里昂发表报告指，网易第二季业绩略低于预期，总收入及调整后净利润按年增长按年9.4%及21.9%，分 别达到279亿元及95亿元，低于该行预估2%及1%。端游因《魔兽世界》本季面临较高比较基数，但手 游在第三季有望因低基数和热门游戏复苏而恢复正增长。报告指，网易于6月在海外推出角色扮演游戏 《Marvel Mystic Mayhem》，并于8月在海外推出射击游戏《Rising Destiny》。另外，网易有超过20款 已获批准游戏在预备，明年备受期待的跨平台游戏包括ACG开放世界游戏《Ananta》和冒险角色扮演游 戏《Sea of Remnants》。该行维持对公司经调整净利润预测，维持"跑赢大市"评级及目标价140美元不 变。 ...

Core Viewpoint - NetEase's Q2 2025 earnings report showed overall performance that did not meet optimistic market expectations, leading to negative market feedback and a need to digest the expectation gap [1][12]. Game Revenue Performance - Q2 game and value-added services revenue grew by 13.7%, with core game revenue increasing by 15%, falling short of market expectations [2][19]. - The growth was primarily driven by new games such as "Yanyun Sixteen Sounds," "Marvel Showdown," and "Seven Days World," along with the evergreen game "Identity V" [2][19]. - Deferred revenue increased by 25% year-on-year, indicating that NetEase's true potential has not yet been fully realized, which could support growth in the next quarter [2][19]. - There are concerns about pressure in the second half of the year, particularly regarding the performance of evergreen games and the upcoming release of "Destiny: Stars" [2][3]. Marketing Expenses - Q2 sales expenses saw a significant increase, with nearly 1 billion CNY more spent compared to previous quarters, which may have contributed to market dissatisfaction [5][38]. - The increase in marketing expenses is viewed as a necessary investment for new game launches and promotional activities for existing games [7][40]. - Despite the rise in expenses, it is suggested that this should not be viewed negatively, as it reflects a strategy to enhance product visibility and market presence [7][40]. Financial Metrics - The core operating profit for Q2 was 9.1 billion CNY, a 30% year-on-year increase, but the profit margin decreased by over 3 percentage points compared to previous quarters [8][35]. - The company reported a GAAP profit margin of 32.5%, which is lower than seasonal averages, indicating some volatility in performance [8][35]. Shareholder Returns - In Q2, NetEase planned to distribute approximately 2.6 billion CNY in dividends, with a payout ratio of 27% [8][45]. - The company has been slow in share buybacks, spending less than 100 million USD to repurchase 500,000 shares, raising concerns about the effectiveness of its 3-year 5 billion USD buyback plan [9][43]. - If the buyback plan proceeds as scheduled, the implied total return rate could be around 5%, but if the current low buyback pace continues, the annualized return rate may drop to only 2% [9][45]. Business Focus - Beyond gaming, NetEase's Youdao education and Cloud Music segments are focusing on improving profitability through high-margin business expansion and cost reduction [30]. - Youdao's revenue grew by 7% in Q2, primarily driven by advertising income, while Cloud Music's revenue declined due to a significant drop in social entertainment income, although overall profit margins improved [30].

Investment Rating - The report maintains a "Buy" rating for NetEase (NTES US) with a target price of $153.19, reflecting a 17.9x PE for the year 2025 [7][27]. Core Insights - NetEase's total revenue for Q2 2025 increased by 9% year-on-year to 27.9 billion RMB, slightly below consensus expectations by 1% [1][2]. - Adjusted net profit attributable to shareholders grew by 22% year-on-year to 9.53 billion RMB, aligning with consensus expectations [1][2]. - The gaming segment's revenue showed a 15% year-on-year increase to 22.1 billion RMB, although it was slightly below expectations [2][3]. - The company has a robust pipeline of new games, including "Destiny: Stars" and "Diablo II" remastered, which are expected to drive future growth [1][4][13]. Revenue and Profitability - Q2 gaming and value-added services revenue rose by 14% year-on-year to 22.8 billion RMB, with gaming revenue specifically increasing by 15% [2][3]. - Deferred revenue for Q2 exceeded expectations, decreasing by 4% quarter-on-quarter to 17 billion RMB [2]. - The gross margin for gaming and value-added services improved by 1.4 percentage points to 70.2% [2][12]. Game Development and Market Position - The company launched nine new games in May 2025, with significant titles in the pipeline, including "Destiny: Stars" and "Diablo II" remastered [3][4][13]. - The online peak for "Fantasy Westward Journey" reached 2.93 million users, marking a historical high [3]. - The mobile gaming segment is expected to see a recovery due to a low base in the second half of the year, with anticipated growth driven by summer activities and new releases [4][23]. Financial Forecasts - Revenue forecasts for 2025-2027 have been slightly adjusted downwards, with total revenue expected to be 115.5 billion RMB in 2025, reflecting a 0.9% decrease [6][23]. - Adjusted net profit forecasts for 2025-2027 have been revised to 38.9 billion RMB, 43 billion RMB, and 48 billion RMB respectively [6][23]. - The adjusted operating profit margin is projected to be 35.8% for Q2 2025, indicating a healthy profitability outlook [24].

Group 1 - The core viewpoint is that NetEase's Q2 game revenue increased by 13.7% year-on-year, demonstrating the effectiveness of its dual strategy of self-developed and licensed games [2][3] - The net income from NetEase's online games and related value-added services for Q2 was RMB 22.8 billion (approximately USD 3.2 billion), compared to RMB 20.1 billion in the same period last year [1] - The revenue from online games accounted for approximately 97.1% of the segment's net income, indicating stability in the core business [1][2] Group 2 - New game releases such as "Identity V," "Yanyun Sixteen Sounds," and "Marvel Duel" contributed to the increase in net income, enhancing the competitiveness of the product line [2] - The capital market may assign a higher valuation to NetEase due to its ability to continuously launch high-quality content, which could boost industry confidence [2] - The gaming sector is experiencing multiple catalysts for transformation, including AI, content, and commercialization model changes, with the gaming ETF (159869) reflecting the overall performance of A-share listed companies in the animation and gaming industry [2]

Group 1 - The core viewpoint of the articles highlights NetEase's strong performance in the gaming sector, with significant revenue growth driven by both new products and the revival of classic IPs [1][2][3] - In Q2 2025, NetEase reported a net revenue of 27.9 billion yuan and a net profit of 9.5 billion yuan, with R&D investment reaching 4.4 billion yuan, indicating a robust commitment to innovation [1] - The gaming segment, particularly through titles like "Yanyun Sixteen Sounds" and "Dream of the Red Chamber," has shown impressive user engagement and revenue, with "Yanyun Sixteen Sounds" surpassing 40 million users [2][3] Group 2 - NetEase has established a dual growth strategy of "new products breaking boundaries + classic IP rejuvenation," successfully expanding into new markets while revitalizing existing franchises [2][3] - The game "Seven Days World" has achieved a balanced user and revenue distribution between domestic and international markets, indicating strong global appeal [3] - The company is focusing on overseas expansion, with expectations of sustained growth in its gaming business over the next 2-3 years, supported by a diverse portfolio and strategic marketing efforts [4][5] Group 3 - NetEase's management emphasizes the importance of continuous updates and innovative gameplay experiences to maintain player engagement and satisfaction [2][5] - The company has developed a strong industrial foundation for large-scale, high-efficiency game development, which is crucial for its international expansion efforts [5][6] - The return of Blizzard games to NetEase has strengthened its market position, with ongoing collaboration enhancing product offerings in a competitive landscape [5][6]

Core Viewpoint - The conflict between "Yan Yun Shi Liu Sheng" and "Ni Shui Han" highlights issues of potential plagiarism and internal competition within the gaming industry, particularly focusing on the similarities in their new features and the resulting player polarization [1][2][6]. Group 1: Feature Controversy - "Yan Yun Shi Liu Sheng" launched a "Drama Mode" on August 8, which is claimed to be similar to the "Crew Mode" set to be released by "Ni Shui Han" in 2024, leading to accusations of plagiarism [1]. - Players of "Ni Shui Han" criticized the new feature as "empty-handed wolf" and created satirical content, which gained significant traction on social media [1]. - Following the controversy, "Ni Shui Han" emphasized that its AI engine had never been authorized to any non-Leihuo games, indirectly criticizing the quality of "Yan Yun Shi Liu Sheng" [2]. Group 2: Internal Competition and Development Issues - The competitive "horse racing" mechanism between NetEase's Interactive Entertainment and Leihuo has led to resource fragmentation and internal inefficiencies, resulting in duplicated efforts in AI development [4]. - Analysts noted that while the "horse racing" mechanism can spur innovation, it has devolved into a self-destructive cycle of internal conflict in a saturated market [5]. Group 3: Player Polarization - The controversy has polarized the player community, forcing users to take sides, leading to derogatory labels like "Han Xiaozu" and "Yan Xiaozu" being used against each other [6]. - The conflict stems from historical grievances, particularly "Yan Yun Shi Liu Sheng" positioning itself as "pure martial arts" while criticizing "Ni Shui Han" for its "stitched gameplay" [6]. Group 4: Legal and Strategic Challenges - The difficulty in pursuing legal action over gameplay plagiarism has been highlighted, revealing strategic shortsightedness within NetEase, which lacks effective internal coordination [7]. - Despite significant revenue differences in their first month (20 billion vs. 7.15 billion), both games continue to compete in a homogenized market [7]. Group 5: Path Forward - To resolve the ongoing conflict, it is suggested that both games should cease inciting player emotions and focus on their unique market positions: "Ni Shui Han" on UGC content and "Yan Yun Shi Liu Sheng" on cultural narrative [8]. - Long-term strategies should involve breaking down technical barriers and fostering shared development tools to enhance collaboration between the two divisions [8].

8月10日，《逆水寒手游》官方在社交平台发文表示，其AI剧组模式是基于雷火自研伏羲智能引擎开发，并未授权给任何非雷火旗下自研游戏使用。同时 强调画骨画皮难画心，低劣的抄袭意味着更低的品质和更多的bug。 虽然没有直接点名，但很多玩家都明白是在内涵网易旗下另一款武侠游戏《燕云十六声》。事情起因要追溯到8月8日《燕云十六声》新赛季更新了一个 AI动捕玩法「戏乐模式」，逆水寒玩家质疑燕云「抄袭」并进行声讨，在小红书平台，燕云官方相关图文被愤怒的玩家冲了11万条。 8月11日，因为至少半年没有登陆被冻结的网易互娱AL Lab微信公众号官方账号被连夜找回。互娱AL Lab发表声明称《燕云十六声》部分玩法为互娱AI Lab提供算法支持，「戏乐」玩法也是采用了互娱AI Lab的技术。并表示网络上传闻的「互娱AI LAB已经与伏羲实验室合并」均为不实消息。 | 微信号 | huyuailal | | --- | --- | | 主体类型 | 个人 | | IP属地 1 | 浙江 | 8月12日凌晨，《燕云十六声》官方发表声明回应，「戏乐」玩法中，相关技术和训练数据均来自于互娱AI Lab。并且相关技术2018年开始立项研发， ...

导火索？当然是科技巨头们的年中成绩单陆续揭晓了。财报季向来是试金石，这次更是看点十足。 今天早盘，腾讯再度红开，盘中一度涨0.93%。时隔四年多，腾讯股价重回600港元关口附近，目前年 内涨幅超过40%——这头大象真跳起舞来了。 资金这边似乎也是达成了某种"默契"，纷纷加大投入。其中最具代表的就是南向，过去7天大手笔扫货 港股科技股超110亿港元，以小米、阿里领衔。 ETF方面，作为重要观察窗口的港股科技50ETF（159750）连续12天资金净流入，年内吸金超6亿，规 模频频刷新纪录。这个ETF还是两融标的，背后是实打实的资金共识。 3.京东：增长迅猛，代价不小 京东这次营收飙升22%+确实猛，尤其是外卖为代表的新业务，直接干出200%的增幅，够生猛！但硬币 另一面是新业务的"战略性亏损"远超预期：144.5亿 vs 预期110亿，直接把集团整体拖入了亏损。 其他的话，零售赚钱，物流尚可，但新业务这个"吞金兽"的胃口和消化能力，市场可能还得再掂量掂 量。 1.腾讯：王者归来，AI立功 鹅厂这份中报确实能打，营收、利润双创新高，特别是广告和游戏两大引擎动力十足。毛利率冲上 57%，赚钱效率肉眼可见地提升。 但 ...

Financial Performance - Net revenue for the second quarter reached 1.42 billion yuan, a year-on-year increase of 7.2% [1] - Operating profit for the second quarter was 28.8 million yuan, marking the first time the company achieved profitability in this quarter [1] - For the first half of the year, operating profit totaled 130 million yuan, a historical high, with total net revenue amounting to 2.7 billion yuan [1] AI Integration and Services - The learning services segment, a key area for AI technology application, generated net revenue of 660 million yuan in the second quarter, up 2.2% year-on-year [1] - Digital content services contributed 450 million yuan to net revenue [1] - User retention rate improved to over 75%, reaching a historical peak, driven by features like AI essay correction and AI college application guidance [1] Online Marketing Services - The online marketing services segment achieved a record revenue of 630 million yuan, a year-on-year increase of 23.8% [1] - The growth was primarily attributed to the full-chain AI integration, with the launch of the AI advertising optimization tool "Youdao Xiaozhi" [1] Technological Advancements - The company open-sourced the "Ziyue 3" mathematical model, the first of its kind in China focused on math education, significantly reducing costs [2] - The accuracy rate for K12 math problem-solving using the AI full-subject learning assistant Youdao Xiaop increased to over 95% [2] Strategic Outlook - The CEO emphasized the strong financial performance due to the effective execution of the "AI-native" strategy and plans to deepen this strategy further [2] - Future initiatives will focus on optimizing the Ziyue large model through scenario-driven iterations and accelerating technological innovation in learning and advertising [2]

8月14 日，网易有道公布2025年第二季度未经审计的财务报告。报告期内，网易有道净收入14.2亿元， 同比增长7.2%；经营利润为2880万元，首次实现二季度盈利。上半年网易有道经营利润达1.3亿元，创 历史新高；净收入总计27亿元，经营性现金流出同比大幅收窄49.9%。 此外，有道加强与网易游戏和其他游戏广告商合作，驱动游戏广告收入同比上涨50%以上；硬件方面有 道词典笔连续6年蝉联电商平台销量冠军。 二季度，网易有道持续通过AI来建构核心业务的长期竞争力。学习服务作为有道AI技术落地的重要试 验田，二季度净收入达6.6亿，同比增长2.2%。其中，数字内容服务净收入4.5亿元。有道领世净收入同 比增长约30%。 本文源自：金融界 其中，学习服务作为有道AI技术落地的重要试验田，二季度净收入达6.6亿，同比增长2.2%。其中，数 字内容服务净收入4.5亿元。有道领世净收入同比增长约30%。AI作文批改、AI高考志愿填报等功能进 一步带动用户留存率提升至75%以上，突破历史峰值。AI订阅服务二季度，销售额近8000万元，同比增 长约30%实现强劲增长。在线营销服务板块创下6.3亿元收入新高，同比增长23.8% ...