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 ...

8月26日，A股市场在震荡中完成调整，三大指数呈现分化走势：沪指微跌0.39%报收3888点，深成指上涨0.26%，创业板指下跌0.75%。两市成交额2.68万 亿元，较前一交易日缩量4621亿元，显示市场在连续高量能后进入阶段性休整。超2800只个股上涨，但板块轮动加速，消费电子、华为昇腾、游戏等板块 逆势走强，而稀土永磁、CRO等板块则深度调整，折射出资金在结构性行情中的精准布局。 | 0 16 | 最新 | 涨幅 | 涨跌 | | --- | --- | --- | --- | | 上证指数 | 3868.38 | -0.39% | -15.18 | | 1A0001 | | | | | 深证成指 12473.17 0.26% | | | 32.10 | | 399001 | | | | | 创业板指 | 2742.13 | -0.75% | -20.86 | | 399006 | | | | | 中证A50 1717.2328 | | -0.15% | -2.5790 | | 930050 | | | | | 沪深300 | 4452.59 -0.37% | | -16.63 | | 1B0300 | ...

Game Releases - Tencent's new game "Virtual Ring" released a 21-minute gameplay demonstration on August 4, with the first test scheduled for January 2026, and the video has garnered over 14.25 million views [1] - NetEase launched the 3D turn-based pet-catching game "Spirit Beast Adventure" on August 7, featuring five major factions and a home-building system [3] - Perfect World released the ancient fantasy MMORPG "Zhu Xian 2" on August 7, which quickly reached the number one spot on the iOS free chart [6] - Tencent's survival mobile game "Out of Control Evolution," authorized by "Rust," began testing recruitment on August 8, with large-scale testing set for September 19 [8] - Anuttacon's AI interactive game "Whispers from the Star" will launch on Steam on August 15, priced at $9.99, focusing on real-time dialogue with AI characters [11] - Tencent's new FPS game "Crossfire: Rainbow" was officially announced on August 9, featuring a PVPVE mode and a unique "San value" mechanic [12] - Tencent's 3D cultivation RPG project "Code: Carefree Journey" was unveiled on August 8, emphasizing exploration and action-based combat [13] Industry News - Xindong Company announced a strategic investment of $14 million in AI game company MiAO, acquiring a 5.3% stake, with MiAO's valuation at $264 million [19] - Nintendo warned the organizers of Japan's largest speedrunning charity event "RTA Summer 2025" to remove all Nintendo games due to unauthorized use, affecting the event scheduled for August 9 [20] - OpenAI launched the new AI model GPT-5 on August 8, capable of generating 3D games from text instructions and enhancing game development efficiency [21]

Market Overview - The Shanghai Composite Index closed at 3559.95, down 0.37% for the week, with a trading volume of 684.645 billion CNY[18] - The average daily trading volume for the entire A-share market was 1.81 trillion CNY, a decrease of 39 billion CNY from the previous week[21] Market Style Performance - The only index that saw a gain this week was the Wind Micro Index, which increased by 1.46%[25] - The CSI 500 index fell by 1.37%, while the CSI 300 index dropped by 1.75%[25] Participant Performance - The active capital holding index outperformed, with the private equity heavy index declining only 0.65% compared to the overall market decline of 1.09% for the Wind All A Index[33] Market Sentiment - The margin trading balance increased to over 1.98 trillion CNY, reaching a new high for the year[36] - The number of stocks hitting the daily limit up or down remained relatively stable, indicating a steady market sentiment[36] Sector Performance - Strong sectors included innovative pharmaceuticals and optical modules, with significant partnerships announced in the industry[51] - The report highlighted the importance of AI applications, particularly following the approval of a government initiative to implement "AI+" actions[51] Future Outlook - Upcoming events include product launches in the TMT sector and significant industry conferences, which may influence market trends[54] - The report emphasizes a focus on active domestic circulation, technological self-reliance, and expanding openness in the market[55]

Market Overview - The average daily trading volume of the entire A-share market was 1.81 trillion CNY, a slight decrease of 39 billion CNY compared to the previous week[8] - The Shanghai Composite Index fell by 0.94% this week, while the ChiNext Index decreased by 0.74%[12] Market Style Performance - The small-cap index (WIND Micro Index) rose by 1% this week, showing relative strength compared to large-cap indices[12] - Growth stocks outperformed value stocks, with the relative advantage of growth stocks oscillating in positive territory over the past 30 trading days[18] Participant Performance - Active funds showed relative superiority this week, with the National Team Index declining by 1.92% and the Social Security Heavyweight Index down by 1.83%[22] - The overall A-share market saw a decline of 1.09% this week, with the market sentiment index showing a slight increase[21] Market Sentiment - The margin trading balance increased to over 1.98 trillion CNY, reaching a new high for the year[25] - The number of stocks hitting the daily limit up was 62, while those hitting the limit down was 12, indicating relatively stable market sentiment[25] Sector Performance - The report highlights strong performance in sectors such as innovative pharmaceuticals and AI applications, with significant partnerships announced in the industry[41] - The report also notes the importance of technology self-reliance and expanding openness in the context of ongoing geopolitical tensions[43]

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]

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].

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]

Core Viewpoint - Perfect World has returned to profitability in the first half of the year, with expected net profit of 480 to 520 million yuan, primarily driven by its game business and the success of key products like "Zhu Xian World" and the anticipated "Yihuan" [2][3]. Financial Performance - The company expects to achieve a net profit attributable to shareholders of 480 to 520 million yuan in the first half of the year, with a non-recurring profit of approximately 290 to 330 million yuan [2][3]. - The gaming segment is projected to contribute the entire net profit, with a similar range of 480 to 520 million yuan, and a non-recurring profit of 320 to 360 million yuan, marking a turnaround from losses in the previous year [2][3]. Game Development and Expectations - The success of "Zhu Xian World," launched in December 2024, has significantly contributed to the company's performance, generating over 400 million yuan in revenue within the first 30 days of its public release [3]. - The upcoming game "Yihuan" is expected to be a major hit, with analysts predicting it could become a flagship IP for Perfect World, potentially generating over 5 billion yuan in its first year [5]. E-sports and Other Business Segments - The e-sports business has shown steady growth, supported by high-quality and frequent events, contributing to stable revenue [3]. - The film and television segment is also expected to achieve a net profit of around 40 million yuan, with recent productions like "Qian Duo Tao Hua Yi Shi Kai" and "Zhi Ci Jiang Hu Meng" performing well [4]. Internal Adjustments and Anti-corruption Measures - The company has initiated a series of internal adjustments aimed at optimizing operations and reducing costs, which have begun to show results [3]. - Perfect World has also intensified its anti-corruption efforts, reporting multiple violations of company policies and contracts, leading to legal actions against involved employees and suppliers [6][7].

Core Viewpoint - Perfect World Co., Ltd. has reported a turnaround in its financial performance for the first half of 2025, projecting a net profit of between 480 million to 520 million yuan, compared to a loss in the same period last year [1][2]. Financial Performance - The company expects to achieve a net profit attributable to shareholders of 480 million to 520 million yuan and a net profit excluding non-recurring items of 290 million to 330 million yuan for the first half of 2025, marking a significant recovery from last year's losses of 177.86 million yuan and 235.40 million yuan respectively [2][3]. - Basic earnings per share are projected to be between 0.25 yuan and 0.27 yuan, a recovery from a loss of 0.09 yuan per share in the previous year [3]. Key Drivers of Performance - The turnaround is primarily attributed to the successful launch of the self-developed MMORPG "Zhu Xian World," which was released in December 2024, contributing positively to the company's revenue in the first half of 2025 [2][3]. - The esports segment has shown steady growth, supported by high-quality and frequent events, continuing to contribute stable revenue [3]. - Cost reduction and efficiency improvement measures implemented by the company have begun to yield positive results [3]. Future Prospects - Upcoming game releases include the supernatural urban open-world RPG "Yihuan," which has begun testing in both domestic and overseas markets, and the JRPG "Persona: Nightshade," which has received positive feedback in various international markets [6][8]. - The MMORPG sequel "Zhu Xian 2" is scheduled for public release on August 7, 2025, which is expected to strengthen the company's position in this genre [8]. Other Business Segments - The film and television segment is projected to achieve a net profit of approximately 40 million yuan, with a net profit of around 20 million yuan after excluding non-recurring items for the first half of 2025 [8].