完美世界上半年扭亏，PC游戏扛起增长大旗

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]