NetEase 1Q25 Investor Presentation Investor Relations May 15, 2025 SAFE HARBOR STATEMENT This announcement contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions. In addition, statements that are not historical ...

东南亚科技公司Sea(SE.US)将于5月13日公布2025年第一季度财务业绩。华尔街分析师预计，Sea第一季 度营收将同比增长29.7%至49.1亿美元，每股收益将从上年同期的0.21美元大幅增长至0.93美元。 Sea的端到端物流整合，特别是通过SPX Express，预计将为该公司2025年第一季度的业绩做出积极贡 献。SPX快递继续提高服务标准，在东南亚地区提供更快、更可靠的快递服务。SPX Express在亚洲近 50%的包裹在两天内送达，而且很可能改善了客户体验和平台留存率。 Sea在第一季度的业绩预计将受益于其数字金融服务的持续扩张，特别是在东南亚和巴西的消费者及中 小企业贷款方面。信贷部门仍然是主要的营收驱动因素，2024年第四季度的贷款同比增长超过60%。随 着信贷渗透的持续改善，该部门已做好准备，推动2025年第一季度强劲的营收增长。 但值得注意的是，今年年初电子商务领域的季节性疲软预计将对Sea旗下电子商务平台Shopee在第一季 度的增长势头构成不利影响。另外，电子商务领域一直是高度竞争的，这可能会对Shopee的收费率构成 压力，并要求其在服务质量方面进行持续投资。 Sea的数字娱乐 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of HK$681, indicating an expected share price increase of 47.9% from the current price of HK$460.40 [2][7]. Core Insights - The 2025 Spark Game Conference showcased a total of 46 game titles, including 26 new games, which is a 35% increase from the previous year. Key titles such as HoK: World, Roco Kingdom, Valorant, and The Finals received significant attention from viewers [1]. - Tencent's strength in self-development and publishing capabilities was highlighted, with a diverse range of game genres presented from both domestic and global studios [1]. - The report emphasizes the positive user feedback and engagement during the conference, suggesting a constructive outlook for Tencent's gaming segment [1]. Summary by Sections Self-Development Games - Tencent presented 18 games from its in-house studios, including notable titles like HoK and CODM, which achieved over 1 billion downloads in 2024 [4][5]. Publishing Games - A total of 13 new licensed titles were showcased, including Path of Exile 2 and The Finals, indicating a robust pipeline for Tencent's publishing segment [5]. Investment Games - Eight games from Tencent's investees were highlighted, including Phantom Blade Zero and Dune: Awakening, showcasing Tencent's strategic investments in the gaming industry [6]. Valuation - The target price of HK$681 is derived from a sum-of-the-parts (SOTP) valuation approach, applying various price-to-earnings (P/E) ratios to different segments, including online games, advertising, social networks, fintech, and cloud services [7].

4月2日下午，《三国志·战略版》运营方在百度贴吧置顶帖文称，"我们希望携手更多社会同仁和行业伙伴，共筑良性竞争的行业环境，也不吝拿起法律武器 捍卫玩家权益，与恶意竞争角力，同不法行为抗争。 " 在竞对游戏的百度贴吧里打广告，算不算"贴脸营销"？玩家会不会因此误认？此举是否属于不正当竞争？ 网络游戏《三国：谋定天下》因在"三国志战略版吧"投放广告，被《三国志·战略版》运营方告上法庭。日前，这场"广告贴脸战"迎来一审判决：法院认定B 站与百度构成共同侵权，需共同赔偿《三国志·战略版》方100万元。 《三国志·战略版》运营方在百度贴吧发文 《三国：谋定天下》官方微博发文 随后，《三国：谋定天下》官方微博也回应称，"该判决为一审判决，尚未产生法律效力，我方对混淆的认定不予认可，已依据法律程序正式提起上诉，并 将通过司法途径坚决维护自身合法权益。" 据悉，灵犀公司是《三国志·战略版》的运营方，简悦公司是该游戏的软件著作权人。《三国：谋定天下》由幻电公司实际运营，华娱公司研发。两款游戏 均为以三国历史为背景的战争策略类游戏，以沙盘战略玩法为核心玩法。 原告指控竞品广告"贴脸"投放致玩家混淆，索赔500万元 "贴脸广告"出 ...