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Chinese online-game developer and publisher, also active in film and TV production.
Chinese online-game developer and publisher, also active in film and TV production.
Uses a free-to-play model: players download for free and spend on in-game items, so revenue depends on a few titles. Chinese game releases need a regulator licence. Some games are licensed to partners abroad.
Moat: narrow (IP / patents, brand). Long-running game IP portfolio and publishing/distribution relationships.
Headquarters: Beijing, China · Employees: 3,333
Size Perfect World (002624.SZ) is a China Information Technology company (Packaged Software) with a market value of $3.26B, the 797th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥11.29 on 6 Nov 2026.
Performance Over six months the shares fell 25.8%, against +0.7% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue fell 8.0% over the last twelve months (peer median +14.3%); the operating margin is 7.9% (peer median 7.9%).
Valuation It trades at 21.1× forward earnings against a peer median of 25.7× (7th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is -8%, so the hurdle is +27 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.8 points above its cost of capital (10.2% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.36B | CN¥6.64B | CN¥5.55B | CN¥7.77B | CN¥7.64B |
| Revenue growth | — | +20% | -29% | +2% | — |
| Gross profit | CN¥4.46B | CN¥3.87B | CN¥3.06B | CN¥4.43B | CN¥5.04B |
| EBITDA | n/a | CN¥1.19B | -CN¥346M | CN¥756M | CN¥1.42B |
| Net income | CN¥452M | CN¥731M | -CN¥1.29B | CN¥491M | CN¥1.38B |
| Free cash flow | CN¥1.13B | CN¥835M | CN¥284M | CN¥307M | CN¥922M |
| Capital expenditure | CN¥292M | CN¥294M | CN¥353M | CN¥526M | CN¥277M |
| Total debt | CN¥620M | CN¥753M | CN¥797M | CN¥2.05B | CN¥2.48B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Perfect World 002624.SZ | $3.26B | -26% | -8% | 8% | 21.1× | 19.0% |
| Netease Inc Sponsored ADR NTES | $74.3B | +12% | +10% | 35% | 13.1× | -4.5% |
| G-Bits Network Technology (Xiamen) 603444.SS | $3.77B | -14% | +35% | 40% | 12.5× | -0.9% |
| Tencent 0700.HK | $482B | -11% | +16% | 32% | 12.5× | 6.4% |
| 37 Interactive Entertainment Network Technology 002555.SZ | $5.29B | -24% | -10% | 14% | 14.2× | 5.0% |
| Giant Network 002558.SZ | $5.61B | -35% | +105% | 48% | 10.0× | -2.1% |
| Zhejiang Century Huatong 002602.SZ | $14.0B | -20% | +28% | 21% | 11.1× | -0.2% |
| Kingnet Network 002517.SZ | $5.47B | -4% | +62% | 29% | 13.7× | 6.3% |
| XD, Inc. 2400.HK | $2.77B | -28% | +6% | 26% | 11.9× | 3.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002624.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +18.1% | +3.1% | 3rd highest of 21 |
| 6-month return | -25.8% | +0.7% | 4th lowest of 20 |
| Distance from 52-week high | -52.3% | -37.7% | 5th lowest of 21 |
| Revenue growth (TTM) | -8.0% | +14.3% | 2nd lowest of 21 |
| Operating margin | 7.9% | 7.9% | 11th highest of 21 |
| Forward P/E | 21.1× | 25.7× | 7th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 19.0% | 13.9% | 7th most demanding of 17 |
| Growth delivered (Del g) | -8.2% | +18.8% | 2nd lowest of 17 |
| Hurdle (Req g minus delivered) | +27.3 pp | -2.3 pp | 2nd most demanding of 17 |
| ROIC minus cost of capital | +2.8 pp | -1.4 pp | 9th highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Perfect World 002624.SZ | China | $3.26B | -26% | -8% | 8% | 21.1× | 19.0% | -8.2% |
| Hexaware Technologies HEXT.NS | India | $3.26B | +9% | +13% | 12% | 21.7× | 15.4% | +16.5% |
| Bullish BLSH | United States | $3.20B | -51% | +34% | 18% | 33.6× | 32.3% | +14.4% |
| Alarm.com ALRM | United States | $3.19B | +37% | +9% | 13% | 22.4× | 10.9% | +10.3% |
| Sinch SINCH.ST | Sweden | $3.19B | +13% | -6% | 4% | 13.3× | 23.8% | +27.5% |
| Wix.com WIX | United States | $3.18B | -5% | +14% | -3% | 12.6× | -4.4% | +15.2% |
| Freshworks FRSH | United States | $3.18B | +37% | +15% | 8% | 14.5× | 12.9% | +27.4% |
| Intapp INTA | United States | $3.35B | +76% | +14% | -4% | 25.7× | 4.3% | +21.9% |
| Tsinghua Tongfang 600100.SS | China | $3.15B | -22% | -11% | -2% | n/a | 30.2% | -10.3% |
| Cellebrite DI CLBT | United States | $3.13B | -2% | +18% | 11% | 38.0× | 22.8% | +19.5% |
| Agilysys AGYS | United States | $3.42B | +69% | +15% | 13% | 41.6× | 22.9% | +18.4% |
| Via Transportation VIA | United States | $3.07B | +118% | +29% | -17% | 259.2× | n/a | n/a |
| Liftoff Mobile LFTO | United States | $3.07B | n/a | +35% | 36% | 18.6× | -7.3% | +35.5% |
| Shenzhen Infogem Technologies 300085.SZ | China | $3.06B | -23% | +2% | -11% | n/a | n/a | n/a |
| DHC Software 002065.SZ | China | $3.04B | -23% | -4% | 3% | 39.5× | 14.8% | +7.1% |
| AvePoint AVPT | United States | $3.50B | +45% | +25% | 10% | 37.6× | 31.6% | +22.6% |
| Beijing Shiji Information Technology 002153.SZ | China | $3.02B | -27% | -4% | -3% | 492.7× | n/a | n/a |
| Intsig Information 688615.SS | China | $2.96B | -26% | +24% | 22% | 34.9× | 12.6% | +22.1% |
| Teradata TDC | United States | $2.96B | +1% | +1% | 8% | 11.6× | -5.4% | -2.0% |
| Beijing 51WORLD Digital Twin Technology 6651.HK | Hong Kong | $2.91B | -1% | +39% | -38% | n/a | n/a | n/a |
| SPS Commerce SPSC | United States | $2.90B | +45% | +7% | 17% | 15.3× | 7.3% | +19.2% |