传媒/游戏Ⅱ 完美世界（002624.SZ） 2026 年 02 月 08 日 投资评级：买入（维持） | 日期 | 2026/2/6 | | --- | --- | | 当前股价(元) | 19.57 | | 一年最高最低(元) | 20.35/10.20 | | 总市值(亿元) | 379.65 | | 流通市值(亿元) | 357.69 | | 总股本(亿股) | 19.40 | | 流通股本(亿股) | 18.28 | | 近 3 个月换手率(%) | 146.03 | 股价走势图 数据来源：聚源 -24% 0% 24% 48% 72% 96% 2025-02 2025-06 2025-10 完美世界 沪深300 相关研究报告 《中报业绩大增，看好新游上线及影 视修复驱动成长 —公司信息更新报 告》-2025.8.27 《预计 2025H1 同比大幅扭亏，关注 《异环》上线进展—公司信息更新报 告》-2025.7.17 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 《异环》三测反响热烈，上线或驱动业绩大幅增长，维持"买入"评级 《异环》是公司基 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to significantly improve its performance in 2025, with a projected net profit of 7.2-7.6 billion yuan, marking a turnaround from losses [4] - The upcoming game "异环" (Yihuan) has received positive feedback during its third test phase, with over 20 million official reservations and a high rating of 8.9 on TapTap, indicating strong market interest [3] - The company anticipates that the launch of "异环" will drive substantial revenue growth, potentially exceeding the performance of its previous title "幻塔" (Huan Ta) [3] Financial Summary - The total market capitalization of the company is 379.65 billion yuan, with a circulating market capitalization of 357.69 billion yuan [1] - The company expects to achieve a revenue of 6.836 billion yuan in 2025, representing a year-over-year increase of 22.7% [5] - The projected net profit for 2026 is 2.818 billion yuan, with a significant increase in the net profit margin to 28.0% [5] - The earnings per share (EPS) is expected to rise from 0.38 yuan in 2025 to 1.45 yuan in 2026 [5] - The company’s gross margin is projected to improve to 66.0% in 2026, up from 59.1% in 2025 [5][8]

经济观察网完美世界（002624）公告称，公司实际控制人池宇峰于2026年1月5日至2月6日期间，通过集 中竞价及大宗交易方式累计减持公司股份3297.93万股，占公司总股本的1.70%。本次减持价格区间为 16.62元/股-19.57元/股，减持均价为17.68/股，本次减持计划已实施完毕。 ...

Registration Open Now on PC and PlayStation 5 Ahead of Upcoming Closed BetaBEIJING, Feb. 06, 2026 (GLOBE NEWSWIRE) -- Hethereau is open once again! NTE (Neverness to Everness), Perfect World Games and Hotta Studio’s ambitious, urban open-world RPG, is open to players for its latest closed beta, the ‘Co-Ex Test’, on PC and PlayStation®5. In addition, Perfect World Games is thrilled to announce that pre-registration for the iOS and Android versions of NTE is now also open. While registration for the Co-Ex Tes ...

Summary of Key Points Core Viewpoint - On February 6, 14 A-share listed companies disclosed plans for share reductions, with no companies announcing share increases on the same day [1][3]. Group 1: Companies Disclosing Share Reductions - Tianan New Materials: Shareholders Liang Kaihong and Tianyao Group plan to reduce their holdings [2][4]. - Zhongfutong: Shareholders plan to reduce a total of up to 0.68% of shares [2][4]. - Zhidi Technology: Shareholder Zhikong Investment intends to reduce up to 0.30% of shares [2][4]. - Yinhui Technology: Directors and executives plan to reduce a total of up to 0.51% of shares [2][4]. - Dalian Electric Porcelain: Vice General Manager Miao Shi and executives plan to reduce their holdings [2][4]. - Xuelang Environment: Shareholders Yang Jianping and Xu Huifen plan to reduce a total of up to 3% of shares [2][4]. - Perfect World: Actual controller Chi Yufeng reduced 32.9793 million shares [2][4]. - Huitong Technology: Directors Zhong Ming and Yang Jian plan to reduce a total of up to 1.64% of shares [2][4]. - Shuangjie Electric: Director Xu Zhuan plans to reduce up to 0.47% of shares [2][4]. - Dajia Weikang: One of the actual controllers plans to reduce up to 3% of shares [2][4]. - Hu Silicon Industry: The second largest shareholder, the National Big Fund, plans to reduce up to 3% of shares [2][4]. - Lushan New Materials: Controlling shareholders and concerted actors plan to reduce a total of up to 3% of shares [2][4]. - Zhongji United: Directors and executives, including Wang Xijun, plan to reduce a total of up to 0.91% of shares [2][4]. - Sanfu Shares: Shareholder Yuanheng Technology plans to reduce a total of up to 3% of shares [2][4].

完美世界公告，自2026年1月5日至2月6日，实际控制人池宇峰通过集中竞价减持1939.96万股，均价 17.92元/股，占1.00%；通过大宗交易减持1357.97万股，均价17.34元/股，占0.70%；合计减持3297.93万 股，占1.70%，与2025年11月28日披露的计划上限3297.95万股一致；减持价格区间16.62元/股-19.57元/ 股，本次减持计划已实施完毕。 ...

证券代码：002624 证券简称：完美世界 公告编号：2026-007 完美世界股份有限公司 关于实际控制人减持股份实施完毕的公告 1 2、股东及其一致行动人本次减持前后持股情况 股东名 称 股份性质 本次减持前持有股份 本次减持后持有股份 股数 （股） 占总股本 比例（%） 股数 （股） 占总股本 比例（%） 完美世 合计持有股份 432,907,448 22.32 432,907,448 22.32 | 界控股 集团有 | 其中：无限售条件股份 | 432,907,448 | 22.32 | 432,907,448 | 22.32 | | --- | --- | --- | --- | --- | --- | | 限公司 | 有限售条件股份 | 0 | 0 | 0 | 0 | | 池宇峰 | 合计持有股份 | 149,122,401 | 7.69 | 116,143,115 | 5.99 | | | 其中：无限售条件股份 | 37,280,600 | 1.92 | 4,301,314 | 0.22 | | | 有限售条件股份 | 111,841,801 | 5.77 | 111,841,801 | 5.7 ...

证券代码：002624 证券简称：完美世界 公告编号：2026-006 完美世界股份有限公司 关于公司控股股东股份解除质押的公告 1 截至本公告披露日，上述股东及其一致行动人所持股份质押情况如下： 股东 名称 持股数量 （股） 持股比 例 本次变动前 质押股份数 量（股） 本次变动后 质押股份数 量（股） 占其所 持股份 比例 占公司 总股本 比例 已质押股份情况 未质押股份情况 已质押 股份限 售和冻 结、标记 数量 占已质 押股份 比例 未质押股份 限售和冻结 数量 占未质 押股份 比例 完美控 股 432,907,448 22.32% 48,450,000 34,884,000 8.06% 1.80% 0 0.00% 0 0.00% 池宇峰 116,143,115 5.99% 0 0 0.00% 0.00% 0 0.00% 111,841,801 96.30% 石河子 快乐永 久股权 45,502,054 2.35% 0 0 0.00% 0.00% 0 0.00% 0 0.00% | 投资有 | | | | | | | | | | | | --- | --- | --- | --- | --- | -- ...

Core Viewpoint - Perfect World is expected to turn around from a loss in 2024 to a profit exceeding 700 million yuan in 2025, driven by strategic adjustments, new game products, and a strong focus on esports [1]. Group 1: Company Performance - By the end of 2024, Perfect World successfully hosted a major CS event in Shanghai, demonstrating its commitment to the esports ecosystem even during challenging financial times [1]. - The company anticipates a net profit of 830 million to 870 million yuan in 2025, primarily from self-developed games and increased esports revenue, which has become a key business segment [7]. Group 2: Esports Industry Growth - The esports industry in China is projected to generate 29.331 billion yuan in revenue in 2025, reflecting a year-on-year growth of 6.4%, with a user base exceeding 495 million [3]. - The upcoming Asian Games will feature esports as an official event, highlighting the integration of esports into contemporary sports [3]. Group 3: Strategic Initiatives - Multiple local policies are being introduced to support the development of the esports industry, such as the "Support Measures for the High-Quality Development of Beijing's Game and Esports Industry" [4]. - Perfect World has established partnerships with major brands like NVIDIA and Intel to expand the esports ecosystem, enhancing its operational capabilities [6]. Group 4: Major Events and Impact - The TI 2026 DOTA2 tournament will be hosted in Shanghai, marking the second time this prestigious event is held in the city, reinforcing its status as a leading esports hub [5]. - The 2024 Shanghai Major set records with nearly 90,000 tickets sold and approximately 2.3 billion views online, significantly boosting local economic activity by around 370 million yuan [6].

Group 1 - The gaming sector showed significant activity in the afternoon of February 6, with Perfect World reaching its daily limit increase [2] - Other companies in the gaming industry, including 37 Interactive Entertainment, Xunyou Technology, Youzu Interactive, and Kaiying Network, also experienced upward movement in their stock prices [2]