Core Viewpoint - Perfect World has reported the detention of three art-related executives for corruption, highlighting ongoing issues with internal fraud and misconduct within the company [3][6]. Group 1: Corruption Cases - In 2025, Perfect World investigated multiple cases of employee collusion with suppliers, leading to criminal charges against certain individuals [5]. - The implicated employees include a project art lead from the Qingyun Studio and two former members from the Lingxiao Studio, all of whom are accused of inflating procurement prices and accepting bribes [5][6]. - Specific allegations include the art lead's involvement in price inflation and bribery, while the other two individuals are accused of misusing their positions to favor unqualified suppliers and accepting substantial bribes [5][6]. Group 2: Company Performance and Response - Perfect World has faced significant financial challenges, reporting a revenue of 5.57 billion yuan in 2024, a year-on-year decrease of 28.5%, and a net loss of 1.288 billion yuan [7]. - The company has initiated management changes and cost-cutting measures to address its financial situation [7]. - Recent financial reports indicate signs of recovery, with a revenue of approximately 5.4 billion yuan in the first three quarters of 2025, representing a year-on-year growth of about 33%, and a return to profitability with a net profit of 670 million yuan [7].

游戏公司中涉及市场营销、广告投放、美术外包等的相关岗位是贪腐重灾区。 游戏公司反舞弊又添一例。1月15日，完美世界发布公司公告，披露3名美术相关负责人涉嫌贪腐，被公安机关依法刑事拘留。 公告提到，2025年完美世界查处了多起员工与供应商内外勾结、营私舞弊、损害公司利益的案件，公告发布后陆续收到多条新的举报线索。经进一步核查确 认，部分员工及供应商负责人的行为已涉嫌违法犯罪。 从此次公告披露的具体内容来看，问题集中在美术外包与采购管理环节，涉案人员来自青云工作室和凌霄工作室。 其中，员工刁x奇任职于青云工作室，是《新诛仙世界》项目美术部组长。在职期间，其涉嫌利用职务便利，伙同供应商抬高采购价格，索取并收受供应商 贿赂。完美世界对其作出辞退处理，并明确"永不录用"。 另外两位来自凌霄工作室，都已经于2024年8月离职，但此次仍然被追查通报。其中，宋x洋是凌霄工作室《完美新世界》项目美术部原任动作组长，公告显 示，其在职期间涉嫌利用职务便利及职权影响，伙同供应商抬高采购价格，并违规将采购业务发包给密切关系人，从中索取、收受多家供应商及密切关系人 贿赂。 王x亮是凌霄工作室《完美新世界》项目原任美术总监，公告指出，其 ...

Group 1 - The company has disclosed serious employee misconduct involving illegal activities, emphasizing a zero-tolerance policy towards corruption and fraud [2] - Multiple cases of employee collusion with suppliers, abuse of power, and violation of conflict of interest regulations have been reported, leading to criminal charges [2][3][4] - Specific employees have been identified and detained by law enforcement for their involvement in corrupt practices, including inflated procurement prices and accepting bribes [3][4] Group 2 - The company has previously issued anti-corruption announcements, indicating ongoing investigations into serious violations of company policies and labor contracts [5] - The art department has been highlighted as a major area affected by corruption, with several individuals from various departments facing criminal charges [5] - In the third quarter of 2025, the company reported revenues of 1.726 billion yuan, a year-on-year increase of 31.45%, and a net profit of 162 million yuan, reflecting a significant turnaround from previous losses [5]

Core Viewpoint - Perfect World is intensifying its internal anti-corruption efforts by addressing serious misconduct involving employees and suppliers, reflecting a commitment to governance and accountability in the gaming industry [1][3] Group 1: Internal Actions - On January 15, 2026, Perfect World announced the criminal detention of three employees from its art department for bribery and embezzlement, following a series of investigations into corruption cases in 2025 [1] - The implicated employees were part of the core art team for major projects, including the art lead for the "New Zhu Xian World" and former leads for the "Perfect New World" project, who colluded with suppliers to inflate prices and accept bribes [1] - This action follows a previous anti-corruption initiative in July 2025, which involved a broader range of employees and resulted in the blacklisting of four suppliers [3] Group 2: Industry Context - The gaming industry's art outsourcing procurement is characterized by high costs and specialization, making it a susceptible area for corruption [3] - Perfect World's repeated public disclosures of internal anti-corruption cases indicate a shift towards refined governance practices within the industry, essential for maintaining project integrity and competitiveness [3] - As competition in the gaming sector matures, internal risk control capabilities are becoming a critical component of corporate competitiveness [3]

1月15日，智通财经记者获悉，完美世界内部披露关于部分员工严重舞弊涉及违法问题的公告。 公告提到，2025年查处多起员工与供应商内外勾结、营私舞弊、损害公司利益及违反利益冲突规定的案 件，并发布相关处罚公告，明确表达对贪腐舞弊行为零容忍的态度。此前公告发布后，公司持续畅通举 报渠道，陆续收到多条举报线索。经查，部分员工及供应商负责人的行为已涉嫌违法犯罪，公司特向公 安机关报案。现公告如下： 1、刁某某，工号100916，青云工作室新诛仙世界项目美术部组长 在职期间，涉嫌利用职务便利，伙同供应商抬高采购价格，索取、收受供应商贿赂，侵占公司财物，于 近日被公安机关依法刑事拘留。公司对其予以辞退处理，永不录用。 2、宋某某，工号108543，凌霄工作室完美新世界项目美术部原任动作组长（2024年8月离职） 在职期间，涉嫌利用职务便利及职权影响，伙同供应商抬高采购价格，违规将采购业务发包给密切关系 人，索取、收受多家供应商及密切关系人贿赂，侵占公司财物，于近日被公安机关依法刑事拘留。 3、王某某，工号000160，凌霄工作室完美新世界项目原任美术总监（2024年8月离职） 在职期间，涉嫌利用职务便利及个人影响，违规引 ...

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [12]. Core Insights - "鹅鸭杀" (Goose Duck Kill) has become a phenomenon in the gaming industry, particularly on the Steam platform, gaining immense popularity in China due to the influence of top gaming streamers [2][3]. - The mobile version of "鹅鸭杀," co-published by Kingsoft and Huya, saw over 5 million new registered users within 24 hours of its public launch on January 7, and surpassed 10 million new users within 6 days [3]. - The game features over 30 different roles, enhancing its gameplay beyond traditional social deduction games like Werewolf, allowing up to 16 players to participate simultaneously [4]. - The mobile version has optimized network access and connection delays, addressing issues faced by the Steam version, and introduced innovative gameplay modes to enhance user experience [5]. Company Recommendations - The report suggests focusing on several gaming companies, including Kingsoft, 37 Interactive Entertainment, Kying Network, Shenzhou Taiyue, Giant Network, G-bits, Perfect World, Yaoji Technology, and Zhangqu Technology, as potential investment opportunities in the gaming sector [5].

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [7][11]. Core Insights - The media industry (Shenwan) saw a significant increase of 13.10% from January 5 to January 11, 2026, outperforming the major indices [14][17]. - Key segments within the industry performed well, with advertising and marketing up 19.17%, television broadcasting up 15.15%, and gaming up 13.14% [14][17]. - The report highlights strong individual stock performances, particularly for companies like Inertia Media and BlueFocus, which saw increases of 52.62% and 49.13% respectively [17][18]. Industry Performance Summary Market Performance - The media industry outperformed the major indices, with the Shanghai Composite Index rising 3.82% and the Shenzhen Component Index rising 4.40% during the same period [14][16]. - The advertising and marketing sector led the gains, followed by television broadcasting and gaming [14][16]. Key Data and Updates AI Applications - AI product rankings showed significant growth, with Gemini and DeepSeek increasing by 28% and 30% respectively [19][20]. - OpenRouter's weekly token usage rose by 15%, indicating a growing demand for AI applications [19][20]. Gaming - The top five mobile games on iOS as of January 10, 2026, included "Honor of Kings" and "Peacekeeper Elite" [23][25]. - New game releases are anticipated, including Tencent's "Counter-Strike: Future" on January 13, 2026 [27][26]. Film and Television - Domestic box office revenue reached 362 million yuan during the week of January 5-11, 2026, with "Hidden Kill" leading the charts [29][30]. - Seven new films are set to be released from January 12 to January 18, 2026 [30][31]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to gaming, IP, short dramas, marketing, and publishing sectors [5][34]. - Notable companies to watch include Giant Network, Perfect World, and Kuaishou, all rated as "Buy" [5][34].

Core Insights - The domestic leading film and television companies serve as a barometer for the entire industry, reflecting market dynamics through their project activities [1] Industry Trends - Long video content remains resilient despite competition from short videos and short dramas, as evidenced by the stable production frequency and project reserves of leading companies [2] - Content is increasingly distributed across multiple platforms, with collaborations among major companies and significant platforms like Douyin and Red Fruit for micro-short dramas [3] - A majority of traditional film and television companies, approximately 80%, have entered the short drama sector, establishing dedicated brands or subsidiaries for short dramas [3] - Companies are building comprehensive industry chains, with examples like Huace Film & TV expanding into film education and AI technology applications in production [3] Project Dynamics - Huace Group has several upcoming projects, including long dramas like "Guose Fanghua" and "Jinxiu Fanghua," and films such as "Assassination Novelist 2" scheduled for 2025 [5][9] - Zhengwu Sunshine will release dramas like "Cuihuo Niandai" and "Cherry Amber" in 2025, along with its first theatrical film "De Xian Jin Zhi" [13][14] - Lingmeng Film will present long dramas like "Shujuan Yimeng" and "Ziyue Gui" in 2025, and has international collaborations for "Thirty Only: Bangkok Edition" [16][20] - Newli Media plans to air several dramas in 2025, including "Saodu Fengbao" and "Yashe," along with the film "Qingsheng 3" [24][26] - Perfect World Film will showcase a variety of long dramas and micro-short dramas in 2025, including "Qian Duo Tao Hua Yi Shi Kai" and "Fuqi De Chun Jie" [30][32] - Huanyu Film will release dramas like "Wufu Linmen" and "Linjing Xian" in 2025, along with micro-short dramas [36][38] - Baiana Qiancheng will present multiple dramas and films in 2026, including "Xiao Cheng Da Shi" and "Xian Yu Fei Sheng" [42][44] - Xixi Film will air dramas like "Liu Zimei" and "Xiao Fang Chujia" in 2026 [46][48] - Yaoke Culture will release several dramas in 2026, including "Bing Hu Chong Sheng" and "Hua Kai Jin Xiu" [50][51] - Shengxi Huashi is focusing on original scripts and has established a subsidiary for short drama production, with projects like "Zhangxin" and "Yulan Huakai Jun Zai Lai" [54][57] - Daocaoxiong Entertainment will present a range of dramas in 2026, including "Liangjing Shiwur" and "Zai Qing Chun" [60][64] - Changxin Media is set to release various dramas in 2026, including "Wo De Shan Yu Hai" and "Yanyu Shen You Ji" [66][71]

| 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | 2026-01-12 | 002624 | 完美世界 | 18.40 | 150.00 | 2,760. 机构专用 | | 国泰海通证券股份 | | | | | | | | | 有限公司北京知春 | | | | | | | | | 路班弟昌不哉 | 1月12日，完美世界大宗交易成交150万股，成交额2760万元，占当日总成交额的1.92%，成交价18.4 元，较市场收盘价18.52元折价0.65%。 ...

Group 1 - Perfect World shares increased by 5.01%, reaching 18.43 CNY per share, with a trading volume of 1.084 billion CNY and a turnover rate of 3.27%, resulting in a total market capitalization of 35.754 billion CNY [1] - Perfect World Co., Ltd. is based in Beijing and was established on August 27, 1999. It was listed on October 28, 2011. The company's main business includes 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 TV series and short dramas, 1.85% from other game-related businesses, 0.50% from other film-related businesses, 0.48% from other sources, and 0.47% from console games [1] Group 2 - Yongying Fund has one fund heavily invested in Perfect World, specifically the Yongying Consumer Leader Smart Selection Mixed Fund A (016549), which increased its holdings by 828,200 shares to a total of 961,300 shares, representing 6.59% of the fund's net value, making it the sixth-largest holding [2] - The Yongying Consumer Leader Smart Selection Mixed Fund A was established on December 8, 2022, with a latest scale of 283.763 million CNY. Year-to-date returns are 8.16%, ranking 870 out of 9012 in its category, while the one-year return is 41.97%, ranking 2927 out of 8157 [2]