智通财经APP获悉，近期，网易-S(09999)发布2025年Q4及全年财报，凭借扎实的业务布局、强劲的产 品储备与稳健的财务表现，成为资本市场的 "定心丸"。中金、华泰、摩根大通三大机构近期发布的研 报均给予其积极评级，研报表示多项核心利好因素凸显企业韧性，当前估值处于历史低位，配置价值凸 显。 《燕云十六声》全球突破 长青战略成效显著 华泰证券在研报中指出，《燕云十六声》在产品品质与后续运营延续了网易长青游戏的一贯水准，展现 了持续焕新能力，有望逐步成长为公司重要的流水抓手。 在长青战略与全球化的双轮驱动下，网易游戏业务重回两位数增长。财报显示，2025年网易游戏及相关 增值服务营收921亿元，其中在线游戏净收入896亿元，同比增长11%。 重磅新游 pipeline 逐渐清晰，2026年增量空间可观 市场对游戏公司的担忧常集中于"青黄不接"，但网易的储备产品线显示了强大的持续输出与精品打造能 力。 三份研报一致重点提及了以下核心新游进展：《遗忘之海》作为2026年网易最受期待的新品之一，在近 期开启测试并获得市场积极评价。在财报电话会上网易管理层表示，该游戏有望在2026年第三季度上 线。华泰证券预估其 ...

Core Insights - NetEase reported steady growth in its core gaming business and significant advancements in AI technology, although Q4 profits fell short of expectations, causing short-term market fluctuations [2][6] Financial Performance - In 2025, NetEase achieved total revenue of 112.6 billion RMB, a year-on-year increase of approximately 7%, with net profit attributable to shareholders reaching 33.8 billion RMB, up about 14% [8] - For Q4 2025, revenue was 27.5 billion RMB, showing a modest year-on-year growth of about 3%, while net profit for the quarter was 6.2 billion RMB, a significant decline of approximately 29% compared to the previous year [12] Business Segments - The gaming and related value-added services generated net income of 92.1 billion RMB, with online gaming net income reaching 89.6 billion RMB, reflecting a year-on-year growth of about 11% [8] - Other business segments included Youdao with revenue of 5.9 billion RMB (up 5%), NetEase Cloud Music with revenue of 7.8 billion RMB (slight decline), and innovation and other businesses with revenue of 6.8 billion RMB (also a slight decline) [8] R&D and AI Integration - NetEase's R&D investment reached 17.7 billion RMB in 2025, marking the sixth consecutive year of exceeding 10 billion RMB [9] - The company has integrated AI throughout its game development and operations, enhancing efficiency by over 300% in certain areas, creating a significant competitive advantage [11] Market Reaction and Future Outlook - Following the Q4 results, NetEase's stock price fell by 2.97%, with NetEase Cloud Music experiencing a 9.23% drop [13] - Despite short-term pressures, analysts remain optimistic about NetEase's long-term prospects, projecting a 13% compound annual growth rate for gaming revenue from 2026 to 2027, driven by new game releases [13][14] - The board approved a quarterly dividend of 1.16 USD per ADS and extended a 5 billion USD stock buyback plan until January 2029, with approximately 22.1 million ADS repurchased at a cost of 2 billion USD by the end of 2025 [14]

每经上海2月11日电 （记者 张梓桐） 2月11日，网易发布2025年第四季度（Q4）及全年财报。财报显 示，2025年网易Q4营收275亿元，全年总营收1126亿元。全年营业利润358亿元，同比增长21%；Q4营 业利润83亿元，同比增长6%。全年研发投入达177亿元，连续6年研发投入突破百亿元。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%，重回两位数增长。运营23年的 经典IP《梦幻西游》电脑版全年营收再创新高，《天下》端游最高在线人数突破近十年新高，用户付费 率创下历史新高。《燕云十六声》首个周年庆版本，刷新了日活与营收历史新高，全球用户突破8000 万。《蛋仔派对》人均在线时长再创新高。 ...

游戏业务方面，网易 2025 年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%，重回双位数增长。 网易表示，2025 年长青精品游戏表现强劲，运营 23 年的经典 IP《梦幻西游》电脑版全年营收再创新 高，《天下》端游最高在线人数突破近十年新高，用户付费率创下历史新高。《燕云十六声》首个周年 庆版本，刷新了日活与营收历史新高，并以多倍新高数据创下超预期表现，全球用户突破 8000 万。 《蛋仔派对》人均在线时长再创新高，稳居国内派对游戏榜首。 "我们以又一个稳健的季度业绩表现收官 2025 年，彰显了我们卓越的游戏长线运营能力，以及在全球市 场日益提升的影响力，"网易首席执行官兼董事丁磊先生说。"AI 已成为我们研发与运营的基础核心能 力。我们已系统化地将 AI 应用于游戏开发与玩法创新之中。目前，AI 已在提升生产效率方面取得显著 成效，并为我们的玩家解锁了前所未有的全新交互体验。"展望未来，网易各业务线将持续聚焦打造优 质产品。通过构建创新型人才生态体系，深化与全球伙伴的合作，稳步推进 AI 应用能力建设，从而不 断增强游戏的生命力，提供新颖的产品体验，为全球玩家 ...

Core Insights - NetEase reported steady performance for 2025, with Q4 revenue of 27.5 billion yuan and total annual revenue of 112.6 billion yuan [1][2] - Annual operating profit reached 35.8 billion yuan, a year-on-year increase of 21%, while Q4 operating profit was 8.3 billion yuan, growing by 6% year-on-year [1][2] - The company invested 17.7 billion yuan in R&D for the year, marking the sixth consecutive year of R&D spending exceeding 10 billion yuan [1][2] Revenue Breakdown - Revenue from games and related value-added services amounted to 92.1 billion yuan, with online game revenue reaching 89.6 billion yuan, reflecting an 11% year-on-year growth and returning to double-digit growth [1][2] Game Performance Highlights - The classic IP "Fantasy Westward Journey" achieved record annual revenue after 23 years of operation [1][2] - The online game "Tianxia" reached its highest peak online player count in nearly a decade, with user payment rates hitting an all-time high [1][2] - The first anniversary version of "Yanyun Sixteen Sounds" set new records for daily active users and revenue, exceeding expectations with over 80 million global users [1][2] - "Egg Party" saw a new high in average online duration per user, maintaining its position as the top party game in China [1][2]