‘Neverness to Everness’ Revenue Exceeds 2 Billion, Yet Perfect World Reports Loss? Read the Financial Report Differently!

Summary

Perfect World released its 2026 semi-annual financial report on the evening of August 19. The company recorded operating revenue of 2.751 billion yuan, down 25.47% year-over-year, and a net loss attributable to shareholders of about 100 million yuan, a sharp reversal from the same period last year. Yet the report also reveals that the new open-world anime-style game "Neverness to Everness" (异环) has achieved cumulative gross revenue exceeding 2 billion yuan since its launch, making the seemingly contradictory earnings report a hot topic. The loss is primarily due to massive marketing expenses during the game's launch phase and substantial R&D investment in ongoing projects. Sales and R&D expenses both increased significantly in the first half, while older titles entered the decline stage of their life cycles, temporarily shrinking revenue. The standout performance of "Neverness to Everness" demonstrates Perfect World's technical strength and content capabilities in the anime-style track, and its long-term operating potential is expected to gradually release profits in the second half. For players, the game's strong revenue ensures more resources for future version updates and service improvements. For the industry, this "short-term loss for long-term hit" strategy reflects the typical path of content-driven game companies today, who must invest heavily upfront in fierce…