智通财经APP获悉，网易-S(09999)涨近5%，截至发稿，涨4.2%，报213港元，成交额1.08亿港元。 消息面上，近日，网易-S公布2025年第三季度业绩，净收入为人民币284亿元(40亿美元)，同比增加 8.2%。毛利润为人民币182亿元(26亿美元)，同比增加10.3%。归属于公司股东的净利润为约人民币 86.16亿元(12亿美元)，同比增长31.77%；基本每股净利润为0.38美元，第三季度股利为每股0.1140美 元。 其中，2025年第三季度游戏及相关增值服务净收入为人民币233亿元(33亿美元)，上一季度和去年同期 分别为人民币228亿元和209亿元。本季度，来自于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%。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》电脑版、《蛋仔 派对》，新上线的《燕云十六声》和《漫威争锋》等自研游戏，以及若干代理游戏净收入增加。 中金指出，公司3Q25《梦幻西游》PC及手游、《蛋仔派对》等产品暑期内表现良好，体现公司长青游 戏运营 ...

Core Insights - The annual list of top 100 enterprises in Zhejiang serves as an important indicator of the development of local companies, with total revenue exceeding 10 trillion yuan for three consecutive years, and 33 companies reporting revenues over 100 billion yuan, an increase of 2 from the previous year [1] - The growth of Zhejiang enterprises is driven by continuous investment in technological innovation, with 89 companies holding a total of 178,180 patents, marking an increase of 17,811 patents (11.11%) from the previous year [1] Group 1: Revenue and Rankings - Alibaba Group leads the list with a revenue of 996.35 billion yuan, followed by Rongsheng Holding Group at 658.60 billion yuan and Geely Holding Group at 574.83 billion yuan [12] - The top 10 companies by revenue include notable names such as Hikvision, NetEase, and Ant Group, with revenues ranging from approximately 924.96 million yuan to 996.35 billion yuan [12][13] Group 2: R&D Investment - Geely Holding Group ranks first in R&D investment with 266.65 billion yuan, a 16.3% increase from the previous year, and has committed over 100 billion yuan for R&D from 2021 to 2025 [9][10] - Ant Group follows with an R&D investment of 234.59 billion yuan, a 10.7% increase, and leads in patent holdings with 23,550 patents [7][10] - NetEase ranks third with an R&D investment of 175.25 billion yuan, reflecting a 6.3% year-on-year growth, and has focused on AI technology to enhance user experience in various sectors [5][10] - Hikvision, the largest security company globally, invested 118.64 billion yuan in R&D, maintaining a research expense ratio exceeding 10% for five consecutive years [3][10] Group 3: Technological Innovation - The manufacturing sector dominates patent holdings, with 65 companies owning 137,551 patents, while the service sector holds 37,859 patents [1] - Companies like Ant Group and NetEase are heavily investing in AI technologies, with Ant Group launching three AI assistants that have served over 130 million users [7] - Geely has been recognized for its innovation in hybrid power control technology, leading the industry in several patent metrics [9]

记者丨王俊 章驰 编辑丨肖潇 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求 意见稿"），明确了对大型网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿， 除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、 Kimi等迅速增长的AI公司，以及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5 千万或月活超1千万"等条件，同样可能进入大型网络平台的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信 息保护监督委员会规定》一脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》 对大型平台规定的配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 A I新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创设了"守门人"制度：对于提供重要互联网平台服务、拥有巨大用户数 ...

（原标题：两部门拟明确"守门人"认定标准，AI新贵们也入围了？） 21世纪经济报道记者 王俊 章驰 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求意见稿"），明确了对大型 网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿，除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、Kimi等迅速增长的AI公司，以 及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5千万或月活超1千万"等条件，同样可能进入大型网络平台 的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信息保护监督委员会规定》一 脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》对大型平台规定的配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 AI新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][9] Core Insights - The company demonstrates strong long-term operational capabilities in the gaming sector, with a significant increase in deferred revenue laying a solid foundation for future performance releases [2][6] - The Q3 2025 financial results show revenue of 28.359 billion yuan, a year-on-year increase of 8.2% and a quarter-on-quarter increase of 1.7%. The net profit attributable to shareholders is 8.616 billion yuan, reflecting a year-on-year increase of 31.8% and a quarter-on-quarter increase of 0.2% [5][6] Financial Performance Summary - **Revenue and Profitability**: In Q3 2025, the company achieved revenue of 28.359 billion yuan (YoY +8.2%, QoQ +1.7%) and a net profit of 8.616 billion yuan (YoY +31.8%, QoQ +0.2%). The non-GAAP net profit was 9.502 billion yuan (YoY +26.7%, QoQ -0.3%) [5][6] - **Gross Margin**: The gross margin improved to 64.1% (YoY +2.0 percentage points, QoQ -1.0 percentage points) [6] - **Expense Ratios**: The sales expense ratio was 15.7% (YoY +8.3 percentage points, QoQ +22.5 percentage points), R&D expense ratio was 16.0% (YoY -5.1 percentage points, QoQ +2.5 percentage points), and management expense ratio was 4.1% (YoY -2.2 percentage points, QoQ +8.4 percentage points) [6] Business Segment Performance - **Gaming Business**: The gaming and value-added services generated revenue of 22.3 billion yuan (YoY +11.8%, QoQ +2.3%). The gaming sector shows strong resilience and growth momentum, with classic IPs performing well [6] - **Youdao**: In Q3 2025, Youdao achieved revenue of 1.6 billion yuan, a year-on-year increase of 3.6% and a quarter-on-quarter increase of 14.9% [6] - **NetEase Cloud Music**: Revenue for Q3 2025 was 2 billion yuan (YoY -1.8%, QoQ flat). The introduction of AI features has enhanced user experience significantly [6] - **Innovative and Other Businesses**: Revenue decreased to 1.4 billion yuan (YoY -18.9%, QoQ -15.3%). The company is focusing on brand rejuvenation and leveraging AI technology [6] Earnings Forecast and Valuation - The company is projected to achieve revenues of 114.8 billion yuan, 126.5 billion yuan, and 136.2 billion yuan for 2025, 2026, and 2027 respectively. Adjusted net profits are expected to be 39.1 billion yuan, 44.1 billion yuan, and 49.1 billion yuan for the same years [8][9] - The target price for 2026 is set at 265 HKD, maintaining the "Accumulate" rating [6][9]

Investment Rating - The industry rating is "Recommended" [4] Core Insights & Investment Recommendations - Unity and Epic Games announced a strategic partnership to create an open and interoperable ecosystem for game engines, allowing developers to publish Unity games on the Fortnite platform with over 500 million registered accounts, enhancing user reach and commercialization efficiency [2][21] - NVIDIA's quarterly performance exceeded expectations, with data center revenue growing by 289% year-on-year, reflecting strong demand for AI infrastructure [3][22] - The report suggests focusing on investment opportunities in leading internet companies in Hong Kong, the gaming industry, and the film and cultural tourism sectors, driven by consumption policies and technological empowerment [3][22] Sub-industry Data Film Industry - The top three films by box office this week are "Demon Slayer: Infinity Castle" with 134.67 million yuan (42.9% market share), "Wild Era" with 75.67 million yuan (24.1%), and "Now You See Me 3" with 55.44 million yuan (17.7%) [23][24] Gaming Industry - The top three iOS games by revenue are "Teamfight Tactics," "Dungeon & Fighter: Origin," and "Honor of Kings," while the top three Android games are "Heart Town," "Sword and Magic Legend," and "My Leisure Time" [25] TV Series Industry - The top three TV series by broadcasting index are "Tang Dynasty Ghost Stories: Chang'an," "Four Happiness," and "Phoenix Platform," with indices of 85.5, 82.4, and 81.8 respectively [26][27] Variety Shows & Animation - The top variety show is "Now Departing Season 3" with a broadcasting index of 82.4, followed by "Wonderful Night Season 2" and "Flowers and Youth Together" [28][29] - The top three animated shows by viewership index are "Xian Ni" with 212.8, "Happy Hammer" with 191.6, and "Swallowing the Starry Sky" with 187.2 [30]

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]