Core Insights - Net profit attributable to ordinary shareholders of Youdao was RMB 100,000, a decline of over 99% compared to RMB 86.3 million in the same period last year [1] - Youdao reported a net revenue of RMB 1.63 billion for Q3 2025, a year-on-year increase of 3.6% [1] - Online marketing services became the largest revenue source in Q3 2025, generating RMB 740 million, a growth of 51.1% year-on-year, accounting for 45.4% of total revenue [1] Financial Performance - The net profit attributable to ordinary shareholders for Q3 2025 was RMB 100,000, down from RMB 86.3 million in Q3 2024, representing a 99% decline [1] - Non-GAAP net profit attributable to ordinary shareholders was RMB 9.2 million, a decrease of 89.7% from RMB 88.7 million in the same quarter last year [1] - Total net revenue for Q3 2025 reached RMB 1.63 billion, reflecting a 3.6% increase year-on-year [1] Business Strategy - Youdao significantly reduced the scale and market investment in its quality education business, which had contributed high revenue and profit levels in the previous year [1] - The company views the impact of this reduction as a one-time effect, with structural adjustments now completed [1] - Increased investment was made in other business areas, such as Lingxi, during Q3 [1]

Core Viewpoint - Net revenue from games and related value-added services for the third quarter of 2025 reached RMB 23.3 billion, representing a year-on-year increase of 11.8% [1] Group 1: Financial Performance - The net revenue from online games accounted for approximately 97.6% of the segment's total revenue in the third quarter, compared to 97.1% in the previous quarter and 96.8% in the same period last year [1] - The quarter-on-quarter growth in online game revenue was driven by increased net revenue from self-developed games such as "Dream of the Red Chamber" PC version and "Nirvana in Fire" mobile game, as well as several agency games [1] - Year-on-year growth in online game revenue was attributed to self-developed games including "Dream of the Red Chamber" PC version, "Egg Party," and newly launched titles like "Yanyun Sixteen Sounds" and "Marvel Showdown," along with increased revenue from several agency games [1]

Core Insights - NetEase reported mixed results for Q3, with adjusted earnings of $2.09 per share on sales of $4 billion, falling short of analyst expectations of $2.06 per share and $4.05 billion in sales [1] Company Performance - NetEase's stock declined following the earnings report, indicating market disappointment with the sales figures [1] - The year-over-year performance details were not provided, but the context suggests potential challenges in meeting growth expectations [1] Market Context - The broader stock market experienced volatility but ended the week positively, with Nvidia and Walmart's upcoming earnings being closely watched [2] - Other companies in the gaming sector, such as Take-Two Interactive, saw stock price increases due to positive developments, contrasting with NetEase's performance [4]

Core Insights - NetEase reported Q3 2025 net revenue of 28.4 billion yuan, an 8.2% year-over-year increase, with net profit attributable to shareholders at 8.6 billion yuan, consistent with the previous quarter and up from 6.5 billion yuan year-over-year [1] - The company emphasized its focus on existing successful products while being cautious with new projects, ensuring they have competitive content before market release [7] Financial Performance - Q3 2025 net revenue: 28.4 billion yuan, up 8.2% year-over-year [1] - Net profit attributable to shareholders: 8.6 billion yuan, unchanged from the previous quarter and up from 6.5 billion yuan year-over-year [1] - Non-GAAP net profit: 9.5 billion yuan, consistent with the previous quarter and up from 7.5 billion yuan year-over-year [1] Game Performance and Strategy - "Dream of the Red Chamber" has a stable economic system and a rich gaming experience, attracting both returning and new players through its simplified gameplay [2] - The company has successfully launched several games in overseas markets, including "Marvel Contest of Champions" and "Yanyun Sixteen Sounds," showcasing its capability to bring Chinese themes to global audiences [3][4] - "Identity V" experienced fluctuations in revenue and daily active users but has shown improvement post-summer, with preparations for the upcoming Spring Festival [5] Future Developments - The upcoming game "Infinite" received positive feedback at the Tokyo Game Show and aims to create a new market ecosystem with high-quality content and innovative business models [6][8] - The company is investing in AI technology to enhance game development and operational efficiency, with a focus on creating unique user experiences [9] Organizational Focus - Recent personnel changes are viewed as part of an organizational optimization process, aimed at enhancing focus and efficiency in game development [7] - The company plans to concentrate resources on long-standing successful projects while cautiously evaluating new game opportunities [7]

在利润方面，网易本季度基本与上一季度持平。财报显示，第三季度归属于公司股东的净利润为86亿元，上一季度和去年同期分别为86亿元和65亿元。非 公认会计准则下，归属于公司股东的净利润为95亿元，上一季度和去年同期分别为95亿元和75亿元。 值得注意的是，今年10月以来，恒生科技指数显著回调，作为成份股之一的网易自今年9月的高点至今已回撤超12%。 据了解，网易是一家领先的互联网和游戏服务提供商，致力于提供优质内容。公司不断拓展游戏生态系统，形成丰富产品矩阵，开发并运营了多款在中国 和全球广受欢迎并且长盛不衰的手游和端游。 具体来看，网易业务板块主要分为以下四大部分，其中贡献主要收入的游戏业务表现依然强劲，但网易严选等创新业务的收入却有所减少，网易云音乐则 基本持平： 1.2025年第三季度游戏及相关增值服务净收入为人民币233亿元，上一季度和去年同期分别为人民币228亿元和209亿元。本季度，来自于在线游戏的净收 入约占该分部净收入的97.6%，上一季度和去年同期该占比分别为97.1%和96.8%。在线游戏净收入环比增长来自于《梦幻西游》计算机版、《逆水寒》手 11月20日，网易公布了截至2025年9月30日的 ...

11月20日，网易（09999.HK）发布2025年第三季度财报。财报显示，网易Q3净收入284亿元，同比增加8.2%；归股净利润为86亿元，同比增长32%； 非公认会计准则下归股净利润为95亿元，同比增长26.7%。 "对于目前的长期项目，我们要求团队不断精进优化，对于具备长期品质的新项目，我们会加大投入、优化产品，对于没有跟上市场节奏用户需求的 团队，我们要果断修剪，确保主干的茁壮成长。"管理层称，网易成立28年打造精品的原则始终没有变，会把更多的资源倾斜给常青项目，也会给有 创新的团队更多机会。 网易近一两年离职的事业部级高管不止一个，此前引发了外界讨论。最近的在10月底，网易互娱第十事业部负责人李凯明发布内部信，宣布因"个人 职业发展的长远规划"从网易离职创业。李凯明曾带队做出了《率土之滨》等明星产品。 还有机构问及，网易这一年发行的游戏数量是否相比往年减少了。网易管理层回复表示，网易会非常专注在已有的成功产品中，要精益求精、更加 专注，不分散精力去做一些把握不大的新项目。 对于新项目，管理层表示会非常谨慎和重视，一定要做出有竞争力的内容到市场上。"这两个方向不矛盾，专注是一家公司应有的核心优势。"管 ...

#网易高管称专注是公司核心优势# 11月20日，网易发布第三季度财报。在随后的电话会上，针对游戏 研发策略、近期个别制作人离任的提问，网易管理层表示，专注是一家公司应有的核心优势。对已有成 功产品会精益求精，对新项目会做出有竞争力的内容。针对近期的调整属于正常人员流动，管理层表 示，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。对于长青 项目，希望项目团队能够心无旁骛，持续精进；对于具备长青潜质的新项目，将果断下重注，加大资源 投入。财报显示，游戏及相关增值服务Q3营收233亿元。 ...

值得注意的是，今年10月以来，恒生科技指数显著回调，作为成份股之一的网易自今年9月的高点至今已回撤超12%。 据了解，网易是一家领先的互联网和游戏服务提供商，致力于提供优质内容。公司不断拓展游戏生态系统，形成丰富产品矩阵，开发并运营了多款在中国和全球广 受欢迎并且长盛不衰的手游和端游。 11月20日，网易公布了截至2025年9月30日的第三季度未经审计财务业绩。财报显示，第三季度，网易净收入为284亿元，同比增加8.2%。 在利润方面，网易本季度基本与上一季度持平。财报显示，第三季度归属于公司股东的净利润为86亿元，上一季度和去年同期分别为86亿元和65亿元。非公认会计 准则下，归属于公司股东的净利润为95亿元，上一季度和去年同期分别为95亿元和75亿元。 3.2025年第三季度网易云音乐净收入为人民币20亿元，上一季度和去年同期均为人民币20亿元。 4.2025年第三季度创新及其他业务净收入为人民币14亿元（202.1百万美元），上一季度和去年同期分别为人民币17亿元和人民币18亿元。该分部中主要包含严 选、广告和其他增值服务的净收入，也包含了某些内部交易的抵销。其环比减少主要来自于网易严选净收入减少；同比 ...

Core Viewpoint - NetEase reported a net revenue of 28.4 billion RMB for Q3 2025, marking an 8.2% year-on-year increase, with net profit attributable to shareholders rising by 32% to 8.6 billion RMB [1][2] Financial Performance - Q3 net revenue reached 28.4 billion RMB, up 8.2% year-on-year [1] - Net profit attributable to shareholders was 8.6 billion RMB, a 32% increase year-on-year [1] - Non-GAAP net profit attributable to shareholders was 9.5 billion RMB, reflecting a 26.7% year-on-year growth [1] - Investment income increased from 580 million RMB to 1.38 billion RMB year-on-year, while foreign exchange losses decreased from 1.06 billion RMB to 370 million RMB [2] Business Segments - Revenue from online games and related value-added services was 23.3 billion RMB, an 11.8% increase year-on-year, accounting for approximately 97.6% of the segment's net revenue [6] - Major contributors to online game revenue included classic IPs like "Fantasy Westward Journey" and new releases such as "Marvel Showdown" [6] - Other business segments, including Youdao Education and Cloud Music, fell short of analyst expectations, with Youdao's revenue at 1.6 billion RMB (up 3.6%) and Cloud Music's at 2 billion RMB (down 1.8%) [6] Management Strategy - Management emphasized a focus on refining existing successful products rather than diversifying into uncertain new projects [4][5] - The company aims to enhance efficiency and concentrate resources on evergreen projects while being cautious with new project investments [5] - R&D expenditure for Q3 was 4.5 billion RMB, with AI applications significantly improving production efficiency across various processes [7] Market Reaction - Following the earnings report, NetEase's stock fell by 3% in pre-market trading in the US and by 1.39% in Hong Kong, closing at 212.6 HKD per share [3] - Despite recent adjustments, the stock price has increased by over 58% since the beginning of the year [3]

新浪科技讯 11月20日晚间消息，今日网易发布第三季度财报。在随后的电话会上，针对游戏研发策 略、近期个别制作人离任的提问，网易管理层表示，专注是一家公司应有的核心优势。对已有的成功产 品会精益求精，对新项目会做出有竞争力的内容。 针对近期的调整属于正常人员流动，管理层表示，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。对于长青项目，希望项目团队能够心无旁骛，持续精进；对于具备 长青潜质的新项目，将果断下重注，加大资源投入。（罗宁） 责任编辑：何俊熹 ...