完美世界前3季营收增3成背离现金流 否认去年”洗大澡”

Core Insights - Perfect World reported a significant increase in revenue and net profit for Q3 2024, with revenue reaching 1.726 billion yuan, up 31.45% year-on-year, and net profit of 162 million yuan, up 176.59% [1][2] - For the first three quarters of 2024, the company achieved a revenue of 5.417 billion yuan, a 33.00% increase, and a net profit of 666 million yuan, a substantial increase of 271.17% [1][2] - The company’s cash flow from operating activities for the first three quarters was 889 million yuan, indicating a healthy cash flow despite a decline in cash received from sales [1][4] Financial Performance - The gross profit margin for the first three quarters of 2024 was 59.28%, a decrease of 1.37 percentage points year-on-year, while the net profit margin increased to 12.07%, up 21.89 percentage points [3] - In Q3 2024, the gross profit margin improved to 64.83%, an increase of 13.06 percentage points year-on-year, and the net profit margin was 8.49%, up 29.65 percentage points compared to the same quarter last year [3] - The basic and diluted earnings per share for Q3 2024 were both 0.09 yuan, reflecting an increase of 181.82% year-on-year [2] Cash Flow and Revenue Recognition - The company acknowledged a discrepancy between cash received from sales and revenue growth, attributing it to the nature of its business and the timing differences in revenue recognition [4] - Perfect World reported a net cash flow from operating activities of 502 million yuan for the first half of 2025, a turnaround from a loss in the previous year, with a growth rate of 422.91% [4] - The company emphasized that cash flow statements and profit and loss statements are based on different accounting principles, which can lead to variations in reported figures [4]