公司4Q25实现净收入人民币275亿元，同比增长3.0%；调整后净利润71亿元。实质经营保持稳健，递延 收入同比大幅增长34.1%，环比增长5.3%至205亿元，创历史新高。这反映出确认周期较长的游戏收入 占比提升，大量现金流水尚未确认为当期收入，将为后续业绩释放带来很好的支撑。 《遗忘之海》计划今年三季度上线，期待新产品释放周期 智通财经APP获悉，浦银国际发布研报称，由于网易-S(09999,NTES.US))已达到转换至香港主要上市的 要求，公司正与港交所沟通推进相关事宜，未来有望吸引南向资金流入。考虑到公司新游预期上线情 况，调整目标价至236港元/151美元，对应FY26E/FY27E 16.8x/15.2xP/E，公司当前估值具备吸引力，维 持"买入"评级。 浦银国际主要观点如下： 递延收入维持强劲，实质经营稳健 公司4Q25游戏收入同比增长3.4%，端游表现亮眼，收入结构持续优化。主要游戏产品中，《梦幻西 游》端游Q4表现强劲，收入创季度和年度历史新高，其手游亦创年度收入新高，显示出极强的长线运 营韧性；《燕云十六声》全球用户数突破8000万；《漫威争锋》获得多个全球奖项。公司游戏产品全球 影响 ...

《遗忘之海》计划今年三季度上线，期待新产品释放周期 公司4Q25游戏收入同比增长3.4%，端游表现亮眼，收入结构持续优化。主要游戏产品中，《梦幻西 游》端游Q4表现强劲，收入创季度和年度历史新高，其手游亦创年度收入新高，显示出极强的长线运 营韧性；《燕云十六声》全球用户数突破8000万；《漫威争锋》获得多个全球奖项。公司游戏产品全球 影响力持续提升，该行预计公司未来海外收入占比将逐步提升，成为重要增量贡献。展望2026年，《遗 忘之海》计划Q3上线，近期测试反馈积极，该行预计有望在暑期档上线；《无限大》1月封测数据符合 预期，产品仍处于打磨阶段，希望实现全球全平台同步上线。随着新产品临近，公司有望在今年下半年 进入新一轮释放周期。 浦银国际发布研报称，由于网易-S(09999,NTES.US))已达到转换至香港主要上市的要求，公司正与港交 所沟通推进相关事宜，未来有望吸引南向资金流入。考虑到公司新游预期上线情况，调整目标价至236 港元/151美元，对应FY26E/FY27E16.8x/15.2xP/E，公司当前估值具备吸引力，维持"买入"评级。 浦银国际主要观点如下： 递延收入维持强劲，实质经营稳健 公司4 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 236, representing a potential upside of 21% from the current price of HKD 195 [5][26]. Core Insights - The company reported a net revenue of RMB 27.5 billion for Q4 2025, a year-on-year increase of 3.0%, which was below market expectations of 4.7%. Adjusted net profit decreased by 26.9% year-on-year, also falling short of market expectations [1]. - Deferred revenue showed strong growth, increasing by 34.1% year-on-year and 5.3% quarter-on-quarter to reach RMB 20.5 billion, indicating a robust operational performance despite revenue pressures [1]. - The upcoming game "Forgotten Sea" is expected to launch in Q3 2026, with positive feedback from recent tests, potentially marking the start of a new product release cycle [2]. - The company is focusing on integrating AI into its gaming products, enhancing production efficiency and commercial value [3]. - The company is in discussions to transition to a primary listing in Hong Kong, which may attract more southbound capital inflow [3]. Financial Summary - For FY26E, the company is projected to achieve a revenue of RMB 120.3 billion, with an adjusted net profit of RMB 39.8 billion, reflecting a growth rate of 6.8% in revenue and 3.4% in net profit [8][9]. - The adjusted target P/E ratios are forecasted at 16.8x for FY26E and 15.2x for FY27E, indicating an attractive valuation [3][8].

Group 1 - The core viewpoint of the report is that NetEase (09999, NTES.US) has demonstrated robust operational performance in Q4 2025, with AI deeply integrated across all scenarios, showcasing sustained growth resilience [1] - The gaming business continues to be driven by a dual strategy of "long-term operation of classic IPs + global breakthroughs in new games," with AI technology enhancing efficiency and player engagement throughout the development, gameplay, and operational processes [1] - Non-gaming business shows differentiation, with Youdao's AI-native strategy yielding significant results [1] Group 2 - Looking ahead, the company has a strong pipeline of quality titles such as "Sea of Oblivion" and "Infinite," with a synergistic advantage formed by globalization, multi-platform, and AI integration, highlighting long-term growth potential [1] - The firm maintains a "Buy" rating for NetEase, assigning a 2026 Non-GAAP PE of 16x, corresponding to a target price of $150 per ADR in the US market and HKD 234 per share in the Hong Kong market [1]

Core Insights - NetEase has several key events to watch in 2026, focusing on new product launches, globalization efforts, and potential market liquidity changes [1] Business Progress - NetEase plans to launch several major games in 2026, including the ocean adventure RPG "Forgotten Sea" expected to release in Q3, and the open-world game "Infinite" which has completed closed testing and is set for a full-platform release. These new products may further strengthen the company's competitive position in the gaming market [2] - The global promotion of "Yanyun Sixteen Sounds" will continue, with the game surpassing 80 million global users by the end of 2025. Future content updates and localized operations may enhance its influence [2] Financial Situation - If NetEase is included in the Hong Kong Stock Connect in 2026, it could attract southbound capital inflows, potentially driving valuation recovery. Institutions like JPMorgan have noted that current valuations are low, and this event could act as a liquidity catalyst [3] Company Status - AI technology has been systematically integrated into the entire game development process, with efficiency improvements exceeding 300% in certain areas. This may enhance product innovation through AI-native gameplay [4] - The company continues its dividend policy, with a payout of $0.232 per share in Q4 2025, and has extended its share buyback plan until 2029, with a buyback amount of approximately $2 billion by the end of 2025 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report emphasizes optimism regarding the company's growth driven by new game launches, overseas expansion, and AI empowerment [5] - The company achieved revenue of 27.5 billion yuan in Q4 2025, with a year-on-year increase of 3.0% and a quarter-on-quarter decrease of 2.9% [5] - The report highlights a strong growth momentum in contract liabilities, which increased by 5% to 20.5 billion yuan by the end of Q4 [5] - The company is expected to benefit from the long-term operation of classic games and the launch of new titles, with adjusted net profit forecasts for 2026-2028 being 37.2 billion, 41.9 billion, and 45.1 billion yuan respectively [5] Financial Summary and Valuation Metrics - Revenue projections for the company are as follows: 105.3 billion yuan for 2024, 112.6 billion yuan for 2025, 119.6 billion yuan for 2026, 129.9 billion yuan for 2027, and 136.1 billion yuan for 2028, with year-on-year growth rates of 1.8%, 7.0%, 6.2%, 8.7%, and 4.7% respectively [6] - Net profit estimates are 29.7 billion yuan for 2024, 33.8 billion yuan for 2025, 37.2 billion yuan for 2026, 41.9 billion yuan for 2027, and 45.1 billion yuan for 2028, with corresponding year-on-year growth rates of 1.0%, 13.7%, 10.2%, 12.6%, and 7.6% [6] - The projected P/E ratios for 2026, 2027, and 2028 are 14.1, 12.5, and 11.6 respectively [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The report emphasizes the company's strong growth potential driven by new game launches, the revitalization of existing games, and the integration of AI technology [5] - The company achieved a revenue of 27.5 billion yuan in Q4 2025, reflecting a year-on-year increase of 3.0% but a quarter-on-quarter decrease of 2.9% [5] - The report highlights the successful performance of the game "Yanyun Sixteen Sounds," which topped the iOS sales chart in mainland China and achieved over 80 million global players [5] - The company is expected to maintain a strong growth trajectory with projected net profits of 37.2 billion yuan in 2026, 41.9 billion yuan in 2027, and 45.1 billion yuan in 2028 [5][6] Financial Summary and Valuation Metrics - Revenue projections for the company are as follows: 105.3 billion yuan in 2024, 112.6 billion yuan in 2025, 119.6 billion yuan in 2026, 129.9 billion yuan in 2027, and 136.1 billion yuan in 2028 [6] - The net profit is projected to grow from 29.7 billion yuan in 2024 to 45.1 billion yuan in 2028, with corresponding year-on-year growth rates of 1.0%, 13.7%, 10.2%, 12.6%, and 7.6% [6] - The report indicates a projected P/E ratio of 14.1 for 2026, 12.5 for 2027, and 11.6 for 2028, suggesting a favorable valuation outlook [5][6]

Core Viewpoint - NetEase reported Q4 2025 revenue of 27.5 billion yuan (yoy +3.0%, qoq -3.2%) and adjusted net profit of 7.1 billion yuan (yoy -26.9%, qoq -25.3%). For the full year, total revenue reached 112.6 billion yuan (yoy +6.9%) and net profit was 33.8 billion yuan (yoy +13.7%), indicating stable annual growth. The product pipeline for 2026 is robust, featuring major titles like "Infinite" and "A Glimpse of the Sea," which will drive future growth. The company has deeply integrated AI across its gaming, music, and education sectors, establishing an industry-leading AI industrialization barrier [1]. Main Business - Revenue from games and related value-added services was 22.0 billion yuan (yoy +3.8%, qoq -5.7%), with a gross margin increase to 70.5%. - Youdao generated revenue of 1.6 billion yuan (yoy +16.8%), primarily driven by increases in online marketing and learning service revenues. - NetEase Cloud Music reported revenue of 2.0 billion yuan (yoy +4.7%), with gross margin improving by 2.8 percentage points to 34.7%, indicating ongoing profitability enhancement. - Innovative and other businesses generated revenue of 2.0 billion yuan (yoy -10.4%). - Q4 gross profit was 17.7 billion yuan (yoy +8.7%), with an overall gross margin of 64.2% (yoy +3.4 percentage points, qoq +0.7 percentage points). - Operating expenses for Q4 totaled 9.4 billion yuan, showing a year-on-year increase. R&D investment for 2025 reached 17.7 billion yuan, marking the sixth consecutive year exceeding 10 billion yuan. The company has integrated AI throughout its business chain, achieving efficiency improvements of up to 300% in certain production processes [2]. Profit Forecast - The company is expected to achieve revenues of 119.4 billion yuan and 127.0 billion yuan in 2026 and 2027, respectively, with year-on-year growth of 6.1% and 6.4%. - Projected net profits for the same years are 36.6 billion yuan and 39.9 billion yuan, maintaining a "buy" rating [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][23] Core Insights - The company's revenue increased by 3% year-on-year in Q4 2025, reaching 27.5 billion yuan, while the non-GAAP net profit decreased by 11% to 7.07 billion yuan due to investment losses of 1.7 billion yuan [1][10] - The deferred revenue grew by 34% year-on-year, indicating a healthy cash flow status and reflecting changes in the game structure [2][15] - The company continues to expand its global presence, with successful launches of games like "逆水寒" and "燕云十六声," which have attracted over 80 million players globally [2][18] - AI tools are expected to lower production costs in gaming, but the integration of AI with complex game systems requires deep design and operational experience, creating a barrier for new entrants [3][18] - The company anticipates a rise in subscription revenue for its music service, with a projected increase in user growth and average revenue per user (ARPPU) in 2026 [4][20] Financial Summary - For 2025, the company forecasts adjusted net profits of 40.6 billion yuan, 44.7 billion yuan in 2026, and 48 billion yuan in 2027, with slight downward adjustments of 5% and 4% for the first two years [5][23] - The projected revenue for 2025 is 112.63 billion yuan, with a growth rate of 7% [5][28] - The company expects a gross margin of 64% for 2025, with an EBIT margin of 32% [28]

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 ...