Core Insights - The report from Zheshang Securities highlights the release of the promotional video for Perfect World's new game "Yihuan," emphasizing the new content and launch timeline [1] - The company, known for its expertise in heavy game development, has faced challenges in recent years, including being at the bottom of its product cycle, organizational restructuring, and divesting some traditional assets, which have impacted profit levels and stock prices [1] - Most of these issues have been resolved, and the development team behind "Huan Tower" is now focusing on the new title "Yihuan," indicating a favorable investment opportunity [1] Financial Projections - It is anticipated that "Yihuan" will generate a revenue of 5 billion yuan within 12 months post-launch, with projections of 3 billion yuan in 2026 and a profit margin expected to be between 30-50%, leading to a profit contribution of 900 million to 1.5 billion yuan [1] - The current stock price corresponds to P/E ratios of 37, 17, and 14 times, maintaining a "buy" rating [1]

Core Viewpoint - Perfect World experienced a stock price decline of 2.05% on December 24, with a trading price of 16.23 yuan per share and a total market capitalization of 31.486 billion yuan [1] Group 1: Stock Performance - Year-to-date, Perfect World’s stock price has increased by 60.61%, with a 4.11% rise over the last five trading days and a 6.50% increase over the last 20 days, while it has decreased by 12.60% over the last 60 days [1] - The net outflow of main funds was 42.5548 million yuan, with large orders accounting for 18.02% of purchases and 22.79% of sales [1] Group 2: Company Overview - Perfect World, established on August 27, 1999, and listed on October 28, 2011, is based in Beijing and primarily engages in the development, publishing, and operation of online games, as well as film and television production and related services [1] - The revenue composition of Perfect World includes 50.18% from PC online games, 26.23% from mobile online games, 20.29% from television series and short dramas, and smaller contributions from other gaming and film-related businesses [1] Group 3: Financial Performance - For the period from January to September 2025, Perfect World achieved a revenue of 5.417 billion yuan, representing a year-on-year growth of 33.00%, and a net profit attributable to shareholders of 666 million yuan, reflecting a significant increase of 271.17% [2] - The company has distributed a total of 5.543 billion yuan in dividends since its A-share listing, with 1.976 billion yuan distributed over the past three years [3] Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders for Perfect World was 91,600, a decrease of 10.35% from the previous period, while the average number of circulating shares per person increased by 11.54% to 19,959 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 66.205 million shares, and new entrants such as Southern CSI 500 ETF and Guotai CSI Animation Game ETF [3]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 fund 从资金流向上来看，当日游戏板块主力资金净流出1.44亿元，游资资金净流入7516.37万元，散户资金净 流入6897.36万元。游戏板块个股资金流向见下表： 证券之星消息，12月23日游戏板块较上一交易日上涨1.03%，完美世界领涨。当日上证指数报收于 3919.98，上涨0.07%。深证成指报收于13368.99，上涨0.27%。游戏板块个股涨跌见下表： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Viewpoints - The company is a well-established game developer known for heavy-duty game development, with its previous title "Honkai: Star Rail" achieving both reputation and revenue success. However, it faced challenges in recent years due to being at the bottom of the product cycle, organizational restructuring, and divesting some traditional assets, which impacted profit levels and stock prices. Most of these issues have now been resolved, and the upcoming title "Eternal Ring" is expected to boost revenue and profits, marking an opportune investment time [1][2][3] Summary by Relevant Sections Revenue Expectations - The company anticipates that "Eternal Ring" will exceed market expectations in terms of revenue. The game is expected to generate over 5 billion yuan in its first 12 months, based on its quality and market feedback, compared to "Honkai: Star Rail," which generated 4 billion yuan over two years [2][5] Financial Health - The company has cleaned up its balance sheet, having divested underperforming assets, leading to a significant reduction in inventory to 1.182 billion yuan, the lowest since 2022, and goodwill at 221 million yuan, the lowest since its A-share listing [2][3] Organizational Efficiency - The company has improved its organizational structure, transitioning to a studio-based model that enhances development and operational efficiency, focusing on a product-centric approach [3] Catalysts and Indicators - Key indicators to watch include the launch date of "Eternal Ring" and its revenue post-launch. Catalysts include the December 2025 promotional video release, small-scale offline testing at the end of 2025, and the potential official launch in Q2 2026 [4] Unique Insights - The market generally expects "Eternal Ring" to perform similarly to or slightly better than "Honkai: Star Rail," but the report suggests it may exceed expectations in both revenue and profit margins, potentially reaching 50% due to its high quality and effective marketing strategies [5][6] Financial Projections - Revenue projections for the company are as follows: 2025 - 6.97 billion yuan, 2026 - 10.921 billion yuan, and 2027 - 11.207 billion yuan. Corresponding net profits are expected to be 820 million yuan, 1.83 billion yuan, and 2.17 billion yuan, with P/E ratios of 37, 17, and 14 respectively [11][39]

Core Insights - The concept of "reward economy" is gaining traction, defined as consumers purchasing non-essential goods or experience services to cope with work-life stress and fulfill psychological needs, leading to immediate gratification and self-affirmation [1] Group 1: Market Performance - As of December 23, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) shows mixed performance among its constituent stocks, with Perfect World (002624) leading at a 2.74% increase, followed by Kaiying Network (002517) at 1.79%, and Gome Retail (06808) at 1.69% [1] - The Online Consumption ETF (159793) is currently priced at 1.01 yuan [1] Group 2: Index Composition - The CSI Hong Kong-Shenzhen Online Consumption Theme Index comprises 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of online consumption theme stocks in the mainland and Hong Kong markets [2] - The top ten weighted stocks in the index include Alibaba-W (09988), Tencent Holdings (00700), Meituan-W (03690), Kuaishou-W (01024), JD Health (06618), Giant Network (002558), Bilibili-W (09626), iFLYTEK (002230), Kunlun Wanwei (300418), and Kaiying Network (002517), collectively accounting for 55.21% of the index [2]

Investment Rating - The report maintains a "Buy" rating for several companies including Xindong Company, Shenzhou Taiyue, Kaiying Network, and Jibite, while Perfect World is rated as "Hold" [8][9]. Core Insights - The gaming industry in China is expected to achieve a sales revenue of 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.68%, driven by an increase in user ARPU [1]. - Mobile games are projected to generate 257.08 billion yuan in revenue, up 7.92% year-on-year, while client games are expected to see a significant recovery with a revenue of 78.16 billion yuan, marking a 14.97% increase [1]. - Mini-games and console games are highlighted as the biggest growth areas, with mini-games expected to reach 53.54 billion yuan, a 34.39% increase, and console games projected at 8.36 billion yuan, an 86.33% increase [2]. - The overseas market for self-developed games is anticipated to reach 20.46 billion USD, growing by 10.23%, with strategy games dominating the revenue share [3]. Summary by Sections Overall Market Performance - The gaming market is experiencing steady growth, supported by long-term operations and innovative new products [1]. - The user base is expected to exceed 683 million, with a growth of 1.35% year-on-year [1]. Mini-games and Console Games - Mini-games are benefiting from lightweight features and social media platforms, significantly lowering customer acquisition costs [2]. - Console games are seeing a surge due to hardware upgrades and popular titles driving sales [2]. Overseas Market - The overseas revenue for self-developed mobile games is projected to be 18.48 billion USD, with a growth rate of 13.16% [3]. - The North American, Japanese, and Korean markets contribute 57.81% of the overseas revenue, indicating a high market concentration [3]. Investment Recommendations - The report suggests focusing on companies with long-term operations and strong overseas strategy game capabilities, such as Giant Network [4]. - New product cycles and companies transitioning to platform-based business models are also recommended for investment [4].

Investment Rating - The report maintains a "Positive" investment rating for the gaming industry [7]. Core Insights - The domestic gaming market in China is projected to achieve an actual sales revenue of CNY 350.79 billion in 2025, reflecting a year-on-year growth of 7.68%. The market size for Q4 2025 is expected to reach CNY 94.76 billion, with a year-on-year increase of 9.24% [2][4]. - A new product cycle is underway as key new games from listed companies are being launched. Notable titles include Gigabit's "Nine Muses of the Wild" and Giant Network's "Famous Generals Kill," which have recently entered testing phases [6][4]. - The report suggests continued attention to investment opportunities within the gaming sector, highlighting companies such as Giant Network, Perfect World, and Tencent [6]. Summary by Sections Market Performance - The gaming market in China has reached a historical high in revenue, with mobile games generating CNY 257.08 billion (up 7.92%) and PC games reaching CNY 78.16 billion (up 14.97%) in 2025. The Q4 market size for mobile games is projected at CNY 67.38 billion (up 3.59%) [9][8]. - The user base for games has shown consistent growth over three years, with increases of 0.61%, 0.94%, and 1.35% from 2023 to 2025 [9]. New Product Cycle - The report emphasizes the impact of new game launches on Average Revenue Per User (ARPU), which is expected to rise from CNY 483.10 in 2024 to CNY 513.26 in 2025, marking a growth of 6.24% [9]. - The overseas market for self-developed mobile games from China is also thriving, with projected revenue growth of 11.14% and 13.16% for 2024 and 2025, respectively [9]. Policy Environment - Recent supportive policies for the gaming industry have been introduced, including initiatives to enhance the esports sector and promote original game development. These measures are expected to foster a more favorable environment for growth [9].

Core Viewpoint - Perfect World is re-entering the cinema business with the launch of the Zhongguancun IMAX theater, which has undergone significant renovations and aims to enhance the cinema experience, despite facing operational challenges during its trial run [1][2][3]. Group 1: Business Operations - The Zhongguancun IMAX theater began trial operations on November 21, with all nine screening halls, including three special effect halls, three VIP halls, and three regular halls, opened by December 21 [1]. - Initial operational issues included seat management problems, insufficient heating in IMAX halls, and inadequate restroom facilities, leading to customer complaints [2][3]. - The theater's management has acknowledged these issues and is actively working on solutions, including potential adjustments to the IMAX hall's seating slope, which could incur additional costs exceeding 1 million yuan [2][3]. Group 2: Corporate Structure - Although the theater is branded as "Perfect World," it is not directly associated with the publicly listed Perfect World company, as the cinema business was separated from the company in 2018 and transferred to its parent, Perfect Holdings [4][5]. - Perfect World Holdings, which operates the cinema, has been involved in multiple internal asset transfers, reflecting a strategy to optimize its cinema operations and potentially prepare for future capital market activities [8][9]. Group 3: Market Position and Strategy - The cinema industry is shifting from a focus on single screenings to a more diversified entertainment experience, combining social interaction, retail, and viewing [9]. - Perfect World aims to leverage its gaming and film IPs to create unique cinema experiences, potentially increasing customer engagement and spending [9]. - Despite having resources from the "Perfect System," the cinema's limited scale and regional concentration may hinder its competitive position against larger players like Wanda Film [9]. Group 4: Financial Performance - In the first three quarters of 2025, Perfect World reported revenues of 5.417 billion yuan, a 33% year-on-year increase, with the film segment showing a remarkable growth of 432.9% [10].

Core Viewpoint - Perfect World is re-entering the cinema business by taking over and upgrading the UME Cinema (Beijing Huaxing Store) to Perfect World Cinema (Zhongguancun IMAX Store), aiming to enhance its brand image and market competitiveness in the evolving entertainment landscape [1][5] Group 1: Cinema Operations and Adjustments - The Zhongguancun IMAX Store began trial operations on November 21, with all nine screening halls opened by December 21, including three special effect halls and three VIP halls [3] - Initial operational issues were reported, including seat management problems and customer complaints about the viewing experience, leading to adjustments in seating and hall configurations [4][3] - The cinema staff acknowledged operational challenges during the trial period, including heating issues and inadequate restroom facilities, which are constrained by the building's structure [4][6] Group 2: Corporate Structure and Business Strategy - Although the cinema is branded as "Perfect World," it operates under Perfect World Holdings, with no direct financial ties to the publicly listed Perfect World [6] - The cinema business was previously divested from Perfect World in 2018, with assets transferred to Perfect Holdings, indicating a strategic shift to reduce operational risks and improve capital efficiency [7][6] - Perfect World aims to leverage its gaming and film IPs to create a closed-loop ecosystem that integrates content production, distribution, and ancillary consumption, enhancing its competitive edge in the cinema sector [5][9] Group 3: Market Position and Future Prospects - The cinema industry is transitioning from a single screening model to a multi-functional entertainment space, with leading companies establishing high barriers to entry [13] - Perfect World Cinema is focusing on enhancing brand competitiveness through hardware upgrades and diversified service offerings, aligning with consumer trends towards experiential entertainment [9][13] - Despite the challenges, the company is exploring ways to convert its gaming IP into themed experiences within cinemas to attract core fan bases and increase customer spending [13][9]

Investment Rating - The report assigns an "Accumulate" rating for the industry [1]. Core Insights - The report highlights that the daily usage of Doubao Tokens has surpassed 50 trillion, ranking first in China and third globally. The gaming market is expected to grow steadily by 2025, with female-oriented games experiencing growth rates significantly above the industry average [2][4]. Industry Summary - The Doubao model was launched by Huoshan Engine, with significant improvements in capabilities, including enhanced agent abilities, multimodal capabilities, and context management [8][9]. - The domestic gaming market is projected to reach a revenue of 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.68%. Mobile games, PC games, and console games are expected to see growth rates of 7.92%, 14.97%, and 86.33%, respectively [13][19]. - The female-oriented gaming segment is rapidly expanding, with a market size of 8 billion yuan in 2024, marking a year-on-year increase of 124.1% [19]. - The report recommends investment in specific companies within the media sector, including Wanda Film, Perfect World, and Mango Super Media, among others, due to their potential for sustained high growth [7][21].