Xin Lang Cai Jing·2025-12-10 11:50Core Viewpoint - The company is expected to report Q4 revenue between 26.897 billion to 30.347 billion yuan, representing a year-on-year growth of 0.6% to 13.5% [1] - The anticipated net profit for Q4 is projected to be between 7.581 billion to 11.585 billion yuan, with a year-on-year change of -13.5% to 32.2% [1] - Adjusted net profit is forecasted to be between 8.454 billion to 9.978 billion yuan, showing a year-on-year change of -12.7% to 3.1% [1] Revenue and Profit Forecast - Q4 revenue consensus forecast ranges from 26.897 billion to 30.347 billion yuan, with an average estimate of 28.746 billion yuan, indicating a 7.5% year-on-year growth [3][10] - The average net profit estimate is 8.440 billion yuan, reflecting a -3.7% year-on-year change [3][10] - The average adjusted net profit is estimated at 9.112 billion yuan, showing a -5.9% year-on-year change [3][10] Recent Performance Insights - In Q3 2025, the company achieved revenue of 28.36 billion yuan, a year-on-year increase of 8.2%, with a gross margin of 64.1% [4][11] - Adjusted net profit for Q3 was 9.5 billion yuan, up 26.7% year-on-year, with a net profit margin of 33.5% [4][11] - The gaming segment generated 23.3 billion yuan in revenue, a growth of 11.8% year-on-year, driven by popular titles [4][11] Business Segment Highlights - The peak online user count for the game "Dream of the Red Chamber" reached 3.58 million [5][12] - The overseas game "Fate: Stars" topped download charts in multiple regions, with upcoming releases like "Diablo IV" [6][13] - The new generation of Youdao AI Q&A pen, SpaceX, allows users to ask over 10 questions daily [7][14] - The AI tuning master feature in Cloud Music enhances user experience through personalized adjustments [7][15] Future Projections - The company expects net profits for 2025, 2026, and 2027 to be 35.7 billion, 38.3 billion, and 42.9 billion yuan respectively, with corresponding PE ratios of 16.6, 15.5, and 13.8 [8][15]