【网易-S（9999.HK）】游戏营收低于预期，递延收入高增，关注2026年新游表现——25年三季报业绩点评（付天姿/宾特丽亚）

Core Viewpoint - The company reported a revenue of 28.36 billion yuan in Q3 2025, showing a year-on-year growth of 8.2%, which was below Bloomberg's consensus estimate by 2.96% due to product launch timing and revenue recognition delays [4] Group 1: Financial Performance - The gross margin improved to 64.1%, an increase of 1.2 percentage points year-on-year [4] - Adjusted net profit reached 9.55 billion yuan, slightly exceeding consensus estimates by 0.43%, despite higher-than-expected marketing and management expenses, which were offset by adjustments in SBC expenses [4] Group 2: Deferred Revenue and Future Growth - The company's deferred revenue for Q3 2025 reached 19.47 billion yuan, a year-on-year increase of 25.3% and a quarter-on-quarter increase of 14.8%, significantly surpassing the consensus estimate by 41% [5] - Strong player recharge willingness during new game launches is expected to gradually confirm revenue, laying a solid foundation for revenue growth in Q4 2025 and Q1 2026 [5] Group 3: Game Business and Global Strategy - Revenue from games and related value-added services was 23.33 billion yuan, slightly below consensus estimates by 2.3%, with a year-on-year growth of 11.8% [6] - Domestic game revenue showed resilience, with "Dream of the Westward Journey" PC version setting a new peak concurrent user record of 3.58 million [6] - The company continues to release new game reserves, with titles like "Fate: Stars" driving overseas mobile game revenue growth [6] - The global strategy is being accelerated, with new game "Fate: Rise" topping iOS download charts in multiple regions [6] Group 4: Investment Strategy and Shareholder Value - Marketing expenses for Q3 2025 were 4.46 billion yuan, exceeding consensus estimates by 12.1%, primarily for new game promotions [7] - R&D expenses were 4.54 billion yuan, with a R&D expense ratio of 16%, down 0.9 percentage points year-on-year [7] - Operating cash flow was strong at 12.9 billion yuan, a year-on-year increase of 21.6%, with net cash reserves of 153.2 billion yuan [7] - The company announced an extension of its share repurchase plan of up to 5 billion USD until January 2029 [7]