格隆汇2月11日｜网易发布2025年Q4及全年财报。财报显示，2025年网易业绩稳健，Q4营收275亿元， 全年总营收1126亿元。全年营业利润358亿元，同比增长21%；Q4营业利润83亿元，同比增长6%。年研 发投入达177亿元，连续六年研发投入突破百亿。游戏及相关增值服务净收入921亿元，其中在线游戏净 收入达896亿元，同比增长11%。 ...

网易有道：去年第四季度毛利率为45.1%。 来源：滚动播报 ...

网易：第四季度营收275亿元人民币，市场预估287.9亿元人民币。 来源：滚动播报 ...

游戏业务方面，网易 2025 年相关增值服务净收入 921 亿元，其中在线游戏净收入达 896 亿元，同比增 长 11%，重回双位数增长。 网易表示，2025 年长青精品游戏表现强劲，运营 23 年的经典 IP《梦幻西游》电脑版全年营收再创新 高，《天下》端游最高在线人数突破近十年新高，用户付费率创下历史新高。《燕云十六声》首个周年 庆版本，刷新了日活与营收历史新高，并以多倍新高数据创下超预期表现，全球用户突破 8000 万。 《蛋仔派对》人均在线时长再创新高，稳居国内派对游戏榜首。 "我们以又一个稳健的季度业绩表现收官 2025 年，彰显了我们卓越的游戏长线运营能力，以及在全球市 场日益提升的影响力，"网易首席执行官兼董事丁磊先生说。"AI 已成为我们研发与运营的基础核心能 力。我们已系统化地将 AI 应用于游戏开发与玩法创新之中。目前，AI 已在提升生产效率方面取得显著 成效，并为我们的玩家解锁了前所未有的全新交互体验。"展望未来，网易各业务线将持续聚焦打造优 质产品。通过构建创新型人才生态体系，深化与全球伙伴的合作，稳步推进 AI 应用能力建设，从而不 断增强游戏的生命力，提供新颖的产品体验，为全球玩家 ...

网易发布财报，2025年第四季度净营收同比增3%至275亿元，归属公司股东净利润62亿元。 （文章来源：第一财经） ...

Core Insights - NetEase reported steady performance for 2025, with Q4 revenue of 27.5 billion yuan and total annual revenue of 112.6 billion yuan [1][2] - Annual operating profit reached 35.8 billion yuan, a year-on-year increase of 21%, while Q4 operating profit was 8.3 billion yuan, growing by 6% year-on-year [1][2] - The company invested 17.7 billion yuan in R&D for the year, marking the sixth consecutive year of R&D spending exceeding 10 billion yuan [1][2] Revenue Breakdown - Revenue from games and related value-added services amounted to 92.1 billion yuan, with online game revenue reaching 89.6 billion yuan, reflecting an 11% year-on-year growth and returning to double-digit growth [1][2] Game Performance Highlights - The classic IP "Fantasy Westward Journey" achieved record annual revenue after 23 years of operation [1][2] - The online game "Tianxia" reached its highest peak online player count in nearly a decade, with user payment rates hitting an all-time high [1][2] - The first anniversary version of "Yanyun Sixteen Sounds" set new records for daily active users and revenue, exceeding expectations with over 80 million global users [1][2] - "Egg Party" saw a new high in average online duration per user, maintaining its position as the top party game in China [1][2]

网易第四季度营收275亿元人民币，市场预估287.9亿元人民币；第四季度毛利177亿元人民币，市场预 估182.5亿元人民币。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

Core Viewpoint - NetEase reported its unaudited financial results for the fourth quarter and fiscal year 2025, showing a slight increase in net revenues but a decline in net income compared to the previous year, highlighting the impact of various business segments and the integration of AI in operations [1]. Financial Highlights - Fourth quarter net revenues reached RMB27.5 billion (US$3.9 billion), a 3.0% increase from the same quarter in 2024 [1]. - Net revenues from games and related value-added services were RMB22.0 billion (US$3.1 billion), up 3.4% year-over-year [1]. - Youdao's net revenues increased by 16.8% year-over-year to RMB1.6 billion (US$223.7 million) [1]. - Net income attributable to shareholders for the fourth quarter was RMB6.2 billion (US$892.6 million), down from RMB8.8 billion in the same quarter of 2024 [1]. Operational Highlights - Blizzard titles maintained strong engagement in China, achieving record-high annual revenue [1]. - The game portfolio was strengthened with successful launches like Sword of Justice and Where Winds Meet, which surpassed 80 million cumulative players [1]. - AI integration across game development processes has improved production efficiency and enabled new gameplay experiences [1]. Fiscal Year 2025 Results - Total net revenues for fiscal year 2025 were RMB112.6 billion (US$16.1 billion), an increase from RMB105.3 billion in 2024 [1]. - Net revenues from games and related services for the fiscal year were RMB92.1 billion (US$13.2 billion), compared to RMB83.6 billion in 2024 [1]. - Net income attributable to shareholders for the fiscal year totaled RMB33.8 billion (US$4.8 billion), up from RMB29.7 billion in 2024 [1]. Cost and Profit Analysis - Cost of revenues for the fourth quarter was RMB9.9 billion (US$1.4 billion), a decrease from RMB10.5 billion in the same quarter of 2024 [1]. - Gross profit for the fourth quarter was RMB17.7 billion (US$2.5 billion), compared to RMB16.3 billion in the same quarter of 2024 [1]. - Total operating expenses for the fourth quarter were RMB9.4 billion (US$1.3 billion), up from RMB8.5 billion in the same quarter of 2024 [1]. Cash and Dividend Information - As of December 31, 2025, the company's net cash totaled RMB163.5 billion (US$23.4 billion), an increase from RMB131.5 billion in 2024 [1]. - A quarterly dividend of US$0.232 per share (US$1.16 per ADS) was approved for the fourth quarter of 2025 [2]. Share Repurchase Program - The company extended its share repurchase program of up to US$5.0 billion for an additional 36 months until January 9, 2029, with approximately 22.1 million ADSs repurchased for a total cost of US$2.0 billion as of December 31, 2025 [2].

【独家|网易有道推出全场景个人助理Agent"LobsterAI"】智通财经2月11日电，智通财经记者获悉，网 易有道今日正式推出桌面级Agent"LobsterAI"（中文名：有道龙虾），该产品定位为"7×24 小时帮你干 活的全场景个人助理Agent"，目前已在官网开放内测申请。据悉，LobsterAI采用了类似Claude Cowork 的直观GUI界面，无论是资讯获取、日程管理、还是深度数据分析，用户只需与其对话，LobsterAI便能 在获得授权后，自动在本地计算机中通过程序化方式执行复杂流程，并交付结果。在设备支持上， LobsterAI目前已打通移动端与PC端的连接，用户可通过手机端在钉钉、飞书等软件中进行远程交互。 （智通财经记者 付静） 转自：智通财经 ...

（文/陈济深 编辑/张广凯） 2月4日，腾讯在各大应用商店上线了旗下首款漫剧独立App"火龙漫剧"。 同日，腾讯还与中文在线达成了2320万元的动画微短剧授权合作，尽管金额本身不算惊人，但独立APP上线叠加真金白银的内容采购， 释放的信号再清晰不过：腾讯正在把AI漫剧从试水推向正式布局。 而就在火龙漫剧上线后，网易羚羊官宣与火龙漫剧达成合作。网易羚羊可以利用旗下大宋映画和雷火映画编辑器制作漫剧内容，授权在 火龙漫剧及腾讯生态上线分发。 腾讯内部人士透露，"火龙漫剧是腾讯视频内部一支年轻团队的探索项目，主要围绕AI技术在漫剧领域的应用模式进行验证，属于内部创 业与创新尝试。" 但两大互联网巨头在一条新兴赛道上罕见"合体"，显然很难理解为单纯的内容采购合作。 与此同时，字节跳动的红果免费漫剧APP月活已达850万，百度推出了柚漫剧和七猫漫剧双APP并进战略，爱奇艺早在去年10月就公布了 漫剧合作计划，优酷更是在2023年便率先试水"漫剧共创计划"。 当所有大厂齐刷刷出现在同一条赛道上时，这也意味着AI漫剧，或将从创业者的试验田变成巨头的主战场。 大厂集体下场 要理解大厂为何在此刻集体涌入，首先要看需求端。 据艾媒 ...