影视业务坚持提质减量，切入短剧赛道并获良好发展。公司影视业务聚焦"提质减量"策略，2024 年 《小日子》《今天的她们》《执行法官》等多分制作精良剧作相继播出。同时，公司近年来发力短剧赛 道，创建微短剧频道"她的世界"，覆盖抖音等全媒体平台。2024 年，《大过年的》《皎月流火》等多 分短剧相继播出并获得广大用户喜爱。 盈利预，：公司多端产品全球化发行初见成效，新游上线并获良好市场表现，我们上调盈利预， ， 预 计公司2025-2027 年分别实现归母净利润7.41/10.60/12.12 亿元， 同比增长157.6%/43.0%/14.4% ， 对应 PE32/23/20x，维持"买入"评级。 业绩概览：公司发布2024 年年报及2025 年一季报。2024 年，公司实现营业收入55.70 亿元，同比下滑 28.50%；实现归母净利润-12.88 亿元；实现扣非归母净利润-13.13 亿元。2025Q1，公司实现营业收入 20.23 亿元，同比增长52.22%；实现归母净利润3.02 亿元，同比增长1115.29%；实现扣非归母净利润 1.63 亿元，同比增长203.06%。公司2024 年利润分配预案拟向 ...

积极筹备筹备，关注后续上线进展公司储备有诛仙P正统续作《诛仙2》，自前游戏已获移动、客户端 版号，上线后有望借助IP影响力吸引大量IP粉丝尚玩家：《女神异闻录：夜幕魅影》部分海外地区发行 计划稳步推进；另有一款超自然都市开放世界RPG游戏《异环》首2024年7月首曝后关注度较高，关注 游戏后续开发及上线进展。 深化布局多领域发展，有望增厚整体业绩除主营游戏业务外，公司在各个其他领域赛道的竞争力不断增 强，有望进一步增厚公司业绩，提高公司影响力：电竞业务方面，将举办世界级赛事CS亚洲邀请赛 （CAC2025），进一步提升品牌影响力；影视业务方面，多部平台定制剧如《于朵桃花一世开》等相 继播出，精品微短剧《夫妻的春节》成为2025年全网首部观看人数破亿的短剧。 事件公司发布2024年度报告和2025年一季报：2024年公司实现营业收入 55.70亿元，同比下降28.50%； 归母净利润为亏损12.88亿元，同比由盈转亏。2025第一季度公司实现营业收入20.23亿元，同比增长 52.22%；归母净利润为3.02亿元（包含出售乘风工作室的非经常性收益1.2亿元）：扣非归母净利润1.63 亿元，同比扭号为盈。 业务调 ...

发展趋势 2024 年业绩符合我们及市场预期，1Q25 好于我们预期 公司2024 年收入55.7 亿元，归母净亏损12.9 亿元（预告亏损11-13 亿元），符合我们及市场预期。 1Q25 收入20.2 亿元（好于我们预期14.5 亿元），归母净利润3.02 亿元（我们预期2.35 亿元，市场预期 2-3 亿元），扣非净利润1.63 亿元，好于我们及市场预期，我们认为主要由于：1）影视收入表现较 好，单季度实现5.96 亿元；2）季度内管理费用、销售费用控制好于预期。 公司同时宣布2024 年现金分红0.23 元/股（含税）。 端游增量及剧集集中确认助推1Q25 收入增长，全年关注《诛仙世界》流水释放（年中大版本）、 《P5X》海外区域（日本/欧美）上线规划。 游戏：1Q25 收入同增10%，我们认为主要由于《诛仙世界》流水确认及电竞产品（《CS》《Dota2》） 增长驱动。《诛仙世界》将于2025 年中进行大版本更新并开启赛季制，关注后续流水情况。同时关注 下半年《P5X》日本、欧美等区域上线进展（Sega 发行）。此外，储备新游方面《异环》将于2Q25 开 启国内二测+海外一测，关注产品测试情况、版号获 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a significant revenue decline in 2024, with total revenue of 5.57 billion yuan, down 28.5% year-on-year, and a net loss of 1.29 billion yuan [1] - In Q1 2025, the company showed strong recovery with a revenue of 2.02 billion yuan, up 52.22% year-on-year, and a net profit of 302 million yuan, up 1115.29% year-on-year [1] - The company plans to distribute a cash dividend of 2.3 yuan per 10 shares for 2024 [1] Financial Performance Summary - The gaming business generated revenue of 5.18 billion yuan in 2024, a decrease of 22.32% year-on-year, with a net loss of 725 million yuan [2] - The company is focusing on optimizing its project portfolio, with several new games receiving positive market feedback, including "Persona: Nightshade" and "Zhu Xian World" [2][3] - The company is actively pursuing global multi-platform releases for new projects, including "Zhu Xian 2" and "Yin" [3] - The film and television segment is adopting a "quality over quantity" strategy, successfully launching several short dramas [4] Profit Forecast - The company is expected to achieve net profits of 741 million yuan, 1.06 billion yuan, and 1.21 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 157.6%, 43.0%, and 14.4% [4] - The projected P/E ratios for 2025, 2026, and 2027 are 32, 23, and 20 times respectively [4] Financial Metrics Overview - The company reported a revenue of 7.79 billion yuan in 2023, with a projected recovery to 7.8 billion yuan in 2025 [5] - The net profit for 2023 was 491 million yuan, with a forecasted return to profitability in 2025 [5] - The company's cash flow from operating activities is expected to improve significantly, reaching 1.34 billion yuan by 2025 [10]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a significant revenue decline in 2024, with total revenue of 5.57 billion yuan, down 28.5% year-on-year. However, Q1 2025 showed a strong recovery with revenue of 2.02 billion yuan, up 52.22% year-on-year [1][4] - The gaming business faced challenges in 2024, with a revenue of 5.18 billion yuan, down 22.32% year-on-year, and a net loss of 725 million yuan. Despite this, several new games received positive market feedback, including "Persona 5: Phantom of the Night" and "Zhu Xian World" [2][4] - The company is actively developing new projects, including "Zhu Xian 2" and an original open-world RPG titled "Yi," with plans for global multi-platform releases [3][4] Financial Overview - In 2024, the company reported a net profit attributable to shareholders of -1.29 billion yuan, with a projected recovery to 741 million yuan in 2025, representing a year-on-year growth of 157.6% [4][5] - The earnings per share (EPS) is expected to improve from -0.66 yuan in 2024 to 0.38 yuan in 2025 [5] - The company anticipates a gradual increase in net profit for 2025-2027, with projections of 741 million yuan, 1.06 billion yuan, and 1.21 billion yuan respectively [4][5]

Core Viewpoint - Perfect World has demonstrated strong financial performance in 2024 and Q1 2025, with significant growth in both gaming and film sectors, indicating a robust business strategy and market positioning [1][2][5]. Financial Performance - In 2024, the company achieved revenue of 5.57 billion yuan, with the PC online gaming segment generating 2.36 billion yuan, a year-on-year increase of 6.62% [1]. - The film-related business saw rapid growth, achieving revenue of 52.79 million yuan, a year-on-year increase of 204.76% [1]. - For Q1 2025, the company reported revenue of 2.02 billion yuan, a year-on-year increase of 52.22%, and net profit of 302 million yuan, a staggering increase of 1115.29% [1][2]. - The gaming segment generated 1.42 billion yuan in Q1 2025, a year-on-year increase of 10.37%, while the film segment experienced explosive growth with revenue of 596 million yuan, a year-on-year increase of 1616.29% [1][2]. Industry Trends - The Chinese gaming industry reached a new peak in 2024, with actual sales revenue of 325.78 billion yuan, a year-on-year increase of 7.53%, and a user base of 674 million, a growth of 0.94% [2]. - The market is expanding steadily, supported by favorable policies and a stable issuance of game licenses, which enhances the commercial value of IPs [2]. Technological Innovation - Perfect World has invested 2.23 billion yuan in R&D in 2024, accounting for 39.98% of its revenue, reflecting a year-on-year increase of 6.76% [3]. - The company has optimized its R&D team, with 65.94% of employees in R&D roles, and an increase in younger and higher-educated personnel [3]. Integration of AI and VR - The company is integrating cutting-edge technologies like AI and VR into its business, enhancing user experience in gaming and film production [4]. - Perfect World has established a comprehensive R&D system across various gaming platforms, collaborating with leading tech companies to accelerate the application of advanced technologies [4]. Content Development - The micro-drama market in China is projected to reach 50.4 billion yuan in 2024, with expectations to exceed 68 billion yuan in 2025 [5]. - Perfect World is expanding its film business, achieving revenue of 350 million yuan in 2024, with significant growth in related sectors [5]. - The company has received multiple awards for its high-quality productions, reinforcing its commitment to excellence in content creation [6].

经过2024年的"刮骨疗毒"，完美世界在今年Q1终于实现了扭亏为盈。完美世界4月25日晚间发布2024年财报与 2025年Q1财报，其在2024年归母净亏损12.88亿元的情况下，2025年Q1实现归母净利润3.02亿元，同比增长 1115.29%。 对于接下来的发展，完美世界方面表示，"面对未来市场，完美世界将积极推进《诛仙2》《异环》《代号Z》等 项目的研发、测试及上线工作，积极筹备《女神异闻录：夜幕魅影》等游戏的海外发行工作。" Q1净利润同比增长11倍 完美世界在今年Q1见到了曙光，其实现营收20.23亿元，同比增长52.22%，实现归母净利润3.02亿元，同比增长超 11倍。具体来看，完美世界2025年Q1游戏业务实现营收为14.18亿元，较上年同期增加10.37%。 对于游戏收入大增，完美世界在财报中解释，"2024年12月新国风仙侠 MMORPG端游《诛仙世界》上线，在今年 Q1确认收入并带来收入同比增量；同时电竞产品《DOTA2（刀塔）》及《CS（反恐精英：全球攻势）》以赛事 为依托，稳健发展，今年Q1收入较上年同期增长；此外，受产品生命周期影响，Q1移动游戏收入较上年同期下 滑，部分抵消了上 ...

Core Viewpoint - Perfect World reported a significant increase in Q1 2025 revenue and a return to profitability, while 2024 showed a decline in revenue and a net loss, indicating a challenging year ahead for the company [1][3]. Financial Performance - In Q1 2025, the company achieved revenue of 2.023 billion yuan, a year-on-year increase of 52.22% [2]. - The net profit attributable to shareholders was 302 million yuan, marking a turnaround from a loss of 29.76 million yuan in the previous year [2]. - For the year 2024, the company reported revenue of 5.57 billion yuan, a decrease of 28.5% compared to 2023 [3]. - The net profit attributable to shareholders for 2024 was a loss of 1.29 billion yuan, a decline of 361.98% from a profit of 491 million yuan in 2023 [3]. - The basic earnings per share for Q1 2025 was 0.16 yuan, compared to a loss of 0.02 yuan in the same period last year, reflecting a 900% increase [2]. Management Changes - The company underwent a management restructuring in 2024, with the appointment of Gu Liming as the new CEO, following the resignation of the previous co-CEOs [5]. Employee Statistics - As of the end of 2024, the total number of employees at Perfect World was 3,905, a reduction of 1,849 from 5,754 in 2023 [6][9]. - The workforce composition included 2,682 in game development and film production, 758 in game and film distribution and operations, and 125 in finance [7].

Core Viewpoint - Perfect World has reported significant financial losses for the year 2024, with a total revenue of 5.57 billion yuan, a year-on-year decline of 28.5%, and a net loss of 1.29 billion yuan, indicating a challenging operational environment for the company [1][2][3]. Financial Performance Summary - The total revenue for 2024 was 5.57 billion yuan, down from 7.79 billion yuan in 2023, reflecting a decrease of 28.5% [2]. - The net profit attributable to shareholders was a loss of 1.29 billion yuan, compared to a profit of 491 million yuan in 2023, marking a decline of 361.98% [2]. - The net profit after deducting non-recurring items was a loss of 1.31 billion yuan, a significant drop from a profit of 210 million yuan in the previous year, representing a decline of 723.82% [2]. - The net cash flow from operating activities was 576 million yuan, down 24.32% from 762 million yuan in 2023 [2]. - The total assets at the end of 2024 were 11.37 billion yuan, a decrease of 21.55% from 14.49 billion yuan at the end of 2023 [2]. Game Segment Analysis - The gaming segment generated a revenue of 5.18 billion yuan in 2024, with a net loss of 725 million yuan attributed to several underperforming game projects [3][5]. - Key projects such as "Perfect New World," "Ling Cage," and others failed to meet revenue expectations, leading to a combined loss of approximately 390 million yuan [3]. - The company has initiated cost-cutting measures, including office space consolidation and personnel optimization, resulting in a 32% reduction in total employees by the end of 2024 [5][6]. Q1 2025 Performance - In Q1 2025, the company reported a revenue of 2.02 billion yuan, a year-on-year increase of 52.22%, and a net profit of 302 million yuan, reversing the losses from the previous year [7][8]. - The significant improvement in performance is largely attributed to the successful launch of "Zhu Xian World," which generated over 400 million yuan in revenue within the first 30 days of its release [9][12][17]. Future Product Pipeline - The company is focusing on upcoming titles such as "Yihuan," which is expected to leverage advanced technology and innovative gameplay to attract players [33][35]. - "Zhu Xian 2," a sequel to the popular "Zhu Xian" mobile game, is also in development, aiming to build on the established IP's success with new gameplay mechanics and enhanced graphics [39][41]. - The company is actively pursuing international expansion for its games, particularly with titles like "P5X," which has shown strong initial interest in various markets [27][50]. Esports and Event Management - Perfect World has developed a robust esports ecosystem, successfully hosting major events such as the 2024 CS:GO World Championship in Shanghai, which attracted significant viewership and engagement [30][32]. - The esports segment continues to contribute positively to the company's revenue, with plans for more high-profile events in 2025 to sustain growth [32].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 5.57 billion RMB in 2024, a year-over-year decrease of 28.50%, and a net loss attributable to shareholders of 1.29 billion RMB, a year-over-year increase in loss of 361.98% [1] - The first quarter of 2025 saw a revenue increase of 52.22% year-over-year, reaching 2.02 billion RMB, with a net profit of 302 million RMB, indicating a turnaround in profitability driven by the new game "Zhu Xian World" [1][2] - The company is focusing on high-quality game projects and expects new titles like "Yihuan" and "Zhu Xian 2" to contribute positively to future performance [3] Summary by Sections Financial Performance - In 2024, the gaming business reported a net loss of 725 million RMB, compared to a profit of 490 million RMB in the previous year, primarily due to project closures and underperforming titles [3] - The first quarter of 2025 saw the gaming business revenue grow by 10.37% to 1.42 billion RMB, with a net profit of 292 million RMB [2] Revenue and Profit Forecast - The company expects a net profit of 640 million RMB in 2025, adjusted down from previous estimates, and an increase to 1.42 billion RMB in 2026 [5][14] - The target price for the stock is set at 14.63 RMB, based on a 20x PE valuation for 2026 [5] Cost and Margin Analysis - The gross margin for the first quarter of 2025 was 52.29%, a decrease of 14.65 percentage points, attributed to the increased revenue from the lower-margin film business [4] - The report indicates a significant reduction in expense ratios across sales, management, and R&D due to increased revenue and the absence of prior optimization costs [4]