完美世界业绩拐点已至，《异环》成下一增长引擎

Core Viewpoint - The company Perfect World is accelerating the launch of its highly anticipated game "Yihuan," which is positioned to lead the competitive landscape of the two-dimensional open-world gaming sector [1][5]. Group 1: Game Development and Launch - "Yihuan" has officially started player recruitment for a closed beta test scheduled for December 27-28 in Suzhou, indicating a significant step towards its launch [1]. - The game has completed its second round of testing and is confirmed to be in the final sprint phase, while other competing titles are still in earlier stages of development [3][5]. - The second test of "Yihuan" utilized Unreal Engine 5.5 and incorporated advanced technologies like NVIDIA DLSS4, resulting in notable improvements in scene construction, character performance, and combat systems [3][8]. Group 2: Financial Performance - In the third quarter of 2025, Perfect World reported a revenue of 5.417 billion yuan, a year-on-year increase of 33%, and a net profit of 666 million yuan, marking a turnaround from losses [6]. - The successful launch of multiple new games, including the self-developed MMO "Zhu Xian World," has been a key driver of revenue growth [6]. - The company's esports and film sectors also contributed significantly, with the film business achieving a revenue of 920 million yuan in the first three quarters, a staggering year-on-year growth of 433% [6]. Group 3: Market Position and Future Outlook - "Yihuan" is expected to be the first product to launch in the competitive two-dimensional open-world market, establishing a first-mover advantage for Perfect World [5]. - Analysts predict that "Yihuan" could generate approximately 1.4 billion yuan in profit for the company in 2026, indicating strong potential for revenue growth and valuation recovery [8]. - The company is focusing on product iteration, technological upgrades, and cost control to build new growth momentum and regain its competitive position in the industry [9].