| 产业别 | | 传媒 | | --- | --- | --- | | A 股价(2026/1/5) | | 16.91 | | 深证成指(2026/1/5) | | 13828.63 | | 股价 12 个月高/低 | | 20.35/9.04 | | 总发行股数(百万) | | 1939.97 | | A 股数(百万) | | 1827.73 | | A 市值(亿元) | | 309.07 | | 主要股东 | | 完美世界控股 | | | | 集团有限公司 | | | | (22.32%) | | 每股净值(元) | | 3.65 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 20.1 -1.4 | 72.2 | 近期评等 2026 年 1 月 6 日 何利超 H70529@capital.com.tw 目标价(元) 20 公司基本资讯 上半年关注《异环》上线情况，下半年关注电竞赛事运营 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-07-15 | 14.38 | 买进 | | 产品组合 | | | --- | --- | | 游戏 ...

Core Viewpoint - The article discusses the recent share reduction plan by the actual controller of Perfect World, Chi Yufeng, amid the company's fluctuating financial performance and market reactions. The company has shown some recovery in recent quarters, but its long-term performance has been declining since 2021, raising concerns about its future prospects and the impact of Chi's actions on investor sentiment [4][10][12]. Group 1: Share Reduction Plan - On November 27, Perfect World announced that Chi Yufeng plans to reduce his holdings by up to 32.98 million shares, equivalent to 1.7% of the total share capital, potentially cashing out around 500 million yuan at the closing price of 15.17 yuan per share [4][8][9]. - Following the announcement, Perfect World's stock price dropped by 6.59% on November 28, reflecting immediate market reaction to the news [5][10]. - Since 2019, Chi has reportedly cashed out approximately 8.5 billion yuan through various means, including secondary market sales and agreements [5][9]. Group 2: Financial Performance - In the first three quarters of 2023, Perfect World reported revenue of 5.417 billion yuan, a 33% year-on-year increase, and a net profit of 666 million yuan, marking a return to profitability [5][10]. - However, the company's performance has been declining since 2021, with revenue dropping from 10.225 billion yuan in 2020 to 5.57 billion yuan in 2022, and a net loss of 1.288 billion yuan recorded last year [6][14]. - The company’s cash flow from operating activities improved significantly, reaching 889 million yuan, a 943.44% increase year-on-year, despite a decline in cash received from sales and services [10][12]. Group 3: Market Position and Challenges - The gaming sector remains the backbone of Perfect World, but it heavily relies on two MMORPG titles, "Zhu Xian World" and "Zhu Xian 2," while facing stiff competition from major players like Tencent and NetEase [18]. - The company has experienced challenges with several projects underperforming, leading to significant layoffs and project cancellations, which have raised concerns about talent retention [19][20]. - Perfect World is focusing on enhancing its game development capabilities and expanding its global reach, with plans for new game releases and a commitment to long-term operations of existing titles [20][21]. Group 4: Chi Yufeng's Wealth and Company Strategy - Chi Yufeng's net worth has decreased from a peak of 31.5 billion yuan in 2020 to 21 billion yuan in the latest Hurun report, reflecting a loss of 10.5 billion yuan [7][30]. - Despite recent financial struggles, Perfect World has maintained a high dividend policy, distributing a total of 5.543 billion yuan in cash dividends over 13 occasions, indicating a commitment to returning value to shareholders [30].

Core Viewpoint - Perfect World has announced a plan for its actual controller, Chi Yufeng, to reduce his shareholding by up to 32.98 million shares, representing 1.7% of the total share capital, due to personal financial needs, which has led to a significant drop in the company's stock price [2][3] Group 1: Shareholding and Financial Impact - Chi Yufeng currently holds 149 million shares, accounting for 7.69% of the total share capital, and along with his concerted actions, they hold 628 million shares, or 32.36% of the total [2] - The planned reduction could result in a cash-out of approximately 500 million yuan based on the closing price of 15.147 yuan per share on November 27 [2] - This is not the first time Chi has reduced his holdings; he has cumulatively cashed out over 3 billion yuan since his initial shareholding of 176 million shares [2][3] Group 2: Business Performance and Challenges - Perfect World has faced significant challenges in 2024, with major declines in revenue from existing games and underperformance of new releases, such as "One Punch Man: World" [3] - The company reported its first annual loss since going public, with a net loss of 1.288 billion yuan [3] - However, the latest quarterly report shows a revenue of 1.726 billion yuan, a year-on-year increase of 31.45%, and a net profit of 162 million yuan, up 176.59% [4] Group 3: Future Prospects and Market Conditions - The growth in net profit is partly attributed to non-recurring gains, including a 182 million yuan profit from the sale of a studio [5] - Perfect World is focusing on its promising project "Yihuan," which has received a game license and is expected to be a significant revenue driver [5] - The overall market for two-dimensional games has been declining, with a reported 8% drop in sales revenue in the first half of the year, raising concerns about "Yihuan's" ability to succeed in a competitive landscape [5]

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 gaming sector experienced a slight pullback on November 11, with the gaming ETF (159869) declining nearly 1%, opening up low-position layout opportunities [1] - As of November 10, the gaming ETF (159869) had a product scale of 11.554 billion yuan, facilitating investors to easily allocate to A-share gaming leaders [1] - Perfect World was awarded "Outstanding Overseas Game Publisher of the Year" at the GTC2025 Global Traffic Conference for its game "Persona 5: Phantom of the Night," which topped the iOS free charts in major markets like the US, Japan, and South Korea [1] Group 2 - The gaming sector reported a revenue growth of 27.1% year-on-year and a significant net profit increase of 111% in Q3 2025, becoming a core driver of the media industry [1] - The profit margin of the sector rose to 17.8%, indicating strong profitability elasticity [1] - Leading companies like Gigabit saw net profit growth exceeding 300%, while Perfect World successfully turned losses into profits, reflecting robust internal growth dynamics within the sector [1] Group 3 - The long-term outlook for the gaming sector remains positive, driven by AI technological innovation, content ecosystem upgrades, and the evolution of commercialization models [2] - The gaming ETF (159869) closely tracks the CSI Animation and Gaming Index, focusing on core assets in the A-share animation and gaming industry [2]

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]

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]

Investment Rating - The report maintains an "Increase" rating for the media industry [1] Core Insights - The media sector achieved a total revenue of 127.9 billion yuan in Q3 2025, representing a year-on-year growth of 7%. The net profit attributable to shareholders reached 10.1 billion yuan, showing a significant increase of 40% year-on-year [4][16] - The gaming sector outperformed expectations, with a net profit growth of 76% year-on-year, driven by successful new game launches [4][20] - The marketing sector saw a revenue increase of 9% year-on-year, reflecting a recovery in the macroeconomic environment and improved advertising spending [4][66] - The film and television industry turned profitable, with a net profit of 0.9 billion yuan, indicating a positive trend in the movie market [4][66] - Digital media revenue grew by 8%, although net profit margins declined [4][66] - The publishing sector faced revenue pressure, with a year-on-year decline of 5% [4][66] Summary by Sections Overall Performance - The media industry reported a total revenue of 127.9 billion yuan in Q3 2025, with a year-on-year increase of 7% and a net profit of 10.1 billion yuan, up 40% year-on-year [4][13][16] Gaming Sector - The domestic gaming market's actual sales revenue was 880.3 billion yuan, down 4.1% year-on-year but up 7.0% quarter-on-quarter. The net profit for A-share gaming companies reached 55.9 billion yuan, reflecting a 76% year-on-year increase [4][20][27] - Major titles like "Endless Winter" and "Kingshot" contributed significantly to revenue growth [4][20] Marketing Sector - The marketing industry generated 45.3 billion yuan in revenue, a 9% increase year-on-year, with a net profit of 1.63 billion yuan, up 14% year-on-year [4][66][72] - The sector benefited from AI technology enhancing advertising efficiency and a recovery in advertising spending from major brands [4][66] Film and Television Sector - The film and television industry reported a revenue of 8.61 billion yuan, down 2% year-on-year, but achieved a net profit of 0.9 billion yuan, indicating a turnaround [4][66] Digital Media Sector - Digital media revenue increased by 8% to 6.5 billion yuan, but net profit fell by 28% to 0.32 billion yuan, with a net profit margin decline [4][66] Publishing Sector - The publishing sector's revenue decreased by 5% to 29.84 billion yuan, while net profit grew by 13% to 2.47 billion yuan, primarily due to tax policy impacts [4][66]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported Q3 2025 earnings with revenue of 1.726 billion yuan, a year-on-year increase of 31.45%. The net profit attributable to shareholders was 162 million yuan, and the net profit excluding non-recurring items was 165 million yuan, marking a return to profitability [2][4]. - The gaming business generated revenue of 1.57 billion yuan in Q3, reflecting a year-on-year increase of 28.6% and a quarter-on-quarter increase of 5.4%. The net profit attributable to shareholders from gaming was approximately 213 million yuan, with a non-recurring net profit of about 201 million yuan, up 9.4% quarter-on-quarter [2][12]. - The esports business showed strong performance, and attention is drawn to the upcoming third test of the game "异环" [6][12]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 1.726 billion yuan, with a year-on-year growth of 31.45%. The gaming segment contributed 1.57 billion yuan, with a year-on-year increase of 28.6% and a quarter-on-quarter increase of 5.4% [2][4][12]. - The company’s esports business continues to grow, highlighted by the successful hosting of the CAC 2025 event in Shanghai [12]. Game Development - The game "诛仙世界" is set to launch by the end of 2024, and a new version was released in Q3, contributing to revenue and profit [12]. - New games launched in Q3, including "女神异闻录：夜幕魅影" and "诛仙 2", have also contributed to revenue growth [12]. Profit Forecast - The company forecasts net profits of 770 million yuan and 1.51 billion yuan for 2025 and 2026, respectively, with corresponding PE ratios of 43.4 times and 22.0 times [12].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][12]. Core Insights - The company reported strong performance in Q3 2025, with a revenue of 5.417 billion yuan, a year-on-year increase of 33.00%, and a net profit of 666 million yuan, up 271.17% year-on-year [2][3]. - The gaming segment showed a revenue of 4.475 billion yuan, a 15.64% increase year-on-year, with a gross margin improvement to 69.29% [3]. - The company is focusing on the development of its key project, "Yihuan," which has completed domestic and overseas testing phases and is preparing for further testing [3][4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 5.417 billion yuan, with a net profit of 666 million yuan, reflecting significant growth compared to the previous year [2]. - The company's expense ratios for sales, management, and R&D improved, with reductions of 6.85, 6.40, and 8.88 percentage points respectively [2]. - The projected earnings per share (EPS) for 2025-2027 are estimated at 0.43, 0.79, and 0.95 yuan per share, with corresponding price-to-earnings (PE) ratios of 40, 22, and 18 times [4][6].