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]

季度内该行认为同比增量贡献较大的自研游戏产品包括《第五人格》(收入再次创下季度新高，7周年全 球总注册用户数破4亿)、《漫威争锋》(25年4月更新第二赛季，后续更新节奏为"双月赛季+月度新英 雄")、《燕云十六声》(多端游戏，根据伽马数据估算其移动端首月流水超过2亿元，PC端1-3月分别位 居顺网星研社国内网吧热力榜9/13/12名)等，同时亦有代理暴雪系列游戏等增益贡献。该行认为目前多 端产品占发展主导地位，从产品角度理解收入整体增长更为合理，该行估算1Q25 PC端同增85%。网易 1Q25递延收入同环增19%/16%，环比净增加24.5亿元。 费用投入分配得当，创造利润增量 1Q25销售费用同降33%，管理费用同降20%，支出大幅低于市场预期。该行认为主要由于公司在过往几 个季度内部治理优化、营销支出使用效率提升。研发投入方面1Q25同增5%，基本符合该行预期，该行 认为公司保持在游戏研发、AI技术等方面的投入，陆续推出AI+应用。1Q25营业利润率同增近8ppt至 36%，推动整体利润释放。 在研游戏及在运营游戏谋篇全球区域 在研产品方面重点关注：1)《漫威秘法狂潮》(团队战术RPG手游，25年3月完 ...

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 ...