Core Viewpoint - NetEase reported a strong performance in Q3 2025, with net revenue of 28.4 billion yuan, an increase of 8.2% year-on-year, driven primarily by its gaming and related value-added services [1] Financial Performance - Net income for Q3 was 28.4 billion yuan, up 8.2% year-on-year - Gross profit reached 18.2 billion yuan, reflecting a 10.3% increase - Non-GAAP net profit attributable to shareholders was 9.5 billion yuan [1] Business Segments - Revenue from gaming and related value-added services was 23.3 billion yuan, a year-on-year increase of 11.8% - Net revenue from NetEase Cloud Music and other innovative businesses was 2 billion yuan and 1.4 billion yuan, respectively - Youdao's revenue was 1.6 billion yuan, showing a growth of 3.6% [1] Market Performance - Long-standing products like "Fantasy Westward Journey" and "Onmyoji" have shown stable performance, contributing significantly to revenue growth - New versions and updates for these games have led to record-breaking user engagement and revenue [2] International Expansion - NetEase achieved significant recognition in the international gaming market, with three games nominated for the TGA awards, marking a historic milestone - The company is focusing on enhancing its global presence through strategic investments and partnerships [3][4] Future Outlook - The company is transitioning from merely replicating successful domestic models to creating tailored content for global markets - There is an expectation for continued growth in overseas markets, supported by strong game development capabilities and strategic resource allocation [5]

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Group 1 - The gaming sector experienced fluctuations, with the gaming ETF (159869) dropping over 1% in early trading, while individual stocks like Xinghui Entertainment and Beiwai Technology saw significant declines, except for Fuchun Co., which performed positively [1] - The gaming ETF (159869) attracted a net inflow of 192 million yuan yesterday, bringing its total scale to 11.568 billion yuan as of November 18, indicating strong investor interest in A-share gaming leaders [1] - NetEase's martial arts open-world game "Yanyun Sixteen Sounds" achieved over 500,000 players within 40 minutes of its global release on platforms like Steam and PlayStation, reaching a peak concurrent player count of over 140,000 on Steam [1] Group 2 - The success of "Yanyun Sixteen Sounds" in overseas bookings, with over 10 million global reservations, exemplifies the effective collaboration between national strategies for "game exports" and local support policies, showcasing a significant achievement in game quality [2] - The gaming sector is experiencing multiple catalysts for transformation, including AI, content, and commercialization models, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry [2]

Core Viewpoint - The recent announcement of the shutdown of the game "Time-Space Journey" just three months after its launch highlights the ongoing struggles of the company in the gaming industry, particularly in the mobile sector, despite previous efforts to revitalize its game development and publishing business [1][2][5]. Company Overview - The game "Time-Space Journey" was developed by the company's subsidiary, Xingyao Studio, and published by 360, which has not seen significant success in the gaming sector for several years [2][5]. - The company has been attempting to re-enter the gaming market since 2018, establishing a self-developed brand "360 Game Art" and setting up multiple divisions across major cities to enhance its game development capabilities [5][11]. Market Challenges - The company has faced challenges in the mobile gaming market, losing its competitive edge since 2014 and struggling to adapt to the evolving landscape dominated by other major players [8][11]. - Despite having a substantial user base, the company has not been able to leverage this advantage effectively, with its gaming revenue experiencing a gradual decline in recent years [7][8]. Game Development and Performance - The company has shifted its focus to mobile games, particularly in the Southeast Asian market, where it has seen some success with titles like "Destiny Girl," which performed relatively well in Indonesia's iOS top charts [11][17]. - However, recent titles, including "Time-Space Journey," have not achieved expected performance, with the game failing to maintain a strong ranking shortly after its release [2][24]. Strategic Shifts - The company has attempted to incorporate AI tools into its gaming operations, resulting in a 50% increase in user payment performance and a 200% increase in material production [17][24]. - Despite these efforts, the company has struggled to produce standout titles, with several games underperforming and being removed from the market shortly after launch [24][26]. Future Prospects - The company is exploring new opportunities in the PC gaming market, leveraging its existing user base and aiming to capitalize on the growing interest in PC gaming [32][33]. - The company has also been focusing on developing lighter, more casual games, which may align better with current market trends and user preferences [26][32].

Core Insights - The company reported significant growth in Q3 2025, with revenue reaching 76.85 billion yuan, a year-on-year increase of 5% and a quarter-on-quarter increase of 5% [1] - The net profit attributable to shareholders was 4.70 billion yuan, marking a turnaround from loss to profit, with a quarter-on-quarter increase of 115% [1] - Adjusted net profit surged by 233% year-on-year and 40% quarter-on-quarter, reaching 7.86 billion yuan [1] Revenue Breakdown - Value-added services revenue was 30.23 billion yuan, up 7% year-on-year and quarter-on-quarter, driven by an increase in paid memberships [2] - Advertising revenue reached 25.70 billion yuan, a 23% year-on-year increase and a 5% quarter-on-quarter increase, attributed to improved ad product supply and effectiveness [2] - Mobile game revenue was 15.11 billion yuan, down 17% year-on-year and 6% quarter-on-quarter, primarily due to high promotional costs during the initial launch of "Three Kingdoms: Strategy" [2] - IP derivatives and other revenue amounted to 5.82 billion yuan, reflecting a 3% year-on-year increase and a 32% quarter-on-quarter increase [2] Profitability and Cost Management - Gross margin improved for the 13th consecutive quarter, reaching 36.7%, an increase of 1.8 percentage points year-on-year and 0.2 percentage points quarter-on-quarter [2] - Total sales, management, and R&D expense ratio was 32.1%, down 3.7 percentage points year-on-year and 1.0 percentage point quarter-on-quarter, indicating sustained operational leverage [2] Future Outlook - The company is optimistic about the commercialization of its platform and the continued growth driven by gaming, projecting net profits of 10.24 billion yuan, 20.86 billion yuan, and 28.50 billion yuan for 2025-2027 [2] - The current stock price corresponds to P/E ratios of 78.5, 38.5, and 28.2 for the respective years [2] User Engagement and Community Growth - The platform's user data reached new highs in Q3, with daily active users (DAU) at 117 million (up 10% year-on-year) and monthly active users (MAU) at 376 million (up 8% year-on-year) [3] - The DAU/MAU ratio increased to 31%, with average daily usage time reaching 112 minutes (up 6 minutes year-on-year) [3] - The average income per content creator (UP master) increased by 22% year-on-year, indicating a healthy community development [3] Content Performance - Popular content such as "The Legend of Mortal Cultivation" and "Guarding the Liberation West" series achieved significant viewership, enhancing user willingness to pay [3] - Monthly paying users exceeded 35 million (up 17% year-on-year), with premium membership numbers reaching 25.4 million (up 16% year-on-year) [3]

Core Insights - NetEase's open-world martial arts game "Yan Yun Shi Liu Sheng" has launched globally, achieving over 500,000 players within 40 minutes and exceeding 2 million players in 24 hours [1][2] - The game has reached significant rankings, including Top 7 in Steam's global best-selling games and Top 5 in Steam's most-played games [1] - The game reflects a new wave of Chinese games going global, supported by local government policies promoting game exports [1] Group 1 - The game is set in the historical context of the "Sixteen Prefectures of Yan Yun" and serves as an interactive museum of Chinese culture, showcasing over a hundred traditional martial arts and intangible cultural heritage techniques [1][2] - The development team conducted extensive digital scans of historical sites and artifacts, successfully recreating 1,200 pieces of cultural heritage within the game [2] - "Yan Yun Shi Liu Sheng" has garnered over 10 million global pre-registrations and ranks in the top 30 of Steam's wishlist and top 5 in active lists [2] Group 2 - The domestic player base has surpassed 40 million, fostering a vibrant cultural exchange centered around traditional Chinese culture and martial arts [2] - The game has been recognized as one of the top ten IPs in China's online pop culture for 2025, highlighting its role in promoting Chinese cultural symbols on a global stage [2]

Core Insights - NetEase's open-world martial arts game "Where Winds Meet" has achieved significant global success, with over 500,000 players within 40 minutes of its overseas launch and over 2 million players within 24 hours [1][3] - The game has received high praise for its quality and immersive experience, showcasing Chinese culture through various martial arts elements, which has sparked interest in learning Chinese and exploring Chinese culture [3][4] Group 1: Game Performance - The game reached a peak of over 190,000 concurrent players on Steam and ranked in the top 7 for best-selling games and top 5 for most played games globally [1] - It also ranked in the top 3 of the PlayStation sales charts across 7 markets and achieved the second position on the Twitch game charts [1] Group 2: Cultural Impact - "Where Winds Meet" serves as a cultural ambassador, promoting Chinese history and culture through its interactive gameplay, which includes over a hundred traditional martial arts and intangible cultural heritage techniques [4][6] - The game has created a wave of interest in Chinese culture, with players engaging in cultural exchanges and learning about Chinese traditions [12][14] Group 3: Technological Innovation - The game utilizes the self-developed Messiah engine, which enhances visual effects and realism, allowing players to experience dynamic environmental changes [10][11] - It features advanced motion capture technology to accurately portray martial arts movements, blending traditional Chinese culture with modern gameplay design [10] Group 4: Community Engagement - The game has fostered a vibrant community where players take on the role of cultural guides, sharing knowledge about Chinese history and culture through various platforms [12][14] - The player base has exceeded 40 million domestically, creating a rich cultural exchange environment centered around martial arts and historical discussions [14]

Summary of Century Huatong Conference Call Company Overview - Century Huatong has transformed into an internet gaming company through acquisitions of DianDian Interactive and Shengqu Games, and has expanded into the IDC sector [2][3] - The company is controlled by Mr. Wang Ji, who holds approximately 15% of the shares, while Tencent is the second-largest shareholder with about 10% [2][6] Financial Performance - Overall revenue has shown an upward trend, particularly benefiting from the success of "Endless Winter" from 2023 to 2025 [2][7] - The company reported a loss in 2022 due to goodwill impairment but returned to profitability in 2023, with significant profit growth expected in 2024 and 2025 [2][7] - Mobile games and overseas revenue have been increasing, with mobile games becoming a larger share of total revenue since 2022 [7] Industry Dynamics - The domestic gaming market's actual sales revenue reached approximately 168 billion yuan in the first half of 2025, a year-on-year increase of 14.08%, marking the fastest growth in recent years [2][8] - The number of domestic game users reached 679 million, growing by 0.72% year-on-year [2][8] - The SLG (Strategy) mobile games segment has performed strongly overseas, with revenue increasing by 24% to 7.4 billion USD in the first half of the year [4][10] Key Products and Innovations - "Endless Winter" has generated over 1 billion USD in revenue and is expected to top global mobile game revenue charts by March 2025 [2][3] - DianDian Interactive has become one of the top 50 mobile game developers globally as of October 2025 [5] Market Trends - Female players now account for 48% of online game users, up 3.1 percentage points from the end of last year, with the female-oriented game market reaching 8 billion yuan, growing at a rate of 124.1% [4][11] - The issuance of game licenses has normalized, providing a favorable environment for leading companies like Century Huatong [4][12][13] Strategic Positioning - Century Huatong's main business segments include DianDian Interactive focusing on SLG and casual games, and Shengqu Games operating classic MMORPG IPs [2][14] - The company has a strong competitive advantage in the SLG game sector due to substantial financial reserves and operational experience [15] Future Growth Prospects - The product matrix of DianDian Interactive shows a stable performance of head products, with several new titles in the pipeline [16] - The company is also expanding into casual games, which align with market trends, ensuring a solid foundation for future growth [17] Core IP Management - Shengqu Games focuses on core IP management, with plans to license the "Legend" IP, which is expected to provide stable income and profits [18] Strategic Partnerships - Tencent's stake in the company enhances strategic collaboration, particularly in R&D and distribution, which is crucial for DianDian Interactive's growth [19] IDC Business Development - Since 2020, the company has been expanding into the IDC business, particularly in AI and cloud data, diversifying its business portfolio [20]

Group 1 - The gaming sector is experiencing a narrow fluctuation, with the gaming ETF (159869) showing a reduced decline. Notable gainers include Xunyou Technology, Mingchen Health, and Fuchun Co., while major decliners include Kaiying Network and Giant Network [1] - As of November 13, the gaming ETF (159869) has seen an increase of 91.1 million units in the last month, reaching a total scale of 11.441 billion yuan, providing investors with a convenient tool for investing in A-share gaming leaders [1] - The establishment of the Guangdong (Shenzhen) Game Overseas Service Center and the Shenzhen Micro-Short Drama Overseas Service Platform marks a new cultural development model in Qianhai, focusing on both gaming and short dramas for overseas expansion [1] Group 2 - According to Guosheng Securities, the gaming industry is showing significant recovery in the first three quarters of 2025, with A-share gaming sector revenue reaching 78.69 billion yuan, a year-on-year increase of 28.3% [2] - Key drivers of this growth include stable licensing policies, rapid growth in overseas revenue for gaming companies, and the deep integration of AI technology in game development, enhancing efficiency and creating new game categories [2] - The future outlook suggests that AI technology innovation, content ecosystem upgrades, and evolving commercialization models will continue to drive long-term growth in the gaming sector [2]

Core Insights - Tencent reported Q3 2025 revenue of 192.9 billion yuan, a 15% year-on-year increase, with net profit attributable to shareholders reaching 63.1 billion yuan, up 19% [1] - The growth is attributed to healthy trends in gaming, marketing services, fintech, and enterprise services [1] Gaming Business Performance - Tencent's gaming revenue for Q3 was 63.6 billion yuan, reflecting a 24% year-on-year increase, with domestic market revenue at 42.8 billion yuan (up 15%) and international market revenue at 20.8 billion yuan (up 43%) [2][3] - The international gaming revenue reached a historical high, breaking the 20 billion yuan mark for the first time, driven by the integration of acquired studios and successful game launches [3][4] - Key contributors to international growth included Supercell's game revenue, the performance of the newly released PC and console game "Dying Light: Stay Human," and the success of "Clash Royale" [4] Domestic Market Trends - Domestic gaming revenue showed steady growth, supported by flagship titles like "Honor of Kings" and "Peacekeeper Elite," as well as strong performances from newly launched games [4][11] - "Delta Force" emerged as a significant title, consistently ranking in the top 10 of the App Store's best-selling games [7] New Game Releases and Future Outlook - Tencent launched two new games in Q3, with "Vanguard: Source" achieving a peak ranking of 4 in the sales chart and surpassing 50 million monthly active users shortly after its release [9][11] - The company has a robust pipeline with 27 approved game titles, covering various genres including open-world RPGs and team-based shooters, indicating a focus on sustainable growth [12][18] Strategic Focus - Tencent is actively seeking collaborations with overseas studios and aims to bring more Chinese games to global audiences [2] - The company emphasizes the importance of long-term development and sustainability in its gaming business, ensuring a steady flow of new content to maintain engagement [11][18]