"高抽成"模式走向终结 撰文/ 孟会缘 编辑/ 陈邓新 排版/ Annalee 近日，苹果和腾讯自2024年开始的"抽成之争"迎来终局——苹果将对腾讯APP内小游戏的内购项目抽成15%，低于苹果App Store通常实行的30%比例。 要知道在达成这项协议之前，腾讯正通过微信生态的特性设计支付跳转路径，以此绕开苹果iOS平台的内购抽成政策。即说，如"游戏公司给手机厂商打 工"之类的论调，有望得到较大程度地缓解。 当然，这一消息对于不少游戏开发者而言，更大意义在于它释放了一个相当积极的信号。 长期以来，高额的抽成比例一直是压在游戏公司心头的一块大石，不论是iOS端30%的抽成，还是华为、OPPO等安卓渠道50%的抽成，都让游戏开发者在 盈利之路上步履维艰。 如今这15%的新抽成比例方案横空出世，终于为游戏行业带来一丝转机与希望。因为这不仅意味着游戏公司在收益分配上将获得更大的自主权，更预示着 整个行业生态都将迎来全面的优化与重塑。 其实在苹果和腾讯的"抽成之战"止戈之前，或许有人也关注到了游戏圈的另一件大事：部分网易游戏在OPPO渠道停服，原因是与网易的合作终止。 网易和OPPO之间的拉锯进程也不短，据相关报道 ...

| NTES 网易 | | 03 | | --- | --- | --- | | 133,950 ↑ +0.530 +0.40% | | 收盘价 11/20 16:00 美东 | | 131.000 ↓ -2.950 -2.20% | | 盘前价 11/21 04:08 美东 | | 二 2 24 2 5 8 日 ♥ 白 ♥ 白 一 白 | | ● 快捷交易 | | 最高价 138.548 | 开盘价 130.305 | 成交量 151.21万 | | 最低价 129.010 | 昨收价 133.420 | 成交额 2.04亿 | | 平均价 134.816 | 市盈率 16.89 | 总市值 848.17亿(m) | | 振 幅 7.15% | 市盈率(静) 20.74 | 总股本 6.33亿 | | 换手率 0.43% | 市净率 3.862 | 流通值 469.94亿 | | 52周最高 159.550 委 比 -52.69% | | 流通股 3.51亿 | | 52周最低 82.739 量 比 1.43 | | 色 主 1胎 | | 历史最高 159.550 股息TTM 2.946 | | 换股比率 ...

Market Performance - The Hong Kong stock market experienced significant declines, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21%. This week marked a cumulative decline of 7.18%, resulting in four consecutive weeks of losses [1][3]. - The market turnover increased to 285.70 billion HKD, up from 245.14 billion HKD in the previous trading day [1]. Sector Performance - The technology and semiconductor sectors faced the largest declines, with JD Health falling over 8%, SMIC and Hua Hong Semiconductor dropping more than 6%, and Tencent Music and Baidu Group decreasing over 5%. Other notable declines included NIO, Alibaba, and Alibaba Health, which fell over 4%, while NetEase and BYD Electronics dropped over 3% [3]. - In contrast, Xiaomi Group saw an increase of over 1%, and Kingsoft experienced a slight rise [3]. Global Market Trends - Major European stock indices opened lower, with the Euro Stoxx 50 Index down by 1.57%, the UK FTSE 100 Index down by 1.04%, the French CAC 40 Index down by 1.29%, the German DAX 30 Index down by 1.48%, and the Italian FTSE MIB Index down by 1.48% [3]. Cryptocurrency Market - The cryptocurrency market faced a sharp decline, with Bitcoin dropping over 9% to below 82,000 USD per coin, Ethereum falling nearly 11%, BNB decreasing over 8%, and Solana dropping over 12%. The total market capitalization of cryptocurrencies fell below 3 trillion USD, with Bitcoin prices dropping below the average purchase price of the US Bitcoin ETF [3].

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21% [1][2]. Sector Performance - The pharmaceutical sector faced the largest declines, with notable drops in internet healthcare, AI healthcare, biopharmaceuticals, pharmaceutical outsourcing, and innovative drug concepts. Key stocks included: - 3SBio (01530.HK) down 9.44% - WuXi Biologics (01873.HK) down 6.09% - Kingsoft Cloud (01548.HK) down 6.05% - Innovent Biologics (02696.HK) down 5.62% - CanSino Biologics (09926.HK) down 5.39% - JD Health (06618.HK) down 8.6% - Ping An Good Doctor (01833.HK) down 4.28% - Alibaba Health (00241.HK) down 4.46% - Crystal International (02228.HK) down 4.82% - MicroPort Scientific (02252.HK) down 3.55% [3]. Impact of Economic Data - The recent U.S. non-farm payroll data exceeded expectations, leading to a decrease in the likelihood of a Federal Reserve rate cut in December. This has implications for the valuation and financing of innovative drugs, as the cooling expectations for rate cuts may impact investment sentiment [3]. Commodity and Energy Sector - The weakening expectations for a December rate cut have also affected the U.S. dollar index, which surpassed the 100-point mark, putting pressure on the commodities sector. Key declines included: - Ganfeng Lithium (01772.HK) down 12.47% - Tianqi Lithium (09696.HK) down 11.93% - Jinchuan Group (06680.HK) down 6.63% - Lingbao Gold (03330.HK) down 5.47% - China Aluminum (02600.HK) down 4.85% - Chalco International (02068.HK) down 4.74% [4]. Renewable Energy Sector - The power equipment, photovoltaic, and wind power sectors also performed poorly, with significant declines in: - Northeast Electric (00042.HK) down 7.02% - Xinyi Solar (00968.HK) down 7.51% - GCL-Poly Energy (03800.HK) down 5.83% - Yihua Energy (02402.HK) down 6.27% - Flat Glass Group (06865.HK) down 6.02% [4]. Semiconductor Sector - The semiconductor sector saw notable declines, with: - SMIC (00981.HK) down 6.39% - Hua Hong Semiconductor (01347.HK) down 6.09% - Shanghai Fudan (01385.HK) down 3.78% - Beike Micro (02149.HK) down 5.2% [5]. Technology Sector - Other technology-related sectors, including cloud computing and AI, also faced downward pressure, with significant drops in: - Tencent Music (01698.HK) down 5.98% - Baidu (09888.HK) down 5.79% - Alibaba Group (09988.HK) down 4.65% - NetEase (09999.HK) down 3.76% [5].

中金发表报告指，网易第三季收入按年增8%至284亿元，Non-GAAP净利润按年增27%至95亿元，略低 于该行预期。中金认为，主要由于部分产品当季产生流水尚未完全确认且营销费用支出高于预期。网易 宣布每股派息0.114美元，同时宣布目前在运行的回购计划(不超过50亿美元)有效期延长至2029年1月， 该计划截至第三季末已回购共20亿美元。中金维持对网易利润预测，维持"跑赢行业"评级及目标价275 港元。 ...

Core Viewpoint - NetEase's Q3 total revenue grew by 8% year-on-year, with online gaming revenue increasing by 13%, both below market expectations [1] - Adjusted net profit reached 9.5 billion yuan, in line with expectations, as record-high sales expenses offset investment income [1] - Cash collections grew by 14% year-on-year, matching optimistic forecasts [1] Financial Performance - Total revenue growth of 8% year-on-year [1] - Online gaming revenue growth of 13% year-on-year [1] - Adjusted net profit of 9.5 billion yuan, meeting expectations [1] - Cash collections increased by 14% year-on-year [1] Strategic Focus - The company aims to enhance resource allocation efficiency in game development and operations [1] - Focus will be on a smaller number of new games with higher potential and the operation of key evergreen titles [1] - Anticipation of continued market attention on the overseas version of "Yan Yun Sixteen Sounds" following its initial success [1] Ratings and Price Targets - The company maintains a "Buy" rating [1] - Target price for Hong Kong stocks adjusted from 270 HKD to 265 HKD [1] - Target price for US stocks adjusted from 172 USD to 170 USD [1]

11月20日，网易披露2025年第三季度财报。公司期内净收入为284亿元，同比增加8.2%。其中，游戏及 相关增值服务业务延续强劲表现，实现净收入233亿元，同比增长11.8%，占公司总营收比重升至82%， 成为拉动业绩增长的核心引擎。此外，公司期内归属于股东的净利润为86亿元。 对比去年同期不难发现，网易游戏业务正在加速回暖。2024年第三季度，网易期内游戏业务板块净收入 为209亿元。 网易首席执行官丁磊也在当天的电话会上针对游戏研发策略、近期个别制作人离任等外界十分关注的问 题进行了回应，他表示，专注是一家公司应有的核心优势。针对近期的调整，他认为属于正常人员流 动，调整在不影响日常运营情况下进行，希望团队更加专注、高效，集中力量打造长青精品。 《梦幻西游》电脑版PCU达358万人，三季度营业成本略有增加 网易游戏第三季度业务的增长主要得益于"长青精品"的布局成效。数据显示，《梦幻西游》等多款"长 青精品"创下新高。 作为网易游戏的经典IP，自三季度起，《梦幻西游》电脑版最高同时在线玩家数（PCU）连创四次新 高，最高达358万人。网易管理层表示，该产品凭借"极其稳定的经济系统与独特且非常丰富的游戏体 ...

Core Viewpoint - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 2.07% and the Hang Seng Tech Index falling by 3.11% on November 21 [1] Group 1: Market Performance - The semiconductor sector led the declines, with notable drops in stocks such as Hua Hong Semiconductor and SMIC, both falling over 5% [1] - Shanghai Fudan also saw a decline of nearly 3% [1] Group 2: Technology Sector - Technology stocks faced widespread losses, with Baidu dropping over 6% and Alibaba declining by 4% [1] - Other major players like NetEase and JD.com experienced declines of nearly 3% [1]

格隆汇11月21日｜花旗发表研报指，网易第三季总净收入为284亿元，按年增长8.2%，按季增长1.7%， 较花旗及市场预测分别低出1.9%及3%，主要因为游戏收入低于预期。期内non-GAAP纯利95亿元，利润 率33.5%，较花旗预期轻微低出0.5%，但大致符合市场预期。该行指，网易从未发布官方业绩指引，因 此认为营收小幅未达预期及游戏收入略逊预期，并不构成颠覆性影响。正面来看，递延收入按年增长 25%，可能意味着今年第三季实现的相当部分收入将被推迟到后续季度确认，这也解释了尽管游戏组合 整体表现看似强劲，但营收仍略低于预期的现象。花旗予网易美股的目标价158美元，评级"买入"。 ...

早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起 看看吧。 【巨头风向标】 何同学称公司今年亏损百万：一条微博"影响比较大" 近日，何同学在《罗永浩的十字路口》访谈中被问及公司今年盈利情况，何同学表示："我们今年可能 亏个一两百万。当然我们今年亏钱，主要还是因为我发了一条微博影响比较大。" "因为其实客户来投 我们其实就是投我这个名字，投我们这个频道。但如果说我们最核心的资产，我们的品牌形象有了很大 的问题，那确实是不可能的。但是我对于发这条微博确实我是非常抱歉的。"4 月 11 日，何同学曾发布 一条微博，称自己现在打网约车时，除非司机服务 "好到想打好评的程度"，否则会直接拒绝给司机好 评，引发群嘲。 魅族回应出售总部大楼 21世纪经济报道新质生产力研究院综合报道 11月20日，有报道称，平台显示，位于广东省珠海市高新区唐家湾的一处高端综合办公园区正在出售 中，发布人为黄先生，标价2.5亿元，总面积约23848.55平方米。经查询具体地址发现，该定位在百度地 图标记为"魅族科技楼"，挂牌的大楼外观也和魅族官网的总部大楼外观相符，只是没有了魅族Logo和字 ...