Perfect World (002624) Q3 2025 earnings summary

Executive summary

• Q3 revenue rose 31.45% YoY to ¥1.73bn and net profit attributable to shareholders increased 176.59% to ¥162.3m; YTD results returned to profit.

• YTD net profit was ¥665.5m, including ¥182.4m in non-recurring gains, chiefly from the sale of Chengfeng Studio; adjusted net profit was ¥483.2m.

Financial highlights

• YTD revenue increased 33.00% YoY to ¥5.42bn; operating costs rose 37.64% as revenue expanded.

• YTD attributable net profit was ¥665.5m versus a ¥388.8m loss a year earlier; adjusted attributable net profit was ¥483.2m, up 207.77%.

• Q3 attributable net profit was ¥162.3m, up 176.59% YoY; Q3 adjusted attributable net profit was ¥165.1m, up 177.54%.

• YTD basic and diluted EPS were ¥0.35, versus a loss of ¥0.21 per share in the prior-year period.

Segment performance

• Gaming YTD revenue grew 15.64% to ¥4.47bn, supported by Zhuxian World, Zhuxian 2, overseas launches of Persona 5: The Phantom X, and continued esports growth; older mobile titles partly offset gains.

• Film and television YTD revenue rose 432.90% to ¥918.2m as multiple productions aired and revenue was recognized.

• Gaming YTD attributable net profit was ¥716.9m, or ¥547.8m adjusted; film and television attributable net profit was ¥31.7m, or ¥25.8m adjusted.

• Gaming gross margin increased to 69.29% from 65.78%; consolidated gross margin remained stable.