高盛发表研报指，网易近期股价压力可能源于市场对近期游戏流水增长放缓、2025年第四季度及2026年 第一季度的利润率面临高基数，以及近期Genie 3/AI游戏创作工具潜在影响的担忧。对于即将公布的 2025年第四季度业绩，高盛预计，网易在线游戏收入将按年增长9%，调整后息税前利润(EBIT)按年增 长10%。该股目前交易于预测2026年市盈率14倍，低于其过去五年历史平均水平，该行认为其估值倍数 进一步下调的空间有限。该行轻微降网易2025至27年收入预测约1%，以反映管线倾侧于今年下半年及 明年；并降2025至27年盈测约3%，以反映在高基数下利润率扩张放缓。高盛重申对网易"买入"评级，H 股目标价由266港元微降至264港元，美股目标价由170美元微降至169美元。 来源：滚动播报 ...

Group 1 - The core viewpoint of the news is that Giant Network has reported significant growth in revenue and net profit for the first half of 2025, driven by the success of its self-developed game "Supernatural Action Team" [1] - The company achieved operating revenue of 1.662 billion yuan, a year-on-year increase of 16.47%, and a net profit attributable to shareholders of 777 million yuan, up 8.27% year-on-year [1] - The game "Supernatural Action Team" has seen rapid growth in user base and revenue, with a milestone of over 1 million concurrent users reached in July, and it ranks in the top 5 of the iOS free game chart and top 4 in the iOS revenue chart [1] Group 2 - The company plans to distribute a cash dividend of 1.50 yuan per 10 shares, totaling approximately 284 million yuan, marking the third consecutive year of mid-year dividends since 2023 [1] - The "Journey" IP continues to develop its "evergreen game" strategy, with flagship mobile game "Original Journey" achieving 5.86 million new users in its first month after launching a mini-game version, and over 20 million new users in the first half of the year [1] - The average monthly revenue for "Original Journey" has remained stable at 100 million yuan [1] Group 3 - The game "Ball Ball Battle" has seen significant innovation in gameplay, leading to a substantial increase in daily participation rates and improved user retention and reputation [2] - In the first half of 2025, the game accumulated over 11 million new users, with a monthly upward trend, and daily active users exceeding 1 million on mini-program platforms [2]