4月29日，世纪华通发布2024年财报及2025年一季度报。 前者数据显示，公司去年全年实现营收226.2亿元，同比增长70.27%，打破自身记录的同时，稳居A股游戏第一；而归母净利润为12.13亿元，同比增长 131.51%；扣非净利润为16.43亿元，同比增长290.2%；经营性现金流为50.46亿元，同比增长62.67%，多项核心指标均实现大幅增长。 | | 2024 年 | 2023 年 | | 本年比上 | 2022 年 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | 年增减 | | | | | | 调整前 | 调整后 | 调整后 | 调整前 | 调整后 | | 营业收入 (元) | 22, 619, 694, 342. 95 | 13, 284, 552, 938. 83 | 13, 284, 552, 938. 83 | 70. 27% | 11, 475, 126, 037. 46 | 11, 475, 126, 037. 46 | | 归属于上市公 | | | | | | | | 司股东的净利 | 1, 213, 198, ...

Core Viewpoint - The company reported a revenue of 6.452 billion yuan in 2024, representing a year-over-year increase of 8.22%, with a net profit of 1.428 billion yuan, up 60.92% year-over-year, indicating strong financial performance despite a decline in Q1 2025 [1] Group 1: Game Business - The gaming segment achieved a revenue of 4.662 billion yuan in 2024, with a year-over-year growth of 3.66% and a gross margin of 72.70%, reflecting a 1.56 percentage point increase [2] - The net profit from gaming was 1.552 billion yuan, up 40.47% year-over-year, with a net profit margin of 33.28%, an increase of 8.72 percentage points [2] - The company expects a natural decline in revenue from existing products in Q1 2025, leading to an overall revenue decrease of 11.07% year-over-year [2][3] Group 2: Future Outlook - The company plans to maintain long-term operations for existing games, with expectations for stable revenue from key titles like "Age of Origins" and "War and Order" [3] - New games "Stellar Sanctuary" and "Next Agers" are set to launch in overseas markets by the end of 2024, with plans for large-scale promotion in mid to late 2025 [3] - The company has additional RPG and SLG games in the pipeline, which are anticipated to contribute to revenue growth [3] Group 3: Computer Business - The computer and other businesses generated revenue of 1.790 billion yuan in 2024, marking a year-over-year increase of 22.21% [4] - AI/ICT operations accounted for 1.478 billion yuan, growing 20.53% year-over-year, while IoT/communications revenue reached 133 million yuan, up 62.30% [4] - The company is focusing on integrating AI across various business lines, enhancing profitability and growth potential [4] Group 4: Profit Forecast and Investment Rating - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 0.59, 0.64, and 0.69 yuan, respectively, reflecting a downward revision from previous estimates [5] - The current price-to-earnings (PE) ratios are projected at 19, 18, and 17 times for 2025-2027 [5] - The company maintains a "buy" rating, supported by strong computer business growth and a robust pipeline of new games [5]

积极筹备筹备，关注后续上线进展公司储备有诛仙P正统续作《诛仙2》，自前游戏已获移动、客户端 版号，上线后有望借助IP影响力吸引大量IP粉丝尚玩家：《女神异闻录：夜幕魅影》部分海外地区发行 计划稳步推进；另有一款超自然都市开放世界RPG游戏《异环》首2024年7月首曝后关注度较高，关注 游戏后续开发及上线进展。 深化布局多领域发展，有望增厚整体业绩除主营游戏业务外，公司在各个其他领域赛道的竞争力不断增 强，有望进一步增厚公司业绩，提高公司影响力：电竞业务方面，将举办世界级赛事CS亚洲邀请赛 （CAC2025），进一步提升品牌影响力；影视业务方面，多部平台定制剧如《于朵桃花一世开》等相 继播出，精品微短剧《夫妻的春节》成为2025年全网首部观看人数破亿的短剧。 事件公司发布2024年度报告和2025年一季报：2024年公司实现营业收入 55.70亿元，同比下降28.50%； 归母净利润为亏损12.88亿元，同比由盈转亏。2025第一季度公司实现营业收入20.23亿元，同比增长 52.22%；归母净利润为3.02亿元（包含出售乘风工作室的非经常性收益1.2亿元）：扣非归母净利润1.63 亿元，同比扭号为盈。 业务调 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company reported Q1 2025 results that exceeded expectations, with revenue of 1.136 billion yuan, a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.43%. The net profit attributable to shareholders was 283 million yuan, a year-on-year increase of 11.82% but a quarter-on-quarter decrease of 1.43% [1][2]. - The newly launched game "Wen Jian Chang Sheng" performed exceptionally well, generating 363 million yuan in revenue during Q1 2025, with over 2 million registered users [6][7]. - The company has a robust pipeline of new products and is actively investing in IP incubation and operation, with several upcoming game releases planned for 2025 [6][7]. Financial Performance Summary - For Q1 2025, the company achieved a net operating cash flow of 213 million yuan, a year-on-year decrease of 7.73% and a quarter-on-quarter decrease of 49.54% [6]. - The company’s total revenue projections for 2025-2027 are 4.11 billion yuan, 4.48 billion yuan, and 4.88 billion yuan, respectively, with year-on-year growth rates of 11%, 9%, and 9% [7][8]. - The projected net profit for 2025-2027 is 1.066 billion yuan, 1.120 billion yuan, and 1.231 billion yuan, with corresponding growth rates of 13%, 5%, and 10% [7][8]. Market Position and Strategy - The company has a stable long-term operation for existing games, with significant contributions from domestic game revenue. The domestic game business saw a total revenue of 3.21 billion yuan from "Wen Dao" and 4.41 billion yuan from "Wen Dao Mobile" in Q1 2025 [6]. - The company is focusing on new game launches and has a rich reserve of products, including the self-developed game "Zhang Jian Chuan Shuo" and the licensed game "Jiu Mu Zhi Ye" [6][7]. - The company is also investing in well-known enterprises and actively exploring IP operations across various media formats, including novels and animations [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 5.57 billion RMB in 2024, a year-over-year decrease of 28.50%, and a net loss attributable to shareholders of 1.29 billion RMB, a year-over-year increase in loss of 361.98% [1] - The first quarter of 2025 saw a revenue increase of 52.22% year-over-year, reaching 2.02 billion RMB, with a net profit of 302 million RMB, indicating a turnaround in profitability driven by the new game "Zhu Xian World" [1][2] - The company is focusing on high-quality game projects and expects new titles like "Yihuan" and "Zhu Xian 2" to contribute positively to future performance [3] Summary by Sections Financial Performance - In 2024, the gaming business reported a net loss of 725 million RMB, compared to a profit of 490 million RMB in the previous year, primarily due to project closures and underperforming titles [3] - The first quarter of 2025 saw the gaming business revenue grow by 10.37% to 1.42 billion RMB, with a net profit of 292 million RMB [2] Revenue and Profit Forecast - The company expects a net profit of 640 million RMB in 2025, adjusted down from previous estimates, and an increase to 1.42 billion RMB in 2026 [5][14] - The target price for the stock is set at 14.63 RMB, based on a 20x PE valuation for 2026 [5] Cost and Margin Analysis - The gross margin for the first quarter of 2025 was 52.29%, a decrease of 14.65 percentage points, attributed to the increased revenue from the lower-margin film business [4] - The report indicates a significant reduction in expense ratios across sales, management, and R&D due to increased revenue and the absence of prior optimization costs [4]

Investment Rating - The report maintains a "Buy" rating for the company [8][5] Core Views - The company reported a revenue of 5.57 billion RMB in 2024, a year-over-year decrease of 28.50%, and a net loss attributable to shareholders of 1.29 billion RMB, a year-over-year increase of 361.98% [1] - The first quarter of 2025 saw a revenue increase of 52.22% year-over-year, reaching 2.02 billion RMB, with a net profit of 302 million RMB, indicating a turnaround driven by the new game "Zhu Xian World" [1][2] - The company is focusing on high-quality game projects and expects new titles like "Yihuan" and "Zhu Xian 2" to contribute positively to future performance [3] Summary by Sections Financial Performance - In 2024, the gaming business reported a net loss of 725 million RMB, compared to a profit of 490 million RMB in the previous year, primarily due to project closures and underperforming titles [3] - The first quarter of 2025 saw the gaming business revenue grow by 10.37% to 1.42 billion RMB, with a net profit of 292 million RMB [2] Revenue and Profit Forecast - The company expects a net profit of 640 million RMB in 2025, adjusted down from previous estimates, and an increase to 1.42 billion RMB in 2026 [5][14] - The target price for the stock is set at 14.63 RMB, based on a 20x PE valuation for 2026 [5][9] Cost and Margin Analysis - The gross margin for the first quarter of 2025 was 52.29%, a decrease of 14.65 percentage points, attributed to the increased revenue from the lower-margin film business [4] - The report indicates a significant reduction in expense ratios across sales, management, and R&D due to increased revenue and the absence of prior optimization costs [4]

Core Viewpoint - Perfect World reported a significant financial performance in 2024, with total revenue of 5.57 billion yuan and a net loss of 1.288 billion yuan, while announcing a cash dividend plan for shareholders [2][3] Financial Performance - In 2024, Perfect World achieved total revenue of 5.57 billion yuan, with a net loss attributable to shareholders of 1.288 billion yuan and a non-GAAP net loss of 1.313 billion yuan [2] - For the first quarter of 2025, the company reported revenue of 2.023 billion yuan, a year-on-year increase of 52.22%, and a net profit attributable to shareholders of 302 million yuan [2][3] Dividend Policy - Despite the losses in 2024, Perfect World plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 437 million yuan, maintaining its annual cash dividend practice since 2015 [2] Business Segment Performance - In 2024, the gaming segment generated approximately 5.18 billion yuan, a year-on-year decline of 22.32%, while the film and television segment earned about 350 million yuan, down 66.17% [4] - The company is focusing on long-term games and reassessing its operational strategies to concentrate resources on more promising projects [4] New Product Launches - The launch of "Zhu Xian World" in December 2024 is expected to bolster revenue, contributing to a 10.37% increase in gaming revenue in Q1 2025 [5] - Perfect World is actively developing and preparing for the release of several new games, including "Zhu Xian 2" and "Yihuan" [7] E-sports and Short Video Content - Perfect World plans to host the CS Asia Invitational 2025, aiming to strengthen its e-sports ecosystem [7] - The company is also expanding into the micro-short drama market, with successful releases in 2024 and early 2025 [8]

Core Insights - Perfect World reported a significant increase in Q1 2025 revenue, achieving 2.02 billion yuan, a year-on-year growth of 52.22% [1] - The company faced a net loss of 1.29 billion yuan for the full year 2024, but is optimistic about returning to profitability with the launch of key products [1] - A cash dividend of 2.3 yuan per 10 shares is proposed, totaling 437 million yuan, continuing a decade-long trend of annual cash dividends [1] Financial Performance - In Q1 2025, the gaming segment generated revenue of 1.42 billion yuan, a 10.37% increase compared to the same period last year, driven by the launch of "Zhu Xian World" [3] - The overall revenue for 2024 was 5.57 billion yuan, with a net loss of 1.29 billion yuan [1] - The company has maintained a cash dividend payout ratio exceeding 60% of cumulative net profit since 2015, totaling 5.49 billion yuan over ten years [1] Business Strategy - Perfect World is focusing on optimizing management and business processes to address past issues and enhance performance [1] - The company plans to explore new gaming business opportunities with small-scale, lightweight investments to diversify its gaming portfolio [3] - The esports titles "DOTA2" and "CS:GO" continue to perform well, contributing to revenue growth despite a decline in mobile game revenue due to product lifecycle effects [3]

Core Viewpoint - 2024 presents both opportunities and challenges for the gaming industry, with established companies like Perfect World needing to adapt to remain competitive [1] Financial Performance - Perfect World reported a total revenue of 5.57 billion yuan in 2024, a decline of 28.50% from 7.79 billion yuan in the previous year [3] - The company incurred a net loss of 1.29 billion yuan, compared to a profit of 491 million yuan in 2023 [3] - The gaming segment, which accounts for 93% of total revenue, generated 5.18 billion yuan, down 22.32% year-on-year [3] Dividend and Shareholder Returns - Despite the losses, Perfect World plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 437 million yuan [3] - Since 2015, the company has distributed a cumulative total of 5.49 billion yuan in dividends, representing over 60% of cumulative net profit [3] Recent Developments - The launch of "Zhu Xian World" in December 2024 is seen as a potential turning point, contributing to a revenue of 2.02 billion yuan in Q1 2025, a 52.22% increase year-on-year [7] - The gaming business in Q1 2025 achieved a revenue of 1.42 billion yuan, up 10.37% from the previous year, attributed to the success of "Zhu Xian World" [7] Project Cancellations and Losses - Several projects were canceled due to poor expected returns, resulting in a combined loss of approximately 397 million yuan [4] - The underperformance of games like "One Punch Man: World" and "Kairi's Million Arthur: Ring" led to additional losses of about 343 million yuan [4] Future Prospects - Perfect World is focusing on new game releases, having recently received approval for two new titles, "Golden Flash Knight Group" and "Lost" [8] - The anticipated game "Yihuan" is expected to be a key player in the company's transformation, with a global pre-registration of 2.8 million [9][10] Esports Strategy - The successful hosting of the Shanghai Major in 2024 has positioned Perfect World favorably in the esports sector, contributing to stable revenue from titles like "DOTA2" and "CS:GO" [12] - The esports business model is still evolving, with event revenues making up only 8.75% of the total esports market revenue [13] Conclusion - 2025 is critical for Perfect World as it seeks to maintain its core MMO offerings while breaking into new genres [14] - The success of "Zhu Xian World" provides a boost, but sustained growth will require additional successful titles and innovative strategies [14]

也是从去年开始，沐瞳科技和朝夕光年开始合作一些项目。更早之前，沐瞳科技更加独立，与朝夕光年的工作系统都是分开的，二者的合作更多时候停留 在朝夕光年为沐瞳科技提供一些技术上或权限上的支持。该人士表示，"我感觉预计今年年底或明年年初，两边就会打通。" 此外，在这一消息传出来之前，字节的游戏业务（主要是朝夕光年）已经在复苏过程中，且在不断立一些新的项目。 如今的字节游戏，不再有曾经的野心。 作者 | 兰杰 编辑 | 乔芊 距离字节游戏重整旗鼓已经过去了一年多，当下字节游戏决定选择一条怎样的路？ 近期，有传言表示字节跳动正在推进朝夕光年并入沐瞳科技，整合后字节游戏将独立运营并筹备上市。 对此，字节跳动方面只表示，目前暂无上市计划。另据36氪从接近沐瞳科技人士处获悉，合并是确定的，但具体是谁并入谁尚无明确通知。 上述人士表示，在去年张云帆就任字节游戏业务负责人（同时管理沐瞳科技、朝夕光年和UGC部门）后的All Hands上，他曾表示过朝夕光年和沐瞳科技 之间会有更多的交集，有员工提问未来是否会合并，张云帆也没有给出明确的否认或确认信号。 字节跳动从宣布裁撤关停朝夕光年，到宣布重新推动游戏业务，再到空降新的负责人，前后 ...