经过2024年的"刮骨疗毒"，完美世界在今年Q1终于实现了扭亏为盈。完美世界4月25日晚间发布2024年财报与 2025年Q1财报，其在2024年归母净亏损12.88亿元的情况下，2025年Q1实现归母净利润3.02亿元，同比增长 1115.29%。 对于接下来的发展，完美世界方面表示，"面对未来市场，完美世界将积极推进《诛仙2》《异环》《代号Z》等 项目的研发、测试及上线工作，积极筹备《女神异闻录：夜幕魅影》等游戏的海外发行工作。" Q1净利润同比增长11倍 完美世界在今年Q1见到了曙光，其实现营收20.23亿元，同比增长52.22%，实现归母净利润3.02亿元，同比增长超 11倍。具体来看，完美世界2025年Q1游戏业务实现营收为14.18亿元，较上年同期增加10.37%。 对于游戏收入大增，完美世界在财报中解释，"2024年12月新国风仙侠 MMORPG端游《诛仙世界》上线，在今年 Q1确认收入并带来收入同比增量；同时电竞产品《DOTA2（刀塔）》及《CS（反恐精英：全球攻势）》以赛事 为依托，稳健发展，今年Q1收入较上年同期增长；此外，受产品生命周期影响，Q1移动游戏收入较上年同期下 滑，部分抵消了上 ...

Core Viewpoint - Perfect World reported a significant increase in Q1 2025 revenue and a return to profitability, while 2024 showed a decline in revenue and a net loss, indicating a challenging year ahead for the company [1][3]. Financial Performance - In Q1 2025, the company achieved revenue of 2.023 billion yuan, a year-on-year increase of 52.22% [2]. - The net profit attributable to shareholders was 302 million yuan, marking a turnaround from a loss of 29.76 million yuan in the previous year [2]. - For the year 2024, the company reported revenue of 5.57 billion yuan, a decrease of 28.5% compared to 2023 [3]. - The net profit attributable to shareholders for 2024 was a loss of 1.29 billion yuan, a decline of 361.98% from a profit of 491 million yuan in 2023 [3]. - The basic earnings per share for Q1 2025 was 0.16 yuan, compared to a loss of 0.02 yuan in the same period last year, reflecting a 900% increase [2]. Management Changes - The company underwent a management restructuring in 2024, with the appointment of Gu Liming as the new CEO, following the resignation of the previous co-CEOs [5]. Employee Statistics - As of the end of 2024, the total number of employees at Perfect World was 3,905, a reduction of 1,849 from 5,754 in 2023 [6][9]. - The workforce composition included 2,682 in game development and film production, 758 in game and film distribution and operations, and 125 in finance [7].

Core Viewpoint - Perfect World has reported significant financial losses for the year 2024, with a total revenue of 5.57 billion yuan, a year-on-year decline of 28.5%, and a net loss of 1.29 billion yuan, indicating a challenging operational environment for the company [1][2][3]. Financial Performance Summary - The total revenue for 2024 was 5.57 billion yuan, down from 7.79 billion yuan in 2023, reflecting a decrease of 28.5% [2]. - The net profit attributable to shareholders was a loss of 1.29 billion yuan, compared to a profit of 491 million yuan in 2023, marking a decline of 361.98% [2]. - The net profit after deducting non-recurring items was a loss of 1.31 billion yuan, a significant drop from a profit of 210 million yuan in the previous year, representing a decline of 723.82% [2]. - The net cash flow from operating activities was 576 million yuan, down 24.32% from 762 million yuan in 2023 [2]. - The total assets at the end of 2024 were 11.37 billion yuan, a decrease of 21.55% from 14.49 billion yuan at the end of 2023 [2]. Game Segment Analysis - The gaming segment generated a revenue of 5.18 billion yuan in 2024, with a net loss of 725 million yuan attributed to several underperforming game projects [3][5]. - Key projects such as "Perfect New World," "Ling Cage," and others failed to meet revenue expectations, leading to a combined loss of approximately 390 million yuan [3]. - The company has initiated cost-cutting measures, including office space consolidation and personnel optimization, resulting in a 32% reduction in total employees by the end of 2024 [5][6]. Q1 2025 Performance - In Q1 2025, the company reported a revenue of 2.02 billion yuan, a year-on-year increase of 52.22%, and a net profit of 302 million yuan, reversing the losses from the previous year [7][8]. - The significant improvement in performance is largely attributed to the successful launch of "Zhu Xian World," which generated over 400 million yuan in revenue within the first 30 days of its release [9][12][17]. Future Product Pipeline - The company is focusing on upcoming titles such as "Yihuan," which is expected to leverage advanced technology and innovative gameplay to attract players [33][35]. - "Zhu Xian 2," a sequel to the popular "Zhu Xian" mobile game, is also in development, aiming to build on the established IP's success with new gameplay mechanics and enhanced graphics [39][41]. - The company is actively pursuing international expansion for its games, particularly with titles like "P5X," which has shown strong initial interest in various markets [27][50]. Esports and Event Management - Perfect World has developed a robust esports ecosystem, successfully hosting major events such as the 2024 CS:GO World Championship in Shanghai, which attracted significant viewership and engagement [30][32]. - The esports segment continues to contribute positively to the company's revenue, with plans for more high-profile events in 2025 to sustain growth [32].

《多模态 AI 突破不止，政策暖风持续 助力 IP、体验消费—行业周报》 -2025.4.13 2025 年 04 月 27 日 投资评级：看好（维持） 行业走势图 -14% 0% 14% 29% 传媒 沪深300 2024-04 2024-08 2024-12 数据来源：聚源 相关研究报告 《MCP 及政策助力 AI 发展，继续关 注高景气 IP 赛道—行业点评报告》 -2025.4.21 行 业 研 究 | 方光照（分析师） | 田鹏（分析师） | 肖江洁（联系人） | | --- | --- | --- | | fangguangzhao@kysec.cn | tianpeng@kysec.cn | xiaojiangjie@kysec.cn | | 证书编号：S0790520030004 | 证书编号：S0790523090001 | 证书编号：S0790124070035 | 风险提示：出海社交产品收入、AI 应用商业化进展、游戏流水等低于预期。 开 源 证 券 证 券 研 究 请务必参阅正文后面的信息披露和法律声明 1/19 社交、游戏出海中东北非等地延续高景气，关注拥有卡位、运营优势的公司 根据 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report emphasizes the continued high growth in social and gaming sectors, particularly in the MENA region, and suggests focusing on companies with operational advantages and market positioning [4] - The report highlights the advancements in domestic video models and the ongoing expansion of AI applications, recommending continued investment in AI-related sectors [5] Summary by Sections Industry Data Overview - "Peace Elite" ranks first in the iOS free chart in mainland China, while "Honor of Kings" holds the top position in the iOS revenue chart [12][16] - The film "Sunshine Flower" achieved the highest box office for the week, grossing 0.39 billion CNY [26] Industry News Overview - Coze, an AI tool, entered the domestic top ten rankings, while Photoroom improved its position in the overseas rankings [33] - The report notes the approval of 118 games by the National Press and Publication Administration in April [33] Company Performance Highlights - ZhiZi City Technology reported a total revenue of 5.09 billion CNY for 2024, a year-on-year increase of 53.9%, with social business revenue reaching 4.63 billion CNY, up 58.1% [4] - Yalla Technology reported a revenue of 339.7 million USD for 2024, with a net profit of 134.2 million USD, reflecting an 18.7% year-on-year increase [4] Recommendations - The report recommends focusing on companies with strong market positioning and local operational capabilities, highlighting Tencent Holdings and ShengTian Network as key recommendations, with beneficiaries including ZhiZi City Technology and Yalla Technology [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 5.57 billion RMB in 2024, a year-over-year decrease of 28.50%, and a net loss attributable to shareholders of 1.29 billion RMB, a year-over-year increase in loss of 361.98% [1] - The first quarter of 2025 saw a revenue increase of 52.22% year-over-year, reaching 2.02 billion RMB, with a net profit of 302 million RMB, indicating a turnaround in profitability driven by the new game "Zhu Xian World" [1][2] - The company is focusing on high-quality game projects and expects new titles like "Yihuan" and "Zhu Xian 2" to contribute positively to future performance [3] Summary by Sections Financial Performance - In 2024, the gaming business reported a net loss of 725 million RMB, compared to a profit of 490 million RMB in the previous year, primarily due to project closures and underperforming titles [3] - The first quarter of 2025 saw the gaming business revenue grow by 10.37% to 1.42 billion RMB, with a net profit of 292 million RMB [2] Revenue and Profit Forecast - The company expects a net profit of 640 million RMB in 2025, adjusted down from previous estimates, and an increase to 1.42 billion RMB in 2026 [5][14] - The target price for the stock is set at 14.63 RMB, based on a 20x PE valuation for 2026 [5] Cost and Margin Analysis - The gross margin for the first quarter of 2025 was 52.29%, a decrease of 14.65 percentage points, attributed to the increased revenue from the lower-margin film business [4] - The report indicates a significant reduction in expense ratios across sales, management, and R&D due to increased revenue and the absence of prior optimization costs [4]

Investment Rating - The report maintains a "Buy" rating for the company [8][5] Core Views - The company reported a revenue of 5.57 billion RMB in 2024, a year-over-year decrease of 28.50%, and a net loss attributable to shareholders of 1.29 billion RMB, a year-over-year increase of 361.98% [1] - The first quarter of 2025 saw a revenue increase of 52.22% year-over-year, reaching 2.02 billion RMB, with a net profit of 302 million RMB, indicating a turnaround driven by the new game "Zhu Xian World" [1][2] - The company is focusing on high-quality game projects and expects new titles like "Yihuan" and "Zhu Xian 2" to contribute positively to future performance [3] Summary by Sections Financial Performance - In 2024, the gaming business reported a net loss of 725 million RMB, compared to a profit of 490 million RMB in the previous year, primarily due to project closures and underperforming titles [3] - The first quarter of 2025 saw the gaming business revenue grow by 10.37% to 1.42 billion RMB, with a net profit of 292 million RMB [2] Revenue and Profit Forecast - The company expects a net profit of 640 million RMB in 2025, adjusted down from previous estimates, and an increase to 1.42 billion RMB in 2026 [5][14] - The target price for the stock is set at 14.63 RMB, based on a 20x PE valuation for 2026 [5][9] Cost and Margin Analysis - The gross margin for the first quarter of 2025 was 52.29%, a decrease of 14.65 percentage points, attributed to the increased revenue from the lower-margin film business [4] - The report indicates a significant reduction in expense ratios across sales, management, and R&D due to increased revenue and the absence of prior optimization costs [4]

Core Viewpoint - Perfect World reported a significant financial performance in 2024, with total revenue of 5.57 billion yuan and a net loss of 1.288 billion yuan, while announcing a cash dividend plan for shareholders [2][3] Financial Performance - In 2024, Perfect World achieved total revenue of 5.57 billion yuan, with a net loss attributable to shareholders of 1.288 billion yuan and a non-GAAP net loss of 1.313 billion yuan [2] - For the first quarter of 2025, the company reported revenue of 2.023 billion yuan, a year-on-year increase of 52.22%, and a net profit attributable to shareholders of 302 million yuan [2][3] Dividend Policy - Despite the losses in 2024, Perfect World plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 437 million yuan, maintaining its annual cash dividend practice since 2015 [2] Business Segment Performance - In 2024, the gaming segment generated approximately 5.18 billion yuan, a year-on-year decline of 22.32%, while the film and television segment earned about 350 million yuan, down 66.17% [4] - The company is focusing on long-term games and reassessing its operational strategies to concentrate resources on more promising projects [4] New Product Launches - The launch of "Zhu Xian World" in December 2024 is expected to bolster revenue, contributing to a 10.37% increase in gaming revenue in Q1 2025 [5] - Perfect World is actively developing and preparing for the release of several new games, including "Zhu Xian 2" and "Yihuan" [7] E-sports and Short Video Content - Perfect World plans to host the CS Asia Invitational 2025, aiming to strengthen its e-sports ecosystem [7] - The company is also expanding into the micro-short drama market, with successful releases in 2024 and early 2025 [8]

Core Insights - Perfect World reported a significant increase in Q1 2025 revenue, achieving 2.02 billion yuan, a year-on-year growth of 52.22% [1] - The company faced a net loss of 1.29 billion yuan for the full year 2024, but is optimistic about returning to profitability with the launch of key products [1] - A cash dividend of 2.3 yuan per 10 shares is proposed, totaling 437 million yuan, continuing a decade-long trend of annual cash dividends [1] Financial Performance - In Q1 2025, the gaming segment generated revenue of 1.42 billion yuan, a 10.37% increase compared to the same period last year, driven by the launch of "Zhu Xian World" [3] - The overall revenue for 2024 was 5.57 billion yuan, with a net loss of 1.29 billion yuan [1] - The company has maintained a cash dividend payout ratio exceeding 60% of cumulative net profit since 2015, totaling 5.49 billion yuan over ten years [1] Business Strategy - Perfect World is focusing on optimizing management and business processes to address past issues and enhance performance [1] - The company plans to explore new gaming business opportunities with small-scale, lightweight investments to diversify its gaming portfolio [3] - The esports titles "DOTA2" and "CS:GO" continue to perform well, contributing to revenue growth despite a decline in mobile game revenue due to product lifecycle effects [3]

Investment Rating - The report maintains a "Recommended" rating for the media industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [8][42]. Core Insights - The media industry experienced a slight decline of 0.11% during the week of April 19-25, 2025, ranking 25th among industries, while the Shanghai Composite Index rose by 0.56% [2][11]. - The report highlights the positive impact of the "Network Publishing Technology Innovation Leading Plan" issued by the National Press and Publication Administration, which aims to enhance technological innovation capabilities in the media sector, particularly in gaming and AI [3][37]. - The gaming sector saw significant activity with 118 domestic and 9 imported game licenses issued in April, indicating a robust supply that supports market growth [4][26]. Market Performance - The media industry (Shenwan) saw a weekly decline of 0.11%, while the Shanghai Composite Index increased by 0.56% [2][11]. - Notable performers in the media sector included companies like Shengyibao and Xingfu Lanhai, which saw weekly gains of 21.10% and 15.12%, respectively [18][19]. Key Data and Updates AI Applications - Leading AI applications include Deepseek, Doubao, Quark, and Tencent Yuanbao, with varying download trends observed [22]. - Deepseek's estimated downloads were 1.61 million, a decrease of 8.92% week-over-week [22]. Gaming Data - Top games as of April 24, 2025, included "Honor of Kings," "Dungeon & Fighter: Origin," and "Peace Elite," with new games like "Seven Days World" and "Digimon: Source" performing well in the free rankings [24][25]. - The report notes that 480 domestic game licenses and 30 imported game licenses have been issued this year, indicating a healthy supply for the gaming market [26]. Film Data - The total box office for the week of April 18-24 was 247 million yuan, with "Nezha: The Devil's Child" leading at 58.84 million yuan, accounting for 23.8% of the total [34][35]. - Upcoming films for the May Day holiday include 13 titles, with "Dumpling Queen" and "Ghost in the Shell" generating significant pre-release interest [36]. Industry Events and Announcements - The report discusses the launch of several AI models and applications, including ByteDance's Seedream 3.0 and Baidu's "Xinxiang" app, which enhance capabilities in content generation and task management [37][38]. - Tencent's SPARK 2025 conference revealed updates on 46 games, including 24 new titles, showcasing the company's commitment to innovation in the gaming sector [38][39].