网易于北京时间2月11日港股盘后发布了2025年四季度财报。整体看Q4业绩低于一致预期，还是手游疲软的"锅"。 尽管市场近期已经交易了一部分流水放缓的影响，中长期视角没必要再进一步悲观。但对于短期走势而言，此次电话会中关于新产品周期的清晰指引显得 尤为关键。 具体来看： 1. 新游空窗期持续拖累收入：Q4游戏收入213亿，同比增速3.5%，与市场预期的差距有点大。 海豚君认为市场可能存在一些线性推演，预期Q4增速仅略低于Q3。但实际暴雪端游的回归红利，随着基数的抬高，Q4已经明显减少。与此同时，手游还 在经历新品空窗期，因此这个时候如果没有哪一款老游戏突然爆了，否则增速环比看是需要明显放缓的。 而实际情况是老游戏的表现没有完全撑住：端游则相对好一些，主要体现在《燕云》、《梦幻西游》畅玩服的增量贡献。但手游上，《第五人格》继续受 到竞品影响，《逆水寒》、《永劫无间》流水下滑，而《燕云》手游虽然周年庆表现不错，但毕竟是12月底才开启，《蛋仔》的反弹也同样在12月更加明 显，因此来不及弥补缺口。 2. 递延收入再给希望：与Q3类似，在惨淡的收入背后，递延收入再次给了一些希望。Q4递延收入继续超市场预期，同比增长34 ...

此外，美国劳动力市场仍存在持续下修的阴影，2025年每个月数据都被向下修正。结合年度基准修订和全年各月调整后，去年平均每月新 增就业岗位仅为1.5万个。 Janus Henderson Investors投资组合经理布拉德·史密斯表示："在预测者长期因劳动力市场疲软而对经济持谨慎态度之后，这份数据为经 济强劲增长、劳动力市场改善以及支持消费支出的工资增长提供了有力证据。" 他补充称："美联储在下月决定是否维持利率不变时，会将这一数据纳入考量。鉴于其'观望并依赖数据'的立场，这无疑会增强维持利率不 变的可能性。" 美东时间周三， 1月非农就业报告一度提振投资者情绪，但未能推动市场持续走高，三大股指最终均小幅收跌。 截至收盘，道琼斯指数跌0.13%，报50,121.40点；标普500指数微跌0.34点，报6,941.47点；纳斯达克指数跌0.16%，报23,066.47点。 盘前公布的数据显示，美国1月新增就业岗位13万个，远超市场预期的5.5万；失业率为4.3%，略低于经济学家预测的4.4%。 尽管报告显示就业增幅创一年多来新高，但增长仍集中在少数行业，主要是医疗保健领域，该领域新增岗位12.4万个，是2025 ...

机构认为，长假效应显现，资金避险行为导致市场交投相对清淡，活跃度有所降低。"横盘略强"仍是主基调，维持春节前指数震荡筑底的判断。 【财经日历】 国新办就《现代化首都都市圈空间协同规划（2023—2035年）》有关情况举行新闻发布会 商务部举行新闻发布会，介绍近期商务领域重点工作有关情况 戛纳世界人工智能峰会 新股上市：海圣医疗（北交所） 财报：联想集团、华虹半导体 ►►据新华社，2月11日，国务院以深化拓展"人工智能+"、全方位赋能千行百业为主题，进行第十八次专题学习。国务院总理李强在主持学习时强调，要深 入学习贯彻习近平总书记关于人工智能发展的重要指示精神和党中央有关决策部署，全面推进人工智能科技创新、产业发展和赋能应用，培育壮大新质生产 力，推动高质量发展。 ►►据新华社，国务院国资委日前召开中央企业"AI+"专项行动深化部署会。国务院国资委日前提出，中央企业要强化投资牵引，积极扩大算力有效投资， 推进"算力+电力"协同发展，提升全链条数据治理能力，不断夯实人工智能产业基础底座。此次会议上，国务院国资委提出央企要强化自主创新，着力突破 关键核心技术，持续攻关"大模型"技术，推动更多自主创新成果从样品变成产 ...

丁磊首次公开谈到AI对游戏行业和网易的整体影响。 2月11日，网易（Nasdaq:NTES；09999.HK）发布去年四季度财报，财报显示，网易2025年第四季度净 收入为275亿元，同比增长3.0%。归属于公司股东净利润62.4亿元，同比下滑28.8%。 其中，游戏及相关增值服务净收入为220亿元，同比增长3.4%；有道净收入为16亿元，同比增长 16.8%；网易云音乐净收入为20亿元，同比增长4.7%；创新及其他业务净收入为20亿元，同比减少 10.4%。 在随后的财报电话会议上，对于外界关注的AI技术等问题，网易CEO丁磊表示，市场很大程度上误解 Google Genie3（谷歌旗下最新大模型）对游戏行业的影响。AI确实降低游戏制作的"准入门槛"，但同 时也极大地拔高了头部产品的"成功门槛"。 根据此前财报披露，网易AI原生管线已覆盖原画、模型、动画、音频、关卡、测试等全流程生产场 景，部分环节效能提升300%。在 AI玩法创新方面，《逆水寒》手游的智能NPC系统凭借基于强化学习 的智能决策技术，荣获"2025年度中国图象图形学学会科技进步奖一等奖"。 管理层在电话会上更新了这些产品的最新进展。据网易管 ...

③热门中概股涨跌不一，世纪互联涨超12%，金山云涨10%，台积电涨超3%，哔哩哔哩、蔚来涨超 2%；网易跌超4%，爱奇艺跌超2%； ④欧洲三大股指收盘涨跌不一，德国DAX指数跌0.53%报24856.15点，法国CAC40指数跌0.18%报 8313.24点，英国富时100指数涨1.14%报10472.11点； ①美国三大股指小幅收跌，道指跌0.13%报50121.4点，标普500指数持平报6941.47点，纳指跌0.16%报 23066.47点； ②热门科技股涨跌不一，谷歌、微软跌超2%，亚马逊跌超1%，英特尔涨超2%，英伟达、苹果、特斯拉 涨幅不足1%； ⑦纽约尾盘，美元指数涨0.07%报96.92，离岸人民币对美元上涨54.0个基点报6.9089； ⑧伦敦基本金属全线上涨，LME期镍涨3.29%报18065.0美元/吨，LME期锡涨1.59%报50065.0美元/吨， LME期铅涨1.01%报1994.5美元/吨，LME期铜涨1.00%报13239.0美元/吨，LME期铝涨0.78%报3117.0美 元/吨，LME期锌涨0.68%报3418.0美元/吨； ⑨美债收益率集体上涨，2年期美债收益率涨6.41 ...

1、美国总统特朗普与以色列总理内塔尼亚胡会晤，表示坚持与伊朗的谈判继续进行，同伊朗达成协议 将是"首选"，此次会晤未达成其他确定性结果。 2、美国国防部已指示第二个航空母舰打击群做好部署 到中东的准备，美军正在为可能对伊朗发动的袭击做准备，部署命令可能在数小时内下达。 3、美国能 源部长赖特将访问委内瑞拉，期间将直接与委内瑞拉临时领导层接触，并访问部分 油田。 4、美国1月 非农就业人数增加13万人，远 超市场预期，失业率降至4.3%，美国财长贝森特表示非农就业数据超过 预期。 5、美联储理事米兰表示，如果获得提名，乐意继续留在美联储。 6、Meta宣布在印第安纳州黎 巴嫩市投资超100亿美元建设新的1吉瓦 数据中心项目，将支持4000多个 建筑岗位和300个运营岗位。 Meta同时将价值270亿美元的Hyperion数据中心项目剥离出表，审计机构安永将该财务安排列为关键审 计事项。 7、美国国会预算办公室警告，美国正走在不可持续的财政道路上，将未来十年的赤字预测上 调1.4万亿美元，特朗普2025年税法预计使赤字增加4.7万亿美元，移民执法行动增加5000亿美元成本， 关税带来的额外收入预计减少3万亿美元赤 ...

经济观察网 网易有道发布2025年第四季度及全年财报后，股价下跌3.92%至9.45美元。财报核心数据与 市场预期存在差异，公司全年经营利润同比增长48.7%至2.2亿元，并首次实现全年经营性现金净流入， 但未披露具体归母净利润数据，市场可能对比此前机构预测存在落差。 业绩经营情况 公司盈利质量短期承压，2025年第三季度财报显示毛利率同比下滑8.0个百分点至42.2%，主要因在线营 销服务业务为拓展新客户导致毛利率降至25.4%。尽管第四季度学习服务收入同比增长17.7%，但公司 主动加大高增长赛道投入，可能加剧市场对短期盈利能力的担忧。 行业政策与环境 AI布局投入增加，公司2025年AI订阅服务销售额虽同比增长超50%，但需持续投入研发与推广。新推出 的桌面级Agent"LobsterAI"仍处于内测阶段，尚未产生规模收益。叠加谷歌Genie 3模型引发行业对AI替 代游戏开发工具的担忧，科技股普遍承压，间接影响市场情绪。 市场环境 美股科技板块调整，纳斯达克指数下跌0.32%，教育服务板块跌幅0.63%，行业整体表现疲软。网易有 道同期成交额仅74.87万美元，流动性较低放大股价波动。股价下跌是财报数 ...

Core Insights - In 2025, NetEase achieved total revenue of 112.626 billion RMB, representing a year-on-year growth of 7.0% [1][2] - The Non-GAAP net profit attributable to shareholders was 37.3 billion RMB, reflecting an increase of 11.3% year-on-year [1][2] Business Performance - The net revenue from games and related value-added services reached 92.1 billion RMB for the year, with fourth-quarter revenue at 22 billion RMB, showing a growth of 3.4% [3] - Established titles like "Fantasy Westward Journey" and "Identity V" continued to generate stable revenue, while new games "Yanyun Sixteen Sounds" and "Marvel Duel" contributed additional income [3] Financial Status - The gross margin for 2025 improved to 64.29%, indicating optimization compared to the previous year [4] - The net cash flow from operating activities accounted for 45.05% of total revenue, demonstrating healthy cash flow [4] - The board approved a quarterly dividend and extended a stock repurchase plan of 5 billion USD until 2029, with approximately 2 billion USD of shares repurchased by the end of 2025 [4] Business and Technology Development - Management emphasized that AI has become a foundational capability in game development, operations, and innovation [5] - Research and development investment reached 17.7 billion RMB, maintaining an intensity of over 15% [5] - The application of AI technology in areas such as UGC content generation for games and intelligent interaction in educational products is deepening [5] Company Business Status - Youdao showed strong performance with fourth-quarter revenue of 1.6 billion RMB, a year-on-year increase of 16.8%, exceeding market expectations [6] - Cloud Music generated revenue of 2 billion RMB, reflecting a stable growth of 4.7% [6] - Revenue from innovative and other businesses was 2 billion RMB, down 10.4% year-on-year, primarily due to business adjustments [6] Strategic Advancement - New products like "Yanyun Sixteen Sounds" and "Marvel Duel" received positive responses in overseas markets, with plans to further increase the share of overseas revenue [7] - The return of Blizzard games to the domestic market has revitalized the user ecosystem [7]

Economic Data - The U.S. added 130,000 jobs in January, significantly exceeding the market expectation of 55,000 [1] - The unemployment rate stands at 4.3%, slightly below the economists' forecast of 4.4% [1] - Job growth is primarily concentrated in the healthcare sector, which added 124,000 jobs, double the normal growth rate for 2025 [1] - There is a persistent downward revision in the labor market data, with the average monthly job addition for last year adjusted to only 15,000 [1] Company News - Apple is reportedly facing setbacks in the development of an upgraded version of Siri, which may delay the release of several anticipated AI features [3] - Meta has begun construction on a new data center in Lebanon, Indiana, with an investment exceeding $10 billion, aimed at enhancing its AI infrastructure [5] - Google is integrating AI shopping features into its search engine and Gemini chatbot, allowing consumers to purchase products directly through AI-driven answers [7] - T-Mobile anticipates service revenue to reach approximately $77 billion by 2026, with plans to achieve 18 to 19 million broadband users by 2030 [8] - Ancora Capital has increased its stake in Warner Bros. Discovery and plans to oppose the company's deal with Netflix regarding its production and streaming assets [9] - Kraft Heinz has paused its planned spin-off, focusing instead on improving company performance under the new CEO Steve Cahillane [10]

Core Viewpoint - NetEase's Q4 2025 financial results showed a revenue of 27.5 billion RMB, a 3% year-on-year increase, but a net profit attributable to shareholders of 6.2 billion RMB, down nearly 30% from 8.8 billion RMB in the same period last year, falling short of market expectations [2][4]. Financial Performance - For Q4 2025, NetEase's revenue was 27.5 billion RMB, with a year-on-year growth of 3% [2]. - The net profit attributable to shareholders for Q4 was 6.2 billion RMB, a decrease of approximately 30% compared to 8.8 billion RMB in Q4 2024 [2][4]. - Total revenue for the full year 2025 reached 112.6 billion RMB, representing a year-on-year increase of about 7% [4]. - The net profit attributable to shareholders for the full year 2025 was 33.8 billion RMB, up 13.8% year-on-year [4]. Cost and Expenses - Sales and marketing expenses in Q4 increased by approximately 1.07 billion RMB to 3.89 billion RMB compared to the same period in 2024 [2]. - Overall investment losses reached 1.67 billion RMB, an increase of about 1.2 billion RMB, along with foreign exchange losses exceeding 500 million RMB [2]. Business Segments - The core gaming and related value-added services generated revenue of 22 billion RMB in Q4, a year-on-year increase of 3.4%, accounting for 80% of total revenue [4]. - The flagship games such as "Fantasy Westward Journey" and "Identity V" supported the revenue base, while new games like "Yanyun Sixteen Sounds" and "Marvel Showdown" contributed to revenue growth [4]. - Other business segments included NetEase Youdao with Q4 revenue of 1.6 billion RMB, up 16.8% year-on-year, and NetEase Cloud Music with revenue of 2 billion RMB, a 4.7% increase year-on-year [4]. Cash Flow and Financial Health - As of December 31, 2025, NetEase's net cash balance was 163.5 billion RMB, up from 131.5 billion RMB in 2024 [7]. - The net cash flow from operating activities for 2025 was 50.7 billion RMB, compared to 39.7 billion RMB in 2024 [7]. Industry Insights - Management discussed the impact of AI on the gaming industry, noting that while AI lowers the entry barrier for game development, it raises the success threshold for major commercial titles [5][6]. - The introduction of generative models like Google's Genie 3 has caused significant market reactions, but management believes the market may misunderstand its implications for the gaming industry [5][6].