传媒/游戏Ⅱ 完美世界（002624.SZ） 中报业绩大增，看好新游上线及影视修复驱动成长 2025 年 08 月 27 日 投资评级：买入（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 16.37 | | 一年最高最低(元) | 16.72/6.96 | | 总市值(亿元) | 317.57 | | 流通市值(亿元) | 299.20 | | 总股本(亿股) | 19.40 | | 流通股本(亿股) | 18.28 | | 近 3 个月换手率(%) | 195.35 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-08 2024-12 2025-04 完美世界 沪深300 《预计 2025H1 同比大幅扭亏，关注 《异环》上线进展—公司信息更新报 告》-2025.7.17 相关研究报告 《《诛仙世界》《异环》开启新品周期， 业绩或迎反转—公司信息更新报告》 -2024.11.7 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 中报业绩大增，关注重磅新游《异 ...

分业务看，游戏业务实现营业收入29.06亿元，较上年同期上升9.67%；归母净利润5.04亿元，扣非后净 利润3.46亿元，较上年同期扭亏为盈。影视业务实现营业收入7.67亿元，同比上升756.35%；实现归母 净利润约4172万元，扣非后净利润约2293万元。 中证报中证网讯（记者 杨梓岩）8月26日，完美世界（002624）发布2025年半年度报告。今年上半年， 完美世界实现营业收入36.91亿元，同比增长33.74%；实现净利润5.03亿元，实现扣非后净利润3.18亿 元，均较上年同期扭亏为盈，分别同比增长384.52%与235.12%。上半年公司实现非经常性损益1.85亿 元，主要系第一季度出售乘风工作室产生的处置收益等。 具体来看，今年上半年，完美世界实现扭亏为盈主要因素包括，公司自研的新国风仙侠MMORPG端游 《诛仙世界》于去年底上线，今年上半年带来业绩增量。在电竞业务方面，作为电竞产品《DOTA2 （刀塔）》及《CS（反恐精英：全球攻势）》的中国大陆独家运营商，完美世界通过赛事及产品精细 化运营，使得上半年电竞业务流水同比增长。此外，完美世界表示，公司完善管理及业务流程，推出一 系列降本增效举 ...

7月，机构积极关注10个行业。 7月市场活跃度大幅提升 上证指数7月累计涨幅达到3.74%，创近5年同期最高水平。从多项数据来看，市场活跃度被激发。 根据Wind数据，从成交活跃度来看，以市值计算，7月，A股市场日均换手率和日均成交额分别为3.84% 和1.63万亿元，均创3月以来新高。 从融资资金来看，融资客7月净买入近1329亿元，创今年月度新高，且连续3个月处于净买入状态。 7月，北向资金成交额达到4.45万亿元，是6月的1.5倍，创今年月度新高。 10个行业获机构扎堆评级 据证券时报·数据宝统计，7月，60家机构合计进行1482次"买入型"（包括买入、增持、推荐、强烈推 荐、强烈买入）评级，合计覆盖720股。 从行业分布来看，720股广泛分布于31个行业，其中电子、医药生物、机械设备等10个行业股票数量均 有20只及以上。 电子行业个股数量多达99只，居首。7月，申万一级电子行业指数涨幅达到6.59%。今年以来，以半导 体为主的电子行业公司业绩大幅反转，机构给予乐观预期。比如集微咨询预计，2025年国内半导体上市 公司营收总额同比增长9%，达到9175亿元，近5年累计增长100%；净利润预计达513亿 ...

Core Viewpoint - The gaming industry is experiencing significant growth in user activity and revenue, driven by strong supply and demand dynamics, as well as successful overseas operations, leading to positive half-year performance forecasts for many gaming companies [1][4]. Group 1: Company Performance - ST Huatuo expects a net profit of 2.4 billion to 3 billion yuan, representing a year-on-year increase of 107.20% to 159.00% [2][8]. - Youzu Network anticipates a profit of 40 million to 60 million yuan, with a year-on-year growth of 768.75% to 1203.13% [2][8]. - Zhejiang Shuju Culture forecasts a net profit of 330 million to 390 million yuan, an increase of 124% to 165% compared to the previous year [2][8]. - Perfect World is expected to turn a profit with a net profit of 480 million to 520 million yuan, compared to a loss in the previous year [3][8]. - Ice Age Network and WenTou Holdings also expect to turn losses into profits, with projected profits of 310 million to 400 million yuan and 0 to 5 million yuan, respectively [3][8]. Group 2: Industry Trends - The Chinese gaming market reached a size of 141.1 billion yuan from January to May, marking a 17% year-on-year increase, with mobile gaming contributing 105.2 billion yuan, up 20% [4]. - The approval of game licenses has normalized, with 884 domestic games approved from January to July 2025, an increase of 151 from the previous year [4]. - The overseas sales revenue of Chinese self-developed games reached 9.501 billion USD in the first half of the year, a year-on-year increase of 11.07% [5]. - AI technology is increasingly being integrated into game development, enhancing efficiency and creating competitive advantages for companies [6][7].

Industry Dynamics - The Shanghai gaming industry reported a total revenue of 832.83 billion yuan for the first half of 2025, marking a year-on-year growth of 10.80% [2] - The domestic market contributed 687.37 billion yuan, with a growth of 10.73%, while the overseas market reached 145.46 billion yuan, growing by 11.12% [2] - Mobile games and client games were the main drivers of growth, with mobile revenue at 526.51 billion yuan (up 10.53%) and client games at 120.27 billion yuan (up 13.12%) [2] - Shanghai introduced nine supportive policies for high-quality internet content creation, aiming to foster a creative ecosystem [3] Company Updates - Century Huatong expects a net profit of 2.4 to 3 billion yuan for the first half of 2025, representing a year-on-year increase of 107.20% to 159.00% [4] - Perfect World anticipates turning a profit with a projected net profit of 480 to 520 million yuan, benefiting from the launch of its MMORPG "Zhu Xian World" [5] - Youzu Network forecasts a net profit of 40 to 60 million yuan, reflecting a significant year-on-year increase of 768.75% to 1203.13% [7] - Three Seven Interactive announced a board reshuffle, electing new members and appointing a new general manager [8] Regulatory and Legal Developments - A U.S. district court rejected a settlement agreement regarding Sony's alleged "super competitive pricing" practices, requiring clarification from the plaintiffs [9] - Nintendo modified its patent language in a lawsuit against Pocketpair, raising questions about the strength of its legal claims [10] Esports Highlights - Team Vitality won the 2025 Esports World Cup Women's Invitational, defeating Gaimin Gladiators 4-0 in the finals [11]

Group 1: Industry Insights - The Yarlung Tsangpo River hydropower project, with an investment of 1.2 trillion, has been approved, which is expected to benefit industries such as civil explosives and cement in Tibet [2] - The rare earth price index reached a new high of 192.24 points in July, with a month-on-month increase of over 6%, indicating a trend of accelerating price increases due to China's export controls against the U.S. [3] - The establishment of a joint venture by LG Energy and Toyota in the U.S. for battery recycling marks a shift in the global supply chain dynamics, potentially reducing China's dominance in battery raw materials [6] Group 2: Company Performance - Sanhua Group expects a net profit of 1.12 to 1.33 billion for the first half of the year, representing a year-on-year growth of 10% to 30% [4] - Perfect World anticipates a net profit of 480 to 520 million for the first half of 2025, recovering from a loss of 177 million in the same period last year, driven by the success of its new MMORPG game [8][9]

Core Viewpoint - The issuance of game licenses has accelerated significantly this year, providing a strong impetus for the gaming industry, leading to impressive performance from many A-share gaming companies in the first half of the year, with numerous positive earnings forecasts [1] Group 1: Earnings Forecasts - As of July 15, 11 A-share listed gaming companies have disclosed their earnings forecasts for the first half of 2025, with 8 companies expected to report profits [3] - Among the profit-making companies, Youzu Network is projected to have the highest growth in net profit, estimated between 40 million to 60 million yuan, representing a year-on-year increase of 768.75% to 1203.13% [4] - ST Huachuang, Tianzhou Culture, and Zhejiang Shuju are also expected to see net profit increases exceeding 100% [4] Group 2: Key Company Performances - ST Huachuang's net profit is expected to reach between 2.4 billion to 3 billion yuan, with a year-on-year growth of 107.20% to 159% [5] - Tianzhou Culture's net profit is forecasted to be between 45 million to 55 million yuan, with an increase of 135.94% to 188.38% [5] - Zhejiang Shuju anticipates a net profit of 330 million to 390 million yuan, reflecting a growth of 124% to 165% [6] Group 3: Companies Turning Losses into Profits - Perfect World and Icefire Network are expected to turn losses into profits, with net profits projected at 480 million to 520 million yuan and 310 million to 400 million yuan, respectively [7] - Perfect World attributes its turnaround to the successful launch of its self-developed MMORPG "Zhu Xian World" and the growth of its esports business [7] - Tianyu Digital and Weng Investment Holdings are also expected to report profits, with net profits ranging from 18 million to 26 million yuan and 0 to 5 million yuan, respectively [8] Group 4: Market Trends - The A-share gaming sector has seen steady growth this year, with many companies experiencing significant stock price increases, particularly after the first quarter earnings reports [9] - As of July 18, 18 companies in the A-share network gaming sector have seen stock price increases exceeding 20% this year, with ST Huachuang leading at a 117.51% increase [9] - The rise in the gaming sector is attributed to both overall market trends and the influence of AI applications within the gaming industry [10]

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 480-520 million yuan for the first half of 2025, with a non-recurring net profit of 290-330 million yuan, marking a turnaround from losses [2][4]. - The second quarter of 2025 is projected to yield a net profit of approximately 200 million yuan, with a non-recurring net profit of about 150 million yuan [2][4]. - The stable performance of existing games like "Zhu Xian World" and the growth trend in esports revenue are contributing to the company's profitability in Q2 [5]. - The second test of the new game "Yihuan" has progressed smoothly, and the overseas performance of "Persona: Nightshade" has been impressive, indicating positive developments in new game launches [5]. Summary by Sections Financial Performance - The company reported a net profit of approximately 210 million yuan and a non-recurring net profit of about 180 million yuan in Q2 2025, showing a quarter-on-quarter increase from 160 million yuan in Q1 [5]. - The esports business continues to grow, with revenue trends showing year-on-year increases [5]. Game Development - "Yihuan," an open-world RPG, has completed its second domestic test with significant improvements and positive market feedback, with expectations for further testing within the year [7]. - The new version of "Zhu Xian World" launched on July 9, 2025, is anticipated to drive revenue growth [7]. - The MMORPG sequel "Zhu Xian 2" is scheduled for public testing on August 7, 2025, reinforcing the company's position in this game genre [7]. Profit Forecast and Investment Suggestions - The company is projected to achieve net profits of 740 million yuan and 1.46 billion yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 37.9 times and 19.3 times [7].

Group 1: Macro Economic Insights - The US inflation data for June 2025 shows a year-on-year increase of 2.7% and a month-on-month increase of 0.3%, exceeding market expectations [2][6][7] - Core CPI also increased by 2.9% year-on-year and 0.2% month-on-month, indicating a synchronized rebound in inflation [2][7][8] - The overall inflation level is expected to continue rising, driven by core inflation and the effects of tariffs [8][9][10] Group 2: Industry Insights - Electronics - The resumption of H20 supply is expected to accelerate capital expenditure (Capex) among domestic internet companies, which had previously faced uncertainty due to the H20 embargo [3][13] - With the uncertainty lifted, project tenders are likely to restart, leading to the release of orders in the domestic computing power industry chain [3][13] - Domestic internet companies are projected to significantly increase their Capex, with Alibaba planning to invest over 380 billion yuan in cloud and AI hardware infrastructure over the next three years [15] Group 3: Company Insights - Perfect World - Perfect World is expected to achieve a significant turnaround in profitability in H1 2025, with projected net profit ranging from 480 to 520 million yuan [4][19] - The core gaming business is performing steadily, with anticipated net profit contributions from new game launches and cost-reduction measures [19][20] - The company maintains a "buy" rating based on its clear product pipeline and the expected performance of its upcoming game "异环" [4][19][20]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company is expected to achieve a significant turnaround in profitability in the first half of 2025, with a forecasted net profit attributable to shareholders of 480-520 million yuan and a non-GAAP net profit of 290-330 million yuan, marking a year-on-year recovery [3] - The core gaming business is projected to perform steadily, with a non-GAAP net profit of 320-360 million yuan expected in the first half of 2025, driven by the new game "Zhu Xian World" and continued growth in esports revenue [3] - The upcoming release of the supernatural urban open-world RPG "Yihuan" is anticipated to contribute significantly to the company's revenue growth, with positive market feedback from recent tests [3] Financial Summary - The company forecasts revenues of 6,862 million yuan in 2025, a year-on-year increase of 23.2%, and net profits of 788 million yuan, representing a year-on-year growth of 161.2% [4][6] - The gross margin is expected to be 60.6% in 2025, with a net margin of 11.5% [4] - Earnings per share (EPS) are projected to be 0.41 yuan in 2025, with a price-to-earnings (P/E) ratio of 35.8 times [4][6] Product Pipeline - The product pipeline is clear, with "Yihuan" expected to accelerate its launch, potentially driving rapid revenue growth [3] - The sequel to the "Zhu Xian" IP, "Zhu Xian 2," is scheduled for public release on August 7, further solidifying the company's position in the MMORPG segment [3]