Group 1 - The core viewpoint of the article highlights the recent research conducted by Xinda Australia Fund on a listed company, Perfect World, emphasizing its focus on long-term operation and value cultivation of older games [1] - Perfect World is enhancing its game offerings through content iteration and refined operations, ensuring the longevity of products like "Perfect World Classic Edition" [1] - The company is improving its self-publishing capabilities with projects such as "Huan Tower" and "Persona 5: The Phantom X," with "Yihuan" set for global launch across PC, mobile, and console platforms [1] - Perfect World has successfully completed domestic and overseas testing phases for "Yihuan," showcasing it at major gaming events like the 2025 Cologne Exhibition and Tokyo Game Show [1] - The esports business is developing steadily, with the successful hosting of the 2025 Counter-Strike Asia Invitational and plans for the 2026 DOTA2 International Invitational in Shanghai [1] - In the film and television sector, the company is focusing on "quality over quantity," controlling investment scale while increasing efforts in the short drama segment [1] - For the first nine months of the year, Perfect World reported a net cash inflow from operating activities of 888.99 million yuan, a significant turnaround from negative to positive, attributed to increased game revenue and cost reduction efforts [1] Group 2 - Xinda Australia Fund, established in 2006, has an asset management scale of 110.04 billion yuan, ranking 56th out of 211 [2] - The fund's non-monetary public fund management scale is 64.37 billion yuan, ranking 66th out of 211 [2] - The fund manages 186 public funds, ranking 37th out of 211, with 38 fund managers, ranking 33rd out of 211 [2] - The best-performing public fund product in the past year is Xinao Performance-Driven Mixed A, with a latest unit net value of 1.64, reflecting a growth of 135.44% over the past year [2] - The latest public fund product launched by Xinda Australia Fund is Xinao High-End Equipment Mixed A, which is a mixed-type equity fund with a subscription period from October 27, 2025, to November 7, 2025 [2]

Core Insights - The Chinese gaming industry is experiencing a new active period with the normalization of domestic game license approvals, leading to a peak in overseas expansion with successful titles like "Black Myth: Wukong" and "Genshin Impact" [1] - The release of the "Game Overseas Service Manual" highlights the need for game developers to adjust their overseas strategies in response to changing global market dynamics [1] Group 1: Market Analysis - The "Service Manual" focuses on both mature markets (like North America, Japan, and South Korea) and emerging markets (like Indonesia and Vietnam), analyzing growth points and profit models [2] - In North America, user preferences are diversifying, with a strong appeal for social and family-related elements, while strategy and simulation games have significant potential [2][3] - Emerging markets, despite lower consumption power, are growing faster than mature markets, presenting opportunities for small and niche developers [3] Group 2: Operational Strategies - Companies are encouraged to adopt a trial-and-error approach in overseas publishing, iterating methods and adjusting strategies based on practical experiences [4] - The importance of selecting appropriate payment channels for different markets is emphasized as a key aspect of refined overseas operations [5] Group 3: Compliance and Regulation - Payment convenience is crucial in the in-game purchase process, with different markets favoring various payment methods, such as QRIS in Indonesia and GCash in the Philippines [6] - Compliance with local regulations is increasingly important, with specific requirements like the GRAC certification in South Korea being critical for market entry [6][7] - Platforms are tightening regulations on user privacy and copyright compliance, necessitating that companies understand how to communicate with platforms and fulfill compliance obligations [7]

Investment Rating - The investment rating for the company is "Buy" [11] Core Insights - The company reported a significant year-on-year revenue increase of 31.45%, achieving a total revenue of 1.726 billion yuan in Q3 2025, along with a net profit of 162 million yuan, marking a turnaround from losses [2] - The improvement in revenue and profitability is attributed to the successful launch of multiple new games and a growing esports business, with notable titles like "Zhu Xian World" and "Persona: Nightshade" set to release in the coming years [2][4] - The company's film and television segment also saw substantial growth, with a revenue increase of 433% year-on-year, totaling 920 million yuan in the first three quarters [2] Financial Performance - The company achieved a gross margin of 64.83%, an increase of 13.06 percentage points year-on-year, while all three major expense ratios (sales, management, and R&D) decreased [3] - Forecasted revenues for 2025-2027 are estimated at 6.715 billion, 10.767 billion, and 9.888 billion yuan, respectively, with corresponding net profits of 632 million, 1.711 billion, and 1.820 billion yuan [5][11] Future Focus - The company is focusing on the testing schedule for "Eternal Ring," which is expected to enhance its market position with innovative gameplay and technology [4] - The game is anticipated to generate approximately 1.4 billion yuan in profit for the company in 2026, based on its expected performance compared to similar titles [5]

Market Performance - The three major indices collectively rose, with the Shanghai Composite Index up by 0.88%, the Shenzhen Component Index up by 1.39%, and the ChiNext Index also up by 1.39% [1] - Over 2,600 stocks in the two markets increased, with a total trading volume of 1.325 trillion [1] Sector Performance - The power grid equipment sector continued its strong performance, with Moen Electric achieving three consecutive limit-ups and Baobian Electric hitting a limit-up for two consecutive days [3] - The semiconductor sector saw fluctuations, with Demingli reaching a limit-up and Haiguang Information rising over 10% during the session [3] - The chemical sector experienced a surge, with multiple stocks such as Batian Co. and Chengxing Co. hitting limit-ups [3] - The electrolytic aluminum concept was active, with China Aluminum reaching a limit-up and hitting a 15-year high [3] - The gas turbine concept continued to rise, with Triangle Defense hitting a 20% limit-up, and several other stocks like Chuanqi Power and Weichai Heavy Machinery also reaching limit-ups [3] Regional and Sector Adjustments - The Hainan sector opened low and fell into adjustment, dropping by 3.56%, with stocks like Roniu Mountain down by 9.25%, Hainan Airlines down by 8.81%, and Caesar Travel down by 8.43% [3] - The tourism sector collectively declined, with the ice and snow industry concept stocks leading the drop, including Dalian Shengya hitting the limit-down [3] Policy and Investment News - Zhejiang Province established a social security science and technology equity investment fund with a capital contribution of 50 billion [3] - Chongqing is enhancing listing guidance and cultivation to promote biopharmaceutical companies in domestic and foreign capital markets, aiming to create an AI + pharmaceutical public service platform and build a new model of pharmaceutical industry brain + future factory [3]

Investment Rating - The report rates the media industry as "Buy" [1] Core Insights - The media industry experienced significant revenue and profit growth in Q3 2025, with a revenue of 135.21 billion yuan, up 8.6% year-on-year, and a net profit of 10.4 billion yuan, up 43.7% year-on-year. The gaming sector was a major driver, with a net profit growth of 111% [2][11] - The report highlights the positive impact of AI technology on new formats such as animated dramas and short dramas, which are expected to enhance efficiency and drive growth [2][65] Summary by Sections Investment Recommendations - The gaming sector is highlighted for its high growth potential, with Q3 2025 revenue reaching 33 billion yuan, a 27.1% increase year-on-year, and a net profit of 5.88 billion yuan, reflecting a profit margin of 17.8%. Key companies recommended include Kayi Network, Giant Network, and Jibite [8][20][27] - The report suggests focusing on the IP and film sectors, which are recovering from a low base, with recommendations for Mango Super Media and Shanghai Film, particularly in the context of AI-driven innovations [8][54][64] - The publishing sector is noted for its stability, with a recommendation for state-owned publishing companies due to their strong cash reserves and high dividend yields [9][48] Q3 2025 Overview - The media sector's revenue and profit growth is attributed to the gaming sector's performance, with significant contributions from companies like ST Huatuo and Jibite [11][14] - The publishing sector saw a revenue decline of 5.1% but managed to achieve a net profit increase of 27.9% due to favorable tax policies [39][44] Gaming Sector - The gaming industry is experiencing a favorable supply-demand structure, with a notable increase in the number of domestic game licenses issued, reaching a total of 1,354 licenses in 2025 [20][28] - The report emphasizes the strong performance of leading gaming companies, with significant year-on-year growth in both revenue and net profit [27][31] IP and Film Sector - The film sector's revenue in Q3 2025 was 28.59 billion yuan, a decrease of 5.1%, but net profit surged by 936.3% due to improved box office performance [54][58] - The report highlights the potential of AI technologies in transforming the film industry, particularly in production efficiency and IP monetization [65] Marketing Sector - The marketing sector achieved a revenue of 47.16 billion yuan, up 7.6% year-on-year, with notable growth from leading companies like Yidian Tianxia [66]

Core Insights - The gaming industry is facing challenges in generating revenue, with traditional genres like SLG (Simulation and Strategy Games) struggling to attract new users and maintain profitability [2][4] - Google has released a report titled "Lightweight SLG Player Insights," which provides data and interviews from players in the US and South Korea, highlighting how SLG games can break through existing limitations and tap into new user bases [2][6] Group 1: Incremental Growth - To attract players outside the traditional SLG demographic, the visual style of games has shifted towards bright, colorful, and cartoonish designs, making them more approachable for casual users [6][10] - The thematic design of lightweight SLGs focuses on personal growth experiences rather than competitive elements, which resonates more with casual players [6][7] - There are notable differences between US and South Korean players, with US players placing higher importance on art style and character design compared to their South Korean counterparts [8][10] Group 2: Player Engagement Strategies - Lightweight SLGs utilize mini-games and narrative-driven introductions to guide players through the game mechanics, ensuring that each action has a clear objective [10][20] - Players appreciate the ability to progress in short play sessions, which enhances their engagement and satisfaction [20][25] - The design of social features in lightweight SLGs is more flexible, allowing players to join alliances without mandatory requirements, thus reducing the pressure to participate [22][25] Group 3: Monetization and Player Retention - The monetization strategy for lightweight SLGs includes offering smaller, customizable in-game purchases, catering to players' specific interests [25][39] - Both US and South Korean players prioritize multiplayer PVP experiences as a key driver for in-game purchases, indicating a strong preference for competitive gameplay [41][42] - The report suggests that there is still significant room for improvement in SLG games regarding playability, guidance efficiency, and overall enjoyment [44]

证券日报网讯完美世界11月6日发布公告，在公司回答调研者提问时表示，原创超自然都市开放世界 RPG游戏《异环》已于今年7月完成国内二测与海外首测，并分别于8月、9月亮相2025德国科隆游戏展 与2025日本东京电玩展，深受海内外用户喜爱。目前，该产品新一轮测试正在积极筹备中。 （文章来源：证券日报） ...

证券日报网讯 完美世界11月6日发布公告，在公司回答调研者提问时表示，今年前九个月公司经营活动 产生现金净流入88，889.71万元，上年同期为现金净流出，变动主要来自游戏业务的收入增长及各项降 本增效举措逐步见效。 （编辑 袁冠琳） ...

Core Viewpoint - Perfect World (002624) emphasizes its commitment to a global integrated development path through a diversified and high-quality product matrix, enhancing its capabilities in both domestic and international markets [1] Group 1: Product Strategy - The company is improving its youth-oriented publishing system by leveraging projects like "Persona 5: The Phantom X" and "Tower of Fantasy" [1] - Upcoming title "Eternal Loop" is set to launch across PC, mobile, and console platforms globally, which is expected to further advance the company's strategy of multi-platform expansion [1] Group 2: Global Development - The issuance team is focused on strengthening the company's independent publishing capabilities both domestically and internationally, ensuring effective support for future global releases [1]

证券日报网讯完美世界（002624）11月6日发布公告，在公司回答调研者提问时表示，公司一方面稳步 推进新游戏的研发工作，另一方面高度重视老游戏的长线运营与价值深耕。针对在营游戏，公司通过持 续的内容迭代、精细多元的用户运营，保持玩家活跃生态，实现长期稳定运营。以时长收费模式的大型 3D端游《完美世界经典版》为例，自2005年11月上线至今已20年，项目组一方面通过持续的内容与技 术迭代，夯实产品根基，一方面通过社区生态建设与情感联结，构建玩家归属感。游戏通过一年一度的 全民竞技赛、经典持久的领土战玩法、轻量化内容适配、全国玩家走心交流会、抖音玩家主播招募计 划、你提我改的玩家共创栏目"小陌说"等方式，实现精细化运营，让玩家从"参与者"变为"共建者"，促 使经典端游在长期竞争中保持活力。 ...