Core Viewpoint - The investment philosophy of Duan Yongping emphasizes integrating business logic into financial thinking, focusing on rationality and a calm mindset to navigate market volatility [2][16]. Group 1: Investment Principles - "Benfen" (本分) refers to returning to the essence of things, meaning that investing is fundamentally about buying companies, not just stocks [5][4]. - "Pingchangxin" (平常心) serves as a psychological armor against market fluctuations, allowing investors to assess risks and values without being swayed by market emotions [7][17]. - The investment approach is characterized by a long-term perspective, where the focus is on companies with strong competitive advantages that can generate sustainable cash flow over time [8][11]. Group 2: Business Understanding - Duan Yongping's investment strategy prioritizes understanding the business model over mere financial calculations, emphasizing the importance of a company's long-term future [8][9]. - He seeks companies with strong "moats," which can be derived from unique product experiences or cultural significance, ensuring long-term profitability [8][9]. - The investment process involves deep engagement with the company's products and culture, as well as evaluating management's alignment with shareholder interests [8][9]. Group 3: Investment Strategy - Duan Yongping advocates for a concentrated investment strategy, focusing on a small number of companies within his "circle of competence" to ensure a deep understanding of each investment [12][14]. - He believes that true investment opportunities are rare and emphasizes the importance of saying "no" to opportunities outside his expertise [12][14]. - The strategy involves holding investments for the long term, with minimal selling unless the fundamental nature of the company changes [9][24]. Group 4: Case Studies - The investment in NetEase during its crisis in 2001 exemplifies a contrarian approach, where Duan recognized the underlying value despite market panic [27]. - The long-term holding of Moutai showcases the importance of brand scarcity and stable demand, leading to significant returns over 17 years [28][29]. - The investment in Tencent during a market downturn illustrates the strategy of capitalizing on short-term mispricing due to market sentiment [30][31].

Group 1 - The article highlights the philanthropic efforts of Duan Yongping, who donated 220 million RMB to Beijing Normal University, emphasizing his connection to education and his mother's influence [2][4]. - Duan Yongping has donated over 1 billion RMB to various universities over the past two decades, showcasing his commitment to education and knowledge [4]. Group 2 - Duan Yongping's early life involved significant hardships, including relocating to rural areas, which shaped his understanding of hard work and perseverance [5][6][8]. - He faced challenges in his education, initially failing to pass the college entrance exam but later succeeding and attending Zhejiang University, where he developed a strong foundation in knowledge [9][12][14]. Group 3 - Duan Yongping transformed a struggling factory into a successful gaming company by focusing on the production of small gaming consoles, which led to the creation of the "Little霸王" learning machine [21][28]. - The "Little霸王" brand became a household name, achieving a market share of nearly 80% in its segment, demonstrating effective marketing and product positioning [30][34]. Group 4 - After leaving the "Little霸王" company, Duan Yongping founded BBK Electronics, implementing an employee stock ownership plan to foster loyalty and collaboration [40][41]. - BBK Electronics quickly gained market leadership in various product categories, including telephones and VCDs, underlining Duan Yongping's strategic vision [46][49]. Group 5 - Duan Yongping transitioned to investing in the U.S. stock market, achieving significant returns, particularly with his investment in NetEase, which turned $200,000 into over $100 million [50][51]. - He adopted investment principles similar to Warren Buffett, focusing on companies with strong business models and long-term value [51][53]. Group 6 - Duan Yongping is recognized as a mentor to many successful entrepreneurs in China, instilling in them a philosophy of integrity and long-term thinking in business [55][57]. - His influence extends to major companies like OPPO and Vivo, where his teachings on doing the right thing and maintaining focus have been embraced [56][58].

" 在网易游戏度过了令人难以置信的十二年。 " 作者丨胡家铭 编辑丨董子博 雷峰网获悉，今日午间，网易游戏全球投资与合作部总裁Simon Zhu（朱原）在领英上发布告别信，官宣 离开网易。 另一篇告别信显示，朱原于上周四返回杭州，与李日强进行"无缝交接"。李日强在网易内部算得上"元老 级"人物，早期加入网易负责负责《大话西游2》《梦幻西游》的市场营销，推动《梦幻西游》成为国产网 游标杆； 朱原于2012年加入网易，初期接手的第一个项目为《英雄三国》，后续主要负责海外产品引进，并晋升为 网易游戏全球投资与合作部总裁。他分管全球投资、合作及海外第一方工作室，大部分时间常驻西雅图。 在告别信中，朱原表示， "在网易游戏度过了令人难以置信的十二年后，我将带着与第一天加入时同样的 热情，为这段旅程画上句点。从事游戏行业是一种殊荣。我热爱这个行业，并相信它的未来将由那些能够 释放创造力的开拓者塑造——尤其是那些有机会突破界限、为玩家带来精彩创新体验的人。这种信念始终 指引着我前行。 感谢多年来信任我的开发者、领导者、同事和合作伙伴们。"Game On, Break Free"凝聚了这十二年的奋 斗历程。网易是我职业生涯的 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of $125.00, indicating a potential upside of 23.44% for the US stock and 21.64% for the HK stock [1]. Core Insights - The company's revenue growth is driven by Blizzard games, with a notable increase in PC game revenue, while mobile game revenue is anticipated to improve with new product launches [2][3]. - The forecasted revenue CAGR for the company from 2025 to 2027 is 11.4%, with Non-GAAP net profit CAGR expected at 10.5% [2]. Financial Performance Summary - Total revenue for the fiscal year ending December 31 is projected to grow from $14,232 million in 2023 to $17,966 million by 2027, reflecting a compound annual growth rate (CAGR) of 6.2% [2]. - Non-GAAP net profit is expected to increase from $4,485 million in 2023 to $5,633 million in 2027, with Non-GAAP earnings per ADS rising from $6.9 to $8.5 over the same period [2]. - The company achieved a GAAP net profit of 87.7 billion RMB in Q4 2024, a year-on-year increase of 33.2%, exceeding Bloomberg consensus estimates [2]. Game Segment Performance - The revenue from games and related value-added services grew by 1.5% year-on-year to 212.4 billion RMB, with PC game revenue increasing by 56.6% to 71.3 billion RMB, driven by titles like "World of Warcraft" and "Hearthstone" [2]. - Mobile game revenue, however, declined by 10.5% to 134 billion RMB due to a lack of new product releases, but upcoming titles are expected to boost this segment [2]. Other Business Segments - Youdao is projected to achieve its first profitable year in 2024, with revenue expected to grow by 4.4% to 56.3 billion RMB, driven by AI subscription services [2]. - Cloud Music's revenue for 2024 is forecasted to reach 79.5 billion RMB, with a year-on-year growth of 1.1%, supported by increased subscription revenue and cost control measures [2].