PWRD(SZ:002624) Bei Jing Shang Bao·2025-12-21 10:59Core Viewpoint - Perfect World is re-entering the cinema business by taking over and upgrading the UME Cinema (Beijing Huaxing Store) to Perfect World Cinema (Zhongguancun IMAX Store), aiming to enhance its brand image and market competitiveness in the evolving entertainment landscape [1][5] Group 1: Cinema Operations and Adjustments - The Zhongguancun IMAX Store began trial operations on November 21, with all nine screening halls opened by December 21, including three special effect halls and three VIP halls [3] - Initial operational issues were reported, including seat management problems and customer complaints about the viewing experience, leading to adjustments in seating and hall configurations [4][3] - The cinema staff acknowledged operational challenges during the trial period, including heating issues and inadequate restroom facilities, which are constrained by the building's structure [4][6] Group 2: Corporate Structure and Business Strategy - Although the cinema is branded as "Perfect World," it operates under Perfect World Holdings, with no direct financial ties to the publicly listed Perfect World [6] - The cinema business was previously divested from Perfect World in 2018, with assets transferred to Perfect Holdings, indicating a strategic shift to reduce operational risks and improve capital efficiency [7][6] - Perfect World aims to leverage its gaming and film IPs to create a closed-loop ecosystem that integrates content production, distribution, and ancillary consumption, enhancing its competitive edge in the cinema sector [5][9] Group 3: Market Position and Future Prospects - The cinema industry is transitioning from a single screening model to a multi-functional entertainment space, with leading companies establishing high barriers to entry [13] - Perfect World Cinema is focusing on enhancing brand competitiveness through hardware upgrades and diversified service offerings, aligning with consumer trends towards experiential entertainment [9][13] - Despite the challenges, the company is exploring ways to convert its gaming IP into themed experiences within cinemas to attract core fan bases and increase customer spending [13][9]