Group 1: Perfect World Corruption Investigation - Perfect World announced an internal notice regarding a corruption investigation, revealing that multiple core personnel violated company policies and labor contracts, with some actions potentially constituting criminal offenses [1] - The implicated employees include heads of major studios and project teams, as well as HR managers, with four suppliers blacklisted by the company [1] - The announcement raises concerns about internal management issues and may affect the performance of the related business lines, increasing market uncertainty regarding the company's operations and project progress [1] Group 2: Bandai Namco Tax Reassessment - Bandai Namco reported receiving a tax reassessment notice from the Tokyo National Tax Agency, requiring the company to pay approximately 69.97 billion yen (around 3.47 million RMB) in back taxes for the fiscal years 2021 to 2023 [2] - The tax reassessment highlights flaws in the company's handling of tax deductions related to digital business R&D expenses and transactions in the toy and model business [2] - Although the company stated that the impact on its financial performance for the fiscal year ending March 2026 would be limited, the incident may prompt investors to scrutinize the company's financial compliance, affecting its perceived investment value [2] Group 3: China Game Developers Conference Announcement - The ChinaJoy official WeChat account announced the 2025 China Game Developers Conference (CGDC) scheduled for August 1-2, coinciding with ChinaJoy, featuring eight sessions and over 60 discussions on cutting-edge technologies and industry insights [3] - The focus on strategy games and technology at CGDC signals the industry's emphasis on innovation in specific segments, potentially attracting investor interest in related technology and game development companies [3] - Such industry events may enhance overall market perception of the gaming sector's future development trends, leading to increased attention from investors [3]

Core Points - Perfect World has initiated an internal announcement regarding a corruption investigation, revealing serious violations of company policies and labor contracts by multiple employees, with some implicated in criminal activities [2] - The investigation involves several departments, including the Million Studio, Qinyun Studio, and Hardcore Studio, with the art department being particularly affected [2] - A significant number of personnel from the art department, planning department, HR manager, and others have been detained by law enforcement [2] Summary by Sections - **Corruption Investigation**: Perfect World has reported that multiple employees and suppliers are involved in serious violations, leading to criminal charges and police reports [2] - **Affected Departments**: The corruption case includes key personnel from various departments, with the art department identified as a major area of concern [2] - **Supplier Blacklist**: Four suppliers involved in the case have been blacklisted by Perfect World, indicating a permanent cessation of collaboration [3] - **Previous Incidents**: This is not the first instance of corruption at Perfect World; a previous announcement in August 2022 detailed similar issues involving employees from the Nebula Studio and the canceled Bard game project [3] - **Industry-Wide Corruption**: The ongoing anti-corruption efforts in the gaming industry are affecting multiple companies, including Tencent and NetEase, with industry insiders noting that tightening costs have made corruption issues more visible [3]

2024年，反腐成为游戏公司的共识，腾讯、网易、莉莉丝等公司都发布了反腐公告。来到2025年，这一 趋势还在继续。 7月1日，完美世界内部发布了一份反贪腐调查公告。公告显示，完美世界旗下包括百万、青云、硬核工 作室总计8名在职及已离职人员，涉嫌与供应商内外勾结、营私舞弊、损害公司利益，完美世界已向公 安机关报案。 完美世界在公告中公布了部分员工的相关信息，岗位涉及工作室负责人、策划部负责人、HR经理、美 术部动作组长以及动作组员工、美术部负责人等，违规行为最频繁的是 "收受供应商贿赂"，其次还包 括"涉嫌参与私分外包合同款""在人力外包供应商选用、管理、结算工作中严重失职"。 对于案件中所涉及的4家相关供应商，完美世界将其列入供应商黑名单，永不合作。具体包括成都西游 部落科技、成都巧可力科技、广州图酷网络科技以及成都喵师兄这几家公司。 完美世界在去年8月也曾发布反腐公告，通报2023年以来旗下星云工作室以及原Bard游戏项目组多名员 工涉嫌收受贿赂、职务侵占等的违规行为，涉及高级美术总监、制作人、2D 主美、3D 主美等多名员 工。这次是时隔11个月后完美世界的又一反腐动作。 2024年，包括腾讯、网易、莉莉 ...

Core Viewpoint - The recent corruption handling announcement by Perfect World has sparked significant attention in the gaming industry, revealing serious violations of company policies and labor contracts by key personnel across multiple studios, leading to criminal investigations and arrests [2][3]. Group 1: Corruption Cases - Several core personnel from Perfect World have been criminally detained for serious violations, including accepting bribes and misconduct in content production [2]. - Specific cases include the head of the Million Studio, Qin, who was detained for accepting bribes from multiple suppliers, and the HR manager, Bai, who was dismissed for severe negligence and non-compliance with audit investigations [2]. - Employees from the Qingyun Studio, including the art department lead, have also been arrested for bribery and embezzlement of company funds [2][3]. Group 2: Supplier Accountability - Perfect World has taken strict actions against implicated suppliers, blacklisting four companies, including Chengdu Xiyou Tribe Technology Co., Ltd., from future collaborations [3]. Group 3: Industry-Wide Anti-Corruption Efforts - The gaming industry in China has intensified anti-corruption measures, with major companies like Tencent and NetEase publicly reporting internal corruption cases and collaborating with law enforcement to combat commercial bribery and embezzlement [4]. - Tencent reported over a hundred cases of internal violations in 2024, leading to numerous dismissals and criminal referrals [4]. - NetEase has also faced scrutiny for corruption, with multiple employees involved in serious violations and a significant number of companies being permanently blacklisted [4]. Group 4: Perfect World's Previous Actions - Perfect World has previously addressed corruption issues, issuing a zero-tolerance policy and taking disciplinary actions against employees involved in bribery and embezzlement, which have caused substantial losses and negative impacts on the company [5]. - In January 2025, Perfect World dismissed four employees from the Million Studio for severe negligence and violations of company integrity regulations [5].

7月1日，完美世界内部发布了一份反贪腐调查公告。公告显示，完美世界旗下包括百万、青云、硬 核工作室总计8名在职及已离职人员，涉嫌与供应商内外勾结、营私舞弊、损害公司利益，完美世界 已向公安机关报案。 完美世界在公告中公布了部分员工的相关信息，岗位涉及工作室负责人、策划部负责人、HR经理、 美术部动作组长以及动作组员工、美术部负责人等，违规行为最频繁的是 "收受供应商贿赂"，其次 还包括"涉嫌参与私分外包合同款""在人力外包供应商选用、管理、结算工作中严重失职"。 对于案件中所涉及的4家相关供应商，完美世界将其列入供应商黑名单，永不合作。具体包括成都西 游部落科技、成都巧可力科技、广州图酷网络科技以及成都喵师兄这几家公司。 完美世界在去年8月也曾发布反腐公告，通报2023年以来旗下星云工作室以及原Bard游戏项目组多 名员工涉嫌收受贿赂、职务侵占等的违规行为，涉及高级美术总监、制作人、2D 主美、3D 主美等 多名员工。这次是时隔11个月后完美世界的又一反腐动作。 2024年，包括腾讯、网易、莉莉丝、IGG等公司都曾整治反腐，第一财经了解到，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。 ...

Core Viewpoint - Corruption has become a significant issue in the gaming industry, particularly in roles related to marketing, advertising, and outsourcing, with major companies like Tencent, NetEase, and Lilith taking a stand against it in 2024 and continuing into 2025 [1][2]. Group 1: Corruption Cases - Perfect World has reported an internal anti-corruption investigation revealing that 8 employees, both current and former, were involved in collusion with suppliers, embezzlement, and damage to company interests, leading to a police report [1][2]. - The most common violation among employees was "accepting bribes from suppliers," followed by "participating in the misappropriation of outsourcing contract funds" and "serious negligence in the selection, management, and settlement of human resource outsourcing suppliers" [1][2]. - Four suppliers have been blacklisted by Perfect World, including Chengdu Xiyou Tribe Technology, Chengdu Qiaokeli Technology, Guangzhou Tuku Network Technology, and Chengdu Miaoshixiong [1][2][16]. Group 2: 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 1.288 billion yuan, marking a shift from profit to loss [2]. - The company has undergone significant management changes and cost-cutting measures, including project closures and staff reductions, with the total number of employees decreasing by 1,849 to 3,905 by the end of 2024 [3]. - Despite the challenges, Perfect World's performance showed signs of recovery in Q1 2025, with revenue reaching 2.023 billion yuan, a year-on-year increase of 52.22%, and a net profit of 302 million yuan, reversing previous losses [3]. Group 3: Strategic Adjustments - Perfect World is in a period of transformation, focusing on new game development and increasing investment in technology to create high-quality games, as emphasized by industry analysts [4]. - The company has acknowledged past shortcomings in market foresight and project planning, leading to a reassessment of its project portfolio to concentrate resources on more promising initiatives [3].

7月1日下午消息，今日完美世界（002624）官方发布了"反贪腐内部公告"，其中原百万工作室、青云工 作室、硬核工作室多位负责人及组长等，涉及收受供应商贿赂、违规领取并私分内推奖金、拒不配合公 司审计调查等行为，目前多位涉及贪腐行为的人员已受到辞退且永不录用的处理。(新浪科技) ...

Core Insights - The report emphasizes the importance of AI and the overall positive sentiment in the media industry, highlighting the need to focus on certainty assets and optimistic outlooks for 2025 [2][3]. Game Industry - The game industry has shown significant growth, with a year-on-year increase in revenue of 17% in the first five months of 2025, totaling 1411.06 billion yuan [30]. - Mobile games have particularly thrived, generating 1052.28 billion yuan, reflecting a 20% increase year-on-year [30]. - The report suggests that the competitive landscape is easing, with major companies like Tencent and NetEase reducing their sales expenses significantly in Q1 2025, indicating a potential for improved profitability [32][39]. IP Derivatives - The domestic IP derivatives market is rapidly growing, driven by structural opportunities from consumer transitions, with companies like Pop Mart expanding successfully in international markets [7][30]. - The report highlights the differentiated competition among leading players in various segments of the IP derivatives market [30]. Publishing - The publishing sector is advised to focus on high-dividend and certainty assets, with recommendations for companies that show strong cash dividend capabilities or potential changes in AI/IP business margins [7][30]. Advertising and Marketing - The advertising sector is witnessing resilience in offline media, particularly with companies like Focus Media, which is expected to see improved profitability due to a better competitive landscape [7][30]. - The report notes that AI is likely to enhance the performance of marketing companies, with a focus on basic fundamentals improving as the macro environment stabilizes [7][30]. Film and Television - The film industry is currently facing challenges with a lack of major new releases post-Spring Festival, leading to a low box office outlook for the summer season [7][30]. - There are potential opportunities for bottom-fishing in stocks with favorable odds for summer releases, with recommendations for companies like Maoyan Entertainment and Wanda Film [7][30]. Education - The education sector is experiencing heightened demand for quality training, particularly in K12 education, with a focus on major training institutions that are expected to see high revenue growth [7][30]. - The report mentions the competitive landscape in the public examination sector, where leading companies are maintaining strategic focus and delivering quality products [7][30]. Valuation and Financial Analysis - The report provides a detailed valuation analysis of key companies in the media sector, with recommendations for stocks like Mango Excellent Media and Wanda Film, indicating their potential for growth based on current and projected earnings [8][30].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report emphasizes the potential of AI applications in video understanding and generation, particularly through the launch of Kwai Keye-VL by Kuaishou, which showcases advanced multimodal capabilities [5] - The report suggests continued investment in the gaming sector, particularly with the recent approval of numerous domestic game licenses, indicating a favorable environment for new game launches [6] - The upcoming summer season is expected to boost consumption in various IP sectors, including games, animated films, concerts, and trendy toys, with specific recommendations for companies in these areas [6] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of June 28, 2025 [13][17] - The film "Sauce Garden Case" achieved the highest box office for the week, grossing 1.64 billion [28] Industry News Overview - AI advancements in embodied intelligence and brain-computer interfaces are highlighted, with ongoing releases in gaming and film sectors [35] - The report notes the launch of Gemini, the first model capable of running locally on robots, enhancing task adaptability and efficiency [35] Company Recommendations - For AI video applications, key recommendations include Kuaishou-W, Shanghai Film, and Tencent Holdings, with beneficiaries like Alibaba-W and Kunlun Wanwei [5] - In the gaming sector, companies such as Xindong Company, Giant Network, and Perfect World are recommended, with beneficiaries including Youyi Time and Kingsoft [6] - For animated films, Shanghai Film is highlighted, while beneficiaries include Zhongwen Online [6] - In the concert and performance sector, Fengshang Culture is recommended, with beneficiaries like Alibaba Pictures and Maoyan Entertainment [6] - The trendy toy sector recommends Blukoo and Aofei Entertainment, with beneficiaries including Pop Mart and Quantum Song [6]

Core Insights - The event held on June 24, 2025, in Tianjin focused on the latest trends in AI development, featuring insights from various experts and representatives from technology companies [1] - Perfect World Group's Senior Vice President, Edy, highlighted the revolutionary impact of AI technology on the gaming industry and shared the company's practical achievements in the AI+gaming sector [1] Group 1: AI's Impact on Gaming - AI empowers the gaming industry in three dimensions: enhancing game product experiences, restructuring game production methods, and providing spillover value to other fields [3] - AI-assisted and AI-native games are creating new possibilities, with 78% of players willing to extend gameplay time for intelligent NPCs and 81% willing to pay for it [3] - The emergence of AI-native games in 2024 signifies a shift in industry competition towards a deeper contest of technology and creativity [3] Group 2: Production and Efficiency - AI is driving the gaming production process towards intelligent upgrades, addressing the rising demand for high-quality content in the entertainment industry [3] - Perfect World has integrated AI technologies into its game development pipeline, collaborating with global tech giants like Microsoft and NVIDIA to enhance production efficiency [4] - The company has developed various tools, including intelligent character dialogue algorithms and game generation tools, to empower its research and development [4] Group 3: Broader Applications of AI - Gaming serves as a significant experimental ground for AI, with complex demands and vast data driving innovation that spills over into digital content, education, and smart manufacturing [3] - Perfect World is also leveraging AI to improve efficiency in film production and enhance esports experiences through innovative technologies like VR holographic viewing [4] Group 4: Commitment to Technological Exploration - Perfect World aims to be a steadfast explorer and practitioner of technology, seeking new opportunities in the AI+ landscape through collaboration with partners [5]