毛利率稳健、费用端基本符合预期 4Q25毛利率持续优化至64.2%，该行认为反映公司成本管控能力。三费绝对额符合预期，其中销售费率 回升至14%，该行判断游戏营销投入整体符合业务推广节奏。 智通财经APP获悉，中金发布研报称，考虑网易-S(09999)产品节奏，维持27年Non-GAAP归母净利润预 测。港股现价对应26/27年14/12x Non-GAAP P/E，美股对应13/12x Non-GAAP P/E。维持跑赢行业评 级，因盈利预测调整，予目标价265港元/171美元（港美股均对应19/17倍26/27年Non-GAAP P/E），港 美股上行空间36%/38%。 中金主要观点如下： 季度递延收入高增长，关注后续释放；新游《遗忘之海》预计3Q26上线 4Q25游戏及相关增值服务收入同增3%，主要得益于《梦幻西游》等长青IP的稳定运营以及《燕云十六 声》《漫威争锋》等贡献。递延收入4Q25环比净增加10.4亿元，好于市场预期，该行判断后续有望逐步 释放至收入端。有道收入同增17%，体现其AI驱动战略有效推进；云音乐收入稳步同增5%。创新业务 虽同比有所下滑，但环比显著回升。 2026年核心关注：1） ...

尽管网易四季度业绩疲软，低于市场预期，但摩根大通认为公司实际经营表现远好于账面数据所呈现的水平。 网易公布2025年第四季度财报，营收同比增长仅3%，净利润更是同比下降27%，双双低于彭博一致预期约4%和23%，这直接导致港股股价盘前 承压， 开盘下挫4%。 但摩根大通发表研报指出，《燕云十六声》等新游戏的强劲现金流水已反映在合同负债中，而非经常性损失掩盖了核心营业利润的出色表现。 此外随着《遗忘之海》和《无限大》等重磅新游上线，预计将推动2026-2027年游戏收入实现13%的年复合增长率。摩根大通维持对网易的"增 持"评级，目标价295港元（190美元），基于2026年预测市盈率13倍的估值具有吸引力。 真实现金流水远超账面收入 研报指出，市场对网易收入的失望主要源于Q4网游收入仅同比增长4%，且环比下降了7%。这很容易被解读为增长乏力。 例如《蛋仔派对》和《第五人格》的排名和流水均出现下滑，但这部分归因于暑假季节性因素消退。 净利润同比下降27%，比起彭博一致预期低了23%，这个数字确实吓人。但这并非网易的业务出了问题，而是因为投资账面浮亏。 摩根大通指出，Q4网易确认了高达22亿元人民币的权益投资及汇 ...

周枫总结称，"2025年全年，我们实现了第一个全年经营性现金净流入……展望未来，我们仍然致力于 人工智能原生战略，专注于学习服务和广告。通过推进垂直大型语言模型和扩展人工智能驱动的应用程 序和代理，目标是提供差异化的用户体验，并推动可持续的长期增长。" 网易有道表示，2026年其将从"教育科技"公司正式向"学习与广告AI应用服务提供商"转型，聚焦于学习 +广告双赛道。 周枫认为，2026年将成为AI Agent的关键元年——这种具备复杂任务处理能力、能为用户创造更高价值 的先进AI系统，将成为行业主流。 截至2025年12月31日，网易有道的现金、现金等价物、流动和非流动限制性现金以及短期投资总额为 7.432亿元人民币（1.063亿美元），较2024年年末增长8060万元。该公司的合同负债主要由有道学习服 务产生的递延收入组成，为8.477亿元人民币（1.12亿美元）。网易有道表示，为了支持未来业务，截至 2025年底，网易有道已获得集团财政支持，包括8.78亿元人民币的短期贷款，以及2027年3月31日到期 的1.321亿美元长期贷款。 2月11日，网易旗下智能学习公司有道(NYSE:DAO)发布2025 ...

2025年，网易严选深耕护城河，持续发力自主研发、原创设计、智慧供应链、自有品控的全链路能力体 系，从产品开发到履约交付全环节筑牢品质基石，推动行业向"优质优价"的良性生态稳步演进。 2025年，网易研发投入177亿元，网易严选凭借坚实的产品研发投入，推动宠物业务迎来爆发式增长。 根据北大"全球品牌中国线上500强榜单"(CBI500)显示，网易严选冲进全球宠物品牌中国线上TOP 3。严 选更在猫粮、狗粮、猫砂三大核心品类稳居天猫、京东等主流渠道头部阵营。值得关注的是，狗粮以年 销售额同比双位数增长的强劲势头，成为宠物业务第二增长曲线。 据了解，网易严选2025年累计申请获得52项专利，以系统性研发实力持续构筑商品力壁垒。面对宠物肠 胃敏感、营养吸收效率低等市场痛点，网易严选创新研发"3D鲜蒸乳化工艺"，推出国内首款鲜蒸宠粮 系列。该技术通过低温乳化、瞬时闪蒸与慢烘定型，打造3D多孔酥脆颗粒，更能留存鲜肉营养，显著 提升营养吸收效率。产品还特别添加丁酸钠等成分，搭配双重益生菌和益生元，丁酸钠成分经网易严选 与中国农业大学研究实证，对宠物肠道健康具有促进作用，其详细数据和研究成果也已于国际期刊 《Metabol ...

Core Insights - NetEase reported Q4 revenue of RMB 27.5 billion and annual revenue of RMB 112.6 billion, highlighting its strategic focus on AI technology, overseas market expansion, and long-term game operations during the earnings call [1] AI Technology Application - NetEase aims to become the "most knowledgeable AI expert in gaming," with AI-native gameplay already implemented in several flagship products. The management noted that while AI lowers the entry barrier for game development, it raises the success threshold for top-tier products, shifting the core barrier from mere production capacity to integration capability [2][3] - The company plans to maintain high investment in vertical models, AI-native gameplay, and talent development, emphasizing that high-quality private data is more critical than computing power in vertical fields [2] Overseas Market Expansion - The success of "Yan Yun Shi Liu Sheng" in overseas markets validates NetEase's ability to express Chinese stories internationally. The game reached the second position on Steam's global sales chart and topped the iOS download charts in over 60 markets, with global users exceeding 80 million [4] - The management expressed confidence in cultivating high-quality creative talent in China, which has the largest pool of game development professionals globally [4] Long-term Game Operations - NetEase demonstrated strong long-term operational capabilities, with "Dream of Dreams" PC version achieving record quarterly revenue in its 23rd year. The successful launch of the "Chuang Wan" server provided new insights for long-term game operations [5] - The management outlined three key strategies for revitalizing long-standing games: restoring classic gameplay, restructuring the economic system while maintaining free trade, and optimizing the overall experience [5] Upcoming Products - Anticipated releases include "Forgotten Sea," expected to launch in Q3, and "Infinite," which has met testing expectations. Both products aim for global simultaneous release across multiple platforms [6] - The management highlighted the potential in the auto-chess genre, planning to create a unique game based on Chinese mythology, emphasizing strong narrative and aesthetic elements [7]

2月11日，网易有道公布了2025年第四季度及全年未经审计财务报告。财报显示，公司全年净收入59.1 亿元，同比增长5.0%；经营利润达2.2亿元，同比增长48.7%。公司首次实现全年经营性现金净流入，共 计5520万元。2025年四季度，净收入达15.6亿元同比增长16.8%，连续第六个季度实现盈利；当季经营 利润为6020万元，经营性现金净流入达1.8亿，同比增长16.4% 。 ...

证券研究报告 网易 (NTES US) 4Q 收入低于预期，游戏递延周期增长 2026 年 2 月 12 日│美国 互联网 网易 4Q25 总营收同比+3%至 275 亿元，低于 VA 一致预期（下同）5%， 主因游戏收入递延周期增加。递延收入超预期 21%，环比提升 10 亿元。经 调整归母净利润同比下降 27%至 71 亿元，低于预期 23%，主因投资损益影 响，拼多多等股票投资减值金额较大。我们预计网易 1H 流水有望边际改善： ①《燕云》全球累计用户达 8000 万，26 年海外全端流水有望达到 20-30 亿元；②《遗忘之海》管理层表示 3Q 有望上线，2 月测试反馈优秀，题材 和美术风格具备差异化优势，我们预计 12 个月流水有望达 25-50 亿元；③ 其他重点储备：《无限大》1 月封闭测试符合预期，中式妖鬼题材自走棋《妖 妖棋》1 月获版号，ARPG 端游《归唐》关注度较高。当前网易估值尚处低 位，我们看好 26 年收入和利润释放，重申"买入"评级。 《燕云》海外放量在即，《遗忘之海》打开 26 年增量空间 4Q 游戏和增值服务收入同增 3%至 220 亿元，其中游戏收入同增 4%至 213 ...

Market Overview - A-shares experienced fluctuations with the ChiNext index rising over 1%, driven by significant gains in computing power hardware stocks such as CPO and optical chips, with Tianfu Communication increasing by over 10% [1] - The Hong Kong market opened lower, with the Hang Seng Index dropping over 1% and tech stocks declining, including NetEase which fell by 5% [1][3] Stock Performance - The Shanghai Composite Index decreased by 0.10% to 4127.79, while the Shenzhen Component rose by 0.48% to 14228.82, and the ChiNext Index increased by 1.16% to 3322.67 [2] - The Hang Seng Index was reported at 27046.41, down by 0.81%, and the Hang Seng Tech Index fell by 1.51% to 5416.91 [4][3] Commodity Market - Domestic commodity futures mostly rose, with lithium carbonate increasing by over 3%, while platinum and palladium saw declines [2][5] - The lithium carbonate price rose by 3.83% to 149,660, and nickel increased by 2.75% to 140,930 [6] AI and Technology Sector - The AI application concept stocks continued to adjust collectively, while AI model stocks like Zhipu and MiniMax-WP saw gains [1] - Zhipu announced a price increase of 30% for its AI coding subscription plan, and it is set to launch a new AI model, GLM-5, aimed at complex programming tasks [7][9] CPO Sector - The CPO sector showed strong performance with stocks like Tianfu Communication, Juguang Technology, and Zhishang Technology rising over 10%, reaching historical highs [10][11] - Lumentum reported receiving several hundred million dollars in CPO-related orders, with expected revenue of approximately $50 million by Q4 2026 [11] Tungsten Sector - The tungsten sector remained strong, with stocks like Zhangyuan Tungsten hitting the daily limit, and prices for black tungsten concentrate and ammonium paratungstate rising significantly [12][13] Currency Market - The offshore RMB against the US dollar broke the 6.90 mark for the first time since April 2023 [14]

Core Viewpoint - Citigroup maintains a "Buy" rating for NetEase, raising its price target from $161 to $165, indicating positive investor sentiment towards the company's future performance [1][5]. Financial Performance - NetEase recently held its Q4 2025 earnings call, which provided insights into revenue growth, profit margins, and strategic developments, although the full transcript is not available [2][5]. - The current stock price of NetEase is $118.49, reflecting a decrease of 4.07% or $5.03 from the previous trading session [3][5]. - Over the past year, the stock reached a high of $159.55 and a low of $88.54, indicating significant volatility [3]. Market Position - NetEase has a market capitalization of approximately $75.63 billion, showcasing its significant presence in the tech industry [4][5]. - The trading volume for the day is 2,474,197 shares on the NASDAQ exchange, indicating active investor interest [4][5].

Core Insights - NetEase reported a total revenue of 112.6 billion yuan for the year 2025, representing a year-on-year growth of approximately 7% [1] - The Non-GAAP net profit attributable to shareholders for 2025 was 37.3 billion yuan, an increase of 11.3% year-on-year [1] - In Q4 2025, the company achieved a revenue of 27.5 billion yuan, a 3% increase year-on-year, but the net profit attributable to shareholders decreased to 6.2 billion yuan from 8.8 billion yuan in the same period last year [1] Gaming Business - The gaming and related value-added services generated a net income of 92.1 billion yuan for the year, accounting for 81.8% of total revenue [1] - Online gaming net income reached 89.6 billion yuan, marking an 11% year-on-year growth, driven by classic titles like "Fantasy Westward Journey" and new releases such as "The Legend of Yan Yun" and "Marvel Contest of Champions" [1] - "The Legend of Yan Yun" has surpassed 80 million global users, and Blizzard's games returning to the Chinese market have set new annual revenue records [1] Other Business Segments - NetEase Youdao achieved a revenue of 5.9 billion yuan for the year, marking its first year of positive operating profit and cash flow [1] - NetEase Cloud Music reported a revenue of 7.8 billion yuan, slightly down from 8 billion yuan in 2024 [1] - The innovation and other business segment generated a revenue of 6.8 billion yuan [1] - The company's R&D investment reached 17.7 billion yuan, exceeding 10 billion yuan for six consecutive years [1] Financial Performance - For the year 2025, NetEase's operating profit was 35.8 billion yuan, reflecting a year-on-year increase of 21%, with a gross margin of 64.29% [2] - As of the end of 2025, the company had a net cash balance of 163.5 billion yuan and a net cash inflow from operating activities of 50.7 billion yuan [2] - The board announced an extension of the $5 billion stock repurchase plan until 2029, with approximately $2 billion repurchased by the end of 2025 [2] Market Challenges - NetEase is currently facing valuation pressure, with concerns regarding slowing growth in gaming revenue and high base profit margins for Q4 2025 and Q1 2026 [2] - The CEO emphasized that AI has become a core capability in their R&D and operations, systematically applied in game development and gameplay innovation [2]