Group 1 - The company's revenue increased by 8.2% year-on-year to 28.36 billion yuan, which was 3% lower than Bloomberg's expectations [1] - Gross margin was 64.1%, exceeding Bloomberg's expectations by 0.1 percentage points [1] - Adjusted net profit margin reached 33.5%, surpassing Bloomberg's expectations by 0.8 percentage points, with adjusted net profit growing by 26.7% year-on-year to 9.5 billion yuan, slightly below Bloomberg's expectations by 0.6% [1] Group 2 - Self-developed games performed well, generating revenue of 23.33 billion yuan, which was 2.3% lower than Bloomberg's expectations, with a year-on-year growth of 11.8% [1] - The revenue growth was driven by titles such as "Dream of the Red Chamber" PC version, "Egg Party," and new releases like "Yanyun Sixteen Sounds" and "Marvel Showdown" [1] - The gross margin for the gaming segment was 69.3%, exceeding Bloomberg's expectations by 0.6 percentage points, with a year-on-year increase of 0.5 percentage points [1] Group 3 - Cloud Music achieved revenue of 1.96 billion yuan, which was 3.0% lower than Bloomberg's expectations, with a year-on-year decline of 1.8% [2] - Gross margin for Cloud Music was 35.4%, falling short of Bloomberg's expectations by 0.6 percentage points, but showed a year-on-year increase of 2.6 percentage points [2] - Youdao reported revenue of 1.63 billion yuan, which was 1.7% lower than Bloomberg's expectations, with a year-on-year growth of 3.6% [2] Group 4 - The company expects adjusted net profit growth of 18.4%, 8.8%, and 8.6% for 2025-2027, reaching 39.7 billion, 43.2 billion, and 46.2 billion yuan respectively [2] - Corresponding PE ratios for 2025-2027 are projected to be 14.9, 13.7, and 12.6 [2]

Core Insights - The company's Q3 2025 revenue increased by 8% to 28.4 billion yuan, while Non-GAAP net profit rose by 27% to 9.5 billion yuan, slightly below expectations due to unrecognized revenue from some products and higher-than-expected marketing expenses [1] - The company declared a dividend of $0.114 per share and extended its share repurchase program of up to $5 billion until January 2029, having repurchased $2 billion by the end of Q3 2025 [1] Revenue and Profit Trends - Revenue from games and value-added services grew by 12%, driven by flagship products such as "Dream of Dreams" and "Egg Party," showcasing the company's long-term game operation capabilities [1] - Marketing expenses increased by 17% to 4.46 billion yuan, primarily due to seasonal promotional activities and new version marketing for flagship products, leading to a significant increase in deferred revenue [1] Investment and New Game Releases - The company achieved investment income of 1.38 billion yuan, which helped offset the impact of increased marketing expenses on profits [1] - New games "Destiny: Stars" and "Yanyun Sixteen Sounds" are set to launch in overseas and Chinese markets, with the former nominated for the 2025 TGA Best Mobile Game [1] - The company plans to focus on global capabilities and the progress of key new games, with several titles in the pipeline for 2026 [1] Profit Forecast and Valuation - The company maintains its profit forecast, with current valuations at 16/15x for Hong Kong stocks and 15/14x for U.S. stocks for 2025/2026 Non-GAAP P/E [2] - The company retains an outperform rating and a target price of 275 HKD / 177 USD, indicating an upside potential of 29% for Hong Kong stocks and 33% for U.S. stocks [2]

分析师 郝艳辉 SAC 证书编号：S0160525080001 haoyh@ctsec.com 相关报告 1. 《全球领先的游戏巨头，多元业务并举》 2025-11-05 证券研究报告 游戏Ⅱ / 公司点评 / 2025.11.22 | 投资评级:增持(维持) | | | --- | --- | | 基本数据 | 2025-11-21 | | 收盘价(元) | 204.60 | | 流通股本(亿股) | 31.68 | | 每股净资产(元) | 45.40 | 最近 12 月市场表现 -3% 15% 32% 50% 68% 86% 网易-S 恒生指数 自研游戏表现亮眼，关注明年新游上线 网易-S(09999) ❖ 事件：公司收入同比增长 8.2%为 283.6 亿元（低于彭博预期 3%），毛利率 64.1%（高出彭博预期 0.1pct），销售费用率 15.7%（较彭博预期高 2.1pct）， 管理费用率 4.1%（较彭博预期高 0.3pct），研发费用率 16.0%（较彭博预期 高 0.3pct），在投资收益增长、汇兑损失减少的带动下，经调整归母净利率达 33.5%（超彭博预期 0.8pct），经调整归母净利 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company's Q3 2025 revenue reached 28.36 billion yuan, a year-on-year increase of 8.2%, which was below Bloomberg consensus expectations of 2.96%, primarily due to product launch timing and revenue recognition delays [1] - Deferred revenue surged to 19.47 billion yuan in Q3 2025, a year-on-year increase of 25.3%, significantly exceeding consensus expectations by 41%, indicating strong player willingness to pay during new game launches [1] - The company is focused on long-term investment strategies and shareholder value, with a strong cash flow performance and a cash reserve of 153.2 billion yuan [3] Revenue and Profit Forecast - The company forecasts revenues of 114.5 billion yuan, 123.6 billion yuan, and 132.2 billion yuan for 2025, 2026, and 2027 respectively, with Non-GAAP net profit estimates of 39 billion yuan, 41.4 billion yuan, and 44.5 billion yuan for the same years [4][9]

Core Viewpoint - The recent withdrawal of NetEase games from OPPO's app store highlights a growing tension between game developers and traditional Android distribution channels, primarily due to high revenue sharing models that limit profit margins for developers [1][4][15]. Group 1: Game Withdrawal from OPPO - NetEase games, including popular titles like "Onmyoji: Yokai House" and "Fantasy Westward Journey," will cease operations on OPPO channels starting from November 2024, with a complete withdrawal expected by October 2025 [1]. - This trend of withdrawing from OPPO channels began last year and reflects a broader industry shift away from traditional Android distribution methods [1][4]. Group 2: Revenue Sharing Issues - The high revenue sharing model, often referred to as "Android tax," has become a critical issue for game developers, with reports indicating that Android channels take up to 50% of revenue, significantly higher than the 30% typically charged by platforms like Apple's App Store [6][15]. - The "hardcore alliance" established by major Android manufacturers in 2014 set a standard revenue share of 50% for game developers, which has persisted in the industry [8]. Group 3: Alternative Distribution Models - Developers are increasingly exploring alternative distribution methods, such as using platforms like TapTap, which do not charge revenue shares, allowing for greater profitability [10][12]. - Successful titles like "Genshin Impact" and "Awakening of Nations" have demonstrated that it is possible to achieve significant revenue without relying on traditional Android channels [12][14]. Group 4: Industry Evolution - The gaming industry is transitioning from a "traffic-driven" model to a "content-driven" model, where the quality of the game itself becomes the primary factor in attracting users [14]. - Despite the shift, the costs associated with customer acquisition through alternative channels have increased, as seen in NetEase's substantial advertising expenditures [14][15].

11月20日，网易（Nasdaq：NTES、HKEX：9999）发布截至9月30日的2025年第三季度财报，该季度公 司净营收为284亿元，同比增长8.2%；利润也同比增加，归属于网易公司股东的净利润为86亿元，上年 同期为65亿元。而不按美国通用会计准则，归属于网易公司股东的净利润为95亿元，上年同期为75亿 元。 按业务划分，第三季度网易的游戏及相关增值服务净收入为233亿元，同比增加11.8%；网易有道净收 入为16亿元，同比增加3.6%；网易云音乐净收入为20亿元，同比减少1.8%；创新及其他业务净收入为 14亿元，同比减少18.9%。 然而，关于具体技术细节与落地场景，丁磊并未展开说明。据了解，网易有道在"AI原生"战略深化与业 务结构聚焦的推动下，2025年前三季度累计经营利润同比增长近150%，在线营销服务净收入与AI订阅 服务销售额均创历史新高。 （文章来源：中国经营报） "对于现有的长青项目，我们要求团队持续优化、精益求精；对于具备长青潜力的新项目，我们将重点 投入、加大支持，不断打磨产品品质。同时，对于未能跟上市场节奏和用户需求的团队，我们会果断调 整，确保主干业务的茁壮成长。"丁磊说。 ...

本报（chinatimes.net.cn）记者于玉金 北京报道 长青游戏成为本季度驱动网易营收增长的主要力量。网易11月20日晚间发布财报，2025年Q3，公司实 现净收入284亿元，同比增长8.2%；非公认会计准则下，归属于公司股东的净利润为95亿元，同比增长 33.3%。 而在丁磊重回一线后，其工作室的调整持续进行，同时也不断有人员流动。对此，丁磊在11月20日晚间 的财报电话会议上表示，人员流动属正常组织调整，是在不影响公司日常游戏运营的前提下进行的，目 的是让整个组织变得更加专注、高效，从而集中力量打造长青和精品的网易游戏。 《梦幻西游》在线人数创新高 网易2025年Q3净收入为284亿元，上一季度和去年同期分别为279亿元和262亿元。 2025年Q3游戏及相关增值服务净收入为233亿元，上一季度和去年同期分别为228亿元和209亿元。本季 度，来自在线游戏的净收入约占该分部净收入的97.6%，上一季度和去年同期该占比分别为97.1%和 96.8%。 网易在财报中表示，今年Q3在线游戏净收入环比增长来自于《梦幻西游》电脑版、《逆水寒》手游等 自研游戏及若干代理游戏净收入增加。其同比增加来自《梦幻西游 ...

4、高盛大幅上调铜价预期，认为有十年大牛市，理由也很合理，就是现有铜矿供应有限，按照现有扩 产速度要到十年后才能实现供需平衡。 基本就这些吧，周末全国大部分地区气温反弹，天气晴朗，建议都出去散散心。虽然最近一个多月行情 一言难尽，但今年大家应该多数还是赚到钱的，每天花那么100块钱对自己好没问题。 1、网易Q3营收284亿，同比+8.2%，经调整净利润95亿，同比+13%。好久以来网易业绩都是这样，始 终慢悠悠，但也始终往前走，所以估值一直 很高。以前大家都觉得网易有点佛系，现在才发现佛系可 能是对的，激进的都已经坟头长草了。 周末三天300块，快乐起来啊诸位。 2、由于俄乌可能停战，欧股全线大涨。当然也只是可能而已，双方目前的情况是都打不动了，但要求 差太远，基本差两个州的地盘，我也不知道能怎么和平。 3、海士力跌9cm、铠侠跌16cm，软银跌11cm，日韩股市今天表现也一般般，不过人家已经涨了很久， 跌这点不痛的。 ...

NetEase Inc (NASDAQ:NTES) reported mixed fiscal third-quarter results on Thursday.The company's quarterly revenue increased 8.2% year-on-year to $3.98 billion (28.36 billion Chinese yuan), missing the analyst consensus estimate of $4.11 billion. The Chinese gaming player's adjusted EPADS of $2.07 beat the analyst consensus estimate of $1.88.“We delivered another quarter of solid execution, underscoring our healthy growth in China and rising global appeal,” said Mr. William Ding, Chief Executive Officer and ...

Asia Value & Moat Stocks is a research service for value investors seeking Asia-listed stocks with a huge gap between price and intrinsic value, leaning towards deep value balance sheet bargains (i.e., buying assets at a discount, e.g., net cash stocks, net-nets, low P/B stocks, sum-of-the-parts discounts) and wide moat stocks (i.e., buying earnings power at a discount in great companies like "Magic Formula" stocks, high-quality businesses, hidden champions and wide moat compounders). Sign up here to get st ...