Cai Fu Zai Xian·2026-02-12 02:06Core 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]