Recently, Perfect World released its 2025 financial report and 2026 first quarter financial report to the public.

According to the financial report, the company's revenue in 2025 was 6.66 billion yuan, an increase of 19.6% year-on-year, achieving a net profit attributable to the parent company of 731 million yuan and a net profit after deducting non recurring expenses of 564 million yuan, turning losses into profits compared to the previous year. Among them, the gaming business revenue was 5.711 billion yuan, an increase of 10.24% over the previous year, achieving a net profit attributable to the parent company of 838 million yuan and deducting non net profit of 668 million yuan, turning losses into profits compared to the previous year.

This is mainly because games such as "Zhu Xian World" (which has launched two new season versions and is deeply linked with the "Sword and Fairy" animation), "Persona: Shadow of the Night" (which will be publicly tested in overseas regions such as Japan, Europe, America, and Southeast Asia from late June to early July 2025), and "Zhu Xian 2" (which will be publicly tested in China in August 2025) have been launched in different regions at home and abroad, bringing incremental performance during the reporting period.

The 2026 first quarter financial report released on the same day showed a revenue of 1.171 billion yuan and a net profit attributable to the parent company of 103 million yuan, both showing a significant year-on-year decline. Among them, the gaming business revenue was 1.076 billion yuan, a year-on-year decrease of 24.12%.

Based on the two financial reports, Perfect World has achieved profitability for five consecutive quarters. However, in the past two quarters, revenue has continued to decline month on month, and net profit has also declined quarter by quarter. From the perspective of the gaming business, this is not a deterioration of the company's operations, but mainly due to product cycle mismatch (mainly the incremental "Zhu Xian World" entering a stable period, weakening its driving effect on revenue and profit) and the natural decline in revenue and profit of old games.

In view of this, the focus of the market is completely focused on the new product of self research (researched and developed by Fantasy Studio), which is perfectly mentioned again and again in the financial report. It is called "anime GTA", the natural city open world RPG game "NTE".

On July 16, 2024, "Alien" was first unveiled at the Perfect World press conference. With UE5's urban streets, intense supernatural combat, and real-time driving system, the platform's pre order volume exceeded 2 million within 24 hours. In May 2025, it officially obtained a license plate. Before the official public beta, the game had already undergone three rounds of testing both domestically and internationally, which had high expectations from the outside world.

01

Since its public beta, the global mobile revenue has reached nearly 100 million yuan

Better than "King of Glory: World" and lower than other top open world products

On April 23rd, the Chinese version of "Yihuan" officially began public testing (simultaneously launched on PC, Android iOS、 At that time, the global reservation volume of HarmonyOS and PS5 had exceeded 35 million, and the official social media followers had also exceeded 5 million.

The Chinese server started pre downloading two days in advance (April 21st) and achieved 250000 iOS downloads on the same day. The next day, it slightly dropped to 240000 and topped the iOS game free list. On the first day of public testing, it ranked second on the iOS game free list and 13th on the best-selling list. Currently, it is ranked sixth on the iOS game free list and 59th on the best-selling list.

In terms of ranking results, there is a certain deviation between the best-selling rankings of the game in the first two weeks of its public beta and market expectations, and its performance is not as good as other top open world products. For example, the public beta of "Mingchao" under Kuluo (May 23, 2024) had a low of 28 on the iOS game bestseller list during the same period, and had reached a high of 5; For example, on January 22nd of this year, Eagle Point's "Arknights: Endgame" was released for public testing, with the lowest ranking at 25th place and the highest ranking at 4th place on the same period's bestseller list; And the recently released "Rock Kingdom: World", which has been in public beta for over a month, had its lowest best seller ranking at only 29th and is currently in the TOP15, making it the strongest.

Looking at specific market data, in terms of the iOS download volume of the Chinese version of "Yihuan", the daily download volume fluctuated around 240000 in the first 8 days before the public beta, and only significantly decreased on the 9th day, which is May. Currently, the daily download volume is about 60000.

On the first day of public testing, the iOS version of the Chinese server achieved a revenue of 3.5 million yuan. However, the daily revenue has slowly declined since then and has been below one million since the second week. Currently, the daily revenue is fluctuating around 950000 yuan.

As of May 3rd, the game has been in public beta for 11 days in China, with a cumulative download volume of 2.7 million on iOS and a total revenue of approximately 21.41 million yuan (estimated to be over 60 million yuan with Android), which is 58% of the revenue of "Mingchao" in the same period in China (36.9 million yuan), 28.2% of the revenue of "Arknights: Endgame" in China (75.9 million yuan), 19% of the revenue of "Rock Kingdom: World" in the same period (114 million yuan), and a distance from the 86.7 million yuan earned during the public beta of "Fantasy Tower" under the same studio. However, it is higher than "Honor of Kings: World" (which earned 14.71 million yuan in 11 days on iOS), which was released earlier. The current daily streaming on iOS is around 550000.

It should be noted that "Yihuan" did not follow the global synchronous release route like "Mingchao" and "Endgame".

The game officially landed in more than 170 countries and regions in the world on April 29, the week after its public beta in the national service. On the second day of the beta, it reached the top 50 of the free list of iOS games in 148 regional markets. At present, it is still in the top 50 of the free list of 95 regional markets (Japan 2nd, Taiwan, China 6th, Germany 12th, South Korea 15th, and the United States 16th), and in the top 50 of the best-selling list of iOS games in 13 regional markets (Taiwan, China 26th, Japan 28th, South Korea 42nd, and Singapore 48th).

In terms of download volume, the international version (NTE: Neverness to Everness) also started pre downloading two days in advance, with daily downloads fluctuating at 300000. On the first day of public testing, it increased to 340000, and although daily downloads fluctuated thereafter, they remained stable at over 300000.

In terms of international server revenue, it earned 5.2 million yuan on the first day, and although there were some fluctuations afterwards, the changes were not significant. Currently, the daily revenue is about 5.8 million yuan.

As of now, the international version of "Yihuan" has been tested for 5 days, with a cumulative download volume of about 3.85 million. Among them, the United States, Japan, and Indonesia rank in the top three with 17.21%, 9.14%, and 5.58% respectively;

The total water flow is estimated to be 30.3 million yuan, and South Korea, Japan, the United States and Taiwan, China of China are in the top 3 contribution list with 28.36%, 27.54%, 15.01% and 8.88%, which is lower than the 68.1 million yuan of the same period of the International Service of "Sounding Tide", and also lower than the 85.6 million yuan of the same period of the International Service of "Destination".

In addition, in terms of RPD (single download revenue), the performance of the domestic and international servers is basically the same, both around 7.5 yuan.

02

PC and host contribute the most, the project team is not anxious

Long term sustained optimism

In terms of the absolute value of mobile data, the performance of "Yihuan" can be considered a top product, but in comparison with "Mingchao", "Endgame", and "Rock Kingdom: World" at the same level, there seems to be a certain gap.

Regarding some questions about the market performance of "Yihuan", shortly after its overseas public beta, Ma Jun, Vice President and Chairman's Secretary of Perfect World, and Zhang Yu, Head of Fantasy Tower Studio, responded at an online investor exchange meeting that the game's "core indicators such as first day new additions, next day retention, 3-day retention, and 7-day retention in China are significantly better than the same period level of the company's previous flagship product" Fantasy Tower ".

In addition, regarding the relatively mild performance of the bestseller list, it stated that "the iOS bestseller list only captures a small part of the actual flow volume of 'Yihuan'. As of now, the domestic PC side flow accounts for about 65%, and the overseas PC+PS host side flow accounts for about 75%".

In terms of specific future plans, the current public beta version 1.0 of the game has already implemented urban gameplay, and will continue to optimize it. At the same time, we will also consider gradually reducing the focus, and in terms of payment structure, we will gradually increase the proportion of urban themed content such as cars, houses, fashion, and skins.

As for the overseas market, it believes that the growth pace of overseas users is smoother and more dispersed, with a stronger long tail effect. The production team will focus on using racing culture to further penetrate the pan user groups in Europe and America in the next step.

On the content side, the game will launch its first new card pool "Xun" after public testing on May 7th. In addition, the following 1.1 and 1.2 versions are also well prepared, and the official is also accelerating the launch process of "Cloud · Strange Ring".

Overall, "Yihuan" has a "smooth start, meets expectations, and some data is better than expected" in the perfect internal evaluation system. As for its long-term development, the official is very optimistic overall.

Finally, returning to the company level, Perfect has been actively promoting its ongoing game development, continuously laying out in the MMO and trendy new product tracks, while exploring new areas of focus with small-scale and lightweight investments and strengthening its overseas business.

Under this strategy, "Heterocyclic" is definitely the most important product at the moment, but in addition, it has also perfectly reserved projects such as "Dreamy New Immortals: Enjoy Lightly", "Code Puer", "Code MT1", "Code J1", "Code F", "Code U1", "Code ZH", covering anime cards, mild MMO, simulated business cards SLG、 There are multiple categories such as leisure, which are overall worth looking forward to.