Zheng Quan Ri Bao·2025-08-15 17:06Core Insights - NetEase reported a net revenue of 27.9 billion yuan for Q2 2025, representing a year-on-year growth of 9.4% [2] - The net profit attributable to shareholders under non-GAAP was 9.5 billion yuan, with R&D investment reaching 4.4 billion yuan, indicating an R&D intensity of 15.6% [2] Group 1: Gaming Business Performance - The gaming and related value-added services segment generated a net revenue of 22.8 billion yuan, accounting for 82% of total revenue, highlighting its critical impact on overall performance [2] - The cost of the gaming business decreased to 6.8 billion yuan in Q2 from 7.5 billion yuan in Q1, indicating a clear trend of cost reduction [2] - The game "Fantasy Westward Journey" achieved a peak of 2.93 million concurrent users, marking a new high in its 22-year operation history [2] Group 2: New Game Developments - The new game "Yanyun Sixteen Sounds," set to launch by the end of 2024, is already showing strong performance metrics, exceeding pre-launch expectations in user activity and monetization [2] - Upcoming single-player games include the original ocean adventure RPG "Forgotten Sea" and a narrative-driven action-adventure game "Return to Tang" [4] Group 3: Market Position and Strategy - NetEase's localized operation strategy and diversified marketing activities have significantly improved user engagement and payment willingness for Blizzard's games, with "Hearthstone" reaching the fifth position on China's iOS bestseller list after the launch of the "Angoro Turtle Path" expansion [3] - Despite the competitive gaming market, NetEase's mobile games have not performed well in overseas revenue rankings, with only "Knives Out" and "Diablo: Immortal" making it to the top 30 in July [4] - Industry expert Zhang Yi noted that NetEase's previous over-reliance on the Japanese market has hindered its ability to capitalize on the growing potential in the European and American markets compared to competitors like Tencent and Mihayou [4]