Perfect World Announces Second Quarter 2009 Unaudited Financial Results
(Nasdaq: PWRD) (“Perfect World” or the “Company”), a leading online game
developer and operator based in China, today announced its unaudited financial
results for the second quarter ended
(Logo: http://www.newscom.com/cgi-bin/prnh/20090416/CNTH023LOGO )
Second Quarter 2009 Highlights(1)
-- Total revenues were RMB521.3 million (USD76.3 million), an increase of
22.6% from 1Q09 and 55.9% from 2Q08, exceeding the high end of the
company's raised guidance
-- Gross profit was RMB454.5 million (USD66.5 million), an increase of
23.3% from 1Q09 and 55.0% from 2Q08
-- Operating profit was RMB279.7 million (USD40.9 million), an increase of
21.4% from 1Q09 and 68.5% from 2Q08. Non-GAAP operating profit(2) was
RMB300.0 million (USD43.9 million), an increase of 22.0% from 1Q09 and
68.7% from 2Q08
-- Net income attributable to the Company's shareholders was RMB262.6
million (USD38.4 million), an increase of 21.9% from 1Q09 and 59.6%
from 2Q08. Non-GAAP net income attributable to the Company's
shareholders(2) was RMB282.9 million (USD41.4 million), an increase of
22.5% from 1Q09 and 60.4% from 2Q08
-- Basic and diluted earnings per ADS(3) were RMB5.21 (USD0.76) and
RMB4.94 (USD0.72), respectively, as compared to RMB4.14 and RMB3.96,
respectively, in 1Q09, and RMB2.93 and RMB2.76, respectively, in 2Q08.
Non-GAAP basic and diluted earnings per ADS(2) were RMB5.61 (USD0.82)
and RMB5.32 (USD0.78), respectively, as compared to RMB4.43 and
RMB4.25, respectively, in 1Q09, and RMB3.14 and RMB2.96, respectively,
in 2Q08
-- Launched open beta testing for "Battle of the Immortals" on April 2,
2009
(1) The U.S. dollar (USD) amounts disclosed in this press release,
except for those transaction amounts that are actually settled in
U.S. dollars, are presented solely for the convenience of the
reader. The conversion of Renminbi (RMB) into USD in this release
is based on the Federal Reserve Board certified exchange rate on
June 30, 2009, which was RMB6.8302 to USD1.00. The percentages
stated are calculated based on RMB.
(2) As used in this press release, non-GAAP operating profit, non-GAAP
net income attributable to the Company's shareholders and non-GAAP
earnings per ADS are defined to exclude share-based compensation
charge from operating profit, net income attributable to the
Company's shareholders and earnings per ADS, respectively. See
"Non-GAAP Financial Measures" and "Reconciliation of GAAP and
Non-GAAP Results" at the end of this press release.
(3) Each ADS represents five ordinary shares.
“We are pleased to announce our second quarter results which came in ahead
of our previously raised guidance,” commented Mr.
Chief Executive Officer of Perfect World. “Our strong results were primarily
driven by better than anticipated performance of our newly launched 2.5D
mysterious adventure MMORPG ‘Battle of the Immortals’ and increasingly
optimistic results from a number of our existing games. We believe our fine-
tuned strategy of allocating more resources to longer-term projects and larger
expansion packs has really begun to show positive results.”
“The successful launch of ‘Battle of the Immortals’ is a great example.
The positive acceptance and strong results following its debut were mainly due
to our effective implementation of this strategy. It is also a promising
illustration of our ability to leverage our strong R&D capabilities and
operating platform as well as leading technologies in the 3D game market to
develop and operate hit games in the 2.5D and 2D markets. By spending more
time and resources on developing games and larger expansion packs prior to
launch, we believe we will effectively lengthen the growth cycle of our
games.”
“We continue to focus on building a well-rounded, diversified portfolio of
games. Our portfolio includes highly differentiated games which provide us
with a number of distinctive growth drivers. We currently have a deep
pipeline of seven diverse games spanning the 3D, 2.5D and 2D segments. Moving
forward, we will build a variety of franchises, including unique flagship
titles in each of the 3D, 2.5D and 2D market segments, by utilizing our
specialized game engines and production studios that are tailored to each of
these areas.”
“We are also pleased to announce that we plan to launch our first 2D turn-
based cartoon MMORPG, ‘Fantasy Zhu Xian,’ in the fourth quarter of this year.
This new game has many distinctive characteristics and targets a different
segment than our 3D real-time game ‘Zhu Xian.’ We expect to leverage the
strong branding of ‘Zhu Xian’ to effectively penetrate into lower tier cities
with this new game and further grow our ‘Zhu Xian’ franchise.”
“Our overseas development efforts are also progressing positively. We
continue to hold a leading position in the Chinese online game export market
in terms of revenues and geographic coverage. Not only do we license a number
of our games in various regions around the world, we are also making progress
in operating our own games in
successfully launched ‘Zhu Xian’ in
Dynasty’ through our wholly owned U.S. subsidiary, Perfect World Entertainment
Inc.”
“We are confident that our strong execution capabilities will help raise
and maintain the interest of game players for both our newly launched and
existing games. We remain fully committed to producing influential,
differentiated games in the 3D, 2.5D and 2D game markets, and by doing so we
aim to sustain a stable growth rate for our Company over the long term.”
Second Quarter 2009 Financial Results
Total Revenues
Total revenues were
increase of 22.6%, or
increase of 55.9%, or
Online game operation revenues were
2Q09, an increase of 26.0%, or
and an increase of 58.7%, or
The strong sequential growth in online game operation revenues was primarily
attributable to the successful launch of open beta testing for “Battle of the
Immortals,” the successful release of expansion packs for a number of the
Company’s existing games, and a series of successful marketing activities.
The aggregate average concurrent users (ACU) for games under operation in
mainland China was approximately 761,000 in 2Q09, as compared to 615,000 in
1Q09 and 619,000 in 2Q08. The active paying customers (APC) for games
operated in mainland China under the item-based revenue model was
approximately 1,877,000 in 2Q09, as compared to 1,464,000 in 1Q09 and
1,530,000 in 2Q08. The average revenue per active paying customer (ARPU) for
games operated in mainland China under the item-based revenue model was
in 2Q09, as compared to
and APC from 1Q09 was mainly due to the strong performance of the newly
launched “Battle of the Immortals” and the continued popularity of a number of
the Company’s existing games. The slight decrease in ARPU from 1Q09 was
mainly due to the dilution effect arising from the new game launch.
Overseas licensing revenues were
as compared to
Cost of Revenues
The cost of revenues was
increase of 18.3%, or
increase of 62.4%, or
increase from 1Q09 was mainly due to an increase in sales-related taxes.
Gross Profit and Gross Margin
Gross profit was
of 23.3%, or
of 55.0%, or
was 87.2% in 2Q09, as compared to 86.7% in 1Q09 and 87.7% in 2Q08.
Operating Expenses
Operating expenses were
increase of 26.4%, or
increase of 37.3%, or
increase in operating expenses from 1Q09 was mainly attributed to higher sales
and marketing expenses, R&D expenses and general and administrative expenses.
Sales and marketing expenses increased by 42.8%, or
largely due to an increase in advertising and promotional expenses associated
with the launch of “Battle of the Immortals.”
R&D expenses increased by 14.1%, or
in 1Q09 to
was primarily due to an increase in staff costs.
General and administrative expenses increased by 22.1%, or
from
was primarily attributable to an increase in staff costs and professional fees.
Operating Profit
Operating profit was
increase of 21.4%, or
increase of 68.5%, or
GAAP operating profit was
increase of 22.0%, or
increase of 68.7%, or
Income Tax Expense
Income tax expense was
compared to
Net Income attributable to the Company’s shareholders
Net income attributable to the Company’s shareholders was
(
shareholders was
22.5%, or
60.4%, or
Basic and diluted earnings per ADS were
respectively, in 1Q09, and
GAAP basic and diluted earnings per ADS were
respectively, in 1Q09, and
Cash and Cash Equivalents
As of
of cash and cash equivalents, as compared to
2009
million
repurchase of the Company’s Class A and Class B ordinary shares, and was
partially offset by the net cash inflow generated from the Company’s online
game operations.
Capital Increase and Share Transfer Transaction with Beijing Perfect World
Cultural Communication Co., Ltd.
During the second quarter of 2009, Beijing Perfect World Network
Technology Co., Ltd. (“PW Network”), the Company’s controlled entity,
completed the transaction with Beijing Perfect World Cultural Communication
Co., Ltd. (“PW Cultural”), a media and entertainment company, to acquire
additional equity in and increase the registered capital of PW Cultural.
Following the completion of the transaction, PW Network holds 89% equity in PW
Cultural. As such, PW Cultural has been consolidated into the Company’s
financial statements since the second quarter of 2009.
ADS and Share Repurchases
In
to repurchase up to
of 1,683,192 ADSs on the open market.
In addition to and separate from the above ADS repurchase program, the
Company completed a repurchase of 18,750,000 shares of its Class A ordinary
shares for approximately
ordinary shares and 11,296,188 shares of its Class B ordinary shares for
approximately
All the repurchased shares have been cancelled pursuant to
law.
Business Outlook
Based on the Company’s current operations, total revenues for the third
quarter of 2009 are expected to be between
representing an increase of 5% to 8% on a sequential basis and 43% to 47% on a
year-over-year basis. This reflects expected growth of the newly launched
“Battle of the Immortals” and other existing games. With the Company’s strong
executional capabilities, the Company aims to sustain a stable growth rate
over the long term.
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with generally
accepted accounting principals in
release presents non-GAAP operating profit, non-GAAP net income attributable
to the Company’s shareholders and non-GAAP earnings per ADS by excluding
share-based compensation charge from operating profit, net income attributable
to the Company’s shareholders and earnings per ADS, respectively. The Company
believes these non-GAAP financial measures are important to help investors
understand the Company’s operating and financial performance, compare business
trends among different reporting periods on a consistent basis and access the
Company’s core operating results, as they exclude certain expenses that are
not expected to result in cash payments. The use of the above non-GAAP
financial measures has certain limitations. Share-based compensation charge
has been and will be incurred and is not reflected in the presentation of the
non-GAAP financial measures. It should be considered in the overall
evaluation of our results. None of the non-GAAP measures is a measure of net
income attributable to the Company’s shareholders, operating profit, operating
performance or liquidity presented in accordance with GAAP. We compensate for
these limitations by providing the relevant disclosure of our share-based
compensation charge in our reconciliations to the GAAP financial measures,
which should be considered when evaluating our performance. These non-GAAP
financial measures should be considered in addition to financial measures
prepared in accordance with GAAP, but should not be considered a substitute
for, or superior to, financial measures prepared in accordance with GAAP.
Reconciliation of each of these non-GAAP financial measures to the most
directly comparable GAAP financial measure are set forth at the end of this
release.
Conference Call
Perfect World will host a conference call and live webcast at
Eastern Daylight Time
The dial-in details for the live conference call are as follows:
-- U.S. Toll Free Number: 1-866-519-4004
-- International Dial-in Number: +65-6735-7955
-- Mainland China Toll Free Number: 10-800-819-0121
-- Hong Kong Toll Free Number: 80-093-3053
-- U.K. Toll Free Number: 080-8234-6646
Conference ID: PWRD
A live and archived webcast of the conference call will be available on
the Investor Relations section of Perfect World’s website at
http://www.pwrd.com .
A telephone replay of the call will be available after the conclusion of
the conference call through
The dial-in details for the replay are as follows:
-- U.S. Toll Free Number: 1-866-214-5335
-- International Dial-in Number: +61-2-8235-5000
Conference ID: 7973 (PWRD)
About Perfect World Co., Ltd. ( http://www.pwrd.com )
Perfect World Co., Ltd. (Nasdaq: PWRD) is a leading online game developer
and operator based in China. Perfect World primarily develops online games
based on proprietary game engines and game development platforms. The
Company’s strong technology and creative game design capabilities, combined
with extensive local knowledge and experience, enable it to frequently and
rapidly introduce popular games that are designed to cater to changing
customer preferences and market trends in China. The Company’s current
portfolio of self-developed online games includes massively multiplayer online
role playing games (“MMORPGs”): “Perfect World,” “Legend of
“Perfect World II,” “Zhu Xian,” “
of the Immortals;” and an online casual game: “Hot Dance Party.” While a
substantial portion of the revenues are generated in China, the Company’s
games have been licensed to leading game operators in a number of countries
and regions in
revenues from game operation in
to explore new and innovative business models and remains deeply committed to
maximizing shareholder value over time.
Safe Harbor Statements
This press release contains forward-looking statements. These statements
constitute forward-looking statements under the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can be
identified by terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar statements. Among
other things, the management’s quotations and “Business Outlook” contain
forward-looking statements. Such statements involve certain risks and
uncertainties that could cause actual results to differ materially from those
in the forward-looking statements. Potential risks and uncertainties include,
but are not limited to, our limited operating history, our ability to develop
and operate new games that are commercially successful, the growth of the
online game market and the continuing market acceptance of our games and in-
game items in China and elsewhere, our ability to protect our intellectual
property rights, our ability to respond to competitive pressure, our ability
to maintain an effective system of internal control over financial reporting,
changes of the regulatory environment in China, and economic slowdown in China
and/or elsewhere. Further information regarding these and other risks is
included in Perfect World’s filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F. All information
provided in this press release and in the attachments is as of
and Perfect World does not undertake any obligation to update any forward-
looking statement as a result of new information, future events or otherwise,
except as required under applicable law.
Perfect World Co., Ltd.
Consolidated Balance Sheets
Audited Unaudited Unaudited
December 31, June 30, June 30,
2008 2009 2009
RMB RMB USD
Assets
Current assets
Cash and cash equivalents 1,333,075,731 945,724,224 138,462,157
Restricted cash 150,361,200 5,009,476 733,430
Short-term investments 50,000,000 40,000,000 5,856,344
Accounts receivable, net 38,822,355 66,810,739 9,781,667
Due from related parties -- 4,852,400 710,433
Prepayment and other
assets 36,269,524 64,606,499 9,458,947
Film and television cost -- 18,334,598 2,684,343
Deferred tax assets 1,734,207 1,673,500 245,015
Total current assets 1,610,263,017 1,147,011,436 167,932,336
Non current assets
Equity investments 22,559,975 32,862,786 4,811,394
Property, equipment, and
software, net 169,399,817 202,606,977 29,663,403
Construction in progress 714,083,386 727,280,768 106,480,157
Intangible assets, net 26,188,873 60,681,917 8,884,354
Goodwill -- 116,256,000 17,020,878
Prepayments and other
assets 18,702,700 41,445,094 6,067,918
Deferred tax assets 1,090,526 889,370 130,211
Total assets 2,562,288,294 2,329,034,348 340,990,651
Liabilities and Shareholders'
Equity
Current liabilities
Accounts payable 13,629,262 74,890,638 10,964,633
Advances from customers 78,388,312 76,967,418 11,268,692
Salary and welfare
payable 61,907,164 53,348,058 7,810,614
Taxes payable 20,771,786 33,767,163 4,943,803
Accrued expenses and
other liabilities 24,813,169 67,835,885 9,931,757
Share repurchase
liability 386,648,554 -- --
Due to related party -- 5,000,000 732,043
Deferred revenues 223,352,994 258,570,405 37,856,930
Deferred tax liabilities 26,000,000 19,759,114 2,892,904
Deferred government
grants 620,000 2,070,000 303,066
Total current liabilities 836,131,241 592,208,681 86,704,442
Deferred revenues 32,554,670 33,171,118 4,856,537
Other long-term payable 28,000,000 -- --
Total liabilities 896,685,911 625,379,799 91,560,979
Shareholders' Equity
Ordinary shares (US$0.0001
par value, 10,000,000,000
shares authorized,
72,385,480 Class A ordinary
shares issued and
outstanding, 210,350,565
Class B ordinary shares
issued and 210,147,840 Class
B ordinary shares
outstanding as of December
31, 2008; 10,000,000,000
shares authorized,
50,295,070 Class A ordinary
shares issued and
outstanding, 195,613,660
Class B ordinary shares
issued and outstanding as of
June 30, 2009) 223,481 196,307 28,741
Additional paid-in capital 1,177,967,483 332,618,406 48,698,194
Treasury stock (391,224,203) -- --
Statutory reserves 94,945,533 94,945,533 13,900,842
Accumulated other
comprehensive loss (65,577,655) (65,763,133) (9,628,288)
Retained earnings 849,267,744 1,327,298,620 194,327,929
Total Perfect World
Shareholders' Equity 1,665,602,383 1,689,295,733 247,327,418
Non-controlling interests -- 14,358,816 2,102,254
Total Shareholders' Equity 1,665,602,383 1,703,654,549 249,429,672
Total Liabilities and
Shareholders' Equity 2,562,288,294 2,329,034,348 340,990,651
Perfect World Co., Ltd.
Unaudited Consolidated Statements of Operations
Three months ended
June 30, March 31, June 30, June 30,
2008 2009 2009 2009
RMB RMB RMB USD
Revenues
Online game
operation
revenues 299,397,364 377,173,678 475,110,023 69,560,192
Overseas
licensing
revenues 35,015,395 47,968,592 46,216,819 6,766,540
Total revenues 334,412,759 425,142,270 521,326,842 76,326,732
Cost of revenues (41,121,388) (56,442,843) (66,788,320) (9,778,384)
Gross profit 293,291,371 368,699,427 454,538,522 66,548,348
Operating expenses
Research and
development
expenses (31,513,638) (56,958,268) (64,980,240) (9,513,666)
Sales and
marketing
expenses (73,823,711) (50,924,583) (72,737,032) (10,649,327)
General and
administrative
expenses (21,996,244) (30,438,140) (37,153,341) (5,439,569)
Total operating
expenses (127,333,593) (138,320,991) (174,870,613) (25,602,562)
Operating profit 165,957,778 230,378,436 279,667,909 40,945,786
Other income /
(expenses)
Investment loss (292,263) (625,045) (1,072,144) (156,971)
Interest income 8,082,012 3,274,619 3,622,913 530,426
Others, net (3,988,788) 2,359,971 13,436 1,967
Total other income,
net 3,800,961 5,009,545 2,564,205 375,422
Profit before tax 169,758,739 235,387,981 282,232,114 41,321,208
Income tax
expense (5,269,372) (19,942,929) (19,752,495) (2,891,935)
Net income 164,489,367 215,445,052 262,479,619 38,429,273
Add: Net loss
attributable to
non-controlling
interests -- -- 106,205 15,549
Net income
attributable to
the Company's
shareholders 164,489,367 215,445,052 262,585,824 38,444,822
Net earnings per
share, basic 0.59 0.83 1.04 0.15
Net earnings per
share, diluted 0.55 0.79 0.99 0.14
Net earnings per
ADS, basic 2.93 4.14 5.21 0.76
Net earnings per
ADS, diluted 2.76 3.96 4.94 0.72
Shares used in
calculating basic
net earnings per
share 281,166,704 260,412,419 251,956,208 251,956,208
Shares used in
calculating
diluted net
earnings per share 297,747,140 271,768,450 265,820,234 265,820,234
Total share-based
compensation cost
included in:
Cost of revenues (674,389) (1,079,899) (1,342,444) (196,545)
Research and
development
expenses (5,167,248) (6,976,521) (9,548,455) (1,397,976)
Sales and
marketing
expenses (1,191,446) (1,595,196) (2,007,253) (293,879)
General and
administrative
expenses (4,822,002) (5,766,248) (7,391,936) (1,082,243)
Perfect World Co., Ltd.
Unaudited Consolidated Statements of Cash Flows
Three months ended
June 30, March 31, June 30, June 30,
2008 2009 2009 2009
RMB RMB RMB USD
Cash flows from
operating
activities:
Net income 164,489,367 215,445,052 262,479,619 38,429,273
Adjustments for:
Share-based
compensation
cost 11,855,085 15,417,864 20,290,088 2,970,643
Depreciation
and
amortization
expense 5,165,497 9,370,560 11,075,334 1,621,524
Exchange loss 1,743,894 49,792 341,895 50,056
Investment loss 292,263 625,045 1,072,144 156,971
Loss / (gain)
from disposal
of property,
equipment, and
software -- 67,569 (16,603) (2,431)
Changes in
assets and
liabilities:
Accounts
receivable (1,268,471) (19,038,659) (9,353,651) (1,369,454)
Current
prepayments
and other
assets (14,541,991) (6,622,458) (14,924,272) (2,185,042)
Deferred tax
assets (662,787) (75,319) 299,833 43,898
Film and
television
cost -- -- (2,744,672) (401,844)
Non-current
prepayments
and other
assets 467,091 1,050,366 (2,682,710) (392,772)
Accounts
payable (10,230,826) 11,651,065 15,946,954 2,334,771
Advances
from
customers (59,015,448) (2,690,605) (687,123) (100,601)
Salary and
welfare
payable 8,203,906 (25,700,751) 15,996,722 2,342,058
Taxes
payable 2,858,186 35,855,955 (22,815,018) (3,340,315)
Accrued
expenses
and other
liabilities 2,943,696 5,868,313 29,482,061 4,316,427
Deferred
revenues 18,569,486 26,784,532 9,544,028 1,397,328
Deferred tax
liabilities -- (18,139,092) 11,898,206 1,742,000
Deferred
government
grants 350,000 -- 1,450,000 212,292
Net cash provided
by operating
activities 131,218,948 249,919,229 326,652,835 47,824,782
Cash flows from
investing
activities:
Purchase of
property,
equipment, and
software (511,927,172) (14,221,383) (41,752,492) (6,112,924)
Purchase of
intangible
assets -- -- (3,515,920) (514,761)
Decrease of
restricted
cash -- 135,361,200 9,990,524 1,462,699
Purchase of
short-term
investments (50,000,000) (40,000,000) -- --
Cash paid for
equity
investments (20,735,000) -- (10,000,000) (1,464,086)
Cash paid for
business
acquisitions,
net of cash
acquired -- (154,554,000) (17,645,707) (2,583,483)
Increase in
loan
receivable -- -- (3,000,000) (439,226)
Proceeds from
short-term
investments -- -- 50,000,000 7,320,430
Cash received
from related
party loan -- -- 3,200,000 468,508
Net cash used in
investing
activities (582,662,172) (73,414,183) (12,723,595) (1,862,843)
Cash flows from
financing
activities:
Proceeds
from
exercises
of share
options 1,388,550 334,433 3,253,688 476,368
Repurchase
of Company
shares -- (523,583,215) (357,872,874) (52,395,665)
Net cash provided
by / (used in)
financing
activities 1,388,550 (523,248,782) (354,619,186) (51,919,297)
Effect of
exchange rate
changes on cash
and cash
equivalents (6,600,075) 110,412 (28,237) (4,134)
Net decrease in
cash (456,654,749) (346,633,324) (40,718,183) (5,961,492)
Cash and cash
equivalents,
beginning of
the period 1,588,055,501 1,333,075,731 986,442,407 144,423,649
Cash and cash
equivalents, end
of the period 1,131,400,752 986,442,407 945,724,224 138,462,157
Supplemental
disclosures of
cash flow
information:
Cash paid during
the period for
income taxes (5,600,017) (2,575,784) (31,554,325) (4,619,824)
Perfect World Co., Ltd.
Reconciliation of unaudited GAAP and Non-GAAP Results
Three months ended
June 30, March 31, June 30, June 30,
2008 2009 2009 2009
RMB RMB RMB USD
GAAP operating profit 165,957,778 230,378,436 279,667,909 40,945,786
Share based
compensation charge 11,855,085 15,417,864 20,290,088 2,970,643
Non-GAAP operating
profit 177,812,863 245,796,300 299,957,997 43,916,429
GAAP net income
attributable to the
Company's shareholders 164,489,367 215,445,052 262,585,824 38,444,822
Share based
compensation charge 11,855,085 15,417,864 20,290,088 2,970,643
Non-GAAP net income
attributable to the
Company's shareholders 176,344,452 230,862,916 282,875,912 41,415,465
GAAP net earnings per
ADS
- Basic 2.93 4.14 5.21 0.76
- Diluted 2.76 3.96 4.94 0.72
Non-GAAP net earnings
per ADS
- Basic 3.14 4.43 5.61 0.82
- Diluted 2.96 4.25 5.32 0.78
ADSs used in
calculating net
earnings per ADS
- Basic 56,233,341 52,082,484 50,391,242 50,391,242
- Diluted 59,549,428 54,353,690 53,164,047 53,164,047
For further information, please contact
Perfect World Co., Ltd.
Vivien Wang
Investor Relations Officer
Tel: +86-10-5885-1813
Fax: +86-10-5885-6899
Email: ir@pwrd.com
Web: http://www.pwrd.com
Christensen Investor Relations
Kathy Li
Tel: +1-480-614-3036
Fax: +1-480-614-3033
Email: kli@christensenir.com
Roger Hu
Tel: +852-2117-0861
Fax: +852-2117-0869
Email: rhu@christensenir.com
SOURCE Perfect World Co., Ltd.