PWRD(SZ:002624) Guo Ji Jin Rong Bao·2025-11-28 15:36Core Viewpoint - Perfect World has announced a plan for its actual controller, Chi Yufeng, to reduce his shareholding by up to 32.98 million shares, representing 1.7% of the total share capital, due to personal financial needs, which has led to a significant drop in the company's stock price [2][3] Group 1: Shareholding and Financial Impact - Chi Yufeng currently holds 149 million shares, accounting for 7.69% of the total share capital, and along with his concerted actions, they hold 628 million shares, or 32.36% of the total [2] - The planned reduction could result in a cash-out of approximately 500 million yuan based on the closing price of 15.147 yuan per share on November 27 [2] - This is not the first time Chi has reduced his holdings; he has cumulatively cashed out over 3 billion yuan since his initial shareholding of 176 million shares [2][3] Group 2: Business Performance and Challenges - Perfect World has faced significant challenges in 2024, with major declines in revenue from existing games and underperformance of new releases, such as "One Punch Man: World" [3] - The company reported its first annual loss since going public, with a net loss of 1.288 billion yuan [3] - However, the latest quarterly report shows a revenue of 1.726 billion yuan, a year-on-year increase of 31.45%, and a net profit of 162 million yuan, up 176.59% [4] Group 3: Future Prospects and Market Conditions - The growth in net profit is partly attributed to non-recurring gains, including a 182 million yuan profit from the sale of a studio [5] - Perfect World is focusing on its promising project "Yihuan," which has received a game license and is expected to be a significant revenue driver [5] - The overall market for two-dimensional games has been declining, with a reported 8% drop in sales revenue in the first half of the year, raising concerns about "Yihuan's" ability to succeed in a competitive landscape [5]