盘前大跌超4%！新游贡献显现，网易Q4营收虽不及市场预期，游戏仍在增长

Core Viewpoint - NetEase's fourth-quarter performance was mixed, with revenue and profit falling short of Wall Street expectations despite claims of AI integration in game development [2][3][15] Financial Performance - Net revenue for Q4 was 275 billion RMB (approximately 39 billion USD), a year-on-year increase of 3.0%, but below analyst expectations of 287.9 billion RMB [3][6] - The net income from games and related services was 220 billion RMB, showing a year-on-year growth of 3.4%, yet also falling short of the market's forecast of 234.2 billion RMB [3][8] - Non-GAAP net profit was 71 billion RMB, with earnings per ADS at 10.95 RMB, significantly lower than the expected 14.07 RMB [3][5][10] Cost and Profitability Analysis - Total operating expenses surged to 94 billion RMB, a year-on-year increase of 10.9%, primarily due to rising marketing costs in online gaming [5][10] - Despite an 8.7% increase in gross profit to 177 billion RMB, the high operating costs eroded net profitability [5][10] Core Gaming Business - The gaming segment accounted for 80% of total revenue, with a net income of 220 billion RMB, but the growth rate was perceived as weak [8] - Established titles like "Fantasy Westward Journey" and new releases contributed to revenue, but overall performance did not meet optimistic market expectations [8][10] Other Business Segments - Youdao emerged as a highlight with net revenue of 16 billion RMB, a year-on-year increase of 16.8%, surpassing market expectations [11] - Cloud Music showed stable performance with net revenue of 20 billion RMB, a 4.7% increase, but lacked significant surprises [11] - Innovative and other businesses faced challenges, with net revenue declining by 10.4% to 20 billion RMB, indicating a contraction in non-core services [13] Annual Summary - For the fiscal year 2025, total revenue reached 1,126 billion RMB, a year-on-year growth of approximately 6.9%, while Non-GAAP net profit grew by 11.3% to 373 billion RMB [15] - The CEO emphasized the importance of AI and globalization, indicating that AI has been integrated across all stages of game development [15]