东吴证券研报指出，完美世界预计2025H1实现归母净利润4.80-5.20亿元，扣非归母净利润2.90-3.30亿元，同比均大幅扭亏；其中2025Q2实现归母净利润1.78-2.18亿元，同比扭亏，环比下降41.16%~27.92%，主要系2025Q1出售工作室带来非经收益致归母基数较高，扣非归母净利润1.27-1.67亿元，同比扭亏，环比变动-22.37%~+2.13%，业绩符合预期。展望后续，关注《诛仙世界》新赛季用户回流及流水表现，有望成为公司又一款长线运营端游，稳健贡献业绩，同时关注降本增效有望带来费用端进一步降低。截至2025/7/15，《异环》B站首曝PV、二测PV播放量超1034、581万，TapTap期待值8.9分，314万人预约，产品广受玩家期待，看好《异环》上线将为公司带来显著业绩弹性。考虑到《女神异闻录：夜幕魅影》表现出色，同时公司费用端有望进一步下降，上调此前盈利预测，看好公司新游周期驱动业绩重启增长，维持“买入”评级。
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