Financial Performance - Revenue for the first half of 2024 decreased by 38.12% to RMB 2,759,914,394.43 compared to the same period last year[12] - Net profit attributable to shareholders of the listed company dropped by 146.55% to RMB -176,860,206.36[12] - Net cash flow from operating activities fell by 148.54% to RMB -155,527,712.50[12] - Basic earnings per share decreased by 145.00% to RMB -0.09[12] - Total assets decreased by 9.31% to RMB 13,139,312,223.10 compared to the end of the previous year[12] - Equity attributable to shareholders of the listed company decreased by 12.13% to RMB 7,869,226,581.41[12] - Weighted average return on equity dropped by 6.15% to -2.04%[12] - Game business revenue reached 2,649.83 million yuan, with a net loss of 166.08 million yuan attributable to shareholders[27] - The company's total revenue for the reporting period was 2,759.91 million yuan, with a net loss of 176.86 million yuan attributable to shareholders[26] - The company's film and television business revenue was 89.60 million yuan, with a net profit of 88.96 million yuan, including non-recurring gains[27] - The company incurred a one-time loss of 70.10 million yuan in Q2 2024 due to office space consolidation and investment losses[28] - The company's adjusted net loss narrowed to 76.99 million yuan in Q2 2024, reflecting cost optimization and AI-driven efficiency improvements[28] - Revenue decreased by 38.12% to 2,759,914,394.43 RMB, primarily due to a 27.28% decline in game income and an 88.28% drop in film and television income[44] - Game revenue accounted for 96.01% of total revenue, amounting to 2,649,830,892.82 RMB, a decrease of 27.28% year-over-year[46] - Mobile game revenue fell by 38.30% to 1,446,166,413.14 RMB, while PC game revenue decreased by 4.83% to 1,086,242,388.60 RMB[46] - Film and television revenue dropped by 88.28% to 89,604,576.43 RMB, with TV series and short dramas revenue plummeting by 91.93% to 60,898,653.88 RMB[46] - Domestic revenue accounted for 89.84% of total revenue, decreasing by 40.52% to 2,479,514,746.61 RMB, while overseas revenue decreased by 3.75% to 280,399,647.82 RMB[46] - Operating costs decreased by 47.58% to 969,480,059.11 RMB, in line with the decline in revenue[44] - R&D expenses decreased by 10.38% to 951,210,310.15 RMB due to project and talent optimization[44] - Investment income surged by 542.98% to 312,799,388.63 RMB, mainly due to the disposal of Universal Studios film assets[44] - Fair value change losses amounted to -28,288,642.76 RMB, primarily due to the fair value changes of other non-current financial assets[48] - Asset impairment losses were -42,276,323.70 RMB, mainly due to the impairment of development expenditures[48] - Total revenue for the first half of 2024 was 2,759,914,394.43 RMB, a decrease from 4,459,955,324.56 RMB in the same period of 2023[111] - Net profit for the first half of 2024 was -122,219,319.00 RMB, compared to 384,716,878.33 RMB in the first half of 2023[111] - Total liabilities for the first half of 2024 were 1,984,462,478.71 RMB, down from 2,384,578,741.39 RMB in the same period of 2023[110] - Total equity for the first half of 2024 was 8,519,965,731.98 RMB, compared to 9,522,112,823.78 RMB in the first half of 2023[110] - R&D expenses for the first half of 2024 were 951,210,310.15 RMB, a decrease from 1,061,357,686.50 RMB in the same period of 2023[111] - Sales expenses for the first half of 2024 were 506,510,234.86 RMB, down from 763,259,654.96 RMB in the first half of 2023[111] - Total comprehensive income for the first half of 2024 was -128,440,404.35 RMB, compared to 416,981,106.78 RMB in the same period of 2023[112] - Basic earnings per share for the first half of 2024 were -0.09 RMB, compared to 0.20 RMB in the first half of 2023[112] - Total operating costs for the first half of 2024 were 2,862,919,847.16 RMB, down from 4,065,997,975.70 RMB in the same period of 2023[111] - Total assets for the first half of 2024 were 10,504,428,210.69 RMB, compared to 11,906,691,565.17 RMB in the first half of 2023[110] - Parent company's operating income for the first half of 2024 was 77,515,502.52 yuan, a decrease from 116,801,643.49 yuan in the same period last year[113] - Parent company's net profit for the first half of 2024 was -99,349,526.00 yuan, compared to -97,438,897.52 yuan in the same period last year[114] - Consolidated cash flow from operating activities for the first half of 2024 was -155,527,712.50 yuan, a significant drop from 320,405,917.06 yuan in the same period last year[116] - Consolidated cash flow from investing activities for the first half of 2024 was 994,114,873.25 yuan, up from 297,758,931.86 yuan in the same period last year[116] - Consolidated cash flow from financing activities for the first half of 2024 was -741,764,321.70 yuan, slightly improved from -747,320,622.16 yuan in the same period last year[116] - Parent company's cash flow from operating activities for the first half of 2024 was 157,735,196.79 yuan, a slight increase from 154,326,568.63 yuan in the same period last year[117] - Parent company's cash flow from investing activities for the first half of 2024 was 1,998,183,741.05 yuan, significantly higher than 909,292,323.77 yuan in the same period last year[116] - Parent company's cash flow from financing activities for the first half of 2024 was 344,228,353.32 yuan, down from 398,495,902.80 yuan in the same period last year[116] - Parent company's total cash and cash equivalents at the end of the first half of 2024 were 3,123,854,321.40 yuan, up from 2,922,317,902.04 yuan at the end of the same period last year[116] - Operating cash flow net amount decreased to 47,491,929.37 yuan from 50,917,276.02 yuan[118] - Investment cash inflow increased to 1,331,373,929.99 yuan from 1,668,607,912.98 yuan[118] - Investment cash outflow decreased to 689,127,837.59 yuan from 1,006,846,519.84 yuan[118] - Financing cash inflow decreased to 146,883,020.00 yuan from 300,000,000.00 yuan[118] - Financing cash outflow increased to 1,067,720,026.81 yuan from 1,015,618,958.90 yuan[118] - Net increase in cash and cash equivalents was -231,098,985.03 yuan compared to -2,940,289.73 yuan[118] - Comprehensive income for the period was 185,975,105.59 yuan[119] - Total owner's equity at the end of the period was 8,395,854,977.28 yuan[120] - The company's total comprehensive income for the period was RMB 401,747,173.16, with a minority shareholder share of RMB 15,233,933.62[121] - Owner's equity increased by RMB 259,575,871.48, driven by a RMB 286,108,530.88 increase in undistributed profits[121] - Capital reserves grew by RMB 4,712,560.91, contributing to the overall increase in owner's equity[121] - The company allocated RMB 666,035,605.55 for profit distribution to owners (or shareholders)[122] - Parent company's owner's equity increased by RMB 1,002,147,091.80, with a significant contribution from undistributed profits of RMB 966,172,253.58[123] - The parent company's comprehensive income for the period was RMB 99,349,526.00[123] - Owner's capital investment and reduction resulted in a net increase of RMB 35,974,838.22 in the parent company's equity[123] - Total owner's equity at the end of the period is RMB 8,519,965,731.98[124] - Comprehensive income for the period amounts to RMB 97,438,897.52[125] - Profit distribution to owners (or shareholders) is RMB 666,035,605.55[125] Game Business - Perfect World's game business has been operating since 1997, focusing on self-developed 3D game engines and multi-platform products including PC, mobile, console, cloud, and mini-program games[17] - The company's game IP matrix includes classic categories like "Perfect World" and "Zhu Xian," as well as trendy categories like "Tower of Fantasy" and "Persona: Phantom of the Night"[18] - The company's game "Tower of Fantasy" became its first global product covering mobile, PC, and console platforms[20] - Perfect World operates major esports titles like "DOTA2" and "CS:GO" in mainland China, hosting international and domestic esports events[22] - The new game "Loop8: Summer of Gods" achieved over 2.8 million pre-registrations in its first week[33] - The game "Persona 5: The Phantom X" successfully launched in domestic and overseas markets, expanding the company's presence in the JRPG and anime genres[31] - The game "Tower of Fantasy" received positive market feedback after its international launch on consoles[23] - The company's classic game "Zhu Xian" celebrated its 17th anniversary with major updates, maintaining long-term user engagement[30] - The company is advancing its global strategy with multi-platform game launches, including "Loop8: Summer of Gods" and "Persona 5: The Phantom X"[23][31] - The new fantasy MMORPG "Zhu Xian 2" will launch a paid closed beta test in August 2024[35] - The Western fantasy MMORPG "Shen Mo Da Lu" has been launched in some overseas regions and will soon begin paid testing in Greater China and other overseas regions[35] - The action-adventure RPG "One Punch Man: World" launched globally on PC and mobile platforms in February 2024[36] - The JRPG "Persona: Phantom of the Night" topped the free charts on App Store and Google Play upon pre-download in Korea and Greater China in April 2024[36] - The open-world RPG "Yi Huan" received global attention and positive reviews during its worldwide reveal in July 2024[36] - The "Perfect World CS National League 2024 Spring Season" attracted over 20,000 participants across 53 cities in China[37] - The 2024 Shanghai Major for CS:GO received a record 8,643 team registrations for its Asia-Pacific RMR China open qualifiers[38] - The company's self-developed Perfect World Intelligent Character Dialogue Algorithm completed registration in February 2024, enhancing AI-driven game development[39] - "Zhu Xian 2" showcased cloud rendering ray tracing technology at HDC2024 in June 2024, marking its collaboration with HarmonyOS NEXT[40] - The company is focusing on "MMO+" and "Card+" core tracks, advancing projects like "Shen Mo Da Lu", "Zhu Xian World", and "Zhu Xian 2"[42] Film and Television Business - The company has over 200 film and television works, winning more than 400 professional awards[17] - Perfect World's film and television works have won awards such as the "Five One Project," "Flying Apsaras Award," and "Hundred Flowers Award"[18] - The company's "Welcome to Maile Village" and "Chasing the Light" were selected as part of the "2023 China Drama Selection" by the National Radio and Television Administration[19] - The company's micro-drama "Big New Year" was selected as an outstanding online micro-drama in the first quarter of 2024 by the National Radio and Television Administration[22] Corporate Governance and Strategy - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital[3] - Perfect World was recognized as one of the "Top 30 Cultural Enterprises in China" for the 13th time since 2011[17] - The company actively implements measures to prevent minors from becoming addicted to games, including real-name registration, time limits, and recharge restrictions[62] - The company continues to execute a strategy of high-quality, diversified, international, and technology-driven development to address industry competition risks[64] - The company faces risks of core talent loss and insufficient talent reserves due to intensified industry competition and increased demand for high-end talent[65] - The company held its 2024 first extraordinary general meeting with a 40.84% investor participation rate on January 8, 2024[67] - The company held its 2023 annual general meeting with a 39.43% investor participation rate on May 17, 2024[67] - The company appointed Gu Liming as the new CEO, replacing Xiao Hong and Lu Xiaoyin, effective from the board meeting on July 22, 2024[68] - The company plans no cash dividends, stock dividends, or capital reserve to share capital conversion for the first half of the year[69] - The company's 2021 employee stock ownership plan held 9,370,000 shares, accounting for 0.48% of the total share capital[71] - The company's 2023 employee stock ownership plan held 14,650,000 shares, accounting for 0.76% of the total share capital[71] - The company recovered 1,874,000 shares from the 2021 employee stock ownership plan due to unmet performance targets[72] - The company completed the non-trading transfer of shares for the 2023 employee stock ownership plan on June 21, 2024[72] - Perfect World organized the fifth "Planting for Perfection" volunteer tree planting activity in April 2024, continuing its commitment to the national "3060 Dual Carbon Goals"[75] - The company has invested over 1.5 million yuan in the "Perfect Consumption Assistance Plan" to support rural revitalization and regional coordinated development[78] - Perfect World signed a three-year scholarship agreement worth 75,000 yuan to support students at the Manzutun School in Inner Mongolia[77] - The company provided rental services to its controlling shareholder, Perfect World Holding Group, for 1,067.48 million yuan, accounting for 81.89% of similar transactions[81] - Perfect World offered office system and property management services to its controlling shareholder for 685.74 million yuan, representing 93.16% of similar transactions[81] - The company provided authorization services to Longtu Entertainment and its subsidiaries for 380.64 million yuan[81] - Perfect World received dubbing and video production outsourcing services from Beijing Mibo Culture Technology for 284.56 million yuan[81] - The company accepted art outsourcing services from Chengdu Anime Technology for 126.21 million yuan[81] - Total related-party transactions amounted to 2,544.63 million yuan in the reporting period[81] - The company and its subsidiaries incurred rental expenses totaling 77.3117 million yuan for office spaces during the reporting period[87] - The company and its subsidiaries recognized rental income of 13.0349 million yuan, including 11.5981 million yuan from related parties[87] - The company's total entrusted wealth management amount was 163.1473 million yuan, with no overdue or impaired amounts[90] - The company repurchased 3,528,900 shares, accounting for 0.1819% of the total shares, with a total transaction value of 37.939638 million yuan[94] - As of July 31, 2024, the company had repurchased 4,208,900 shares, accounting for 0.2170% of the total shares, with a total transaction value of 42.892644 million yuan[94] - Perfect World Holdings Group Co., Ltd. holds 22.32% of the company's shares, totaling 432,907,448 shares[96] - Chi Yufeng, an individual shareholder, holds 7.69% of the company's shares, totaling 149,122,401 shares[96] - Tianjin Dongfu Ruijin Investment Management Center (Limited Partnership) holds 5.00% of the company's shares, totaling 96,995,898 shares[96] - Shihezi Happy Forever Equity Investment Co., Ltd. holds 2.35% of the company's shares, totaling 45,502,054 shares[96] - China Minsheng Bank Co., Ltd. - Huaxia CSI Animation and Gaming ETF holds 1.94% of the company's shares, totaling 37,552,433 shares[96] - The company's monetary funds increased to 3,125,517,221.40 yuan, up from 3,018,308,334.44 yuan at the beginning of the period[105] - Accounts receivable decreased to 740,827,245.45 yuan from 906,909,741.18 yuan[

证券研究报告 | 公司动态点评 2024 年 07 月 11 日 完美世界(002624.SZ) 业绩短期承压,关注后续游戏新品进展 | | | | | | | |--------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入(百万元) | 7,670 | 7,791 | 7,030 | 7,645 | 8,250 | | 增长率 yoy(%) | -10.0 | 1.6 | -9.8 | 8.8 | 7.9 | | 归母净利润(百万元) | 1,377 | 491 | 294 | 582 | 772 | | 增长率 yoy(%) | 273.1 | -64.3 | -40.2 | 98.0 | 32.6 | | ROE(%) | 14.8 | 6.2 | 3.5 | 7.4 | 10.3 | | EPS 最新摊薄(元) | 0.71 | 0.25 | 0.15 | 0.30 | 0.40 | | P/E(倍) | 14.1 | 39.4 ...

业绩简评 2024 年 7 月 9 日,公司发布 2024 年中报业绩预告,预计 1H24 归母净亏损 2.0-1.6 亿元,去年同期盈利 3.8 亿元,扣非净 亏损 2.4-2.0 亿元,去年同期扣非净利润 2.9 亿元。 经营分析 游戏业务增长受产品周期未到、人员梳理等因素压制,影视 业务扣非口径微亏。1)游戏:预计 1H24 归母净亏损 1.8-1.4 亿元,扣非净亏损 1.7-1.3 亿元,去年同期扣非净利 4.3 亿 元,今年增长压力较大主要系多款在运营游戏受产品生命周 期影响,流水同比自然下滑,而 1H24 推出的《一拳超人》(海 外)表现不及预期,《女神异闻录》4.12 公测,玩家反馈良好, 但我们预计由于确收递延等影响,Q2 贡献有限;同时公司调 整产品布局,进行人才梯队梳理和人员优化,产生一定费用。 2)影视:预计 1H24 归母净利约 0.8 亿,扣非归母净利约-0.1 亿,报告期内,《小日子》等电视剧及《大过年的》等短剧播 出。非经收益主要系美国环球影业片单资产处置收益等构成。 Q2 游戏业务亏损收窄,影视业务扣非口径微盈。1)游戏:预 计 Q2 净亏损 0.65-0.25 亿元,扣非净 ...

业绩简评 2024 年 7 月 9 日,公司发布 2024 年中报业绩预告,预计 1H24 归母净亏损 2.0-1.6 亿元,去年同期盈利 3.8 亿元,扣非净 亏损 2.4-2.0 亿元,去年同期扣非净利润 2.9 亿元。 经营分析 游戏业务增长受产品周期未到、人员梳理等因素压制,影视 业务扣非口径微亏。1)游戏:预计 1H24 归母净亏损 1.8-1.4 亿元,扣非净亏损 1.7-1.3 亿元,去年同期扣非净利 4.3 亿 元,今年增长压力较大主要系多款在运营游戏受产品生命周 期影响,流水同比自然下滑,而 1H24 推出的《一拳超人》(海 外)表现不及预期,《女神异闻录》4.12 公测,玩家反馈良好, 但我们预计由于确收递延等影响,Q2 贡献有限;同时公司调 整产品布局,进行人才梯队梳理和人员优化,产生一定费用。 2)影视:预计 1H24 归母净利约 0.8 亿,扣非归母净利约-0.1 亿,报告期内,《小日子》等电视剧及《大过年的》等短剧播 出。非经收益主要系美国环球影业片单资产处置收益等构成。 Q2 游戏业务亏损收窄,影视业务扣非口径微盈。1)游戏:预 计 Q2 净亏损 0.65-0.25 亿元,扣非净 ...

证券代码：002624 证券简称：完美世界 公告编号：2024-040 完美世界股份有限公司 2024 年半年度业绩预告 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、本期业绩预计情况 1、业绩预告期间：2024 年半年度（2024 年 1 月 1 日至 2024 年 6 月 30 日） 2、2024 年半年度业绩情况： √亏损 | --- | --- | --- | |-----------------------------|-----------------------------------------------------------|-------------------------| | 项 目 | 2024 年 1 月 1 日– 2024 年 6 月 30 日 | 上年同期 | | 归属于上市公司股东 的净利润 | 亏损： 15,976.41 万元 –19,976.41 万元 | 盈利： 37,992.71 万元 | | 扣除非经常性损益后 的净利润 | 亏损： 19,840.92 万元 –23,840.92 万元 | 盈利： 28,5 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨完美世界（ ） 002624.SZ [持Ta续b推le_进T管itle理] 优化，关注后续产品进展 报告要点 [完Ta美bl世e_界Su披m露ma2r4yQ] 1 业绩，公司 24Q1 实现营收13.29 亿（同比-30.19%），归母净亏损 0.30 亿，扣非净亏损1.58亿，同比由盈转亏。人员优化等产生费用致业绩承压，资产处置等因素亦 部分影响业绩。24Q2起重点自研新游陆续上线，关注新游上线带来的业绩增量。 ...

证券研究报告 | 公司动态点评 2024 年 04月 29日 完美世界（002624.SZ） 24Q1 业绩点评：一季度利润低于预期，静待业绩回暖 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 7,670 7,791 8,991 10,228 11,398 股票信息 增长率yoy（%） -10.0 1.6 15.4 13.8 11.4 归母净利润（百万元） 1,377 491 1,065 1,192 1,403 行业 传媒 增长率yoy（%） 273.1 -64.3 116.7 11.9 17.7 2024年4月26日收盘价（元） 10.14 ROE（%） 14.8 6.2 11.7 12.8 14.8 总市值（百万元） 19,671.28 EPS最新摊薄（元） 0.71 0.25 0.55 0.61 0.72 流通市值（百万元） 18,529.38 P/E（倍） 14.1 39.4 18.2 16.2 13.8 总股本（百万股） 1,939.97 P/B（倍） 2.1 2.2 2.1 2.1 2.1 流通股本（百万股） 1,827.36 资料来源 ...

[Table_Page] 季报点评|游戏Ⅱ 证券研究报告 [完Table_美Title] 世界（002624.SZ） [公Tab司le_I评nves级t] 买入 当前价格 10.14元 老游戏流水承压，期待新品上线 合理价值 11.13元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-29 ⚫ 24Q1业绩概况：根据公司一季报，2024Q1实现营收13.29亿元（YOY [相Tab对le_P市icQ场uote表] 现 -30.2%，QOQ-16.7%），毛利润8.90亿元（YOY-28.3%，QOQ-5.1%）， 毛利率66.94%，产生销售费用2.3亿元（YOY-4.7%，QOQ+8.7%）， 10% 销售费用率为 17.32%，产生研发费用 4.98 亿元（YOY-10%，QOQ -4% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -18% -17.7%），研发费用率为37.48%，Q1归母净利润为-0.3亿元，归母净 -32% 利率为-2.24%，扣非后归母净利润为-1.58亿元（YOY-177.7%，QOQ -46 ...

证券研究报告 | 季报点评 2024年04月28日 完美世界（002624.SZ） 新游海外上线表现亮眼，接入英伟达技术平台 业绩概览：公司发布 2024 年一季报，2024Q1 公司实现营业收入 13.29 亿元，同比下滑 买入（维持） 30.19%；实现归母净利润-2976.40 万元，同比下滑 112.33%；实现扣非归母净利润-1.58 亿元，同比下滑177.51%。其中，游戏业务收入12.85亿元，同比下滑23.80%，游戏业务 股票信息 归母净利润-1.15亿元，扣非归母净利润-9892.79万元。游戏业务业绩同比下滑，主要由于 行业 游戏 部分游戏生命周期导致充值自然下滑，及人员优化费用影响所致；影视业务收入3471.96万 元，同比下滑82.19%，主要由于2024Q1公司播出并确认收入的影视作品较少所致，影视 前次评级 买入 业务归母净利润1.17亿元，扣非归母净利润-1727.62万元，非经常性损益主要为美国环球 4月26日收盘价(元) 10.14 影业片单资产处置相关收益。 总市值(百万元) 19,671.28 《女神异闻录：夜幕魅影》4月上线，二次元游戏赛道再迎突破。公司自研产品《女神 ...

业绩简评  2024年 4月 26日，公司发布24 年一季报，Q1 收入 13.3 亿 元，同比-30.2%，归母净利-0.3 亿元，同比-112.3%，扣非归母- 1.6 亿元，同比-177.5%。 经营分析  收入：游戏、影视业务均短期承压。1）游戏：Q1 收入 12.8 亿元，同比-23.8%，环比-4.9%，同比降幅较大主要系老产品进 入成熟期，充值因为生命周期自然下滑，且短期缺乏新品贡献增 量。2）影视：Q1 收入 0.3 亿元，同比-82.2%，环比-85.2%，主 要系Q1 播出并确认收入的影视作品较少。  盈利：人才优化短期造成拖累，环球影业片单处置带来大额 非经。1）公司 Q1 归母净利率-2.2%，同比-14.9pct，扣非净利 率-11.9，同比-22.7pct，其中毛利率 66.9%，同比+1.8pct，预 计主要系收入结构变化所致。净利率水平同比大幅下滑，主要系 游戏、影视业务短期均承压，但公司拥抱市场变化，聚焦长期， 推进降本增效，加大对重点项目的资源投入，并持续优化人才梯 人民币(元) 成交金额(百万元) 队，对当期业绩产生阶段性影响，管理费率同比+9.7pct，销 25. ...