网易 20251120 摘要 网易三季度推出多款新游，如登顶美国 iOS 下载榜的科幻射击游戏，以 及 Steam 全球畅销榜排名第三的《Marvel Rivals》，《天翼》上线两 日 Steam 峰值在线人数达 19 万，市场表现强劲。 网易通过创新和合作丰富产品组合，如《人性》推出新场景和 PVP 改革， 与《Power World》合作，以及《正义》采用 AI 驱动 NPC 和智能面部 创建系统，提升用户体验。 网易通过推出无限服务器等方式，持续为运营 22 年的旗舰级作品《梦 幻西游 Online》注入新活力，并发玩家账户连续四次创新高，并不断更 新《梦幻西游手游》以满足玩家需求。 网易通过与故宫博物院合作、举办三周年庆祝活动等社区互动，显著提 升用户参与度，如《Eggie Party》三周年活动日活跃用户突破 3,000 万，《All-My-Ogi》周年活动进入中国 iOS 收入前十。 网易将继续专注于创新、国际市场扩张和社区参与，计划在国际舞台展 示新作，优化现有产品，并开发全新项目，致力于为全球玩家带来独特 体验。 Q&A 网易在 2025 年第三季度的财务表现如何？ 2025 年第三季度，网 ...

摘要 道氏公司第三季度总毛利同比下降 12.9%至 6.879 亿元，但智能设备 毛利率提升至 50.3%，在线营销服务毛利率降至 25.4%。运营费用略 有减少，销售和营销费用下降，研发费用上升。 第三季度营业利润率同比下降至 1.7%，但归属于普通股股东的净收入 同比增长 17%至 1.011 亿元，非 GAAP 净收入增长 3%至 922 百万元。 学习服务板块营收同比下降 61.6%，但前 9 个月营业利润同比增长 149.2%。 人工智能驱动订阅服务总销售额创新纪录，达约 1 亿元，同比增长超 40%。孔子三号翻译模型发布，支持 38 种语言实时翻译。"有疑"词 典 AI 同声传译功能销售额同比增长超 200%。 在线营销业务加速增长，净收入同比增长 51%至 7.397 亿元，主要受 奈特斯集团和海外市场需求驱动。广告 AI 定位优化器提升广告效果，并 计划推出 2.0 版本。 智能设备业务收入同比下降 22%以上至 2.458 亿元，反映公司采取更 严格策略以提升运营健康状况。新推出儿童绘画产品"你怀疑,太空 X" 以及字典笔、辅导笔等产品。 Q&A 道氏公司在 2025 年第三季度的财务表现如 ...

We are Buy rated on NTES/9999.HK with 12-month SOTP-based target prices of US$160/HK$250. Lincoln Kong, CFA +852-2978-6603 | lincoln.kong@gs.com Goldman Sachs (Asia) L.L.C. Ronald Keung, CFA +852-2978-0856 | ronald.keung@gs.com Goldman Sachs (Asia) L.L.C. Luqing Zhou +852-3465-4207 | luqing.zhou@gs.com Goldman Sachs (Asia) L.L.C. Key highlights Recent trend by title and pipeline Management elaborated that NTES operates its games in a very long-lasting cycle manner with a community mindset, though each game ...

网易 20251121 摘要 网易公司第三季度总净收入达人民币 284 亿元，其中游戏业务收入 233.3 亿元，同比增长 12%，在线游戏净收入同比增长 13%，环比增 长 3%。非公认会计准则净收入 95 亿元，同比增长 27%，显示出强劲 的盈利能力。 《梦幻西游》PC 版推出创新无限制服务器后，月活跃用户达到两年来的 新高，同时在线人数创纪录达到 358 万，验证了经典游戏通过创新模式 重焕生机的潜力，该模式或可复制到其他社交类游戏中。 网易积极拓展海外市场，新款科幻射击游戏迅速登上美国等西方市场下 载榜首，并在近 100 个市场领先。《逆水寒》全球发行亦获成功，表明 网易具备将中国特色游戏推向国际市场的能力。 有道第三季度总收入同比增长超过 40%，AI 原生战略成效显著。在线营 销服务通过 AI 技术提高程序化广告效率，并推出具备智能功能的辅导平 板电脑，教育和广告业务均保持健康发展。 NBPL 秋季赛成为 2026 年亚运会电竞项目后的首个职业联赛，提升了 网易电竞业务的吸引力。同时，公司不断推出轻松有趣的体验，如以中 国神话为灵感的新动物游戏，以吸引更广泛受众。 Q&A 网易公司在 2025 ...

Core Viewpoint - NetEase-S reported a strong performance in Q3 2025, with significant year-on-year growth in net income and net profit, driven primarily by its gaming segment [1][2] Financial Performance - Net income for Q3 2025 reached RMB 28.4 billion (USD 4 billion), an increase of 8.2% year-on-year [1] - Gross profit was RMB 18.2 billion (USD 2.6 billion), reflecting a year-on-year growth of 10.3% [1] - Net profit attributable to shareholders was approximately RMB 8.616 billion (USD 1.2 billion), marking a year-on-year increase of 31.77% [1] - Basic earnings per share stood at USD 0.38, with a quarterly dividend of USD 0.1140 per share [1] Gaming Segment Performance - Net income from gaming and related value-added services was RMB 23.3 billion (USD 3.3 billion), compared to RMB 22.8 billion in the previous quarter and RMB 20.9 billion in the same quarter last year [1] - Online gaming revenue accounted for approximately 97.6% of the gaming segment's net income, up from 97.1% in the previous quarter and 96.8% year-on-year [1] - Growth in online gaming revenue was driven by self-developed games such as "Dream of Jianghu" PC and "Nirvana in Fire" mobile games, as well as several licensed games [1] Future Outlook - The company plans to allocate more resources to evergreen projects and provide opportunities for innovative teams [2] - Upcoming game "Forgotten Sea" is set to launch in 2026, with additional titles like "Infinite" and "Return to Tang" in the pipeline [2] - Focus on enhancing the global capabilities of local teams and monitoring the progress of key new games [2]

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]

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]