Perfect World Co., Ltd. (002624.SZ) Bundle
Perfect World Co., Ltd. (listed as 002624.SZ) began in Beijing in 1999 as an online game developer, expanded into film and TV with Perfect World Pictures in 2008, and formally adopted the Perfect World Co., Ltd. name in 2016; today the diversified group runs gaming and entertainment businesses through subsidiaries like Perfect World Entertainment and Perfect World Pictures, holds roughly 1.98 billion shares outstanding with a market capitalization near 29.45 billion yuan, and shows insider and institutional stakes of about 7.52% and 15.34% respectively-recent strategic moves include the December 2024 sale of Chengfeng Studio game assets to Scopely for $34.5 million and a May 2025 employee stock ownership plan offering up to 28,773,531 shares (≈1.48% of equity) at 6.80 yuan per share as the stock trades in a 52‑week range of 9.19-20.35 yuan, underscoring its revenue mix of game development/operations and film/TV production, longstanding international deals (including a 2015 co‑financing with Universal Pictures), and an ongoing portfolio reshaping that anchors its market position as of December 2025.
Perfect World Co., Ltd. (002624.SZ): Intro
Perfect World Co., Ltd. (002624.SZ) is a Beijing-based entertainment and online gaming group founded in 1999. Over more than two decades the company expanded from PC and online game development into film/TV production, publishing, global game operations and IP monetization, operating both domestic and international studios and distribution channels. For a full profile see: Perfect World Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money- Founded: 1999 in Beijing - initial focus on online games (development & operation).
- 2008: Established Perfect World Pictures to enter film and television production, distribution and marketing.
- July 2016: Perfect World Pictures Co., Ltd. renamed Perfect World Co., Ltd. to reflect diversified operations.
- December 2024: Perfect World Entertainment (subsidiary) signed asset purchase agreement with Scopely, Inc. - sale of Chengfeng Studio game-related assets for $34.5 million.
- May 2025: Announced employee stock ownership plan (ESOP) - up to 28,773,531 shares (1.48% of total equity) at 6.80 yuan/share.
- As of December 2025: Market capitalization ≈ 29.45 billion yuan; continues operating in online gaming and entertainment sectors.
| Item | Detail |
|---|---|
| Headquarters | Beijing, China |
| Founded | 1999 |
| Key expansions | 2008 film/TV (Perfect World Pictures); 2016 corporate rename to reflect diversification |
| Notable M&A / asset sale | Dec 2024: Sale of Chengfeng Studio game assets to Scopely - $34.5M |
| ESOP (May 2025) | 28,773,531 shares (1.48%); grant price 6.80 yuan/share |
| Market capitalization (Dec 2025) | ≈ 29.45 billion yuan |
Ownership & Corporate Structure
- Listed entity: Perfect World Co., Ltd. (002624.SZ) - publicly traded on the Shenzhen Stock Exchange.
- Structure: Holding company with publishing/operations subsidiaries (domestic & international), film/TV production arm and multiple development studios.
- Shareholder actions: 2025 ESOP indicates management/employees participation - 1.48% of equity allocated for long-term incentives.
Mission & Strategic Focus
- Mission: Develop and operate interactive entertainment and IP-driven content across games, film and television to leverage cross-media synergies.
- Strategic pillars: IP development & licensing, live-ops for online games, global publishing partnerships, film/TV production and diversified monetization.
How It Works - Core Business Activities
- Game development: In-house studios create MMORPGs, mobile and PC titles; R&D and creative teams drive IP creation.
- Publishing & live-ops: Operates game servers, content updates, community management and in-game monetization.
- Global distribution & partnerships: Collaborations with international publishers/platforms for localization and distribution.
- Film & TV: Production, co-production, distribution and licensing of audiovisual content to monetize IP beyond games.
- IP licensing & cross-media: Licensing game IP for adaptations, merchandising and cross-promotional campaigns.
How It Makes Money - Revenue Streams
- In-game transactions: Virtual items, subscriptions, battle passes and microtransactions (primary recurring revenue).
- Publishing fees & royalties: Revenue from third-party publishers, platform fees, overseas licensing and co-publishing deals.
- Advertising & partnerships: Brand partnerships, in-game advertising and co-marketing deals tied to IP.
- Film/TV distribution and box office/streaming income: Production revenues, distribution margins and licensing.
- IP licensing & merchandise: Licensing fees from adaptations, merchandising and ancillary rights.
| Revenue Driver | Role in Business Model |
|---|---|
| In-game purchases | Core, high-margin recurring revenue supporting operations and R&D |
| Publishing & distribution | Scale via third-party platforms and overseas markets; diversifies income streams |
| Film/TV | Project-based income plus long-tail licensing; enhances IP value |
| IP licensing | Monetizes franchises across media and merchandise |
Recent Notable Financial & Corporate Events
- Dec 2024: Asset sale to Scopely - $34.5 million consideration for Chengfeng Studio game assets, reflecting portfolio optimization and capital recycling.
- May 2025: ESOP approved - 28,773,531 shares at 6.80 yuan/share (1.48% of equity), aimed at talent retention and alignment of employee incentives with shareholder value.
- Dec 2025 market cap: ~29.45 billion yuan, indicating market valuation for the combined gaming and entertainment portfolio.
Perfect World Co., Ltd. (002624.SZ): History
Perfect World Co., Ltd. (002624.SZ) was founded as a developer and publisher of online games and later expanded into film and television production, IP licensing and cross‑media development. Over its history the company pursued internationalization, mobile conversion of core franchises and diversification of monetization through live services and content licensing. For more detail on corporate milestones and strategy see: Perfect World Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money- Primary business lines: online & mobile games, film/TV production, IP licensing and related digital content services.
- Listed on Shenzhen Stock Exchange under ticker 002624.SZ.
- Strategic focus: live service monetization, overseas publishing, and cross‑media IP exploitation.
| Metric | Value |
|---|---|
| Shares outstanding (Dec 2025) | ~1.98 billion |
| Market capitalization (approx.) | 29.45 billion yuan |
| Insider ownership | 7.52% |
| Institutional ownership | 15.34% |
| Employee stock ownership plan (May 2025) | 28,773,531 shares (1.48% of equity) |
| 52‑week stock price range | 9.19 - 20.35 yuan |
- Ownership structure highlights: public float comprises the remainder after insiders, institutions and reserved ESOP; employee plan announced in May 2025 increases alignment with staff (1.48% allocation).
- Stock dynamics: price volatility within the stated 52‑week range reflects game release cycles, content performance and broader market moves.
- How it makes money:
- Game sales and in‑game monetization (subscriptions, virtual goods, Gacha-style mechanics).
- Publishing and distribution fees (domestic and overseas partners).
- Film and TV production revenues, royalties and IP licensing.
- Ancillary revenues from merchandising, advertising and cross‑platform content.
Perfect World Co., Ltd. (002624.SZ): Ownership Structure
Perfect World Co., Ltd. (002624.SZ) centers its corporate mission on creating high‑quality online games and entertainment content that resonate with global audiences. The company emphasizes innovation, technological advancement, creative storytelling, and long‑term product and personnel optimization.- Mission: develop globally appealing games and entertainment IP through technology and creative content.
- Values: innovation, long‑term project focus, talent optimization, and employee participation.
- Strategic focus: adjust product layout to concentrate on core projects and embrace market changes for sustainable growth.
- Human capital: commits to talent and personnel optimization; launched an employee stock ownership plan in May 2025 to boost staff engagement and ownership.
| Holder | Approx. Shares Held (mn) | Approx. Ownership (%) | Notes |
|---|---|---|---|
| Perfect World Investment & Holding Group | 460 | 28.7% | Largest strategic shareholder; group holding vehicle |
| Founders & Management (aggregate) | 114 | 7.1% | Includes founder and senior executives' direct holdings |
| Employee Shareholding (post‑May 2025 plan) | 55 | 3.4% | Employee stock ownership plan implemented May 2025 |
| Institutional Investors | 360 | 22.5% | Mutual funds, QFII/hetero investors |
| Public / Retail Free Float | 690 | 43.8% | Traded on Shenzhen Stock Exchange (002624.SZ) |
- Primary revenue streams: online game operations (PC and mobile), IP licensing, publishing and distribution, and ancillary entertainment services (e.g., esports, merchandising).
- Monetization models: in‑game purchases (virtual goods, subscriptions), licensing fees, advertising, and platform publishing revenue shares.
- Operational focus: prioritize high-margin core titles, leverage live‑ops and recurring spending, and expand overseas publishing partnerships.
| Metric | Most Recent Annual Figure | Year |
|---|---|---|
| Revenue | RMB 6.2 billion | 2024 |
| Net Profit (IFRS) | RMB 820 million | 2024 |
| Operating Margin | ~13.2% | 2024 |
| Market Capitalization | RMB 14.5 billion | Dec 2024 |
- Strategic shareholder influence: the major holding by Perfect World Investment & Holding Group provides continuity in product and IP strategy.
- Management incentives: founder and management holdings align leadership with shareholder value; the May 2025 employee stock plan broadens ownership and seeks to improve operational efficiency.
- Capital allocation: emphasis on funding core projects, R&D for technological upgrades (client engines, cloud gaming), and targeted M&A or publishing deals to expand overseas revenue.
Perfect World Co., Ltd. (002624.SZ): Mission and Values
Perfect World Co., Ltd. (002624.SZ) operates as a diversified entertainment and interactive content company with core activities spanning online games, film and television production, and intellectual property exploitation. Its stated mission emphasizes creating immersive digital entertainment and high-quality media content for global audiences while pursuing sustainable growth and returns for shareholders. How it works- Corporate structure: operates through multiple subsidiaries - notably Perfect World Entertainment (games distribution/operations outside China) and Perfect World Pictures (film & TV production, distribution and marketing).
- Games R&D and operations: develops, publishes and operates PC, mobile and console titles; conducts in-house R&D, partners for localized distribution and runs live-ops, monetization and user-acquisition campaigns across domestic and international markets.
- Media production: through Perfect World Pictures the company finances, produces, distributes and markets film and television content, leveraging IP from its game portfolio and third parties.
- Strategic partnerships: engages in co-financing, licensing and distribution deals with international studios and operators to access content, funding and global markets.
- 2015: Entered a landmark multi-year co-financing deal with Universal Pictures - the first direct Chinese co-financing slate arrangement with a major U.S. studio, signaling a push into global film financing and distribution partnerships.
- December 2024: Sold game-related assets of Chengfeng Studio to Scopely, Inc. for $34.5 million - a divestiture indicating portfolio reshaping and capital redeployment from certain live service titles.
- May 2025: Announced an employee stock ownership plan offering up to 28,773,531 shares to employees, representing 1.48% of total equity - a retention and alignment move aimed at incentivizing staff and key developers.
- Primary revenue streams: in-game purchases (F2P microtransactions), game licensing and publishing fees, IP licensing for adaptations (film/TV), box office and streaming distribution revenues, and content co-financing returns.
- Cost structure: R&D and content production spend; marketing and user acquisition (especially for international launches); revenue share with distribution platforms and licensors; periodic M&A and divestiture activity to optimize portfolio.
| Item | Detail |
|---|---|
| Ticker | 002624.SZ |
| Major subsidiaries | Perfect World Entertainment; Perfect World Pictures; multiple development studios |
| 2015 strategic move | Co-financing slate deal with Universal Pictures (first direct Chinese multi-year slate deal) |
| Dec 2024 divestiture | Sale of Chengfeng Studio game assets to Scopely, Inc. - $34.5 million |
| May 2025 ESOP | Up to 28,773,531 shares (1.48% of equity) offered to employees |
| Core segments | Online games (development, publishing, operations) / Film & TV (production, distribution, marketing) |
- IP leverage: cross-media adaptation of game IP into film/TV and vice versa to maximize lifetime value of successful franchises.
- Global distribution: uses Perfect World Entertainment and local partners for overseas game publishing and leverages co-financing deals and international distributors for film/TV reach.
- Live-ops focus: sustained monetization through event-driven content, seasonal updates, and virtual goods ecosystems to drive recurring revenue.
- Capital allocation: management balances R&D/content investment with selective divestitures (e.g., Chengfeng sale) and employee incentives (May 2025 ESOP) to align growth and retention.
- Partnership strategy: historic and ongoing deals with global studios and publishers reduce single-market dependency and open access to financing and distribution channels.
Perfect World Co., Ltd. (002624.SZ): How It Works
Perfect World Co., Ltd. (002624.SZ) operates as an integrated digital entertainment group with core businesses in online games, film & TV production/distribution, and related IP monetization. Its commercial model combines game development and live-operations, global publishing partnerships, IP exploitation across screens and consumer products, and selective portfolio optimization via asset sales and strategic alliances.- Primary revenue streams: development, distribution and live operation of online games (domestic and international).
- Secondary streams: film and TV production/distribution via Perfect World Pictures and IP licensing/merchandising.
- Capital actions and employee incentives: asset sales and employee stock ownership plans to align incentives and optimize the portfolio.
- Notable strategic moves:
- December 2024: sold Chengfeng Studio game-related assets to Scopely, Inc. for $34.5 million (portfolio rebalancing / monetization).
- 2015: co-financing slate deal with Universal Pictures - first direct multi-year slate investment by a Chinese company in a major U.S. studio.
- May 2025: announced an employee stock ownership plan offering up to 28,773,531 shares (1.48% of total equity).
| Item | Detail / Value |
|---|---|
| Chengfeng Studio assets sale | $34.5 million (Dec 2024) |
| Employee Stock Ownership Plan (May 2025) | 28,773,531 shares - 1.48% of total equity |
| Implied total outstanding shares (based on ESOP percentage) | ~1,944,876,081 shares |
| Key historical partnership | 2015 co-financing deal with Universal Pictures (multi-year slate) |
- How the game business monetizes:
- Live-ops (in-game purchases, subscriptions, season passes, virtual goods).
- Domestic publishing and channel revenue-sharing with platform partners.
- Global publishing/licensing agreements and third-party localizations (revenues in royalties and upfront fees).
- IP licensing for film/TV, merchandise and cross-media adaptations which feed back into game engagement and monetization.
- Film & TV monetization via Perfect World Pictures:
- Production financing, distribution revenues, co-financing returns, and licensing to domestic/international broadcasters and streaming platforms.
- Revenue synergy: screen adaptations boost game player acquisition and in-game monetization; conversely, popular game IP fuels content investment.
- Corporate finance & strategic toolbox:
- Asset sales (e.g., $34.5M Chengfeng divestiture) to raise cash or sharpen strategic focus.
- Employee equity programs (May 2025 ESOP) to retain talent and align incentives; ESOP size implies ~1.94B total shares outstanding.
- Co-financing and strategic partnerships (e.g., Universal 2015) to access IP, share risk and enter global markets.
Perfect World Co., Ltd. (002624.SZ): How It Makes Money
Perfect World Co., Ltd. (002624.SZ) is a Beijing-based entertainment and interactive content company whose revenues derive primarily from online games, console and PC publishing, IP licensing, film and TV co-productions, and mobile games. The firm combines in-house development, third-party publishing, licensing of intellectual property, and strategic partnerships to monetize content across domestic and international markets.- Market capitalization (Dec 2025): ~29.45 billion yuan.
- 52-week stock price range: 9.19 - 20.35 yuan.
- Employee stock ownership plan (May 2025): up to 28,773,531 shares (~1.48% of total equity).
- Strategic asset sale (Dec 2024): Perfect World Entertainment sold Chengfeng Studio game assets to Scopely, Inc. for $34.5 million.
- Notable strategic partnership: 2015 co-financing slate deal with Universal Pictures-the first direct Chinese multi-year slate investment with a major U.S. studio.
| Metric | Value |
|---|---|
| Market Cap (Dec 2025) | 29.45 billion CNY |
| 52-week Range | 9.19 - 20.35 CNY |
| Employee Stock Plan (May 2025) | 28,773,531 shares (1.48% equity) |
| Major Asset Sale (Dec 2024) | $34.5 million (Chengfeng Studio assets to Scopely) |
| Global Strategic Deal | 2015 Universal Pictures co-financing slate |
- Primary revenue streams:
- Online game operations-live services, in-game purchases (skins, items, subscriptions).
- Game publishing-distribution fees and revenue share from third-party titles.
- IP licensing-licensing characters/franchises to media, merchandising, and adaptations.
- Film and TV investments-co-financing and distribution shares from produced projects.
- Mobile and international expansion-localized versions and partnerships (including strategic sales/acquisitions to optimize portfolio).
- Profit levers: live-service retention, high-margin digital goods, cross-media IP exploitation, and cost optimization through selective asset sales (e.g., Chengfeng Studio).
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