Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved revenue of 28.36 billion yuan in Q3 2025, representing a year-over-year increase of 8.2% and a quarter-over-quarter increase of 1.7% [4] - The gross profit for Q3 was 18.18 billion yuan, with a gross margin of 64.1%, an increase of 1.2 percentage points year-over-year [4] - Adjusted net profit reached 9.50 billion yuan, reflecting a year-over-year growth of 26.7% and a net margin of 33.5%, up 4.9 percentage points year-over-year [4] Revenue Breakdown - The gaming and related services revenue for Q3 was 23.3 billion yuan, up 11.8% year-over-year, driven by growth in key titles such as "Fantasy Westward Journey" and "Nirvana in Fire" [5] - The company continues to expand its global gaming footprint, with successful launches of new titles in overseas markets [5] AI and Education Initiatives - The Youdao segment reported revenue of 1.63 billion yuan in Q3, a year-over-year increase of 3.6%, focusing on the "AI + Education" strategy [6] - New AI-enabled hardware and software products have been introduced, enhancing the educational offerings [6] Cloud Music Developments - Cloud Music generated revenue of 1.96 billion yuan in Q3, a slight decline of 1.8% year-over-year, with AI features enhancing user experience [7] - The introduction of the "AI Tuner" feature aims to enrich the platform's content ecosystem [7] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 113.91 billion yuan, 124.63 billion yuan, and 134.92 billion yuan, respectively [8] - Non-GAAP net profits for the same years are expected to be 39.67 billion yuan, 42.26 billion yuan, and 46.08 billion yuan [8] Key Financial Metrics - The company is expected to maintain a gross margin of around 64% over the next few years, with a projected return on equity (ROE) of 24% in 2025 [11] - Earnings per share (EPS) are forecasted to grow from 10.37 yuan in 2024 to 14.29 yuan in 2027 [11]

Core Insights - The company reported a revenue of 28.4 billion yuan for Q3 2025, representing an 8.2% year-on-year increase [1] - The net profit attributable to shareholders reached 8.6 billion yuan, a significant growth of 31.8% year-on-year [1] - The gaming segment showed strong performance, with revenue from games and related services amounting to 23.3 billion yuan, up 11.8% year-on-year [1][2] Financial Performance - Q3 2025 revenue: 28.4 billion yuan, up 8.2% YoY [1] - Gross profit: 18.2 billion yuan, up 10.3% YoY [1] - Net profit attributable to shareholders: 8.6 billion yuan, up 31.8% YoY [1] - Non-GAAP net profit: 9.5 billion yuan, up 26.7% YoY [1] - Operating cash flow: 12.9 billion yuan, up 21.7% YoY [1] - Cash reserves at the end of Q3: 153.2 billion yuan [1] Gaming Segment Performance - Classic games performed well, with "Dream of the Red Chamber" achieving a peak of 3.58 million concurrent players [2] - New game launches enriched the product matrix, including "Fate: Stars" topping iOS download charts in multiple regions [2] - Upcoming titles like "Reverse Water Cold" and "Forgotten Sea" are expected to contribute to future revenue [2] Cost and Expenses - Operating costs for Q3 2025 were 10.2 billion yuan, an increase from 9.8 billion yuan in Q2 2025 [3] - Operating expenses also rose to 10.2 billion yuan, driven by increased marketing costs for games [3] Future Outlook - The company maintains a strong investment rating, projecting net profits of 35.1 billion yuan, 38.5 billion yuan, and 42.5 billion yuan for 2025-2027 [3]

Core Viewpoint - The company shows strong growth momentum driven by deferred revenue and overseas expansion, maintaining a "buy" rating Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 28.4 billion yuan, a year-on-year increase of 8.2% and a quarter-on-quarter increase of 1.7% [1] - The net profit attributable to the parent company was 8.6 billion yuan, reflecting a year-on-year growth of 31.8% and a quarter-on-quarter increase of 0.2% [1] - The gross margin for Q3 was 64.1%, up 1.2 percentage points year-on-year, while the net profit margin reached 31.0%, an increase of 5.4 percentage points year-on-year [1] - As of the end of Q3 2025, the company's contract liabilities amounted to 19.5 billion yuan, a year-on-year increase of 25% and a quarter-on-quarter increase of 15% [1] Group 2: Game and Product Performance - Revenue from games and related value-added services reached 23.3 billion yuan in Q3 2025, with a year-on-year increase of 11.8% and a quarter-on-quarter increase of 2.3% [2] - The growth in revenue was driven by titles such as "Dream of the Red Chamber" and "Egg Party," as well as new games like "Yanyun Sixteen Sounds" [2] - The gross margin for the gaming segment was 69.3%, reflecting a year-on-year increase of 0.5 percentage points [2] - The peak concurrent online users for "Dream of the Red Chamber" reached 3.58 million, setting a new record [2] Group 3: AI and Innovation - Cloud music's revenue in Q3 was 1.96 billion yuan, a year-on-year decrease of 1.8%, but the gross margin improved by 2.6 percentage points to 35.4% [3] - The introduction of "AI Tuning Master" aims to enhance user experience with personalized music [3] - Youdao's revenue in Q3 was 1.63 billion yuan, showing a year-on-year increase of 3.6% and a quarter-on-quarter increase of 14.9%, primarily driven by online marketing services [3] - AI-driven subscription service revenue reached approximately 100 million yuan, marking a year-on-year growth of over 40% [3]

Core Viewpoint - The online music industry is transitioning from a copyright-driven model to an algorithm-driven era, reshaping platform dynamics and user engagement [6][18]. Group 1: Historical Development - The initial phase of China's digital music industry was characterized by disorder, dominated by piracy and unauthorized content, with platforms like QQ Music and KuGou Music relying on user-uploaded content [8][9]. - The introduction of regulatory measures in 2015 led to significant content removal, marking the beginning of a copyright governance era, with over 2.2 million songs taken down by major platforms [11][9]. - The competitive landscape shifted as Tencent Music consolidated its platforms and established a dual-monopoly with NetEase Cloud Music, focusing on stable copyright partnerships and user retention [17][15]. Group 2: Platform Competition - Tencent Music and NetEase Cloud Music adopted different strategies: Tencent focused on traffic synergy and product differentiation, while NetEase emphasized community engagement and user-generated content [14][15]. - By 2020, Tencent Music reported a 56% increase in music subscription revenue, reaching 5.56 billion yuan, while NetEase Cloud Music faced a net loss of nearly 3 billion yuan despite generating 4.9 billion yuan in revenue [15][17]. Group 3: Emergence of New Competitors - The entry of Douyin with its "Soda Music" app disrupted the market by leveraging algorithm-driven content distribution, contrasting with traditional music apps that relied on user-initiated searches [19][20]. - By September 2025, Douyin's music products showed significant user growth, with "Tomato Listening" and "Soda Music" achieving 92.4% and 90.7% year-on-year growth, respectively, while Tencent's platforms experienced declines [20][22]. Group 4: Future Outlook - The digital music market is at a crossroads, facing the choice between strengthening content barriers through libraries and subscriptions or adopting algorithm-driven models for user engagement [24]. - The competition dynamics have shifted, with algorithmic recommendations becoming a key factor in user acquisition and retention, challenging the traditional value chain of music distribution [24][22].

2025年11月24日15时，网易旗下武侠MMORPG《射雕》正式终止运营。这款曾高调宣示"150年长线运 营"愿景的游戏，从2024年3月28日公测至停服，仅存续545天。其生命周期与宏大口号形成的巨大反 差，不仅折射出网易在IP改编赛道的困境，更成为观察游戏行业"长线叙事"与"短期现实"冲突的典型样 本。 为挽救颓势，网易于2024年10月启动"回炉计划"，更换制作团队并重制2.0版本。新版本虽转向写实风 格、简化战斗系统，并推出"全额返利"活动，但最高仅冲至畅销榜第63名，未能逆转颓势。 最终，官方将停运归因于"与明河社IP合作到期"及"运营策略调整"，但业内普遍认为，收入不及预期才 是核心原因。 从"十亿投入"到"停运止损" 《射雕》项目启动时承载着网易的厚望。官方资料显示，游戏研发历时6年，投入资金约10亿元，由600 人团队打造，并获得金庸"射雕三部曲"正版授权。 公测初期，游戏凭借IP号召力与"非线性叙事+开放世界"的创新设定，首月MAU突破800万，付费率达 18.7%。 然而，短暂的辉煌后危机迅速显现：公测版本因美术风格幼态、移动端优化不足、战斗系统设计割裂等 问题遭遇口碑滑坡，上线一个月后 ...

我们统计了今年（截至11月15日）全球手游发行商在海外市场的收入表现并进行排名。 | 45 | NCSUFI | 리니시M、리니시W | 40000 | | --- | --- | --- | --- | | 24 | SciPlay | Jackpot Party | 40000 | | ડર | Modern Times Group | RAID: Shadow Legends | 36000 | | 26 | CyberAgent | Umamusume: Pretty Derby | 34000 | | 27 | Sony | Fate/Grand Order | 33000 | | 28 | 网易 | 荒野行动、第五人格 | 31000 | | 29 | FunPlus | State of Survival, DC: Dark Legion | 31000 | | 30 | 三七互娱 | Puzzles & Survival | 31000 | | 31 | 海彼 | Archero 2. Capybara Go! | 29000 | | 32 | River Game | Top Heroes, ...

Market Overview - The Hong Kong stock market showed a significant recovery on November 24, with all three major indices ending a streak of declines[9] - Large tech stocks performed strongly, with Kuaishou rising over 7%, and NetEase and Bilibili increasing over 5%[9] - The Hang Seng Tech Index closed at 5,546, up 2.78% for the day and 24.11% year-to-date[3] Sector Performance - Innovative pharmaceuticals and outsourcing concepts saw notable gains, with companies like Innovent Biologics rising over 6%[9] - Military stocks also performed well, with China Shipbuilding Defense up over 13%[9] - Oil stocks were weak, with China National Offshore Oil Corporation and China Oilfield Services both declining over 1%[9] U.S. Market Insights - On the same day, U.S. markets saw all three major indices close higher, driven by increased bets on a Federal Reserve rate cut[9] - The "Magnificent Seven" tech stocks, including Google and Nvidia, all rose, with Google gaining over 6%[9] - The S&P 500 index is projected to achieve double-digit annual growth according to HSBC strategists[14] Economic Indicators - The Federal Reserve is expected to cut rates in December, with market predictions showing a 70% probability[14] - The U.S. economy's third-quarter GDP report has been delayed due to a government shutdown, affecting economic analysis[14] Investment Trends - The Nasdaq Golden Dragon China Index rose by 2.82%, indicating a positive trend for Chinese concept stocks[13] - Significant inflows into semiconductor stocks were noted, with companies like Broadcom surging 11%[13]

漫剧市场开出第一张罚单，高质量专业创作方将迎来更大机会 11月初，国家广电总局下发工作提示，即日起至2026年3月开展专项治理，将各类动画形式微短剧纳入 分类分层审核体系。11月20日，中国网络视听节目服务协会通报灵矩动漫漫剧《高考落榜，忽悠同学上 冥牌大学》因过度宣扬封建迷信，存在严重价值导向偏差，被全网下架。 智通财经APP获悉，中泰证券发布研报称，一众平台纷纷发力漫剧。11月初，国家广电总局下发工作提 示，即日起至2026年3月开展专项治理，将各类动画形式微短剧纳入分类分层审核体系。该行认为， Gemini 3为漫剧创作增添强力助手，大模型不断迭代让创作者以极低成本实现传统制作方式难以完成的 视觉效果。建议持续关注：漫画、网文等IP源头公司以及AI技术和平台优势公司。 中泰证券主要观点如下： 抖音单日播放破4亿，一众平台纷纷发力 11月16日，"漫剧有数"统计显示，抖音端原生单日新增播放已破4亿大关。11月18日，爱奇艺发布Q3财 报称正拓展漫剧业务，开发自制漫剧;11月19日，爱奇艺正式发布公告称平台已经上线漫剧专属频道。 11月21日，报道称腾讯正在测试"火星动漫""火星动漫社"两款漫剧微信小程序， ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The company reported a revenue of 28.4 billion yuan in Q3 2025, representing an 8.2% year-on-year increase, with a gross profit of 18.2 billion yuan, up 10.3% year-on-year, and a net profit attributable to shareholders of 8.6 billion yuan, which is a 31.8% increase year-on-year [1][2]. - The company has a strong cash position with net cash of 153.2 billion yuan and operating cash flow of 12.9 billion yuan in Q3 2025, reflecting a 21.7% year-on-year growth [1]. - The classic games segment performed well, contributing to a revenue of 23.3 billion yuan in Q3 2025, a year-on-year increase of 11.8%, driven by self-developed games and several agency games [6][8]. - The company has a rich pipeline of upcoming games, including titles that have already gained traction in both domestic and international markets [6][8]. - The report anticipates that the company's net profit attributable to shareholders will reach 35.1 billion yuan, 38.5 billion yuan, and 42.5 billion yuan for the years 2025, 2026, and 2027, respectively [6][8]. Financial Data and Valuation - The total revenue forecast for the company is projected to grow from 103.5 billion yuan in 2023 to 130.1 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7% [2][9]. - The net profit is expected to grow from 29.4 billion yuan in 2023 to 42.5 billion yuan in 2027, reflecting a CAGR of around 10% [2][9]. - The report highlights a decrease in the price-to-earnings (PE) ratio from 20.6 in 2023 to 14.2 in 2027, indicating an attractive valuation over the forecast period [2][9]. Shareholder Information - The company has a total share capital of 3.168 billion shares, with a market capitalization of 67.35 billion Hong Kong dollars [3][6]. - The major shareholder, Shining Globe International Limited, holds a 45.17% stake in the company [3].

美银发布研报称，网易-S(09999.HK)第三季业绩发布后，与网易集团副总裁Bill Pang及投资关系团队举 行电话会议，会后对《无限大(ANANTA)》的用户参与度及盈利潜力更为乐观，现预计上线后年化流水 可达100亿人民币。该行将网易2025-2027年经调整每股盈测上调0-4%，以反映《无限大(ANANTA)》上 线后的业绩贡献，同时抵消略高的销售及市场费用影响。因此重申网易"买入"评级及目标价259港元。 ...