游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数，AI应 用含量全市场领先，精准覆盖A股动漫游戏产业的整体表现，当前游戏板块正受到政策利好+产品周期 +AI赋能的多重催化热潮，或可聚焦游戏赛道布局窗口。 （文章来源：每日经济新闻） 2月13日，游戏板块早盘窄幅震荡，游戏ETF（159869）现小幅微跌近0.3%，持续打开低位布局窗口， 持仓股中，光线传媒、迅游科技、北纬科技、吉比特、实丰文化等涨幅居前，顺网科技、恺英网络、三 七互娱等跌幅居前。截至发稿，游戏ETF（159869）盘中成交额已逼近3亿元截至2月12日，游戏ETF （159869）规模已达135.05亿元。 2月12日，网易公布第四季度和2025财年未经审计的财务业绩。公告显示，2025财年网易净收入达1126 亿元，同比增长6.9%；归母净利润338亿元，同比增长13.8%。游戏及相关增值服务净收入921亿元，其 中在线游戏净收入达896亿元，同比增长11%。 从整体净收入来看，2025财年网易净收入达1126亿元人民币（约合161亿美元），较2024财年的1053亿 元人民币实现增长。其中，游戏及 ...

Summary of Conference Call on NetEase's 4Q Performance Company Overview - **Company**: NetEase - **Industry**: Gaming and Internet Services Key Points and Arguments 1. **4Q Revenue Performance**: NetEase's 4Q revenue fell short of expectations primarily due to a prolonged game revenue deferral cycle. However, the combined revenue from games and deferred income exceeded expectations by 5% [1] 2. **Valuation**: The company's valuation has adjusted to a low range of 13x PE, indicating a potential buying opportunity as market concerns may be overblown [1][2] 3. **Market Concerns**: Two main concerns affecting the market perception of NetEase: - Fears regarding potential gaming tax increases, which are unlikely to materialize in the short to medium term [1] - Increased competition from overseas games, particularly from Genie, which is not expected to replace NetEase's complex game development path [1] 4. **Product Focus**: Recommendations to focus on high-certainty profit-generating products, including upcoming titles that are expected to perform well in both domestic and international markets [2] 5. **Upcoming Catalysts**: - Anticipated breakthroughs for the title "Find the Book" with expected overseas revenue of 2.5-3 billion yuan in 2026 and a significant update on February 6, coinciding with the Spring Festival [2] - Positive feedback from testing of "Find the Book" on February 5, with expectations of first-year revenue reaching 3 billion yuan [2] 6. **Game Revenue Growth**: Game revenue increased by 4% year-over-year, with deferred revenue rising by 1 billion yuan, exceeding expectations by 21%. Combined deferred and game revenue reached 41.8 billion yuan, surpassing expectations by 5% and showing a year-over-year growth of 17% [2] 7. **Gross Margin Improvement**: The gross margin for gaming and VAS (Value-Added Services) improved by 3.8 percentage points to 70.5% year-over-year [2] 8. **Overall Financials**: NetEase's total revenue was 27.55 billion yuan, 4.7% below expectations, with a year-over-year decline of 3%. Gross profit was 17.69 billion yuan, also below expectations by 3.5%, with an 8.7% year-over-year decline. Adjusted net profit attributable to shareholders was 7.07 billion yuan, falling short of expectations by 23% due to significant investment losses and high foreign exchange losses [2] 9. **Game Development Pipeline**: The company has a rich pipeline for 2026, including various titles across different genres, with positive feedback from recent tests [2] 10. **AI Integration**: NetEase is investing in AI development, with applications in game content creation, dynamic interactions, and enhancing programming efficiency. The company is also exploring the integration of AI in NPCs and user-generated content [3] Additional Important Content - **AI Examples**: The title "Find the Book" is noted for being one of the first to integrate NPCs with large language models, enhancing player interaction and content updates [3] - **Development Resources**: NetEase currently employs 10,000 R&D personnel and operates two AI labs, focusing on improving game experiences through advanced technology [2][3]

2024年12月，阿里大文娱集团董事长兼首席执行官樊路远，在灵犀互娱"五年陈"授戒仪式上发表惊人讲话。他苛责直言灵犀互娱早年"没有流淌着阿里的血 脉"，管理层搞"独立王国"，缺乏国际视野和创新力，但同时高调立下目标。8年之内灵犀要做到全国游戏行业第三，12年之内跻身全国第二，甚至放言"未 来5-10年，全球游戏收入70%可能来自中国公司，腾讯网易的优势将不再"。 彼时的灵犀互娱，刚完成人事大换血，创始人詹钟晖、技术核心吴云洋先后卸任，由《三国志·战略版》制作人周炳枢接任CEO，开启"产品力驱动"的转型 之路。 一年之后的2025年，灵犀互娱内部年会相比一年前显得低调很多。全程未提及樊路远去年立下的宏大目标，反而聚焦"反思产品质量"、"优化玩家体 验"、"稳定核心团队"三大核心，气氛凝重。 据内部人士透露，年会仅用半小时便结束，未设置表彰环节，甚至未公开2025年全年具体业绩数据，与2024年的高调形成鲜明反差。 这一年间，灵犀互娱深陷多重争议泥潭。女性向赛道核心产品《如鸢》（原《代号鸢》）bug频发，玩家集体投诉却遭官方冷遇、拒绝道歉赔付；《代号 鸢》侵权纠纷再起，庭审在即却迟迟未给出明确回应；自研引擎项目关 ...

DraftKings (DKNG) came out with quarterly earnings of $0.36 per share, missing the Zacks Consensus Estimate of $0.5 per share. This compares to a loss of $0.28 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -28.00%. A quarter ago, it was expected that this company would post a loss of $0.24 per share when it actually produced a loss of $0.26, delivering a surprise of -8.33%.Over the last four quarters, the company has not bee ...

Wynn Resorts (WYNN) came out with quarterly earnings of $1.17 per share, missing the Zacks Consensus Estimate of $1.33 per share. This compares to earnings of $2.42 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -12.17%. A quarter ago, it was expected that this casino operator would post earnings of $1.09 per share when it actually produced earnings of $0.86, delivering a surprise of -21.1%.Over the last four quarters, the co ...

The gaming and hospitality operator posted a profit of $100 million as sales rose at its Macau proprieties but declined at its Las Vegas and Boston operations. ...

A few weeks ago, Alphabet ( GOOGL ) ( GOOG ) showed an AI model capable of generating games with just a few prompts, and this made the market more uncertain about some gaming stocks, such as studios like Take-Two Interactive (Equity Research Analyst with a broad career in the financial market, covered both Brazilian and global stocks. As a value investor, my analysis is primarily fundamental, focusing on identifying undervalued stocks with growth potential. Feel free to reach out for collaborations or to co ...

A few weeks ago, Alphabet ( GOOGL ) ( GOOG ) showed an AI model capable of generating games with just a few prompts, and this made the market more uncertain about some gaming stocks, such as studios like Take-Two Interactive (Equity Research Analyst with a broad career in the financial market, covered both Brazilian and global stocks. As a value investor, my analysis is primarily fundamental, focusing on identifying undervalued stocks with growth potential. Feel free to reach out for collaborations or to co ...

在随后举行的财报电话会议上，网易管理层针对AI技术应用、海外市场拓展等关键议题进行了深入解 答。 网易CEO丁磊在会上指出，AI技术的引入虽然降低了游戏制作的准入门槛，但同时也提高了头部产品 成功的标准。他强调，当前商业化大作的核心竞争力已从单纯的产能优势，转变为对AI技术与复杂游 戏系统（包括数值体系、经济系统及社交生态）的整合能力。这种整合不仅需要深厚的设计功底，还依 赖于丰富的运营经验，构成了新进入者难以轻易突破的行业壁垒。 站长之家（ChinaZ.com）2月12日 消息:昨日，网易公布了其2025年第四季度及全年财务报告。报告显 示，网易在第四季度实现了275亿元的营收，全年营收总额更是达到了1126亿元，归母净利润同比增长 13.8%，达到338亿元。 丁磊进一步表示，网易将专注于打造最懂游戏的AI专家，而非盲目追求通用大模型的研发。他认为， 在垂直领域内，高质量的私有数据比算力更为关键，而应用场景的精准匹配则远胜于模型参数的规模扩 张。基于这一理念，网易将继续加大在垂类模型、AI原生玩法创新以及人才队伍建设方面的投入力 度。 ...

UBISOFT REPORTS THIRD-QUARTER 2025-26 SALES Q3 Net Bookings up double-digit YoY and above expectations Group transformation well underway Net bookings for the first nine months of fiscal 2025-26 at €1.1bn, up 18% year-on-year, driven by Assassin’s Creed (nearly x2 YoY), The Division (x2 YoY), Anno (x4 YoY) and Avatar (+20% YoY). In €m9 months2025-26 Reported change vs.2024-25 % of total net bookings 9 months 2025-269 months 2024-25IFRS 15 sales976.2-1.4%-<td styl ...