完美世界股份有限公司 本人孙子强，中国国籍，1964 年出生，武汉理工大学计算机应用技术学士、 中欧国际工商管理学院工商管理硕士，无境外永久居留权。本人于 2005 年至 2017 年历任 SK 集团大中华区高级副总裁、CEO 及董事；2017 年至 2020 年任中国联 合实业投资有限公司 COO 及董事；2020 年 4 月至 2021 年 4 月任氢阳新能源控 股有限公司董事；2021 年 4 月至今任天使智慧投资有限公司董事长；2021 年 4 月至今任中鹏未来有限公司董事；2021 年 1 月至今任完美世界独立董事。 独立董事 孙子强 作为完美世界股份有限公司（以下简称"完美世界"或"公司"）独立董事，2024 年度，根据《公司法》《证券法》《深圳证券交易所股票上市规则》《公司章程》 《独立董事工作细则》等有关法律法规的规定和要求，本人恪尽职守，勤勉尽责， 积极发挥独立董事的作用，维护公司整体利益，维护全体股东尤其是中小股东的 合法权益。现将 2024 年度本人履职情况汇报如下： 一、本人基本情况 （二）不存在影响独立性的情况 经自查，本人未在完美世界担任除董事外的其他职务，与完美世界及其主要 股东 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 2,023,057,481.26, representing a 52.22% increase compared to CNY 1,329,062,879.22 in the same period last year[4] - Net profit attributable to shareholders reached CNY 302,192,411.28, a significant increase of 1,115.29% from a loss of CNY 29,764,070.63 in the previous year[4] - The company achieved a basic earnings per share of CNY 0.16, compared to a loss of CNY 0.02 per share in the previous year, marking a 900.00% increase[4] - Operating profit for the current period was ¥415,692,163.04, up from ¥240,556,182.12 in the previous period, reflecting an increase of about 73%[23] - The company reported a total comprehensive income of ¥335,023,900.86, compared to ¥13,407,524.07 in the previous period, indicating a substantial increase[24] Cash Flow - The net cash flow from operating activities was CNY 199,823,910.63, up 156.35% from a negative cash flow of CNY 354,612,700.79 in the same period last year[4] - Cash inflow from operating activities totaled ¥1,879,227,232.65, compared to ¥1,811,842,434.43 in the previous period, showing an increase of approximately 3.7%[25] - The net cash flow from investing activities was -188,377,928.86, contrasting sharply with a positive cash flow of 1,524,217,724.44 in the previous year[26] - The net cash flow from financing activities was -80,010,416.36, compared to a positive cash flow of 73,292,065.31 in the prior year[26] - The company experienced a negative impact of -5,760,650.53 from foreign exchange fluctuations on cash and cash equivalents[26] Revenue Breakdown - Game business revenue was CNY 141,820.45 million, a 10.37% increase year-over-year, driven by the launch of the MMORPG "Zhu Xian World" in December 2024[10] - The film and television business revenue surged to CNY 59,588.81 million, a staggering increase of 1,616.29% due to multiple productions airing during the reporting period[10] Assets and Liabilities - The total assets at the end of the reporting period were CNY 11,235,712,467.92, a slight decrease of 1.14% from CNY 11,365,625,431.97 at the end of the previous year[4] - The total liabilities decreased from ¥4,496,058,836.16 to ¥4,029,153,471.13, a reduction of approximately 10.4%[22] - The company's total equity increased to ¥7,206,558,996.79 from ¥6,869,566,595.81, marking a growth of about 4.9%[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 115,670[16] - The largest shareholder, Perfect World Holdings Group Limited, holds 22.32% of shares, amounting to 432,907,448 shares, with 86,513,400 shares pledged[16] - The company has a total of 5% or more shareholders, with the top 10 shareholders holding significant stakes[17] Development and Expenditures - The company reported a significant increase in development expenditures, which rose by 242.73% due to the capitalization of self-developed games[8] - Research and development expenses were ¥499,968,155.27, slightly up from ¥498,164,866.66, indicating continued investment in innovation[23] Other Financial Metrics - The company's comprehensive gross margin decreased to 52.29%, down 14.65% year-over-year, primarily due to a higher proportion of lower-margin film and television revenue[11] - The company's cash and cash equivalents at the end of the reporting period are RMB 3,043,539,816.47, down from RMB 3,117,342,251.21[20] - The company's inventory stands at RMB 1,371,727,744.33, a decrease from RMB 1,795,213,378.18[21]

Financial Performance - The company's operating revenue for 2024 was approximately ¥5.57 billion, a decrease of 28.50% compared to ¥7.79 billion in 2023[16]. - The net profit attributable to shareholders for 2024 was approximately -¥1.29 billion, representing a decline of 361.98% from a profit of ¥491 million in 2023[16]. - The net cash flow from operating activities for 2024 was approximately ¥576 million, down 24.32% from ¥762 million in 2023[16]. - The total assets at the end of 2024 were approximately ¥11.37 billion, a decrease of 21.55% from ¥14.49 billion at the end of 2023[16]. - The net assets attributable to shareholders at the end of 2024 were approximately ¥6.75 billion, down 24.60% from ¥8.96 billion at the end of 2023[16]. - The basic earnings per share for 2024 was -¥0.68, compared to ¥0.26 in 2023, reflecting a decline of 361.54%[16]. - The company's total revenue for the reporting period was 557,049.02 million, with a net loss attributable to shareholders of 128,755.83 million[47]. - In 2024, the gaming business generated revenue of 518,070.95 million, down from 666,926.86 million in the previous year, resulting in a net loss of 72,470.37 million compared to a net profit of 49,012.11 million in the prior year[48]. - The gaming business incurred losses of approximately 39,700 million due to project closures and personnel optimization, alongside losses of about 34,300 million from underperforming projects during the reporting period[49]. - The company's film and television business reported revenue of 34,980.62 million in 2024, a significant decrease from 103,397.54 million in the previous year, leading to a net loss of 40,196.06 million compared to a net profit of 9,301.89 million in the prior year[51]. Investment and Asset Management - The company reported a significant asset impairment loss of ¥764,983,904.89, primarily related to long-term equity investments and intangible assets[90]. - The total investment during the reporting period was ¥392,370,948.40, a staggering increase of 999.94% compared to the previous year[97]. - The company has ongoing investments in sectors such as consumer goods, financial services, and healthcare[99]. - The company has a 3.29% stake in a fund with a total investment of 30,000 thousand yuan[99]. - The company has a total of 1,500 thousand USD in investments in semiconductor and intelligent manufacturing sectors[101]. - The company has confirmed that all asset sales were executed as planned[105]. Strategic Focus and Development - The company plans to focus on optimizing its product layout and enhancing management efficiency to improve profitability[70]. - The company aims to strengthen its talent development and introduce innovative young talent to enhance team dynamics[71]. - The company is committed to refining its global distribution strategy to enhance market competitiveness[71]. - The company is actively pursuing a diversified strategy, balancing classic and innovative gaming categories, and expanding its esports ecosystem[39]. - The company is committed to technological empowerment, increasing investment in AI and VR technologies to enhance game development and operational efficiency[114]. - The company is focused on expanding its market presence and enhancing its product offerings through new technology development and strategic partnerships[161]. Corporate Governance and Management - The company has a governance structure that complies with legal and regulatory standards, with no significant discrepancies identified[145]. - The company has a dedicated internal audit department to oversee internal controls and financial status[145]. - The company has established a comprehensive performance evaluation system linking senior management's performance to their compensation[143]. - The company has engaged with various institutional investors and analysts during the reporting period[138]. - The company has maintained effective communication channels with shareholders to protect their rights[139]. - The company appointed Gu Liming as the new CEO effective July 22, 2024, following the resignation of Xiao Hong and Lu Xiaoyin due to work arrangement adjustments[157][158]. Employee Management and Development - The total number of employees at the end of the reporting period is 3,905, with 2,682 in game development and film production[181]. - The company has a comprehensive training system in place, promoting continuous learning and professional development among employees[183]. - The company has implemented a stock option incentive plan, granting 1.65 million shares at a price of RMB 29.18 per share to 134 employees[189]. - The educational background of employees shows that 2,529 hold bachelor's degrees, while 591 have graduate degrees or higher[181]. - The company has established a fair performance evaluation mechanism to ensure competitive compensation for employees[182]. Market Trends and Industry Insights - The Chinese esports industry is projected to generate actual sales revenue of approximately $27.57 billion in 2024, reflecting a year-on-year growth of 4.62%[30]. - The number of esports users in China reached 490 million in 2024, showing a slight increase of 0.42%[30]. - The gaming industry in China is experiencing a continuous optimization of its ecosystem, with stable growth in the domestic gaming market[27]. - The company has been recognized as one of the "Top 30 Cultural Enterprises in China" for the 13th time, highlighting its brand influence and comprehensive strength in the cultural sector[33]. Risk Management and Compliance - The company has identified major risks and corresponding countermeasures in its annual report, emphasizing the importance of investor awareness regarding investment risks[4]. - The company faces risks from industry policy changes, emphasizing compliance and proactive measures to protect minors from gaming addiction, including real-name registration and time limits for gaming accounts[126]. - The company is actively managing investment risks in digital cultural creative industries, closely monitoring the financial health of invested enterprises to mitigate potential losses[130].

截至4月25日收盘，短剧游戏概念上涨1.35%，位居概念板块涨幅第8，板块内，40股上涨，天府文旅、 天娱数科等涨停，幸福蓝海、完美世界、南极电商等涨幅居前，分别上涨11.17%、3.89%、3.58%。跌 幅居前的有中广天择、因赛集团、岩山科技等，分别下跌2.93%、1.24%、1.16%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 生物质能发电 | 1.92 | 中韩自贸区 | -1.94 | | F5G概念 | 1.62 | 重组蛋白 | -1.56 | | 钛白粉概念 | 1.62 | PEEK材料 | -1.53 | | 抽水蓄能 | 1.44 | 草甘膦 | -1.47 | | 共封装光学(CPO) | 1.41 | 肝炎概念 | -1.43 | | 碳交易 | 1.37 | CRO概念 | -1.42 | | 绿色电力 | 1.35 | 青蒿素 | -1.38 | | 短剧游戏 | 1.35 | 赛马概念 | -1.34 | | 光纤概念 | 1.35 | 乳业 | -1.32 | | 举 ...

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

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

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

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

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

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