作为国内知名的游戏制作人，林云枫在网易任职20余年。公开资料显示，他带领团队长期耕耘《梦幻西 游》系列产品，是《梦幻西游》端游的初代策划之一，历任端游主策划、产品总监、制作人。 需要注意的是，林云枫还曾出任梦幻事业部负责人。但去年下半年，其卸任，并被调往网易互娱在线游 戏事业部，负责带队"阴阳师"IP自走棋《风华决战》（原名：《代号白衣》）。去年12月，该游戏开启 一轮保密测试，测试结束不久，传出林云枫离职的消息。 据了解，2025年10月前后，网易内部已完成对梦幻事业部调整，资深制作人制作人吴伟聪（新丁）接任 成为事业部负责人，端游项目依旧保留在梦幻事业部，手游项目划归海神事业部，由海神事业部负责人 陈俊雄负责。 值得一提的是，，在此前2025年三季度电话会上，有关未来游戏品类的开发方向，网易管理层曾透露， 公司会采取精品化和有把握的方向，不会盲目的去开发一些产品，一定是有的放矢，重点投入。在未来 几年的游戏方向上，公司会有更加清晰的把握，在这个方面取得重大突破。 据记者不完全统计，网易游戏已获批版号的新产品包括二次元都市开放世界游戏《无限大》、生活模拟 游戏《星绘友晴天》、RTS（即时战略游戏）《军团战争 ...

1月9日，据相关消息，网易互娱梦幻事业部林云枫（小白）已于1月7日正式离职。 据了解，2025年10月前后，网易内部已完成对梦幻事业部调整，资深制作人制作人吴伟聪（新丁） 接任成为事业部负责人，端游项目依旧保留在梦幻事业部，手游项目划归海神事业部，由海神事业部负 责人陈俊雄负责。 值得一提的是，，在此前2025年三季度电话会上，有关未来游戏品类的开发方向，网易管理层曾透 露，公司会采取精品化和有把握的方向，不会盲目的去开发一些产品，一定是有的放矢，重点投入。在 未来几年的游戏方向上，公司会有更加清晰的把握，在这个方面取得重大突破。 据记者不完全统计，网易游戏已获批版号的新产品包括二次元都市开放世界游戏《无限大》、生活 模拟游戏《星绘友晴天》、RTS（即时战略游戏）《军团战争》等。另外，1月8日，网易Joker工作室自 研的《遗忘之海》公布了游戏的"流浪号测试"实机玩法预告，并同步开启新一轮测试招募。据官方介 绍，玩家将扮演一名"脑袋进水"的木偶船长，在海上开启一段奇遇之旅。公开资料显示，该游戏采用网 易自研引擎开发，会同时上PC、手机和主机端，此前宣布预计于2026年上线。 作为国内知名的游戏制作人，林云枫在 ...

Core Viewpoint - The competition in the two-dimensional open city game sector is intensifying, with several companies launching new titles, indicating a potential for new leading hits in the market [1] Group 1: Industry Competition - Perfect World’s game "Yihuan" and NetEase’s "Infinity" are among the key competitors in this sector, alongside Shiyue Network’s "Wangyue" and MiHoYo’s new entry "Varsapura" [1] - Only "Yihuan" has completed its second testing phase and is confirmed to be in the final development sprint [1] Group 2: Upcoming Events - On November 27, "Yihuan" officially launched a player recruitment for a co-research experience event, scheduled for December 27-28 in Suzhou [1] - The event will be a small, closed beta test requiring participants to sign a confidentiality agreement, focusing on a new version of the game [1] - The development team will engage directly with players to enhance the product through feedback [1]

Core Insights - The 二次元 (2D) gaming industry is experiencing a significant downturn, with a noticeable gap emerging in 2025 as the market matures and competition intensifies [1][4][36] - Despite the overall growth of the gaming industry, the 二次元 mobile market saw a decline in actual sales revenue by 8% year-on-year in the first half of 2025 [4] - The success of past titles like 《阴阳师》 and 《原神》 has led to an influx of developers, but many new projects struggle to sustain operations, with a third of 二次元 games ceasing operations last year [3][4] Market Trends - The 二次元 gaming market is characterized by a lack of new standout products, with players primarily discussing established titles that have maintained long-term operations [6][36] - The emotional connection between players and characters is crucial, as seen in marketing strategies that emphasize character-driven experiences [9][12] - The rise of related cultural events, such as conventions, indicates a growing interest in the 二次元 culture, which supports the gaming market [12][14] Challenges and Opportunities - The market is becoming increasingly difficult for new entrants, as players are less willing to pay for games that do not meet high creative and quality standards [36][38] - Successful products often require a strong creative vision and a commitment to quality, as exemplified by titles like 《明日方舟：终末地》 and 《Varsapura》 [25][30] - Developers must innovate in gameplay and aesthetics to stand out in a saturated market, as traditional models of success are no longer effective [36][39] Future Outlook - The 二次元 gaming sector is expected to remain a focal point in 2026, with anticipation surrounding new products that could potentially revitalize the market [45][47] - The industry's idealistic nature continues to drive developers to pursue high-quality, emotionally resonant games, despite the challenges [20][45]

Core Insights - The competitive landscape in the two-dimensional open-world gaming sector is intensifying, with Perfect World’s "Yihuan," NetEase’s "Infinity," and Shiyue Network’s "Wangyue" vying for dominance, while miHoYo enters the fray with "Varsapura" [1] - Perfect World has successfully turned around its financial performance, reporting a significant increase in revenue and profit, indicating a return to growth [2] Group 1: Industry Competition - Perfect World’s "Yihuan" has completed its second closed beta test and is in the final stages of development, with a player recruitment event scheduled for late December [1] - The game has leveraged advanced technologies such as Unreal Engine 5.5 and NVIDIA DLSS4, resulting in notable improvements in graphics and gameplay [1] - "Yihuan" has generated significant online buzz, with over 1 billion discussions across social media platforms during its testing phases [1] Group 2: Company Financial Performance - For the first three quarters of 2025, Perfect World reported revenue of 5.417 billion yuan, a year-on-year increase of 33% [2] - The company achieved a net profit of 666 million yuan, marking a successful turnaround from previous losses [2] - The gross profit margin improved to 64.83%, reflecting a 13.06 percentage point increase year-on-year, alongside reductions in sales, management, and R&D expenses [2] Group 3: Future Projections - Analysts predict that "Yihuan" could generate approximately 1.4 billion yuan in profit for Perfect World in 2026, driven by its high quality and innovative themes [2] - The anticipated launch of "Yihuan" is expected to provide a dual benefit of performance release and valuation recovery for the company [2]

Core Viewpoint - The company shows strong growth momentum driven by deferred revenue and overseas expansion, maintaining a "buy" rating Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 28.4 billion yuan, a year-on-year increase of 8.2% and a quarter-on-quarter increase of 1.7% [1] - The net profit attributable to the parent company was 8.6 billion yuan, reflecting a year-on-year growth of 31.8% and a quarter-on-quarter increase of 0.2% [1] - The gross margin for Q3 was 64.1%, up 1.2 percentage points year-on-year, while the net profit margin reached 31.0%, an increase of 5.4 percentage points year-on-year [1] - As of the end of Q3 2025, the company's contract liabilities amounted to 19.5 billion yuan, a year-on-year increase of 25% and a quarter-on-quarter increase of 15% [1] Group 2: Game and Product Performance - Revenue from games and related value-added services reached 23.3 billion yuan in Q3 2025, with a year-on-year increase of 11.8% and a quarter-on-quarter increase of 2.3% [2] - The growth in revenue was driven by titles such as "Dream of the Red Chamber" and "Egg Party," as well as new games like "Yanyun Sixteen Sounds" [2] - The gross margin for the gaming segment was 69.3%, reflecting a year-on-year increase of 0.5 percentage points [2] - The peak concurrent online users for "Dream of the Red Chamber" reached 3.58 million, setting a new record [2] Group 3: AI and Innovation - Cloud music's revenue in Q3 was 1.96 billion yuan, a year-on-year decrease of 1.8%, but the gross margin improved by 2.6 percentage points to 35.4% [3] - The introduction of "AI Tuning Master" aims to enhance user experience with personalized music [3] - Youdao's revenue in Q3 was 1.63 billion yuan, showing a year-on-year increase of 3.6% and a quarter-on-quarter increase of 14.9%, primarily driven by online marketing services [3] - AI-driven subscription service revenue reached approximately 100 million yuan, marking a year-on-year growth of over 40% [3]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The company reported a revenue of 28.4 billion yuan in Q3 2025, representing an 8.2% year-on-year increase, with a gross profit of 18.2 billion yuan, up 10.3% year-on-year, and a net profit attributable to shareholders of 8.6 billion yuan, which is a 31.8% increase year-on-year [1][2]. - The company has a strong cash position with net cash of 153.2 billion yuan and operating cash flow of 12.9 billion yuan in Q3 2025, reflecting a 21.7% year-on-year growth [1]. - The classic games segment performed well, contributing to a revenue of 23.3 billion yuan in Q3 2025, a year-on-year increase of 11.8%, driven by self-developed games and several agency games [6][8]. - The company has a rich pipeline of upcoming games, including titles that have already gained traction in both domestic and international markets [6][8]. - The report anticipates that the company's net profit attributable to shareholders will reach 35.1 billion yuan, 38.5 billion yuan, and 42.5 billion yuan for the years 2025, 2026, and 2027, respectively [6][8]. Financial Data and Valuation - The total revenue forecast for the company is projected to grow from 103.5 billion yuan in 2023 to 130.1 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7% [2][9]. - The net profit is expected to grow from 29.4 billion yuan in 2023 to 42.5 billion yuan in 2027, reflecting a CAGR of around 10% [2][9]. - The report highlights a decrease in the price-to-earnings (PE) ratio from 20.6 in 2023 to 14.2 in 2027, indicating an attractive valuation over the forecast period [2][9]. Shareholder Information - The company has a total share capital of 3.168 billion shares, with a market capitalization of 67.35 billion Hong Kong dollars [3][6]. - The major shareholder, Shining Globe International Limited, holds a 45.17% stake in the company [3].

Core Viewpoint - Bank of America expresses increased optimism regarding NetEase's user engagement and profitability potential for the game "ANANTA," projecting an annual revenue of 10 billion RMB post-launch [1] Financial Projections - Bank of America raises NetEase's adjusted earnings per share estimates for 2025-2027 by 0-4% to reflect the performance contribution from "ANANTA," while offsetting slightly higher sales and marketing expenses [1] - The target price for NetEase is reaffirmed at 259 HKD [1] Game Launch Timeline - The official launch of "ANANTA" is expected to take several quarters, with the earliest projection being the end of Q3 2026 [1] Revenue Growth Expectations - Over the next 6-9 months, existing evergreen games and Blizzard's new title "Diablo 4" are anticipated to support revenue growth, with an expected increase of 8% in 2026 [1] - Following this, "ANANTA" and "Sea of Remnants" are expected to contribute to performance [1] Share Buyback Program - NetEase's remaining $3 billion share repurchase plan is expected to provide downside support for the stock price [1]

Group 1: Overall Strategy and Market Trends - The report highlights a dual-driven strategy where technology and cyclical sectors are rebalancing, with opportunities in the chemical industry emerging under the "anti-involution" trend [7][8] - The A-share market is experiencing accelerated capacity clearance, indicating a turning point for cyclical industries, particularly in chemicals, which show significant advantages over traditional sectors like steel and coal [8][9] - The chemical industry is expected to enter a new prosperity cycle driven by supply-demand recovery and anti-involution policies, with a notable decrease in capital expenditure and a resilient export market [9][10] Group 2: Industry-Specific Insights - The military industry is currently facing high valuations, with a PE-TTM of 67.34, indicating a slight decrease from previous weeks, while geopolitical uncertainties are expected to accelerate military orders [13][14] - The real estate sector shows signs of stabilization, with new home transaction areas increasing month-on-month, supported by government policies aimed at boosting investment and consumption [17][21] - The consumer services sector, particularly in tourism and dining, is witnessing a recovery, with companies like Ctrip and Haidilao reporting strong performance and expansion plans [24][25] Group 3: Company-Specific Developments - Lenovo Group is benefiting from the Windows 11 upgrade cycle, with a projected non-GAAP net profit growth of 21.8% for FY2026, reflecting strong supply chain resilience [29][30] - NetEase is expected to see growth driven by overseas gaming expansion and new game launches, with a projected net profit increase of 31.8% in Q3 2025 [34][35] - Dawi Technology is focusing on AI data centers, with plans to enhance its competitive edge through strategic partnerships and infrastructure development [38][39]

Core Viewpoint - The company reported strong financial performance in Q3 2025, with revenue and net profit showing significant year-over-year growth, indicating resilience and growth potential across its business segments [1][2][3][4]. Financial Performance - In Q3 2025, the company achieved revenue of 28.359 billion yuan, representing a year-over-year increase of 8.2% and a quarter-over-quarter increase of 1.7% [1]. - The net profit attributable to shareholders was 8.616 billion yuan, reflecting a year-over-year growth of 31.8% and a quarter-over-quarter increase of 0.2% [1]. - Non-GAAP net profit was 9.502 billion yuan, with a year-over-year increase of 26.7% but a slight quarter-over-quarter decrease of 0.3% [1]. - Gross margin improved to 64.1%, up 2.0 percentage points year-over-year, while the sales expense ratio increased to 15.7%, up 8.3 percentage points year-over-year [1]. Gaming Business - The gaming and value-added services segment generated revenue of 22.3 billion yuan in Q3 2025, marking an 11.8% year-over-year increase and a 2.3% quarter-over-quarter increase [2]. - The company demonstrated strong operational capabilities with classic IPs performing well, including record-high concurrent players for "Dream of Dreams" [2]. - New game launches, such as "Fate: Stars" and upcoming titles like "The Sea of Forgotten," are expected to enhance global reach and player engagement [2]. NetEase Youdao - NetEase Youdao reported revenue of 1.6 billion yuan in Q3 2025, showing a year-over-year growth of 3.6% and a quarter-over-quarter growth of 14.9% [3]. - The AI-native strategy is yielding positive results, with collaborations enhancing resource integration and market demand targeting [3]. NetEase Cloud Music - NetEase Cloud Music achieved revenue of 2 billion yuan in Q3 2025, a slight year-over-year decline of 1.8% but stable quarter-over-quarter [4]. - The introduction of AI tuning features and award-winning recommendation models has improved user experience significantly [4]. Innovation and Other Businesses - Revenue from innovation and other businesses was 1.4 billion yuan, down 18.9% year-over-year and 15.3% quarter-over-quarter [4]. - The company is focusing on brand rejuvenation and leveraging AI technology to enhance content quality and community engagement [4]. Profit Forecast and Investment Rating - The company forecasts revenues of 114.8 billion yuan, 126.5 billion yuan, and 136.2 billion yuan for 2025-2027, with adjusted net profits of 39.1 billion yuan, 44.1 billion yuan, and 49.1 billion yuan respectively [4]. - The target price for 2026 is set at 265 HKD, maintaining a "Buy" rating based on the profitability and competitive landscape of different business segments [4].