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]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [6]. Core Insights - The key new game "Yihuan" is expected to launch this year, significantly boosting game revenue [6]. - The company reported a strong Q1 performance with revenues of 2.02 billion RMB, a year-over-year increase of 52% [6]. - The company is focusing on cost reduction and efficiency improvements, which have started to show positive results [6]. Company Overview - The company operates in the media industry, with a current A-share price of 14.93 RMB and a target price of 18 RMB [1]. - Major shareholders include Perfect World Holdings Group Limited, holding 22.32% [1]. - The company has a total market capitalization of 27.29 billion RMB [1]. Financial Performance - In Q1 2025, the company achieved a net profit of 300 million RMB, marking a turnaround from previous losses [6]. - The projected net profits for 2025, 2026, and 2027 are 681 million RMB, 1.25 billion RMB, and 1.41 billion RMB, respectively, with year-over-year growth rates of 152.9%, 84.12%, and 12.38% [8]. - The earnings per share (EPS) for the same years are expected to be 0.35 RMB, 0.65 RMB, and 0.73 RMB [8]. Game Development - "Yihuan" is a supernatural urban open-world RPG developed using Unreal Engine 5, expected to become a flagship IP for the company [6]. - The game has received multi-platform approval, indicating a steady progress towards its launch [6]. - The first-year revenue from "Yihuan" is projected to exceed 5 billion RMB, contributing significantly to the company's game segment performance [6]. Cost Management - The company has streamlined its R&D team, reducing the number of personnel from 3,993 to 2,575, which is expected to enhance R&D efficiency [6]. - The reduction in sales, management, and R&D expense ratios has been significant, contributing to the company's return to profitability [6].

Group 1 - The 22nd China International Digital Interactive Entertainment Expo (ChinaJoy) will be held from August 1 to August 4, 2025, at the Shanghai New International Expo Center [1] - A total of 743 companies have registered for the event, with 237 foreign companies from 37 countries and regions, accounting for 31.8% of the total [3] - The BTOC Interactive Entertainment Pavilion will feature over 283 companies with a total exhibition area of 110,000 square meters, focusing on consumer interactive entertainment experiences [3] Group 2 - The BTOB Business Negotiation Pavilion will have over 460 companies participating, covering an area of 25,000 square meters, with nearly 208 foreign companies, making up 45.2% of the exhibitors [3] - Notable game products from companies like NetEase, Century Huatong, and Perfect World will be showcased, including popular titles and new games available for on-site testing [3] - In 2025, ChinaJoy will explore new online and offline interactive experiences in collaboration with Alipay's Blue Flower Fire community, utilizing "Alipay Touch" technology for enhanced engagement [4]

Group 1 - The gaming industry is recognized as a significant part of the digital cultural industry and is positioned as an important engine for economic growth, contributing to service consumption and cultural potential release [1][3] - The 2025 ChinaJoy will take place from August 1 to August 4 in Shanghai, with over 743 companies registered to participate, including 237 foreign enterprises from 37 countries and regions, accounting for 31.8% of total participants [1][3] - Major companies like Tencent Games, NetEase Games, and Perfect World are actively preparing to showcase their products, including over 40 existing games and several new titles [3] Group 2 - This year's ChinaJoy will focus on AI technology innovation and new consumption scenarios, featuring a variety of technological products in the smart hardware pavilion and introducing a "smart entertainment robot" exhibit [3] - The event will also host the ChinaJoy AIGC Conference and the inaugural "Dragon Cup" global AI gaming and application innovation competition in collaboration with Century Huatong [3]

Event Overview - The first Shanghai International Animation Month will commence on July 4, featuring a collaboration of three major events: CCG EXPO (July 4-6), Bilibili World (July 11-13), and ChinaJoy (August 1-4) [1] - The event will host over a hundred themed activities and more than a thousand limited-edition merchandise, along with a series of cross-dimensional activities and the issuance of "dimension digital consumption vouchers" [1] - Major animation IPs such as Disney, LEGO, and Bandai Namco will participate, alongside domestic productions like "The Little Monster of Langlang Mountain" and "Linglong" [1] ChinaJoy Highlights - ChinaJoy, scheduled for August 1-4, is recognized as a premier event in the digital entertainment industry, covering games, animation, esports, smart hardware, and trendy toys [2] - The event will include several high-profile forums and unique activities such as a digital live shopping festival and the debut of the "China Audio-Visual Game Museum" [2] - A new theme area focusing on smart entertainment robots has opened for exhibitors, presenting significant opportunities for companies in the robotics and gaming sectors [2] CCG EXPO and Bilibili World - CCG EXPO is one of the largest comprehensive animation and gaming exhibitions in China, expecting over 500,000 attendees in 2024 and achieving an online transaction value of 284 million yuan [3] - Bilibili World, a major offline event hosted by the popular video platform Bilibili, anticipates 300,000 attendees and has doubled its exhibitor count, making it the largest anime convention in East Asia [3] Market Potential - The Chinese animation industry is undergoing significant structural changes driven by digital technology and cultural consumption upgrades, leading to a new development phase [4] - The industry has gained international recognition, with projections estimating the total output value of the Chinese animation industry to reach 423 billion yuan by 2025, representing a 457% increase from 2019 [5] Company Involvement - Companies such as 37 Interactive Entertainment, Perfect World, Giant Network, and others have participated in multiple editions of ChinaJoy and CCG EXPO [9] - Shunwang Technology has acquired the organizer of ChinaJoy, Hanwei Xinheng, indicating consolidation within the industry [9]

Core Insights - Perfect World Games and Hotta Studio are launching a Closed Beta test for their new RPG NTE (Neverness to Everness) from July 3-16, 2025 [1] - The game features a supernatural urban open-world setting in the city of Hethereau, utilizing Unreal Engine 5 for its development [6] Group 1: Game Features - A new vehicle requisition and wanted system has been introduced, allowing players to commandeer vehicles, with law-breaking actions triggering a multi-level warning system [3] - The game includes online street racing challenges where players can compete against friends and various racing crews [4] - An updated dynamic weather system features sophisticated snow mechanics, enhancing realism with real-time PBR snow materials [4] Group 2: Gameplay and Activities - Players can engage in a variety of activities beyond the core story, such as collecting and modding sports cars, designing city getaways, and running businesses [7] - The game promises an immersive experience with episodic comedy-drama storylines, allowing players to explore supernatural anomalies [6] Group 3: Company Background - Perfect World Games specializes in game development, operations, and publishing across multiple platforms, including PC, mobile, and consoles [9] - Hotta Studio is known for developing the open-world game Tower of Fantasy, which features a light sci-fi art style and was created with Unreal Engine 4 [10]

Core Viewpoint - The China Securities Animation and Game Index has shown a recent upward trend, indicating a positive performance in the animation and gaming sector despite some fluctuations over the past months [2]. Group 1: Index Performance - The China Securities Animation and Game Index increased by 0.37% to 1741.71 points with a trading volume of 12.752 billion yuan [1]. - Over the past month, the index has risen by 6.34%, while it has decreased by 2.44% over the last three months. Year-to-date, the index has increased by 16.76% [2]. Group 2: Index Composition - The index comprises companies primarily engaged in animation, comics, and gaming, reflecting the overall performance of the listed companies in the animation and gaming industry [2]. - The top ten weighted companies in the index include: Giant Network (10.64%), Kaiying Network (10.51%), Light Media (10.3%), 37 Interactive Entertainment (9.45%), Shenzhou Taiyue (7.73%), Perfect World (7.39%), ZQ Technology (5.59%), G-bits (4.42%), Youzu Interactive (4.03%), and Zhejiang Shuju Culture (3.55%) [2]. Group 3: Industry Breakdown - The index's holdings are predominantly in the communication services sector, accounting for 91.74%, followed by information technology at 4.49% and consumer discretionary at 3.77% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Public funds tracking the animation and gaming index include various ETFs from Guotai, Huaxia, and Haitai Baipin [3].

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，具体内容详见公司刊 登于巨潮资讯网（www.cninfo.com.cn）的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所 上市公司自律监管指引第 1 号—主板上市公司规范运作》等相关要求，现将公司 下： 一、本次员工持股计划的股票来源及数量 证券代码：002624 证券简称：完美世界 公告编号：2025-027 完美世界股份有限公司 关于 2025 年员工持股计划首次授予部分非交易过户完成的 公告 截至本公告披露日，公司已在中国证券登记结算有限责任公司深圳分公司开 立公司本次员工持股计划证券专用账户。证券账户名称：完美世界股份有限公司 －2025 年员工持股计划，证券账户号码：0899479976。 具的《证券过户登记确认书》，公司回购专用证券账户中所持 ...

证券代码：002624 证券简称：完美世界 公告编号：2025-027 二、本次员工持股计划认购及非交易过户情况 1、本次员工持股计划认购价格调整情况 根据公司《2025 年员工持股计划》，股票授予价格为 6.80 元/股。若自公司 董事会审议通过之日起至标的股票过户至员工持股计划名下之日期间，公司发生 资本公积转增股本、派发股票红利、派息、缩股或配股等事宜，对于尚未过户至 本次员工持股计划的股票授予价格将做相应调整。 1 完美世界股份有限公司 关于 2025 年员工持股计划首次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，具体内容详见公司刊 登于巨潮资讯网（www.cninfo.com.cn）的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所 上市公司自律监管指引第 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The gaming industry is entering a recovery phase, with a 9.9% year-on-year growth in the Chinese gaming market as of May 2025, driven by new game releases and upcoming summer titles [5] - AI applications are accelerating in various sectors, including content creation, entertainment, education, and e-commerce, with significant advancements in AI models and tools [4][5] - The report emphasizes the importance of focusing on mid-year performance and new content releases to capitalize on emerging consumer trends in IP [5] 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 21, 2025 [12][16] - The film "Sauce Garden Case" achieved a weekly box office of 1.37 billion [28] AI Evolution Driving Industry Change - Multiple large AI models have been released or upgraded, enhancing capabilities in various applications [35] - The introduction of the MiniMax-M1 model signifies a shift towards efficient, low-cost AI solutions with strong reasoning capabilities [38] Gaming Sector Insights - The mobile gaming market saw a 12.0% year-on-year growth, with self-developed games generating overseas revenue increasing by 6.9% [5] - New game launches and summer releases are expected to boost the gaming sector's performance in Q2 and Q3 [5] Recommendations for Investment - Key recommendations include Tencent Holdings and Kuaishou-W for large models/agents, with Alibaba-W and SenseTime-W as beneficiaries [4] - The report suggests focusing on mid-year earnings and new content to drive investment in IP new consumption sectors, including gaming, short dramas, films, and trendy toys [5]