" 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].