Investment Rating - The report maintains a "Buy" rating for the company [8][5] 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 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 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][9] 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]

Core Viewpoint - Perfect World reported a significant financial performance in 2024, with total revenue of 5.57 billion yuan and a net loss of 1.288 billion yuan, while announcing a cash dividend plan for shareholders [2][3] Financial Performance - In 2024, Perfect World achieved total revenue of 5.57 billion yuan, with a net loss attributable to shareholders of 1.288 billion yuan and a non-GAAP net loss of 1.313 billion yuan [2] - For the first quarter of 2025, the company reported revenue of 2.023 billion yuan, a year-on-year increase of 52.22%, and a net profit attributable to shareholders of 302 million yuan [2][3] Dividend Policy - Despite the losses in 2024, Perfect World plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 437 million yuan, maintaining its annual cash dividend practice since 2015 [2] Business Segment Performance - In 2024, the gaming segment generated approximately 5.18 billion yuan, a year-on-year decline of 22.32%, while the film and television segment earned about 350 million yuan, down 66.17% [4] - The company is focusing on long-term games and reassessing its operational strategies to concentrate resources on more promising projects [4] New Product Launches - The launch of "Zhu Xian World" in December 2024 is expected to bolster revenue, contributing to a 10.37% increase in gaming revenue in Q1 2025 [5] - Perfect World is actively developing and preparing for the release of several new games, including "Zhu Xian 2" and "Yihuan" [7] E-sports and Short Video Content - Perfect World plans to host the CS Asia Invitational 2025, aiming to strengthen its e-sports ecosystem [7] - The company is also expanding into the micro-short drama market, with successful releases in 2024 and early 2025 [8]

Core Insights - Perfect World reported a significant increase in Q1 2025 revenue, achieving 2.02 billion yuan, a year-on-year growth of 52.22% [1] - The company faced a net loss of 1.29 billion yuan for the full year 2024, but is optimistic about returning to profitability with the launch of key products [1] - A cash dividend of 2.3 yuan per 10 shares is proposed, totaling 437 million yuan, continuing a decade-long trend of annual cash dividends [1] Financial Performance - In Q1 2025, the gaming segment generated revenue of 1.42 billion yuan, a 10.37% increase compared to the same period last year, driven by the launch of "Zhu Xian World" [3] - The overall revenue for 2024 was 5.57 billion yuan, with a net loss of 1.29 billion yuan [1] - The company has maintained a cash dividend payout ratio exceeding 60% of cumulative net profit since 2015, totaling 5.49 billion yuan over ten years [1] Business Strategy - Perfect World is focusing on optimizing management and business processes to address past issues and enhance performance [1] - The company plans to explore new gaming business opportunities with small-scale, lightweight investments to diversify its gaming portfolio [3] - The esports titles "DOTA2" and "CS:GO" continue to perform well, contributing to revenue growth despite a decline in mobile game revenue due to product lifecycle effects [3]

Core Viewpoint - 2024 presents both opportunities and challenges for the gaming industry, with established companies like Perfect World needing to adapt to remain competitive [1] Financial Performance - Perfect World reported a total revenue of 5.57 billion yuan in 2024, a decline of 28.50% from 7.79 billion yuan in the previous year [3] - The company incurred a net loss of 1.29 billion yuan, compared to a profit of 491 million yuan in 2023 [3] - The gaming segment, which accounts for 93% of total revenue, generated 5.18 billion yuan, down 22.32% year-on-year [3] Dividend and Shareholder Returns - Despite the losses, Perfect World plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 437 million yuan [3] - Since 2015, the company has distributed a cumulative total of 5.49 billion yuan in dividends, representing over 60% of cumulative net profit [3] Recent Developments - The launch of "Zhu Xian World" in December 2024 is seen as a potential turning point, contributing to a revenue of 2.02 billion yuan in Q1 2025, a 52.22% increase year-on-year [7] - The gaming business in Q1 2025 achieved a revenue of 1.42 billion yuan, up 10.37% from the previous year, attributed to the success of "Zhu Xian World" [7] Project Cancellations and Losses - Several projects were canceled due to poor expected returns, resulting in a combined loss of approximately 397 million yuan [4] - The underperformance of games like "One Punch Man: World" and "Kairi's Million Arthur: Ring" led to additional losses of about 343 million yuan [4] Future Prospects - Perfect World is focusing on new game releases, having recently received approval for two new titles, "Golden Flash Knight Group" and "Lost" [8] - The anticipated game "Yihuan" is expected to be a key player in the company's transformation, with a global pre-registration of 2.8 million [9][10] Esports Strategy - The successful hosting of the Shanghai Major in 2024 has positioned Perfect World favorably in the esports sector, contributing to stable revenue from titles like "DOTA2" and "CS:GO" [12] - The esports business model is still evolving, with event revenues making up only 8.75% of the total esports market revenue [13] Conclusion - 2025 is critical for Perfect World as it seeks to maintain its core MMO offerings while breaking into new genres [14] - The success of "Zhu Xian World" provides a boost, but sustained growth will require additional successful titles and innovative strategies [14]

Core Viewpoint - Perfect World is undergoing a significant transformation period, facing substantial losses in its 2024 financial report, with a revenue decline of 28.5% year-on-year and a net loss of 1.29 billion yuan [1][2]. Financial Performance - The total revenue for 2024 was 5.57 billion yuan, down from 7.79 billion yuan in 2023, marking a decrease of 28.5% [2]. - The net loss attributable to shareholders was 1.29 billion yuan, a shift from a profit of 491 million yuan in 2023, representing a decline of 361.98% [2]. - The net loss after excluding non-recurring items was 1.31 billion yuan, compared to a profit of 210 million yuan in the previous year, a decrease 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]. - Basic and diluted earnings per share were both -0.68 yuan, a decline of 361.54% from 0.26 yuan in 2023 [2]. - Total assets at the end of 2024 were approximately 11.37 billion yuan, a decrease of 21.55% from 14.49 billion yuan in 2023 [2]. - Net assets attributable to shareholders were about 6.75 billion yuan, down 24.60% from 8.96 billion yuan in 2023 [2]. Business Segments - The gaming segment generated 5.18 billion yuan in revenue but incurred a net loss of 720 million yuan [3]. - The film and television segment reported approximately 350 million yuan in revenue with a net loss of about 400 million yuan [3]. - The company faced increased competition in the gaming market, leading to inadequate product planning and failure to meet project expectations [3][4]. Project Management and Adjustments - Perfect World has shut down several projects, including "Perfect New World" and "Luking," resulting in a combined loss of nearly 400 million yuan from these initiatives [3]. - The company has also incurred losses of approximately 340 million yuan from underperforming games that were in public testing [4]. - Investments in small to medium-sized gaming companies resulted in a net loss of about 310 million yuan [4]. - Management changes occurred, including the resignation of the CEO and co-CEO, to align leadership with the company's strategic direction [4]. Future Outlook - The management emphasizes the need for new game development and increased investment in technology to create high-quality games as a path to recovery [5]. - The first quarter of 2025 showed signs of improvement, with revenue of 2.02 billion yuan, a year-on-year increase of 52.22%, and a net profit of 302 million yuan, indicating a turnaround [4]. Market Reaction - On April 25, 2024, Perfect World’s stock rose by 3.89%, closing at 12.28 yuan per share, with a total market capitalization of 23.82 billion yuan [6].

Core Viewpoint - The company reported a significant net loss of 128,755.83 million yuan for the year, primarily due to challenges in its gaming and film businesses, necessitating a strategic reassessment and restructuring of its operations [7][8][11]. Company Overview - Perfect World is a global cultural entertainment group focused on the development, publishing, and operation of online games, as well as television and short drama production [4][6]. - The company has a strong history in game development, being one of the earliest developers of 3D game engines in China, and has successfully expanded into international markets [4][6]. Financial Performance - The company reported total revenue of 557,049.02 million yuan, with a net loss attributed to shareholders of 128,755.83 million yuan, and a net loss of 131,269.90 million yuan after excluding non-recurring losses [7][8]. - The gaming segment generated revenue of 518,070.95 million yuan, down from 666,926.86 million yuan in the previous year, reflecting a net loss of 72,470.37 million yuan compared to a profit of 49,012.11 million yuan in the prior year [8][9]. - The film segment's revenue decreased to 34,980.62 million yuan from 103,397.54 million yuan, resulting in a net loss of 40,196.06 million yuan compared to a profit of 9,301.89 million yuan the previous year [11][12]. Business Challenges - The gaming industry has faced intensified competition, leading to increased expectations for high-quality content and longer development cycles, which have impacted the company's performance [8][11]. - The company has struggled with project management and market responsiveness, leading to the closure of several underperforming projects, resulting in significant financial losses [8][9][11]. Strategic Adjustments - In response to the financial challenges, the company is focusing on optimizing its project portfolio, halting projects that do not align with its strategic direction, and reallocating resources to more promising initiatives [8][11][23]. - The company plans to enhance its gaming offerings by focusing on long-term games and exploring new genres, while also investing in esports and leveraging technology to improve user experience [15][20][23]. Future Outlook - The company aims to reduce overall investment in film projects while increasing its presence in the short drama market, which has shown rapid growth [11][12][22]. - The company is committed to improving its operational efficiency and profitability through strategic management and talent development initiatives [23][24][25].

2024 年 4 月 15 日，公司召开第六届监事会第二次会议，审议通过了《2023 年度监事会工作报告》《2023 年年度报告全文及其摘要》《2023 年度财务决算报 告》《2023 年度内部控制评价报告》《关于 2023 年度利润分配预案的议案》《关 于续聘会计师事务所的议案》《关于公司 2024 年度预计日常关联交易的议案》 《关于 2023 年度计提资产减值准备的议案》。 2024 年 4 月 26 日，公司召开第六届监事会第三次会议，审议通过了《2024 年第一季度报告》。 2024 年 6 月 13 日，公司召开第六届监事会第四次会议，审议通过了《关于 调整股票期权激励计划行权价格的议案》《关于调整 2023 年员工持股计划授予价 格的议案》。 完美世界股份有限公司 2024 年度监事会工作报告 2024 年度，公司监事会全体成员依照《公司法》《公司章程》和有关法律法 规的规定和要求，遵守诚信原则，认真履行各项监事会的职权和义务，切实维护 了公司及股东的正当权益。 一、监事会会议情况 报告期内，公司监事会共召开 6 次会议，会议情况如下： 2024 年 1 月 8 日，公司召开第六届监事会第一次会 ...

证券代码：002624 证券简称：完美世界 公告编号：2025-014 完美世界股份有限公司 关于 2021 年员工持股计划锁定期届满的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 完美世界股份有限公司（以下简称"公司"）于 2021 年 1 月 12 日、2021 年 1 月 28 日召开公司第四届董事会第三十次会议、2021 年第一次临时股东大会，审 议通过《完美世界股份有限公司 2021 年员工持股计划》及相关议案，同意实施 2021 年员工持股计划（以下简称"本次员工持股计划"）。具体内容详见公司 2021 年 1 月 13 日、2021 年 1 月 29 日刊登于巨潮资讯网 www.cninfo.com.cn 的 相关公告。 具体内容详见公司 2021 年 5 月 7 日刊登于巨潮资讯网 www.cninfo.com.cn 的《关于 2021 年员工持股计划非交易过户完成的公告》（公告编号：2021-042）。 根据《2021 年员工持股计划》，本次员工持股计划所获标的股票，自过户至 本次员工持股计划名下之日起 12 个月后，在满足相关 ...

单位：元 完美世界股份有限公司 董事会关于 2024 年度证券投资情况的专项说明 根据《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》《深圳证 券交易所上市公司自律监管指南第 1 号—业务办理》等有关规定的要求，完美世界股份有限公 司（以下简称"公司"）董事会对 2024 年度证券投资情况进行了核查，现将相关情况说明如下： 一、2024 年度公司证券投资情况 完美世界股份有限公司董事会 2025 年 4 月 25 日 1 | | | | | | | | 计入 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 本期 | 权益 | | | | | | | | | 证券 | 证券 | 证券 | 最初 | 会计 | 期初 | 公允 | 的累 | 本期 | 本期 | 报告 | 汇率 | 期末 | 会计 | 资金 | | 品种 | 代码 | 简称 | 投资 | 计量 | 账面 | 价值 | 计公 | 购买 | ...

关于 2024 年度会计师事务所履职情况的评估报告 完美世界股份有限公司 完美世界股份有限公司（以下简称"公司"）聘请立信会计师事务所（特殊普 通合伙）（以下简称"立信"）作为公司 2024 年度审计机构。根据《公司法》《证 券法》《上市公司治理准则》《国有企业、上市公司选聘会计师事务所管理办法》 《公司章程》等有关法律法规的规定和要求，公司对立信 2024 年度审计履职情 况进行评估，经评估，公司认为立信资质等方面具备执业资质，履职保持独立性， 勤勉尽责，公允表达意见。具体情况如下： 一、资质条件 （一）基本信息 立信由我国会计泰斗潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制的特殊普通合伙制会计师事务所，注册地址为上海市， 首席合伙人为朱建弟先生。立信是国际会计网络 BDO 的成员所，长期从事证券 服务业务，新证券法实施前具有证券、期货业务许可证，具有 H 股审计资格， 并已向美国公众公司会计监督委员会（PCAOB）注册登记。 截至 2024 年末，立信拥有合伙人 296 名、注册会计师 2,498 名、从业人员 总数 10,021 名，签署过证券服务业务审计报告 ...