证券代码：002624 证券简称：完美世界 公告编号：2025-017 完美世界股份有限公司 第六届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 完美世界股份有限公司（以下简称"完美世界"或"公司"）第六届董事会第十 二次会议于2025年5月7日以现场和通讯相结合的方式召开。本次会议通知已于 2025年4月30日以电话、传真等方式发出，会议应出席董事5人，实际出席董事5 人。本次会议由董事长池宇峰先生主持。会议的召集、召开及表决程序符合《公 司法》和《公司章程》的有关规定。 二、董事会会议审议情况 会议审议通过了以下议案： 本议案已经公司董事会薪酬与考核委员会全票审议通过，尚需提交公司股东 大会审议。 （二）审议通过《关于公司2025年员工持股计划管理办法的议案》 表决结果：5票同意、0票反对、0票弃权 为了规范本次员工持股计划的实施，确保员工持股计划有效落实，公司根据 相关法律法规及规范性文件的要求，制定了《2025年员工持股计划管理办法》， 详见同日刊登于巨潮资讯网www.cninfo.com.cn的《 ...

Summary of Key Points from the Conference Call Industry Overview - The gaming sector in Q1 2025 experienced unexpected growth, primarily driven by the launch of new products from A-share gaming companies, such as ST Huatuo's King Shot, Perfect World's Zhu Xian World, and G-bits' Wen Jian Chang Sheng, which significantly contributed to revenue [1][2][3] - 2025 is anticipated to be a significant year for A-share gaming companies, with multiple new products expected to be launched, providing ongoing contributions to performance and profits [1][5] - The application of AI technology in game development and distribution is accelerating, with companies like Kaiying Network introducing AI companion products, indicating a trend towards the integration of AI in the gaming industry [1][6] Core Insights and Arguments - The policy environment for the gaming industry is improving, with a notable increase in the issuance of game licenses in 2024, and national leaders recognizing the role of online games in cultural dissemination, providing a solid valuation foundation for the gaming sector [1][7] - In Q1 2025, the combined revenue of 20 major gaming companies reached 26.7 billion yuan, a 23% year-on-year increase, with net profit growing by 45% to 3.5 billion yuan [2][3] - ST Huatuo's revenue and net profit surged by 91% and 107%, respectively, driven by the strong performance of its core game YET [2][3] Financial Performance Highlights - Kaiying Network reported a 3.5% increase in revenue and a 21.6% rise in net profit in Q1 2025, with a gross margin of 83.6% [8][9] - Perfect World achieved a revenue of 20.2 billion yuan in Q1 2025, a 52.2% increase year-on-year, with net profit exceeding 3 billion yuan, marking a growth of over 1000% [15][17] - ST Huatuo's overall revenue for 2024 was 22.6 billion yuan, with game revenue accounting for 21 billion yuan, primarily from Youdian Interactive [12] Future Outlook - The gaming sector is expected to maintain a positive growth trajectory in 2025, with more new products set to launch in the coming quarters, benefiting from a favorable market window due to delays in major releases from leading companies like Tencent and NetEase [5][7] - The integration of AI technology is anticipated to drive innovation and development within the industry, with several companies highlighting AI in their annual reports [5][23] Additional Important Insights - The competitive landscape for A-share gaming companies is expected to improve in 2025, with a significant increase in the number of game licenses issued, indicating a more favorable regulatory environment [7][24] - The external environment, particularly recent legal rulings in the U.S. regarding payment systems, is likely to positively impact Chinese gaming companies' overseas revenues [24] - Recommended companies for investment focus include Kaiying Network, Perfect World, and ST Huatuo, along with others like G-bits and Shenzhou Taiyue [25]

Investment Rating - The report maintains a positive outlook on the A-share media sector for 2024 and Q1 2025, highlighting significant growth in gaming, film, and publishing sectors [4][5]. Core Insights - The report indicates that the overall performance of the media sector in 2024 remains under pressure, but there are signs of improvement in quarterly trends, with a notable increase in net profit by 38.6% year-on-year in Q1 2025 [5][6]. - The gaming industry shows a strong upward trend, with Q1 2025 revenue growth of 21.9%, marking the best growth rate in nearly 13 quarters, driven by new product launches and the upcoming AI gaming developments [11][15]. - The film sector benefits from a resurgence in box office performance, particularly driven by the success of "Nezha: Birth of the Demon Child," with Q1 2025 box office revenue increasing by 49% year-on-year [5][14]. - The publishing sector demonstrates resilience, with net profit recovering to levels close to Q1 2023, despite a slight revenue decline [14]. Summary by Relevant Sections Gaming Sector - Q1 2025 revenue increased by 21.9%, with a net profit margin of 13%, up 2.4 percentage points from the previous year [11][15]. - Companies like Century Huatong and Perfect World reported significant growth, with expectations for continued improvement in the second half of 2025 as new products are launched [15][21]. Film Sector - The domestic film market saw a 49% increase in box office revenue in Q1 2025, with average ticket prices reaching 46.8 yuan [5][14]. - The success of major films like "Nezha: Birth of the Demon Child" has positively impacted the industry, leading to improved profit margins for cinema chains [14]. Publishing Sector - The publishing industry experienced a slight revenue decline of 4.2% year-on-year, but profit margins improved significantly due to tax exemptions for state-owned publishing companies [14]. - The overall financial health of major publishing groups remains stable, with expectations for consistent dividend payouts [14]. Advertising Sector - The advertising market continues to face pressure, but companies like Focus Media show resilience with a year-on-year revenue increase of 5% and net profit growth of 9% [14]. Long Video Sector - The long video sector is impacted by macroeconomic factors, with a shift in user attention towards short dramas affecting brand advertising revenues [5][14].

Core Viewpoint - The gaming industry is highly competitive, and a successful game can significantly impact a company's performance. Perfect World (002624.SZ) reported strong financial results, with a revenue increase of 52% year-on-year to 2.023 billion yuan and a net profit surge of 1115% to 302 million yuan in Q1 2025 [1]. Financial Performance - Perfect World achieved a revenue of 2.023 billion yuan in Q1 2025, marking a 52% increase compared to the same period last year [1] - The net profit attributable to shareholders rose by 1115% to 302 million yuan, while the net profit excluding non-recurring items increased by 203% to 163 million yuan [1] - The stock price of Perfect World rose for three consecutive trading days following the earnings report, with a first-day increase of 6.35% and a total increase of 10.37% [1] Business Challenges and Adjustments - In 2024, Perfect World faced significant losses, reporting a net loss of 1.288 billion yuan due to underperforming games and film projects, as well as inventory impairment losses [4] - The company undertook a major internal restructuring to optimize its business and organizational structure, which included project cancellations and team adjustments [4] - Despite short-term impacts on performance, these adjustments are expected to enhance profitability in 2025 [4] Key Product Launches - The launch of the game "Zhu Xian World" on December 19, 2024, generated over 400 million yuan in revenue within the first 30 days, marking a turning point for the company's performance [5] - In Q1 2025, the gaming segment generated 1.418 billion yuan in revenue, a year-on-year increase of 10.37%, with a net profit of 292 million yuan [5][6] - The company is focusing on long-term game operation strategies, emphasizing player feedback and continuous content updates to maintain user engagement [8] Future Prospects - Perfect World is expected to enter a new growth cycle in 2025, driven by the release of new games and improved financial performance [9] - The upcoming game "Yihuan" is anticipated to be a significant product for the company, with positive market feedback from its initial testing phase [8][9] - The company is also expanding its overseas distribution plans for titles like "Persona: Nightfall" to enhance its international presence [9]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **media industry** and highlights significant opportunities in **AI** and **AI glasses** for the second quarter and second half of 2025, particularly following positive guidance from President Xi Jinping regarding AI glasses, which may catalyze the industry [1][2] - The **gaming sector** is noted for its strong performance, with several companies exceeding market expectations in the first quarter of 2025 [2] Core Insights and Arguments - **AI and AI Glasses**: The media industry should pay attention to AI and AI glasses, with a projected market size of **4.71 billion** yuan by 2027, and **Inpaas** expected to generate over **90 million** yuan in net profit, contributing to a market capitalization increase of **2.8 billion** yuan [1][5] - **Film and Gaming Projects**: Anticipated summer releases include animated films like **"Three Kingdoms Starry Sky"** and **"Wang Wang Island,"** along with games such as **"One Ring"** and **"SLG 5,000 Years,"** which are expected to drive revenue for related companies [1][4] - **Fengjun Media**: Reported first-quarter revenue of **2.858 billion** yuan, a **4.7%** year-on-year increase, and a net profit of **1.135 billion** yuan, up **9.14%** year-on-year, with a dividend yield exceeding **6%** [1][8] - **Gaming Sector Performance**: The gaming sector reported a profit of **3.476 billion** yuan in Q1 2025, a **41.7%** increase year-on-year, with notable performances from companies like **Kying Network**, **Perfect World**, **ST Huayun**, and **Jibite** [1][11] Additional Important Insights - **Mergers and Acquisitions**: Fengjun Media's recent acquisition of **Xinchao** is expected to enhance overall efficiency and bargaining power, positively impacting future performance [1][9] - **Education Sector**: The education sector is highlighted for its strong domestic demand characteristics, with recommendations to focus on high-performance, high-dividend stocks like **Oriental Education**, which saw a **15%-35%** increase in spring enrollment [2][12] - **Doushen Education**: As the first AI+ education application stock in A-shares, its **AI class** product is expected to launch in Q2, potentially replacing online language courses and driving significant revenue growth [2][15][16] - **Market Dynamics**: The K12 education sector is advised to focus on AI-enabled education, with companies like **Doushen Education** and **Shengtong Co.** showing promise for future growth [2][14][17] This summary encapsulates the key points discussed in the conference call, providing insights into the media and gaming industries, as well as emerging opportunities in AI and education sectors.

Investment Rating - The report maintains an "Overweight" rating for the media industry [1] Core Insights - The overall performance of the media sector in Q1 2025 exceeded market expectations, driven by blockbuster films and games [5][11] - The publishing and periodicals sector is facing revenue declines due to regulatory impacts and tax policy changes, with expected revenue drops of 2% in 2024 and 4% in Q1 2025 [2] - The gaming sector showed strong performance with a revenue increase of 21% in Q1 2025, supported by successful new game launches [20][29] - The marketing sector is experiencing revenue declines due to cautious ad spending amid economic recovery challenges, but top companies are showing resilience [5][20] - The film industry is expected to have a strong start in 2025, with Q1 revenue growth of 41% driven by popular films [5][20] Summary by Sections Overall Performance - In Q4 2024, the media sector achieved a total revenue of 1,393 billion, a 2% year-on-year decline; however, in Q1 2025, revenue rose to 1,240 billion, marking a 5% year-on-year increase [11][12] Gaming Sector - The domestic gaming market's actual sales revenue reached 3,257.83 billion in 2024, with a year-on-year growth of 7.53%, and 857.04 billion in Q1 2025, growing by 17.99% [20][29] - A-share gaming companies reported total revenues of 873.7 billion and 248.2 billion for 2024 and Q1 2025, respectively, with year-on-year increases of 8% and 21% [29][37] Marketing Sector - The marketing industry faced revenue declines in Q4 2024 and Q1 2025, primarily due to cautious spending from advertisers; however, the sector showed signs of recovery with a 9% year-on-year increase in net profit in Q1 2025 [5][20] Film Industry - The film industry saw a revenue of 141.2 billion in Q1 2025, a 41% increase year-on-year, largely due to successful films like "Nezha: Birth of the Demon Child" [5][20] Digital Media - The digital media sector experienced slight revenue declines in both 2024 and Q1 2025, with major player Mango TV reporting a revenue of 140.8 billion in 2024, down 3.8% year-on-year [5][20] Publishing and Periodicals - The publishing sector is projected to see a revenue decline of 2% in 2024 and 4% in Q1 2025, influenced by regulatory changes in educational publishing [2][5]

Investment Rating - The report maintains an "Overweight" rating for the media industry [1] Core Insights - The overall performance of the media sector in Q1 2025 exceeded market expectations, driven by blockbuster films and games, with a revenue of CNY 1,240 billion, representing a 5% year-on-year growth [5][11] - The gaming sector showed strong performance with a revenue of CNY 248.2 billion in Q1 2025, marking a 21% year-on-year increase, supported by successful new game launches [20][29] - The marketing sector faced challenges due to a sluggish macroeconomic recovery, but leading companies demonstrated resilience, with a 9% year-on-year increase in net profit in Q1 2025 [5][12] - The film industry experienced a significant rebound in Q1 2025, with revenue reaching CNY 141.2 billion, a 41% year-on-year increase, largely due to popular films [5][12] - The digital media sector faced revenue declines, with a 12.8% year-on-year drop in Q1 2025, impacted by changes in tax policies [5][12] Summary by Sections Overall Performance - In Q4 2024, the media sector achieved a total revenue of CNY 1,393 billion, down 2% year-on-year, while Q1 2025 saw a revenue of CNY 1,240 billion, up 5% year-on-year, indicating a stabilization in growth [11][12] Gaming Sector - The domestic gaming market's actual sales revenue reached CNY 857.04 billion in Q1 2025, reflecting a 17.99% year-on-year increase, driven by the rapid development of mini-program games and successful new titles [20][29] - A total of CNY 68.4 billion in net profit was recorded for A-share gaming companies in 2024, with a 14% year-on-year decrease, but a significant recovery of 61% year-on-year in Q1 2025 [37] Marketing Sector - The marketing industry saw a decline in revenue in Q4 2024 and Q1 2025, primarily due to cautious spending from advertisers amid economic uncertainties, yet leading firms maintained market share and showed signs of recovery [5][12] Film Industry - The film industry reported a revenue of CNY 141.2 billion in Q1 2025, a 41% increase year-on-year, driven by successful releases like "Nezha" [5][12] Digital Media Sector - The digital media sector's revenue declined by 12.8% year-on-year in Q1 2025, with major player Mango TV reporting a revenue of CNY 29.0 billion [5][12]

出席本次活动的人员有：公司董事长池宇峰先生、公司独立董事王豆豆女士、 公司副总裁兼董事会秘书马骏女士及公司副总裁兼财务总监王祥玉先生。 为充分尊重投资者、提升交流的针对性，现就公司本次活动提前向投资者公 开征集问题，广泛听取投资者的意见和建议。投资者可于 2025 年 5 月 7 日（周 三）17:00 前访问 https://ir.p5w.net/zj/，或扫描下方二维码，进入问题征集专题页 面。公司将在说明会上就投资者普遍关注的问题进行回答。 证券代码：002624 证券简称：完美世界 公告编号：2025-016 完美世界股份有限公司 关于召开 2024 年度业绩网上说明会的公告 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 4 月 26 日发布了 2024 年年度报告。为便于广大投资者更深入全面地了解公司情况，公司定于 2025 年 5 月 8 日（周四）15：00-16：30 在全景网举办 2024 年度业绩网上说明会（以下 简称"本次活动"），现将有关事项通知如下： 本次活动将采用网络远程的 ...

Core Insights - A-share gaming companies showed mixed performance in Q1 2025, with some recovering from previous downturns while others faced declines in revenue and profit [2][3] Group 1: Company Performance - ST Huatuo achieved the highest revenue and net profit among A-share gaming companies in Q1 2025, with revenue of 81.45 billion yuan, a year-on-year increase of 91.12%, and net profit of 13.5 billion yuan, up 107.2% [3][4] - Perfect World rebounded with Q1 revenue of 20.23 billion yuan, a 52.22% increase, and net profit of 3.02 billion yuan, marking an over 11-fold increase compared to the previous year [5] - 10 companies reported both revenue and net profit growth, while 9 companies, including Dazheng Culture and ST Zhongqingbao, saw declines in both metrics [2][6] Group 2: Market Trends - The gaming industry is experiencing a positive trend due to the increasing issuance of game licenses and a stronger focus on high-quality game development [2][4] - New game launches, overseas expansion, and mini-program games are key factors influencing the performance of A-share gaming companies [2][4] Group 3: Challenges Faced - Companies like 37 Interactive Entertainment and Shenzhou Taiyue reported declines in revenue and net profit, with 37 Interactive's revenue falling by 10.67% to 42.43 billion yuan [6][7] - ST Zhongqingbao has faced continuous losses for five years, with Q1 2025 revenue dropping by 34.19% to 49.27 million yuan and net loss widening to 11.73 million yuan [9]

公司研究丨点评报告丨完美世界（002624.SZ） [Table_Title] 《诛仙世界》等带动重返增长，关注《异环》等 重点新游测试及上线进展 报告要点 [Table_Summary] 完美世界披露 2024 年业绩及 25Q1 业绩，公司 2024 年实现营收 55.70 亿（同比-28.50%）， 归母净亏损 12.88 亿，扣非净亏损 13.13 亿，符合业绩预告。其中 24Q4 实现营收 14.98 亿（同 比-6.11%），归母净亏损 8.99 亿，扣非净亏损 8.64 亿。25Q1 实现营收 20.23 亿（同比+52.22%）， 归母净利润 3.02 亿，扣非净利润 1.63 亿，实现扭亏为盈。25Q1《诛仙世界》上线表现良好及 多部影视作品播出，带动游戏及影视业务收入大幅增长，均实现扭亏为盈。《异环》等储备新游 进展积极，关注重点新游测试及上线进展。 分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579. ...