Investment Rating - The report maintains a "Market Perform" rating for the media sector relative to the Shanghai and Shenzhen 300 Index [1] Core Views - The report expresses a positive outlook on sub-sectors such as gaming, publishing, and IP derivatives, highlighting strong performance and growth potential in these areas [12][13] - The gaming market in H1 2025 reached new highs in both market size and user data, supported by favorable policies and the integration of AI technology [12][42] - The publishing sector shows stable demand for educational materials, with a recommendation to focus on state-owned companies with high dividend yields [13] - The film sector is expected to see improved performance in Q3 due to the summer box office demand, despite a weaker Q2 [14] Summary by Sections Investment Recommendations - Continuous optimism for gaming, publishing, and IP derivative sectors due to strong performance and growth potential [12] - Emphasis on the gaming sector's resilience and AI's role in enhancing valuation [12][42] - Recommendations to monitor companies with positive fundamentals ahead of the upcoming mid-year reports [12] Market Review - From July 21 to August 15, 2025, the media sector rose by 6.56%, outperforming the Shanghai and Shenzhen 300 Index [15][16] - The gaming and broadcasting sectors saw significant increases of 12.55%, while the publishing sector grew by 1.35% [16] - The overall PE ratio for the media sector as of August 15, 2025, is 31.11, significantly above the historical average [22] Industry News - New policies from the Shanghai Municipal Government aim to support high-quality internet content creation [23] - The approval of 127 domestic game licenses in July 2025 indicates a robust regulatory environment for the gaming industry [25] - The central government emphasizes the importance of artificial intelligence in driving economic growth and innovation [25] Monthly Data Film Market - In July 2025, the domestic film market generated a box office of 4.067 billion yuan, a year-on-year decrease of 24.38% [26] - The total box office for the first seven months of 2025 reached 33.299 billion yuan, reflecting a 13.72% increase year-on-year [26] Game Market - The domestic gaming market's actual sales revenue for the first half of 2025 was 168 billion yuan, marking a 14.08% year-on-year increase [42] - The user base for games reached 679 million, a 0.72% increase from the previous year [42]

Core Insights - The Chinese esports industry is experiencing significant growth, with a reported revenue of 12.761 billion yuan in the first half of the year, marking a year-on-year increase of 6.1% and a user base nearing 493 million [1][4] - Major investments in esports infrastructure are being made by local governments, such as Shenzhen's 2.5 billion yuan investment in an esports park, highlighting the commercial potential of the industry [1] - Perfect World has established the Perfect Esports Partner Alliance with major tech companies like NVIDIA and Intel to enhance the esports ecosystem in China [1][2] Investment and Infrastructure - Shenzhen and Shanghai's recent announcements of substantial investments in esports parks indicate a growing recognition of the industry's potential [1] - The establishment of the Perfect Esports Partner Alliance aims to foster collaboration and innovation within the esports sector, integrating advanced technologies and hardware [2][3] Technological Advancements - The gap in skill levels between Chinese and South Korean esports players is narrowing, with only a 0.03-second difference in average reaction times [2] - NVIDIA's low-latency technology, NVIDIA Reflex, is crucial for competitive gaming, minimizing hardware delays that can impact performance [2] - Intel's high-end gaming products are predominantly sold in China, indicating the country's leading position in the global gaming hardware market [2] Global Expansion - The Chinese esports industry is expanding its influence internationally, with significant viewership numbers for major events, including a peak of over 4.13 million viewers for a single event [4] - The 2024 Shanghai Major, hosted by Perfect World, is expected to attract nearly 90,000 tickets sold and over 23 billion live stream views, showcasing China's growing global esports presence [4] Financial Performance - Perfect World anticipates a net profit of 480 million to 520 million yuan for the first half of the year, indicating a turnaround from previous losses [5] - The company's esports business continues to show growth, contributing to stable financial performance [5]

Core Viewpoint - Perfect World (002624) has successfully released several short dramas this year, which have gained significant popularity among users, indicating a strong performance in the content production sector [1] Group 1: Company Performance - The short dramas produced by Perfect World, including "Couple's Spring Festival," "Hello! Classmate Mom," and "Remarried Lover," have been well-received by audiences [1] - The Spring Festival drama "Couple's Spring Festival" achieved over 500 million views, making it the first short drama in 2025 to surpass 100 million viewers across the internet [1]

Group 1 - The film production sector is experiencing a significant resurgence, with companies like Huazhi Shumei and Huace Film reaching their daily limit up, and the film ETF rising over 5.5% year-to-date [1] - The film ETF tracks the Zhongzheng Film Index, which includes various film content providers and related companies, with the top ten weighted stocks being Light Media, Perfect World, Mango Super Media, and others [2] - The 2025 summer box office has surpassed 10 billion yuan, with a total of 267 million attendees and an average ticket price of 37.3 yuan, indicating strong consumer interest [2] Group 2 - The domestic animated film "Wang Wang Mountain Little Monster" has grossed over 1 billion yuan, making it one of the top ten animated films in Chinese history and the highest-grossing 2D animated film [3] - The regulatory environment for the film industry is improving, with government policies aimed at promoting high-quality cultural development and supporting the creation of premium content [3] - Huaxi Securities suggests that the film industry may be at the beginning of a new recovery phase, with potential improvements in business models and a gradual restoration of supply, leading to a positive cycle of recovery and valuation [4]

Market Overview - On August 18, the gaming sector rose by 1.07% compared to the previous trading day, with Shunwang Technology leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Individual Stock Performance - Shunwang Technology (300113) closed at 23.00, with a gain of 4.83% and a trading volume of 476,000 shares, amounting to a transaction value of 1.068 billion [1] - Other notable performers included: - Fuchun Co., Ltd. (300299) at 7.77, up 3.88% [1] - ST Zhongqingbao (300052) at 11.04, up 3.76% [1] - Xinghui Entertainment (300043) at 4.69, up 3.53% [1] - Xunyou Technology (300467) at 23.61, up 3.37% [1] Capital Flow Analysis - The gaming sector experienced a net outflow of 280 million from institutional investors, while retail investors saw a net inflow of 614 million [2] - Notable capital flows included: - Shunwang Technology had a net inflow of 100 million from institutional investors, but a net outflow of 99.38 million from retail investors [3] - Zhejiang Shuju Culture (600633) saw a net inflow of 88.73 million from institutional investors [3] - Tom Cat (300459) had a net inflow of 39.66 million from retail investors despite a net outflow from institutional investors [3]

Investment Rating - The industry investment rating is "Positive (Maintain)" [1] Core Insights - The report highlights a strong recovery in the PC gaming market, driven by both new and classic games, which is expected to boost advertising investments in internet cafes and esports hotels [3] - The report emphasizes the growth in the online music sector, with significant revenue increases reported by NetEase Cloud Music, indicating a robust demand for music streaming services [3] - The report discusses the advancements in AI applications, particularly with the release of GPT-5 and other models, which are expected to accelerate the commercialization of AI across various sectors [3] Summary by Relevant Sections Gaming Sector - Tencent's Q2 2025 domestic and overseas game revenue reached 40.4 billion yuan (up 17% year-on-year) and 18.8 billion yuan (up 35% year-on-year) respectively, driven by the success of "Delta Action" [3] - NetEase's Q2 2025 game revenue was 22.8 billion yuan (up 13.7% year-on-year), with "Dream Journey" achieving a peak online player count of 2.93 million in August [3] - The report recommends companies such as Tencent, NetEase, and others in the gaming sector due to their strong performance and growth potential [3] Music Sector - NetEase Cloud Music reported an adjusted operating profit of 910 million yuan (up 35% year-on-year) for H1 2025, with online music revenue of 2.97 billion yuan (up 15.9% year-on-year) [3] - The growth is attributed to improved user experience and an expanding music library, indicating a positive trend for online music platforms [3] AI Applications - The report notes that advancements in large models, particularly in multi-modal capabilities and reasoning, are expected to enhance AI application commercialization [3] - Companies such as ShengTian Network, Kuaishou, and others are recommended for investment in AI-related sectors [3]

证券代码：002624 证券简称：完美世界 公告编号：2025-034 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"）近日收到控股股东完美世界控股 集团有限公司（以下简称"完美控股"）通知，获悉其持有的公司部分股份进行了 质押及解除质押，具体事项如下： 一、股东股份本次质押及解除质押的基本情况 完美世界股份有限公司 关于公司控股股东股份质押及解除质押的公告 | 股东名称 | 是否为控 股股东或 第一大股 | 本次解除质 押股份数量 | 占其所持 股份比例 | 占公司总 股本比例 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 东及其一 | （股） | | | | | | | | 致行动人 | | | | | | | | 完美控股 | 是 | 42,236,700 | 9.76% | 2.18% | 2024/8/15 | 2025/8/14 | 国泰海通证 券股份有限 | | | | | | | | | 公司 | 1、 ...

Core Viewpoint - Perfect World Holdings Group has pledged and unpledged shares of Perfect World Co., Ltd, indicating financial maneuvers related to loan repayment and share management [1] Group 1: Share Pledge and Unpledge Details - Perfect World Holdings Group unpledged 34.5867 million shares, which accounts for 7.99% of its holdings and 1.78% of the total share capital of Perfect World [1] - Perfect World Holdings Group pledged 19.38 million shares for loan repayment, representing 4.48% of its holdings and 1.00% of the total share capital [1] - After these transactions, Perfect World Holdings Group has a total of 433 million shares, holding a 22.32% stake in Perfect World [1] Group 2: Cumulative Pledge Information - The cumulative pledged shares by Perfect World Holdings Group amount to 71.3067 million, which is 16.47% of its holdings and 3.68% of the total share capital [1]

Core Viewpoint - The gaming sector is experiencing a strong performance, with notable growth in revenue from Chinese mobile games overseas, indicating the effectiveness of domestic companies' global strategies [1][2]. Group 1: Market Performance - On August 14, the gaming sector showed resilience, with the gaming ETF (159869) rising nearly 1.5% [1]. - Among the top gainers were companies like Ice Glacier Network, Giant Network, Zhejiang Shuzhu Culture, Shenzhou Taiyue, and Kaiying Network, while companies such as Beiwai Technology, Shunwang Technology, and Baotong Technology faced declines [1]. Group 2: Revenue Growth - According to Sensor Tower, the mobile game "Kingshot" by Diandian Interactive ranked second in the July revenue list, with a 34% month-on-month increase, achieving a total global revenue of over $200 million by the end of July [1]. - Perfect World’s game "Persona 5: The Phantom X" debuted at 23rd on the list, with a remarkable 128% increase in revenue month-on-month [1]. Group 3: Industry Trends - The performance of Chinese mobile games overseas is robust, showcasing significant revenue growth for multiple titles, which highlights the success of domestic companies' global expansion efforts [1]. - The current trend in Chinese gaming exports is characterized by a "blooming" situation, necessitating the consolidation of existing advantages while also fostering new growth points [1]. - Companies are encouraged to diversify their game offerings, balancing traditional and innovative elements to meet the diverse global market demands, thereby creating a more competitive product matrix for overseas markets [1].

完美世界股份有限公司关于公司控股股东股份质押及解除质押的公告 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"）近日收到控股股东完美世界控股集团有限公司（以下简 称"完美控股"）通知，获悉其持有的公司部分股份进行了质押及解除质押，具体事项如下： 一、股东股份本次质押及解除质押的基本情况 1、股东股份本次解除质押的基本情况 ■ 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002624 证券简称：完美世界 公告编号：2025-033 特此公告。 完美世界股份有限公司董事会 2、股东股份本次质押的基本情况 ■ 本次股份质押融资用途为偿还借款，本次质押的股份不涉及业绩补偿义务。 3、股东股份累计质押情况 截至本公告披露日，上述股东及其一致行动人所持股份质押情况如下： ■ 二、备查文件 1、中国证券登记结算有限责任公司《证券质押及司法冻结明细表》。 2025年8月13日 ...