Core Viewpoint - The article discusses the newly released draft regulations for personal information protection by large internet platforms in China, emphasizing the responsibilities and obligations these platforms must adhere to in safeguarding user data [1][3]. Group 1: Regulatory Framework - The draft regulations define large internet platforms based on user scale, specifically those with over 50 million registered users or 10 million monthly active users [5]. - Major companies like Tencent, Alibaba, ByteDance, and emerging AI firms such as DeepSeek and MiniMax are included under this definition, indicating a broader scope of regulation [3][5]. - The principle of "with great power comes great responsibility" is highlighted, indicating that larger platforms will face stricter compliance requirements [1][3]. Group 2: Compliance Requirements - Large platforms are required to establish dedicated personal information protection teams responsible for creating and implementing internal management systems and emergency response plans [10]. - The regulations mandate that personal information collected within China must be stored in domestic data centers, and platforms must conduct compliance audits and risk assessments [11]. - There is an emphasis on the need for platforms to publish social responsibility reports regarding personal information protection, which has previously been inadequately addressed by many companies [10]. Group 3: Independent Oversight - The draft regulations propose the establishment of independent supervisory committees composed mainly of external members to oversee personal information protection practices [13][15]. - These committees are tasked with monitoring compliance, evaluating the protection of sensitive personal information, and ensuring regular communication with users [15]. - Concerns are raised about the feasibility of these committees, as many platforms have yet to take significant steps towards establishing them [14].

Core Viewpoint - The draft regulations on personal information protection for large internet platforms have been released, establishing criteria for identifying such platforms and outlining their obligations for personal information protection [1][2]. Group 1: Identification of Large Platforms - The draft specifies that platforms with over 50 million registered users or 10 million monthly active users will be classified as large internet platforms, which includes traditional internet giants and emerging AI companies [3][4]. - Companies like DeepSeek, MiniMax, and Kimi, as well as smart device manufacturers such as OPPO, vivo, and Honor, are also likely to fall under this classification due to their user base [1][3]. Group 2: Responsibilities and Compliance - Large platforms are required to establish dedicated personal information protection teams, appoint responsible personnel, and publish annual social responsibility reports regarding personal information protection [6][7]. - The draft emphasizes the need for platforms to store personal information generated within China in domestic data centers and to conduct compliance audits and risk assessments [7]. Group 3: Independent Supervision - The draft regulations propose the establishment of independent supervisory committees composed mainly of external members to oversee personal information protection compliance [10][11]. - These committees will be responsible for monitoring compliance with personal information protection regulations and will need to maintain regular communication with users [11].

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]

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。 ...