Huan Qiu Wang·2026-02-12 02:52Core Insights - NetEase reported a robust financial performance for the fourth quarter and the entire year of 2025, achieving a revenue of 112.6 billion yuan, with its core gaming business demonstrating resilience, particularly with "Dream of the Red Chamber" achieving a quarterly revenue record after 23 years of operation [1] AI Strategy - The management emphasized that while generative AI lowers the entry barrier for game development, it raises the success threshold for top-tier products, shifting the competitive barrier from production capacity to integration capability [3][4] - High-quality private data is deemed more important than computational power, and the application of AI in specific business scenarios is prioritized over the scale of parameters [4] - By 2025, NetEase plans to deploy its AI-native pipeline across various stages of game development, achieving efficiency improvements of up to 300% in certain areas [4] Globalization and Product Success - "Yan Yun Sixteen Sounds," an open-world game, achieved significant global success, ranking second on Steam's global sales chart and topping the iOS download charts in over 60 markets, with over 80 million global users [5] - The success is attributed to the maturity of "Chinese stories, international expression," showcasing that localized cultural content can compete globally if the expression resonates with contemporary player aesthetics [5] Evergreen Game Strategy - "Dream of the Red Chamber" has defied typical industry trends by achieving a quarterly revenue high after 23 years, demonstrating a "counter-cyclical" growth strategy [6] - The management detailed a strategy for revitalizing classic gameplay while optimizing user experience and economic systems to engage both new and existing players [6] New Category Innovations - NetEase is advancing in new game categories, with anticipated releases like "Infinite" and "Forgotten Sea," the latter expected to launch in Q3 2026 [7] - The company is also exploring the auto-chess genre with a unique cultural angle based on Chinese mythology, aiming to differentiate itself in a crowded market [7]