赛事之外，一个健康的商业生态也是一个商业价值能够持续创造和流动的生态。完美世界还联合行业顶 尖伙伴打造赞助商联盟，实现技术升级、精准营销与生态共建的价值共生。该生态收获了良好的数据印 证，既是人才培养、内容创造与品牌赋能体系，也为中国电竞商业化提供可行范式，助力产业可持续高 质量发展。 经济观察网 12月4日，2025年度中国电竞产业年会在北京市石景山区举办，同时发布《2025年中国电子 竞技产业报告》。报告显示，2025年中国电子竞技产业收入同比增长6.40%，其中直播收入占比最大， 为80.81%；用户规模超4.95亿人，较去年增长明显，增长率为1.06%。 完美世界（002624）副总裁黄小鸥在演讲中表示，当前，完美世界在构建"从大众到巅峰"的金字塔赛事 生态上持续探索。其中，塔尖为 Major、CAC 等国际顶尖赛事，吸引全球流量；塔身 PWC 挑战赛搭建 职业晋升通道，锤炼本土战队；塔基 PNL 全国联赛覆盖大众、高校、社区赛道，夯实用户与人才基 础，三者贯通形成完整的电竞人才与价值晋升体系。 ...

Group 1 - The core viewpoint of the news is the significant growth and transformation of China's esports industry, moving from "high-speed growth" to "high-quality development" by 2025, with a projected revenue increase of 6.40% year-on-year and a user base exceeding 495 million people, reflecting a growth rate of 1.06% [1][2] - The report highlights that live streaming revenue constitutes the largest share of the esports industry's income, accounting for 80.81% of total revenue [1] - The event emphasized the need for a sustainable industry ecosystem and the unique role of esports in promoting socialist culture, as stated by Sun Shoushan, Chairman of the China Audio-Video and Digital Publishing Association [1] Group 2 - Perfect World is actively exploring the construction of a "pyramid esports ecosystem," which includes top-tier international events at the peak, professional advancement opportunities in the middle, and grassroots competitions at the base, thereby creating a comprehensive talent and value promotion system [2] - The company has formed a sponsorship alliance with industry leaders to enhance technology, precision marketing, and ecological co-construction, contributing to a healthy commercial ecosystem that supports sustainable high-quality development in the esports industry [2] - The event was organized by the China Audio-Video and Digital Publishing Association, with support from various governmental and industry bodies, indicating a collaborative effort to advance the esports sector [2]

Core Insights - Perfect World has been awarded the "Best Sustainable Development Award" and "Best Social Responsibility Award" at the "2025 Employer Brand Creative Competition" for its outstanding performance in the ESG field [1][5]. Group 1: Corporate Social Responsibility - Perfect World actively fulfills its social responsibilities and integrates sustainable development concepts into every aspect of its business [4]. - The company focuses on providing high-quality products while enhancing its market competitiveness through a refined global distribution system [4]. - In the first three quarters of 2025, Perfect World achieved a revenue of 5.417 billion yuan, a year-on-year increase of 33%, and a net profit of 666 million yuan, turning a profit compared to the same period last year [4]. Group 2: Technological Innovation - Technological innovation is the core driving force behind Perfect World's development, with a commitment to independent research and development [6]. - The company explores the application of cutting-edge technologies like AI in its products, such as the online game "Zhu Xian World," which incorporates advanced AI technologies [6]. - Perfect World integrates cultural elements with technology, creating new business models that promote the deep integration of digital culture with traditional heritage and tourism [6]. Group 3: Organizational Environment and Governance - Perfect World emphasizes a healthy and orderly organizational environment, continuously improving management and business processes [7]. - The company adheres to a business ethics framework and compliance principles, enhancing risk management and internal control capabilities [7]. - By establishing comprehensive compliance systems, Perfect World fosters a fair competition atmosphere and promotes a culture of integrity [7]. Group 4: Commitment to Sustainability - As a member of the "Global Sustainable Consumption Initiative," Perfect World recognizes its responsibilities and has published a guiding document on sustainable consumption in the digital culture sector [8]. - The company engages in various social and environmental initiatives, including educational programs and low-carbon activities to promote green living [8]. - Perfect World aims to explore feasible paths for sustainable development while navigating the opportunities and challenges in the digital culture industry [8]. Group 5: Competition Overview - The "2025 Employer Brand Creative Competition" attracted 534 well-known domestic and international companies, receiving 1,831 employer brand creative submissions [9]. - The selection process involved four stages and utilized a "4+1" selection criterion, ultimately awarding 17 prizes across four categories [9].

Core Viewpoint - Perfect World experienced a stock price decline of 2.02% on December 3, with a current price of 14.05 CNY per share and a total market capitalization of 27.257 billion CNY [1] Financial Performance - For the period from January to September 2025, Perfect World achieved a revenue of 5.417 billion CNY, representing a year-on-year growth of 33.00%, and a net profit attributable to shareholders of 666 million CNY, which is a significant increase of 271.17% [2] - The company has distributed a total of 5.543 billion CNY in dividends since its A-share listing, with 1.976 billion CNY distributed over the past three years [3] Stock Market Activity - As of December 3, Perfect World saw a net outflow of 14.6878 million CNY in principal funds, with significant selling pressure observed [1] - The stock has increased by 39.04% year-to-date but has seen declines of 7.81% over the last five trading days, 14.43% over the last 20 days, and 10.34% over the last 60 days [1] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 10.35% to 91,600, 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 several ETFs that have recently entered the top ten shareholders list [3]

Core Viewpoint - The competition in the two-dimensional open city game sector is intensifying, with several companies launching new titles, indicating a potential for new leading hits in the market [1] Group 1: Industry Competition - Perfect World’s game "Yihuan" and NetEase’s "Infinity" are among the key competitors in this sector, alongside Shiyue Network’s "Wangyue" and MiHoYo’s new entry "Varsapura" [1] - Only "Yihuan" has completed its second testing phase and is confirmed to be in the final development sprint [1] Group 2: Upcoming Events - On November 27, "Yihuan" officially launched a player recruitment for a co-research experience event, scheduled for December 27-28 in Suzhou [1] - The event will be a small, closed beta test requiring participants to sign a confidentiality agreement, focusing on a new version of the game [1] - The development team will engage directly with players to enhance the product through feedback [1]

Core Insights - The competitive landscape in the two-dimensional open-world gaming sector is intensifying, with Perfect World’s "Yihuan," NetEase’s "Infinity," and Shiyue Network’s "Wangyue" vying for dominance, while miHoYo enters the fray with "Varsapura" [1] - Perfect World has successfully turned around its financial performance, reporting a significant increase in revenue and profit, indicating a return to growth [2] Group 1: Industry Competition - Perfect World’s "Yihuan" has completed its second closed beta test and is in the final stages of development, with a player recruitment event scheduled for late December [1] - The game has leveraged advanced technologies such as Unreal Engine 5.5 and NVIDIA DLSS4, resulting in notable improvements in graphics and gameplay [1] - "Yihuan" has generated significant online buzz, with over 1 billion discussions across social media platforms during its testing phases [1] Group 2: Company Financial Performance - For the first three quarters of 2025, Perfect World reported revenue of 5.417 billion yuan, a year-on-year increase of 33% [2] - The company achieved a net profit of 666 million yuan, marking a successful turnaround from previous losses [2] - The gross profit margin improved to 64.83%, reflecting a 13.06 percentage point increase year-on-year, alongside reductions in sales, management, and R&D expenses [2] Group 3: Future Projections - Analysts predict that "Yihuan" could generate approximately 1.4 billion yuan in profit for Perfect World in 2026, driven by its high quality and innovative themes [2] - The anticipated launch of "Yihuan" is expected to provide a dual benefit of performance release and valuation recovery for the company [2]

Core Viewpoint - The A-share market opened lower on December 2, with all three major indices declining, indicating a mixed market sentiment and sector performance [1] Market Performance - The Shanghai Composite Index opened down by 0.14%, the Shenzhen Component Index by 0.13%, and the ChiNext Index by 0.04% [1] - Sectors such as lithium battery electrolyte, superhard materials, 6G, commercial aerospace, and CPO concepts showed weakness, while themes related to cross-strait integration and AI applications gained strength [1] Gaming Sector Insights - The gaming sector exhibited a fluctuating performance in the morning session, with a slight decline observed [1] - The gaming ETF (159869) has seen significant inflows, accumulating a total of 371 million yuan over the past two trading days, reflecting strong investor interest [1] - As of December, the product scale of the gaming ETF reached 11.451 billion yuan, facilitating investors in strategically positioning themselves in A-share gaming leaders [1] Regulatory Developments - The National Press and Publication Administration released approval information for domestic online games in November 2025, issuing a total of 184 licenses, with 178 being for domestic games, marking a monthly high for the year [1] - By November, a total of 1,624 game licenses had been issued in 2025, significantly surpassing the total for the entire year of 2024 [1] - Key products approved include titles from Bilibili, Perfect World, Xishanju, and Thunder Game, covering various genres and indicating a diversified supply structure [1] Related ETFs - The gaming ETF (159869) focuses on leading companies in the A-share IP gaming industry [1] - The Cultural and Entertainment Media ETF (516190) provides a balanced investment across marketing, film, tourism, and IP toy sectors [1]

Core Viewpoint - The recent share reduction by the actual controller of Perfect World, Chi Yufeng, has raised concerns in the capital market, especially given the company's previous poor performance and the recent stabilization of its financials. Chi Yufeng's reduction has resulted in a cash-out of nearly 500 million yuan [2][3]. Shareholder Actions - Chi Yufeng plans to reduce his holdings by up to 32,979,500 shares, accounting for 1.7% of the total share capital, citing "personal funding needs" as the reason. As of the announcement date, he holds 14,912,240 shares, representing 7.69% of the total [3][4]. - Since June 2019, Chi Yufeng has cumulatively reduced his holdings by 76,929,900 shares, cashing out approximately 2.5 billion yuan. Including the current planned reduction, the total cash-out will exceed 3 billion yuan [4]. Financial Performance - In 2024, Perfect World reported a revenue of 5.57 billion yuan, a year-on-year decrease of 28.5%, and a net loss of 1.29 billion yuan, compared to a profit of 491 million yuan in 2023. The company has shut down several projects due to poor expected returns and has significantly reduced its workforce from over 5,700 to under 4,000 [5]. - However, in the first three quarters of this year, the company achieved a revenue of 5.42 billion yuan, a year-on-year increase of 33%, and a net profit of 666 million yuan, marking a return to profitability. The gaming segment generated 4.48 billion yuan in revenue, up 15.64% year-on-year [5][6]. Market Reactions - Following the announcement of the share reduction, Perfect World's stock price fell over 7% on November 28, closing at 17.17 yuan per share, a decline of 6.59%. The stock price rebounded slightly to 14.56 yuan on December 1, with a 2.75% increase, although large orders showed a net outflow [7]. Industry Context - Several A-share gaming companies have also announced share reductions recently, indicating a trend among major shareholders to cash out amid a rising market. Analysts suggest that this is a cyclical issue, as many gaming companies face challenges with older game products declining and new releases lacking strength [8][10]. - Perfect World is currently working on several projects, including the highly anticipated game "Yihuan," which is facing significant competition in the market. The success of "Yihuan" remains uncertain, especially given the high failure rate of domestic two-dimensional games [11].

Core Viewpoint - Perfect World has shown strong performance in the gaming sector, with a notable stock price increase and significant revenue growth, reflecting a positive market sentiment and improved financial health [1][2]. Group 1: Stock Performance - On December 1, Perfect World’s stock rose by 2.75%, closing at 14.56 CNY per share, with a trading volume of 764 million CNY [1]. - The stock has increased by 44.16% year-to-date, outperforming the average in the gaming industry, indicating a clear upward trend [1]. - Main capital inflow reached 160 million CNY, suggesting institutional confidence in the company's prospects [1]. Group 2: Financial Performance - For the first nine months of 2025, Perfect World reported revenue of 5.417 billion CNY, a year-on-year increase of 33.00% [2]. - The net profit attributable to shareholders was 666 million CNY, marking a substantial year-on-year growth of 271.17%, indicating a turnaround from previous losses [2]. - The gross margin for the third quarter was 64.83%, up by 13.06 percentage points compared to the previous year, showcasing improved profitability [2]. Group 3: Business Overview - Perfect World’s main business includes the development, publishing, and operation of online games, as well as film and television production and artist management, with gaming being the core revenue source [1][2]. - The company has a strong self-research capability and a diverse product line, enhancing its competitive position in the market [1]. - It operates within the media and gaming sectors, with exposure to multiple trending concepts such as the metaverse, cloud gaming, artificial intelligence, and esports, providing greater market resilience [1]. Group 4: Dividend Policy - Perfect World has maintained a stable dividend policy since its A-share listing, with cumulative distributions exceeding 3.8 billion CNY [2]. - Over the past three years, the total payout has reached 1.26 billion CNY, positioning the company favorably for long-term investors seeking stable returns [2].

证券日报网讯 12月1日，完美世界（002624）在互动平台回答投资者提问时表示，公司会结合产品整体 规划及玩家实际需求，推进旗下产品的长线开发及运营工作。关于公司游戏产品的具体信息，请您关注 公司官方新闻。 ...