PWRD(002624) 第一财经·2025-04-26 01:27Core 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].