完美世界：创新品类游戏上线，多端产品全球发行

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported a significant decline in revenue and net profit for H1 2024, with total revenue of 2.76 billion yuan, down 38.12% year-on-year, and a net loss attributable to shareholders of 177 million yuan [1]. - The decline in performance is attributed to lower-than-expected game revenue, losses in the film business, and one-time costs from office space consolidation [1]. - The launch of innovative games like "Persona: Nightfall" is seen as a positive step towards expanding the younger user base and enhancing the company's product offerings [1]. - The company's overseas revenue reached 280 million yuan, accounting for 10.16% of total revenue, indicating progress in global distribution efforts [1]. - The film business is focusing on a "quality over quantity" strategy, with several successful series and projects in the pipeline, although it reported a net loss after excluding non-recurring gains [2]. Financial Summary - For H1 2024, the gaming segment generated 2.65 billion yuan in revenue, with a net loss of 166 million yuan [1]. - The company expects revenues of 5.61 billion, 6.56 billion, and 7.29 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -28.0%, 17.0%, and 11.0% [2][7]. - The projected net profit for the same years is -328 million, 130 million, and 377 million yuan, with corresponding year-on-year growth rates of -166.8%, 139.5%, and 191.1% [2][7].