编辑 王进雨 新京报贝壳财经讯 11月20日，网易公告，第三季度净收入284亿元，去年同期262亿元；非公认会计准 则下归属于公司股东的净利润为95亿元，去年同期75亿元；研发投入45亿元，研发投入强度16%，领先 行业。第三季度在线游戏服务净收入233亿元人民币。 ...

Core Insights - NetEase reported Q3 2025 net revenue of 28.4 billion yuan, with a non-GAAP net profit attributable to shareholders of 9.5 billion yuan, and R&D investment of 4.5 billion yuan, reflecting a R&D intensity of 16% [1][9] - The company emphasizes user experience and innovation, focusing on long-term growth and global expansion, particularly in gaming and AI technology [1][9] Financial Performance - Q3 net revenue from games and related services reached 23.3 billion yuan, with classic IP "Fantasy Westward Journey" achieving record online player numbers [1][3] - NetEase Youdao's Q3 revenue was 1.6 billion yuan, with a nearly 150% year-on-year increase in operating profit for the first three quarters of 2025 [1][11] - NetEase Cloud Music reported Q3 revenue of 2 billion yuan, introducing AI features to enhance user experience [1][11] Gaming Sector Highlights - The classic IP "Fantasy Westward Journey" saw its online player count peak at 3.58 million, marking a record high [3][4] - New games like "Destiny: Stars" topped the iOS download charts in 19 regions on launch day, showcasing strong market performance [1][6] - Popular original IPs such as "Reverse Water Cold" and "Egg Party" demonstrated significant growth, with "Reverse Water Cold" returning to the top of the iOS sales charts in China [4][6] AI Integration - AI technology is a key driver for business growth and user experience enhancement, with R&D investment reaching 4.5 billion yuan [1][9] - AI applications in gaming have improved production efficiency and player engagement, with significant advancements in NPC capabilities and user-generated content [10][11] - NetEase Youdao's AI subscription service sales approached 100 million yuan, marking a historical high, with AI-driven features enhancing user learning and work efficiency [11][12] Global Expansion - NetEase is accelerating its global strategy, with multiple products receiving positive responses in overseas markets [6][7] - The company achieved significant milestones with games like "Destiny: Stars" and "Reverse Water Cold," which topped download charts in various countries [6][7] - Upcoming titles such as "Infinite" and "Forgotten Sea" are generating anticipation, with "Infinite" winning the Future Expectation Award at the Tokyo Game Show 2025 [8]

Non-GAAP净利润95亿元，同比增长26.7%；每ADS收益2.09美元； 运营费用102亿元，同比增长9.7%，环比激增13.3%，主因游戏营销支出大增； 毛利率64.1%同比提升但环比持平； 净现金1,532亿元，较年初增长216.7亿元；经营现金流129亿元，同比环比均显著改善 网易三季度营收284亿元同比增长8.4%，净利润86亿元，去年同期65.38亿元。游戏业务依然是网易的现 金奶牛，Q3贡献233亿元营收，占总营收的82%。在线游戏收入占该板块的97.6%，这个比例较去年同 期的96.8%进一步提升。 核心财务指标 Q3总营收284亿元人民币，同比增长8.2%； 毛利润182亿元，同比增长10.3%； 净利润86亿元持平上季度，同比增长32.3% 核心业务 游戏业务占总营收82%，达233亿元，同比增长11.8%；《梦幻西游》《蛋仔派对》《燕云十六声》《漫 威争锋》等新老游戏贡献增长 最值得关注的数据来自**《梦幻西游》端游——自Q3以来连续四个季度刷新同时在线峰值，最高达358 万人**。一款运营近20年的老游戏仍能创造历史新高，这既体现了网易在IP长线运营上的功力，也反映 出中国游戏市场 ...

Core Insights - The article highlights the investment philosophy and business strategies of Duan Yongping, a prominent figure in both the manufacturing and investment sectors, often referred to as "China's Warren Buffett" [3][19]. Group 1: Investment Philosophy - Duan emphasizes that investing is fundamentally about understanding the company rather than merely speculating on stock prices, stating "buying stocks is buying companies" [17]. - His successful investment in NetEase, where he bought shares at a time when the stock was undervalued, exemplifies his approach of understanding the business model and market potential [18]. - Duan has only truly understood a few companies over the years, including Apple and Moutai, indicating a selective and informed investment strategy [18]. Group 2: Business Principles - Duan advocates for a principle-based approach to business, focusing on doing the right things and maintaining a calm mindset, which he refers to as "本分 + 平常心" (being principled and having a calm heart) [13]. - He established a "not-to-do list" for his company, which includes avoiding OEM production and not engaging in dishonest practices, thereby streamlining operations and reducing errors [14][15]. - His experience with the company Step by Step (步步高) illustrates the importance of brand building over competing in low-margin OEM markets [14]. Group 3: Personal Background and Career - Duan Yongping's journey began in Jiangxi, China, and he faced various challenges in his early life, which shaped his decision-making and independence [9]. - After a successful career in manufacturing, he retired early to focus on family and investment, believing that financial freedom comes from doing what one loves without being driven solely by money [10][11]. - His transition from CEO to investor reflects a strategic shift towards leveraging his expertise in understanding business dynamics rather than managing day-to-day operations [10][11].

经济观察网 11月20日，网易发布2025年第三季度财报。财报显示，网易2025年Q3营收284亿元，同比增 加8.2%；毛利润为182亿元，同比增加10.3%；归属于公司股东的净利润为86亿元。 来源：经济观察网 ...

热门评论我要评论 微信扫码 移动端评论 大众报业·齐鲁壹点20分钟前 果然财经｜高分成模式受诟病，手游厂家纷纷撤出渠道服 自10月以来，多款网易热门手游陆续从OPPO渠道撤离。而这场与手机渠道服的"割席"由来已久。今年 以来，《梦幻西游》《光遇》《大话西游》等经典作品已相继终止与OPPO渠道服的合作，玩家要在限 定时间内迁移账号、转移资产，使用网易官方服务器继续游戏。密集"解绑"背后，是行业内早已公开的 渠道博弈。2021年，网易创始人丁磊曾在财报电话会上公开质疑安卓渠道的高分成模式。 果然财经｜高分成模式受诟病，手游厂家纷纷撤出渠道服 暂无评论 鲁ICP备15022957号-13 鲁公网安备 37010202002220号 鲁新网备案号201000101 电信增值业务许可证： 鲁B2-20120085 齐鲁晚报·齐鲁壹点 版权所有(C) All Rights Reserved 联系电话：0531-82625462邮箱： 1790179766@qq.com ...

网易(NTES.US)美股盘前跌5.3%报126.35美元。消息上，网易刚刚公布第三季度营收283.6亿元，同比增 长8.2%，市场预估292.2亿元；毛利182亿元，市场预估186.4亿元；非公认会计准则下归属于公司股东 的净利润为95亿元，去年同期75亿元；经调整每股ADS持续经营净收益14.73元，市场预估14.76元；研 发投入45亿元，研发投入强度16%，领先行业。第三季度在线游戏服务净收入233亿元，市场预估238.8 亿元。值得关注的是创新业务及其他收入14亿元，下跌18.9%。 ...

2025年第三季度网易云音乐净收入为人民币20亿元(275.9百万美元)，上一季度和去年同期均为人民币20 亿元。 2025年第三季度创新及其他业务净收入为人民币14亿元(202.1百万美元)，上一季度和去年同期分别为人 民币17亿元和人民币18亿元。该分部中主要包含严选、广告和其他增值服务的净收入，也包含了某些内 部交易的抵销。其环比减少主要来自于网易严选净收入减少。同比减少主要来自于某些分部间内部交易 抵销的增加，以及网易严选等业务净收入减少。 该公司今日宣布，将此前已批准的可在公开市场或通过其他交易回购总金额不超过50亿美元流通在外的 美国存托股和普通股的股份回购计划有效期延长36个月，直至2029年1月9日。截至2025年9月30日，在 该计划下公司已购买约2210万股美国存托股，共计约20亿美元。 网易-S(09999)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 ...

11月20日，网易(09999)发布2025年第三季度财报。财报显示，《燕云十六声》国内三季度月活跃用户 数、收入均创新高。近期，网易加快游戏全球发行，《燕云十六声》海外版本拿下20个欧美地区Steam 畅销榜前十，Steam英语区好评率达84%，成为首款横扫欧美市场的中国武侠游戏，并在全球取得极具 开创性的品类表现。 | | | 商云十六届 | | 000 | | | BAND THE BEACH AND | | | 1 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 游戏 | 社区 院计 | | | | 时戏 | H C | 1934 | | | | | | | | | | | | WHEDE | | | 1/10 | | 好评率统计 | | | | 121-P-10-18 | 全球好评事 | | | | | | | 好评数据 更新时间: 2025-11-19 | | | | | 培服 | | 超详情做 | 时代数 | 00 (7-85) | 好诗体 | | 83% | | 83% | 83% | #1034 ...

【#网易第三季度游戏收入233亿元#】网易发布2025年第三季度财报，财报显示，#网易第三季度营收 284亿元#，其中，网易游戏及相关增值服务净收入为233亿元，同比增长11.8%。 ...