11月20日，网易（09999.HK）发布2025年第三季度财报。财报显示，网易Q3净收入284亿元，同比增加8.2%；归股净利润为86亿元，同比增长32%； 非公认会计准则下归股净利润为95亿元，同比增长26.7%。 "对于目前的长期项目，我们要求团队不断精进优化，对于具备长期品质的新项目，我们会加大投入、优化产品，对于没有跟上市场节奏用户需求的 团队，我们要果断修剪，确保主干的茁壮成长。"管理层称，网易成立28年打造精品的原则始终没有变，会把更多的资源倾斜给常青项目，也会给有 创新的团队更多机会。 网易近一两年离职的事业部级高管不止一个，此前引发了外界讨论。最近的在10月底，网易互娱第十事业部负责人李凯明发布内部信，宣布因"个人 职业发展的长远规划"从网易离职创业。李凯明曾带队做出了《率土之滨》等明星产品。 还有机构问及，网易这一年发行的游戏数量是否相比往年减少了。网易管理层回复表示，网易会非常专注在已有的成功产品中，要精益求精、更加 专注，不分散精力去做一些把握不大的新项目。 对于新项目，管理层表示会非常谨慎和重视，一定要做出有竞争力的内容到市场上。"这两个方向不矛盾，专注是一家公司应有的核心优势。"管 ...

Core Insights - The management of NetEase emphasizes that focus is a core advantage of the company, aiming to refine existing successful products and create competitive content for new projects [1] Financial Performance - In Q3, NetEase reported revenue of 23.3 billion yuan from games and related value-added services [1]

Core Viewpoint - NetEase reported a net revenue of 28.4 billion RMB for Q3 2025, representing an 8.2% year-on-year increase [1] Group 1: Financial Performance - The net profit attributable to shareholders for Q3 2025 was 8.6 billion RMB, consistent with the previous quarter and up from 6.5 billion RMB year-on-year [3] - Non-GAAP net profit attributable to shareholders was 9.5 billion RMB, unchanged from the previous quarter and up from 7.5 billion RMB year-on-year [3] Group 2: Business Segments - The gaming and related value-added services segment generated a net revenue of 23.3 billion RMB, up from 22.8 billion RMB in the previous quarter and 20.9 billion RMB year-on-year [4] - The net revenue from Youdao was 1.6 billion RMB, an increase from 1.4 billion RMB in the previous quarter but unchanged from the same quarter last year [5] - Net revenue from NetEase Cloud Music remained stable at 2 billion RMB for both the previous quarter and the same quarter last year [6] - The innovative and other businesses segment reported a net revenue of 1.4 billion RMB, down from 1.7 billion RMB in the previous quarter and 1.8 billion RMB year-on-year, primarily due to a decrease in revenue from NetEase Yanxuan [6] Group 3: Game Performance and New Releases - NetEase's online games continue to perform well, with the highest concurrent player count for "Fantasy Westward Journey" reaching 3.58 million [6] - New game releases such as "Destiny: Stars" and "Yanyun Sixteen Sounds" have been well-received, enhancing the company's global product matrix [7] - The company continues to support Blizzard's games, with the launch of the long-awaited "Titan Reforged" server for "World of Warcraft" [8] Group 4: Share Buyback Program - NetEase extended its share buyback program for up to 5 billion USD for an additional 36 months, with approximately 22.1 million American depositary shares repurchased for about 2 billion USD as of September 30, 2025 [9]

Core Viewpoint - NetEase reported a net revenue of 28.4 billion RMB for Q3 2025, marking an 8.2% year-on-year increase, with net profit attributable to shareholders rising by 32% to 8.6 billion RMB [1][2] Financial Performance - Q3 net revenue reached 28.4 billion RMB, up 8.2% year-on-year [1] - Net profit attributable to shareholders was 8.6 billion RMB, a 32% increase year-on-year [1] - Non-GAAP net profit attributable to shareholders was 9.5 billion RMB, reflecting a 26.7% year-on-year growth [1] - Investment income increased from 580 million RMB to 1.38 billion RMB year-on-year, while foreign exchange losses decreased from 1.06 billion RMB to 370 million RMB [2] Business Segments - Revenue from online games and related value-added services was 23.3 billion RMB, an 11.8% increase year-on-year, accounting for approximately 97.6% of the segment's net revenue [6] - Major contributors to online game revenue included classic IPs like "Fantasy Westward Journey" and new releases such as "Marvel Showdown" [6] - Other business segments, including Youdao Education and Cloud Music, fell short of analyst expectations, with Youdao's revenue at 1.6 billion RMB (up 3.6%) and Cloud Music's at 2 billion RMB (down 1.8%) [6] Management Strategy - Management emphasized a focus on refining existing successful products rather than diversifying into uncertain new projects [4][5] - The company aims to enhance efficiency and concentrate resources on evergreen projects while being cautious with new project investments [5] - R&D expenditure for Q3 was 4.5 billion RMB, with AI applications significantly improving production efficiency across various processes [7] Market Reaction - Following the earnings report, NetEase's stock fell by 3% in pre-market trading in the US and by 1.39% in Hong Kong, closing at 212.6 HKD per share [3] - Despite recent adjustments, the stock price has increased by over 58% since the beginning of the year [3]

新浪科技讯 11月20日晚间消息，今日网易发布第三季度财报。在随后的电话会上，针对游戏研发策 略、近期个别制作人离任的提问，网易管理层表示，专注是一家公司应有的核心优势。对已有的成功产 品会精益求精，对新项目会做出有竞争力的内容。 针对近期的调整属于正常人员流动，管理层表示，调整在不影响日常运营情况下进行，希望团队更加专 注、高效，集中力量打造长青精品。对于长青项目，希望项目团队能够心无旁骛，持续精进；对于具备 长青潜质的新项目，将果断下重注，加大资源投入。（罗宁） 责任编辑：何俊熹 ...

U.S. stock futures were higher this morning, with the Nasdaq futures gaining around 300 points on Thursday.Shares of Palo Alto Networks Inc (NASDAQ:PANW) fell 4.6% to $190.90 in pre-market trading following quarterly results.Palo Alto Networks reported upbeat first-quarter financial results for fiscal 2026 and also raised its fiscal 2026 guidance. The company reported first-quarter revenue of $2.47 billion, beating analyst estimates of $2.46 billion. The company posted adjusted earnings of 93 cents per shar ...

Core Insights - U.S. stock futures are up, with Nasdaq futures increasing by approximately 300 points [1] - Palo Alto Networks Inc reported strong first-quarter results for fiscal 2026, with revenue of $2.47 billion, surpassing analyst expectations of $2.46 billion [2] - The company also raised its fiscal 2026 guidance and reported adjusted earnings of 93 cents per share, exceeding analyst estimates of 89 cents per share [2] - Despite the positive financial results, Palo Alto Networks shares fell by 4.6% to $190.90 in pre-market trading [3] Company Developments - Palo Alto Networks announced a definitive agreement to acquire Chronosphere, an AI-scalable observability platform [3] - Other companies experiencing declines in pre-market trading include WeShop Holdings Limited, which dropped 38.8% after a significant increase of 506% the previous day [5] - Vizsla Silver Corp fell 12.6% following the announcement of a $250 million convertible senior notes offering [5] - FinVolution Group and Kyverna Therapeutics Inc also reported declines of 5.6% and 5.1%, respectively, after their recent earnings results [5]

Core Viewpoint - The Q3 financial report of NetEase shows strong performance in its gaming and value-added services, with significant revenue growth driven by popular titles and a focus on global expansion [1][5]. Financial Performance - Total revenue for Q3 reached 28.4 billion RMB, a year-on-year increase of 8.2% [2]. - Gross profit was 18.2 billion RMB, up 10.3% year-on-year, with a gross margin of 64.1% [2][11]. - Net profit stood at 8.6 billion RMB, flat compared to the previous quarter but up 32.3% year-on-year [2]. - Non-GAAP net profit was 9.5 billion RMB, reflecting a year-on-year growth of 26.7% [2]. - Operating expenses increased to 10.2 billion RMB, a rise of 9.7% year-on-year, primarily due to increased marketing expenditures [2][8]. Core Business Insights - The gaming business accounted for 82% of total revenue, generating 23.3 billion RMB, with a year-on-year growth of 11.8% [2][3]. - Online gaming revenue represented 97.6% of the gaming segment, an increase from 96.8% in the previous year [2]. - Titles like "Dream of Dreams" and "Party of Eggs" contributed to this growth, alongside new releases [2][3]. Non-Gaming Business Performance - Youdao's revenue was 1.6 billion RMB, with a slowed growth rate of 3.6% [3][6]. - Cloud Music revenue declined to 2 billion RMB, down 1.8% year-on-year, indicating challenges in the online music sector [3][6]. - Innovative business revenue fell to 1.4 billion RMB, a significant drop of 18.9%, attributed to internal offsets and declines in specific segments [3][7]. Marketing and Cost Management - Marketing expenses surged to 10.2 billion RMB, reflecting a 13.3% increase quarter-on-quarter, driven by promotional activities for new and existing games [8]. - Revenue costs also rose to 10.2 billion RMB, with a year-on-year increase of 5.2% [9]. - Employee-related costs and revenue-sharing expenses have also increased, indicating higher investments in both marketing and development [10]. Cash Flow and Financial Health - As of the end of September, the company reported net cash of 153.2 billion RMB, an increase of 21.7 billion RMB since the beginning of the year [11]. - Operating cash flow for Q3 was 12.9 billion RMB, showing significant year-on-year and quarter-on-quarter improvements [11].

Financial Data and Key Metrics Changes - Total revenues increased by 8% year over year, reaching RMB 28.4 billion in Q3 2025 [4][26] - Revenues from games and related VAS grew by 12% year over year, totaling RMB 23.3 billion [26] - Gross profit for Q3 2025 was RMB 18.2 billion, up 10% year over year, with a gross profit margin of 64.1% [28][30] - Non-GAAP net income attributable to shareholders was RMB 9.5 billion, or $1.3 billion, up 27% year over year [31] Business Line Data and Key Metrics Changes - Net revenues from online games were RMB 22.8 billion, up 3% quarter over quarter and 13% year over year [27] - Youdao's net revenue reached RMB 1.6 billion, representing a 15% increase quarter over quarter and a 4% increase year over year [27] - NetEase Cloud Music's net revenue was RMB 2 billion, stable quarter over quarter but down 2% year over year [27] Market Data and Key Metrics Changes - The new game "Destiny Rising" topped the iOS download chart in the U.S. and other major Western markets shortly after its launch [5] - "Where Winds Meet" achieved a peak of 190,000 concurrent players shortly after its global launch, securing a top position on Steam [8][9] Company Strategy and Development Direction - The company aims to advance development capabilities and global reach while scaling original IP into lasting franchises [26] - Focus on long-term development and providing diverse choices within games, particularly for successful titles like "Fantasy Westward Journey" [38] - The strategy includes a prudent approach to launching new games, concentrating resources on high-quality flagship products [60][68] Management Comments on Operating Environment and Future Outlook - Management noted that the gaming trend in China and overseas is positive, with successful experiences in international markets [44] - The company is confident in its ability to bring high-quality content and services to global gamers [45] - Management acknowledged the impact of competition but highlighted a recovery in metrics for "Identity V" since the start of the school year [51] Other Important Information - The company announced an extension of its share repurchase program for an additional 36 months [33] - Cash position remains robust, with net cash of approximately RMB 153.2 billion as of September 30, 2025 [32] Q&A Session Summary Question: Strategy for "Fantasy Westward Journey" and user demographics - Management highlighted the stable economy system and enriched gaming experiences as key factors for the game's longevity, with a focus on attracting both returning and new players [36][38] Question: Gaming trends in China and overseas expansion strategy - Management discussed successful titles in overseas markets and the unique position of NetEase in bringing authentic Chinese games to global audiences [44][45] Question: Performance of "Identity V" and future growth strategies - Management acknowledged recent volatility but noted a recovery in metrics and plans for new content and marketing campaigns [49][51] Question: Impact of organizational changes on game operations - Management stated that recent adjustments are part of normal personnel turnover and aim to enhance focus and efficiency without impacting daily operations [62][63] Question: Integration of AI in games and future game genres - Management emphasized the importance of AI in game development and operation, with a focus on high-quality flagship products rather than a large quantity of new releases [68]

Financial Data and Key Metrics Changes - Total revenues increased by 8% year over year, reaching RMB 28.4 billion in Q3 2025 [4][26] - Revenues from games and related VAS grew by 12% year over year, totaling RMB 23.3 billion [26] - Gross profit for Q3 2025 was RMB 18.2 billion, up 10% year over year, with a total gross profit margin of 64.1% [28][29] - Non-GAAP net income attributable to shareholders for Q3 totaled RMB 9.5 billion, or $1.3 billion, up 27% year over year [31][32] Business Line Data and Key Metrics Changes - Net revenues from online games were RMB 22.8 billion, up 3% quarter over quarter and 13% year over year [27] - Youdao's net revenue reached RMB 1.6 billion, representing a 15% increase quarter over quarter and a 4% increase year over year [27] - NetEase Cloud Music's net revenue was RMB 2 billion, stable quarter over quarter but down 2% year over year [27] - Revenues from innovative business and others were RMB 1.4 billion, down 15% quarter over quarter and 19% year over year [28] Market Data and Key Metrics Changes - The new game "Destiny Rising" topped the iOS download chart in the U.S. and other major Western markets shortly after its launch [5] - "Where Winds Meet" achieved a peak of 190,000 concurrent players within two days of its global launch, securing a top position on Steam [8][9] - "Racing Master" saw increased popularity in Japan, particularly during its anniversary celebration [12] Company Strategy and Development Direction - The company aims to advance development capabilities and global reach while scaling original IP into lasting franchises [26] - Focus on long-term development and providing diverse choices within games, particularly for established titles like "Fantasy Westward Journey" [38] - The strategy includes a prudent approach to launching new games, concentrating resources on high-quality flagship products [59][68] Management Comments on Operating Environment and Future Outlook - Management noted that the gaming trend in China and overseas is positive, with successful experiences in international markets [44] - The company is confident in its ability to bring high-quality content and services to global gamers [45] - Management acknowledged the impact of competition but highlighted a recovery in metrics for "Identity V" since the start of the school year [50] Other Important Information - The board of directors approved a dividend of $0.114 per share, or $0.57 per ADS [32] - The share repurchase program of up to $5 billion has been extended for an additional 36 months [33] Q&A Session Summary Question: Operational strategy for "Fantasy Westward Journey" - Management highlighted the stable economy system and enriched gaming experiences as core drivers, with the unlimited server attracting both new and returning players [36][37] Question: Gaming trends in China and overseas expansion strategy - Management discussed successful titles in overseas markets and the unique position of NetEase in bringing authentic Chinese games globally [43][44] Question: Performance of "Identity V" and future plans - Management acknowledged recent volatility but noted a recovery in metrics and preparations for new content and marketing campaigns [49][50] Question: Impact of organizational changes on game operations - Management stated that recent adjustments are part of normal personnel turnover and aim to enhance focus and efficiency without impacting daily operations [61][62] Question: AI integration in games and future game genres - Management emphasized the importance of AI in game development and operation, with a focus on high-quality flagship products rather than a large quantity of new releases [65][68]