| 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 Insights - Perfect World has been awarded the "Best Sustainable Development Award" and "Best Social Responsibility Award" at the "2025 Employer Brand Creative Competition" for its outstanding performance in the ESG field [1][5]. Group 1: Corporate Social Responsibility - Perfect World actively fulfills its social responsibilities and integrates sustainable development concepts into every aspect of its business [4]. - The company focuses on providing high-quality products while enhancing its market competitiveness through a refined global distribution system [4]. - In the first three quarters of 2025, Perfect World achieved a revenue of 5.417 billion yuan, a year-on-year increase of 33%, and a net profit of 666 million yuan, turning a profit compared to the same period last year [4]. Group 2: Technological Innovation - Technological innovation is the core driving force behind Perfect World's development, with a commitment to independent research and development [6]. - The company explores the application of cutting-edge technologies like AI in its products, such as the online game "Zhu Xian World," which incorporates advanced AI technologies [6]. - Perfect World integrates cultural elements with technology, creating new business models that promote the deep integration of digital culture with traditional heritage and tourism [6]. Group 3: Organizational Environment and Governance - Perfect World emphasizes a healthy and orderly organizational environment, continuously improving management and business processes [7]. - The company adheres to a business ethics framework and compliance principles, enhancing risk management and internal control capabilities [7]. - By establishing comprehensive compliance systems, Perfect World fosters a fair competition atmosphere and promotes a culture of integrity [7]. Group 4: Commitment to Sustainability - As a member of the "Global Sustainable Consumption Initiative," Perfect World recognizes its responsibilities and has published a guiding document on sustainable consumption in the digital culture sector [8]. - The company engages in various social and environmental initiatives, including educational programs and low-carbon activities to promote green living [8]. - Perfect World aims to explore feasible paths for sustainable development while navigating the opportunities and challenges in the digital culture industry [8]. Group 5: Competition Overview - The "2025 Employer Brand Creative Competition" attracted 534 well-known domestic and international companies, receiving 1,831 employer brand creative submissions [9]. - The selection process involved four stages and utilized a "4+1" selection criterion, ultimately awarding 17 prizes across four categories [9].

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].

Core Insights - Perfect World reported Q3 2025 revenue of 1.73 billion yuan, representing a year-over-year increase of 31%, primarily driven by the growth contribution from the online game "Zhu Xian World" [1] - The gross margin for Q3 was 64.8%, an increase of 13.1 percentage points year-over-year, mainly due to improved margins in the film and television sector [1] - The net profit attributable to shareholders for Q3 was 160 million yuan, a significant recovery from a loss of 210 million yuan in the same period last year, largely due to the increased contribution from online games [1] Financial Projections - The company anticipates that the upcoming game "Yihuan" will launch in the first half of 2026, contributing to revenue growth [1] - The recent broadcasting policy changes are expected to drive a recovery in the long-form drama market, with new projects likely taking 1-2 quarters to reflect in financial results [1] - Forecasted net profits attributable to shareholders for 2025, 2026, and 2027 are 780 million yuan, 1.571 billion yuan, and 1.607 billion yuan, respectively, adjusted from previous estimates based on game progress and assumptions regarding revenue, gross margin, and expense rates [1] Valuation and Rating - The company maintains a target price of 16.20 yuan based on a 20x PE ratio for comparable companies in 2026, sustaining an "Overweight" rating [1]

Group 1 - The core viewpoint of the articles highlights the significant growth in revenue and profitability for the company, driven primarily by the success of its gaming and film segments [1][2] - In Q3 2025, the company's revenue reached 1.73 billion yuan, representing a year-over-year increase of 31%, largely attributed to the contribution from the online game "Zhu Xian World" [1] - The gross margin improved to 64.8%, up 13.1 percentage points year-over-year, mainly due to enhanced profitability in the film segment [1] Group 2 - The film segment reported a revenue of 920 million yuan for Q1-Q3 2025, showing a remarkable year-over-year increase of 433%, with a net profit of 26 million yuan, marking a turnaround from losses [2] - Upcoming film projects are in post-production, and new policies in the broadcasting sector are expected to drive a recovery in the long-form drama market [2] - The company anticipates that its core game "Yihuan" will launch in 2026, contributing to future revenue growth, with projected net profits of 780 million, 1.571 billion, and 1.607 billion yuan for 2025 to 2027 [2]

Core Insights - The A-share gaming companies have shown significant growth in revenue and net profit, indicating an increase in global competitiveness among Chinese game developers [2][3] - Century Huatong leads the A-share gaming sector with a revenue of 27.223 billion yuan and a net profit of 4.357 billion yuan for the first three quarters of 2025, marking a 75.31% and 141.65% year-on-year increase respectively [4][5] - Despite the successes of some companies, seven firms, including Tom Cat, reported losses [2][10] Group 1: Company Performance - Century Huatong's revenue for the first three quarters reached 27.223 billion yuan, double that of the second-ranked Sanqi Interactive Entertainment, which reported 12.461 billion yuan [3][4] - Giant Network also performed well, achieving a revenue of 3.706 billion yuan in Q3, a year-on-year increase of 115.63%, and a net profit of 640 million yuan, up 81.19% [5] - Youzu Network reported a net profit growth of 1374.60%, with a revenue of 1.019 billion yuan for the first three quarters [7][8] Group 2: Game Launches and Market Trends - Century Huatong's success is attributed to its hit game "Whiteout Survival," which has surpassed 200 million downloads and topped the global mobile game revenue chart [5][6] - Giant Network's success is driven by the game "Supernatural Action Team," which is expected to perform well during key holiday periods [6][7] - Youzu Network has strengthened its global game operations and AI business integration, enhancing its long-term growth potential [8][9] Group 3: Challenges and Setbacks - Shenzhou Taiyue experienced a decline in both revenue and net profit, with a Q3 revenue of 1.38 billion yuan, down 5.3% year-on-year [10][11] - Tom Cat reported a revenue drop of 19.77% to 697 million yuan, resulting in a net loss of 43.94 million yuan, a significant decline from the previous year's profit [12][13] - The transition to AI hardware for Tom Cat has not yet translated into effective consumer engagement, limiting its growth potential [13]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for potential price appreciation [7][11]. Core Insights - The company achieved a revenue of 5.417 billion RMB in the first three quarters, representing a year-over-year increase of 33.0%, with a net profit of 666 million RMB, up 271.2% year-over-year [7]. - The third quarter alone saw a revenue of 1.726 billion RMB, reflecting a year-over-year growth of 31.5% [7]. - The performance is driven by the gaming segment, particularly the successful launches of new games, which have significantly contributed to revenue growth [9]. Summary by Sections Company Overview - The company operates in the media industry, with a current A-share price of 16.96 RMB as of October 30, 2025, and a market capitalization of approximately 30.998 billion RMB [2]. Financial Performance - The company reported a net profit of 491 million RMB for 2023, with projections of 876 million RMB for 2025, indicating a recovery trend [8]. - The earnings per share (EPS) are expected to improve from -0.68 RMB in 2024 to 0.45 RMB in 2025 [8]. Business Segments - The gaming segment constitutes 93.0% of the company's revenue, with significant contributions from new game releases [3]. - The company is focusing on enhancing its content matrix in the film and television sector while also expanding its esports initiatives [9]. Future Outlook - The company anticipates continued revenue growth driven by the upcoming game "异环," which is expected to launch in 2025 and could generate over 5 billion RMB in its first year [9]. - Profitability is projected to improve, with net profits expected to reach 1.415 billion RMB by 2026 [8].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a significant increase in revenue and profitability for the first three quarters of 2025, achieving a total revenue of 5.417 billion yuan, a year-on-year growth of 33% [1] - The gaming segment showed strong performance, with revenue reaching 4.475 billion yuan, up 15.64% year-on-year, driven by the successful launch of new titles such as "Zhu Xian 2" and "Zhu Xian World" [2] - The company's esports and film businesses also experienced substantial growth, with esports revenue increasing and film revenue soaring by 432.9% to 918 million yuan due to multiple successful releases [4] Financial Overview - For 2025, the company is projected to achieve a net profit of 855 million yuan, representing a year-on-year increase of 166.4%, with further growth expected in subsequent years [5] - The earnings per share (EPS) is forecasted to improve from -0.66 yuan in 2024 to 0.44 yuan in 2025, indicating a recovery in profitability [5] - The company's total revenue is expected to grow from 5.57 billion yuan in 2024 to 7.743 billion yuan in 2025, reflecting a growth rate of 39% [5] Business Performance - The successful launch of "Zhu Xian 2" topped the iOS free game charts on its first day, reinforcing the company's competitive position in the MMORPG segment [2] - The original RPG game "Yihuan" also received positive feedback during its overseas testing, indicating strong international interest and potential for future growth [3] - The company is actively expanding its product offerings and enhancing its operational strategies across multiple gaming genres [2][3]