industry awards - The gaming business promotes a "classic and trending genres dual-track" model, consolidating MMORPG advantages and successfully developing trending genres like "Tower of Fantasy"[30](index=30&type=chunk) - "Jade Dynasty World" launched in December 2024, further solidifying the company's layout and advantages in MMORPG games[30](index=30&type=chunk) - The film and television business adheres to a boutique creation philosophy, adopting a "long-form deep cultivation, short-form refined production, co-existence and co-growth" strategy, with productions winning multiple prestigious awards[31](index=31&type=chunk) [Technology-Driven: Empowering Product Iteration and Upgrades](index=10&type=section&id=2、技术驱动%20赋能产品迭代升级) Continuous R&D investment, self-developed engines, AI integration, and strategic partnerships enhance product capabilities and user experience across all business segments - The company has completed the construction of a full-platform R&D system and fully integrated AI tools into the R&D pipeline, improving R&D efficiency through the scaled application of AIGC production tools[32](index=32&type=chunk) - Deep cooperation with renowned technology manufacturers such as Microsoft, NVIDIA, Epic, and Unity promotes the integration of cutting-edge technology with the gaming business for innovative development[33](index=33&type=chunk) - "Jade Dynasty 2" mobile game collaborated with Huawei, using AI Super Resolution and AI Super Frame solutions to achieve triple improvements in performance, image quality, and energy efficiency[33](index=33&type=chunk) - The film and television business independently developed the Arc Intelligent Production System (A.R.C) to optimize production management, while the esports business combines VR holographic viewing and XR real-time sandbox technology to create immersive experiences[34](index=34&type=chunk) [Diversified Development: Classic and Innovation Synergistic Efforts](index=10&type=section&id=3、多元发展%20经典与创新协同发力) Strategic focus enables diversified and synergistic development across gaming, esports, and film/TV, balancing established strengths with innovative new ventures - The gaming business steadily advances a "classic and trending genres dual-track" model, consolidating MMORPG advantages and deepening innovative practices in trending genres[36](index=36&type=chunk) - The esports business builds a multi-dimensional event system covering mass events, professional leagues, and international competitions, driving refined product operations through event management[37](index=37&type=chunk) - The film and television business deepens its "co-existence and co-growth" strategy, enhancing the quality of long-form dramas and the scale of short-form dramas, with the micro-short drama "Couple's Spring Festival" exceeding 500 million views, becoming a hit in the 2025 Spring Festival season[38](index=38&type=chunk) [Global Presence: Expanding into Broad Overseas Markets](index=11&type=section&id=4、立足全球%20开拓海外广阔市场) As a pioneer in digital culture export, the company pursues a "boutique products, global expansion" strategy across its gaming, esports, and film/TV businesses - The company adheres to an international strategy of "boutique products, global expansion," promoting high-quality cultural products worldwide[39](index=39&type=chunk) - "Tower of Fantasy" console version successfully launched in international markets, becoming the company's first global product covering mobile, PC, and console platforms[39](index=39&type=chunk) - The company successfully hosted the 2024 Counter-Strike World Championship (Shanghai Major), setting a record for all previous CS Majors, and established the Steam Platform to assist Chinese game ecosystem expansion globally[40](index=40&type=chunk) [Multi-Dimensional Marketing and Refined Operations](index=12&type=section&id=5、立体营销%20精细运营) The company prioritizes "boutique R&D" and "user-centric operations" to maximize product lifecycle value through continuous iteration, precise marketing, and community co-creation - The company insists on "boutique R&D and production" and "user-centric operations," continuously activating the full lifecycle value of products through content renewal, refined marketing, and community co-creation[41](index=41&type=chunk) - "Perfect World Classic" achieves refined operations through nationwide competitive events and player co-creation columns, maintaining vitality for nearly 20 years[42](index=42&type=chunk) - The esports business achieves full-chain synergy from events to content, community, and commercialization, with refined operations through the Perfect World Esports Platform, virtual idols, and cultural integration marketing[43](index=43&type=chunk) [Main Business Analysis](index=13&type=section&id=三、主营业务分析) The company achieved significant revenue and net profit growth, driven by strong performance in both gaming and film/TV segments, alongside cost-efficiency measures Main Business Financial Overview | Indicator | Current Period (RMB 10,000) | Prior Year (RMB 10,000) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 369,099.26 | 275,991.44 | 33.74% | | Net Profit Attributable to Shareholders of Listed Company | 50,320.53 | -17,686.02 | 384.52% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 31,808.28 | -23,540.45 | 235.12% | | Non-Recurring Gains and Losses | 18,512.25 | | | - The gaming business benefited from the launch of the new Chinese-style MMORPG PC game "Jade Dynasty World" and the growth in esports revenue, with initial results from cost reduction and efficiency improvement measures[46](index=46&type=chunk) - Film and television business revenue grew significantly, with multiple platform-customized dramas and micro-short dramas successfully broadcast[47](index=47&type=chunk) [Overview](index=13&type=section&id=（一）概述) Revenue increased by 33.74%, and net profit attributable to shareholders turned positive, primarily due to growth in gaming and film/TV businesses [Main Business Operating Performance](index=13&type=section&id=（二）主营业务经营情况) Gaming business saw growth from new titles and esports, while film/TV revenue surged due to successful custom dramas and short-form series, though overall gross margin was impacted by revenue mix - The gaming business focuses on evergreen products, optimizes its R&D pipeline, steadily advances new projects, and deeply optimizes its global publishing system[48](index=48&type=chunk) - "Persona 5: The Phantom X" topped iOS game free charts in Japan, Europe, and America on its overseas open beta launch day, and entered Japan's iOS best-selling TOP3[51](index=51&type=chunk) - "Jade Dynasty World" launched in December 2024, bringing significant performance increments; "Jade Dynasty 2" had its domestic open beta on August 7, 2025, topping the iOS game free chart on its launch day[53](index=53&type=chunk)[54](index=54&type=chunk) - The esports business developed steadily, with revenue continuing to grow year-on-year during the reporting period, consistently contributing stable performance, and forming the "Perfect Esports Partner Alliance" with NVIDIA, Intel, and others[66](index=66&type=chunk) - The film and television business adopted a "quality over quantity" strategy, and through "long-form deep cultivation, short-form refined production, co-existence and co-growth" strategies, the micro-short drama "Couple's Spring Festival" exceeded 500 million views, becoming a hit in the 2025 Spring Festival season[71](index=71&type=chunk) Operating Revenue Composition (by Industry and Product) | Category | Current Period Amount (RMB) | % of Operating Revenue | Prior Year Amount (RMB) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | Gaming | 2,906,125,333.33 | 78.73% | 2,649,830,892.82 | 96.01% | 9.67% | | Film and Television | 767,331,191.30 | 20.79% | 89,604,576.43 | 3.25% | 756.35% | | **By Product** | | | | | | | PC Online Games | 1,852,101,454.41 | 50.18% | 1,086,242,388.60 | 39.36% | 70.51% | | Mobile Online Games | 968,286,288.11 | 26.23% | 1,446,166,413.14 | 52.40% | -33.04% | | TV Series and Short-Form Dramas | 748,956,673.05 | 20.29% | 60,898,653.88 | 2.21% | 1,129.84% | Gross Margin Changes by Industry/Product | Category | Current Period Gross Margin | Prior Year Gross Margin | Gross Margin Change YoY | | :--- | :--- | :--- | :--- | | **By Industry** | | | | | Gaming | 68.90% | 67.42% | 2.38% | | Film and Television | 11.05% | 27.84% | -16.79% | | **By Product** | | | | | PC Online Games | 68.62% | 69.00% | -0.76% | | Mobile Online Games | 71.29% | 67.57% | 3.72% | | TV Series and Short-Form Dramas | 11.06% | 2.21% | -22.22% | [Gaming Business](index=13&type=section&id=1、游戏业务) The gaming business achieved growth through evergreen products, optimized R&D, new title launches, and robust esports operations, leveraging advanced AI and Unreal Engine technologies - The company focuses on evergreen products, maintaining an active player ecosystem through continuous content iteration and refined user operations, achieving long-term stable operation[49](index=49&type=chunk)[50](index=50&type=chunk) - "Persona 5: The Phantom X" topped iOS game free charts in Japan, Europe, and America on its overseas open beta launch day, and entered Japan's iOS best-selling TOP3[51](index=51&type=chunk) - "Jade Dynasty World" launched in December 2024, bringing significant performance increments; "Jade Dynasty 2" had its domestic open beta on August 7, 2025, topping the iOS game free chart on its launch day[53](index=53&type=chunk)[54](index=54&type=chunk) - The original supernatural urban open-world RPG game "Etheria" began its second domestic test at the end of June 2025, with simultaneous overseas tests in English and Japanese regions, receiving enthusiastic market response[57](index=57&type=chunk) - The esports business developed steadily, with revenue continuing to grow year-on-year during the reporting period, consistently contributing stable performance, and forming the "Perfect Esports Partner Alliance" with NVIDIA, Intel, and others[66](index=66&type=chunk) - The company has completed the construction of a full-platform R&D system and fully integrated AI tools into the R&D pipeline, significantly improving R&D efficiency through the scaled application of AIGC production tools[67](index=67&type=chunk) [Film and Television Business](index=18&type=section&id=2、影视业务) The film and television business adopted a "quality over quantity" strategy, focusing on long-form and short-form dramas, with several short-form series becoming major hits - The company's film and television business focuses on a "quality over quantity" strategy, strictly controlling investment risks, reducing overall investment scale, and increasing layout in the short-form drama segment[70](index=70&type=chunk) - The company's productions, including "A Thousand Blossoms" and "Only This Jianghu Dream," were successively broadcast on multiple platforms[71](index=71&type=chunk) - The micro-short drama "Couple's Spring Festival" exceeded 500 million views, becoming the first micro-short drama on the entire network to surpass 100 million viewers in 2025, a hit in the 2025 Spring Festival season[71](index=71&type=chunk) - The micro-short drama "Tide" was broadcast on both Hongguo and Douyin platforms, quickly gaining popularity and setting another benchmark for high-quality micro-short drama production[71](index=71&type=chunk) [Non-Core Business Analysis](index=22&type=section&id=四、非主营业务分析) Non-core profits primarily stemmed from investment gains from the sale of Feng Studio and fair value changes in financial assets, offset by impairment losses and other non-operating items Non-Core Business Profit Composition | Item | Amount (RMB) | % of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | Investment income | 191,982,057.46 | 27.11% | Primarily investment income from the sale of Feng Studio | | Fair value change gains/losses | 4,560,296.03 | 0.64% | Primarily gains from fair value changes of other non-current financial assets and trading financial assets | | Asset impairment | -9,997,558.94 | -1.41% | Primarily impairment losses on contract performance costs | | Non-operating income | 7,314,383.89 | 1.03% | Primarily compensation received | | Non-operating expenses | 3,047,514.86 | 0.43% | Primarily donation expenses | [Analysis of Assets and Liabilities](index=22&type=section&id=五、资产及负债状况分析) Total assets slightly decreased, while net assets attributable to shareholders increased, with notable changes in cash, receivables, inventory, and contract liabilities Significant Changes in Asset Composition | Item | Current Period-End Amount (RMB) | % of Total Assets | Prior Year-End Amount (RMB) | % of Total Assets | % Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 3,287,207,510.59 | 29.49% | 3,117,342,251.21 | 27.43% | 2.06% | | Accounts Receivable | 746,462,372.54 | 6.70% | 668,177,646.64 | 5.88% | 0.82% | | Inventories | 1,327,872,609.09 | 11.91% | 1,795,213,378.18 | 15.80% | -3.89% | | Contract Liabilities | 2,152,475,569.48 | 19.31% | 2,452,638,513.25 | 21.58% | -2.27% | | Other Payables | 404,246,037.49 | 3.63% | 203,588,431.88 | 1.79% | 1.84% | | Development Expenditures | 78,029,828.96 | 0.70% | 11,983,541.38 | 0.11% | 0.59% | Financial Assets Measured at Fair Value at Period-End | Item | Period-End Amount (RMB) | | :--- | :--- | | Trading Financial Assets | 109,505,031.75 | | Other Equity Instrument Investments | 192,302,837.12 | | Other Non-Current Financial Assets | 846,166,167.71 | | **Subtotal of Financial Assets** | **1,147,974,036.58** | [Significant Changes in Asset Composition](index=22&type=section&id=1、资产构成重大变动情况) Increases in cash, receivables, prepayments, and development expenditures were offset by decreases in inventory and contract liabilities, reflecting operational and investment activities - Monetary funds increased by **2.06%**, primarily due to the combined effect of net cash flows from operating, investing, and financing activities[80](index=80&type=chunk) - Accounts receivable increased by **0.82%**, mainly due to increased receivables from film and television sales and game product operations during the reporting period[80](index=80&type=chunk) - Inventories decreased by **3.89%**, primarily due to the cost of multiple film and television works broadcast during the reporting period being transferred to cost of goods sold[80](index=80&type=chunk) - Contract liabilities decreased by **2.27%**, primarily due to the net effect of decreased film and television prepayments and increased game deferred revenue during the reporting period[80](index=80&type=chunk) - Development expenditures increased by **0.59%**, primarily due to the capitalization of the company's self-developed games during the reporting period[81](index=81&type=chunk) [Assets and Liabilities Measured at Fair Value](index=23&type=section&id=3、以公允价值计量的资产和负债) The company's financial assets measured at fair value totaled 1.15 billion yuan, including trading financial assets, other equity instrument investments, and other non-current financial assets Financial Assets Measured at Fair Value at Period-End | Item | Period-End Amount (RMB) | | :--- | :--- | | Trading Financial Assets | 109,505,031.75 | | Other Equity Instrument Investments | 192,302,837.12 | | Other Non-Current Financial Assets | 846,166,167.71 | | **Subtotal of Financial Assets** | **1,147,974,036.58** | - Current period fair value change gains were **4,560,296.03 RMB**[83](index=83&type=chunk) - Other changes were mainly due to exchange rate differences from trading financial assets and other equity instrument investments, as well as the transfer of some financial assets to intangible assets and exchange rate differences for other non-current financial assets[83](index=83&type=chunk) [Investment Analysis](index=24&type=section&id=六、投资状况分析) Total investment decreased significantly due to high prior-year gains from asset disposal, with current financial asset investments primarily in domestic and international equities Investment Amount Change During Reporting Period | Indicator | Current Period Investment Amount (RMB) | Prior Year Investment Amount (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 5,587,278.59 | 374,161,818.19 | -98.51% | - Financial asset investments include domestic and overseas stocks such as **Fululu Holdings** and **Zhihu-W**, as well as other equity instrument investments like **Embracer B** and **Asmodee B**[87](index=87&type=chunk)[89](index=89&type=chunk) - Embracer Group spun off its subsidiary Asmodee for separate listing, and the company reallocated the fair value of its original Embracer holdings to Asmodee shares based on their fair values at the spin-off date[89](index=89&type=chunk) [Financial Asset Investments](index=24&type=section&id=4、金融资产投资) Financial asset investments include trading financial assets and other equity instrument investments, with notable changes due to the spin-off of Asmodee from Embracer Group Securities Investment Information | Security Type | Security Name | Beginning Book Value (RMB) | Current Period Fair Value Change Gains/Losses (RMB) | Period-End Book Value (RMB) | Accounting Subject | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic and Overseas Stocks | Fululu Holdings | 344,905.11 | -71,861.45 | 271,833.45 | Trading Financial Assets | | Domestic and Overseas Stocks | Zhihu-W | 8,739,588.14 | 522,701.01 | 9,229,896.17 | Trading Financial Assets | | Domestic and Overseas Stocks | EMBRAC B | 130,143,476.48 | -269,602,580.10 | 89,118,365.00 | Other Equity Instrument Investments | | Domestic and Overseas Stocks | ASMDEE B | | 84,484,618.56 | 103,184,472.12 | Other Equity Instrument Investments | - Embracer Group spun off its subsidiary Asmodee for separate listing, and the company reallocated the fair value of its original Embracer holdings to Asmodee shares based on their fair values at the spin-off date[89](index=89&type=chunk) [Significant Asset and Equity Disposals](index=25&type=section&id=七、重大资产和股权出售) The company sold assets and the team related to Feng Studio's in-development game for $34.5 million, contributing 123.58 million yuan to net profit and optimizing business layout Significant Asset Disposal Information | Asset | Transaction Counterparty | Disposal Date | Transaction Price | Net Profit Contribution This Period (RMB 10,000) | % of Total Net Profit Contributed | | :--- | :--- | :--- | :--- | :--- | :--- | | Feng Studio in-development game related assets and team | Scopely, Inc. | January 2025 | USD 34.5 million | 12,357.71 | 24.56% | - The sale of Feng Studio aims to optimize the company's business layout and resource allocation, with no negative impact on the company's operations[92](index=92&type=chunk) [Analysis of Major Holding and Participating Companies](index=26&type=section&id=八、主要控股参股公司分析) Perfect World Games Co., Ltd., a major subsidiary, reported total assets of 9.50 billion yuan, net assets of 2.58 billion yuan, and net profit of 504 million yuan, significantly impacting the company's net profit Major Subsidiary Financial Data | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Perfect World Games Co., Ltd. | Subsidiary | Gaming | 50,000,000.00 | 9,497,972,409.78 | 2,580,239,832.14 | 2,909,908,574.48 | 676,983,976.67 | 503,780,947.77 | [Structured Entities Controlled by the Company](index=26&type=section&id=九、公司控制的结构化主体情况) Information on structured entities controlled by the company is detailed in the financial report, indicating their inclusion in the consolidated financial statements - Information on structured entities controlled by the company is detailed in Section VIII, Note X, 1, Interests in Subsidiaries[96](index=96&type=chunk) [Risks Faced by the Company and Countermeasures](index=26&type=section&id=十、公司面临的风险和应对措施) The company addresses risks from policy changes, market competition, talent loss, and investment operations through compliance, strategic focus, talent development, and robust investment management - The company faces risks from industry policy changes, which it addresses through legal and compliant operations, strengthened policy risk management, active response to regulatory requirements, and implementation of minor protection measures[96](index=96&type=chunk)[97](index=97&type=chunk) - Facing intensified industry competition, the company firmly implements a four-pronged strategy of boutique products, diversification, internationalization, and technology empowerment, focusing on advantageous segments, expanding diversified layouts, and deepening technological transformation[98](index=98&type=chunk) - To address talent loss and insufficient talent reserve risks, the company continuously optimizes talent梯队 construction, strengthens internal training, introduces young and excellent talent, and builds a solid talent foundation through long-term incentive mechanisms like employee stock ownership plans[99](index=99&type=chunk) - For investment business risks, the company improves its investment management system, strictly controls investment decisions at the pre-investment stage, and closely monitors invested companies' dynamics at the post-investment stage to timely identify and respond to potential risks[101](index=101&type=chunk) [Industry Policy Change Risk](index=26&type=section&id=1、行业政策变化风险) The cultural industry faces risks from strict regulatory changes, which the company mitigates through compliance, policy risk management, and proactive minor protection measures - The cultural industry, due to its special ideological attributes, has long been under a strict national regulatory system, and policy changes may lead to decreased market competitiveness and increased operational risks[96](index=96&type=chunk) - The company consistently adheres to the philosophy of legal and compliant operations, strengthens policy risk management capabilities, actively responds to government supervision, and proactively implements minor protection work[97](index=97&type=chunk) - All of the company's operating games have been connected to the National Press and Publication Administration's online game anti-addiction real-name verification system and strictly implement measures such as real-name registration and login, time limits, and top-up limits for user accounts[97](index=97&type=chunk) [Risk of Intensified Industry Competition](index=27&type=section&id=2、行业竞争加剧的风险) Intensified competition in the cultural creative industry, driven by technological innovation and evolving consumer demands, shifts focus to creative capabilities and advanced AI integration [Talent Loss and Insufficient Talent Reserve Risk](index=27&type=section&id=3、人才流失及储备不足风险) The company faces talent loss and insufficient reserves, addressed by optimizing talent development, internal training, external recruitment, and long-term incentive plans - Excellent talent is the core driving force for the development of cultural and creative enterprises, but intensified industry competition leads to the company facing risks of high-end talent loss and insufficient excellent talent reserves[99](index=99&type=chunk) - The company continuously optimizes talent echelon construction, strengthens in-depth internal training, introduces young and excellent talent, and activates youthful potential[99](index=99&type=chunk) - Through long-term incentive mechanisms such as employee stock ownership plans, the company achieves shared responsibility and shared benefits with employees, building a solid talent foundation for sustainable development[99](index=99&type=chunk) [Investment Business Risk](index=27&type=section&id=4、投资业务风险) Investment risks in small and medium-sized digital cultural creative enterprises are managed through a robust investment system, including pre-investment due diligence and post-investment monitoring - The company's external investment enterprises are mainly concentrated in small and medium-sized enterprises in the digital cultural and creative field, whose operating conditions are susceptible to various factors, potentially facing risks of underperforming business results[100](index=100&type=chunk)[101](index=101&type=chunk) - The company improves its investment management system, accurately assessing industry trends and the core competitiveness of target enterprises at the pre-investment stage, strictly controlling investment decision-making processes[101](index=101&type=chunk) - At the post-investment stage, the company closely monitors industry dynamics, continuously tracks the market competition, business progress, and financial data of invested enterprises, timely identifying and responding to potential risks with appropriate measures[101](index=101&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=28&type=section&id=十一、市值管理制度和估值提升计划的制定落实情况) The company has established a market value management system to enhance investment value and shareholder returns but did not disclose a valuation enhancement plan for the reporting period - The company has formulated the "Market Value Management System" to strengthen market value management and enhance investment value and investor returns[102](index=102&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[102](index=102&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=28&type=section&id=十二、“质量回报双提升”行动方案贯彻落实情况) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period[102](index=102&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=29&type=section&id=第四节%20公司治理、环境和社会) This section details the company's governance structure, environmental practices, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=29&type=section&id=一、公司董事、监事、高级管理人员变动情况) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[104](index=104&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Reporting Period](index=29&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year period - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the half-year period[105](index=105&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=29&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The 2015 stock option incentive plan concluded, while the 2023 employee stock ownership plan saw share recovery due to unmet performance, and the 2025 plan completed its initial share transfer - The company's 2015 stock option incentive plan expired, with 37,460 unexercised stock options canceled, completing the plan[108](index=108&type=chunk) - The company's 2021 employee stock ownership plan saw 9,370,000 shares recovered due to unmet performance targets at the company level for each period[111](index=111&type=chunk) - The initial grant portion of the company's 2025 employee stock ownership plan completed non-trading share transfer on June 20, 2025, involving 27,128,700 shares[111](index=111&type=chunk) [Equity Incentives](index=29&type=section&id=1、股权激励) The company's 2015 stock option incentive plan expired on July 2, 2025, with unexercised options canceled, marking the completion of the plan - The company's 2015 stock option incentive plan expired on July 2, 2025, and 37,460 unexercised stock options granted to 8 incentive recipients have been canceled[108](index=108&type=chunk) - This equity incentive plan has been fully implemented[108](index=108&type=chunk) [Implementation of Employee Stock Ownership Plans](index=29&type=section&id=2、员工持股计划的实施情况) The company has active 2023 and 2025 employee stock ownership plans, with the 2021 plan seeing share recovery due to unmet performance targets All Valid Employee Stock Ownership Plans During the Reporting Period | Scope of Employees | Number of Employees | Total Shares Held (shares) | % of Total Share Capital of Listed Company | Funding Source for Implementation Plan | | :--- | :--- | :--- | :--- | :--- | | 2023 Employee Stock Ownership Plan—Key personnel and employees deemed by the Board of Directors to have made outstanding contributions to the company's future development | 399 | 14,650,000 | 0.76% | Employees' legal remuneration, self-raised funds, and other methods permitted by laws and regulations | | 2025 Employee Stock Ownership Plan—Key personnel and employees deemed by the Board of Directors to have made outstanding contributions to the company's future development | 433 (initial grant) | 27,128,700 (initial grant) | 1.40% | Employees' legal remuneration, self-raised funds, and other methods permitted by laws and regulations | - The company's 2021 employee stock ownership plan saw 9,370,000 shares recovered by the company because the performance appraisal indicators at the company level for each period were not met[111](index=111&type=chunk) - The initial grant portion of the company's 2025 employee stock ownership plan completed non-trading share transfer on June 20, 2025[111](index=111&type=chunk) [Environmental Information Disclosure](index=31&type=section&id=四、环境信息披露情况) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[113](index=113&type=chunk) [Social Responsibility](index=31&type=section&id=五、社会责任情况) The company actively fulfills social responsibilities through its "Perfect Consumer Assistance Program," investing over 2.39 million yuan in purchasing agricultural products from poverty-stricken areas - The company's labor union committee actively carries out the "Perfect Consumer Assistance Program" series of actions, purchasing agricultural and sideline products from targeted assistance areas through "purchase instead of donation" and "buy instead of help" methods[113](index=113&type=chunk) - As of the end of June 2025, the "Perfect Consumer Assistance Program" has invested over **2.39 million yuan**, effectively promoting income growth for local farmers and herders and economic development[113](index=113&type=chunk) - During the 2025 Dragon Boat Festival, the company launched the ninth phase of its assistance program, purchasing high-quality agricultural and sideline products from targeted assistance areas such as Kezuoqianqi, Inner Mongolia, and Hotan, Xinjiang, which are supported by Haidian District, Beijing[113](index=113&type=chunk) [Part V Significant Matters](index=32&type=section&id=第五节%20重要事项) This section outlines all significant events and transactions impacting the company during the reporting period [Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=32&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) There were no overdue or unfulfilled commitments by the company's controlling shareholder, shareholders, related parties, acquirers, or the company during the reporting period - The company had no overdue or unfulfilled commitments by related parties during the reporting period[115](index=115&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=32&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) There were no non-operating funds occupied by the controlling shareholder or other related parties of the listed company during the reporting period - The company had no non-operating funds occupied by the controlling shareholder or other related parties during the reporting period[116](index=116&type=chunk) [Irregular External Guarantees](index=32&type=section&id=三、违规对外担保情况) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[117](index=117&type=chunk) [Appointment and Dismissal of Accounting Firms](index=32&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[118](index=118&type=chunk) [Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for the Reporting Period](index=32&type=section&id=五、董事会、监事会对会计师事务所本报告期“非标准审计报告”的说明) The company did not receive a "non-standard audit report" from its accounting firm during the reporting period - The company had no "non-standard audit report" during the reporting period[119](index=119&type=chunk) [Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=32&type=section&id=六、董事会对上年度“非标准审计报告”相关情况的说明) The company had no "non-standard audit report" related matters for the previous year - The company had no "non-standard audit report" related matters for the previous year during the reporting period[119](index=119&type=chunk) [Bankruptcy and Reorganization Matters](index=32&type=section&id=七、破产重整相关事项) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[119](index=119&type=chunk) [Litigation Matters](index=32&type=section&id=八、诉讼事项) The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during this reporting period[120](index=120&type=chunk) [Penalties and Rectification](index=33&type=section&id=九、处罚及整改情况) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[121](index=121&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=33&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period - There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period[122](index=122&type=chunk) [Significant Related Party Transactions](index=33&type=section&id=十一、重大关联交易) The company engaged in routine related party transactions with its controlling shareholder and associates, primarily for leasing and service provision, all at market prices and within approved limits Related Party Transactions Related to Routine Operations | Related Party | Related Transaction Content | Current Period Transaction Amount (RMB 10,000) | % of Similar Transaction Amount | Approved Transaction Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Perfect World Holding Group Co., Ltd. | Provision of leasing services | 863.07 | 68.36% | 2,000 | | Perfect World Holding Group Co., Ltd. | Provision of office system and property management services | 454.91 | 99.53% | 1,100 | | Zulong Entertainment Co., Ltd. and its subsidiaries | Provision of authorization services | 363.06 | 2.42% | 800 | | **Total** | | **1,681.04** | | **3,900** | - All related party transactions were priced at market rates and did not exceed the approved limits[122](index=122&type=chunk) - The company had no related party transactions involving significant asset or equity acquisitions or disposals during the reporting period[123](index=123&type=chunk) - The company had no related party creditor-debtor transactions during the reporting period[125](index=125&type=chunk) [Related Party Transactions Related to Routine Operations](index=33&type=section&id=1、与日常经营相关的关联交易) Routine related party transactions included leasing services, office system and property management, and authorization services, all conducted at market prices and within approved limits [Significant Contracts and Their Performance](index=34&type=section&id=十二、重大合同及其履行情况) The company incurred significant leasing expenses for office spaces and recognized leasing income from sub-leasing, with no other major contracts like trusteeship, contracting, or guarantees - During the reporting period, the company and its subsidiaries incurred total leasing expenses of **53.19 million yuan** for leased office spaces and other items[132](index=132&type=chunk) - A subsidiary of the company incurred a disposal loss of **0.11 million yuan** from the disposal of right-of-use assets due to the return of some office floors during this period[132](index=132&type=chunk) - The company and its subsidiaries recognized total leasing income of **12.62 million yuan** from leasing out/sub-leasing office spaces and other items, including **8.87 million yuan** from related party leases[132](index=132&type=chunk) - The company had no trusteeship, contracting, significant guarantees, entrusted wealth management, or other significant contracts during the reporting period[129](index=129&type=chunk)[130](index=130&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) [Trusteeship, Contracting, and Leasing Matters](index=34&type=section&id=1、托管、承包、租赁事项情况) The company had no trusteeship or contracting, but incurred 53.19 million yuan in leasing expenses and recognized 12.62 million yuan in leasing income, including related party leases - The company had no trusteeship matters during the reporting period[129](index=129&type=chunk) - The company had no contracting matters during the reporting period[130](index=130&type=chunk) - During the reporting period, the company and its subsidiaries incurred total leasing expenses of **53.19 million yuan** for leased office spaces and other items[132](index=132&type=chunk) - A subsidiary of the company incurred a disposal loss of **0.11 million yuan** from the disposal of right-of-use assets due to the return of some office floors during this period[132](index=132&type=chunk) - The company and its subsidiaries recognized total leasing income of **12.62 million yuan** from leasing out/sub-leasing office spaces and other items, including **8.87 million yuan** from related party leases[132](index=132&type=chunk) [Explanation of Other Significant Matters](index=35&type=section&id=十三、其他重大事项的说明) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[136](index=136&type=chunk) [Significant Matters of Company Subsidiaries](index=35&type=section&id=十四、公司子公司重大事项) There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[137](index=137&type=chunk) [Part VI Share Changes and Shareholder Information](index=36&type=section&id=第六节%20股份变动及股东情况) This section details changes in the company's share capital and information about its shareholders [Share Change Information](index=36&type=section&id=一、股份变动情况) The company's total share capital, restricted shares, and unrestricted shares remained unchanged during the reporting period, with no impact on financial indicators Share Change Information | Category | Number Before Change | % Before Change | Number After Change | % After Change | | :--- | :--- | :--- | :--- | :--- | | Restricted Shares | 112,235,363 | 5.79% | 112,235,363 | 5.79% | | Unrestricted Shares | 1,827,733,041 | 94.21% | 1,827,733,041 | 94.21% | | Total Shares | 1,939,968,404 | 100.00% | 1,939,968,404 | 100.00% | - The company's total share capital remained unchanged during the reporting period[140](index=140&type=chunk) [Securities Issuance and Listing](index=36&type=section&id=二、证券发行与上市情况) There were no securities issuance or listing activities by the company during the reporting period - The company had no securities issuance or listing activities during the reporting period[141](index=141&type=chunk) [Number of Shareholders and Shareholding Information](index=37&type=section&id=三、公司股东数量及持股情况) As of the reporting period end, the company had 102,144 common shareholders, with Perfect World Holding Group Co., Ltd. as the largest shareholder - As of the end of the reporting period, the total number of common shareholders was **102,144**[142](index=142&type=chunk) Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Perfect World Holding Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 22.32% | 432,907,448 | 432,907,448 | Pledged 86,513,400 shares | | Chi Yufeng | Domestic Natural Person | 7.69% | 149,122,401 | 37,280,600 | | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 5.99% | 116,195,506 | 116,195,506 | | | Tianjin Dongfu Ruijin Investment Management Center (Limited Partnership) | State-Owned Legal Person | 5.00% | 96,995,898 | 96,995,898 | | - Perfect World Holding and Kuaile Yongjiu are companies controlled by Chi Yufeng, and Perfect World Holding, Kuaile Yongjiu, and Chi Yufeng constitute parties acting in concert[142](index=142&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=38&type=section&id=四、董事、监事和高级管理人员持股变动) There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[144](index=144&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=38&type=section&id=五、控股股东或实际控制人变更情况) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[145](index=145&type=chunk) - The company's actual controller did not change during the reporting period[145](index=145&type=chunk) [Preferred Share Information](index=38&type=section&id=六、优先股相关情况) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[146](index=146&type=chunk) [Part VII Bond-Related Information](index=39&type=section&id=第七节%20债券相关情况) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[148](index=148&type=chunk) [Part VIII Financial Report](index=40&type=section&id=第八节%20财务报告) This section presents the company's comprehensive financial statements and detailed notes on accounting policies and financial items [Audit Report](index=40&type=section&id=一、审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[150](index=150&type=chunk) [Financial Statements](index=40&type=section&id=二、财务报表) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity for the half-year period - This section includes the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Owners' Equity, and Parent Company Statement of Changes in Owners' Equity[151](index=151&type=chunk)[155](index=155&type=chunk)[159](index=159&type=chunk)[161](index=161&type=chunk)[164](index=164&type=chunk)[166](index=166&type=chunk)[168](index=168&type=chunk)[172](index=172&type=chunk)[176](index=176&type=chunk)[180](index=180&type=chunk) [Consolidated Balance Sheet](index=40&type=section&id=1、合并资产负债表) As of June 30, 2025, the company's consolidated total assets were 11.48 billion yuan, with a slight decrease from the beginning of the period, and net assets attributable to the parent company were 6.91 billion yuan Consolidated Balance Sheet Key Data | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 11,148,087,466.17 | 11,365,625,431.97 | | Total Current Assets | 6,281,415,700.13 | 6,443,668,288.38 | | Total Non-Current Assets | 4,866,671,766.04 | 4,921,957,143.59 | | Total Liabilities | 4,363,008,750.71 | 4,496,058,836.16 | | Total Owners' Equity Attributable to Parent Company | 6,913,681,127.89 | 6,752,408,376.06 | | Total Owners' Equity | 6,785,078,715.46 | 6,869,566,595.81 | [Consolidated Income Statement](index=45&type=section&id=3、合并利润表) For the first half of 2025, the company achieved total operating revenue of 3.69 billion yuan, a 33.74% increase, with net profit attributable to parent company shareholders turning positive at 503 million yuan Consolidated Income Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 3,690,992,631.88 | 2,759,914,394.43 | | Operating Profit | 703,890,825.69 | 132,284,380.61 | | Total Profit | 708,157,694.72 | 135,291,667.64 | | Net Profit | 507,299,924.25 | -122,219,319.00 | | Net Profit Attributable to Parent Company Shareholders | 503,205,318.94 | -176,860,206.36 | | Basic Earnings Per Share | 0.27 | -0.09 | [Consolidated Cash Flow Statement](index=47&type=section&id=5、合并现金流量表) In the first half of 2025, net cash flow from operating activities significantly turned positive to 502 million yuan, while investment activities decreased, and financing activities resulted in a net outflow Consolidated Cash Flow Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 502,214,625.90 | -155,527,712.50 | | Net Cash Flow from Investing Activities | 259,091,992.28 | 994,114,873.25 | | Net Cash Flow from Financing Activities | -582,022,840.24 | -741,764,321.70 | | Net Increase in Cash and Cash Equivalents | 169,174,869.38 | 108,382,466.73 | | Period-End Cash and Cash Equivalents Balance | 3,284,310,428.59 | 3,123,854,321.40 | [Company Basic Information](index=58&type=section&id=三、公司基本情况) Perfect World Co., Ltd., with a registered capital of 1.94 billion yuan, is controlled by Chi Yufeng, focusing on broadcasting, animation, software development, and investment management - The company was formerly Zhejiang Jinlei High Temperature Materials Co., Ltd., and was renamed Perfect World Co., Ltd. in 2016[184](index=184&type=chunk)[185](index=185&type=chunk) - The company's registered capital is **1,939,968,404 RMB**, and its actual controller is Chi Yufeng[185](index=185&type=chunk)[186](index=186&type=chunk) - Its main business scope includes broadcasting and television program production and operation, animation, software development, cultural and artistic activity planning, and investment management[186](index=186&type=chunk) [Basis of Financial Statement Preparation](index=58&type=section&id=四、财务报表的编制基础) The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and CSRC disclosure regulations, with no significant going concern issues - The company prepares its financial statements on a going concern basis, in accordance with enterprise accounting standards and the information disclosure regulations of the China Securities Regulatory Commission[187](index=187&type=chunk) - The company has the ability to continue as a going concern for 12 months from the end of this reporting period, with no significant matters affecting its going concern ability[188](index=188&type=chunk) [Significant Accounting Policies and Estimates](index=58&type=section&id=五、重要会计政策及会计估计) This section details the company's accounting policies and estimates, including financial instruments, revenue recognition, and asset impairment, ensuring accurate financial reporting - The company adheres to enterprise accounting standards to truly and completely reflect its financial position, operating results, and cash flows[190](index=190&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit and loss, based on the business model for managing financial assets and the contractual cash flow characteristics[208](index=208&type=chunk) - The company recognizes revenue when performance obligations in the contract are satisfied, i.e., when the customer obtains control of the relevant goods or services, at the amount of consideration it expects to be entitled to receive[271](index=271&type=chunk) - The company divides internal research and development project expenditures into research phase expenditures and development phase expenditures, with development phase expenditures capitalized as intangible assets when specific conditions are met simultaneously[254](index=254&type=chunk)[255](index=255&type=chunk) - As a lessee, except for short-term leases and leases of low-value assets, the company recognizes the right to use the leased asset during the lease term as a right-of-use asset and recognizes a lease liability[292](index=292&type=chunk) [Methods and Basis for Determining Materiality Standards](index=59&type=section&id=5、重要性标准确定方法和选择依据) The company defines materiality standards for various financial items, such as receivables, contract liabilities, investment projects, and R&D projects, to guide disclosure Materiality Standards | Item | Materiality Standard | | :--- | :--- | | Significant individually impaired accounts receivable | Individually impaired amount exceeds RMB 10 million | | Significant contract liabilities | Period-end balance of a single contract liability exceeds RMB 50 million | | Significant investment projects | Single investment project exceeds RMB 50 million | | Significant capitalized R&D projects | Single capitalized R&D project's period-end balance exceeds RMB 50 million | | Significant joint ventures or associates | Book value of long-term equity investment in a single investee accounts for more than 5% of the company's net assets attributable to shareholders of the listed company at the end of the reporting period, and the investment gains/losses under the equity method attributable to shareholders of the listed company account for more than 10% of the net profit attributable to shareholders of the listed company during the reporting period | [Criteria for Control and Preparation Method for Consolidated Financial Statements](index=60&type=section&id=7、控制的判断标准和合并财务报表的编制方法) The company determines the scope of consolidated financial statements based on control, including all subsidiaries and structured entities, applying consistent accounting policies - The scope of the company's consolidated financial statements is determined based on control, and all subsidiaries and structured entities are included in the consolidated financial statements[196](index=196&type=chunk) - Control refers to the company's power over the investee, its exposure or rights to variable returns from its involvement with the investee, and its ability to u

Market Overview - A-shares experienced a collective decline with the Shanghai Composite Index down 0.36%, the Shenzhen Component Index down 0.09%, and the ChiNext Index down 0.69% as of 10:30 AM, with over 2800 stocks declining in total [1]. Gaming Sector - The gaming sector showed resilience with stocks like 37 Interactive Entertainment hitting the daily limit, and companies such as Kaixin Network, Perfect World, and Giant Network also seeing gains. The National Press and Publication Administration announced the approval of 173 games in August 2025, including 166 domestic and 7 imported titles, marking a new high for the year [2]. Semiconductor Sector - The semiconductor sector faced adjustments, with companies like Chipone Technology falling over 7% and Cambricon Technologies down over 3%. Other companies such as Yuntian Lifeng and Haiguang Information also experienced declines. The innovative drug sector saw slight pullbacks, with Ji Min Health and Shunlian Bio dropping over 3%. According to Xiangcai Securities, the domestic innovative drug industry is expected to reach a turning point in 2025, shifting from capital-driven to profit-driven growth, with ongoing support from fundamentals and policies likely to continue the trend of performance and valuation recovery [3]. Investment Guidelines - In the current market context, investment advisory institutions suggest that novice investors should proceed with caution and fully understand the market conditions before engaging in stock investments. The director of Guangdong Bozhong Dayang Financial Research Institute, Wu Zhihui, emphasizes that the current slow bull market is characterized by structural differentiation and sector rotation, where only 30% of leading stocks may continue to strengthen, 40% may remain stagnant, and the remaining 30% could experience declines. Wu recommends four core principles for novice investors: 1. Abandon the idea of "getting rich overnight" and embrace long-termism, avoiding the traps of chasing themes, trading small caps, and using leverage. 2. Utilize professional tools for informed decision-making, avoiding blind following of trends, especially in the face of uncertainties. 3. Strictly adhere to risk control rules, including maintaining appropriate position sizes, setting stop-loss lines, and avoiding leverage and speculative stocks. 4. Maintain a mindset that influences long-term success, focusing on cultivating investment habits during this slow bull market and shifting from frequent short-term trading to a philosophy of weekly reviews and deepening industry logic [5].

来源：choice金融终端 来源：上海证券报·中国证券网 | 序号 代码 | 名称 | 最新 | 涨幅% ↓ | 版 | | --- | --- | --- | --- | --- | | 1 | 002555 三七互娱 | 19.46 | 10.01 | 1.77 | | 2 | 002261 拓维信息 | 39.31 | 7.38 | 2.70 | | 3 | 300533 冰川网络 | 44.33 | 6.85 | 2.84 | | ব | 002558 巨人网络 | 32.13 | 3.91 | 1.21 | | 5 | 300052 ST中青宝 | 12.32 | 3.70 | 0.44 | | 6 | 600637 东方明珠 | 9.34 | 3.66 | 0.33 | | 7 | 600715 文投控股 | 2.61 | 3.16 | 0.08 | | 8 | 002624 完美世界 | 16.58 | 2.92 | 0.47 | 上证报中国证券网讯 8月26日早盘，游戏股表现活跃，截至9时36分，三七互娱涨停，拓维信息涨超 7%，冰川网络涨逾6%，巨人网络、完美世界等跟涨。 ...

Core Viewpoint - The gaming sector is experiencing a strong performance, with significant approval of new game licenses, indicating a high level of industry vitality and potential for investment opportunities [1]. Industry Summary - On August 26, gaming stocks such as Gigabit, Kying Network, Giant Network, Perfect World, and ShengTian Network saw gains, with the gaming ETF (159869) rising over 2.5% [1]. - The National Press and Publication Administration announced the approval of 173 games in August 2025, comprising 166 domestic and 7 imported games, marking a new high for the year [1]. - GF Securities highlighted the sustained high prosperity of the gaming industry, suggesting that improvements in domestic policies and changes in overseas industry trends could enhance valuation opportunities [1]. Company Summary - Tencent's gaming fundamentals are showing marginal improvement, with "Delta Action" expected to become a third long-lasting game alongside "Honor of Kings" and "Peace Elite" [1]. - NetEase's "Dream Journey" PC version is experiencing a revival due to a new version release [1]. - The integration of AI technology is expected to enhance the industry, with multimodal AI models and Agent tools likely to improve advertising material generation efficiency, impacting marketing, education, and gaming sectors [1]. - The gaming sector is poised for multiple catalysts, including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [1].

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance [5][49]. Core Insights - The media industry saw a weekly increase of 5.17%, outperforming the Shanghai Composite Index and the CSI 300 Index, which rose by 3.49% and 4.18% respectively [11][19]. - Key companies such as KuaLing AI and Kunlun Wanwei reported significant revenue growth, with KuaLing achieving over 250 million in revenue for Q2 2025, exceeding expectations [2][46]. - The gaming market in China reached a size of 29.084 billion yuan in July 2025, with mobile gaming contributing significantly to this growth [3][25]. - The report highlights the successful release of AI applications and the cultural export theme as key investment themes, particularly in gaming, IP, short dramas, and publishing [4][47]. Market Performance - The media industry ranked 6th among all sectors with a weekly increase of 5.17%, while the gaming sector saw a rise of 6.09% [11][19]. - Notable performers included Guomai Culture and Shunwang Technology, with weekly increases of 24.79% and 24.16% respectively [19][20]. Key Data and Dynamics AI Applications - Recent downloads for AI applications on iOS showed varied performance, with Doubao leading at approximately 209.57 thousand downloads, while DeepSeek experienced a decline of 8.88% [2][23]. Gaming Sector - The mobile gaming market in July 2025 was valued at 21.36 billion yuan, with a year-on-year growth of 0.92% [3][25]. - The overseas revenue from self-developed games reached 1.693 billion USD, marking a year-on-year increase of 6.76% [28][29]. Film Industry - The total box office for the week of August 15-21 was 1.252 billion yuan, with "Wang Wang Mountain Little Monster" leading the box office [41][43]. Investment Recommendations - The report suggests focusing on AI applications and cultural export themes, with specific attention to companies like Giant Network, KuaLing, and Meitu [4][47].