智通财经APP获悉，近期，网易-S(09999)发布2025年Q4及全年财报，凭借扎实的业务布局、强劲的产 品储备与稳健的财务表现，成为资本市场的 "定心丸"。中金、华泰、摩根大通三大机构近期发布的研 报均给予其积极评级，研报表示多项核心利好因素凸显企业韧性，当前估值处于历史低位，配置价值凸 显。 《燕云十六声》全球突破 长青战略成效显著 华泰证券在研报中指出，《燕云十六声》在产品品质与后续运营延续了网易长青游戏的一贯水准，展现 了持续焕新能力，有望逐步成长为公司重要的流水抓手。 在长青战略与全球化的双轮驱动下，网易游戏业务重回两位数增长。财报显示，2025年网易游戏及相关 增值服务营收921亿元，其中在线游戏净收入896亿元，同比增长11%。 重磅新游 pipeline 逐渐清晰，2026年增量空间可观 市场对游戏公司的担忧常集中于"青黄不接"，但网易的储备产品线显示了强大的持续输出与精品打造能 力。 三份研报一致重点提及了以下核心新游进展：《遗忘之海》作为2026年网易最受期待的新品之一，在近 期开启测试并获得市场积极评价。在财报电话会上网易管理层表示，该游戏有望在2026年第三季度上 线。华泰证券预估其 ...

网易-S(09999)发布公告，将于2026年3月25日派发2025年12月31日止第四季度股息每股0.232美元。 ...

智通财经APP讯，网易-S(09999)发布公告，将于2026年3月25日派发2025年12月31日止第四季度股息每 股0.232美元。 ...

| EF001 | | --- | | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公告日期，本公司董事會包括： | | | 丁磊先生 | | | 唐徽女士 | | | 鄭玉芬女士 | | | 唐子期先生 | | | 梁民傑先生 | | | 陳覺忠先生 | | 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 網易股份有限公司 | | 股份代號 | 09999 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 2025年12月31日止第四季度股息公告 | | 公告日期 | 20 ...

近期，港股科网股呈现大幅波动，截至12日收盘，恒生指数下跌0.86%至27032.54点，恒生科技指数下跌 1.65%至5408.98点。 游戏行业的龙头企业网易，港股已经连跌近5个月。在11日交出了一份"意料之中却又低于预期"的2025年第四 季度及全年财报之后，12日股价仍然跌超4%。 利润下滑的同时，运营费用显著攀升。第四季度网易总运营费用达94亿元，同比增长10.9%，其中在线游戏 相关的市场营销投入明显增加，也在一定程度上侵蚀了当期盈利。 经营业绩虽然表现亮眼，但未及市场预期。在此背景下，高盛将网易港股目标价从266港元微降至264港元， 美股从170美元降至169美元，2025至2027年收入预测微降1%、盈测下调约3%。瑞银将网易美股目标价从185美元 下调至180美元，港股目标价降至280.8港元。中银国际亦将网易港股及美股目标价分别下调至250港元及160美 元。 | 今开 | 192.200 | 最高 | 192.200 | 成交量 | 1218万股 | | --- | --- | --- | --- | --- | --- | | 昨收 | 195.000 | 最低 | 184.700 ...

首都互联网协会2025年度"自媒体"治理与发展总结评议会近日召开。会议由北京市网信办指导，旨在系 统总结年度行业自律工作成效，交流创新经验做法，积极探索"自媒体"多方共治策略。北京市网信办有 关负责人、行业专家及北京地区23家重点"自媒体"平台代表参会。 北京市网信办有关负责人强调，做好下一步工作，要突出政治引领，把准行业发展方向；强化行业自 律，筑牢健康发展根基；深化创新治理，提升生态治理效能；聚焦高质量发展，激发行业内生动力。希 望相关各方积极履责、有效协同，共同推动首都"自媒体"行业健康有序发展。 首都互联网协会将以网络评议会为抓手，以行业自律协同机制为纽带，充分发挥"自媒体"治理与发展专 委会的自律自治职能，推动形成政策共商、问题共治、生态共建的治理模式，营造清朗有序的"自媒 体"传播生态。 2025年度"自媒体"治理与发展创新案例 （排名不分先后） 1.抖音推出"AI 抖音求真"功能筑牢信息真实性防线 2.微博组建"财经大V联盟"推动财经领域内容生态建设 3.百度"深度伪造鉴伪大模型"防范AI技术滥用风险 会上，首都互联网协会围绕"自媒体"领域治理与发展，从成立专业委员会、组织行业评议、聚焦重点领 ...

该行下调网易2026年至2027年收入预测4%至5%，盈利预测下调6%至7%，主要由于收入递延周期延长 及新游戏预期推迟至2026年下半年推出，相应调低游戏收入预测。大和重申对网易"买入"评级，惟将目 标价从263港元下调至257港元，仍然基于18倍2026年预测游戏税后净营业利润的企业价值倍数。 大和发表研报指，网易2025年第四季在线游戏收入及经调整每股盈利较市场共识分别低7.0%及22.8%。 非通用会计准则经营溢利仅低于共识6%，惟净利润差距较大，主因本季录得17亿元的投资亏损，网易 维持2025年40%的股息支付率。 ...

Group 1 - The core viewpoint of the articles highlights the performance of the gaming sector, particularly focusing on NetEase's financial results for the fourth quarter and fiscal year 2025, which show a net revenue of 112.6 billion yuan (approximately 16.1 billion USD), representing a year-on-year growth of 6.9% [1][2] - NetEase's net profit attributable to shareholders for fiscal year 2025 reached 33.8 billion yuan, marking a year-on-year increase of 13.8% [1][2] - The gaming and related value-added services segment generated a net revenue of 92.1 billion yuan, with online gaming net revenue reaching 89.6 billion yuan, reflecting a year-on-year growth of 11% [1][2] Group 2 - The gaming sector remains a key driver of NetEase's revenue growth, with the online gaming segment accounting for approximately 97.3% of the total revenue in fiscal year 2025, up from 96.2% in fiscal year 2024 [2] - Popular games such as "Dream of the Red Chamber" and "Identity V," along with new releases like "Wind of the Continent" and "Marvel Duel," have significantly contributed to the increase in net revenue [2] - The gaming sector is experiencing multiple catalysts, including AI applications, content innovation, and changes in commercialization models, supported by favorable policies and product cycles, creating an attractive investment window in the gaming ETF (159869) [2]

德意志银行分析师Leo Chiang在一份研究报告中称，网易2026年的盈利或将保持稳健势头。尽管其第四 财季业绩不及市场预期，但该分析师预计2026年网易收入将增长8%，调整后净利润将增长10%，支撑 因素包括现有主要游戏的持续表现、过去两个季度强劲的递延收入以及持续的全球扩张。与此同时，他 表示，备受期待的《遗忘之海》在第三季度推出，料将带来额外的上行空间。他补充说，该游戏开发商 的人工智能驱动的产品创新和效率提升可能进一步支撑其长期增长。 来源：滚动播报 ...

Summary of Conference Call on NetEase's 4Q Performance Company Overview - **Company**: NetEase - **Industry**: Gaming and Internet Services Key Points and Arguments 1. **4Q Revenue Performance**: NetEase's 4Q revenue fell short of expectations primarily due to a prolonged game revenue deferral cycle. However, the combined revenue from games and deferred income exceeded expectations by 5% [1] 2. **Valuation**: The company's valuation has adjusted to a low range of 13x PE, indicating a potential buying opportunity as market concerns may be overblown [1][2] 3. **Market Concerns**: Two main concerns affecting the market perception of NetEase: - Fears regarding potential gaming tax increases, which are unlikely to materialize in the short to medium term [1] - Increased competition from overseas games, particularly from Genie, which is not expected to replace NetEase's complex game development path [1] 4. **Product Focus**: Recommendations to focus on high-certainty profit-generating products, including upcoming titles that are expected to perform well in both domestic and international markets [2] 5. **Upcoming Catalysts**: - Anticipated breakthroughs for the title "Find the Book" with expected overseas revenue of 2.5-3 billion yuan in 2026 and a significant update on February 6, coinciding with the Spring Festival [2] - Positive feedback from testing of "Find the Book" on February 5, with expectations of first-year revenue reaching 3 billion yuan [2] 6. **Game Revenue Growth**: Game revenue increased by 4% year-over-year, with deferred revenue rising by 1 billion yuan, exceeding expectations by 21%. Combined deferred and game revenue reached 41.8 billion yuan, surpassing expectations by 5% and showing a year-over-year growth of 17% [2] 7. **Gross Margin Improvement**: The gross margin for gaming and VAS (Value-Added Services) improved by 3.8 percentage points to 70.5% year-over-year [2] 8. **Overall Financials**: NetEase's total revenue was 27.55 billion yuan, 4.7% below expectations, with a year-over-year decline of 3%. Gross profit was 17.69 billion yuan, also below expectations by 3.5%, with an 8.7% year-over-year decline. Adjusted net profit attributable to shareholders was 7.07 billion yuan, falling short of expectations by 23% due to significant investment losses and high foreign exchange losses [2] 9. **Game Development Pipeline**: The company has a rich pipeline for 2026, including various titles across different genres, with positive feedback from recent tests [2] 10. **AI Integration**: NetEase is investing in AI development, with applications in game content creation, dynamic interactions, and enhancing programming efficiency. The company is also exploring the integration of AI in NPCs and user-generated content [3] Additional Important Content - **AI Examples**: The title "Find the Book" is noted for being one of the first to integrate NPCs with large language models, enhancing player interaction and content updates [3] - **Development Resources**: NetEase currently employs 10,000 R&D personnel and operates two AI labs, focusing on improving game experiences through advanced technology [2][3]