Ge Long Hui·2025-12-24 15:56Core Insights - The report from Zheshang Securities highlights the release of the promotional video for Perfect World's new game "Yihuan," emphasizing the new content and launch timeline [1] - The company, known for its expertise in heavy game development, has faced challenges in recent years, including being at the bottom of its product cycle, organizational restructuring, and divesting some traditional assets, which have impacted profit levels and stock prices [1] - Most of these issues have been resolved, and the development team behind "Huan Tower" is now focusing on the new title "Yihuan," indicating a favorable investment opportunity [1] Financial Projections - It is anticipated that "Yihuan" will generate a revenue of 5 billion yuan within 12 months post-launch, with projections of 3 billion yuan in 2026 and a profit margin expected to be between 30-50%, leading to a profit contribution of 900 million to 1.5 billion yuan [1] - The current stock price corresponds to P/E ratios of 37, 17, and 14 times, maintaining a "buy" rating [1]