研报掘金丨开源证券：维持完美世界“买入”评级，看好上线驱动业绩大幅增长

Core Viewpoint - Perfect World’s game "Yihuan" has received a strong response during its third closed beta test, which is expected to drive significant revenue growth, maintaining a "buy" rating [1] Group 1: Game Performance - "Yihuan," developed using Unreal Engine 5, is an open-world game with a unique urban theme, differing from the common wilderness settings [1] - As of February 6, 2026, the official pre-registration exceeded 20 million, with 4.81 million on TapTap and a rating of 8.9 [1] - A short video featuring the character "Mint" on Bilibili garnered over 1.34 million views within 5 hours, while the official PV on YouTube exceeded 2.67 million views since its release in December [1] Group 2: Gameplay Mechanics - The urban theme allows for the integration of various sub-genres such as simulation and racing, enhancing gameplay diversity and monetization potential [1] - The game introduces a mechanism where players are guaranteed to obtain a featured character every 90 draws, improving the experience for collectors and establishing a solid Daily Active Users (DAU) base [1] - The "Constellation" system is retained to maintain revenue opportunities for heavy spenders [1] Group 3: Development and Updates - The development team leverages experience from "Honkai: Star Rail," utilizing Unreal Engine 5 to create impressive 2.5D urban landscapes [1] - The third beta version addressed numerous player feedback issues from the second beta, demonstrating the team's commitment to responding to player needs [1] Group 4: Market Outlook - "Yihuan" is set to launch its overseas second beta on February 6, 2026, with the domestic version expected to be released in Q2 2026 [1] - The previous title, "Honkai: Star Rail," launched in December 2021, reported cumulative revenue exceeding 3 billion RMB in its 2022 annual report, indicating strong market potential for "Yihuan" as the first domestic urban-themed open-world game [1]