Core Viewpoint - Perfect World achieved revenue of 1.726 billion yuan in Q3 2025, representing a year-over-year increase of 31.45%, and reported a net profit attributable to shareholders of 162 million yuan, marking a turnaround from losses [1] Revenue Growth - The upcoming game releases, including "Zhu Xian World" in December 2024, "Zhu Xian 2" in August 2025, and "Persona: Nightshade" in mid-2025 for overseas markets, are expected to contribute to revenue growth [1] - The esports business continues to show an upward trend, with revenue increasing compared to the same period last year [1] Film and Television Business - The film and television segment generated 920 million yuan in revenue for the first three quarters, reflecting a significant year-over-year growth of 433%, primarily due to the airing of multiple productions and revenue recognition [1] Game Performance Comparison - The first month and first year revenue of "Huan Ta" were 500 million yuan and 3 billion yuan, respectively, while "Yihuan" is anticipated to surpass these figures due to its superior quality and themes [1] - Under a neutral assumption, if "Yihuan" launches as scheduled, it is projected to bring an additional profit of approximately 1.4 billion yuan to the company in 2026 [1] Valuation - The current stock price corresponds to price-to-earnings ratios of 50, 19, and 18 times for the next three years, maintaining a "Buy" rating [1]