PWRD(SZ:002624) Xin Lang Cai Jing·2025-08-29 02:40Group 1: Financial Performance - The company achieved revenue of 3.691 billion yuan in the first half of 2025, a year-on-year increase of 33.74%, and a net profit attributable to shareholders of 503 million yuan, turning from loss to profit [1] - In Q2 2025, the company reported revenue of 1.668 billion yuan, a year-on-year increase of 16.57%, with a net profit attributable to shareholders of 201 million yuan [1] - The company's PC game revenue reached 1.85 billion yuan in the first half of 2025, accounting for 50.2% of total revenue, with a year-on-year increase of 70.5% [2] Group 2: Game Business Insights - The game "Zhu Xian World" is set to launch by the end of 2024, contributing to stable revenue and profit in Q2 2025 [2] - The company's esports business continues to grow, supported by high-quality and frequent events, with revenue expected to maintain a year-on-year growth trend in the first half of 2025 [2] - The company has implemented cost-reduction and efficiency-enhancement measures, leading to a decrease in sales and R&D expenses in Q2 2025 [2] Group 3: Upcoming Projects and Events - The company is focusing on the supernatural urban open-world RPG game "Yihuan," which has received positive market feedback after its second domestic test [3] - Several new games are expected to contribute marginal growth, including "Persona: Nightshade" and the new version of "Zhu Xian World," which is anticipated to drive revenue growth [3] - The company will host the CS Asia Invitational (CAC 2025) in October 2025, aiming to enhance the esports business [3] Group 4: Profit Forecast - The company forecasts net profits attributable to shareholders of 780 million yuan and 1.56 billion yuan for 2025 and 2026, respectively, with corresponding PE ratios of 39.5 times and 19.9 times [3]