Core Insights - The company reported a revenue of 28.83 billion yuan in Q1 2025, representing a year-over-year increase of 7.4% and a quarter-over-quarter increase of 7.8% [1] - The adjusted net profit for the same period was 11.24 billion yuan, showing a significant year-over-year growth of 32.0% [1] Group 1: Game Performance - The gaming and related services revenue reached 24 billion yuan in Q1, with a year-over-year increase of 12.1% [1] - Notable game performances included "Marvel: Contest of Champions" topping the Steam global sales chart after its April update, and "Yanyun Sixteen Sounds" surpassing 30 million total players [1] - Long-term operational games like "Identity V" and "Naraka: Bladepoint" showed stable revenue contributions, with "Identity V" being a major income source for the quarter [1] Group 2: New Game Pipeline and AI Strategy - The company has a diverse new game pipeline including titles like "Destiny: Rising" and "Marvel: Secret Wars," enhancing its game product matrix [2] - The Youdao business is advancing its "AI-native" strategy, achieving a gross margin of 47.3% in Q1, focusing on AI-enabled products and services for educational transformation [2] Group 3: Music and Community Engagement - NetEase Cloud Music achieved a gross margin of 36.7% in Q1, with a focus on community ecosystem development to enhance user retention [2] - The platform is leveraging AI capabilities for song recommendations and content creation, enriching its creator ecosystem [2] Group 4: Financial Projections - The company forecasts revenues of 113.86 billion yuan, 118.78 billion yuan, and 124.09 billion yuan for the years 2025, 2026, and 2027 respectively [2] - Projected net profits (Non-GAAP) for the same years are 38.81 billion yuan, 39.92 billion yuan, and 41.31 billion yuan [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company's game business is showing steady growth, with a diversified content strategy [1] - In Q1 2025, the company achieved revenue of 28.83 billion yuan, a year-over-year increase of 7.4% and a quarter-over-quarter increase of 7.8% [4] - The gross profit for Q1 2025 was 18.48 billion yuan, with a gross margin of 64.1%, reflecting a year-over-year increase of 0.7 percentage points [4] - The adjusted net profit for Q1 2025 was 11.24 billion yuan, a year-over-year increase of 32.0%, with a net margin of 39.0%, up 7.3 percentage points year-over-year [4] Summary by Sections Game Business Performance - The revenue from games and related services in Q1 was 24 billion yuan, a year-over-year increase of 12.1% [5] - Key titles contributing to revenue include "Identity V," which was the main revenue driver, and several new games like "Marvel Showdown" and "Yanyun Sixteen Sounds" performing well in the market [5] - Long-term operational games are showing stable performance, with titles like "Identity V" and "Naraka: Bladepoint" maintaining steady revenue streams [5] Youdao Business Strategy - Youdao's business is advancing its "AI-native" strategy, achieving a gross margin of 47.3% in Q1 [6] - The strategy focuses on AI-enabled products and services to drive intelligent transformation across various industries [6] Cloud Music Operations - Cloud Music achieved a gross margin of 36.7% in Q1, with a focus on community ecosystem building to enhance user engagement [7] - The platform is leveraging AI capabilities for song recommendations and content creation, enriching its creator ecosystem [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 113.86 billion yuan, 118.78 billion yuan, and 124.09 billion yuan respectively, with corresponding net profits of 38.81 billion yuan, 39.92 billion yuan, and 41.31 billion yuan [8] - The company expects a year-over-year revenue growth of 8.1% in 2025, followed by 4.3% and 4.5% in the subsequent years [11]

机构：国海证券 研究员：陈梦竹/尹芮 事件: 2025 年5 月15 日公司公告2025Q1 财报，2025Q1 实现营收288.29 亿元（YoY+7.4%、QoQ+7.8%）；归 母净利润为103.01 亿元（YoY+34.9%、QoQ+17.5%），non-GAAP 归母净利润为112.37 亿元 （YoY+32%、QoQ+16.1%）。 我们的观点： 1、主要财务指标分析：网易2025Q1 实现营业收入288.29 亿元（ YoY+7.4% 、QoQ+7.8% ） ； 归母净 利润为103.01 亿元（YoY+34.9%、QoQ+17.5%），经调整归母净利润为112.37 亿元（ YoY+32% 、 QoQ+16.1% ） 。毛利率同比提升至64.1%（YoY+0.7pct、QoQ+3.3pct），销售费用率9.4%（YoY- 5.6pct、QoQ-1.2pct）、研发费用率15.2%（YoY-0.3pct、QoQ-1.5pct）、管理费用率3.3%（YoY-1.1pct、 QoQ-1.0pct）。 2 、游戏业务： 2025Q1 游戏及增值服务实现收入288.3 亿元（YoY+7.4%、QoQ+7 ...

2025 年 05 月 19 日 公司研究 评级：增持(维持) 研究所： | | chenmz@g | | --- | --- | | 券分析师: 券分析师: | 陈梦竹 ટા 尹芮 S03 | 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 yinr@ghzq.com.cn ——网易-S（9999.HK）2025Q1 财报点评 最近一年走势 事件: 2025 年 5 月 15 日公司公告 2025Q1 财报，2025Q1 实现营收 288.29 亿 元（YoY+7.4%、QoQ+7.8%）；归母净利润为 103.01 亿元（YoY+34.9%、 QoQ+17.5%），non-GAAP 归母净利润为 112.37 亿元（YoY+32%、 QoQ+16.1%）。 国海证券研究所 请务必阅读正文后免责条款部分 [Table_Title] 游戏稳健，降本增效带动利润显著增长 1、主要财务指标分析：网易 2025Q1 实现营业收入 288.29 亿元 （ YoY+7.4% 、 QoQ+7.8% ） ； 归 母 净 利 润 为 ...

每经记者｜张梓桐 每经实习编辑｜余婷婷 图片来源：每经日经济新闻 董兴生 摄 精品战略持续发力 网易游戏业务在本季度展现出"长线运营+新品爆发"的双轮驱动效应。根据财报，经典IP矩阵持续释放增长动能：《第五人格》全球注册用户突破4亿大关； 《蛋仔派对》通过"天宫春晚"等文化联动，单月新增用户创历史新高；《率土之滨》创新的"青春服"模式吸引大量新玩家，创下近五年用户增长纪录。 创始人丁磊回归一线后，网易游戏正在逐步走出低迷。 5月15日晚，网易-S（HK09999，股价169.1港元，市值5325亿港元）发布2025年第一季度财报。财报显示，网易2025年第一季度实现净收入288亿元，其中 游戏及相关增值服务贡献240亿元，同比增长12.1%。《第五人格》《蛋仔派对》等多款经典IP（知识产权）矩阵再次发挥压舱石的作用。 但相较于国内市场的稳健发展，自去年年底以来，网易在海外市场动作频频。 网易管理层在5月15日晚间的财报电话会议中回应称，"网易游戏过去一段时间关停了部分海外工作室，这一决策完全是基于对产品未来质量的严格考量。另 一方面，从去年12月开始，国内自研的《漫威争锋》等产品在海外市场取得了令人瞩目的成绩 ...