中金指出，公司3Q25《梦幻西游》PC及手游、《蛋仔派对》等产品暑期内表现良好，体现公司长青游 戏运营能力。公司也在业绩会表示会把更多资源倾斜给长青项目，同时会给有创新力的团队更多机会。 新游方面，公司公告表示《遗忘之海》将于2026年上线，同时储备有《无限大》《归唐》等产品。该行 建议关注网易本土团队全球化能力升级，及重点新游进展。 网易-S(09999)涨近5%，截至发稿，涨4.2%，报213港元，成交额1.08亿港元。 其中，2025年第三季度游戏及相关增值服务净收入为人民币233亿元(33亿美元)，上一季度和去年同期 分别为人民币228亿元和209亿元。本季度，来自于在线游戏的净收入约占该分部净收入的97.6%，上一 季度和去年同期该占比分别为97.1%和96.8%。在线游戏净收入环比增长来自于《梦幻西游》电脑版、 《逆水寒》手游等自研游戏及若干代理游戏净收入增加。其同比增加来自《梦幻西游》电脑版、《蛋仔 派对》，新上线的《燕云十六声》和《漫威争锋》等自研游戏，以及若干代理游戏净收入增加。 消息面上，近日，网易-S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%。 ...

公司3Q25《梦幻西游》PC及手游、《蛋仔派对》等产品暑期内表现良好，体现公司长青游戏运营能 力。公司也在业绩会表示会把更多资源倾斜给长青项目，同时会给有创新力的团队更多机会。 关注全球化能力验证及新游节奏 新游《命运：群星》8月28日/10月16日分别在海外和中国市场发行，游戏入选亦2025TGA最佳移动游戏 提名。《燕云十六声》、《逆水寒》手游分别于11月14/7日在全球发行，其中《燕云十六声》上线首日 玩家规模超200万，登陆Steam全球游戏畅销榜Top4。新游方面，公司公告表示《遗忘之海》将于2026 年上线，同时储备有《无限大》《归唐》等产品。该行建议关注网易本土团队全球化能力升级，及重点 新游进展。 3Q25业绩 公司3Q25收入同增8%至284亿元，Non-GAAP归母净利润同增27%至95亿元，公司3Q25每股分红0.114 美元(0.57美元/ADS);同时宣布目前在运行的回购计划(不超过50亿美元)有效期延长至2029年1月，该计 划截至3Q25末已回购共20亿美元。此外，公司本季度实现投资收益13.8亿元增厚利润，相应抵消营销费 用开支增加对利润端的影响。 游戏及增值服务收入同增12% ...

Core Insights - Apple's CEO Tim Cook's visit to a gaming experience room in Guangzhou highlighted the city's growing prominence in the gaming industry [1][3] - The game "Mingchao" developed by Guangzhou's Kuro Technology topped the iOS free game charts in 42 countries upon its release in 2024, generating 600 million yuan in its first month [3][4] - Guangzhou's gaming industry generated 140.67 billion yuan in revenue in 2024, accounting for 43.2% of China's total gaming revenue, with overseas markets contributing 19.058 billion yuan [4][5] Industry Performance - In 2023-2024, nine gaming companies from Guangzhou were listed among the "Key Cultural Export Enterprises," showcasing the city's leadership in the gaming sector [5] - Sensor Tower reported that 33 Chinese companies made it to the global mobile game publisher revenue list TOP100, collectively earning 2 billion USD, which is 38.4% of the total revenue of the top 100 [5] - 37 Interactive Entertainment, a pioneer in overseas gaming, achieved overseas revenue of 5.722 billion yuan in 2024, nearly one-third of its total revenue [5][9] Successful Game Titles - "Mingchao" reached over 30 million downloads globally by June 2023, receiving public praise from Tim Cook [9] - "Identity V," developed by NetEase, gained significant traction in the global market and was selected as an esports event for the 2026 Asian Games [10] - The mini-game "Mushroom Hero Legend" generated nearly 400 million yuan in a single month in Japan and South Korea in early 2024, exemplifying the success of smaller titles [12] Industry Ecosystem - Guangzhou's gaming industry is supported by a dense network of nearly 150 companies in the Tianhe district, fostering collaboration and resource sharing [14][16] - The local government has implemented supportive policies, including a dedicated gaming eSports industrial park and a service center for overseas expansion, enhancing the industry's growth [20][18] - The commitment to high-quality game development is evident in the significant investment in R&D, with Kuro Technology spending over 300 million yuan on "Mingchao" [20][21] Future Outlook - The integration of AI technology in game development is becoming a trend, with companies exploring AI applications to enhance game design and player experience [21][22] - The gaming industry in Guangzhou is expected to continue thriving due to its established ecosystem, supportive policies, and dedication to quality [23]

Core Viewpoint - The article highlights the significant growth and global impact of the gaming industry in Guangzhou, showcasing successful games and companies that have established a strong presence in international markets [3][5][6]. Group 1: Industry Performance - In 2024, the gaming industry in Guangzhou achieved a revenue of 1,406.67 billion yuan, accounting for 43.2% of the national gaming industry's total revenue [5][6]. - Guangzhou's gaming companies generated overseas revenue of 190.58 billion yuan, representing 45% of Guangdong province's total gaming export revenue [3][5]. - The game "Ming Chao" launched in 2024 topped the iOS free game charts in 42 countries and regions, with overseas revenue reaching 600 million yuan in its first month [3][4]. Group 2: Successful Case Studies - 37 Interactive Entertainment, a pioneer in overseas gaming, reported overseas revenue of 57.22 billion yuan in 2024, nearly one-third of its total revenue [6]. - NetEase's "荒野行动" (Knives Out) achieved significant success in Japan, with 25 million registered users by August 2019, indicating that one in five Japanese people had played the game [6]. - The game "菇勇者传说" (Mushroom Hero) generated nearly 400 million yuan in a single month in Japan and South Korea in early 2024, showcasing the success of smaller games [13][15]. Group 3: Industry Ecosystem - The gaming industry in Guangzhou benefits from a dense cluster of nearly 150 companies in the Tianhe District, fostering collaboration and resource sharing [19][20]. - The local government has implemented supportive policies, including the establishment of a "Guangdong (Guangzhou) Game Export Service Center" to assist companies in entering global markets [23][24]. - The integration of AI technology in game development is being explored by many companies, enhancing design and gameplay experiences [24][25][26]. Group 4: Future Outlook - The article emphasizes that the success of Guangzhou's gaming industry is built on years of development, a mature ecosystem, and a commitment to quality [27]. - The upcoming "Phoenix Bay Area Finance Forum 2025" aims to discuss global trends and opportunities for companies looking to expand internationally [28].

Core Points - The new installment of the "Gu Jian Qi Tan" series, titled "Gu Jian," has been announced by Shanghai Zhulong, marking the first new single-player game in the series since "Gu Jian Qi Tan 3" was released in November 2018 [2][3] - The teaser for "Gu Jian" has garnered over 10 million views on Bilibili as of August 21 [2] - The game is set to feature a new protagonist, a "Yin Yang Judge," who uses a "Book of Life and Death" to interact with souls, emphasizing a unique narrative that does not require players to have played previous installments [4][5] Company Overview - Shanghai Zhulong was established in 2007 and is known for its narrative-driven games that draw heavily from Chinese folklore and mythology [2][6] - The company has diversified its portfolio with various game types, including an MMO and a long-term service model game, while maintaining a focus on single-player RPGs [3][6] Investment and Development - "Gu Jian" was initiated in 2021, with Tencent's investment in early 2024 allowing for team expansion and development acceleration, leading to a production phase of approximately two years [6] - Tencent increased its stake in Shanghai Zhulong's parent company, Beijing Wangyuan Shengtang Entertainment Technology Co., from 44.27% to 87.36%, becoming the largest shareholder [6] Market Trends - The announcement of "Gu Jian" coincides with a surge of large single-player games being revealed, indicating a growing interest in this genre within the domestic market [9][10] - The success of "Black Myth: Wukong" has positively influenced consumer spending on other console games, with 66.7% of surveyed users purchasing additional titles alongside it [10]

Core Viewpoint - NetEase's Q2 2025 financial report shows a net revenue of 27.9 billion yuan, a year-on-year increase of 9.4%, but the results fell short of market expectations, leading to a stock price drop of over 10% [2]. Group 1: Financial Performance - NetEase's Q2 net revenue reached 27.9 billion yuan, with game business revenue accounting for 22.8 billion yuan [2]. - The company achieved a net profit of 8.6 billion yuan in Q2, but faces increasing pressure due to declining revenues from non-gaming products [5]. Group 2: Product Performance and Market Challenges - The company has seen fluctuations in revenue from successful new products launched in the past two years, with no major new releases this year contributing to a challenging situation [2]. - Management is focusing on the performance of older products and their expansion in overseas markets, while newer products launched in the first half of the year were not mentioned in the earnings call [2]. - The gaming market in China is becoming increasingly competitive, with major players like Tencent emphasizing the importance of content-driven games, adding pressure on NetEase [5]. Group 3: Development and Investment Issues - NetEase's high investment in game development has not yielded corresponding returns in the short term, with some high-cost projects, such as "Wanmin Changge: Three Kingdoms," being halted [3]. - The company is facing challenges with ongoing disputes over alleged plagiarism between its games, which could further impact its reputation and performance [3].

Group 1: Financial Performance - In Q2 2025, the company achieved revenue of 27.9 billion yuan, a year-on-year increase of 9% [1] - Non-GAAP net profit reached 9.5 billion yuan, up 22% year-on-year, with a Non-GAAP net profit margin of 34.2%, an increase of 3 percentage points [1] - The comprehensive gross profit margin was 64.7%, up 1.8 percentage points year-on-year, while the total operating expense ratio was 32%, down 3 percentage points year-on-year [1] Group 2: Gaming Business - Online gaming revenue for Q2 2025 was 22.1 billion yuan, a 15% year-on-year increase, with strong performance from titles like "Identity V" and "Marvel Duel" [2] - Deferred revenue reached 16.97 billion yuan, a 25% year-on-year increase, indicating healthy future revenue streams [2] - The company is focusing on global expansion with new game releases and updates, achieving significant rankings on various platforms [2] Group 3: Youdao and Cloud Music - Youdao's net revenue for Q2 2025 was 1.4 billion yuan, a 7% year-on-year increase, driven by a 24% growth in advertising services [2] - Net revenue for NetEase Cloud Music was 2 billion yuan, down 4% year-on-year, with a gross margin of 36.1%, up 4 percentage points year-on-year [3] - The company is expected to increase investment in copyright content in the second half of the year, which may lead to a decrease in gross margin [3] Group 4: Investment Outlook - The company is recognized for its strong game development capabilities and is expected to maintain profitability, with adjusted net profit forecasts of 39.3 billion, 42.5 billion, and 46.7 billion yuan for 2025-2027 [3] - Continued focus on high-quality and globalized game offerings is anticipated, with key titles to watch including "Destiny: Stars," "Forgotten Sea," and "Return to Tang" [3]

Core Viewpoint - The company's 2Q25 performance met expectations but slightly fell short of market forecasts, with revenue growth of 9% year-on-year to 27.9 billion yuan and Non-GAAP net profit increasing by 22% to 9.5 billion yuan [1][2] Revenue and Growth - 2Q25 revenue reached 27.9 billion yuan, aligning with the company's expectations (27.6 billion yuan) but below Bloomberg's consensus (28.4 billion yuan) [1] - Online gaming revenue grew by 15% year-on-year, driven by titles such as "Identity V," "Yanyun," and "Marvel Showdown," along with some licensed games [1] - The flagship product "Fantasy Westward Journey" mobile game achieved a new quarterly revenue high in 2Q25 [1] Cost and Profitability - Gross margin for 2Q25 was 65%, showing slight improvements from 1Q25 (64%) and 2Q24 (63%), primarily due to increased margins in gaming and VAS businesses [2] - Sales expense ratio in 2Q25 recovered to 13%, up from 9% in 1Q25, indicating a faster recovery than market expectations [2] Future Outlook - The company plans to launch key new mobile games, including "Destiny: Stars" on August 28, with a strong pipeline of diverse products for the coming years [2] - The flagship products continue to perform well, with "Identity V" and "Fantasy Westward Journey" maintaining strong positions in the iOS sales charts [2] Valuation and Forecast - The company maintains its profit forecast, with current stock prices reflecting a valuation of 16x for Hong Kong and 15x for US stocks for 25/26 years Non-GAAP EPS [3] - The target price is set at 263 HKD and 169 USD, indicating an upside potential of 27% for Hong Kong stocks and 25% for US stocks [3]

Core Insights - NetEase reported a net revenue of 27.9 billion yuan for Q2 2025, representing a year-on-year growth of 9.4% [2] - The net profit attributable to shareholders under non-GAAP was 9.5 billion yuan, with R&D investment reaching 4.4 billion yuan, indicating an R&D intensity of 15.6% [2] Group 1: Gaming Business Performance - The gaming and related value-added services segment generated a net revenue of 22.8 billion yuan, accounting for 82% of total revenue, highlighting its critical impact on overall performance [2] - The cost of the gaming business decreased to 6.8 billion yuan in Q2 from 7.5 billion yuan in Q1, indicating a clear trend of cost reduction [2] - The game "Fantasy Westward Journey" achieved a peak of 2.93 million concurrent users, marking a new high in its 22-year operation history [2] Group 2: New Game Developments - The new game "Yanyun Sixteen Sounds," set to launch by the end of 2024, is already showing strong performance metrics, exceeding pre-launch expectations in user activity and monetization [2] - Upcoming single-player games include the original ocean adventure RPG "Forgotten Sea" and a narrative-driven action-adventure game "Return to Tang" [4] Group 3: Market Position and Strategy - NetEase's localized operation strategy and diversified marketing activities have significantly improved user engagement and payment willingness for Blizzard's games, with "Hearthstone" reaching the fifth position on China's iOS bestseller list after the launch of the "Angoro Turtle Path" expansion [3] - Despite the competitive gaming market, NetEase's mobile games have not performed well in overseas revenue rankings, with only "Knives Out" and "Diablo: Immortal" making it to the top 30 in July [4] - Industry expert Zhang Yi noted that NetEase's previous over-reliance on the Japanese market has hindered its ability to capitalize on the growing potential in the European and American markets compared to competitors like Tencent and Mihayou [4]

Core Viewpoint - NetEase reported strong financial results for Q2 2025, with a net revenue of 27.9 billion yuan and a non-GAAP net profit of 9.5 billion yuan, driven by a focus on high-quality and diverse product offerings [1][3] Financial Performance - Q2 net revenue reached 27.9 billion yuan, with a non-GAAP net profit of 9.5 billion yuan [1] - R&D investment amounted to 4.4 billion yuan, representing an R&D intensity of 15.6% [1][3] - Net revenue from games and related services was 22.8 billion yuan [5] - NetEase Youdao achieved a Q2 net revenue of 1.4 billion yuan, marking its fourth consecutive quarter of sustainable profitability [5] - NetEase Cloud Music reported a Q2 net revenue of 2 billion yuan, with increased user engagement [5] - Other innovative and miscellaneous business revenues reached 1.7 billion yuan in Q2 [5] Product Development and Strategy - The company is expanding its global product lineup with several anticipated new games, including the original RPG "Forgotten Sea" and the narrative-driven action-adventure game "Return to Tang" [3] - NetEase's partnership with Blizzard has yielded strong performance for titles like "Hearthstone," which recently launched a new expansion and reached the fifth position on China's iOS bestseller list [3] - The return of "Diablo III" to the Chinese market exceeded expectations, and the upcoming release of "Diablo II" Remastered is set for August 27 [3] - NetEase's R&D investment positions it among the industry leaders, focusing on technology-driven product innovation across various sectors [3][4] AI and Technological Advancements - NetEase Lingdong launched the world's first engineering machinery embodied intelligence model "Lingjue," showcasing its capabilities at the World Artificial Intelligence Conference [4] - The model achieved 80% efficiency compared to human operators in harsh environments and aims for unmanned operations in over 30 mines by 2027 [4] - NetEase Youdao is enhancing its core business competitiveness through AI, achieving a user retention rate of over 75% and a 30% year-on-year increase in AI subscription service revenue [4]