传媒/游戏Ⅱ 相关研究报告 《看好游戏出海、新游上线及 AI 赋能 深化驱动成长—港股公司信息更新报 告》-2025.11.24 《Q2 业绩高增，看好新游、音乐及教 育业务持续成长—港股公司信息更新 报告》-2025.8.15 《多款新游戏驱动 Q1 业绩亮眼，关注 《无限大》上线—港股公司信息更新 报告》-2025.5.17 网易-S（09999.HK） 2026 年 02 月 14 日 投资评级：买入（维持） | 日期 | 2026/2/13 | | --- | --- | | 当前股价(港元) | 185.70 | | 一年最高最低(港元) | 248.00/131.90 | | 总市值(亿港元) | 5,978.73 | | 流通市值(亿港元) | 5,879.25 | | 总股本(亿股) | 32.20 | | 流通港股(亿股) | 31.66 | | 近 3 个月换手率(%) | 12.42 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2025-02 2025-06 2025-10 网易-S 恒生指数 在研产品丰富，看好老游焕新/新游上线驱动成长 ——港股公 ...

传媒/游戏Ⅱ 网易-S（09999.HK） 2026 年 02 月 14 日 投资评级：买入（维持） | 日期 | 2026/2/13 | | --- | --- | | 当前股价(港元) | 185.70 | | 一年最高最低(港元) | 248.00/131.90 | | 总市值(亿港元) | 5,978.73 | | 流通市值(亿港元) | 5,879.25 | | 总股本(亿股) | 32.20 | | 流通港股(亿股) | 31.66 | | 近 3 个月换手率(%) | 12.42 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2025-02 2025-06 2025-10 网易-S 恒生指数 相关研究报告 《看好游戏出海、新游上线及 AI 赋能 深化驱动成长—港股公司信息更新报 告》-2025.11.24 《Q2 业绩高增，看好新游、音乐及教 育业务持续成长—港股公司信息更新 报告》-2025.8.15 《多款新游戏驱动 Q1 业绩亮眼，关注 《无限大》上线—港股公司信息更新 报告》-2025.5.17 在研产品丰富，看好老游焕新/新游上线驱动成长 ——港股公 ...

机构：中金公司 研究员：张雪晴/白洋/余歆瑶/魏萌 业绩回顾 投资损失影响净利润，毛利率稳健、费用端基本符合预期。我们判断4Q25 利润端低于预期主要受权益 类投资公允价值变动及汇兑损失影响（合计21.9 亿元亏损）。毛利率持续优化至64.2%，我们认为反映 公司成本管控能力。三费绝对额符合预期，其中销售费率回升至14%，我们判断游戏营销投入整体符合 业务推广节奏。 分红政策保持丰厚，积极回馈股东。4Q25 分红1.16 美元/ADS，分红率达83%，全年分红比例维持40% 左右，延续稳定股东回报政策。公司亦已延长股份回购计划（不超过50 亿美元）至2029年1 月，截至25 年末已回购约20 亿美元。 盈利预测与估值 考虑递延周期及产品节奏，下调26 年Non-GAAP 归母净利润4%至409 亿元，维持27 年Non-GAAP 归母 净利润预测。港股现价对应26/27 年14/12x Non-GAAP P/E，美股对应13/12x Non-GAAP P/E。维持跑赢 行业评级，因盈利预测调整，下调目标价分别4%/3%至265 港元/171 美元（港美股均对应19/17 倍26/27 年Non-GAAP P ...

Core Viewpoint - NetEase reported Q4 2025 revenue of 27.5 billion yuan (yoy +3.0%, qoq -3.2%) and adjusted net profit of 7.1 billion yuan (yoy -26.9%, qoq -25.3%). For the full year, total revenue reached 112.6 billion yuan (yoy +6.9%) and net profit was 33.8 billion yuan (yoy +13.7%), indicating stable annual growth. The product pipeline for 2026 is robust, featuring major titles like "Infinite" and "A Glimpse of the Sea," which will drive future growth. The company has deeply integrated AI across its gaming, music, and education sectors, establishing an industry-leading AI industrialization barrier [1]. Main Business - Revenue from games and related value-added services was 22.0 billion yuan (yoy +3.8%, qoq -5.7%), with a gross margin increase to 70.5%. - Youdao generated revenue of 1.6 billion yuan (yoy +16.8%), primarily driven by increases in online marketing and learning service revenues. - NetEase Cloud Music reported revenue of 2.0 billion yuan (yoy +4.7%), with gross margin improving by 2.8 percentage points to 34.7%, indicating ongoing profitability enhancement. - Innovative and other businesses generated revenue of 2.0 billion yuan (yoy -10.4%). - Q4 gross profit was 17.7 billion yuan (yoy +8.7%), with an overall gross margin of 64.2% (yoy +3.4 percentage points, qoq +0.7 percentage points). - Operating expenses for Q4 totaled 9.4 billion yuan, showing a year-on-year increase. R&D investment for 2025 reached 17.7 billion yuan, marking the sixth consecutive year exceeding 10 billion yuan. The company has integrated AI throughout its business chain, achieving efficiency improvements of up to 300% in certain production processes [2]. Profit Forecast - The company is expected to achieve revenues of 119.4 billion yuan and 127.0 billion yuan in 2026 and 2027, respectively, with year-on-year growth of 6.1% and 6.4%. - Projected net profits for the same years are 36.6 billion yuan and 39.9 billion yuan, maintaining a "buy" rating [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][23] Core Insights - The company's revenue increased by 3% year-on-year in Q4 2025, reaching 27.5 billion yuan, while the Non-GAAP net profit decreased by 11% to 7.07 billion yuan due to investment losses of 1.7 billion yuan [10][11] - The deferred revenue grew by 34% year-on-year, indicating a healthy cash flow status and reflecting changes in the game structure [2][15] - The company continues to expand its global presence, with successful launches of mobile games like "逆水寒" and "燕云十六声," which have attracted over 80 million players globally [2][18] Revenue and Profitability - In Q4 2025, the online gaming business generated 21.3 billion yuan, a 4% increase year-on-year, while the overall gross margin improved to 64.2%, up 3 percentage points [10][11] - The total operating expense ratio was 34%, with a sales expense ratio of 14%, reflecting a 4% year-on-year increase [11] Game Development and AI Impact - The company is focusing on integrating AI tools to enhance creative content, with a shift in the core barriers to entry for commercial games towards integration capabilities [3][18] - Upcoming game releases include "遗忘之海" and "无限大," which are expected to contribute to future revenue growth [23] Financial Forecast - The adjusted net profit estimates for 2025, 2026, and 2027 are 40.6 billion, 44.7 billion, and 48 billion yuan respectively, with slight downward adjustments of 5%, 4%, and 0% [23][28]

Market Overview - The three major indices showed mixed performance, with the Dow Jones up 0.10% to 49,500.93 points, the S&P 500 up 0.05% to 6,836.17 points, and the Nasdaq down 0.22% to 22,546.67 points [3] - All three indices recorded weekly declines, with the S&P 500 down 1.4%, the Dow down 1.2%, and the Nasdaq down 2.1% [3] Economic Indicators - The U.S. Bureau of Labor Statistics reported that the January CPI rose 2.4% year-over-year and 0.2% month-over-month, both below market expectations [3] - The core CPI, excluding volatile food and energy prices, increased by 2.5% year-over-year and 0.3% month-over-month, aligning with market expectations [3] - Phil Blancato, Chief Market Strategist at Osaic, indicated that this data could pave the way for interest rate cuts and inflation control if the trend continues [3] Sector Performance - Concerns over AI disruption led to market sell-offs, affecting various sectors including software, real estate, trucking, and financial services [6] - Financial stocks such as Charles Schwab and Morgan Stanley fell by 10.8% and 4.9%, respectively, while software company Workday dropped 11% and commercial real estate firm CBRE fell 16% [6] - The media sector was also impacted, with Disney down approximately 3% and Netflix down 6% [7] Technology Stocks - Major tech stocks mostly declined, with Nvidia down 2.21%, Apple down 2.27%, Microsoft down 0.13%, Google down 1.06%, and Amazon down 0.41% [7] - Tesla saw a slight increase of 0.09%, while Oracle rose by 2.34% and Netflix increased by 1.33% [7] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.10%, with Alibaba down 1.89%, JD.com down 1.38%, and Pinduoduo up 0.06% [7] - NIO remained flat, while Xpeng rose by 1.36% and Li Auto fell by 1.81% [7]

业绩经营情况 全年营收与利润：2025年全年，网易总营收达到1126亿元，Non-GAAP净利润为373亿元。第四季度营 收：2025年第四季度，公司单季营收为275亿元。研发投入：全年研发投入达177亿元，连续第六年超过 百亿。 经济观察网 网易于2026年2月11日发布的2025年全年及第四季度财报显示，其业绩稳健增长，并在AI技 术应用与商业化方面取得显著进展。 AI工业化应用：网易已将AI原生管线大规模部署于游戏研发的全流程，部分环节生产效率提升达 300%。AI原生玩法，如智能NPC、AI队友等，已在多款旗舰产品中规模化落地。技术外溢与社会价 值：网易的游戏AI技术已服务实体产业，例如其具身智能无人装载机"灵载"在基建场景实现应用，提升 了作业效率。网易CEO丁磊表示，人工智能已成为公司研发与运营的核心能力，未来将继续深化AI应 用能力建设。 以上内容基于公开资料整理，不构成投资建议。 经营状况 核心游戏业务：游戏及相关增值服务全年营收为921亿元，其中在线游戏净收入896亿元，同比增长 11%，重回双位数增长轨道。创新及其他业务：第四季度，创新及其他业务营收为20亿元，环比大幅增 长42%，全年营 ...

如果你刷到过2025年底那波网易新闻——"丁迎峰退休""梦幻西游之父谢幕", 你可能觉得，那场面很体面，算是功成身 退。 可我在2025年初就走了。 没赶上给丁老板送行，倒是赶上了广州这边那场漫长的、无声的"人事地震"。我工位对面，就是一个已经停运的大项目组 的成员。我刚去的时候他还在带实习生调UI，等我走的时候，那一片区的灯，黑了快一半。 老有人问我：网易到底怎么样？ 我想了挺久, 你要我说一个绝对的结论，我讲不出。但如果你愿意听一个普通策划讲一讲那段在网易的经历，我至少能告 诉你：当一个公司开始排着队送走"老功臣"的时候，底下那池水到底有多凉。 2024年7月，我拖着箱子到广州科韵路报到。 新人嘛，没人跟你聊这些。你只知道你导师忙得回微信都没空；你只知道隔壁组的代码库好几个月没人动了，但周会的 PPT做得跟画报似的。 每两周换一版组织架构图，和永远对不上号的汇报线。 我带第一个小需求，要过三层审批：组长、主策、还有个我不知道该叫啥的事业部接口人。三个人意见经常打架，改完 一轮又一轮。我问组长："这功能到底听谁的？" 他愣了几秒，说："你先照我的来，后面还得改。" 那一年，网易游戏成天在"调整"。媒体后来给 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][23] Core Insights - The company's revenue increased by 3% year-on-year in Q4 2025, reaching 27.5 billion yuan, while the non-GAAP net profit decreased by 11% to 7.07 billion yuan due to investment losses of 1.7 billion yuan [1][10] - The deferred revenue grew by 34% year-on-year, indicating a healthy cash flow status and reflecting changes in the game structure [2][15] - The company continues to expand its global presence, with successful launches of games like "逆水寒" and "燕云十六声," which have attracted over 80 million players globally [2][18] - AI tools are expected to lower production costs in gaming, but the integration of AI with complex game systems requires deep design and operational experience, creating a barrier for new entrants [3][18] - The company anticipates a rise in subscription revenue for its music service, with a projected increase in user growth and average revenue per user (ARPPU) in 2026 [4][20] Financial Summary - For 2025, the company forecasts adjusted net profits of 40.6 billion yuan, 44.7 billion yuan in 2026, and 48 billion yuan in 2027, with slight downward adjustments of 5% and 4% for the first two years [5][23] - The projected revenue for 2025 is 112.63 billion yuan, with a growth rate of 7% [5][28] - The company expects a gross margin of 64% for 2025, with an EBIT margin of 32% [28]

作为中国音像与数字出版协会主管的中国游戏产业研究专家委员会的战略合作伙伴，伽马数据发布了《2026年1月中国游戏产业月度报告》。 数据显示， 2026年1月，中国国内游戏市场实际销售收入为324.68亿元，环比增长2.99%，同比增长4.47%。存量稳健与增量补充双重支撑。 2026年1月，中国客户端游戏市场实际销售收入为82.36亿元，环比增长7.77%，同比增长23.46%。双端互通新品促增长。 2026年1月，中国移动游戏市场实际销售收入达226.21亿元，环比增长1.8%，同比下降1.52%。新游与成熟期产品双轮驱动环比增长。 2026年1月，中国自主研发游戏海外市场实际销售收入为20.77亿美元，环比下降2.50%，同比增长24.05%。 中国游戏市场实际销售收入，市场收入324.68亿元 存量稳健与增量补充双重支撑 2026年1月，中国游戏市场实际销售收入为324.68亿元，环比增长2.99%，同比增长4.47%。环比层面，市场延续2025年末以来的稳健走势，头部常青游戏 持续发挥收入压舱石作用，叠加部分新品上线后用户活跃度与付费表现良好，共同支撑短期增长；同比层面，增速较前期略有收窄，但仍维持连 ...