Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance relative to the benchmark index [4]. Core Insights - The company achieved significant turnaround in H1 2025, with a revenue of 3.691 billion yuan, up 33.74% year-on-year, and a net profit of 503 million yuan, marking a return to profitability [2][3]. - The gaming segment contributed 2.906 billion yuan in revenue, a 9.67% increase, driven by the launch of "Zhu Xian World" and growth in esports revenue [2][3]. - The film and television segment saw a remarkable revenue increase of 756.35%, generating 767 million yuan [2][3]. - The company is focusing on its core gaming segment and has made progress on the upcoming project "Yihuan," which has received positive feedback during testing [3][4]. Financial Performance Summary - For H1 2025, the company reported a gross profit margin of 59.24% and a net profit margin of 11.22% [12]. - The projected earnings per share (EPS) for 2025-2027 are estimated at 0.41, 0.76, and 0.83 yuan per share, respectively, with corresponding price-to-earnings (P/E) ratios of 39, 21, and 19 [4][6]. - The company’s total revenue is expected to grow from 5.571 billion yuan in 2024 to 10.565 billion yuan in 2026, reflecting a compound annual growth rate [6][11]. Business Segment Analysis - The gaming business is expected to continue its growth trajectory with the successful launch of new titles and ongoing content updates [3]. - The esports segment is leveraging event operations to drive revenue, showing a consistent growth trend [3]. - The film and television segment is adopting a "quality over quantity" strategy, reducing overall investment while focusing on short-form content [3].

中报符合预期，关注《异环》推进节奏 完美世界(002624) ——完美世界 2025 年中报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 陈筱(分析师) | 021-38675863 | chenxiao@gtht.com | S0880515040003 | | 杨昊(分析师) | 021-38032025 | yanghao4@gtht.com | S0880524020001 | 本报告导读： 公司 2025 年中报扭亏，看好《异环》产品质量突出、进展顺利，将有效贡献公司 2026 年业绩弹性。 投资要点： 传播文化业 [Table_Industry] /社会服务 | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Target] 目标价格(元): | 20.38 | | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | -- ...

Core Viewpoint - The company is expected to turn profitable in the first half of 2025, with the product "Yihuan" showing strong quality and progress, which will effectively contribute to the company's performance elasticity in 2026 [1] Financial Performance - In the first half of 2025, the company reported revenue of 3.691 billion yuan, a year-on-year increase of 33.7%, and a net profit attributable to shareholders of 503 million yuan, with a non-recurring profit of 318 million yuan, aligning with previous performance forecasts [3] - The second quarter of 2025 saw a single-quarter revenue of 1.668 billion yuan, a year-on-year increase of 16.57%, and a net profit of 201 million yuan, marking a turnaround from losses [3] - The gaming business revenue for the first half of 2025 was 2.906 billion yuan, a year-on-year increase of 9.7%, with a gross margin increase of 2.38 percentage points to 68.9% [3] Product Development and Expectations - The company anticipates continued contributions from "Zhu Xian World," "Persona: Night Shadow," and "Zhu Xian 2" in the second half of 2025, with "Yihuan" expected to enter its third round of testing in Q4 [4] - "Zhu Xian World" launched its first major update since its release in July, and "Persona: Night Shadow" reached the third position on the iOS game sales chart in Japan, maintaining a stable position in the top 60 [4] - The new mobile game "Zhu Xian 2" was launched on August 7, 2025, and is expected to contribute to revenue growth [4] - The product "Yihuan" underwent its second domestic test at the end of June, with positive player feedback and significant online discussions, indicating strong market interest [4] Investment Outlook - The company maintains a "Buy" rating, with EPS forecasts for 2025, 2026, and 2027 adjusted to 0.41, 0.89, and 1.02 yuan respectively, reflecting slight upward revisions based on product stability and personnel adjustments [2] - The target price for the company is set at 20.38 yuan, up from the previous forecast of 18.99 yuan, based on a 23x PE ratio for 2026 [2]

Group 1 - The domestic gaming industry has shown signs of recovery in the first half of the year, with at least 7 gaming companies turning losses into profits [1] - Perfect World reported a revenue of 3.691 billion yuan for the first half of 2025, a year-on-year increase of 33.74%, and a net profit attributable to shareholders of 503 million yuan, marking a significant turnaround [1] - The gaming segment of Perfect World generated 2.906 billion yuan in revenue, up 9.67% year-on-year, while the film and television segment saw a staggering revenue increase of 756.35% to 767 million yuan [1] Group 2 - The gaming industry has returned to a growth trajectory in the first half of the year, driven by the release of high-quality games and an increase in the issuance of gaming licenses [2] - A total of 757 domestic online game licenses and 55 import licenses were issued in the first half of the year, with June alone seeing 158 new games approved, indicating a trend towards normalization in the industry [2] - The overseas market has become a new growth engine for companies, with Chinese self-developed games generating 9.501 billion USD in overseas revenue in the first half of 2025, reflecting an over 11% year-on-year growth [2]

Core Viewpoint - Perfect World (002624) reported significant growth in both revenue and net profit for the first half of 2025, indicating a strong recovery and operational efficiency improvement compared to the previous year [1]. Financial Performance - Total revenue reached 3.691 billion yuan, a year-on-year increase of 33.74% [1] - Net profit attributable to shareholders was 503 million yuan, up 384.52% year-on-year [1] - In Q2 2025, revenue was 1.668 billion yuan, reflecting a 16.57% increase year-on-year, while net profit for the quarter was 201 million yuan, up 236.65% [1] - Gross margin stood at 56.68%, down 12.63% year-on-year, while net margin improved to 13.74%, a 410.37% increase [1] - Total operating expenses were 632 million yuan, accounting for 17.12% of revenue, down 49.35% year-on-year [1] Cash Flow and Assets - Operating cash flow per share was 0.26 yuan, a significant increase of 422.91% year-on-year [1] - Cash and cash equivalents increased by 5.45%, influenced by net cash flows from operating, investing, and financing activities [3] - Accounts receivable rose by 11.72% due to increased sales from film and game operations [3] Cost and Expenses - Operating costs increased by 64.93%, outpacing revenue growth, leading to a decline in overall gross margin [7] - Sales expenses decreased by 34.89%, while management expenses fell by 27.81% due to strategic optimizations [8] Investment and Development - Development expenditures surged by 551.14%, attributed to the capitalization of self-developed games [5] - Other equity investments increased by 47.76% due to rising fair value [4] Market Position and Future Outlook - Analysts expect the company's performance in 2025 to reach 743 million yuan, with an average earnings per share of 0.38 yuan [15] - The company is supported by prominent fund managers, with significant holdings in various funds [16]

Core Viewpoint - Perfect World has stabilized its operations after a period of transformation, reporting significant revenue and profit growth in the first half of 2025, driven by multiple business lines, particularly in gaming and a remarkable surge in its film and television segment [2][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 36.91 billion yuan, a year-on-year increase of 33.74%, with gaming business contributing 78.73% of total revenue [3][5]. - The gaming segment generated 29.06 billion yuan, up 9.67% from the previous year, while net profit attributable to shareholders reached 5.04 billion yuan, with a non-GAAP net profit of 3.46 billion yuan [3][4]. Business Segments - The gaming business remains the largest contributor to revenue, with the MMORPG title "Zhu Xian World" playing a crucial role in growth, alongside the esports segment [3][4]. - The film and television segment saw explosive growth, achieving revenue of 7.67 billion yuan, a staggering increase of 756.35% year-on-year, marking a significant turnaround for this previously underperforming area [2][9]. Challenges and Strategies - Despite the positive performance, the company faces challenges such as increased competition in the gaming industry and a decline in mobile game revenue due to product lifecycle impacts [4][5]. - Perfect World plans to focus on product innovation and user engagement strategies to maintain player activity and ensure long-term operational stability [4][8]. International Market Presence - The company's overseas revenue was only 1.84 billion yuan, accounting for 4.98% of total revenue, reflecting a 34.43% decline compared to the previous year, indicating a need for stronger international market strategies [5][6]. - Analysts emphasize the importance of overseas markets for Perfect World, suggesting that the company must innovate or expand internationally to enhance its competitive position [5]. Future Prospects - The upcoming release of the new game "Yihuan," expected to launch by the end of 2025 or early 2026, is seen as a potential game-changer for the company, aimed at attracting a younger audience [5][6]. - The esports segment is becoming increasingly important, with significant events planned to enhance brand visibility and engagement within the gaming community [8].

Core Insights - Perfect World reported a revenue of 3.691 billion yuan for the first half of 2025, marking a year-on-year growth of 33.74% [1] - The company achieved a turnaround in net profit, with a net profit attributable to shareholders of 503 million yuan and a net profit of 318 million yuan after deducting non-recurring items [1] - The growth was primarily driven by the performance of the self-developed MMORPG "Zhu Xian World" and a stable contribution from the esports business [1] Financial Performance - The company recorded non-operating income of 185 million yuan, mainly from the disposal gains of the Chengfeng Studio in the first quarter [1] - The gaming segment generated 2.906 billion yuan in revenue, a year-on-year increase of 9.67%, with a gross margin of 68.9%, up 2.38 percentage points from the previous year [1] Business Structure - PC game revenue surged by 70.51% to 1.852 billion yuan, accounting for 50.18% of total revenue, while mobile game revenue fell by 33.04% to 968 million yuan, representing 26.23% of total revenue [2] - The decline in mobile game revenue was attributed to a strategic restructuring of projects, focusing resources on more promising titles [2] New Product Launches - The company accelerated the testing and launch of new products in the second quarter, with several games including "Persona: Nightshade" and "Zhu Xian 2" being released [3] - "I-Huan," a highly anticipated game, has garnered significant attention, with over 3 million taps on TapTap and over 1.5 million reservations on Bilibili [3] Film and Television Business - The film and television segment achieved revenue of 767 million yuan, a staggering increase of 756.35%, with a net profit of approximately 41.72 million yuan [4] - The company has produced several series and is actively developing short dramas, with "The Couple's Spring Festival" surpassing 500 million views [4]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 18.34 [1][5] Core Insights - The company reported a revenue of RMB 3.691 billion for H1 2025, representing a year-over-year increase of 33.74%, and a net profit of RMB 503 million, up 384.52% year-over-year [1][2] - The gaming business turned profitable in H1 2025, with revenue of RMB 2.906 billion, a 9.67% increase year-over-year, primarily driven by the launch of "Zhu Xian World" and growth in esports revenue [2][4] - The film and television segment saw significant growth, with revenue reaching RMB 767 million, a staggering 756.35% increase year-over-year, attributed to multiple successful releases [2][4] Financial Performance - The company achieved a gross margin of 56.68% in H1 2025, a decrease of 8.19 percentage points year-over-year, mainly due to the higher proportion of lower-margin film and television business [4] - The company’s operating expenses decreased, with a sales expense ratio of 8.9%, down 9.4 percentage points year-over-year, and a management expense ratio of 9.1%, down 7.8 percentage points year-over-year [4] Future Outlook - The company is optimistic about its self-developed games, with new products expected to enhance performance and profitability [1][2] - The upcoming game "Yihuan" is anticipated to perform well, with significant user engagement during testing phases [3][5] - The company is investing in AI tools to enhance research and development efficiency, which is expected to further improve performance in the future [4][5]

Core Viewpoint - Perfect World has shown significant improvement in its financial performance, reflecting a broader recovery in the gaming industry, with a notable increase in revenue and net profit in the first half of 2025 [1][3][8]. Financial Performance - The company reported a revenue of 3.69 billion yuan, a year-on-year increase of 33.74% [2]. - Net profit attributable to shareholders reached 503 million yuan, marking a 384.52% increase compared to the previous year, successfully turning around from a loss [2]. - The net profit after deducting non-recurring gains and losses was 318 million yuan, up 235% year-on-year [2]. - The net cash flow from operating activities was 502 million yuan, a 422% increase from the previous year [2]. - Basic and diluted earnings per share were both 0.27 yuan, compared to a loss of 0.09 yuan in the same period last year, reflecting a 400% improvement [2]. Gaming Business Performance - The gaming segment generated 2.91 billion yuan in revenue, a 9.67% increase year-on-year, with a net profit of 504 million yuan [3]. - The successful launch of the self-developed MMORPG "Zhu Xian World" contributed positively to revenue growth [3]. - The esports business continued to show a growth trend, providing stable revenue [3]. - The company has implemented cost-reduction measures and optimized its operational processes, which have begun to yield results [3]. Film and Television Business Performance - The film and television segment achieved a revenue of 767 million yuan, a staggering increase of 756.35% year-on-year, with a net profit of approximately 41.72 million yuan [4]. Industry Context - The overall gaming market in China saw a sales revenue of 168 billion yuan in the first half of 2025, reflecting a 14.08% year-on-year growth [1]. - The approval of game licenses has become more regular, with 173 games approved in August 2025, marking a new high for the year [1][8]. - The gaming industry is experiencing a regulatory environment that supports healthy development, with various policies aimed at boosting consumption in gaming and related sectors [8][10]. Future Outlook - The company is focusing on new game development, with the anticipated release of "Yihuan," which has received positive feedback during testing [5][7]. - The classic IPs of Perfect World, such as "Zhu Xian," are showing signs of aging, and the success of new titles like "Yihuan" will be crucial for the company's future trajectory [9].

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