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。 ...

Core Viewpoint - The company, 贪玩 (09890.HK), has announced a share buyback program, indicating confidence in its stock value and a strategy to enhance shareholder returns [1] Group 1: Share Buyback Details - On November 6, 2025, the company spent HKD 2.999 million to repurchase 200,000 shares at a price range of HKD 14.79 to HKD 15.19 per share [1] - On November 5, 2025, the company also repurchased 81,000 shares for HKD 1.216 million [1]

Core Insights - The feedback from over 4,000 Gen Z users across Europe, the Middle East, and North America highlights the strong potential of Chinese gaming as a cultural export and recognizes the efforts of the company in global markets [2] - The company has been a pioneer in overseas market exploration since 2012, operating in over 200 countries and regions, and has released nearly 250 games across various genres [2] - The company's overseas revenue has seen exponential growth, increasing from 356 million yuan in 2015 to 5.722 billion yuan in 2024, representing a nearly 15-fold increase and accounting for 33% of total revenue [2] - In the first half of this year, the company's overseas revenue reached 2.724 billion yuan [2] Product Performance - The game "Puzzles & Survival" has achieved significant global success with cumulative revenue exceeding 10 billion yuan, while "Puzzles & Chaos" has surpassed 15 million global players and ranked among the top 20 strategy games in over 80 regions [2] - The culturally themed game "Call Me Big Shopkeeper" has broken barriers for traditional Chinese games in the Western market, becoming a benchmark for cultural export [2] Global Strategy - The company's global strategy focuses on "integrated research and operations, IP ecosystem, and technology empowerment," breaking down barriers between development and publishing to incorporate localization from the project's inception [3] - A refined operational system has been established to address cultural differences in various markets, allowing for tailored customization of game elements [3] - The company employs a dual-track approach to IP development, creating original IPs while adapting popular domestic IPs for global audiences, thereby facilitating cultural exchange [3] Technological Empowerment - The company has developed over 40 AI capabilities and more than 400 intelligent agents across its business chain, with AI-generated video content accounting for over 70% of advertising efforts [4] - AI translation supports 18 languages with a 95% accuracy rate, covering 85% of overseas games, enabling rapid response to Gen Z user demands [4] - The company aims to deepen its "premium, diversified, and global" strategy by leveraging AI and big data to enhance its research and operations system while promoting traditional Chinese culture through gaming [4]

Core Insights - The gaming sector continues to show strong growth, with quarterly revenue reaching approximately 30 billion yuan, a year-on-year increase of 29.98% and a quarter-on-quarter increase of nearly 8.65% [1] - The film and television sector is stabilizing, with quarterly revenue of 9.3 billion yuan, a slight year-on-year decrease of 0.24%, but a net profit of 79 million yuan, indicating a turnaround from previous losses [1] Gaming Sector - The gaming industry is experiencing robust demand and supply growth, with the number of domestic game approvals exceeding 160 per month, doubling from over 80 at the beginning of 2023 [2] - The approval cycle for game licenses has significantly shortened from six months to about three months, enhancing the supply side's upward trend [2] - User engagement in gaming is increasing, with the share of gaming time in mobile internet rising to 6.5% in March 2025, up from 6.1% year-on-year [2] - The average revenue per user (ARPU) is projected to reach 248 yuan in the first half of 2025, a 13% year-on-year increase, indicating a shift in entertainment spending towards gaming [2] International Expansion - The profitability of the gaming industry is expected to improve as Apple and Google open third-party payment options and reduce commission rates starting in 2025, providing new momentum for domestic companies' overseas performance [3] Film and Television Sector - The film and television industry is seeing favorable policy changes, with the "21 Measures" from the National Radio and Television Administration aimed at enhancing content supply [4] - The film industry is expected to recover with increased imports and the release of major films like "Zootopia 2" in November 2025, which could boost box office performance [4] - The sector is still in a recovery phase, requiring high-quality content to drive demand [5] Outlook - The gaming industry's high growth is expected to continue, with stable supply and a favorable policy environment, leading to high revenue certainty [5] - The film and television sector is in a bottoming phase, awaiting quality content to confirm recovery trends, with new content forms showing over 30% growth [5] Investment Opportunities - The gaming ETF (516010) has surpassed 3 billion yuan in scale, while the film ETF (516620) is gaining attention as a potential investment window [6][7]

Core Insights - The gaming industry is experiencing a high level of prosperity, with improved supply-demand dynamics leading to a strong recovery in revenue and profits for A-share gaming companies in 2023 [1] Industry Overview - The increase in license supply has contributed to the improved supply-demand structure within the gaming sector, resulting in a prosperous cycle for the industry this year [1] - In Q3 2025, the gaming sector is projected to achieve revenue of 33 billion yuan, representing a year-on-year growth of 27.1%, with net profit attributable to shareholders reaching 5.88 billion yuan and a profit margin of 17.8% [1] Investment Recommendation - The report recommends investing in leading companies within the industry that are experiencing strong growth [1] ETF Information - The gaming ETF (516010) tracks the animation and gaming index (930901), which selects listed companies involved in game development, animation production, and IP operation to reflect the overall performance of the animation and gaming sector [1] - This index focuses on the animation and gaming industry chain, showcasing the overall development trends and innovative vitality of China's animation and gaming industry, characterized by significant growth potential [1]

Core Insights - Citigroup's research report indicates that NetEase's FWJ PC version servers are performing strongly, while the FWJ mobile version and "Yanyun Sixteen Sounds" show resilience due to a robust seasonal recovery, suggesting that the company's Q3 performance may meet or slightly exceed expectations [1] Company Performance - NetEase's stock price increased by 1.8% to $141.6 in pre-market trading on November 6 [1] - The closing price on November 5 was $139.1, with a slight increase of $0.71 or 0.51% [1] - The average price recorded was $139.551, with a total market capitalization of $88.078 billion [1] Analyst Ratings - Citigroup maintains a target price of $158 for NetEase's ADR and continues to rate it as a "buy," viewing it as a defensive stock within investment portfolios [1]

人民财讯11月6日电，完美世界(002624)近日在线上及线下会议中表示，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。未来，《异 环》将于PC端、移动端、主机端全平台登陆全球。 转自：证券时报 ...