On April 27, Perfect World Co.,Ltd. released its 2025 annual report and its first-quarter report for 2026. In 2025, the company achieved operating revenue of 6.66 billion yuan, a year-on-year increase of 19.55%. Net profit attributable to shareholders reached 731 million yuan, with a non-GAAP net profit of 564 million yuan, marking a return to profitability compared to the previous year.
Since 2025, Perfect World Co.,Ltd. has focused on long-term development by implementing a series of optimization and adjustment measures, leading to a steady improvement in its overall operating performance. According to the disclosed dividend plan, the company intends to distribute a cash dividend of 3.3 yuan per 10 shares (tax inclusive), totaling 640 million yuan to all shareholders.
Since 2015, Perfect World Co.,Ltd. has consistently paid annual cash dividends, with cumulative dividend payments exceeding 6.1 billion yuan, demonstrating solid profitability and confidence in its long-term growth prospects.
Entering 2026, Perfect World Co.,Ltd. continues to unleash new growth momentum. In the first quarter, operating revenue was 1.171 billion yuan, and net profit attributable to shareholders was 103 million yuan. Both figures declined compared to the same period last year, primarily due to the high base effect from the initial launch of "Zhuxian World" in the prior year. The company's comprehensive gross margin for the first quarter was 66.71%, an increase of 14.42 percentage points year-on-year.
As a key self-developed new product for Perfect World Co.,Ltd. in 2026, the supernatural urban open-world RPG "Yihuan" officially began public testing on April 23. Upon pre-download, it immediately claimed the top spot on the App Store's free game chart. Since its public launch, it has reached as high as 11th on the game popularity chart, laying a solid foundation for the company's full-year 2026 performance.
On April 29, "Yihuan" is set to launch in overseas markets, which is expected to open new avenues for the company's global expansion.
Returning to Product Fundamentals to Strengthen the Base of Evergreen Games
In 2025, Perfect World Co.,Ltd. maintained its strategic focus on high-quality content, concentrating resources, reducing quantity while improving quality, and returning to product fundamentals, with increased emphasis on creative product design and technological R&D capabilities.
The gaming business generated operating revenue of 5.711 billion yuan in 2025, a year-on-year increase of 10.24%. Net profit attributable to shareholders from the gaming segment was 838 million yuan, with a non-GAAP net profit of 668 million yuan, turning profitable compared to the previous year.
In the MMORPG segment, where the company has strengths, the PC game "Perfect World International Edition," launched in 2006, has undergone continuous content updates and technological iterations, becoming an evergreen product that has weathered industry cycles. The PC game "Zhuxian World," launched in late 2024, aims to provide players with a more open and free next-generation MMO experience and contributed significantly to the company's performance in 2025. "Zhuxian 2," which began public testing in August 2025, topped the iOS free game chart on its launch day, enhancing the value of the Zhuxian IP and helping to solidify the company's position in classic game genres.
In the anime-style product segment, "Persona: Phantom of the Night" began public testing in the summer of 2025 in overseas regions including Japan, Europe, America, and Southeast Asia, gaining player recognition. On its first day of public testing, it topped the iOS free game charts in Japan, Europe, America, and other regions, entered the top 3 on Japan's iOS popularity chart, and simultaneously claimed the top spot on Steam's global download chart.
The recently launched "Yihuan" has established a competitive edge through its highly developed urban open world, rich life-simulation gameplay, and innovative reward mechanisms. Adopting a long-term perspective, "Yihuan" uses urban management gameplay as a differentiating advantage, creating a deeply interactive open world with a humanistic touch. It also employs a more long-term oriented commercialization design, providing global players with an immersive urban experience that encourages sustained engagement.
"Yihuan" is scheduled to launch in overseas markets on April 29, covering over 180 countries and regions, and will be simultaneously available on PC, Android, iOS, PlayStation®5, and Mac platforms. It is expected to break new ground in trending genres, broaden the user base, and advance the company's global expansion efforts for its gaming business.
Diverse Business Segments Advance Together, Driven by Technological Innovation
In esports, Perfect World Co.,Ltd. continued its strategy of "using tournaments to drive product engagement and global expansion" in 2025, building a comprehensive tournament system around DOTA2 and CS. Through meticulous efforts, the company upgraded its international tournament operations, achieving sustained growth in its esports business, which has become a perennial segment within its product matrix.
In August 2025, Perfect World Co.,Ltd. partnered with NVIDIA, Intel, and others to establish the Perfect Esports Partner Alliance, jointly developing the esports industry ecosystem. In October of the same year, the company hosted CAC 2025 in Shanghai, once again providing Chinese players with a top-tier tournament experience.
In the film and television business, Perfect World Co.,Ltd. adhered to a core strategy of "reducing quantity while improving quality," steadily advancing its development. Throughout 2025, the film and television segment generated revenue of 921 million yuan, with a non-GAAP net profit of 37.8 million yuan, turning an operating profit compared to the previous year.
Since 2025, platform-specific series produced by the company, such as "A Thousand Peach Blossoms," "Just This Dream of Jianghu," "Hush, the King is Hibernating," "In the Time With You," "Top Secret Duel," "Love the Navy Blue," and "The Night is Young," have been broadcast successively, receiving positive market reception. In the short-form series segment, "Riding the Wave" became popular after its August 2025 release on Hongguo and Douyin platforms, and in December, it officially aired on Dragon TV.
In terms of technological empowerment, Perfect World Co.,Ltd. continued its R&D investments in 2025, enhancing product capabilities through technological strength.
The company has established a full-platform R&D system and fully integrated AI tools into its development pipeline. The Perfect AIGC platform integrates various tools, including AI image generation, LLM-based role-playing, digital human video creation, and 2D-to-3D conversion, significantly improving production efficiency. In 2025, Perfect World Co.,Ltd. developed its own large model intelligent agent platform, which integrates various privately deployed and commercial large models, allowing for the customization of AI agents for various scenarios, effectively empowering the game production process.
Additionally, Perfect World Co.,Ltd. has collaborated with several leading global technology companies to promote the integration of cutting-edge technologies with its gaming and esports businesses. In the film and television sector, the company plans to more actively embrace AI technology to empower the entire production process, building sustainable competitiveness amid industry transformations.
Building a Pipeline of High-Quality Content to Solidify the Foundation for Long-Term Development
Since the beginning of 2026, Perfect World Co.,Ltd. has continued to advance its development strategy of focusing on high-quality, diversified, international, and technology-driven initiatives, unleashing new growth potential.
In gaming, besides ensuring the smooth launch of "Yihuan" domestically and overseas, the company is actively progressing with other games in development. These include competitive products in the MMO and anime-style segments, as well as new genres such as SLG and casual games explored with smaller-scale, lighter investments, while also strengthening its global expansion efforts.
The pipeline of game projects includes "Dream New Zhuxian: Lite," "Code Name: Pu'er," "Code Name: MT1," "Code Name: J1," "Code Name: F," "Code Name: U1," and "Code Name: ZH," covering various genres such as anime-style card games, light MMOs, simulation management card games, SLG, and casual games. Moving forward, Perfect World Co.,Ltd. will base its development on genuine player needs, emphasizing differentiated competitiveness in product creativity and gameplay design, while adopting an approach of rapid validation, adjustment, and iterative improvement to enhance product success rates across multiple dimensions.
In esports, Perfect World Co.,Ltd. will host the world-class tournament CAC 2026 in Shanghai this May. The highly anticipated DOTA2 International tournament (TI 2026) is also scheduled to take place in Shanghai in August. The company remains committed to serving the community, nurturing the game ecosystem, and developing professional tournaments to deliver exciting experiences.
In film and television, works such as "Why Not Sail Together," "The Name is Sanjiu," "The Legend of Yun Xiang: Toast with Wine," and "The Lark Sings to the Sky" are currently in production, distribution, or scheduling. The short-form series "Riding the Wave 2: Millennium Red" recently began airing, and the short-form adaptation of the classic IP "Ashes of Love" is steadily in production.
On the same day as the release of the 2025 annual report, Perfect World Co.,Ltd. also published its "2025 Perfect World Sustainable Development Report." The report comprehensively showcases the company's active practice of sustainable development across multiple dimensions, including driving value creation through emerging technologies, safeguarding cybersecurity via ecosystem collaboration, empowering a better society through organizational warmth, ensuring long-term sustainability with robust governance, and addressing climate change through low-carbon operations.
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