研报掘金丨开源证券：完美世界中报大增，关注新游《异环》进展，维持“买入”评级

Core Viewpoint - Perfect World has significantly increased its mid-year performance, with a focus on the progress of the new game "Yihuan," maintaining a "Buy" rating [1] Group 1: Game Development and Performance - The company has rich experience in overseas markets, with "Persona: Night Shadow" (PX5) achieving top rankings in iOS free game charts and Steam global downloads shortly after its public testing in Japan, Europe, and Southeast Asia [1] - "Zhu Xian 2" topped the iOS free game chart on its launch day, showcasing the company's strong MMO development experience and the deep accumulation of the Zhu Xian IP [1] - "Yihuan" commenced its second domestic test and first overseas test at the end of June, receiving positive feedback from domestic players and enthusiastic responses from overseas players, with a total reach of 1.86 billion views on platforms like YouTube [1] Group 2: Content Strategy and Industry Trends - The company adheres to a "quality over quantity" strategy, focusing on high-quality platform-customized dramas, with several series such as "Thousand Blossoms Blooming in One Life" released in the first half of the year [1] - The short drama business has shown remarkable performance, with "Couple's Spring Festival" being the first micro-drama to surpass 100 million views across the internet in 2025 [1] - The industry is benefiting from the "21 Regulations of Broadcasting and Television," and the company has a substantial reserve of long dramas, while also expanding its short dramas on platforms like Hongguo and Douyin, indicating a positive outlook for its film and television business [1]