Perfect World 2022 Half -annual Report Analysis: Expenses of explosive models+opening to sea 2.0

Compared with the past few years, the growth rate of the game market in 2022 has slowed down. According to the "2022 Gaming Industry Report 2022", the domestic game market sales revenue and user scale in the first half of the year have declined slightly year -on -year. Among them, the revenue was 147.789 billion yuan decreased by 1.8%year -on -year; about 666 million users decreased by 0.13%year -on -year, and the mobile game revenue, which was the main market for the first time, has developed negative growth for the first time.

However, at the same time, under the general trend of high -quality and diversified industries, a few header game manufacturers have continued to improve gaming research and development and operation capabilities. The life cycle and user payment cycle of game products have been extended, and profitability has been improved. Among them, the Perfect World, as a major R & D factory in the era of the end game, has taken the initiative to seek breakthroughs in recent years, continuously laying the foundation and repairing internal skills, and has become a typical representative of the first half of the performance.

Seeing performance: The main performance of the game, the growth of the industry

According to the latest semi -annual report, the real estate revenue in the world achieved 3.923 billion yuan in the half year, and after deducting the impact of the changes in the consolidation scope of the North American subsidiaries, the actual revenue increased slightly by 1.58%year -on -year. In terms of profit, the performance restoration of the perfect world is outstanding. In the first half of the year, the perfect world achieved net profit of 11.37 billion yuan, an increase of 341.51%year -on -year, and the net profit after deduction was 671 million yuan, an increase of 1653.68%year -on -year.

From the perspective of business contribution, the game business is the main fulcrum of the perfect world. In the first half of the year, the game business achieved net profit of 1183 million yuan, an increase of 429.73%year -on -year, and net profit after deduction was 744 million yuan, an increase of 1958.22%year -on -year. Essence

Since last year, the game business of Perfect World has clearly focused on the layout of the two core tracks of "MMO+" and "card+", and consolidating the advantages of classic categories while making breakthroughs in innovative categories. In the first half of the year, the market for two core explosive products was very important for the performance of the perfect world.

First, the "Fantasy New Xianxian" mobile game of the first anniversary of the launch in June this year. With solid product power and pioneering operating ideas, the highest domestic iOS game bestseller list in the first half of the year has verified the perfect world in the classic IP long line Excellent advantages in operation;

Second, the two -dimensional science fiction multiplayer "Phantom Tower", which was launched at the end of last year, is one of the self -developed masterpieces of Perfect World Innovation Products. In the first half of this game, the creative content was focused on creating and experienced experience. It launched a well -received version of 2.0, which is considered to set a quality standard. Among them, the design of the main city of the 2.0 map is like a pyramid standing in the desert, and the inside is full of the flavor of Sai Boet. Once this version has launched a large number of players' return, flowing rises against the trend, and winning the fourth place in the domestic iOS game best -selling list.

In addition, the vertical version of the mobile game "The Battle of the Perfect World: the Battle of the Gods", the "Xianxian" mobile game, which has been launched for six years, and the classic end -game product "Xianxian" and "Perfect World International Edition", which are also continuously contributed to stable income. In terms of e -sports, Perfect World also continues to deepen the operation and production capabilities of e -sports products through "DOTA2" and "CS: GO".

Driven by the above -mentioned core product performance, the perfect World semi -annual report performed well, and the gross profit margin of the game business increased compared with the same period of the previous year. The comprehensive gross profit margin of the listed company increased from 54.82%in the same period last year to 67.96%. After the financial report was released, many institutions such as Anxin Securities, Guotai Junan, and Tianfeng Securities gave "buy" rating to be optimistic about the perfect world long -term operation capabilities, rich reserves, and the continuous growth of overseas business.

Look at the reserve: the product line is rich, and the masterpieces are expected by the market

The Perfect World has always regarded self -research as a distinctive identification, and is the first echelon of R & D in A -share game manufacturers. In the first half of this year, Perfect World will increase the cost of R & D 25%year -on -year to 1.052 billion yuan. It is used to continue to encourage innovation and promote quality, and accelerate the development of key projects.

Among the MMO, the Perfect World on August 19th will be tested and the first generation of "Xianxian World" will be tested. As we all know, the game market is currently the world of mobile games, and few manufacturers also have research and development capabilities and feelings to persist in end games. Therefore, after this end -of -end game appeared last year, its unique new national style art style and the picture quality comparable to the movie were treated by players.

According to reports, "Xianxian World" is the first to use Unreal Engine 4, based on the advanced rendering and light and diversified material models of Unreal Engine 4, creating a highly realistic Xianxia World experience, bringing players the ultimate game experience experience Essence This also focuses on the technical heritage of the perfect world for engine applications and the value of adhering to long -term technical investment. It is also worth mentioning that in July this year, the MMO end game "Swordsman" HD version, which is equipped with the perfect world self -developed engine Angelicax, optimized and adjusted the original game screen.

At the same time, a variety of games such as "Tianlong Babu 2", "Perfect New World", "God and Demon Continent 2", "Perfect New World" and "Xianxian 2" are also progressive.

In terms of cards, Perfect World launched the Roguelike strategy mobile game "Old Legend" last year. At present, there are many research games such as "Millions of Arthur" and "Black Cat Strange Society". "Millions of Arthur" (code MA) is a two -dimensional turn card game. It is a sequel to the "Million Arthur King" series authorized by SE. It focuses on multi -person CCG direction and incorporates Roguelike and team gameplay. "Black Cat Strange Society" is a self -developed urban suspense woman in the world. It currently has a reservation of 270,000 on TAPTAP, and TAPTAP and good tour fast explosion have obtained 8.2 and 8.9 scores, respectively. , Will be officially launched on August 24.

According to financial reports, the perfect world's e -sports and game platform business and film and television business have also made corresponding progress. On July 14, the Steaming Platform of the Perfect World held the first "Appreciation Conference", which released nearly 80 new game products, and said that it will continue to promote the localization of overseas works in the future and provide commercial support.

In the first half of the year, the drama "In the past", "Miss Xianqi Wish", "Miss Xianqi", "Blue Flame Assault", which was perfectly produced by the World Film and Television, won a good market reputation. The reserved "The Light Mountains in the Moon", "The Biography of Yun Xiang", "The Years of the Years", "Star Cordon Gas", "Rock Flowers", "Agent Mission", "Brilliant!" brilliant! "" Thoughts of the mind "," Warm Sweet "," Only the Dream of the Rivers and Lakes "," The Core Core Sea ", and" Nine Bulleton Pot "and other projects are being produced and distributed.

Overseas: "Phantom Tower" preliminary global verification globalization 2.0 capabilities

With the increasingly fierce competition in the domestic game market, the overall trend of overseas markets has become more significant, and Chinese game companies have become important to develop new markets overseas and new business opportunities. On July 21, 27 departments including the Ministry of Commerce jointly released the "Opinions on Promoting the High -quality Development of Foreign Cultural Trade". In the industry, many people think that the game is the biggest beneficiary of the policy.

Perfect World is a pioneer of Chinese cultural enterprises. As early as 2006, the end -game "Perfect World International Edition" with the same name as the company was the first domestic game to go to sea, creating the myth of overseas income at that time. However, as domestic game manufacturers compete in the sea in recent years, their competitiveness and influence in overseas markets have continued to increase, and the overseas business of the perfect world needs to make efforts.

In 2021, Perfect World conducted a large and innovative adjustment of overseas businesses, including the sale of US R & D studios and local distribution teams in Europe and the United States. After the adjustment, the overall idea of ​​going out of the sea is clearer. In the future, it will focus on the dual -dimensional strength of "domestic products to go to sea+localization of overseas".

At the same time, Perfect World also needs a hard product to open its own 2.0 model. This is the two -dimensional science fiction multiplayer "Phantom Tower" mentioned above.

Since the beginning of this year, "Magic Tower" is intensively prepared to go to sea. Perfect World chose the method of combining independent distribution and authorization of third parties. Except for South Korea, Hong Kong, Macao and Taiwan, the distribution of all other overseas countries and regions is responsible for the overseas brand of Tencent. Tencent, which lacks two -dimensional+open world track products, also attaches great importance to this product as one of its international highlights.

The day before the Perfect World Half -annual Daily, "Magic Tower" officially launched in many places around the world in Europe, America, Japan, South Korea, Southeast Asia. According to Qimai data, it was first in the United States, Canada, the United Kingdom, France, Japan, South Korea, Singapore, Hong Kong, China, Macau, China, and Taiwan, and the first place in the free list of free lists of airborne games in the region 30 countries and regions won the TOP10 of the iOS game bestseller list.

Some analysts believe that for the perfect world, "Magic Tower" can be regarded as a milestone product, which not only verifies the development capabilities of trending and diversified tracks on the R & D side, but also verify the company in the company to verify the company. With the ability to truly produce global products.

Wide sea diving, sky high the birds to fly. Go to sea is currently the main theme of the gaming industry, which means more room for growth for manufacturers. After "Magic Tower", the perfect world also has a variety of research products such as "One Punch Superman: World", "Millions of Arthur" and "King of the Nights", which emphasize that it is more suitable for the global distribution in terms of types and subject matter. "Magic Tower" has initially achieved internationalization. It is a good signal. In the future, it is expected to echo the two domestic and overseas markets for a long time, helping the perfect world of internationalization to restart a new chapter.

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