Core Insights - Perfect World reported a strong Q3 2025 performance with significant revenue and profit growth, achieving a revenue of 1.726 billion yuan, a year-on-year increase of 31.45%, and a net profit of 162 million yuan, up 176.59% year-on-year [1][2] Financial Performance - For Q3 2025, the company recorded a revenue of 1.726 billion yuan, a 31.45% increase compared to the same period last year [2] - The net profit attributable to shareholders reached 162 million yuan, marking a substantial increase of 176.59% year-on-year [2] - In the first three quarters of 2025, total revenue was 5.417 billion yuan, up 33.00%, with a net profit of 666 million yuan, reflecting a 271.17% increase [2] - The basic and diluted earnings per share were both 0.09 yuan, representing an increase of 181.82% [2] - The company’s cash flow from operating activities showed a significant increase, reaching 888 million yuan, up 943.44% [2] Business Segments - The gaming segment generated 4.475 billion yuan in revenue for the first three quarters, a 15.64% increase year-on-year, with the "Zhu Xian" IP continuing to contribute significantly [3] - The film and television segment saw explosive growth, achieving 918 million yuan in revenue, a staggering increase of 432.90% year-on-year, driven by multiple successful releases [4] - The overall operating costs increased to 2.206 billion yuan, up 37.64% year-on-year, but the gross margin for the gaming business improved from 65.78% to 69.29% [4] E-sports Strategy - Perfect World is deepening its e-sports ecosystem, with the "2025 Counter-Strike Asia Invitational" serving as a key showcase for its e-sports strategy [6][7] - The e-sports business continues to grow, with stable revenue from core products like "Counter-Strike: Global Offensive" and "DOTA2" [7] - The CEO emphasized the importance of content quality and user experience in e-sports events, aiming to integrate e-sports into urban culture [7][8] Future Outlook - The company is focusing on international expansion and leveraging technology to enhance cultural outreach through gaming [8] - There is a strategic emphasis on creating a synergistic ecosystem that connects e-sports with core gaming products and global operations [8]

截至10月31日，根据同花顺（300033）iFinD中信行业分类，A股游戏概念板块已有23家公司披露2025 年三季报。从营收排行来看，浙江世纪华通集团股份有限公司（以下简称"世纪华通"）、三七互娱 （002555）网络科技集团股份有限公司（以下简称"三七互娱"）、完美世界（002624）股份有限公司 （以下简称"完美世界"）前三季度营收分别为272.23亿元、124.61亿元和54.16亿元，位居前三。同时， 世纪华通和三七互娱分别以归母净利润43.57亿元、23.45亿元，位居净利润榜单前二。 伽马数据发布的《2025年7—9月中国游戏产业季度报告》（以下简称《报告》）显示，今年第三季度， 中国游戏市场实际销售收入880.26亿元，同比下降4.08%，市场压力开始显现。 杨怀玉表示，小游戏买量成本远低于传统手游，通过平台激励政策也能进一步实现降本增效。目前A股 营收前两名的世纪华通和三七互娱都在小游戏上有很大收益，也印证了这个赛道的潜力。 营收排名第三的完美世界今年前三季度实现营业收入54.17亿元，同比增长33%；归母净利润6.66亿元， 较上年同期扭亏为盈。其中，该公司第三季度实现营业收入17.26 ...

Core Points - Perfect World announced the transfer of 1,644,831 shares to its employee stock ownership plan account as of October 30, 2025 [1] Group 1 - The company received a securities transfer confirmation from China Securities Depository and Clearing Corporation Limited, Shenzhen Branch [1] - The shares were transferred from the company's repurchase special securities account [1] - The transfer is part of the "Perfect World Co., Ltd. - 2025 Employee Stock Ownership Plan" [1]

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of RMB 19.04 [6][4]. Core Insights - The company achieved Q3 revenue of RMB 1.726 billion, representing a year-over-year increase of 31.45% and a quarter-over-quarter increase of 3.47%. The net profit attributable to shareholders was RMB 162 million, up 176.59% year-over-year but down 19.25% quarter-over-quarter [1]. - For the first three quarters of 2025, the company reported revenue of RMB 5.417 billion, a 33.00% year-over-year increase, and a net profit of RMB 666 million, reflecting a 271.17% year-over-year increase. The growth was driven by both gaming and film and television segments [1][2]. - The gaming segment saw significant contributions from new releases such as "Zhu Xian 2" and the overseas success of "P5X," while the film and television segment turned profitable with a revenue increase of 432.90% year-over-year [2][3]. Summary by Sections Financial Performance - In Q3 2025, the company's gross margin was 64.83%, an increase of 13.06 percentage points year-over-year, attributed to a higher proportion of high-margin gaming business [3]. - The company reported a sales expense ratio of 12.44% and a management expense ratio of 8.9%, both showing improvements year-over-year [3]. Gaming Business - The gaming business generated RMB 4.475 billion in revenue for the first three quarters of 2025, a year-over-year increase of 15.64%. The MMORPG mobile game "Zhu Xian 2" was a key contributor to domestic market growth [2]. - The upcoming PC game "Zhu Xian World," set to launch by the end of 2024, is expected to continue contributing to revenue in 2025 [2]. Film and Television Business - The film and television segment reported a revenue of RMB 918 million for the first three quarters of 2025, marking a significant turnaround with a net profit of RMB 25.82 million [2]. - The upcoming game "Yihuan," developed using the UE5 engine, is anticipated to perform well based on positive feedback from early testing [2]. Profit Forecast and Valuation - The report forecasts net profits for 2025-2027 to be RMB 738 million, RMB 1.421 billion, and RMB 1.531 billion, respectively, with corresponding EPS of RMB 0.38, RMB 0.73, and RMB 0.79 [4][10]. - The company is assigned a 26X PE valuation for 2026, reflecting its forward-looking AI initiatives and the expected success of upcoming projects [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for potential price appreciation [7][11]. Core Insights - The company achieved a revenue of 5.417 billion RMB in the first three quarters, representing a year-over-year increase of 33.0%, with a net profit of 666 million RMB, up 271.2% year-over-year [7]. - The third quarter alone saw a revenue of 1.726 billion RMB, reflecting a year-over-year growth of 31.5% [7]. - The performance is driven by the gaming segment, particularly the successful launches of new games, which have significantly contributed to revenue growth [9]. Summary by Sections Company Overview - The company operates in the media industry, with a current A-share price of 16.96 RMB as of October 30, 2025, and a market capitalization of approximately 30.998 billion RMB [2]. Financial Performance - The company reported a net profit of 491 million RMB for 2023, with projections of 876 million RMB for 2025, indicating a recovery trend [8]. - The earnings per share (EPS) are expected to improve from -0.68 RMB in 2024 to 0.45 RMB in 2025 [8]. Business Segments - The gaming segment constitutes 93.0% of the company's revenue, with significant contributions from new game releases [3]. - The company is focusing on enhancing its content matrix in the film and television sector while also expanding its esports initiatives [9]. Future Outlook - The company anticipates continued revenue growth driven by the upcoming game "异环," which is expected to launch in 2025 and could generate over 5 billion RMB in its first year [9]. - Profitability is projected to improve, with net profits expected to reach 1.415 billion RMB by 2026 [8].

一、本次员工持股计划预留份额的股票来源及数量 证券代码：002624 证券简称：完美世界 公告编号：2025-047 完美世界股份有限公司 关于 2025 年员工持股计划预留授予部分非交易过户完成的 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。 完美世界股份有限公司（以下简称"公司"）于 2025 年 5 月 7 日、2025 年 5 月 26 日召开公司第六届董事会第十二次会议、2024 年度股东大会，审议通过公 司《2025 年员工持股计划（草案）及其摘要》等相关议案。2025 年 6 月 20 日， 公司首次授予的 27,128,700 股公司股票由回购专用证券账户非交易过户至"完美 世界股份有限公司－2025 年员工持股计划"证券专用账户。 2025 年 10 月 21 日，公司召开第六届董事会第十七次会议和第六届监事会 第十三次会议，审议通过了《关于 2025 年员工持股计划预留份额分配的议案》， 拟将 2025 年员工持股计划预留部分 1,644,831 股，授予符合条件的不超过 15 名 认购对象，预留股份的授予价格为 6.57 元/股， ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a significant increase in revenue and profitability for the first three quarters of 2025, achieving a total revenue of 5.417 billion yuan, a year-on-year growth of 33% [1] - The gaming segment showed strong performance, with revenue reaching 4.475 billion yuan, up 15.64% year-on-year, driven by the successful launch of new titles such as "Zhu Xian 2" and "Zhu Xian World" [2] - The company's esports and film businesses also experienced substantial growth, with esports revenue increasing and film revenue soaring by 432.9% to 918 million yuan due to multiple successful releases [4] Financial Overview - For 2025, the company is projected to achieve a net profit of 855 million yuan, representing a year-on-year increase of 166.4%, with further growth expected in subsequent years [5] - The earnings per share (EPS) is forecasted to improve from -0.66 yuan in 2024 to 0.44 yuan in 2025, indicating a recovery in profitability [5] - The company's total revenue is expected to grow from 5.57 billion yuan in 2024 to 7.743 billion yuan in 2025, reflecting a growth rate of 39% [5] Business Performance - The successful launch of "Zhu Xian 2" topped the iOS free game charts on its first day, reinforcing the company's competitive position in the MMORPG segment [2] - The original RPG game "Yihuan" also received positive feedback during its overseas testing, indicating strong international interest and potential for future growth [3] - The company is actively expanding its product offerings and enhancing its operational strategies across multiple gaming genres [2][3]

Core Insights - Perfect World reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 1.726 billion yuan, a year-on-year growth of 31.45%, and a net profit of 162 million yuan, up 176.59% [1][2] - For the first three quarters of the year, the company achieved a total revenue of 5.417 billion yuan, reflecting a 33.00% increase, and a net profit of 666 million yuan, marking a turnaround from losses in the previous year [1][2] Financial Performance - The company generated a net cash inflow from operating activities of 889 million yuan, primarily driven by revenue growth in the gaming sector and effective cost-reduction measures [2] - The gaming business reported revenue of 4.475 billion yuan for the first three quarters, a year-on-year increase of 15.64%, with a net profit of 717 million yuan and an increase in gross margin from 65.78% to 69.29% [2] Business Segments - The film and television segment experienced substantial growth, achieving revenue of 918 million yuan, a remarkable year-on-year increase of 432.90%, with a net profit of 31.73 million yuan, attributed to the release of multiple successful productions [2] - The company plans to continue focusing on high-quality long-form dramas while exploring opportunities in the short-form content space to enhance viewer engagement and deliver meaningful experiences [2]

Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 1.726 billion yuan, a year-on-year increase of 31.45%, and a net profit attributable to shareholders of 162 million yuan, up 176.59% [1] - For the first three quarters of the year, the company reported total revenue of 5.417 billion yuan, a 33% increase year-on-year, and a net profit of 666 million yuan, marking a turnaround from losses in the previous year [1] - The company's cash flow from operating activities for the first three quarters was 889 million yuan, primarily driven by revenue growth in the gaming sector and cost reduction measures [1] Group 2: Gaming Business - The gaming segment generated revenue of 4.475 billion yuan in the first three quarters, reflecting a year-on-year growth of 15.64%, with a net profit of 717 million yuan and an increase in gross margin from 65.78% to 69.29% [1] - New games such as "Zhu Xian World" and "Zhu Xian 2" contributed positively to revenue, while the game "Persona: Nightshade" expanded into international markets, gaining recognition [1] Group 3: Other Business Segments - The esports business continued to grow, with revenue increasing compared to the previous year [2] - The film and television segment reported revenue of 918 million yuan in the first three quarters, a significant year-on-year increase of 432.90%, with a net profit of 31.73 million yuan due to multiple successful releases [2] Group 4: Future Outlook - The company is preparing for the launch of the original game "Yihuan" and is planning an international esports event in Shanghai in 2026, indicating a focus on global market expansion [2] - The overall gaming market in China saw a revenue increase to 88.026 billion yuan in Q3 2025, ending a trend of decline since Q4 2024, driven by new product launches and updates to mature products [2]

公司营业总收入为54.17亿元。归母净利润为6.66亿元。经营活动现金净流入为8.89亿元。 公司摊薄每股收益为0.35元。 公司最新总资产周转率为0.49次。最新存货周转率为1.48次，在已披露的同业公司中排名第20。 公司股东户数为9.16万户，前十大股东持股数量为10.19亿股，占总股本比例为52.52%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | T | 完美世界控股集团有限公司 | 22.3 | | 2 | 香港中央结算有限公司 | 9.40 | | 3 | 池宇峰 | 7.69 | | | 天津东富锐进投资管理中心(有限合伙) | 5.00 | | 5 | 石河子快乐永久股权投资有限公司 | 2.35 | | 6 | 中国民生银行股份有限公司-华夏中证动漫游戏交易型开放式指数证券投资基金 | 2.01 | | 7 | 完美世界股份有限公司-2025年员工持股计划 | 1.40 | | 8 | 中国农业银行股份有限公司-中证500交易型开放式指数证券投资基金 | 1.03 | | ਰੇ | 完美世界股份有限公司-2023年员工持股计划 ...