在新一轮科技革命与产业变革的澎湃浪潮中，以网易为典型代表的中国互联网企业，不断优化自身技术矩阵，搭建起一条从虚拟世界延伸至实体产业的创 新链路，逐渐成为推动新质生产力发展的关键力量。 近日，证券时报"港股新质生产力"报道团队走进网易，近距离探寻这家中国互联网头部企业，如何凭借深度融合游戏技术、人工智能（AI）与工业场景，打破 传统行业的效率瓶颈，重塑人机协作模式，为实体经济领域植入智能化基因。 从虚拟世界到实体经济 重构生产力底层逻辑 2月20日，网易2024年度成绩单正式公布。这份财报不仅展现了过去一年的经营成果，更彰显出公司在研发投入上的坚定决心。 数据显示，2024年，网易研发投入高达175亿元，研发投入强度达16.6%，且已连续5年研发投入超百亿。持续的研发投入，为网易的产品创新、业务拓展与技 术升级提供了源源不断的动力，使其在迅猛发展的科技浪潮中始终稳居领先地位。 在AI技术迅猛发展的当下，网易敏锐捕捉到这一技术变革带来的机遇，积极布局AI战略，将其广泛应用于教育、音乐、企业服务、游戏等多个领域，为各业 务的创新发展注入强大动力。 随着虚拟游戏世界中的技术持续迭代更新，网易伏羲人工智能实验室（以下简 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 174.20 HKD / 160.69 CNY [3][6]. Core Views - The new games "燕云十六声" and "七日世界" are expected to drive revenue growth for the company. The forecasted net profit for the years 2024 to 2026 is 297 billion, 326 billion, and 348 billion CNY respectively, adjusted from previous estimates due to changes in game launch schedules and sales expense rates [3][9]. Financial Summary - The company's revenue for 2022 was 96,496 million CNY, with a year-on-year growth of 10.15%. The projected revenue for 2024 is 105,295 million CNY, reflecting a modest growth of 1.77% [4][15]. - The operating profit for 2022 was 19,629 million CNY, with a significant year-on-year increase of 19.56%. The forecast for 2024 is 29,584 million CNY, indicating a growth of 6.77% [4][15]. - The net profit attributable to the parent company for 2022 was 20,338 million CNY, showing a year-on-year growth of 20.65%. The projected net profit for 2024 is 29,698 million CNY, with a minimal growth of 0.96% [4][15]. - The earnings per share (EPS) for 2022 was 5.89 CNY, expected to rise to 8.60 CNY in 2024 [4][15]. - The gross margin for 2022 was 54.68%, projected to improve to 62.50% in 2024 [4][15]. - The net margin for 2022 was 21.08%, expected to be 28.20% in 2024 [4][15]. - The return on equity (ROE) for 2022 was 20.33%, projected to decrease to 22.59% in 2024 [4][15]. - The price-to-earnings (P/E) ratio is expected to decrease from 25 in 2024 to 17 in 2025 and further to 15 in 2026 [4][15].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 174.20 HKD / 160.69 CNY [3][6]. Core Views - The launch of new games such as "燕云十六声" and "七日世界" is expected to drive revenue growth for the company. The forecasted net profit for the years 2024 to 2026 is 297 billion, 326 billion, and 348 billion CNY respectively, reflecting adjustments in game launch schedules and sales expense rates [3][8]. Financial Summary - The company's revenue for 2022 was 96,496 million CNY, with a year-on-year growth of 10.15%. The projected revenue for 2024 is 105,295 million CNY, with a growth rate of 1.77% [4][15]. - The operating profit for 2022 was 19,629 million CNY, with a year-on-year growth of 19.56%. The projected operating profit for 2024 is 29,584 million CNY, with a growth rate of 6.77% [4][15]. - The net profit attributable to the parent company for 2022 was 20,338 million CNY, with a year-on-year growth of 20.65%. The projected net profit for 2024 is 29,698 million CNY, with a growth rate of 0.96% [4][15]. - The earnings per share (EPS) for 2022 was 5.89 CNY, projected to be 8.60 CNY in 2024 [4][15]. - The gross margin for 2022 was 54.68%, expected to increase to 62.50% in 2024 [4][15]. - The net margin for 2022 was 21.08%, projected to be 28.20% in 2024 [4][15]. - The return on equity (ROE) for 2022 was 20.33%, expected to decrease to 22.59% in 2024 [4][15]. - The price-to-earnings (P/E) ratio for 2024 is projected to be 17 [4][15].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of $125.00, indicating a potential upside of 23.44% for the US stock and 21.64% for the HK stock [1]. Core Insights - The company's revenue growth is driven by Blizzard games, with a notable increase in PC game revenue, while mobile game revenue is anticipated to improve with new product launches [2][3]. - The forecasted revenue CAGR for the company from 2025 to 2027 is 11.4%, with Non-GAAP net profit CAGR expected at 10.5% [2]. Financial Performance Summary - Total revenue for the fiscal year ending December 31 is projected to grow from $14,232 million in 2023 to $17,966 million by 2027, reflecting a compound annual growth rate (CAGR) of 6.2% [2]. - Non-GAAP net profit is expected to increase from $4,485 million in 2023 to $5,633 million in 2027, with Non-GAAP earnings per ADS rising from $6.9 to $8.5 over the same period [2]. - The company achieved a GAAP net profit of 87.7 billion RMB in Q4 2024, a year-on-year increase of 33.2%, exceeding Bloomberg consensus estimates [2]. Game Segment Performance - The revenue from games and related value-added services grew by 1.5% year-on-year to 212.4 billion RMB, with PC game revenue increasing by 56.6% to 71.3 billion RMB, driven by titles like "World of Warcraft" and "Hearthstone" [2]. - Mobile game revenue, however, declined by 10.5% to 134 billion RMB due to a lack of new product releases, but upcoming titles are expected to boost this segment [2]. Other Business Segments - Youdao is projected to achieve its first profitable year in 2024, with revenue expected to grow by 4.4% to 56.3 billion RMB, driven by AI subscription services [2]. - Cloud Music's revenue for 2024 is forecasted to reach 79.5 billion RMB, with a year-on-year growth of 1.1%, supported by increased subscription revenue and cost control measures [2].

出品｜虎嗅ESG组 作者｜胡巍 头图｜AI生成 从ESG视角看，电子游戏在某种程度上是一个有争议的行业。 烟、酒、赌博及军火是争议性行业，这一点被普遍接受，涉足这些行业往往会对企业ESG评级产生负面影响。电子游戏虽然不在四大行业之列，但其 与烟、酒、赌博的共同点是，都有成瘾性——游戏设计利用多巴胺奖励机制（如成就解锁、社交认可），使玩家产生心理依赖，甚至出现"游戏障碍 （Gaming Disorder）"。 世界卫生组织（WHO）将"游戏障碍"认定为一种精神疾病，将此条目收纳于"国际疾病分类"第11次更新版本(IDC-11)中"因滥用和成瘾行为而导致的精 神障碍"条目下"因成瘾行为而导致的精神障碍"的分类里， "游戏障碍"与赌博成瘾而导致的精神障碍条目并列 。 WHO提供了三个要点，以帮助专业人士诊断剖析患者的疾病：一是无法自控玩游戏的时间、频率、强度、时长等等；二是越来越重视游戏，以至于游 戏优先于其他生活兴趣和日常活动；三是尽管发生了负面后果，但玩游戏的行为仍然持续或变得更加严重。 本文是#ESG进步观察#系列第118篇文章 本次观察关键词： 争议行业，社会责任 中国四大门户网站之一，秉承有态度的新闻理念 ...

Core Viewpoint - The rise of PC and console gaming is becoming increasingly evident, with significant growth in revenue and user engagement, particularly driven by successful titles and multi-platform strategies [2][4][8]. Group 1: Company Performance - NetEase reported a revenue of 105.3 billion yuan for 2024, with a year-on-year growth of 1.73%, and its gaming segment generated 83.6 billion yuan, growing by 2.45% [2]. - The growth in NetEase's gaming business is attributed to stable performances from flagship products like "Naraka: Bladepoint," "World of Warcraft," and "Hearthstone" [2]. - The fourth quarter saw a 57% year-on-year increase in revenue from PC and console games, significantly contributing to NetEase's overall revenue growth [2]. Group 2: Market Trends - The gaming industry is witnessing a resurgence in PC gaming, with Tencent's new title "Delta Force" generating 70% of its revenue from the PC platform [4]. - The anticipated release of "Black Myth: Wukong" has reignited interest in AAA PC games, leading to increased market enthusiasm for the segment [4][8]. - Over two-thirds of users who purchased "Black Myth" also bought other console games, indicating a shift in consumer behavior towards multi-platform gaming [4]. Group 3: Industry Dynamics - The demand for high-quality graphics and gameplay is rising, pushing developers to enhance their offerings across platforms [5][8]. - Multi-platform connectivity has become a new industry consensus, with games like "Genshin Impact" leading the way in cross-platform integration [5][6]. - Despite the growth in PC gaming, mobile games still dominate the revenue landscape, accounting for 73% of the total gaming revenue in 2023, highlighting the need for a balanced approach [9].

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Insights - The company achieved revenue of 26.75 billion yuan in Q4 2024, a year-over-year decrease of 1.4% but a quarter-over-quarter increase of 2.1%. The gross profit was 16.27 billion yuan, with a gross margin of 60.8%, down 1.2 percentage points year-over-year. Adjusted net profit reached 9.68 billion yuan, reflecting a year-over-year increase of 31.2% and a net margin of 36.2%, up 9.2 percentage points year-over-year [6][10] - The launch of the PC game "Marvel Showdown" on December 6, 2024, significantly boosted user engagement, with over 10 million registered users within 72 hours and a current user base exceeding 40 million. The new game "Yanyun Sixteen Sounds" also performed well, achieving over 3 million downloads in four days and topping the iOS download charts for two weeks [6][10] - The company has a strong pipeline of games, including "Destiny: Rising" and "Marvel Secret Frenzy," which enhances its product matrix and long-term operational capabilities [8] - The profitability of the cloud music and Youdao businesses is improving, with cloud music subscription revenue growing by 22% year-over-year and a gross margin of 33.7%, up 7 percentage points year-over-year. Additionally, Youdao achieved its first annual operating profit due to AI integration [9] Financial Summary - The company’s projected revenues for CY 2025, 2026, and 2027 are 113.44 billion yuan, 122.35 billion yuan, and 132.98 billion yuan, respectively. The projected net profits (Non-GAAP) for the same years are 35.91 billion yuan, 39.16 billion yuan, and 42.96 billion yuan, respectively [10][13] - Key financial metrics include a return on equity (ROE) of 24% in 2024, projected to decline to 18% by 2027. The earnings per share (EPS) is expected to grow from 10.37 yuan in 2024 to 13.40 yuan in 2027 [13][15]

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to HKD 185 / USD 119 [4][6][7]. Core Insights - The company's Q4 2024 revenue was RMB 26.75 billion, a slight year-on-year decline of 1.4%, primarily due to a decrease in non-gaming business [1]. - Game-related revenue increased by 1.5% year-on-year, with a notable 56.6% growth in PC game revenue, driven by titles such as "Naraka: Bladepoint" and "Dungeons & Dragons" [2][3]. - The launch of new games is expected to drive revenue growth, with strong performance from titles like "Marvel's Avengers" and "World of Warcraft" [3]. Summary by Sections Financial Performance - Q4 2024 adjusted net profit was RMB 9.68 billion, exceeding market expectations of RMB 8.12 billion, with an adjusted net profit margin of 28.6% [1]. - The company forecasts FY25E revenue of RMB 113.5 billion and FY26E revenue of RMB 121.5 billion, with adjusted net profits of RMB 34.5 billion and RMB 37 billion respectively [4][5]. Game Revenue Breakdown - Q4 2024 game revenue reached RMB 20.5 billion, a year-on-year increase of 5.1%, with mobile game revenue declining by 10.5% due to high base effects from the previous year [2]. - The share of PC games in total game revenue increased to 34.7%, reflecting the company's strong long-term operational capabilities [2]. New Game Pipeline - The company has a robust pipeline of new games, including "Destiny: Rising" and "Marvel's Secret Wars," which are expected to launch in 2025 [3]. - The successful launch of "Marvel's Avengers" has already seen over 40 million registered users, indicating strong market interest [3]. Shareholder Returns - The company is committed to shareholder returns, with a total of USD 2.88 billion allocated for dividends and buybacks in 2024, representing a return rate of approximately 4.3% [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][4][18] Core Views - The company reported a revenue of 26.7 billion yuan in Q4 2024, a year-on-year decrease of 1%, but achieved a Non-GAAP net profit of 9.7 billion yuan, representing a 31% increase year-on-year [1][6] - The online gaming business showed strong performance with a revenue of 20.5 billion yuan in Q4 2024, a 5% increase year-on-year, driven by significant growth in PC games [10][11] - The company has a robust game pipeline, with expectations for new flagship games like "Yanyun Sixteen Sounds" and the return of "Overwatch" [2][11] Summary by Sections Financial Performance - In Q4 2024, the company achieved a Non-GAAP net profit margin of 36%, up 9 percentage points year-on-year, aided by a foreign exchange gain of 1.54 billion yuan [1][6] - The sales expense ratio decreased to 11%, down 5 percentage points year-on-year, reflecting improved marketing efficiency [1][7] Gaming Segment - The mobile gaming revenue was 13.4 billion yuan, down 11% year-on-year, primarily due to a high base from the previous year, while PC gaming revenue surged to 7.1 billion yuan, up 57% [10][11] - The deferred revenue for the company reached 15.2 billion yuan, a 14% increase year-on-year, indicating strong future revenue potential [10] New Game Releases - "Marvel Showdown" performed exceptionally well, reaching the top of the Steam sales chart within 4 hours of release and accumulating over 40 million players [2][11] - The company anticipates that "Yanyun Sixteen Sounds" will become another flagship game, with a growing audience over time [2][11] Other Business Segments - Youdao's revenue decreased by 10% year-on-year to 1.3 billion yuan, with learning services revenue down 21% due to selective customer acquisition strategies [12] - NetEase Cloud Music reported a revenue of 1.9 billion yuan in Q4 2024, a 5% decline year-on-year, impacted by social entertainment business challenges, but online music revenue grew by 20% in H2 2024 [14][15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Insights - The company achieved a revenue of 105.3 billion yuan in 2024, with a year-on-year growth of 2.91%, and a net profit of 29.7 billion yuan, reflecting a year-on-year increase of 0.96% [4]. - In Q4 2024, the company reported a revenue of 26.7 billion yuan, a year-on-year decrease of 1.45% but a quarter-on-quarter increase of 2.05%, with a net profit of 8.8 billion yuan, showing a year-on-year growth of 33.18% and a quarter-on-quarter growth of 34.08% [4]. - The company is expected to benefit from new product cycles, with projected net profits for 2025, 2026, and 2027 at 34.2 billion yuan, 39 billion yuan, and 42.4 billion yuan respectively, corresponding to EPS of 10.7 yuan, 12.1 yuan, and 13.2 yuan [4]. Revenue and Profitability - The company's revenue from games and related value-added services in Q4 2024 was 21.2 billion yuan, with a year-on-year increase of 1.4% [4]. - The revenue from online music services in 2024 saw a 22% increase, with a gross margin of 33.7%, up by 7 percentage points year-on-year [6]. - The company’s operating profit for Youdao turned positive for the first time in 2024, driven by innovation and AI integration [6]. Product Performance - The game "Marvel Showdown" quickly topped the Steam global sales chart after its overseas launch, with over 10 million registered users within 72 hours, and currently surpassing 40 million [5]. - The game "Yanyun Sixteen Sounds" achieved over 3 million downloads within four days of its domestic launch, with total players exceeding 15 million within two weeks [5]. - The return of Blizzard games like "World of Warcraft" and "Hearthstone" has positively impacted the company's PC game revenue, with further growth expected from the recent return of "Overwatch" [5]. Financial Summary and Valuation Metrics - The company’s projected revenues for 2025, 2026, and 2027 are 120.97 billion yuan, 135.22 billion yuan, and 146.33 billion yuan respectively, with year-on-year growth rates of 14.9%, 11.8%, and 8.2% [7]. - The net profit projections for the same years are 34.23 billion yuan, 38.98 billion yuan, and 42.37 billion yuan, with corresponding year-on-year growth rates of 15.3%, 13.9%, and 8.7% [7]. - The company’s current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 14.0, 12.3, and 11.3 respectively, indicating a favorable valuation outlook [7].