Original title: Perfect World Q3 net profit up 211%, "Project: Etheria" (Yi Huan) billings RMB 2.7 billion; Kaiying Network first three quarters net profit RMB 2 billion, up over 30% YoY
By: Shi Yi
Source: Game Gyro
Cover image source | pexels
Recently, listed game companies including Perfect World and Kaiying Network released their Q3 2026 earnings reports. Game Gyro has analyzed the key figures in these reports:
Perfect World: Q3 net profit surged 211% to RMB 500 million, "Project: Etheria" billings RMB 2.7 billion
Perfect World's Q3 report shows first-three-quarter revenue of RMB 5.113 billion, down 5.61% YoY; net profit attributable to shareholders of RMB 387 million, up ... YoY.
For the single third quarter, revenue was RMB 2.362 billion, up 36.85% YoY; net profit attributable to shareholders reached RMB 506 million, surging 211.47% YoY.
The Q3 revenue and net profit growth mainly came from "Project: Etheria", which launched globally in April. As of October 28, this urban open-world RPG...
However, "Project: Etheria"'s high billings have not yet fully converted into reported profit. One-time marketing costs of new games' launch period are booked upfront, while recharge billings are recognized deferred across player lifecycle; revenue...
On the legacy product side, self-developed titles like "Zhu Xian World" and licensed games such as "CS" and "Tian Long Ba Bu 2" saw revenue decline YoY; film and TV business revenue was only RMB 307 million, ...
Gross margin improved thanks to a higher mix of high-margin self-developed products: consolidated gross margin was 69.53%, up 10.26 percentage points YoY; the game business gross margin...
Overall, Perfect World is using global self-developed new titles to fill the gap left by the retreating MMO and licensed businesses. "Project: Etheria" validates the "content differentiation + self-publishing + multi-..." approach.
Kaiying Network: Q3 revenue RMB 2.4 billion, legend-series products and box business continue to ramp up
Kaiying Network's Q3 report shows first-three-quarter operating revenue of RMB 7.258 billion, up 78.11% YoY; net profit attributable to shareholders of RMB 2.069 billion, up ...
For the single Q3, revenue was RMB 2.461 billion, up 64.42% YoY; net profit attributable to shareholders RMB 641 million, up 1.22% YoY...
On the business side, revenue growth was mainly driven by existing products and new titles in the legend (mir) track.
According to Kaiying's previously disclosed H1 operating data, "Blazing Awakening" contributed about RMB 2.3 billion in revenue in H1; the product blends xianxia (immortal-hero) and other elements into the legend framework...
On the cost structure, first-three-quarter operating costs were RMB 1.691 billion, up 144.73% YoY; selling expenses RMB 2.842 billion, up ... YoY.
Notably, Kaiying's non-recurring gains/losses totaled about RMB 279 million, including debt-restructuring gains related to the legend-IP settlement and arbitration compensation...
In September, Kaiying announced plans to invest about $298 million (approximately RMB 2.03 billion) through an overseas SPV to indirectly acquire a South Korean...
This year, Kaiying has also continued to expand its product pipeline. Its current pipeline includes "The Lost Tomb: Departure", "Hot Blood Jianghu: NEXT", "Dragon Nest: Awakening" and more.
