业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 黄俊儒 A0230123070011 huangjr@swsresearch.com 张淇元 A0230124080001 zhangqy@swsresearch.com 林起贤 (8621)23297818× linqx@swsresearch.com 联系人 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 2025 年 07 月 13 日 美图戴维斯双击，重视 AI 应用商 业化兑现 看好 ——互联网传媒周报 20250707-20250711 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基 ...

7月10日，南方都市报联合广东连锁经营协会发布"2025高品质消费品牌TOP100"榜单，完美世界 （002624）股份有限公司成功入选，并荣获"年度十大消费科技创新品牌"奖项，凸显其在高品质兴趣消 费领域的引领作用。 另一方面，数字文化也激发了非遗与文旅消费活力。完美世界以丰富的数字文化为载体，推动非遗与文 旅消费融合，有效推进了数实融合高质量发展。 完美世界游戏积极探索"游戏+文旅"跨界合作, 用数字技术激活地方文化资源，推动文旅产业数字化和创 新发展。《诛仙》手游与江西上饶望仙谷景区合作，将"现实中的仙侠世界"景区实景植入游戏，让玩家 感受到国风仙侠大世界的魅力；《梦幻新诛仙》手游近期联动京绣、潍坊风筝、张家彩窑等非遗项目， 为传统文化瑰宝赋予新生。 数字经济时代，数字内容产品已成为大众文化精神生活的重要部分。以数字游戏、电子竞技、影视作品 为代表的数字文化产品正成为新的"消费引擎"，并广泛赋能地方文旅、城市发展等各领域，数字内容正 在助力消费新发展。 影视IP与文旅融合成为产业发展新方向。此前，完美世界影视出品的《追光的日子》带动广东惠州文旅 消费约18亿元，拍摄场景成为热门旅游目的地；微短剧《大过年 ...

Core Insights - Perfect World has launched the mobile game "Persona 5: The Phantom X" (P5X), which has received positive initial performance, particularly in the Japanese market, despite ongoing internal challenges related to anti-corruption investigations [1][32]. Group 1: Game Launch Performance - P5X was officially launched on June 26, 2023, in 102 countries and regions, achieving over 200,000 pre-registrations prior to launch [1]. - On the day before launch, P5X reached the top 20 in the iOS free game charts across 67 regions, including Japan and the US, and topped the Steam download charts [2]. - The game accumulated approximately 1.81 million downloads within the first ten days, with the highest contributions from the US (36.64%), Japan (24.47%), and Brazil (5.4%) [9]. Group 2: Revenue Trends - The first-day revenue for the Japanese server was approximately 5.03 million, peaking at 9.62 million on the second day, before stabilizing around 2.6 million [9]. - The total estimated revenue for both the Japanese and international servers is around 75.8 million, with the Japanese server contributing 73.44% of this total [11]. - The game has shown a significant decline in daily downloads and revenue after the initial surge, particularly in the international market [7][9]. Group 3: Company Financials and Challenges - Perfect World reported a revenue of 7.79 billion in 2023, a decrease of 7.91% year-on-year, with a net profit of 491 million, down 69.21% [20]. - For 2024, the company anticipates a further decline in revenue to 5.57 billion, representing a 28.5% decrease, and a net loss of 1.29 billion [21]. - The company has faced increased competition in the gaming market, leading to a decline in long-standing product revenues and a need for better market foresight [20][22]. Group 4: Strategic Adjustments - In response to financial challenges, Perfect World has focused on evaluating ongoing projects and has made decisions to halt underperforming titles [22]. - The company has reduced its workforce significantly, with a decrease of 1,849 employees by the end of 2024 [24]. - Perfect World is also increasing its overseas revenue share, which currently stands at less than 15%, with P5X and other upcoming titles expected to play a crucial role in this strategy [24][32].

Core Viewpoint - The gaming sector has shown significant growth since early June, driven by high-frequency data that boosts earnings per share (EPS) and price-to-earnings (PE) ratios for individual companies, as well as the overall gaming sector's PE valuation [1] Group 1: Market Dynamics - The upcoming summer season is expected to be the strongest for high-frequency data in the gaming industry, with historical trends indicating increased gaming activity during this period [2] - The risk of market optimism regarding the gaming sector being invalidated before the end of summer is relatively low, and the AI industry is anticipated to bring surprises in Q3, attracting funds interested in AI applications [3][4] Group 2: Company Performances - Giant Network has performed exceptionally well, with its core product "Supernatural Action" likely surpassing 100 million in revenue in June, and its daily active users (DAU) showing continuous growth [6] - Kaiying Network has a solid fundamental outlook, with its legendary business performing well and a rich product pipeline expected to drive revenue growth [7] - Jiubite has shown signs of recovery after a downturn, with its core product "Wandao Mobile" stabilizing and new products exceeding expectations [8] - Shenzhou Taiyue is positioned for future growth with a rich product reserve and plans for significant promotion in Q3 [10] - Sanqi Interactive Entertainment is undervalued with a PE ratio below 15, and the upcoming release of its anticipated MMO product "Douluo Dalu" could yield substantial returns [11] - Perfect World is experiencing improved testing results and is set to enter overseas testing, which may catalyze its valuation [12]

Core Viewpoint - The internal corruption handling announcement from Perfect World has sparked significant attention in the gaming industry, revealing serious violations of company policies and labor contracts by core personnel across multiple studios, with some employees and suppliers allegedly involved in criminal activities. The company has reported the matter to law enforcement [1]. Group 1: Corruption Cases - Multiple studio employees have been criminally detained, including Qin, the head of a million studio, who was arrested for accepting bribes from several suppliers [2]. - Li, the head of the planning department, was dismissed for allowing the production of inappropriate content and for embezzling internal bonuses, and is permanently banned from reemployment [2]. - Bai, the HR manager, was terminated for serious negligence in outsourcing and recruitment, as well as violating non-compete regulations, and is also permanently banned from reemployment [2]. Group 2: Specific Incidents - In the Qingyun studio, Li, the art team leader for the "Zhu Xian" project, was arrested for accepting bribes and embezzling company funds through fraudulent contracts [3]. - Other art department leaders, including Liu and Li Long, were also detained for accepting bribes from suppliers [3]. - An employee named Ren was dismissed and detained for participating in the illegal division of outsourced contract funds [4]. Group 3: Supplier Actions - Wang, the art team leader from the Hardcore studio, was detained for accepting bribes during his employment [5]. - Perfect World has taken strict actions against involved suppliers, blacklisting four companies, including Chengdu Xiyou Buluo Technology Co., Chengdu Qiaokeli Technology Co., Guangzhou Tuku Network Technology Co., and Chengdu Miaoshixiong Network Technology Co., prohibiting any future cooperation [5]. - The company confirmed the authenticity of the punishment list to the media [6].

据多家媒体报道，7月2日，B站向全体正式员工发送邮件， 通报了原游戏合作部总经理张某 敏的违法行为，称其在B站工作期间存在严重的职务犯罪行为，已经被公安机关依法逮捕。 不过B站公告未透露该员工犯罪的具体情况。 值得注意的是，有行业媒体报道称，早在今年4月，就有相关朋友圈在业内流传。当时多名相 关人士透露，当事人系前B站负责联运的合作部总经理张某敏，她已被有关部门带走接受调 查。 互联网公司反腐消息不断，B站、完美世界、唯品会、饿了么等重拳出击！ 据领英信息， 张某敏先后在汇丰银行、上海莫塞尔以及华为任职。 从职位来看，其业务范围 包括电商、游戏等内容，还曾担任过华为游戏中心部长。 昨日（7月1日），A股游戏龙头之一的 完美世界 也发布了反腐公告。 公告显示，完美世界旗下包括百万、青云、硬核工作室总计8名在职及已离职人员，涉嫌与供 应商内外勾结、营私舞弊、损害公司利益， 已被辞退并永不录用 ，完美世界已向公安机关报 案。 涉案人员涵盖工作室负责人、美术组长、策划总监及HR经理，其中原百万工作室负责人秦某 已被检察机关批捕。四家供应商——成都西游部落科技、成都巧可力科技、广州图酷网络科 技以及成都喵师兄被 列入永 ...

互联网公司反腐消息不断，B站、完美世界、唯品会、饿了么等重拳出击。 据多家媒体报道，7月2日，B站向全体正式员工发送邮件，通报了原游戏合作部总经理张某敏的违法行 为，称其在B站工作期间存在严重的职务犯罪行为，已经被公安机关依法逮捕。 不过B站公告未透露该员工犯罪的具体情况。 值得注意的是，有行业媒体报道称，早在今年4月，就有相关朋友圈在业内流传。当时多名相关人士透 露，当事人系前B站负责联运的合作部总经理张某敏，她已被有关部门带走接受调查。 据领英信息，张某敏先后在汇丰银行、上海莫塞尔以及华为任职。从职位来看，其业务范围包括电商、 游戏等内容，还曾担任过华为游戏中心部长。 公告显示，完美世界旗下包括百万、青云、硬核工作室总计8名在职及已离职人员，涉嫌与供应商内外 勾结、营私舞弊、损害公司利益，完美世界已向公安机关报案。 涉案人员涵盖工作室负责人、美术组长、策划总监及HR经理，其中原百万工作室负责人秦某已被检察 机关批捕。四家供应商——成都西游部落科技、成都巧可力科技、广州图酷网络科技以及成都喵师兄被 列入永久合作黑名单。 昨日，A股游戏龙头之一的完美世界也发布了反腐公告。 6月20日，有消息称饿了么物流负责人 ...

Group 1 - The first batch of 26 new floating rate funds has been launched, with over half already announced [1] - He Yuan Biological's IPO application has passed the review, marking the first successful IPO under the fifth set of standards for the Sci-Tech Innovation Board [1] - Multiple real estate companies are accelerating debt restructuring, with over 75% of holders supporting the offshore debt restructuring agreement from Country Garden [1] Group 2 - In June, China's heavy truck wholesale sales reached approximately 92,000 units, a year-on-year increase of about 29% [2] - The market for charging treasures in Huaqiangbei still includes products without 3C certification, despite increased scrutiny [2] - Guangzhou has launched its first "immediate refund" point for departure tax refunds, with a significant increase in tax refund applications and sales [3] Group 3 - Standard Chartered Bank faces a lawsuit related to the 1MDB scandal, with claims of failing to perform anti-money laundering checks on over $2.7 billion [3] - Perfect World has initiated an anti-corruption campaign, dismissing multiple individuals involved in bribery and misconduct [4] - Douyin e-commerce has clarified that there are no channels for obtaining sales permissions without followers, emphasizing adherence to established rules [4] Group 4 - Hebei Asset Management has submitted an IPO application, potentially becoming the first local asset management company to list on the Hong Kong Stock Exchange [4] - Tailong Pharmaceutical plans to register and issue up to 800 million yuan in short-term financing bonds [5] - Chang Aluminum's subsidiary has signed a contract worth 165 million yuan for a cleanroom construction project [6] Group 5 - Guomai Technology expects a net profit increase of 60.52% to 100.33% for the first half of 2025 [7] - Kidswant anticipates a net profit growth of 50% to 100% for the first half of 2025 [8] - The Shanghai Composite Index rose by 0.39%, with innovation drug stocks experiencing significant gains [9][10]

同时，完美世界对涉案供应商依法依规严肃处理，成都西游部落科技有限公司、成都巧可力科技有限公 司、广州图酷网络科技有限公司以及成都喵师兄网络技术有限公司4家供应商被列入黑名单，永不合 作。 游戏行业加大反腐败力度 值得一提的是，中国游戏行业在近年来持续加大反腐败力度，多家头部企业公开通报内部反腐案例，并 与司法机构联动打击商业贿赂、职务侵占等违法行为。1月16日，腾讯发布2024年反舞弊调查。2024年 全年，腾讯反舞弊调查部共发现并查处触犯"腾讯高压线"案件百余起，百余人因触犯"腾讯高压线"被解 聘，其中二十余人因涉嫌犯罪被移送公安机关处理。梳理名单可以看到，2024年IEG（互动与娱乐事业 群）、CSIG（云与智慧产业事业群）为违规"重灾区"。 2024年11月初，网易的贪腐问题受到广泛关注，通报的涉事员工涉及互娱渠道发行中心，负责电竞的 Battle事业部等多个部门，27家公司被永久"拉黑"，列入永不合作名单。到了2025年1月17日，网易内部 又公布了此前"网易游戏高管贪腐"事件的后续调查通报。通报显示，过去半年，网易内部发生了5起刑 事类案件，9起严重违规被辞退、永不录用案件，这些案件共涉及27名员工 ...

Core Insights - The event held on June 24, 2025, in Tianjin focused on the latest trends in AI development, featuring insights from various experts and representatives from technology companies [1] - Perfect World Group's Senior Vice President, Edy, highlighted the revolutionary impact of AI technology on the gaming industry and shared the company's practical achievements in the AI+gaming sector [1] Group 1: AI's Impact on Gaming - AI empowers the gaming industry in three dimensions: enhancing game product experiences, restructuring game production methods, and providing spillover value to other fields [3] - AI-assisted and AI-native games are creating new possibilities, with 78% of players willing to extend gameplay time for intelligent NPCs and 81% willing to pay for it [3] - The emergence of AI-native games in 2024 signifies a shift in industry competition towards a deeper contest of technology and creativity [3] Group 2: Production and Efficiency - AI is driving the gaming production process towards intelligent upgrades, addressing the rising demand for high-quality content in the entertainment industry [3] - Perfect World has integrated AI technologies into its game development pipeline, collaborating with global tech giants like Microsoft and NVIDIA to enhance production efficiency [4] - The company has developed various tools, including intelligent character dialogue algorithms and game generation tools, to empower its research and development [4] Group 3: Broader Applications of AI - Gaming serves as a significant experimental ground for AI, with complex demands and vast data driving innovation that spills over into digital content, education, and smart manufacturing [3] - Perfect World is also leveraging AI to improve efficiency in film production and enhance esports experiences through innovative technologies like VR holographic viewing [4] Group 4: Commitment to Technological Exploration - Perfect World aims to be a steadfast explorer and practitioner of technology, seeking new opportunities in the AI+ landscape through collaboration with partners [5]