赛事之外，一个健康的商业生态也是一个商业价值能够持续创造和流动的生态。完美世界还联合行业顶 尖伙伴打造赞助商联盟，实现技术升级、精准营销与生态共建的价值共生。该生态收获了良好的数据印 证，既是人才培养、内容创造与品牌赋能体系，也为中国电竞商业化提供可行范式，助力产业可持续高 质量发展。 经济观察网 12月4日，2025年度中国电竞产业年会在北京市石景山区举办，同时发布《2025年中国电子 竞技产业报告》。报告显示，2025年中国电子竞技产业收入同比增长6.40%，其中直播收入占比最大， 为80.81%；用户规模超4.95亿人，较去年增长明显，增长率为1.06%。 完美世界（002624）副总裁黄小鸥在演讲中表示，当前，完美世界在构建"从大众到巅峰"的金字塔赛事 生态上持续探索。其中，塔尖为 Major、CAC 等国际顶尖赛事，吸引全球流量；塔身 PWC 挑战赛搭建 职业晋升通道，锤炼本土战队；塔基 PNL 全国联赛覆盖大众、高校、社区赛道，夯实用户与人才基 础，三者贯通形成完整的电竞人才与价值晋升体系。 ...

Core Viewpoint - Perfect World has shown significant recovery in its financial performance in the first half of 2025, indicating the effectiveness of its strategic adjustments and operational optimizations [1][2]. Financial Performance - In the first half of 2025, Perfect World achieved operating revenue of approximately 3.691 billion yuan, a year-on-year increase of 33.74% [3]. - The net profit attributable to shareholders reached approximately 503 million yuan, a substantial year-on-year growth of 384.52%, marking a strong turnaround from losses in the previous year [3]. - The non-recurring net profit also turned positive, reaching 318 million yuan, with a year-on-year growth of 235.12%, indicating a significant recovery in internal growth momentum [3]. Cash Flow - The net cash flow from operating activities recorded 502 million yuan, a year-on-year increase of 422.91%, providing a solid foundation for stable operations and future investments [4]. Cost Management and Efficiency - Perfect World has implemented cost-saving measures and improved operational efficiency, resulting in a decrease in sales and management expenses by 34.89% and 27.81%, respectively [5]. - Research and development investment remained stable with a slight decrease of 0.95%, indicating continued commitment to core areas for long-term competitiveness [5]. - The sale of assets related to the Chengfeng Studio for 34.5 million USD generated approximately 172 million yuan in asset disposal gains, reflecting proactive resource optimization [5]. Business Segments - The gaming segment, including esports, continued to grow steadily, generating revenue of 2.906 billion yuan, a year-on-year increase of 9.67%, with PC games showing remarkable growth of 70.51% [6]. - The flagship MMORPG "Zhu Xian World," launched at the end of last year, contributed significantly to revenue growth [6]. - The film and television segment saw revenue soar to 767 million yuan, a year-on-year increase of 756.35%, with this segment accounting for 20.79% of total revenue [8]. Industry Trends - The gaming industry is shifting towards high-quality PC games as the mobile gaming market faces intense competition and slower growth [8]. - Perfect World is leveraging its deep experience in the PC gaming sector to align with this market trend [8]. Future Outlook - Perfect World emphasizes the importance of technological and product innovation for sustained growth, focusing on self-developed engines and cross-platform technology adaptation [10]. - Upcoming products like "Zhu Xian 2" and "Yi Huan" are expected to enhance the company's market position, with significant advancements in technology and user engagement [11][13].

Group 1 - The core viewpoint emphasizes the importance of focusing on business model construction in the esports industry, similar to traditional sports like the NBA [2] - The current industry adjustment period is seen as an opportunity for reflection and expansion of business models, leading to the creation of a comprehensive ecosystem covering various verticals in esports and gaming [2] - The decision to go public during an industry downturn was driven by the need to attract international capital and solidify the company's leading position in the global market while maintaining rapid business growth [2] Group 2 - Many commercially valuable games are not necessarily esports projects, but esports is recognized as a form of sports due to its alignment with the competitive spirit of traditional sports [3] - The gaming sector is showing positive development, exemplified by the global attention garnered by the game "Black Myth: Wukong," which successfully conveys Chinese culture [3] - The focus on AI's impact is on its application in the gaming sector rather than esports, with an emphasis on efficiency improvements in training and performance optimization for players [3]

Group 1 - The popularity of esports is increasing, supported by local policies that enhance the promotion and development of esports events and their economic impact [1][5] - The "2025 International Peak Cup" final was held in Guangzhou, where Team Spirit defeated the Chinese team DFYG with a score of 4:0, winning a total prize of 1 million yuan [1] - The esports industry in China is approaching a scale of 30 billion yuan, indicating significant growth potential [4] Group 2 - The esports market in China generated nearly 27.6 billion yuan in actual sales revenue in 2024, with a year-on-year growth of 4.6% [5] - The number of esports users in China reached 490 million in 2024, reflecting a slight increase of 0.4% [5] - The recognition of esports as a legitimate career is growing among parents, leading to increased participation and investment in the industry [5][6] Group 3 - Despite the rapid growth of the esports industry, there are concerns regarding its commercialization capabilities [8] - Many companies in the esports industry, including clubs and streaming platforms, are currently operating at a loss [9] - Star Gaming, known as "China's first esports stock," reported a revenue increase of 1.9% to $85.3 million in 2024, but also faced a net loss of $12.7 million [9] Group 4 - Sponsorship revenue is crucial for esports clubs, but only top-tier clubs can secure significant sponsorships, leading to financial challenges for others [10] - The esports industry is heavily reliant on live streaming revenue, which accounts for over 80% of the total industry revenue [11] - Star Gaming plans to diversify its business model by expanding into new areas, including the hotel market, to enhance revenue streams [11]

Core Viewpoint - The esports industry in Shanghai is rapidly developing and is now considered to be at a unique level compared to other Asian cities, surpassing South Korea's Seoul and Japan's Tokyo in terms of scale and capability [1][5][7]. Group 1: Event Highlights - The DOTA2 offline elimination tournament held in Shanghai attracted over 3,000 on-site viewers and millions online from May 1-3 [1]. - The upcoming finals for nine esports projects will take place in major venues in Shanghai from May 16-18, showcasing the city's capacity to host large-scale events [3][4]. - The Asian Champions League (ACL) has engaged over 1,000 teams from 32 cities in China for the CS2 project, indicating widespread participation [3]. Group 2: Comparative Analysis - Shanghai's esports infrastructure, including multiple large venues, allows for hosting events that would be challenging in South Korea, even in its largest city, Seoul [4]. - While South Korea had a pioneering advantage in esports, the current level of China's esports capabilities, particularly in Shanghai, has surpassed that of South Korea [5]. - Japan's esports scene is still developing and lacks the depth seen in Shanghai, with a focus on console gaming rather than competitive esports [7]. Group 3: Financial Challenges - The esports industry faces significant profitability challenges, with many events struggling to break even [11][13]. - The ACL's total investment for this year's nine esports projects is close to 200 million RMB, covering various operational costs [14]. - Despite the challenges, the ACL is focusing on building audience reputation and engagement in its first year, with profitability not being the primary concern initially [15].