《梦幻》畅玩版增强玩家活跃度，《燕云》出海欧美市场好评如潮：Q3游戏及相关增值服务收入同比 增长11.8%至233.3 亿元。手游业务得益于《梦幻西游》和《燕云十六声》等新老游戏产品流水新高， 收入同比增长6.6%。其中《燕云》上线欧美市场后玩家好评如潮。端游业务受益暴雪回归带来更丰富 的游戏内容，收入同比增长33.4%。展望2026年，公司将上线冒险RPG 游戏《遗忘之海》。未来储备产 品包括《无主星渊》、《代号无限大》、《归唐》》等。本季度递延收入同比增长25.3%达194.7 亿 元，公司游戏流水的确认周期在3-6 个月，后续两个季度将逐步释放利润。预计2025 年公司游戏及增至 服务收入有望同比增长12.4%达940 亿元。 有道连续五个季度实现盈利，游戏广告收入同比增长超50%：Q3 有道收入16.3 亿元，同比增长3.6%， 学习服务/智能设备/在线营销业务分别同比-16.3%/-22.1%/+51.1%达6.4/2.5/7.4 亿元。经营利润2827 万 元，连续五个季度实现盈利。公司跟网易及其他游戏厂商在广告内容上的合作驱动游戏广告收入同比超 增长50%，海外广告收入增长超100%。 云音乐丰 ...

Core Viewpoint - The company's Q3 2025 revenue met expectations, while net profit fell short due to extended revenue recognition for its leading product, "Supernatural Action Group" [1][2] Financial Performance - Q3 2025 revenue reached 1.71 billion yuan, a 116% year-on-year increase, aligning with the expected 1.69 billion yuan - Net profit attributable to shareholders was 640 million yuan, up 81% year-on-year, but below the anticipated 800 million yuan - Non-GAAP net profit was 678 million yuan, reflecting a 74% year-on-year growth [1] Development Trends - The revenue performance of "Supernatural" continues to exceed market expectations, with cumulative revenue in Q3 2025 nearing 1.5 billion yuan - The revenue recognition pace was slightly delayed due to reassessment of user lifecycle expectations, while costs were recognized in the current period, leading to lower-than-expected profits - As of the end of Q3 2025, contract liabilities stood at 1.33 billion yuan, up 440 million yuan from the previous quarter, providing a solid foundation for future performance [2] Expense Management - Sales expense ratio increased by 1.4 percentage points to 36.6%, with absolute sales expenses rising 124% to 625 million yuan, primarily due to promotional costs for "Supernatural" and increased channel sharing expenses - R&D expenses grew by 80% year-on-year to 340 million yuan, with an R&D expense ratio of 20%, driven by orderly project staffing to support content updates and version iterations [2] Future Outlook - In 2026, the focus will remain on the development trends of "Supernatural," with attention on domestic new versions and overseas expansion - Key domestic metrics include peak concurrent users during the October holiday and potential user growth during the winter and Spring Festival - Internationally, the company will monitor release plans in Hong Kong, Macau, Taiwan, and preparation in Europe, the U.S., and Japan - The new game "Ming Jiang Sha" has received positive user feedback during its latest paid testing phase, with attention on its commercialization adjustments and launch plans for early next year [3] Profit Forecast and Valuation - The company maintains its net profit forecast, with the current price corresponding to 31/21x P/E for 2025/2026 - The rating remains "outperform" with a target price of 48.7 yuan, indicating a potential upside of 30% [4]