Group 1 - Industry investment rating: Buy [2] - Previous rating: Buy [2] - Report date: February 9, 2026 [2] Group 2 - The core viewpoint is that the game "异环" is expected to reshape the experience of the two-dimensional open world by enhancing player agency, allowing players to transition from being mere observers to active participants in the narrative [6][34] - The two-dimensional game market is showing signs of recovery, with significant sales growth driven by key product launches, such as "明日方舟：终末地," which achieved over 1.2 billion yuan in revenue within two weeks of launch [6][16][34] - The report emphasizes that the success of "异环" is attributed to its innovative gameplay mechanics, including first-person perspective and multi-branch storylines that significantly enhance player immersion and engagement [19][20][34] Group 3 - The two-dimensional game market has experienced a typical "supply creates demand" characteristic over the past five years, with notable growth in market size during years of key product launches [13][16] - The report highlights that "明日方舟：终末地" has a strong user base, with over 20 million pre-registrations and significant engagement metrics, indicating robust market demand for high-quality two-dimensional products [33][34] - "异环" has introduced a rich interaction experience, evolving from simple dialogue options to deeper relationship-building mechanics, enhancing the emotional and social value of character interactions [27][33]

Core Viewpoint - The company Perfect World is accelerating the launch of its highly anticipated game "Yihuan," which is positioned to lead the competitive landscape of the two-dimensional open-world gaming sector [1][5]. Group 1: Game Development and Launch - "Yihuan" has officially started player recruitment for a closed beta test scheduled for December 27-28 in Suzhou, indicating a significant step towards its launch [1]. - The game has completed its second round of testing and is confirmed to be in the final sprint phase, while other competing titles are still in earlier stages of development [3][5]. - The second test of "Yihuan" utilized Unreal Engine 5.5 and incorporated advanced technologies like NVIDIA DLSS4, resulting in notable improvements in scene construction, character performance, and combat systems [3][8]. Group 2: Financial Performance - In the third quarter of 2025, Perfect World reported a revenue of 5.417 billion yuan, a year-on-year increase of 33%, and a net profit of 666 million yuan, marking a turnaround from losses [6]. - The successful launch of multiple new games, including the self-developed MMO "Zhu Xian World," has been a key driver of revenue growth [6]. - The company's esports and film sectors also contributed significantly, with the film business achieving a revenue of 920 million yuan in the first three quarters, a staggering year-on-year growth of 433% [6]. Group 3: Market Position and Future Outlook - "Yihuan" is expected to be the first product to launch in the competitive two-dimensional open-world market, establishing a first-mover advantage for Perfect World [5]. - Analysts predict that "Yihuan" could generate approximately 1.4 billion yuan in profit for the company in 2026, indicating strong potential for revenue growth and valuation recovery [8]. - The company is focusing on product iteration, technological upgrades, and cost control to build new growth momentum and regain its competitive position in the industry [9].

Group 1 - The National Press and Publication Administration has approved a new batch of domestic online games, including the highly anticipated urban fantasy open-world game "Yihuan" from Perfect World, which has received multi-platform licenses for mobile, PC, and PS5, indicating an accelerated launch process [1] - "Yihuan" is positioned as an urban open-world RPG developed by Hotta Studio, known for the successful title "Huan Ta." The game features a unique storyline where players act as "anomaly hunters" in a fictional city, engaging in various quests and adventures [2][3] - The gameplay combines open-world exploration and action combat, with innovative elements such as vehicle customization and shop management, differentiating it from traditional titles in the genre [2][3] Group 2 - The game utilizes Unreal Engine 5 to deliver high-quality graphics and a vibrant art style, focusing on content density and interactive elements to enhance player experience [3] - Perfect World reported a significant increase in revenue for Q1, achieving 2.023 billion yuan, a 52.22% year-on-year growth, and a net profit of 302 million yuan, indicating a positive financial outlook that "Yihuan" could further enhance upon its release [3] - The competitive landscape for urban open-world games has evolved significantly since the success of "Genshin Impact," with many developers exploring diverse gameplay mechanics to avoid homogenization, positioning "Yihuan" in a relatively untapped market segment [4] Group 3 - "Yihuan" has garnered positive early feedback, with high ratings on platforms like TapTap and Bilibili, indicating strong player interest and potential for a successful launch [7] - The approval and testing of "Yihuan" signal a growing competition in the open-world genre, encouraging other developers to accelerate their game development processes [5][8] - The ongoing challenge for "Yihuan" and similar titles will be to balance monetization strategies with player experience post-launch, ensuring sustained user engagement [8]