金吾财讯 | 网易(NTES)盘前股价上扬，暂升3.69%，报138.51美元。 开源证券研报指出，公司2025Q3实现营业收入284亿元（同比+8.2%，环比+1.7%），归母净利润86亿 元（同比+31.8%，环比+0.2%）。Q3毛利率为64.1%（同比+1.2pct），销售/管理/研发费率分别为 15.7%/4.1%/16.0%（同比+1.2/-0.1/-0.9pct），净利率为31.0%（同比+5.4pct），盈利能力提升主要得益 于股票投资公允价值变动收益及较低的净汇兑损失。 来源：金吾财讯 截至2025Q3末，公司合同负债达195亿元（同比+25%，环比+15%），递延收入逐步释放或驱动业绩延 续高增。基于Q3业绩，该机构下调2025-2027年业绩预测，预计2025-2027年归母净利润分别为 357/383/429（前值375/405/464）亿元，当前股价对应PE分别为16.6/15.5/13.8倍，该机构看好储备游戏 逐步上线、优质产品出海、AI赋能深化共同驱动公司业绩增长，维持"买入"评级。 ...

Core Viewpoint - The gaming giant NetEase is undergoing a significant separation from major domestic Android phone manufacturers, leading to the removal of its games from various app stores, indicating a shift in the gaming distribution landscape in China [4][12]. Group 1: Industry Changes - A growing number of users are reporting the disappearance of NetEase games from app stores of major Android brands like OPPO, Xiaomi, and Vivo, starting with less popular titles and escalating to major games [2][4]. - The traditional revenue-sharing model, often referred to as "Android tax," where 50% of revenue goes to phone manufacturers, is becoming increasingly unsustainable for game developers due to rising development and marketing costs [8][9][12]. - The emergence of new platforms, particularly short video platforms, has diverted traffic away from traditional app stores, prompting developers to seek alternative distribution methods [12][18]. Group 2: Developer Strategies - In response to the changing landscape, major developers like NetEase and Tencent are moving away from channel servers, indicating a shift towards official game servers to retain user data and provide better service [14][20]. - Smaller developers may still rely on channel servers for exposure and user acquisition, but they face challenges as the market evolves [20][24]. Group 3: App Store Dynamics - The app store ecosystem is experiencing a crisis of relevance, with many popular games and applications becoming difficult to find, leading to a decline in user trust [16][18]. - Platforms like TapTap are gaining traction by offering a more authentic user experience, including community engagement and genuine player reviews, contrasting with traditional app stores [18][24]. Group 4: Future Considerations - The current revenue-sharing model is under scrutiny, with calls for a reduction in the high 50% cut taken by app stores to foster a healthier ecosystem for developers [24]. - There is a need for phone manufacturers to enhance their app store offerings by improving user experience and community engagement to remain competitive [22][24].

Industry News - Domestic gasoline and diesel prices were reduced starting from November 24, with gasoline down by 70 yuan per ton and diesel down by 65 yuan per ton. The average price reduction translates to a decrease of 0.05 yuan per liter for 92-octane gasoline and 0.06 yuan per liter for 95-octane gasoline and 0-octane diesel [5]. - The Chinese Academy of Sciences announced a space exploration satellite program during the latest highlights of the "14th Five-Year Plan," focusing on major frontier issues such as the origin of the universe and life [5][6]. - Four private equity investment institutions held a special roadshow at the Beijing Financial Assets Exchange, planning to issue a total of 930 million yuan in technology innovation bonds, marking a significant step for private equity firms to raise funds in the interbank bond market under policy support [7]. - The Shanghai Municipal Government issued measures to promote high-quality development in the pharmaceutical industry, encouraging collaboration between medical institutions, research units, and pharmaceutical companies to innovate and transform traditional Chinese medicine [7]. - Seven fund companies, including Huatai-PB and E Fund, announced the launch of an AI-themed ETF on November 28, which will track the newly established CSI AI Innovation Index [7]. Company News - Industrial Fulian clarified that it has not lowered its profit target for the fourth quarter [8]. - Zhongtian Rocket announced that its seventh largest shareholder, Guohua Military-Civilian Integration Industry Development Fund, and its eighth largest shareholder, Shaanxi Aerospace Technology Group, collectively reduced their holdings by 1.2565 million shares on November 24 [12]. - Xiaomi Group announced that its controlling shareholder Lei Jun invested over 100 million Hong Kong dollars to increase his stake in the company [12]. - Longpan Technology signed a supplementary agreement with Chuangneng New Energy, with a total sales amount exceeding 45 billion yuan [12].

Group 1: NetEase's "The Legend of the Condor Heroes" Shutdown - NetEase's MMO game "The Legend of the Condor Heroes" officially ceased operations on November 24, 2023, due to the expiration of its IP cooperation with Minghe Publishing and adjustments in the company's game operation strategy [1] - The game was initially launched for public testing on March 28, 2024, and underwent several revisions, including a "reboot plan" announced in October 2024 and a 2.0 version released in March 2025 [1] - The shutdown highlights the challenges of product positioning and market alignment, indicating that even strong IPs and development capabilities cannot guarantee commercial success if there is a misalignment with market demands [1] Group 2: Ubisoft's AI Game Project "Teammates" - Ubisoft announced the launch of its first playable generative AI research project, "Teammates," which aims to enhance player experience through real-time voice commands and improved gameplay [2] - The project features an AI voice assistant named Jaspar, which guides players through gameplay and narrative in a dystopian future setting [2] - This initiative signifies a shift in AI technology application within the gaming industry, moving from backend development to core interactive experiences, potentially leading to a new wave of technological competition and innovation in gameplay [2] Group 3: Krafton's Development of Multiplayer Mode for "inZOI" - Krafton confirmed that it is developing a multiplayer mode for its life simulation game "inZOI," as stated by producer Kim Hyung-jun [3] - The game is set to enter early access on Steam on March 28, 2025, with a price of 188 yuan in the Chinese market, and previously topped the Steam wishlist [3] - The addition of multiplayer features aims to enhance social engagement and extend the game's lifecycle, reflecting a significant trend in the industry towards incorporating multiplayer interactions in simulation games [3]

Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones up 0.44%, the S&P 500 up 1.55%, and the Nasdaq Composite up 2.69% [1] - Large-cap tech stocks saw significant gains, with Tesla and Google both rising over 6% [1] Sector Highlights - Semiconductor stocks performed strongly, with Broadcom's stock increasing by 11%, marking its largest gain since April, adding $178 billion to its market capitalization [1] - The Philadelphia Semiconductor Index rose by 4.6%, with Micron Technology up nearly 8%, AMD up over 5%, and Nvidia up over 2% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index increased by 2.82%, with notable gains in popular Chinese concept stocks [1] - Key performers included WeRide up 14.72%, Pony.ai up 12.51%, and Canadian Solar up 10.16% [1] - Other significant increases were seen in Daqo New Energy up 8.89%, Global Data up 8.38%, Baidu up 7.44%, and Bilibili up 6.80% [1]

Core Insights - Chartmetric has integrated chart data from NetEase Cloud Music, enhancing access to regional listening trends for global music professionals [1][2] - The integration aims to bridge the data gap between China's music ecosystem and the global market, facilitating artist development and marketing strategies [2][3] Company Overview - NetEase Cloud Music is a leading music streaming platform in China, primarily catering to a youth demographic, with 90% of its users under the age of 35 [2][5] - The platform is pivotal for music discovery, especially for international and independent artists, and generates significant streaming volumes for global acts [3][5] Chartmetric Integration - Chartmetric now tracks three key rankings from NetEase: China Hot 100 Songs Chart (weekly), International Hot 100 Songs Chart (weekly), and International New 100 Songs Chart (daily) [7] - This integration allows users to monitor performance across China's streaming ecosystem and compare regional trends with global benchmarks [7] Recent Developments - Mariah Carey launched her album "Here For It All" in China via NetEase Cloud Music, achieving quadrupled first-week streams compared to her previous album "Caution" [4] - This launch is noted as Carey's strongest studio album debut in the Chinese market to date [4] Industry Impact - The collaboration between NetEase Cloud Music and Chartmetric is expected to expand visibility for artists and foster new opportunities for discovery and collaboration within the music industry [3][6] - Over 5,000 organizations in the music industry utilize Chartmetric's tools for market intelligence and to identify emerging talent [7]

Core Insights - NetEase, Inc. reported fiscal Q3 2025 revenue of RMB28.4 billion ($4.0 billion), an 8.2% year-over-year increase, but below analysts' expectations of $4.10 billion [1] - The company's EPS of $2.09 met consensus estimates [1] Revenue Breakdown - Revenue growth was primarily driven by Games and related value-added services, which accounted for 97.6% of total revenue, growing 11.8% year-over-year to RMB23.3 billion ($3.3 billion) [2] - The increase in gaming revenue was attributed to higher earnings from self-developed games, including Fantasy Westward Journey Online and Sword of Justice, as well as certain licensed games [2] - Fantasy Westward Journey Online achieved a record concurrent player count of 3.58 million for the fourth consecutive quarter in Q3 2025 [2] Analyst Ratings - UBS maintained a Buy rating on NetEase, Inc. with a price target of HK$302.64 [3] - NetEase is recognized as a leading Chinese internet technology corporation focused on gaming, education, music, and e-commerce, with a diverse portfolio of popular mobile and PC games [3]

Core Insights - Wall Street experienced a rebound on November 21, 2025, with all three major stock indices rising nearly 1% due to investor optimism about a potential rate cut in December following dovish comments from John Williams, president of the Federal Reserve Bank of New York [1] Market Conditions - Despite the rebound, concerns over overvalued AI stocks persist, which could lead to a sell-off in the broader market at any time [2] Investment Strategy - In the current unstable environment, equity investors are advised to avoid high-priced stocks and consider dividend-growth stocks, as these companies typically exhibit strong financial health and provide a defensive hedge against economic uncertainty [3][5] - Dividend-growth stocks are characterized by a history of increasing dividends, which offers downside protection and potential for capital appreciation [5][6] Selected Dividend Growth Stocks - Five dividend growth stocks identified as solid choices include: - **Cardinal Health (CAH)**: Expected fiscal 2026 revenue growth of 16.2%, long-term earnings growth rate of 13.9%, and an annual dividend yield of 0.98% [12][13] - **Barrick Mining (B)**: Projected 2025 revenue growth of 21.5%, long-term earnings growth rate of 38.4%, and an annual dividend yield of 1.64% [14] - **NetEase (NTES)**: Anticipated 2025 revenue growth of 10.4%, long-term earnings growth rate of 9.9%, and an annual dividend yield of 1.70% [15] - **Lam Research (LRCX)**: Expected fiscal 2026 revenue growth of 14.1%, long-term earnings growth rate of 20.3%, and an annual dividend yield of 0.73% [16] - **Enersys (ENS)**: Projected fiscal 2026 revenue growth of 4%, long-term earnings growth rate of 15%, and an annual dividend yield of 0.76% [17] Selection Criteria - The selection of these stocks is based on criteria such as multi-year growth in dividends, sales, earnings per share (EPS), and undervaluation metrics [10][11] - Stocks selected have shown historical growth in dividends, sales, and EPS, indicating strong fundamentals and potential for sustained dividend payments [8][9]

【#网易射雕正式停止运营#】今日，网易旗下MMO游戏《射雕》正式停止运营。 根据网易发布的公告，停运的主要原因是《射雕三部曲》IP的合作期即将结束，以及游戏运营策略的调 整。 官方表示，截止至2025年9月24日14时，玩家网易邮箱/手机账号中未使用的收费金锭将按照等额点数形 式补偿，并可在网易旗下的其他游戏中使用。 据了解，网易《射雕》于2024年3月28日开启公测，2024年5月迎来制作人更换，同年10月官方公布 "射 雕回炉计划"，试图调整产品方向。 斯 4 p ASS ff @新浪科技。 G 2025年3月，游戏推出2.0版本，对美术风格、养成系统等核心内容进行大幅迭代优化，截至今日，共计 运营606天。 值得注意的是，当初为了标榜"不赚快钱"，官方还喊出了"150年的长线运营，《射雕》只想赚慢钱"的 口号。 项目组曾承诺《射雕》必然会构建一个付费理念足够绿色、不逼肝、不逼氪、控制数值膨胀的江湖。 据悉，本作以金庸创作的"射雕三部曲"（《射雕英雄传》《神雕侠侣》《倚天屠龙记》）为背景，基于 小说内容进行改编。（快科技） ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][26]. Core Insights - The company reported a revenue increase of 8% year-on-year, with a Non-GAAP net profit of 9.5 billion yuan, reflecting a 27% growth [1][9]. - Deferred revenue grew by 25%, indicating strong future revenue potential [2][26]. - The online gaming segment showed robust performance, with revenue reaching 22.8 billion yuan, a 13% increase year-on-year [2][14]. - The company is focusing on global expansion and the launch of new games, which are expected to drive future growth [2][17]. Financial Performance - In Q3 2025, the company achieved a gross margin of 64.1%, up 1.2 percentage points year-on-year [1][10]. - The total operating expense ratio was 36%, with a sales expense ratio of 15.7%, reflecting increased marketing spending [1][10]. - The forecasted adjusted net profits for 2025-2027 are 39.3 billion, 42.5 billion, and 46.7 billion yuan, respectively [26][28]. Game Performance - Classic games like "Dream of the Red Chamber" continue to attract players, showcasing the company's long-term operational capabilities [2][17]. - The highest concurrent player count for "Dream of the Red Chamber" reached 3.58 million, indicating strong player engagement [2][17]. - New game releases and global launches are anticipated to enhance the company's market presence [2][17]. Other Business Segments - Youdao's revenue increased by 4% year-on-year, with advertising services growing significantly by 51% [3][18]. - Net revenue from NetEase Cloud Music was 2 billion yuan, a 2% decline year-on-year, with a gross margin of 35.4% [3][23].