华夏时报记者 于玉金 北京报道 多家头部A股游戏公司先后披露业绩预告，一些公司凭借出海业务增长、经典产品长线运营及降本增效 等措施，预计净利润实现同比增长，另一些公司存量游戏流水同比下滑，或者出现并购后遗症，进行商 誉减值出现亏损。 1月30日晚间，完美世界（002624）发布2025年全年业绩预告，公司预计全年实现归母净利润7.2亿元至 7.6亿元，同比扭亏为盈。而在本周，世纪华通（002602）、吉比特（603444）等多家公司均发布业绩 预增公告。其中，世纪华通归母净利同比增长预估区间为3.57倍至4.75倍。1月30日晚间，汤姆猫 （300459）也披露2025年年报预告，其全年归母净亏损预计11亿元至14亿元，亏损扩大。而在此前，电 魂网络（603258）也披露了亏损预告，这也是该公司上市后首次出现年度亏损。 文娱产业分析师张书乐在接受《华夏时报》记者采访时表示，A股游戏公司属于中国游戏产业的中腰 部，而其中世纪华通最为典型，其游戏A股市值第一，依靠的是《Whiteout Survival》与《Kingshot》两 个全球现象级爆款。"至少2个超级爆款是世纪华通能够和腾讯、网易、米哈游站在顶流的关键 ...

智通财经APP讯，完美世界(002624.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润 7.2亿元至7.6亿元，扭亏为盈;扣除非经常性损益后的净利润5.6亿元至6亿元。 报告期，端游《诛仙世界》于2024年12月正式上线，《诛仙2》于2025年8月初公测，《女神异闻录：夜 幕魅影》于2025年6月底至7月初登陆日本、欧美等海外市场，该等游戏于报告期内带来业绩增量;公司 电竞业务延续增长趋势，以立体化赛事体系为引擎，驱动产品精细化运营，收入较上年增加，持续贡献 稳定业绩。 ...

Core Viewpoint - The recent share reduction by the actual controller of Perfect World, Chi Yufeng, has raised concerns in the capital market, especially given the company's previous poor performance and the recent stabilization of its financials. Chi Yufeng's reduction has resulted in a cash-out of nearly 500 million yuan [2][3]. Shareholder Actions - Chi Yufeng plans to reduce his holdings by up to 32,979,500 shares, accounting for 1.7% of the total share capital, citing "personal funding needs" as the reason. As of the announcement date, he holds 14,912,240 shares, representing 7.69% of the total [3][4]. - Since June 2019, Chi Yufeng has cumulatively reduced his holdings by 76,929,900 shares, cashing out approximately 2.5 billion yuan. Including the current planned reduction, the total cash-out will exceed 3 billion yuan [4]. Financial Performance - In 2024, Perfect World reported a revenue of 5.57 billion yuan, a year-on-year decrease of 28.5%, and a net loss of 1.29 billion yuan, compared to a profit of 491 million yuan in 2023. The company has shut down several projects due to poor expected returns and has significantly reduced its workforce from over 5,700 to under 4,000 [5]. - However, in the first three quarters of this year, the company achieved a revenue of 5.42 billion yuan, a year-on-year increase of 33%, and a net profit of 666 million yuan, marking a return to profitability. The gaming segment generated 4.48 billion yuan in revenue, up 15.64% year-on-year [5][6]. Market Reactions - Following the announcement of the share reduction, Perfect World's stock price fell over 7% on November 28, closing at 17.17 yuan per share, a decline of 6.59%. The stock price rebounded slightly to 14.56 yuan on December 1, with a 2.75% increase, although large orders showed a net outflow [7]. Industry Context - Several A-share gaming companies have also announced share reductions recently, indicating a trend among major shareholders to cash out amid a rising market. Analysts suggest that this is a cyclical issue, as many gaming companies face challenges with older game products declining and new releases lacking strength [8][10]. - Perfect World is currently working on several projects, including the highly anticipated game "Yihuan," which is facing significant competition in the market. The success of "Yihuan" remains uncertain, especially given the high failure rate of domestic two-dimensional games [11].

Core Insights - The overall performance of A-share gaming companies in Q3 showed a mix of growth and decline, with 9 companies reporting both revenue and net profit growth, led by Century Huatong, which achieved over 10 billion in quarterly revenue for the first time [1][2] Company Performance - Century Huatong reported Q3 revenue of 100.2 billion, a year-on-year increase of 60.2%, and a net profit of 17 billion, up 163.8% [2] - 37 Interactive Entertainment achieved revenue of 124.61 billion in the first three quarters, with a net profit of 23.45 billion, reflecting a year-on-year growth of 23.57% [4] - Giant Network's Q3 revenue reached 17.06 billion, a significant increase of 115.63%, with a net profit of 6.40 billion, up 81.19% [5] - Perfect World turned a profit in Q3 with revenue of 17.26 billion, a 31.45% increase, and a net profit of 1.62 billion, up 176.59% [6] - Shenzhou Taiyue reported a decline in revenue to 13.8 billion, down 5.3%, and a net profit drop of 53.6% to 2.15 billion [7] Game Titles and Strategies - Century Huatong's growth was driven by hit games like "Whiteout Survival" and "Kingshot," with the former achieving over 200 million downloads and topping revenue charts [3] - 37 Interactive Entertainment focused on long-term operations and scientific marketing strategies, launching successful titles like "Time Bomb" and "Douluo Dalu: Soul World" [4] - Giant Network's revenue growth was attributed to increased game income, indicating effective product line management [5] AI Integration - Many A-share gaming companies are emphasizing AI development, with Century Huatong hosting an AI competition and integrating AI tools into their operations [8] - 37 Interactive Entertainment is building an AI platform with over 40 capabilities to enhance various business functions [8][9] - Giant Network is also expanding its AI initiatives, collaborating with Tsinghua University on a multi-dialect speech synthesis model [9][10]

Core Viewpoint - Despite the overall pressure in the gaming industry, companies like Century Huatong, Perfect World, and Youzu Network have reported significant revenue and profit growth in Q3 2025, showcasing unique reasons for their performance [1]. Group 1: Century Huatong - Century Huatong achieved a quarterly revenue of 10.02 billion yuan, marking a 60.2% year-on-year increase, with a net profit of 1.7 billion yuan, up 163.8% [2]. - The company’s total revenue for the first three quarters reached 27.22 billion yuan, surpassing the total revenue of the previous year [2]. - The growth is primarily driven by two successful overseas games: "Whiteout Survival," which has generated over 3.5 billion USD (approximately 24.9 billion yuan) in global revenue, and "Kingshot," which has earned over 400 million USD (approximately 2.8 billion yuan) since its launch [3]. Group 2: Perfect World - Perfect World reported Q3 revenue of 1.73 billion yuan, a 31.5% increase year-on-year, with a net profit of 160 million yuan, up 176.6% [4]. - The company’s revenue for the first three quarters reached 5.42 billion yuan, close to last year's total, reflecting a 33% year-on-year growth [4]. - The revenue increase is attributed to the launch of new games and a recovery from previous losses, with significant contributions from titles like "Zhu Xian World" and "Persona 5: Phantom X" [4]. Group 3: Youzu Network - Youzu Network reported Q3 revenue of 330 million yuan, a 12% year-on-year increase, with a net profit of approximately 26.2 million yuan, a staggering 4467% increase from the previous year [5]. - The company is recovering from a previous loss of about 390 million yuan in 2024, indicating a significant turnaround [5]. Group 4: Industry Overview - The overall gaming market in China saw a decline, with Q3 sales revenue at approximately 88 billion yuan, down 4% year-on-year, and overseas sales revenue for self-developed games dropping over 3% [5]. - The growth of the three companies occurs against the backdrop of an industry downturn, highlighting their unique strategies and recovery paths [5].

Core Viewpoint - The A-share gaming sector has shown resilience with multiple stocks experiencing significant gains, indicating a positive market sentiment towards the industry [1][2]. Group 1: Stock Performance - Giant Network (002558.SZ) saw a rise of over 9%, while Shenzhou Taiyue (300002.SZ) and G-bits (603444.SH) increased by over 4% [1]. - As of September 3, the Wind gaming concept index has recorded a year-to-date increase of 37.96%, with four companies, including ST Huatuo and Giant Network, seeing their stock prices double [3][10]. - ST Huatuo led the revenue rankings among 35 listed companies with 17.207 billion yuan, a year-on-year increase of 85.5% [4][6]. Group 2: Company Financials - In the first half of 2025, ST Huatuo, Sanqi Interactive Entertainment, and Kunlun Wanwei reported the highest revenues, with ST Huatuo's net profit reaching 2.656 billion yuan [4][6]. - 20 out of 35 listed companies reported an increase in net profit, with nine companies achieving over 100% growth [7]. - Notable performers include Tuowei Information and Sheng Tian Network, with net profit growth rates of 2262.83% and 1186.02%, respectively [7]. Group 3: Product Performance and Strategy - ST Huatuo's success is attributed to its popular games like "Whiteout Survival" and "Kingshot," which have performed well in both domestic and international markets [4][5]. - Sanqi Interactive Entertainment has focused on a diversified strategy, launching multiple successful games, including "Time Explosion" and "Heroes Have No Flash," which have achieved high rankings in app stores [5][6]. - Kunlun Wanwei has emphasized AI technology, with significant growth in overseas revenue, which accounted for 92.17% of its total revenue [6][11]. Group 4: Market Trends - The gaming sector's growth is partly driven by the broader market trends and the integration of AI technologies within gaming [11][12]. - The overall positive sentiment in the gaming sector is reflected in the substantial stock price increases following the release of quarterly financial reports [10][11].

Investment Rating - The report maintains a "Recommended" rating for the company Perfect World (002624.SZ) [2][7] Core Views - The company's performance has stabilized, with significant improvements in profit margins due to effective cost control measures. The new game releases are expected to contribute positively to revenue growth [7][8] - The company reported a revenue of 3.691 billion yuan for the first half of 2025, a year-on-year increase of 33.74%, and a net profit of 503 million yuan, marking a return to profitability [7] - The upcoming game releases, including "P5X" and "Zhu Xian 2," are anticipated to drive further revenue growth in the latter half of 2025 and into 2026 [7] Financial Performance Summary - **Revenue Forecasts**: - 2024A: 5,570.49 million yuan - 2025E: 6,700.55 million yuan (20.29% growth) - 2026E: 9,356.81 million yuan (39.64% growth) - 2027E: 10,027.37 million yuan (7.17% growth) [2][9] - **Net Profit Forecasts**: - 2024A: -1,287.56 million yuan - 2025E: 820.96 million yuan (163.76% growth) - 2026E: 1,425.65 million yuan (73.66% growth) - 2027E: 1,617.30 million yuan (13.44% growth) [2][9] - **Gross Margin**: - 2024A: 57.87% - 2025E: 57.68% - 2026E: 62.11% - 2027E: 62.34% [2][9] - **Earnings Per Share (EPS)**: - 2024A: -0.66 yuan - 2025E: 0.42 yuan - 2026E: 0.73 yuan - 2027E: 0.83 yuan [2][9] - **Price-to-Earnings Ratio (PE)**: - 2025E: 37.67 - 2026E: 21.69 - 2027E: 19.12 [2][9]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 18.34 [1][5] Core Insights - The company reported a revenue of RMB 3.691 billion for H1 2025, representing a year-over-year increase of 33.74%, and a net profit of RMB 503 million, up 384.52% year-over-year [1][2] - The gaming business turned profitable in H1 2025, with revenue of RMB 2.906 billion, a 9.67% increase year-over-year, primarily driven by the launch of "Zhu Xian World" and growth in esports revenue [2][4] - The film and television segment saw significant growth, with revenue reaching RMB 767 million, a staggering 756.35% increase year-over-year, attributed to multiple successful releases [2][4] Financial Performance - The company achieved a gross margin of 56.68% in H1 2025, a decrease of 8.19 percentage points year-over-year, mainly due to the higher proportion of lower-margin film and television business [4] - The company’s operating expenses decreased, with a sales expense ratio of 8.9%, down 9.4 percentage points year-over-year, and a management expense ratio of 9.1%, down 7.8 percentage points year-over-year [4] Future Outlook - The company is optimistic about its self-developed games, with new products expected to enhance performance and profitability [1][2] - The upcoming game "Yihuan" is anticipated to perform well, with significant user engagement during testing phases [3][5] - The company is investing in AI tools to enhance research and development efficiency, which is expected to further improve performance in the future [4][5]

Summary of Conference Call Records Industry Overview: Gaming Industry Key Points - **Market Dynamics**: The gaming industry is experiencing a shift with mid-tier companies performing well in mini-programs and overseas markets due to lower costs and technical requirements. In contrast, leading companies are facing challenges in transformation due to high costs and complex processes. It is anticipated that by the end of 2026 or 2027, these leading companies will leverage their technological advantages to capture market share with higher quality products [1][2][3]. - **Product Delays**: Major gaming companies have delayed the release of several products originally scheduled for the first half of 2025 due to changes in player preferences and the rise of new game genres. This has led to a reassessment of R&D investments to capture market share in the latter half of the year [1][3][4]. - **Mobile Market Competition**: The competition in the mobile game publishing and operation sector has slowed down in the first half of 2025, with increased costs in a saturated market. Companies are shifting towards private traffic strategies to maintain user engagement and reduce costs [5]. - **User Demographics**: Changes in user age demographics are influencing game genre preferences. Younger users prioritize fairness and freedom, leading to increased customer acquisition costs for traditional games. Games emphasizing fair competition and content, such as "Soda Car" games, are gaining popularity [6]. - **Domestic Two-Dimensional Market**: The domestic two-dimensional market is polarized, with leading products attracting significant user bases while mid-tier products struggle to survive. High-quality and innovative experiences are essential for development, as smaller productions face challenges in gaining market recognition [7][11]. - **Overseas SLG Market**: Companies like Yuanqu and Jiangyu have successfully navigated the overseas SLG market by innovating and focusing on niche segments, surpassing the 10 million user threshold. The challenge remains to attract non-SLG users, as only 30% of users have previously engaged with SLG games [8][9][10]. - **High Investment Trends**: The trend towards high-investment, high-quality products is creating barriers for smaller companies. While some can match investment levels, they struggle with gameplay differentiation, leading to a reliance on quality to outperform competitors [12]. - **Mini-Game Market**: The mini-game market is growing rapidly, but profitability remains low due to high platform costs and user retention challenges. Companies are exploring new business models to adapt to changing user expectations [13]. - **Regulatory Environment**: The normalization of licensing policies has stabilized time and cost expectations, promoting healthier industry development. This stability encourages the production of high-quality cultural products and supports their international expansion [19]. - **Emerging Game Trends**: The end-game market is witnessing a steady rise, driven by high-quality domestic single-player games and independent games. The emergence of interactive film games is also noted, although success rates in this area are low [16][17][18]. Additional Insights - **Community Engagement**: TapTap has become a significant player in the market, benefiting from user migration and changing demographics, with a 50%-60% share in new user acquisition for projects launched [2][15]. - **Market Risks**: Certain games, such as a tomb-raiding themed game, show growth potential but face risks due to content similarities and competition. The need for innovation and differentiation is critical for maintaining market position [21][22]. - **Military Simulation Games**: The potential for military-themed games like "World of Tanks" is limited due to their aging user base and gameplay. Without innovation, these games may struggle to attract new users [23]. This summary encapsulates the key insights and trends within the gaming industry as discussed in the conference call records, highlighting both opportunities and challenges faced by companies in this dynamic market.

Group 1 - The 22nd ChinaJoy will be held from August 1 to August 4 in Shanghai, recognized as one of the largest international digital interactive entertainment industry events globally, covering various sectors such as gaming, animation, esports, smart hardware, and trendy toys [1] - This year's theme is "Gathering What You Love," with 743 companies registered to exhibit, including 237 foreign companies from 37 countries and regions, accounting for 31.9% of total participants [1] - Major gaming companies like Tencent Games, Blizzard, NetEase Games, and others will showcase popular products and provide live demos at the event [1] Group 2 - The event will also host several summits, including the CDEC Summit, ChinaJoy AIGC Conference, Global Gaming Industry Conference, and others, along with unique activities like a digital shopping festival and the debut of the "China Audio-Visual Association Game Museum" [2] - A new "Smart Entertainment Robot" exhibition area will be introduced, featuring various innovative tech products in the smart hardware pavilion, along with a "Z Economy" section targeting Gen Z consumer demands [2] - Companies such as Perfect World, TCL Technology, and Giant Network are among the exhibitors, with Shunwang Technology acquiring the organizer of ChinaJoy, Hanwei Xinheng [5][6]