商务部最新公布的2025—2026年度国家文化出口重点企业和重点项目名单中，江苏38家企业、7个 项目入选，涵盖影视、动漫、游戏、音乐、工艺美术等多个领域。 从泰州的提琴制造到无锡的动漫特效，从苏州的爆款游戏到连云港的民族音乐，勾勒出一幅江苏文 化"出海"的新图景，在"传统文化+数字科技"双轮驱动下，江苏正以动漫游戏"新舰队"集群"出海"、平 台聚合构建生态圈、数字赋能传统文化三大创新模式，打造文化"出海"新范式，推动中华文化从"走出 去"到"走进去"。 动漫游戏集群"出海" 在江苏"出海新舰队"中，动漫游戏等新内容势头最为迅猛，在38家重点文化出口企业中，影视动画 和游戏类企业占比近半，达18家，主要集聚于苏锡常。 无锡市已形成完整的动漫游戏产业链条。行业领军企业无锡倍视作为长期服务好莱坞的视效公司， 凭借国际一流的制作体系，已参与《美国队长3》《星球大战7》等70余部国际大片制作。无锡市委宣传 部文化产业处处长庞勋介绍，无锡动漫产业集群效应显著：海悦动画与日本顶级IP《海贼王》《名侦探 柯南》建立长期合作，年产能达60余集；樱花卡通具备全流程制作能力，参与国内外超百部知名作品创 作。 园区政策持续发力的缩 ...

完美世界 20250616 摘要 哪吒 IP 衍生品销售额已达大几百亿 GMV，目标逼近 1,000 亿，显示了 IP 衍生品的巨大市场潜力，可能影响相关公司股票估值。 港股新消费领域中，泡泡玛特和布鲁克表现突出，泡泡玛特的预期 PE 超过 40 倍，反映了市场对其高增长的预期，值得投资者关注。 巨人网络旗下超自然行动组流水明显爬坡，ST 华通旗下 King's Raid 日 流水持续增长，表明游戏产品运营良好，可能带来显著收益。 2025 年是游戏产品大年，完美世界《异环》、恺英网络《星耀长歌》 等重磅产品将陆续推出，下半年 AI 应用展望也值得关注，共同推动游戏 行业发展。 完美世界新作《异环》采用虚幻 5 引擎，技术上有较大突破，玩法上具 备差异化战斗系统，剧情轻喜剧悬疑风格，有望超越前作《幻塔》。 开放世界手游未来前景广阔，玩家付费习惯逐渐养成，愿意为高品质游 戏买单，预计今明两年将有三款重要开放世界新游上线，包括《异环》、 网易《无限大》和世越网络《望月》。 完美世界进行组织架构调整，更加扁平化并贴近市场，员工总数减少， 并出售非核心资产，同时预计《异环》首年流水 50 亿至 91 亿人民币， 对应 ...

新研发体系下，《异环》具备开放世界品类游戏竞争优势 ——完美世界深度报告 完美世界(002624) 报告日期：2025 年 06 月 15 日 证券研究报告 | 公司深度 | 游戏Ⅱ 投资要点 我们看好《异环》未来给公司带来的利润增量。《异环》是公司旗下幻塔工作室 自主研发的超自然都市开放世界 RPG 游戏，采用虚幻引擎 5 制作，支持光线追 踪和 DLSS 技术，让画面更加逼真细腻。幻塔工作室制作了公司 2021 年上线的 游戏《幻塔》，其首月流水达 5 亿元，首年达 30 亿元。 盈利预测与估值 对比《幻塔》首月和首年分别为 5 亿和 30 亿元的流水，我们认为《异环》因其 更加优秀的品质和题材有望超越。中性假设下，若如期上线，《异环》有望为公 司 2026 年带来约 14 亿元利润增量。综合上述测算，我们预计公司 2025-2027 年营收分别为 67/108/99 亿元，对应归母净利润分别为 6.3/17.1/18.2 亿元，当 前股价对应 P/E 分别为 47/17/16 倍，维持"买入"评级。 风险提示 我们认为《异环》有三大竞争优势：1）研发工作室在相关品类的开发经验丰 富，即过往产品优秀；2） ...

近日，国家新闻出版署公布了 新一批国产网络游戏审批结果，完美世界旗下 2025 年重点储备的都市怪谈题材二次元开放世界游戏《异环》在列，并显示成 功获取移动、客户端、游戏机（PS5）多端版号，预示该产品正在加快上线速度。 与此同时，《异环》名为"收容测试"的第二次限量删档不计费测试也开始预约，同时公布了新的PV。与去年 11 月 底的首测不同，本次测试不仅有PC端， 还增加了移动端。不过，鉴于目前玩家群体的超高热度，从官网看二测的选取方式是问卷筛选与随机抽取相结合，只有少数中选玩家才有机会提前参与测 试，率先体验游戏内容 。 差异化破局《异环》受期待 《异环》的定位是都市开放世界RPG，制作组是完美世界旗下曾推出知名二次元开放世界产品《幻塔》的工作室Hotta Studio。 在游戏官网上，制作组这样介绍其故事背景和世界观：故事将从海特洛市启篇，玩家作为首位"无证上岗"的"异象猎人"，将成为接取民间异象委托维持周转 的古董店"伊波恩"的一员，与个性迥异、能力非凡的伙伴们一起探索各城市的大小谜团，历经有笑有泪的各式奇遇，演绎独属于你们的都市物语。 综合此前曝光的游戏PV和一测玩家反馈，《异环》的主玩法采用 "开 ...

中国经济网北京4月29日讯 完美世界（002624）（002624.SZ）26日发布2024年年度报告。完美世界报 告期内营业总收入为55.70亿元，同比下滑28.50%；归属于上市公司股东的净利润为-12.88亿元，去年同 期为4.91亿元；归属于上市公司股东的扣除非经常性损益的净利润为-13.13亿元，去年同期为2.10亿 元；经营活动产生的现金流量净额为5.77亿元。 公司经本次董事会审议通过的利润分配预案为：以未来实施利润分配方案时股权登记日的股份总数扣除 公司回购专用证券账户的股份及2021年员工持股计划已到期未解锁的股份后的总股本为基数，向全体股 东每10股派发现金红利2.3元（含税），送红股0股（含税），不以公积金转增股本。 完美世界同日发布2025年一季度报告。完美世界报告期内营业总收入为20.23亿元，同比增长52.22%； 归属于上市公司股东的净利润为3.02亿元，去年同期为-2976.41万元；归属于上市公司股东的扣除非经 常性损益的净利润为1.63亿元，去年同期为-1.58亿元；经营活动产生的现金流量净额为2.00亿元。 | 口定 四台 | | | | | --- | --- | -- ...

Core Viewpoint - Perfect World has reported significant financial losses for the year 2024, with a total revenue of 5.57 billion yuan, a year-on-year decline of 28.5%, and a net loss of 1.29 billion yuan, indicating a challenging operational environment for the company [1][2][3]. Financial Performance Summary - The total revenue for 2024 was 5.57 billion yuan, down from 7.79 billion yuan in 2023, reflecting a decrease of 28.5% [2]. - The net profit attributable to shareholders was a loss of 1.29 billion yuan, compared to a profit of 491 million yuan in 2023, marking a decline of 361.98% [2]. - The net profit after deducting non-recurring items was a loss of 1.31 billion yuan, a significant drop from a profit of 210 million yuan in the previous year, representing a decline of 723.82% [2]. - The net cash flow from operating activities was 576 million yuan, down 24.32% from 762 million yuan in 2023 [2]. - The total assets at the end of 2024 were 11.37 billion yuan, a decrease of 21.55% from 14.49 billion yuan at the end of 2023 [2]. Game Segment Analysis - The gaming segment generated a revenue of 5.18 billion yuan in 2024, with a net loss of 725 million yuan attributed to several underperforming game projects [3][5]. - Key projects such as "Perfect New World," "Ling Cage," and others failed to meet revenue expectations, leading to a combined loss of approximately 390 million yuan [3]. - The company has initiated cost-cutting measures, including office space consolidation and personnel optimization, resulting in a 32% reduction in total employees by the end of 2024 [5][6]. Q1 2025 Performance - In Q1 2025, the company reported a revenue of 2.02 billion yuan, a year-on-year increase of 52.22%, and a net profit of 302 million yuan, reversing the losses from the previous year [7][8]. - The significant improvement in performance is largely attributed to the successful launch of "Zhu Xian World," which generated over 400 million yuan in revenue within the first 30 days of its release [9][12][17]. Future Product Pipeline - The company is focusing on upcoming titles such as "Yihuan," which is expected to leverage advanced technology and innovative gameplay to attract players [33][35]. - "Zhu Xian 2," a sequel to the popular "Zhu Xian" mobile game, is also in development, aiming to build on the established IP's success with new gameplay mechanics and enhanced graphics [39][41]. - The company is actively pursuing international expansion for its games, particularly with titles like "P5X," which has shown strong initial interest in various markets [27][50]. Esports and Event Management - Perfect World has developed a robust esports ecosystem, successfully hosting major events such as the 2024 CS:GO World Championship in Shanghai, which attracted significant viewership and engagement [30][32]. - The esports segment continues to contribute positively to the company's revenue, with plans for more high-profile events in 2025 to sustain growth [32].

Core Viewpoint - 2024 presents both opportunities and challenges for the gaming industry, with established companies like Perfect World needing to adapt to remain competitive [1] Financial Performance - Perfect World reported a total revenue of 5.57 billion yuan in 2024, a decline of 28.50% from 7.79 billion yuan in the previous year [3] - The company incurred a net loss of 1.29 billion yuan, compared to a profit of 491 million yuan in 2023 [3] - The gaming segment, which accounts for 93% of total revenue, generated 5.18 billion yuan, down 22.32% year-on-year [3] Dividend and Shareholder Returns - Despite the losses, Perfect World plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 437 million yuan [3] - Since 2015, the company has distributed a cumulative total of 5.49 billion yuan in dividends, representing over 60% of cumulative net profit [3] Recent Developments - The launch of "Zhu Xian World" in December 2024 is seen as a potential turning point, contributing to a revenue of 2.02 billion yuan in Q1 2025, a 52.22% increase year-on-year [7] - The gaming business in Q1 2025 achieved a revenue of 1.42 billion yuan, up 10.37% from the previous year, attributed to the success of "Zhu Xian World" [7] Project Cancellations and Losses - Several projects were canceled due to poor expected returns, resulting in a combined loss of approximately 397 million yuan [4] - The underperformance of games like "One Punch Man: World" and "Kairi's Million Arthur: Ring" led to additional losses of about 343 million yuan [4] Future Prospects - Perfect World is focusing on new game releases, having recently received approval for two new titles, "Golden Flash Knight Group" and "Lost" [8] - The anticipated game "Yihuan" is expected to be a key player in the company's transformation, with a global pre-registration of 2.8 million [9][10] Esports Strategy - The successful hosting of the Shanghai Major in 2024 has positioned Perfect World favorably in the esports sector, contributing to stable revenue from titles like "DOTA2" and "CS:GO" [12] - The esports business model is still evolving, with event revenues making up only 8.75% of the total esports market revenue [13] Conclusion - 2025 is critical for Perfect World as it seeks to maintain its core MMO offerings while breaking into new genres [14] - The success of "Zhu Xian World" provides a boost, but sustained growth will require additional successful titles and innovative strategies [14]