Core Viewpoint - The company reported strong financial performance in Q3 2025, with revenue and net profit showing significant year-over-year growth, indicating resilience and growth potential across its business segments [1][2][3][4]. Financial Performance - In Q3 2025, the company achieved revenue of 28.359 billion yuan, representing a year-over-year increase of 8.2% and a quarter-over-quarter increase of 1.7% [1]. - The net profit attributable to shareholders was 8.616 billion yuan, reflecting a year-over-year growth of 31.8% and a quarter-over-quarter increase of 0.2% [1]. - Non-GAAP net profit was 9.502 billion yuan, with a year-over-year increase of 26.7% but a slight quarter-over-quarter decrease of 0.3% [1]. - Gross margin improved to 64.1%, up 2.0 percentage points year-over-year, while the sales expense ratio increased to 15.7%, up 8.3 percentage points year-over-year [1]. Gaming Business - The gaming and value-added services segment generated revenue of 22.3 billion yuan in Q3 2025, marking an 11.8% year-over-year increase and a 2.3% quarter-over-quarter increase [2]. - The company demonstrated strong operational capabilities with classic IPs performing well, including record-high concurrent players for "Dream of Dreams" [2]. - New game launches, such as "Fate: Stars" and upcoming titles like "The Sea of Forgotten," are expected to enhance global reach and player engagement [2]. NetEase Youdao - NetEase Youdao reported revenue of 1.6 billion yuan in Q3 2025, showing a year-over-year growth of 3.6% and a quarter-over-quarter growth of 14.9% [3]. - The AI-native strategy is yielding positive results, with collaborations enhancing resource integration and market demand targeting [3]. NetEase Cloud Music - NetEase Cloud Music achieved revenue of 2 billion yuan in Q3 2025, a slight year-over-year decline of 1.8% but stable quarter-over-quarter [4]. - The introduction of AI tuning features and award-winning recommendation models has improved user experience significantly [4]. Innovation and Other Businesses - Revenue from innovation and other businesses was 1.4 billion yuan, down 18.9% year-over-year and 15.3% quarter-over-quarter [4]. - The company is focusing on brand rejuvenation and leveraging AI technology to enhance content quality and community engagement [4]. Profit Forecast and Investment Rating - The company forecasts revenues of 114.8 billion yuan, 126.5 billion yuan, and 136.2 billion yuan for 2025-2027, with adjusted net profits of 39.1 billion yuan, 44.1 billion yuan, and 49.1 billion yuan respectively [4]. - The target price for 2026 is set at 265 HKD, maintaining a "Buy" rating based on the profitability and competitive landscape of different business segments [4].

Core Viewpoint - In Q3 2025, NetEase's net revenue was 28.4 billion yuan, representing a year-over-year increase of 8.2%, but falling short of Bloomberg's consensus estimate of 29.2 billion yuan [1] Group 1: Financial Performance - Game and related value-added services net revenue was 23.3 billion yuan, up 11.8% year-over-year, but below the expected 23.9 billion yuan [1] - Youdao's net revenue reached 1.6 billion yuan, reflecting a year-over-year increase of 3.6% [1] - NetEase Cloud Music's net revenue was 2 billion yuan, down 1.8% year-over-year [1] - Innovative and other businesses generated net revenue of 1.4 billion yuan, a decline of 18.9% year-over-year [1] - Gross profit for Q3 was 18.2 billion yuan, up 10.3% year-over-year [1] - GaaP net profit was 8.6 billion yuan, with adjusted net profit at 9.5 billion yuan, aligning with consensus expectations [1] Group 2: Game Performance - The performance of games remained robust, with a strong pipeline for future development [2] - The peak concurrent player count for "Fantasy Westward Journey" PC version reached 3.58 million, setting a new record [2] - New games such as "Destiny: Stars," "Infinite," and "Yuan Yun Sixteen Sounds" have been launched, enriching the global product matrix [2] - The upcoming game "Forgotten Sea" is expected to launch in 2026, with preparations underway [2] Group 3: Youdao and Cloud Music - Youdao's profitability improved, with net revenue growth driven by increases in smart hardware and online marketing services [2] - NetEase Cloud Music continues to focus on high-quality development of its music-centric ecosystem, despite a slight revenue decline [2] Group 4: Innovation and Other Businesses - The innovative and other businesses segment saw a significant revenue decline, primarily due to reduced income from NetEase Yanxuan and increased internal transaction offsets [2]

Group 1: Performance Overview - The company maintained a "Buy" rating, reporting a robust Q3 performance with revenue of 28.4 billion yuan (up 8.2% YoY, up 1.7% QoQ) and net profit of 8.6 billion yuan (up 31.8% YoY, up 0.2% QoQ) [1] - Gross margin for Q3 was 64.1% (up 1.2 percentage points YoY), and net margin was 31.0% (up 5.4 percentage points YoY), driven by gains from stock investments and lower foreign exchange losses [1] - The company expects net profit for 2025-2027 to be 35.7 billion, 38.3 billion, and 42.9 billion yuan respectively, with current PE ratios of 16.6, 15.5, and 13.8 times [1] Group 2: Gaming and New Releases - Revenue from games and related services reached 23.3 billion yuan (up 11.8% YoY, up 2.3% QoQ), with growth attributed to titles like "Dream of the Red Chamber" and new releases [1] - The peak concurrent online users for "Dream of the Red Chamber" reached 3.58 million, showcasing the company's long-term operational strength [1] - The overseas product lineup is expanding, with "Fate: Stars" topping iOS download charts in multiple regions and "Yanyun Sixteen Sounds" achieving over 2 million players in 24 hours [1] Group 3: AI and Revenue Growth - Cloud Music reported Q3 revenue of 1.96 billion yuan, with a gross margin increase of 2.6 percentage points to 35.4%, driven by the launch of "AI Tuning Master" [2] - Youdao's revenue for Q3 was 1.63 billion yuan, primarily from online marketing services, with a YoY growth exceeding 40% [2] - AI-driven subscription service revenue reached approximately 100 million yuan, marking a historical high with over 40% YoY growth [2]

智通财经APP获悉，大和发布研报称，网易-S(09999)第三季线上游戏收入同比升12.7%，期内游戏销售 表现稳健。净利润则大致符合市场预期，受投资收益带动。该行重申"买入"评级，目标价由260港元升 至263港元。由于今年首三季股份回购规模有限，该行预期第四季将维持75%季息派息率，以达成全年 40%的派息比率目标。 ...

Industry Dynamics - Multiple game awards announced their annual nominations and winners, with "Light and Shadow: Expedition 33" winning the Golden Joystick Game of the Year and Pokémon Trading Card Game winning Google Play's Game of the Year [2][4] - The Game Awards (TGA) announced nominations for 2025, with "Light and Shadow: Expedition 33" and other titles nominated [6] Company Updates - NetEase reported Q3 2025 financial results, showing a revenue increase of 11.8% in its gaming business, with total net income of 28.4 billion yuan, a year-on-year growth of 8.4% [7] - MiHoYo revealed gameplay footage for its flagship new game "Varsapura," which is set in a modern urban environment [8] Compliance and Regulatory Developments - Roblox implemented mandatory age verification through facial recognition to restrict communication between minors and adults, starting in select countries [9] - Ubisoft announced Tencent's completion of a strategic investment in its newly established subsidiary, Vantage Studios, valued at 3.8 billion euros, with Tencent acquiring a 26.32% stake [10] Technological Advancements - Apple announced the ability for Japanese iPhone users to replace Siri with third-party voice assistants, indicating a shift towards more diverse distribution and payment channels for developers in Japan [11][12]

Core Viewpoint - The report from Open Source Securities maintains a "Buy" rating for NetEase-S (09999), highlighting robust third-quarter performance with both revenue and net profit showing year-on-year growth, particularly a significant net profit increase of 31.8% driven by core games and AI technology applications [1] Group 1: Performance Overview - In Q3 2025, the company achieved revenue of 28.4 billion yuan, representing an 8.2% year-on-year increase and a 1.7% quarter-on-quarter increase, with net profit reaching 8.6 billion yuan, up 31.8% year-on-year and 0.2% quarter-on-quarter [1] - The gross margin for Q3 was 64.1%, an increase of 1.2 percentage points year-on-year, while the net margin was 31.0%, up 5.4 percentage points year-on-year, indicating improved profitability driven by fair value changes in stock investments and lower foreign exchange losses [1] - The company forecasts net profits for 2025-2027 to be 35.7 billion, 38.3 billion, and 42.9 billion yuan respectively, with current price-to-earnings ratios of 16.6, 15.5, and 13.8 times [1] Group 2: Gaming and New Releases - Revenue from games and related value-added services in Q3 reached 23.3 billion yuan, reflecting an 11.8% year-on-year increase and a 2.3% quarter-on-quarter increase, driven by titles like "Dream of the Red Chamber" and new games [2] - The gross margin for this segment was 69.3%, up 0.5 percentage points year-on-year, with "Dream of the Red Chamber" achieving record high concurrent users [2] - The company is expanding its overseas product offerings, with "Destiny: Stars" topping iOS download charts in multiple regions and new titles like "Yanyun Sixteen Sounds" performing well internationally [2] Group 3: AI and Music Business - Cloud Music reported a revenue of 1.96 billion yuan in Q3, with a gross margin increase of 2.6 percentage points to 35.4%, driven by the launch of the "AI Tuning Master" [3] - Youdao's revenue reached 1.63 billion yuan in Q3, primarily due to over 40% growth in online marketing services, with a user retention rate exceeding 75% [3] - AI-driven subscription service revenue reached approximately 100 million yuan, marking a year-on-year increase of over 40%, indicating strong growth potential in music and education sectors [3]

招银国际发表研究报告指，网易第三季收入按年增长8%，经营利润按年增长12%，均低于市场预期， 但考虑到网易拥有优质的游戏储备及长青游戏表现稳健，目前对今年第四季及明年游戏收入增长前景保 持乐观。计及营销开支预期增加，该行将网易2025至2027年非通用会计准则净利润预测微调最多1%， 美股目标价由160美元上调至164美元，维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company achieved a revenue of 28.4 billion yuan in Q3 2025, representing a year-on-year increase of 8.2% and a quarter-on-quarter increase of 1.7%. The net profit attributable to shareholders was 8.6 billion yuan, up 31.8% year-on-year and 0.2% quarter-on-quarter [5] - The gross margin for Q3 was 64.1%, an increase of 1.2 percentage points year-on-year, with a net profit margin of 31.0%, up 5.4 percentage points year-on-year. This improvement in profitability is attributed to gains from fair value changes in stock investments and lower net exchange losses [5] - The company’s contract liabilities reached 19.5 billion yuan by the end of Q3 2025, reflecting a year-on-year increase of 25% and a quarter-on-quarter increase of 15%, indicating strong growth momentum [5] - The report highlights the strong performance of the game "Dream of the Red Chamber" and the successful launch of new games, which are expected to drive future growth [5] Financial Summary and Valuation Metrics - Revenue projections for 2025-2027 are 357 billion yuan, 383 billion yuan, and 429 billion yuan respectively, with corresponding P/E ratios of 16.6, 15.5, and 13.8 times [5] - The company’s revenue for 2023 is projected at 103.5 billion yuan, with a year-on-year growth of 7.2%, and net profit is expected to be 29.4 billion yuan, showing no growth year-on-year [6] - The gross margin is expected to improve from 60.9% in 2023 to 64.7% in 2025, while the net profit margin is projected to increase from 28.4% in 2023 to 31.4% in 2025 [6]

花旗发表研报指，网易第三季收入按年增12%至233亿元，主要得益于《梦幻西游》端游版同时在线用 户峰值创下历史新高，而《梦幻西游》手游版活跃用户亦达到两年新高。《燕云十六声》与《逆水寒》 在海外下载榜名列前茅，《蛋仔派对》在周年庆期间创下游戏游玩纪录。《魔兽世界》独家服务器持续 获得用户青睐，《炉石传说》则维持稳定扩张。 该行表示，展望明年，凭借旗舰经典游戏稳健而具韧性贡献，加上即将推出的《无限大》，相信网易游 戏产品组合正逐步增强实力。该行对该股网易ADR目标价从158美元上调至161美元，维持"买入"评级， 基于其卓越的执行力、股东回报及估值。 ...

中信证券指出，游戏2025Q3延续上半年高景气态势，龙头公司带动下，行业收入、利润均延续高增长 态势。在游戏版号"一月一批"的常态化发行节奏下，游戏行业的优质内容供给节奏有望持续。展望后 续，一方面针对已发售游戏进行的精细化运营有望拉长相关游戏的流水贡献，延续产品动能，另一方面 目前行业龙头产品管线储备丰富，为后续业绩增长提供高确定性。 （文章来源：每日经济新闻） 11月13日，腾讯公布2025年第三季度业绩。财报显示，第三季度，腾讯网络游戏业务总收入达636亿 元。其中，本土市场游戏收入为428亿元，同比增长15%；国际市场游戏收入为208亿元，同比增长 43%。 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。对比去年同期，网易游戏业务正在加速回暖。 11月24日午盘，游戏传媒板块持续冲高，游戏ETF（159869）现涨超3.5%，持仓股全线飘红，名臣健 康、迅游科技、神州泰岳、冰川网络、博瑞传播、盛天网络、国脉文化等涨 ...