三季度，拥有"史上最强内容"的奈飞（Netflix），却交出了一份令华尔街失望的财报。 奈飞的营收依然亮眼。财报显示，奈飞Q3营收达115.10亿美元，同比增长17.2%，增长主要来自会员增长、定价上涨和广告收入推动。其中广告业务表现突 出，本季度创下"史上最佳广告销售"纪录，奈飞预计2025年广告收入将翻倍。 但盈利指标却全面下滑： 净利润25.47亿美元，低于市场预期的30亿美元，增速从二季度的45.6%骤降至7.7%。 营业利润为32.4亿美元，营业利润率为28%，均低于市场预期。奈飞将利润率下滑主要归因于一项一次性支出：与巴西税务机关的纠纷导致计提6.19亿美元 的费用。 每股收益5.87美元，低于预期的6.94美元。 财报发布后，股价盘后下跌6.5%。奈飞股价曾在6月30日创历史新高，盘中逼近1340美元，此后震荡下行。 从内容来看，奈飞本季度依旧强势。《Kpop：猎魔女团》成为平台史上最卖座电影，《星期三》等剧集热度不减，拳击直播吸引超4100万观众。奈飞称用 户参与度达历史峰值。 引发市场焦虑的原因在于其增长的可持续性。 奈飞自2025年起不再披露"订阅会员净增"数据，转而强调营收与参与度。分析 ...

三季度奈飞营收同比增长加快至逾17%，符合分析师预期；广告收入创单季新高；净利润和EPS盈利较预期低至少14%；营业利润率回落至 28.2%，巴西税务纠纷相关支出6.19亿美元导致利润率下降5个百分点，若无此支出，利润率本可高于公司指引31.5%。奈飞预计税务纠纷不 会对未来业绩产生重大影响，但鉴于税务问题，将今年营业利润率指引从30%下调至29%；预计今年广告收入翻一倍多，全年自由现金流指 引提高9%。 美国流媒体巨头奈飞（Netflix）三季度业绩"爆冷"：虽然服务涨价和会员强劲增长推动公司的广告收入创新高，但与巴西税务部门的税务纠 纷带来意外的支出，公司盈利远不及预期，并且由此下调了全年的利润率指引。 广告业务加速增长 奈飞表示第三季度创下最佳广告销售纪录，今年该业务营收有望较去年增长一倍以上。营收增长由会员增长、价格上调和广告收入增加共同 驱动。公司今年1月上调了订阅价格，包括含广告套餐的费用。 不过，EMarketer高级分析师Ross Benes在声明中指出："奈飞迎来了迄今最佳的广告销售季度，但仍未披露广告业务的具体规模。这给人 的印象是，本季度实现的持续营收增长以及下季度的预测增长，主要仍将来 ...

Group 1: Market Overview - The Hong Kong stock market continues to reach new highs, with the Hang Seng Index closing at 25,130 points, up 135 points or 0.54% [2] - The total trading volume on the main board was HKD 266.1 billion, an increase of 1.2% compared to the previous day, with the Stock Connect trading accounting for 30.6% of the total [2] - Northbound capital saw a net inflow of HKD 2.717 billion, a decrease of 61.5% from the previous day, with the most net purchases in China Life, CCB, and SMIC [2] Group 2: Sector Performance - Among the 12 Hang Seng Composite Industry Indices, 11 rose while 1 slightly declined, with materials, industrials, and utilities leading the gains [3] - The lithium battery sector performed well, with Ganfeng Lithium and Tianqi Lithium both rising over 6% [3] - The healthcare sector recorded a minor decline of 0.004% [3] Group 3: Company Insights - JD.com announced a HKD 4 billion acquisition of a 70% stake in Jia Bao Supermarket, which will be managed by the founder for three years before transitioning to JD.com [4] - The acquisition is expected to enhance JD.com's retail network and property holdings, with Jia Bao operating around 90 stores in Hong Kong [4] Group 4: Netflix Performance - Netflix reported Q2 revenue of USD 11.1 billion, a year-on-year increase of 16%, benefiting from subscriber growth and price increases [6] - The company raised its 2025 revenue guidance to USD 44.8 billion - USD 45.2 billion, reflecting a year-on-year growth of 15% - 16% [8] - Netflix's operating profit for Q2 increased by 45% to USD 3.8 billion, with a profit margin of 34.1%, up 7 percentage points year-on-year [6][8] Group 5: Future Outlook for Netflix - Netflix is expected to enter a strong content cycle in the second half of the year, with significant new releases planned [7] - The company anticipates an increase in content amortization costs but expects overall operating profit margins to remain robust [7] - The stock price target for Netflix has been raised to USD 1,379, reflecting a 48.3x/40.3x P/E ratio for 2025E/2026E [8]