完美世界股份有限公司 董事会关于独立董事独立性评估的专项意见 完美世界股份有限公司董事会 2025 年 4 月 25 日 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》《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》等的规 定，完美世界股份有限公司（以下简称"公司"）现任独立董事孙子强、王豆豆按 照相关监管规定中关于独立董事应具备的独立性要求进行了逐项自查，并向公司 董事会提交了 2024 年度独立性自查报告。经自查，公司两位独立董事均确认其 已满足出任公司独立董事应具备的独立性要求。 公司董事会就现任独立董事的独立性情况进行评估并出具如下专项意见： 经核查公司现任独立董事的任职经历及相关自查文件，上述人员未在公司担 任除独立董事、董事会专门委员会委员以外的任何职务，也未在公司主要股东担 任任何职务，与公司及主要股东之间不存在利害关系或其他可能妨碍其进行独立 客观判断的关系。因此，公司独立董事符合《上市公司独立董事管理办法》《深 圳证券交易所股票上市规则》《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》中对独立董事独立性的相关要求。 ...

完美世界股份有限公司 本人孙子强，中国国籍，1964 年出生，武汉理工大学计算机应用技术学士、 中欧国际工商管理学院工商管理硕士，无境外永久居留权。本人于 2005 年至 2017 年历任 SK 集团大中华区高级副总裁、CEO 及董事；2017 年至 2020 年任中国联 合实业投资有限公司 COO 及董事；2020 年 4 月至 2021 年 4 月任氢阳新能源控 股有限公司董事；2021 年 4 月至今任天使智慧投资有限公司董事长；2021 年 4 月至今任中鹏未来有限公司董事；2021 年 1 月至今任完美世界独立董事。 独立董事 孙子强 作为完美世界股份有限公司（以下简称"完美世界"或"公司"）独立董事，2024 年度，根据《公司法》《证券法》《深圳证券交易所股票上市规则》《公司章程》 《独立董事工作细则》等有关法律法规的规定和要求，本人恪尽职守，勤勉尽责， 积极发挥独立董事的作用，维护公司整体利益，维护全体股东尤其是中小股东的 合法权益。现将 2024 年度本人履职情况汇报如下： 一、本人基本情况 （二）不存在影响独立性的情况 经自查，本人未在完美世界担任除董事外的其他职务，与完美世界及其主要 股东 ...

完美世界股份有限公司 2024 年年度报告 2025 年 04 月 完美世界股份有限公司 2024 年年度报告全文 2024 年年度报告 | 第一节 | 重要提示、目录和释义 1 | | --- | --- | | 第二节 | 公司简介和主要财务指标 5 | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司治理 39 | | 第五节 | 环境和社会责任 57 | | 第六节 | 重要事项 63 | | 第七节 | 股份变动及股东情况 74 | | 第八节 | 优先股相关情况 80 | | 第九节 | 债券相关情况 81 | | 第十节 | 财务报告 82 | 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人池宇峰、主管会计工作负责人王祥玉及会计机构负责人（会计 主管人员）杨璐声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 公司已在本报告中详细描述未来将面临的主要风险及应对措施，详情请查 阅本报告"第三节 管 ...

完美世界股份有限公司 2025 年第一季度报告 证券代码：002624 证券简称：完美世界 公告编号：2025-013 完美世界股份有限公司 2025 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的 真实、准确、完整。 3.第一季度报告是否经审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 2,023,057,481.26 | 1,329,062,879.22 | 52.22% | | 归属于上市公司股东的净利 | 302,192,411.28 | -29,764,070.63 | 1 ...

Core Insights - The 2025 China Science Fiction Conference was held from March 28 to 31, 2025, in Shijingshan District, focusing on talent cultivation in the science fiction industry [1] - The conference featured a "Science Fiction + Talent Forum," where industry professionals and creators discussed the importance of interdisciplinary talent for high-quality industry development [1][4] - The China Science Fiction Research Center reported that the total revenue of the Chinese science fiction industry in 2024 reached 108.96 billion yuan, with the science fiction gaming sector contributing 71.81 billion yuan [2] Company Insights - Perfect World, a digital cultural creative enterprise, is actively involved in the development of the science fiction industry through various dimensions, including film, gaming, and talent cultivation [3] - The company has introduced several major science fiction films to the Chinese market and collaborated with Universal Pictures on projects like "Jurassic World 2" and "Jurassic World 3" [3] - Perfect World has developed science fiction-themed games such as "God of War: Legacy" and "Tower of Fantasy," with "Tower of Fantasy" being a cross-platform game that enhances player immersion and integrates traditional Chinese culture [3] Industry Development - The high-quality development of the science fiction industry relies on the integration of creators, technology workers, and industry practitioners, fostering a collaborative environment for talent development [4] - The company has initiated various competitions and exhibitions to cultivate cross-disciplinary talents with both artistic and technical skills, contributing to the future of Chinese science fiction [4] - The conference emphasized the need for stronger connections between science fiction, technological innovation, and cultural industries to drive collaborative development across these sectors [5]

Group 1 - The establishment of Perfect World (Beijing) Digital Culture Co., Ltd. has been recently reported, with Qiao Tingting as the legal representative [1] - The registered capital of the new company is 1 million yuan, indicating a modest initial investment [1] - The business scope includes organizing cultural and artistic exchange activities, sales of toys, animation and gaming products, stationery retail, office supplies sales, daily necessities sales, and textile sales [1] Group 2 - Perfect World (002624) holds 100% indirect ownership of the newly established company, reflecting its strategic expansion in the digital culture sector [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to experience a fundamental turnaround driven by new products in 2025-2026 after a challenging transformation period in 2024 [5][8] - The company reported a significant decline in revenue and a net loss for 2024, with projected revenue of 55-56 billion yuan, down from 78 billion yuan in 2023, and a net loss of 11-13 billion yuan compared to a profit of 4.9 billion yuan in 2023 [5][8] Financial Data and Earnings Forecast - Total revenue for 2023 was 7,791 million yuan, with a projected decline to 5,503 million yuan in 2024, followed by a recovery to 6,702 million yuan in 2025 and 9,670 million yuan in 2026 [7][10] - The company anticipates a net profit of -1,220 million yuan in 2024, with a recovery to 742 million yuan in 2025 and 1,460 million yuan in 2026 [7][10] - The gross margin is expected to improve from 60.0% in 2024 to 63.7% in 2025, indicating a positive trend in profitability [7][10] Key Investment Highlights - The company is focusing on the release of "Zhu Xian World" and the testing progress of "Yihuan" in 2025, which are expected to drive profitability [8] - The company has undergone significant project and personnel optimization in 2024, which is expected to yield cost savings and efficiency improvements in 2025 [8] - The earnings forecast has been adjusted to reflect the company's project optimizations, with expected revenues of 55 billion yuan in 2024 and 67 billion yuan in 2025, down from previous estimates [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to achieve revenue of 5.5-5.6 billion (a year-on-year decline of 28.1%-29.4%) and a net loss attributable to shareholders of 1.1-1.3 billion, with a non-recurring net loss of 1.12-1.32 billion, indicating a shift to loss compared to the previous year [2][4]. - For Q4 2024, the company is projected to generate revenue of 1.43-1.53 billion (a year-on-year decline of 4.3%-10.5%) and a net loss attributable to shareholders of 0.71-0.91 billion, with a non-recurring net loss of 0.67-0.87 billion, showing an expanded loss compared to the previous year [2][4]. - The gaming and film and television businesses are both experiencing losses due to project optimization and asset impairment [2][4]. - The launch of "Zhu Xian World" has performed well, and attention is focused on the subsequent performance of "Zhu Xian World" and the progress of new games like "Yihuan," with a potential positive trend expected in 2025 [2][4]. Summary by Sections Revenue and Profit Forecast - The company is forecasted to achieve total revenue of 55.5-56 billion in 2024, with a significant year-on-year decline of 28.1%-29.4% [2][4]. - The projected net loss for 2024 is between 1.1-1.3 billion, with a non-recurring net loss of 1.12-1.32 billion, indicating a shift from profit to loss compared to the previous year [2][4]. Q4 2024 Performance - For Q4 2024, the expected revenue is 1.43-1.53 billion, reflecting a year-on-year decline of 4.3%-10.5% [2][4]. - The net loss attributable to shareholders for Q4 is projected to be 0.71-0.91 billion, with a non-recurring net loss of 0.67-0.87 billion, showing an increase in loss compared to the previous year [2][4]. Business Performance - The gaming business is expected to incur a net loss of approximately 650-750 million in 2024, with a non-recurring net loss of about 610-710 million [8]. - The film and television business is projected to have a net loss of around 300-400 million in 2024, with a non-recurring net loss of about 400-500 million [8]. - The losses in both sectors are attributed to project adjustments and asset impairments, including the shutdown of several projects and lower-than-expected performance of ongoing games [8]. Future Outlook - The performance of "Zhu Xian World" is promising, with first-month revenue exceeding 400 million, indicating potential for long-term operation [8]. - The company anticipates that the revenue contributions from "Zhu Xian World" will gradually be released in 2025 due to the timing of its launch and the associated revenue and expense mismatch [8]. - The first test of "Yihuan" in November 2024 showed promising results, warranting continued attention on the progress of key new games [8].

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 9.70 CNY and a fair value of 11.09 CNY [2]. Core Insights - The company is expected to experience a performance turnaround due to the successful launch of new games, particularly "Zhu Xian World," which generated over 400 million CNY in its first 30 days post-launch [9][19]. - The company is undergoing a transformation and restructuring of its product line, which has led to several impairments affecting its 2024 performance [9]. - The anticipated release of the new game "Yihuan" in 2025 is expected to significantly contribute to the company's revenue, with a focus on optimizing management and reducing costs [9][36]. Summary by Sections 1. Game Market Overview - The mobile game market in China is projected to reach 238.2 billion CNY in 2024, with a year-on-year growth of 5.01% [14]. - The client game market is expected to generate 67.98 billion CNY in 2024, reflecting a 2.56% increase [14]. 2. Organizational Optimization - The company has initiated significant personnel reductions to lower management and R&D costs, which were the highest among A-share game companies in 2023, totaling 2.9 billion CNY [25][27]. - The company aims to streamline its product offerings and focus on core projects, which is expected to lead to a decrease in overall expenses [27][33]. 3. New Game Performance - "Zhu Xian World" has been well-received, and its performance is expected to stabilize the company's revenue streams [19]. - The upcoming game "Yihuan" has garnered significant attention, with high user engagement metrics indicating strong potential for success upon release [36]. 4. Profit Forecast and Investment Recommendations - The company forecasts revenues of 55.13 billion CNY in 2024, with a projected net loss of 12.31 billion CNY, followed by a recovery in 2025 with a profit of 8.07 billion CNY [44]. - The report suggests a valuation based on a 14x PE ratio for 2026, leading to a fair value estimate of 11.09 CNY per share [9][44].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is undergoing a transformation period, leading to profit pressure, and attention should be paid to the performance elasticity of new games [1] - The company is expected to achieve revenue of 55-56 billion yuan in 2024, a year-on-year decline of 28%-29%, with a net loss attributable to the parent company of 11-13 billion yuan [1] - The gaming business is facing profit pressure due to project shutdowns and personnel adjustments, with an expected net loss of 6.5-7.5 billion yuan in 2024 [1] - The launch of "Zhuxian World" is anticipated to mark the beginning of a new game cycle, with expectations for profit recovery in 2025 [1] - The film and television business is expected to continue a strategy of quality over quantity, with projected net losses of 3-4 billion yuan in 2024 [1] Financial Forecasts - Total revenue (in million yuan) is projected to decline from 7,791 in 2023 to 5,542 in 2024, before recovering to 6,979 in 2025 and 9,100 in 2026 [1][10] - Net profit attributable to the parent company is expected to drop from 491.48 million yuan in 2023 to a loss of 1,194.64 million yuan in 2024, before returning to profit in 2025 and 2026 [1][10] - The earnings per share (EPS) is forecasted to be -0.62 yuan in 2024, 0.36 yuan in 2025, and 0.67 yuan in 2026 [1][10] Market Data - The closing price of the company's stock is 9.70 yuan, with a market capitalization of approximately 18.82 billion yuan [6] - The price-to-earnings (P/E) ratio is projected to be - for 2024, 27 for 2025, and 14.49 for 2026 [1][10]