Core Viewpoint - 2024 presents both opportunities and challenges for the gaming industry, with established companies like Perfect World needing to adapt to remain competitive [1] Financial Performance - Perfect World reported a total revenue of 5.57 billion yuan in 2024, a decline of 28.50% from 7.79 billion yuan in the previous year [3] - The company incurred a net loss of 1.29 billion yuan, compared to a profit of 491 million yuan in 2023 [3] - The gaming segment, which accounts for 93% of total revenue, generated 5.18 billion yuan, down 22.32% year-on-year [3] Dividend and Shareholder Returns - Despite the losses, Perfect World plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 437 million yuan [3] - Since 2015, the company has distributed a cumulative total of 5.49 billion yuan in dividends, representing over 60% of cumulative net profit [3] Recent Developments - The launch of "Zhu Xian World" in December 2024 is seen as a potential turning point, contributing to a revenue of 2.02 billion yuan in Q1 2025, a 52.22% increase year-on-year [7] - The gaming business in Q1 2025 achieved a revenue of 1.42 billion yuan, up 10.37% from the previous year, attributed to the success of "Zhu Xian World" [7] Project Cancellations and Losses - Several projects were canceled due to poor expected returns, resulting in a combined loss of approximately 397 million yuan [4] - The underperformance of games like "One Punch Man: World" and "Kairi's Million Arthur: Ring" led to additional losses of about 343 million yuan [4] Future Prospects - Perfect World is focusing on new game releases, having recently received approval for two new titles, "Golden Flash Knight Group" and "Lost" [8] - The anticipated game "Yihuan" is expected to be a key player in the company's transformation, with a global pre-registration of 2.8 million [9][10] Esports Strategy - The successful hosting of the Shanghai Major in 2024 has positioned Perfect World favorably in the esports sector, contributing to stable revenue from titles like "DOTA2" and "CS:GO" [12] - The esports business model is still evolving, with event revenues making up only 8.75% of the total esports market revenue [13] Conclusion - 2025 is critical for Perfect World as it seeks to maintain its core MMO offerings while breaking into new genres [14] - The success of "Zhu Xian World" provides a boost, but sustained growth will require additional successful titles and innovative strategies [14]

三七互娱、世纪华通"两巨头"之下，谁是去年A股游戏公司业绩季军？随着25日多家A股游 戏公司发布了年度报告，这一答案基本揭晓。虽然老牌游戏公司完美世界在游戏营收上依然 守住了A股第三名，但公司净利润亏损超12亿元。业绩上，不仅在营收上与三七互娱、世纪 华通两家公司的差距拉大，而且盈利表现远不及神州泰岳、恺英网络等企业。 完美世界去年利润转负 4月25日晚，完美世界股份有限公司(002624 SZ，以下简称"完美世界")发布了公司2024年年度报告，公 司在2024年实现营业收入55.70亿元，同比下降28.50%；归母净亏损12.88亿元，扣非净亏损13.13亿元， 均呈同比盈利转亏状况。 | | 2024 年 | 2023 年 | 本年比上年 | 2022年 | | --- | --- | --- | --- | --- | | | | | 增减 | | | 营业收入(元) | 5.570.490.164.67 | 7,790,717,277.28 | -28.50% | 7.670.402.228.08 | | 归属于上市公司股东的净利润(元) | -1,287,558,264.15 | 491,480, ...

Core Viewpoint - Perfect World is undergoing a significant transformation period, facing substantial losses in its 2024 financial report, with a revenue decline of 28.5% year-on-year and a net loss of 1.29 billion yuan [1][2]. Financial Performance - The total revenue for 2024 was 5.57 billion yuan, down from 7.79 billion yuan in 2023, marking a decrease of 28.5% [2]. - The net loss attributable to shareholders was 1.29 billion yuan, a shift from a profit of 491 million yuan in 2023, representing a decline of 361.98% [2]. - The net loss after excluding non-recurring items was 1.31 billion yuan, compared to a profit of 210 million yuan in the previous year, a decrease 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]. - Basic and diluted earnings per share were both -0.68 yuan, a decline of 361.54% from 0.26 yuan in 2023 [2]. - Total assets at the end of 2024 were approximately 11.37 billion yuan, a decrease of 21.55% from 14.49 billion yuan in 2023 [2]. - Net assets attributable to shareholders were about 6.75 billion yuan, down 24.60% from 8.96 billion yuan in 2023 [2]. Business Segments - The gaming segment generated 5.18 billion yuan in revenue but incurred a net loss of 720 million yuan [3]. - The film and television segment reported approximately 350 million yuan in revenue with a net loss of about 400 million yuan [3]. - The company faced increased competition in the gaming market, leading to inadequate product planning and failure to meet project expectations [3][4]. Project Management and Adjustments - Perfect World has shut down several projects, including "Perfect New World" and "Luking," resulting in a combined loss of nearly 400 million yuan from these initiatives [3]. - The company has also incurred losses of approximately 340 million yuan from underperforming games that were in public testing [4]. - Investments in small to medium-sized gaming companies resulted in a net loss of about 310 million yuan [4]. - Management changes occurred, including the resignation of the CEO and co-CEO, to align leadership with the company's strategic direction [4]. Future Outlook - The management emphasizes the need for new game development and increased investment in technology to create high-quality games as a path to recovery [5]. - The first quarter of 2025 showed signs of improvement, with revenue of 2.02 billion yuan, a year-on-year increase of 52.22%, and a net profit of 302 million yuan, indicating a turnaround [4]. Market Reaction - On April 25, 2024, Perfect World’s stock rose by 3.89%, closing at 12.28 yuan per share, with a total market capitalization of 23.82 billion yuan [6].

Core Viewpoint - The company reported a significant net loss of 128,755.83 million yuan for the year, primarily due to challenges in its gaming and film businesses, necessitating a strategic reassessment and restructuring of its operations [7][8][11]. Company Overview - Perfect World is a global cultural entertainment group focused on the development, publishing, and operation of online games, as well as television and short drama production [4][6]. - The company has a strong history in game development, being one of the earliest developers of 3D game engines in China, and has successfully expanded into international markets [4][6]. Financial Performance - The company reported total revenue of 557,049.02 million yuan, with a net loss attributed to shareholders of 128,755.83 million yuan, and a net loss of 131,269.90 million yuan after excluding non-recurring losses [7][8]. - The gaming segment generated revenue of 518,070.95 million yuan, down from 666,926.86 million yuan in the previous year, reflecting a net loss of 72,470.37 million yuan compared to a profit of 49,012.11 million yuan in the prior year [8][9]. - The film segment's revenue decreased to 34,980.62 million yuan from 103,397.54 million yuan, resulting in a net loss of 40,196.06 million yuan compared to a profit of 9,301.89 million yuan the previous year [11][12]. Business Challenges - The gaming industry has faced intensified competition, leading to increased expectations for high-quality content and longer development cycles, which have impacted the company's performance [8][11]. - The company has struggled with project management and market responsiveness, leading to the closure of several underperforming projects, resulting in significant financial losses [8][9][11]. Strategic Adjustments - In response to the financial challenges, the company is focusing on optimizing its project portfolio, halting projects that do not align with its strategic direction, and reallocating resources to more promising initiatives [8][11][23]. - The company plans to enhance its gaming offerings by focusing on long-term games and exploring new genres, while also investing in esports and leveraging technology to improve user experience [15][20][23]. Future Outlook - The company aims to reduce overall investment in film projects while increasing its presence in the short drama market, which has shown rapid growth [11][12][22]. - The company is committed to improving its operational efficiency and profitability through strategic management and talent development initiatives [23][24][25].

[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2025 年 04 月 26 日 [Table_Title] 4 月 127 款版号发放，关注五一档票房表现 [Table_Summary] 报告要点： 市场表现 周度涨跌情况（2025.4.19-2025.4.25）：传媒行业（申万）下跌 0.11%， 排名行业第 25 名，同期沪深 300 涨 0.38%，上证指数涨 0.56%，深 证成指涨 1.38%，创业板指涨 1.74%，恒生科技指数涨 1.81%。本周， 传媒（申万）行业中，生意宝、幸福蓝海、横店影视、易点天下和天 娱数科表现较优，恒生科技成分股中阿里巴巴-W（周涨幅 6.35%）、 腾讯控股（周涨幅 4.41%）和网易-S（周涨幅 4.11%）表现较好。 行业重点数据及动态更新 国家新闻出版署等 10 部门发布《网络出版科技创新引领计划》的通 知。计划引导网络出版行业聚焦关键核心技术攻关，强化前沿引领技 术研究，从提升企业科技创新能力、优化科技创新政策环境、拓宽科 技创新融资渠道、强化科技创新人才支撑、健全科技创新保障措施等 方面提出多项举措，有望促进传媒 ...

2024 年 4 月 15 日，公司召开第六届监事会第二次会议，审议通过了《2023 年度监事会工作报告》《2023 年年度报告全文及其摘要》《2023 年度财务决算报 告》《2023 年度内部控制评价报告》《关于 2023 年度利润分配预案的议案》《关 于续聘会计师事务所的议案》《关于公司 2024 年度预计日常关联交易的议案》 《关于 2023 年度计提资产减值准备的议案》。 2024 年 4 月 26 日，公司召开第六届监事会第三次会议，审议通过了《2024 年第一季度报告》。 2024 年 6 月 13 日，公司召开第六届监事会第四次会议，审议通过了《关于 调整股票期权激励计划行权价格的议案》《关于调整 2023 年员工持股计划授予价 格的议案》。 完美世界股份有限公司 2024 年度监事会工作报告 2024 年度，公司监事会全体成员依照《公司法》《公司章程》和有关法律法 规的规定和要求，遵守诚信原则，认真履行各项监事会的职权和义务，切实维护 了公司及股东的正当权益。 一、监事会会议情况 报告期内，公司监事会共召开 6 次会议，会议情况如下： 2024 年 1 月 8 日，公司召开第六届监事会第一次会 ...

证券代码：002624 证券简称：完美世界 公告编号：2025-008 完美世界股份有限公司 关于公司 2025 年度预计日常关联交易的公告 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。 2025年4月25日，完美世界股份有限公司（以下简称"完美世界"或"公司"）召 开第六届董事会第十一次会议，逐项审议通过《关于公司2025年度预计日常关联 交易的议案》，并提交股东大会审议。 一、日常关联交易基本情况 4、公司为完美控股提供办公系统及物业管理服务，2025年预计金额不超过 人民币1,100万元； 5、完美世界教育科技（德清）有限公司（以下简称"德清教育"）为公司 及下属子公司提供美术外包服务，2025年预计金额不超过人民币200万元。 2025年4月25日，公司召开了第六届董事会第十一次会议，逐项审议通过《关 于公司2025年度预计日常关联交易的议案》，表决结果如下： 在审议与公司实际控制人池宇峰先生控制的企业的关联交易时，关联董事池 宇峰先生回避表决，本议项的表决结果为：4票同意、1票回避、0票反对、0票弃 权。在审议与祖龙娱乐的关联交易时，关联董事鲁晓寅 ...

证券代码：002624 证券简称：完美世界 公告编号：2025-009 完美世界股份有限公司 1、第六届董事会第十一次会议决议。 特此公告。 关于 2025 年度为公司及子公司申请授信额度的公告 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。 一、授信情况概述 公司及子公司因 2025 年度经营及发展业务的需要，拟向工商银行、华夏银行、 杭州银行、汇丰银行、宁波银行、浦发银行、招商银行等金融机构申请综合授信额 度人民币 12 亿元，具体额度在不超过人民币 12 亿元的金额上限内以银行授信为 准，有效期为自公司 2024 年度股东大会审议通过后一年。授信项下业务包括但不 限于流动资金贷款、项目贷款、内保外贷等综合授信业务。 本议案已经公司第六届董事会第十一次会议审议通过，尚需提交 2024 年度股 东大会审议。 二、备查文件 完美世界股份有限公司（以下简称"公司"）第六届董事会第十一次会议于 2025 年 4 月 25 日召开，会议以 5 票同意、0 票反对、0 票弃权审议通过了《关 于 2025 年度为公司及子公司申请授信额度的议案》，该议案尚需提交公司 20 ...

一、责任险具体方案 证券代码：002624 证券简称：完美世界 公告编号：2025-015 完美世界股份有限公司 关于购买董监高责任险的公告 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。 为进一步完善完美世界股份有限公司（以下简称"公司"）风险管理体系，降 低公司运营风险，促进公司董事、监事、高级管理人员及相关责任人员在各自职 责范围内更充分地行使权利、履行职责，保障公司和投资者的权益，根据《公司 法》《上市公司治理准则》等相关规定，公司拟为公司及全体董事、监事、高级 管理人员以及相关责任人员购买责任险。现将相关事项公告如下： 1、投保人：完美世界股份有限公司 2、被保险人：公司及全体董事、监事、高级管理人员以及相关责任人员 3、赔偿限额：累计赔偿限额不超过人民币 1 亿元/年（具体以最终签订的保 险合同为准） 1 4、保险费用：不超过人民币 30 万元/年（具体以最终签订的保险合同为准） 5、保险期限：12 个月/每期（后续每年可续保或重新投保） 6、董事会提请股东大会授权公司管理层办理董监高责任险购买的相关事宜， 包括但不限于：确定相关责任人员；确定保险 ...

2024 年完美世界可持续发展报告 出品：完美世界党委 & 完美世界工会联合会 & 完美世界企业社会责任部 本报告采用环保纸印刷 报告说明 报告范围 本报告披露的时间范围为 2024 年 1 月 1 日至 2024 年 12 月 31 日，出于报告可比性的考虑，部分内容超出 上述范围。 报告主体 本报告以完美世界股份有限公司为披露主体。报告 正文中的"完美世界""公司""我们"皆指代"完 美世界股份有限公司"。 报告发布周期 本报告为年度报告，发布周期为一年。 报告编写标准 数据说明 本报告所涉及数据来自公司内部统计数据、审计报告 等材料，部分数据如与年度报告有差异，以年度报告 数据为准。若无特殊说明，本报告所使用的货币单位 均为人民币（元）。 报告承诺 完美世界保证报告内容的实质性、客观性、有效性、 全面性、真实性，系统阐述公司在追求经济、社会、 环境等可持续发展各方面的综合绩效。本报告经公司 董事会审议批准，并保证报告内容不存在任何虚假记载、 误导性陈述或重大遗漏。 联系我们 完美世界企业社会责任部 Mail：csr@pwrd.com 电话：010-57805128 地址：北京市朝阳区望京东路 1 号院 ...