《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 - NetEase reported Q2 2025 earnings with net revenue of 27.9 billion yuan, a year-on-year increase of 9.4%, slightly below Bloomberg consensus expectations of 28.4 billion yuan [4] Business Segments - **Gaming**: Revenue growth was strong but below market expectations, likely due to high prior expectations set by successful Q1 titles. Q2 gaming and related services net revenue was 22.8 billion yuan, up 13.7% year-on-year, compared to the expected 23.4 billion yuan. Online gaming net revenue reached 22.1 billion yuan, a 14.9% increase year-on-year. Key contributors included new titles like "Marvel Duel" and "Yanyun Sixteen Sounds," while "Outsider Tide" performed poorly overseas. Deferred revenue at the end of the period was 17 billion yuan, up 24.6% year-on-year, indicating future revenue support [5][6] - **Youdao**: Net revenue was 1.4 billion yuan, a 7.3% year-on-year increase, exceeding expectations of 1.3 billion yuan, driven by online marketing and learning services growth [5] - **Cloud Music**: Net revenue was 2 billion yuan, also a 7.3% year-on-year increase, surpassing the expected 1.3 billion yuan, attributed to growth in online music services [5] - **Innovative and Other Businesses**: Net revenue was 1.7 billion yuan, down 17.8% year-on-year, below the expected 1.8 billion yuan, with declines in revenue from NetEase Yanxuan and advertising services [5] Profitability - The company's gross margin for Q2 was 64.7%, up 1.8 percentage points year-on-year, exceeding the expected 63.6%. Gaming and related services gross margin was 70.2%, up 1.4 percentage points year-on-year, likely due to cost optimization. Cloud Music's gross margin was 36.1%, up 4.0 percentage points year-on-year, also exceeding expectations. Innovative and other businesses had a gross margin of 42.3%, up 8.3 percentage points year-on-year, while Youdao's gross margin was 42.9%, down 5.2 percentage points year-on-year [6][7] - Marketing expenses were 3.6 billion yuan, with a marketing expense ratio of 12.8%, down 0.9 percentage points year-on-year, indicating a return to historical spending levels after significant optimization in previous quarters [6][7]