11月25日，巨人网络涨5.04%，截至发稿，报38.78元/股，成交5.24亿元，换手率0.70%，总市值750.30 亿元。 资料显示，巨人网络集团股份有限公司位于上海市松江区中辰路655号，成立日期1997年7月22日，上市 日期2011年3月2日，公司主营业务涉及互联网游戏的研发和运营。主营业务收入构成为：移动端网络游 戏业务78.16%，电脑端网络游戏业务19.11%，其他游戏相关业务2.42%，其他(补充)0.31%。 从基金十大重仓股角度 数据显示，前海开源基金旗下1只基金重仓巨人网络。前海开源中证500等权ETF（515590）三季度增持 2400股，持有股数8600股，占基金净值比例为0.46%，位居第一大重仓股。根据测算，今日浮盈赚取约 1.6万元。 前海开源中证500等权ETF（515590）成立日期2019年11月14日，最新规模8386.56万。今年以来收益 20.45%，同类排名2138/4206；近一年收益20.38%，同类排名2143/3983；成立以来收益71.15%。 前海开源中证500等权ETF（515590）基金经理为梁溥森、孔芳。 截至发稿，梁溥森累计任职时间5年20 ...

Tencent Holdings Research Summary Company Overview - **Company**: Tencent Holdings - **Sector**: Internet/e-Commerce - **Description**: Tencent is a leading provider of messaging services, value-added services, online games, advertising, and e-commerce in China. The social app Weixin has over 1 billion domestic accounts, and Tencent also offers enterprise services like Cloud and IT solutions [11][12]. Key Financial Metrics - **3Q25 Net Income**: Adjusted net income was RMB 70.6 billion, up 18% YoY, exceeding consensus by 7% [16]. - **Revenue**: 3Q25 revenue reached RMB 192.9 billion, a 15% YoY increase [16]. - **Capex**: 3Q25 capital expenditure was RMB 13 billion, below consensus due to chip availability issues [1]. - **2025E Revenue**: Expected to be RMB 750 billion, with a gross profit of RMB 423 billion [15]. Investment Rating and Price Objective - **Rating**: BUY - **Price Objective**: HKD 780, based on a sum-of-the-parts (SOTP) valuation [3][17]. Growth Drivers - **AI Strategy**: Tencent is focusing on AI applications, integrating AI-supported use cases into Weixin. The company is expected to prioritize internal chip use over external sales due to supply constraints [1]. - **Gaming Segment**: Anticipated growth from titles like Delta Force, Valorant Mobile, and Honor of Kings (HoK) [2]. - **Advertising Revenue**: Growth expected from Video Account and Weixin search ads, which have higher gross margins [2]. Financial Projections - **2025E Non-IFRS Diluted EPS**: Expected to be RMB 28.13, reflecting a 18.8% YoY increase [4][15]. - **2026E Revenue**: Projected to reach RMB 821 billion, with a gross profit margin of 57% [15]. - **Free Cash Flow**: Expected to be RMB 145.9 billion in 2025 [9]. Risks and Challenges - **Competition**: Intensifying competition in the gaming and advertising sectors [3]. - **Regulatory Uncertainty**: Potential regulatory challenges in fintech and gaming [18]. - **Macroeconomic Factors**: A weaker macro environment could impact advertising and fintech revenues [18]. Additional Insights - **Market Position**: Tencent maintains a strong market leadership position across various segments, with significant growth potential in monetization through Weixin [12]. - **AI and E-commerce Potential**: The company has substantial upside potential from AI applications and e-commerce growth [12]. - **Debt Management**: Net debt is projected to decrease significantly by 2027, indicating improved financial health [9]. Conclusion Tencent Holdings is positioned for continued growth driven by its strong market presence, innovative AI strategies, and robust gaming and advertising segments. However, investors should remain cautious of competitive pressures and regulatory risks that could impact future performance.

We are Buy rated on NTES/9999.HK with 12-month SOTP-based target prices of US$160/HK$250. Lincoln Kong, CFA +852-2978-6603 | lincoln.kong@gs.com Goldman Sachs (Asia) L.L.C. Ronald Keung, CFA +852-2978-0856 | ronald.keung@gs.com Goldman Sachs (Asia) L.L.C. Luqing Zhou +852-3465-4207 | luqing.zhou@gs.com Goldman Sachs (Asia) L.L.C. Key highlights Recent trend by title and pipeline Management elaborated that NTES operates its games in a very long-lasting cycle manner with a community mindset, though each game ...

网易 20251121 摘要 网易公司第三季度总净收入达人民币 284 亿元，其中游戏业务收入 233.3 亿元，同比增长 12%，在线游戏净收入同比增长 13%，环比增 长 3%。非公认会计准则净收入 95 亿元，同比增长 27%，显示出强劲 的盈利能力。 《梦幻西游》PC 版推出创新无限制服务器后，月活跃用户达到两年来的 新高，同时在线人数创纪录达到 358 万，验证了经典游戏通过创新模式 重焕生机的潜力，该模式或可复制到其他社交类游戏中。 网易积极拓展海外市场，新款科幻射击游戏迅速登上美国等西方市场下 载榜首，并在近 100 个市场领先。《逆水寒》全球发行亦获成功，表明 网易具备将中国特色游戏推向国际市场的能力。 有道第三季度总收入同比增长超过 40%，AI 原生战略成效显著。在线营 销服务通过 AI 技术提高程序化广告效率，并推出具备智能功能的辅导平 板电脑，教育和广告业务均保持健康发展。 NBPL 秋季赛成为 2026 年亚运会电竞项目后的首个职业联赛，提升了 网易电竞业务的吸引力。同时，公司不断推出轻松有趣的体验，如以中 国神话为灵感的新动物游戏，以吸引更广泛受众。 Q&A 网易公司在 2025 ...

NetEase 3Q25 Investor Presentation Investor Relations November 20, 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 histo ...

2025 年第三季度网易云音乐净收入为人民币 20 亿元(275.9 百万美元)，上一季度和去年同期均为人民币 20 亿元。 2025 年第三季度创新及其他业务净收入为人民币 14 亿元(202.1 百万美元)，上一季度和去年同期分别为 人民币 17 亿元和人民币 18 亿元。该分部中主要包含严选、广告和其他增值服务的净收入，也包含了某 些内部交易的抵销。其环比减少主要来自于网易严选净收入减少。同比减少主要来自于某些分部间内部 交易抵销的增加，以及网易严选等业务净收入减少。 该公司今日宣布，将此前已批准的可在公开市场或通过其他交易回购总金额不超过 50 亿美元流通在外 的美国存托股和普通股的股份回购计划有效期延长 36 个月，直至 2029 年 1 月 9 日。截至 2025 年 9 月 30 日，在该计划下公司已购买约2210万股美国存托股，共计约 20 亿美元。 智通财经APP讯，网易-S(09999)公布2025年第三季度业绩，净收入为人民币 284 亿元(40 亿美元)，同比 增加 8.2%。毛利润为人民币 182 亿元(26 亿美元)，同比增加 10.3%。归属于公司股东的净利润为约人 民币86.1 ...

新浪科技讯 11月20日下午消息，网易发布2025年第三季度财报。财报显示，网易Q3净收入284亿元，非 公认会计准则下归属于公司股东的净利润为95亿元，研发投入45亿元，研发投入强度16%。 三季度，游戏及相关增值服务净收入为233亿元。此外，网易有道Q3净收入16亿元，在"AI原生"战略深 化与业务结构聚焦的推动下，2025年前三季度累计经营利润同比增长近150%，在线营销服务净收入与 AI订阅服务销售额均创历史新高。网易云音乐Q3净收入20亿元。三季度，创新及其他业务净收入14亿 元。（罗宁） 责任编辑：何俊熹 ...

Accessibility StatementSkip Navigation HANGZHOU, China, Nov. 20, 2025 /PRNewswire/ -- NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, "NetEase" or the "Company"), a leading internet and game services provider, today announced its unaudited financial results for the third quarter ended September 30, 2025. Third Quarter  202 5  Financial Highlights [1] As used in this announcement, non-GAAP net income attributable to the Company's shareholders and non-GAAP basic and diluted net income per share and per ADS ar ...

江苏省宿迁市宿豫区人民检察院就办理了一起相关网络诈骗案，受害玩家果果（化名）常在周末及 节假日用父亲的手机玩"蛋仔派对"游戏。果果使用的账号是以父亲的身份信息注册的，关联的是父亲的 手机号，也没有开启未成年人模式。诈骗团伙以"赠送皮肤"为由加了果果的微信后发来链接，告诉她这 是一个虚拟购物订单，果果需要点击链接、付款购买订单里的商品，赠送的皮肤才能被激活，购物的钱 随后原路返还。在购买了共计两万八千余元的商品后，游戏皮肤迟迟没有收到，购物订单的钱款也没有 返还，果果发信息询问时，发现自己已经被拉黑了。直到几天后，果果父亲发现手机里的钱不翼而飞， 才发现孩子被骗。 蛋仔派对官网显示，该游戏为杭州网易雷火科技有限公司版权所有。网易(NASDAQ: NTES； HKEX：9999)，1997年由丁磊在广州创办、2000年在美国NASDAQ股票交易所挂牌上市、2020年在 香港联交所挂牌上市。网易2001年正式成立在线游戏事业部。 骗子会诱导孩子到其他平台联系，再恐吓孩子说公安机关检测出，你是未成年人，属于违规领取皮 肤，如果不抓紧时间解除风险，就会被罚款，爸妈还会被送进去坐牢。孩子慌了之后，骗子下套说能联 系警方解 ...

As fears grow over concentration in technology stocks amid a possible bubble in the artificial intelligence trade, investors are piling into Tencent Holdings Ltd. shares as a safer bet. The company is expected to be one of the few China tech megacaps reporting positive profit growth in upcoming results, as bruising price wars drag down peers’ earnings. A strong showing in its online games business could help extend the rally that has added around $280 billion to Tencent’s market value this year. Most Re ...