2025.10. 26 本文字数：2967，阅读时长大约5分钟 作者 | 第一财经 刘晓洁 这几天，《CS2》（《反恐精英2》）的游戏饰品市场上演了一场史诗级风暴，市值从约60亿美元骤降至40亿美元附近，一天之内蒸发近20 亿美元。持有者纷纷抛售，交易平台一度瘫痪。 这场巨震的导火索，是10月23日凌晨《CS2》游戏开发商Valve发布的一项机制更新：玩家今后可使用5件红色皮肤合成一件金色饰品。过 去，有玩家将游戏里稀缺的高端饰品比作"数字黄金"，以前稀缺保值大家都买来投资，但现在可以拿5块"银子"合成一块"金子"，量产后的"金 价"自然崩盘。 根据饰品市场指数监测网站steamdt，两天内，大盘从1663点暴跌至652点，跌幅超过60%。在10月25日，市场略有回升，目前维持在881 点，也是腰斩的跌幅。而热门饰品"蝴蝶刀"两天内价格从20719元跌至5280元，跌幅接近75%。 社交平台上，不少玩家晒出账户亏损截图，有人"眼睁睁看着1小时亏掉1万"，也有人"3小时内蒸发500万"。 然而，也有像Luis这样的老玩家因提前卖出而躲过一劫。他认为，这场风波"洗掉的是炒家，留下的是玩家"，目前亏得较多的大都是专 ...

Group 1 - WeChat and QQ have launched the Steam account binding feature, allowing players to showcase their game data to friends, enhancing user engagement and platform value for Tencent [1] - This move is expected to strengthen the integration of social platforms and the gaming ecosystem, promoting deeper user interaction and community content [1] - The market may respond positively to the collaboration between social and gaming sectors, supporting overall sentiment [1] Group 2 - Tencent's new PC game "Escape from Tarkov: Infinite" will enter global open beta on September 16, with over 2.1 million players adding it to their Steam wishlists [2] - This launch is likely to solidify Tencent's position in the hardcore shooting genre and stimulate the PC gaming market [2] - Competitors may accelerate their responses, increasing activity in the gaming sector, while market confidence in leading game developers' global strategies and content innovation may rise [2] Group 3 - The 2025 DOTA 2 International Invitational (TI14) will commence, featuring 16 teams competing for direct qualification spots and elimination rounds [3] - The participation of Chinese teams highlights the globalization and commercialization of the esports industry [3] - The event is expected to boost platform traffic and user engagement, benefiting the esports content, streaming, and merchandise markets, while enhancing the value of top teams and sponsors [3]

Group 1 - WeChat and QQ have launched the Steam account binding feature, allowing players to showcase their game data to friends, which may enhance user engagement and platform value for Tencent [1] - The integration of social platforms with gaming ecosystems is expected to accelerate the trend of content community development and deepen user interaction, benefiting companies with platform integration capabilities [1] Group 2 - Tencent's new PC game "Escape from Tarkov: Infinite" will enter global open beta on September 16, with over 2.1 million players adding it to their Steam wishlists, indicating strong IP influence and user anticipation [2] - This launch may solidify Tencent's position in the hardcore shooting genre and stimulate the revival of the PC gaming market, prompting similar companies to follow suit and increase activity in the gaming sector [2] Group 3 - The 2025 DOTA2 International Invitational (TI14) is set to begin, featuring 16 teams competing for direct qualification spots and elimination round entries, highlighting the global and commercial growth of the esports industry [3] - The event is expected to boost platform traffic and user engagement, benefiting the esports content, live streaming, and merchandise markets, while enhancing the value of top teams and sponsoring brands [3]

Core Viewpoint - Perfect World has stabilized its operations after a period of transformation, reporting significant revenue and profit growth in the first half of 2025, driven by multiple business lines, particularly in gaming and a remarkable surge in its film and television segment [2][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 36.91 billion yuan, a year-on-year increase of 33.74%, with gaming business contributing 78.73% of total revenue [3][5]. - The gaming segment generated 29.06 billion yuan, up 9.67% from the previous year, while net profit attributable to shareholders reached 5.04 billion yuan, with a non-GAAP net profit of 3.46 billion yuan [3][4]. Business Segments - The gaming business remains the largest contributor to revenue, with the MMORPG title "Zhu Xian World" playing a crucial role in growth, alongside the esports segment [3][4]. - The film and television segment saw explosive growth, achieving revenue of 7.67 billion yuan, a staggering increase of 756.35% year-on-year, marking a significant turnaround for this previously underperforming area [2][9]. Challenges and Strategies - Despite the positive performance, the company faces challenges such as increased competition in the gaming industry and a decline in mobile game revenue due to product lifecycle impacts [4][5]. - Perfect World plans to focus on product innovation and user engagement strategies to maintain player activity and ensure long-term operational stability [4][8]. International Market Presence - The company's overseas revenue was only 1.84 billion yuan, accounting for 4.98% of total revenue, reflecting a 34.43% decline compared to the previous year, indicating a need for stronger international market strategies [5][6]. - Analysts emphasize the importance of overseas markets for Perfect World, suggesting that the company must innovate or expand internationally to enhance its competitive position [5]. Future Prospects - The upcoming release of the new game "Yihuan," expected to launch by the end of 2025 or early 2026, is seen as a potential game-changer for the company, aimed at attracting a younger audience [5][6]. - The esports segment is becoming increasingly important, with significant events planned to enhance brand visibility and engagement within the gaming community [8].

Core Viewpoint - The 2025 ChinaJoy will be held from August 1 to August 4 in Shanghai, showcasing a significant number of exhibitors and events focused on digital interactive entertainment and gaming industry advancements [1][10]. Exhibition Aspects: Major Works and Technological Innovations - The theme for this year's ChinaJoy is "Gathering What You Love," with 743 companies registered to participate, including 237 foreign enterprises from 37 countries, representing 31.8% of total exhibitors [10][11]. - The BTOC Interactive Entertainment Hall will feature over 283 companies, while the BTOB Business Negotiation Hall will host more than 460 companies, with foreign enterprises making up 45.2% of the latter [11]. - Notable exhibitors include Tencent, NetEase, and Perfect World, showcasing popular games and new releases, with many offering on-site play experiences [13][15][16]. Conference Aspects: Industry Leaders and Global Collaboration - The event will host several key conferences, including the China International Digital Entertainment Industry Conference (CDEC) and the China Game Developers Conference (CGDC), featuring hundreds of industry leaders and experts [19][20]. - CDEC will focus on new directions for industry development, with over 100 industry leaders expected to participate [19]. Event Activities: Engaging Competitions and Performances - The Cosplay Super League will cover 12 regions with nearly 30,000 participants, while the National Dance Group Ceremony will feature over 300 competitors [21]. Highlights of the Exhibition - The event will emphasize AI technology innovation and new consumer experiences, including a "Creator Zone" aimed at engaging younger audiences [22][23]. - The international presence is expected to increase, with foreign exhibitors making up 46.5% of the BTOB Business Negotiation Hall, marking a historical high [25]. Safety Measures: Ensuring a Secure Environment - A comprehensive safety management system will be implemented, including content review processes and on-site management protocols to ensure a safe and orderly event [31][33]. Ticketing Information: Early Bird Pricing - Early bird tickets for ChinaJoy will be available through various platforms starting July 2, with different phases for ticket sales [35].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][12]. Core Insights - The company has returned to profitability in Q1 2025, with a significant increase in revenue and net profit compared to the previous year. The revenue for Q1 2025 was 2.02 billion yuan, up 52.22% year-on-year, and the net profit reached 302 million yuan, a staggering increase of 1115.29% [2][4]. - The company is focusing on key product launches, including the new game "Zhu Xian World," which is expected to strengthen its position in the classic game category. The company is also optimizing its gaming business by discontinuing underperforming projects and concentrating resources on successful titles [3][4]. Financial Performance Summary - In 2024, the company reported a revenue of 5.57 billion yuan, a decrease of 28.50% year-on-year, and a net loss of 1.29 billion yuan. However, the first quarter of 2025 showed a strong recovery with a revenue of 2.02 billion yuan and a net profit of 302 million yuan [2][6]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.35 yuan, 0.64 yuan, and 0.77 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 38, 20, and 17 [4][6]. Business Strategy and Development - The company is implementing a "quality over quantity" strategy in its film and television business, reducing investment risks and focusing on short-form content. This includes the launch of a micro-drama channel "Her World" to diversify its creative capabilities [3]. - The company is also enhancing its esports ecosystem by organizing events such as "CAC 2025," which aims to solidify its presence in the competitive gaming market [3].