香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告 的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公 告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 NetEase, Inc. （於開曼群島註冊成立的有限責任公司） （股份代號：9999） 2024年 3月 31日止第一季度業績公告及第一季度股息公告 網易股份有限公司（「公司」）在此公佈2024年第一季度的季度股息及業績公告，其中 包含截至2024 年 3月 31日的三個月未經審計的財務業績。本業績公告可於香港聯交所網 站www.hkexnews.hk 及公司網站 http://ir.netease.com 閱覽。 承董事會命 NetEase, Inc. 丁磊 董事 中國杭州，2024 年 5月 23日 於本公告日期，本公司董事會包括董事丁磊先生；以及獨立董事唐徽女士、鄭玉芬女 士、唐子期先生及梁民傑先生。 媒體和投資者請聯繫: 郵箱：ir@service.netease.com ...

传媒/游戏Ⅱ 公 司 研 网易-S（09999.HK） 多款重磅新游戏有望加速上线，增长动能强劲 究 2024年05月22日 ——港股公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn tianpeng@kysec.cn 日期 2024/5/21 证 书编号：S0790520030004 证书编号：S0790523090001 港 当前股价(港元) 158.50  公司发布多款新游戏动态，产品周期持续向上，维持“买入”评级 股 一年最高最低(港元) 185.70/116.10 5月20日，网易游戏520游戏发布会公布了40多款产品的新动态，其中新游戏 公 司 总市值(亿港元) 5,277.36 超10款，包括《萤火突击》（6月6日上线）《燕云十六声》（7月26日上线）《永 信 流通市值(亿港元) 5,107.61 劫无间手游》《漫威终极逆转》《七日世界》《破碎之地》《九畿：歧风之旅》《天 息 总股本(亿股) 33.30 启行动》《突袭：暗影传说》《龙之灵域》《勇拳冲锋》（VR游戏）等，除《漫威 更 新 流通港股(亿股) 32.22 终极逆 ...

Financial Performance - Net revenue increased to RMB 103,468,159 thousand in 2023 from RMB 96,495,809 thousand in 2022, representing a growth of 7.2%[5] - Gross profit rose to RMB 63,063,394 thousand in 2023 from RMB 52,766,126 thousand in 2022, marking a 19.5% increase[5] - Net profit attributable to the company's shareholders grew to RMB 29,416,552 thousand in 2023 from RMB 20,337,600 thousand in 2022, a 44.6% increase[5] - Net revenue for 2023 reached RMB 103,468,159 thousand (USD 14,573,185 thousand), a 7.2% increase from 2022[22] - Gross profit for 2023 was RMB 63,063,394 thousand (USD 8,882,293 thousand), up 19.5% from 2022[22] - Operating profit for 2023 increased to RMB 27,709,144 thousand (USD 3,902,751 thousand), a 41.2% rise from 2022[22] - Net profit attributable to the company's shareholders for 2023 was RMB 29,416,552 thousand (USD 4,143,234 thousand), a 44.7% increase from 2022[22] - Net profit increased to RMB 29,357,223 thousand in 2023, up from RMB 19,843,290 thousand in 2022, representing a growth of 47.96%[23] - Total comprehensive income reached RMB 29,579,095 thousand in 2023, compared to RMB 21,284,704 thousand in 2022, a 38.97% increase[23] - Net profit increased from RMB 16,976,190 thousand in 2021 to RMB 29,357,223 thousand in 2023, representing a growth of 72.9%[25] - NetEase's total net revenue for 2023 reached RMB 90.789 billion, up from RMB 83.367 billion in 2022[33] - NetEase's net profit for 2023 was RMB 328.357 million, a significant improvement from a net loss of RMB 81.329 million in 2022[33] - Net profit attributable to the company's shareholders increased to RMB 29,077,216 in 2023, up from RMB 20,724,629 in 2022[172] Assets and Liabilities - Total assets increased to RMB 185,924,978 thousand in 2023 from RMB 172,760,985 thousand in 2022, a 7.6% rise[5] - Total liabilities decreased to RMB 57,840,897 thousand in 2023 from RMB 63,887,505 thousand in 2022, a 9.5% reduction[5] - Shareholders' equity increased to RMB 127,968,322 thousand in 2023 from RMB 108,737,040 thousand in 2022, a 17.7% growth[5] - Total assets as of December 31, 2023, were RMB 185,924,978 thousand (USD 26,186,985 thousand), up 7.6% from 2022[19] - Total liabilities as of December 31, 2023, were RMB 57,840,897 thousand (USD 8,146,720 thousand), a 9.5% decrease from 2022[20] - Total equity attributable to the company's shareholders as of December 31, 2023, was RMB 124,285,776 thousand (USD 17,505,285 thousand), up 18.7% from 2022[21] - Total assets grew to RMB 188,620,527 in 2023, compared to RMB 175,901,186 in 2022[173] - Total liabilities rose to RMB 57,908,744 in 2023, up from RMB 64,083,689 in 2022[173] - Total equity attributable to shareholders reached RMB 130,711,783 in 2023, up from RMB 111,817,497 in 2022[173] Investments - Equity method investments totaled RMB 6,109.2 million as of December 31, 2023[12] - Long-term equity investments without readily determinable fair values amounted to RMB 12,021.5 million as of December 31, 2023[12] - Management conducts regular impairment tests on equity method investments and long-term equity investments[12] - The company evaluates the fair value of long-term equity investments qualitatively to identify potential impairment indicators[12] - Long-term investments increased from RMB 18,544,358 thousand in 2022 to RMB 21,783,187 thousand in 2023, with significant growth in equity method investments and investments with readily determinable fair values[107] - Equity method investments generated profits of RMB 473.9 million in 2023, down from RMB 1.3 billion in 2022 and RMB 1.6 billion in 2021[108] - Investments with readily determinable fair values recorded a fair value gain of RMB 535.3 million in 2023, compared to a loss of RMB 3.4 billion in 2022 and a gain of RMB 91.1 million in 2021[109] - Impairment losses on investments without readily determinable fair values increased to RMB 274.2 million in 2023, up from RMB 85.2 million in 2022 and RMB 19.2 million in 2021[110] Revenue Streams - The company recognized RMB 81.6 billion in game and related value-added service revenue for the year ended December 31, 2023[11] - The company generates revenue through online gaming, tutoring services, smart hardware sales, online music, live streaming, advertising, e-commerce, and other paid value-added services[36] - The company's revenue is primarily derived from online game services, tutoring services, smart hardware sales, online music services, live streaming services, advertising services, e-commerce, and other paid value-added services[44] - Net revenue for games and related value-added services increased from RMB 67.8 billion in 2021 to RMB 81.6 billion in 2023, representing a growth of 20.3%[158] - Net revenue for Youdao decreased from RMB 5.4 billion in 2021 to RMB 5.0 billion in 2022 but rebounded to RMB 5.4 billion in 2023[158] - Net revenue for Cloud Music peaked at RMB 8.99 billion in 2022 but declined to RMB 7.87 billion in 2023[158] - Total net revenue grew from RMB 87.6 billion in 2021 to RMB 103.5 billion in 2023, an increase of 18.1%[158] - Gross profit for games and related value-added services rose from RMB 41.8 billion in 2021 to RMB 55.6 billion in 2023, a 33.1% increase[158] - Total gross profit increased from RMB 47.0 billion in 2021 to RMB 63.1 billion in 2023, up 34.3%[158] Audit and Financial Reporting - The company's financial statements were prepared in accordance with U.S. GAAP and were audited by PricewaterhouseCoopers[7] - The company’s directors are responsible for preparing the consolidated financial statements in accordance with US GAAP[15] - The audit committee oversees the company’s financial reporting process[15] - The auditor’s responsibility is to obtain reasonable assurance that the consolidated financial statements are free from material misstatement[16] - The auditor evaluated the appropriateness of the accounting policies and the reasonableness of the accounting estimates made by the directors[17] - The audit partner for the independent auditor’s report is Tang Haobang[18] - The audit identified no material misstatements in the other information provided by the company[14] - The company's financial statements are prepared in accordance with U.S. GAAP, requiring management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues, and expenses[43] - The company's revenue recognition involves judgments on the estimated lifespan of virtual items purchased by game players, unredeemed game points, and sales returns[44] VIE Structure and Risks - The company has contractual arrangements with VIE entities for additional financial support or guarantees if needed[35] - The company believes that its contractual arrangements with VIE entities comply with Chinese law and are legally enforceable, but uncertainties in the Chinese legal system may limit its ability to enforce these arrangements[40] - The company consolidates VIE entities if it has the power to significantly influence their activities and the obligation or right to bear or obtain significant losses or benefits from them[42] - The company faces risks related to VIE entity arrangements, including potential government actions that could revoke business licenses, restrict operations, or require restructuring[41] - The company's VIE entity arrangements include irrevocable voting rights and exclusive purchase options, which are critical to its financial performance and cash flows[39] - The company acknowledges that changes in Chinese laws or regulations could lead to significant disruptions in its business operations and financial reporting[40] - The company's management considers the likelihood of losses related to its VIE entity arrangements to be minimal[39] - The company's VIE entity arrangements are designed to ensure control over economic activities and benefits, but legal uncertainties could impact their enforceability[40] - VIE entities accounted for 85.9%, 86.4%, and 87.7% of the company's total net revenue in 2021, 2022, and 2023 respectively[188] - VIE entities' total assets (excluding receivables from other NetEase Group companies) represented 7.1% of the company's consolidated total assets as of December 31, 2022 and 2023[188] - The company's operations are primarily conducted through subsidiaries in mainland China and contractual arrangements with VIE entities[188] - The company's structure poses unique risks to investors due to its Cayman Islands holding company status and VIE arrangements[183] - VIE structure contracts may not be as effective as direct ownership and could incur significant costs to enforce[189] - Uncertainty exists regarding the interpretation and application of current and future Chinese laws, regulations, and rules related to VIE structures[189] - If VIE entities or nominal shareholders fail to fulfill obligations, the company's ability to enforce contracts and consolidate financials may be limited[189] - The Foreign Investment Law in China does not explicitly list contractual arrangements as a form of foreign investment, creating potential future risks[190] - A significant portion of the company's revenue is generated by VIE entities, which hold necessary licenses for operations in China[190] - Chinese government actions could impact the enforceability of VIE contracts, potentially affecting financial performance[190] - The Chinese government has significant power to influence the company's operations, foreign investment, and ability to list on U.S. exchanges[191] - Recent regulatory actions by the Chinese government, including those related to overseas securities issuance, could adversely affect the company[191] - The company faces risks related to antitrust investigations, cybersecurity, and data privacy compliance in China[191] Cash Flow and Financing - Operating cash flow rose from RMB 24,926,727 thousand in 2021 to RMB 35,331,275 thousand in 2023, an increase of 41.7%[25] - Investment cash outflow increased from RMB 7,078,294 thousand in 2021 to RMB 17,043,431 thousand in 2023, a significant rise of 140.8%[26] - Financing cash outflow grew from RMB 12,585,569 thousand in 2021 to RMB 21,467,054 thousand in 2023, up by 70.6%[26] - Cash and cash equivalents decreased by RMB 3,381,667 thousand in 2023, compared to an increase of RMB 10,212,210 thousand in 2022[27] - Net cash inflow from third-party transactions increased from RMB 61,272,031 in 2021 to RMB 72,325,460 in 2023[34] - Net cash outflow from technology consulting and services with group companies rose from RMB 59,439,552 in 2021 to RMB 73,298,667 in 2023[34] - Net cash outflow from investment activities increased from RMB 39,430 in 2021 to RMB 82,645 in 2023[34] - Net cash outflow from financing activities decreased from RMB 1,301,096 in 2021 to RMB 37,166 in 2023[34] - The company canceled a $500 million unsecured syndicated loan facility in early 2024[132] - The company declared cash dividends of RMB 6.3 billion and RMB 11.7 billion ($1.7 billion) for the fiscal years 2022 and 2023, respectively[153] - The company completed a $3 billion share repurchase plan, repurchasing approximately 33.6 million ADS by January 9, 2023[154] - A new share repurchase plan of up to $5 billion was approved, with 7.2 million ADS repurchased for approximately $644.1 million by December 31, 2023[154] - The company repurchased approximately 2.7 million ADS of Youdao for about $22.0 million under a separate repurchase plan by December 31, 2023[154] Taxation - Hong Kong subsidiaries are subject to a profits tax rate of 16.5%, with a reduced rate of 8.25% for the first HKD 2 million of profits starting from the 2021 tax year[114] - The company's subsidiaries, including Bo Guan and NetEase Hangzhou, qualified as high-tech enterprises and enjoyed a preferential tax rate of 15% for 2021, 2022, and 2023[115] - The total impact of corporate income tax exemptions and rate reductions was RMB 3,228,359 thousand in 2023, up from RMB 2,631,764 thousand in 2022 and RMB 2,238,907 thousand in 2021[117] - The company's actual effective tax rate decreased to 13.8% in 2023, down from 20.7% in 2022 and 19.6% in 2021, primarily due to the impact of lower tax rates for high-tech enterprises[120] - The company's deferred tax assets related to net operating tax losses amounted to RMB 3,424,344 thousand as of December 31, 2023, down from RMB 3,781,233 thousand in 2022[123] - The company's deferred tax liabilities for withholding tax increased to RMB 2,165,573 thousand in 2023, up from RMB 1,947,190 thousand in 2022[123] - The company's total income tax expense was RMB 4,699,704 thousand in 2023, down from RMB 5,031,838 thousand in 2022 and RMB 4,128,269 thousand in 2021[118] - The company's payable corporate income tax decreased to RMB 1,790,393 thousand in 2023, down from RMB 2,116,014 thousand in 2022[128] - The company's deferred tax asset impairment provision decreased to RMB 3,718,678 thousand in 2023, down from RMB 3,971,516 thousand in 2022[125] - The company's withholding tax liabilities were RMB 1.5 billion in 2023, down from RMB 2.1 billion in 2022 and RMB 1.1 billion in 2021[126] Operational Risks - The company faces risks related to the development and popularity of new online games and the enhancement of existing ones[195] - Risks associated with the Chinese government implementing more restrictions on online gaming[196] - Risks related to the internationalization of the company's online gaming operations[196] - Risks concerning the maintenance of existing game copyrights or intellectual property[196] - Risks related to the company's overall operational expansion and internationalization[197] - Risk of delisting from NASDAQ if PCAOB fails to inspect the company's independent registered public accounting firm for two consecutive years under the Holding Foreign Companies Accountable Act[200] - Risk of volatility in the trading price of the company's American Depositary Shares (ADS) and shares[200] - Risk associated with different listing rules and regulations applicable to the company[200] - Risk related to the voting, inspection, and other rights of ADS holders[200]

2024年4月11日 公司研究 暴雪国服回归，展望 IP、出海合作深化 ——网易-S（9999.HK）重启暴雪国服合作点评 要点 买入（维持） 事件：4月10日网易官宣：与微软、暴雪娱乐达成新的游戏发行协议，《魔 当前价/目标价：158.8/ 205.4港元 兽世界》、《炉石传说》等暴雪旗下游戏将于 2024 年夏季开始陆续重返中 国大陆市场，且各国服玩家的账号数据将被完整保留；网易将与微软展开更 作者 广泛合作，未来将尝试推广新的网易游戏至Xbox及其他平台。 分析师：付天姿 点评：《魔兽世界》等暴雪旗下游戏回归利好网易端游业绩，对公司整体增 执业证书编号：S0930517040002 速促进相对有限。观察到暴雪国服停服以来，部分玩家仍期待暴雪回归，此 021-52523692 futz@ebscn.com 次暴雪回归有望吸引暂时前往其他服务器、等待国服的老玩家重返国服。部 分受暴雪国服停服的影响，23 年网易端游收入总计下滑 40.1 亿（为网易 23 分析师：赵越 年总收入的 3.9%），23Q1 至 Q4 端游收入同比分别下降 10%、20%、 执业证书编号：S0930524020001 17%、23 ...

传媒/游戏Ⅱ 公 司 研 网易-S（09999.HK） 与暴雪合作重启，自研、代理、出海齐发力 究 2024年04月10日 ——港股公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn tianpeng@kysec.cn 日期 2024/4/10 证 书编号：S0790520030004 证书编号：S0790523090001 港 当前股价(港元) 158.80  暴雪与网易达成合作，暴雪旗下游戏2024年夏季回归，维持“买入”评级 股 一年最高最低(港元) 185.70/116.10 4 月 10 日，暴雪与网易重新达成合作，暴雪旗下游戏将根据更新后的游戏发行 公 司 总市值(亿港元) 5,274.19 协议于 2024 年夏季开始陆续重返中国大陆市场。此外，微软游戏和网易还达成 信 流通市值(亿港元) 5,119.11 了一项协议，尝试将新的网易游戏带到Xbox及其他平台。我们认为，暴雪与网 息 总股本(亿股) 33.21 易重新达成合作，一方面随游戏上线有望为公司带来流水和业绩增量，另一方面 更 新 流通港股(亿股) 32.24 公司 ...

公司研究 证券研究报告 传媒 2024年04月07日 网易-S（09999.HK）2023业绩点评 推 荐 （维持） Q4 同比大幅增长，预计 2024H1 将延续；后续建 目标价：211港元 议关注《永劫无间手游》&《燕云十六声》 当 前价：149.80港元 事项： 华创证券研究所  网易 23Q4 实现营收 271.40 亿元(yoy+7.04%，qoq-0.48%)，其中游戏及相关增 证券分析师：刘欣 值服务营收为 209.21 亿元(yoy+9.62%)；有道业务收入为 14.81 亿元 (yoy+1.8%)；创新及其他业务营收 27.527 亿元(yoy+12.90%)；云音乐业务营收 电话：010-63214660 19.86 亿元(yoy-16.44%)。公司实现归母净利润为 65.82 亿元(yoy+66.52%)。 邮箱：liuxin3@hcyjs.com Non-Ifrs 归母净利润为 73.79 亿元(yoy+53.38%)。Q4 利润端同比有较大提升， 执业编号：S0360521010001 我们认为增长主要源自《逆水寒手游》2023年 6月上线以来的优异表现、次新 证券分析师：廖志 ...

公司研究 | 动态跟踪 网易-S 09999.HK 买入（维持） 版号储备丰富，头部项目陆续上线 股价（2024年03月20日） 164.9港元 目标价格 167.92港元 52周最高价/最低价 183.06/114.95港元 ——网易（9999.HK）23Q4点评 总股本/流通H股（万股） 322,362/322,362 H股市值（百万港币） 531,576 核心观点 国家/地区 中国 行业 传媒 ⚫ 23Q4营收271.40亿( yoy+7.0%,qoq-0.5%)，环比下滑主要系游戏收入减少，同比 报告发布日期 2024年03月21日 增长主要由《逆水寒》等带来。 Q4毛利率62.0%(yoy+9.8pp,qoq-0.2pp)，同比增 长主要由游戏增长带来。Q4合同负债133.6亿（与上期差值-8.3亿)。销售费用 1周 1月 3月 12月 42.3亿(yoy+23.6%,qoq+18.5%)；管理费用12.5亿(yoy-3.9%,qoq-16.2%)；研发费 绝对表现% -4.07 -2.38 2.74 27.37 用44.8亿(yoy+9.5%,qoq+3.0%)。Non-GAAP归母净利润74亿( ...

图文 | 躺姐  一般情况下，在短时间内发行数款题材、玩法类似的游戏，让玩家和市场来决定哪个活下来的策略，就会被戏称为“养蛊”。过去，这个词一般都是形容另一家大厂——腾讯的发行策略，依靠这种策略，腾讯成功发行了诸如王者荣耀、和平精英等多款大热游戏。  而网易这边，凭借《逆水寒》和《蛋仔派对》的成功，在去年一时风光无两，成为中国市值第四大的科技公司，虽然第四季度的业绩不及预期，可市场对他们的新游依然抱有巨大的期待，看他们能否在保持上述两款游戏的成绩同时，再度做出爆款。  此后，网易的策略却让人有些迷惑：在接下来的几个月里，网易已拿到版号且计划上线的大型武侠网游就有三款，分别是《射雕》、《燕云十六声》和《永劫无间手游》，这些游戏其实都包含了“角色扮演（RPG）”、“动作”、“大型多人在线（MMO）”、“多端”、“开放世界”等等类似的元素。  再加上于2023年中旬上线的MMORPG武侠手游《逆水寒》，差不多一年时间，四款武侠题材的大型游戏接连上线，说是“养蛊”也不为过。只不过，这样的“养蛊”更像是加强进阶版，网易的目的显然不是让这四款投入甚巨的游戏最后只活下一两个来。  毕竟，在四季度业绩会上，当投资人提出对《 ...

公司研究/传媒 证券研究报告 网易-S（9999）公司跟踪报告 2024年03月08日 [Table_InvestInfo] 投资评级 优于大市 维持 各业务稳中向好，多款重磅新游蓄势待发 股票数据 [Table_Summary] 3[T月ab8l日e_收S盘to价ck（In元fo）] 166.70 投资要点： 52周股价波动（元） 116.10~185.70 总股本/流通港股（百万股） 3224 营收稳健，利润同比大幅增长，毛利率改善明显。23Q4 公司实现营收人民 总市值/流通市值（百万元） 5661 ⚫ 相关研究 币271.4亿元，同比增长7.0%，实现归母净利润65.8亿元，同比增长66.5%， [《Ta网b易le2_2RQe4p年or报tI点nf评o]： 新游储备丰富，有道、 实现Non-gaap口径下归母净利润7.38亿元，同比增长53.4%。毛利率同比 提升 9.8pp 至 62.0%，主要受益于自研游戏及渠道收入占比的提升，23Q4 云音乐盈利能力持续改善》2023.03.06 销售费用率同比/环比提升 2.1ppt/2.5ppt 至 15.6%，销售费用同比/环比增加 24%/15%至 42 ...

证券研究报告 | 2024年03月08日 网易-S（09999.HK） 买入 24 年游戏储备丰富，关注新游戏上线进展 核心观点 公司研究·海外公司财报点评 23Q4收入同比增长7%，经调利润率同比提升8pct。23Q4，公司实现营收 271 互联网·互联网Ⅱ 亿元，同比增长7%。收入增长主要由手游业务驱动，部分被 PC 端游和云音 证券分析师：张伦可 联系人：陈淑媛 乐的收入下滑所抵消。23Q4，公司总经营费率为37%，同比提升2pct。经营 0755-81982651 021-60375431 zhanglunke@guosen.com.cnchenshuyuan@guosen.com.cn 费用同比增长，主要因新游戏上线带来市场推广开支和人员成本增加，公司 S0980521120004 在23Q4加大《蛋仔派对》竞争营销投放力度。Non-GAAP 归母净利润 74亿 基础数据 元，同比增长53%；Non-GAAP 归母净利率 27%，同比提升8pct。 投资评级 买入(维持) 合理估值 201.00 - 233.00港元 在线游戏业务收入为195.4亿元，同比增长12%。其中，手游收入150亿元， 收盘 ...