Perfect World Co., Ltd. (002624.SZ)

Perfect World Co., Ltd. (002624.SZ) — VMCI valuation read

Headline read on 002624.SZ: VMCI of 41/100 versus a Communication Services sector median of 50. The 9-point below-median position is what makes Perfect World Co., Ltd. a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on 002624.SZ: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on 002624.SZ: value (002624.SZ trades at 21.0x earnings, 17% above the Communication Services median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Communication Services median (10.0%)), and risk (net debt to EBITDA of 2.0x is the rate-sensitivity line to watch). The value read also implies an EV/EBITDA gap of +4.0x against the Communication Services 12.0x baseline.

002624.SZ fell 1.8% over the trailing 7 days, with a +5.5% read on a 30-day basis.