研报掘金丨财信证券：维持完美世界“买入”评级，游戏业务驱动业绩增长

Core Viewpoint - Perfect World achieved a net profit attributable to shareholders of 162 million yuan in Q3 2025, representing a year-on-year increase of 176.59% for the first three quarters, and a total net profit of 666 million yuan, marking a turnaround from losses in the same period last year [1] Financial Performance - The company reported a net profit of 162 million yuan in Q3 2025, which is a significant increase compared to the previous year [1] - For the first three quarters of 2025, the net profit attributable to shareholders reached 666 million yuan, indicating a recovery from previous losses [1] Business Development - The gaming business is a key driver of performance growth, with multi-track collaboration contributing to overall success [1] - The esports segment is highlighted as a long-term operational capability for the company [1] Product Launch and Innovation - The game "Yihuan," developed using Unreal Engine 5.5, began its second round of testing at the end of June 2025 [1] - The game showcases significant optimizations in scene lighting and texture details, leveraging the latest features of Unreal Engine 5.5 [1] - The project integrates AIGC content production tools and a self-developed intelligent platform, enhancing both development efficiency and content quality [1] Investment Rating - The company maintains a "Buy" rating based on its performance and growth prospects [1]