September 5, 2007
Perfect World
Blooming in the 3D World,

Initiating at Overweight-V
Front-runner in 3D online game universe: Perfect
World (PW) is the leader in China’s 3D online game
market, which should grow twice as fast as the 2D one
(3-year sales CAGR of mid-40%, vs. ~20%). PW has set
several industry records, including: 1) 3D game market
share, with 3 of the top 6 most popular 3D games in
China, 2) game development speed, at twice that of
most contenders, 3) low development costs, at 30~50%
of rivals’, 4) game upgrade efficiency (~2 weeks for each
upgrade, vs. 2~3 months for others), and 5) a nearperfect
‘hit ratio’ (all 4 of its proprietary games were once
blockbusters with 100,000+ peak players). Notably, PW
leads the industry with a state-of-the-art 3D game
development platform, player volume expansion
(7~8-fold over the past 2 years), and a firm grip on
China’s cultural ‘hot spots’, as most of its games are
based on popular local media content.

[此贴子已经被作者于2009-4-3 14:45:16编辑过]