5天销售额超6.66亿美元，首月玩家超1000万，到底有怎样的含金量？ 作为暴雪有史以来销售最快的游戏，早在23年，《暗黑破坏神IV》（下文称暗黑4）便已经证明了自身在赛道的超然位置。在经历过十个赛季沉淀后，暗 黑4在当下最成熟的阶段中，终于引进了国服。 与此同时，在今日TGA2026上，暗黑4公布了新职业"圣骑士"于今日全球同步上线，新DLC"憎恨之王"，将于2026年4月28日推出。 不过，更让人惊喜的，便是游戏的定价：基础版128元，全球最低。先不提23年动不动四五百的首发价格，即便对比Steam史低（国区156.6元），暗黑4国 服128元的定价也显得极具竞争力。要知道，暗黑4作为一款买断制刷宝游戏，基础版价格，便足以让玩家畅玩当前绝大部分的游戏内容，而无需为道具、 背包等额外付费。 | | 8718 | ¥488 | ¥240 | $360 | ¥540 | *888 | | --- | --- | --- | --- | --- | --- | --- | | | 《暗黑破坏神®IV》 | 《唯焦破坏神"IV》 | 《电源减坏神"IV》 | (暗黑破坏神"IV》 | 《哈黑破坏神®IV》 | 《哈 ...

来源：朝阳永续 | 载据来源:朝阳水续盘利预测载招房 贯币单位:亿元人民币 | | | | | | | 日時 香港電影 更多反境调测 展注朝阳水线会负责 | | --- | --- | --- | --- | --- | --- | --- | --- | | 机构面积了 | 发布日期 | 要业收入 | 125-5回比 | 净利润 | 同比 | 经调整净利润 | 同比 | | 实方预测区间 | | 268.97~303.47 | 0.6%-13.5% | 75.81~115.85 | -13.5%-32.2% | 84.54-99.78 | -12.7%~3.1% | | 平均收 | | 287.46 | 7.5% | 84.40 | -3.7% | 91.12 | -5.9% | | 中位数 | | 287,37 | 7.4% | 81.82 | -6.7% | 90.29 | -6.7% | | 第一上海证券 | 2025-12-09 | 292.77 | 9.5% | 77.22 | -11.9% | == | == | | 东方证券 | 2025-11-27 | 284.01 | 6.2% | 87. ...

1. 网易-S第四季度业绩预期怎么样？ 截至2025年12月10日，根据朝阳永续季度业绩前瞻数据： 预测公司Q4一致预期营业收入268.97~303.47亿元，同比增长0.6%~13.5%； 预测公司Q4一致预期净利润75.81~115.85亿元，同比变动-13.5%~32.2%； 预测公司Q4一致预期经调整净利润84.54~99.78亿元，同比变动-12.7%~3.1%。 关注后续财报数据披露后能否超预期，朝阳永续港股季度业绩前瞻数据将为投资者提供业绩鉴定。 华安证券认为：网易-S在25Q3实现收入283.6亿元，同比增长8.2%，毛利率64.1%，同比增加1.2个百分点。调整后净利润95.0亿元，同比增长26.7%，净利 率33.5%，同比增加4.9个百分点。游戏业务收入233亿，同比增长11.8%，得益于《梦幻西游》PC端、《逆水寒》等游戏收入增长。《梦幻西游》PC端最 高在线人数创新高，达358万。海外市场《命运：群星》登顶多地区下载榜，后续《暗黑破坏神IV》等游戏将陆续上线。有道业务收入16.3亿元，同比增 长3.6%，持续推进"AI+教育"布局，推出新一代有道AI答疑笔SpaceX。云音乐收入19 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved revenue of 28.36 billion yuan in Q3 2025, representing a year-over-year increase of 8.2% and a quarter-over-quarter increase of 1.7% [4] - The gross profit for Q3 was 18.18 billion yuan, with a gross margin of 64.1%, an increase of 1.2 percentage points year-over-year [4] - Adjusted net profit reached 9.50 billion yuan, reflecting a year-over-year growth of 26.7% and a net margin of 33.5%, up 4.9 percentage points year-over-year [4] Revenue Breakdown - The gaming and related services revenue for Q3 was 23.3 billion yuan, up 11.8% year-over-year, driven by growth in key titles such as "Fantasy Westward Journey" and "Nirvana in Fire" [5] - The company continues to expand its global gaming footprint, with successful launches of new titles in overseas markets [5] AI and Education Initiatives - The Youdao segment reported revenue of 1.63 billion yuan in Q3, a year-over-year increase of 3.6%, focusing on the "AI + Education" strategy [6] - New AI-enabled hardware and software products have been introduced, enhancing the educational offerings [6] Cloud Music Developments - Cloud Music generated revenue of 1.96 billion yuan in Q3, a slight decline of 1.8% year-over-year, with AI features enhancing user experience [7] - The introduction of the "AI Tuner" feature aims to enrich the platform's content ecosystem [7] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 113.91 billion yuan, 124.63 billion yuan, and 134.92 billion yuan, respectively [8] - Non-GAAP net profits for the same years are expected to be 39.67 billion yuan, 42.26 billion yuan, and 46.08 billion yuan [8] Key Financial Metrics - The company is expected to maintain a gross margin of around 64% over the next few years, with a projected return on equity (ROE) of 24% in 2025 [11] - Earnings per share (EPS) are forecasted to grow from 10.37 yuan in 2024 to 14.29 yuan in 2027 [11]

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].

Core Viewpoint - The Q3 financial report of NetEase shows strong performance in its gaming and value-added services, with significant revenue growth driven by popular titles and a focus on global expansion [1][5]. Financial Performance - Total revenue for Q3 reached 28.4 billion RMB, a year-on-year increase of 8.2% [2]. - Gross profit was 18.2 billion RMB, up 10.3% year-on-year, with a gross margin of 64.1% [2][11]. - Net profit stood at 8.6 billion RMB, flat compared to the previous quarter but up 32.3% year-on-year [2]. - Non-GAAP net profit was 9.5 billion RMB, reflecting a year-on-year growth of 26.7% [2]. - Operating expenses increased to 10.2 billion RMB, a rise of 9.7% year-on-year, primarily due to increased marketing expenditures [2][8]. Core Business Insights - The gaming business accounted for 82% of total revenue, generating 23.3 billion RMB, with a year-on-year growth of 11.8% [2][3]. - Online gaming revenue represented 97.6% of the gaming segment, an increase from 96.8% in the previous year [2]. - Titles like "Dream of Dreams" and "Party of Eggs" contributed to this growth, alongside new releases [2][3]. Non-Gaming Business Performance - Youdao's revenue was 1.6 billion RMB, with a slowed growth rate of 3.6% [3][6]. - Cloud Music revenue declined to 2 billion RMB, down 1.8% year-on-year, indicating challenges in the online music sector [3][6]. - Innovative business revenue fell to 1.4 billion RMB, a significant drop of 18.9%, attributed to internal offsets and declines in specific segments [3][7]. Marketing and Cost Management - Marketing expenses surged to 10.2 billion RMB, reflecting a 13.3% increase quarter-on-quarter, driven by promotional activities for new and existing games [8]. - Revenue costs also rose to 10.2 billion RMB, with a year-on-year increase of 5.2% [9]. - Employee-related costs and revenue-sharing expenses have also increased, indicating higher investments in both marketing and development [10]. Cash Flow and Financial Health - As of the end of September, the company reported net cash of 153.2 billion RMB, an increase of 21.7 billion RMB since the beginning of the year [11]. - Operating cash flow for Q3 was 12.9 billion RMB, showing significant year-on-year and quarter-on-quarter improvements [11].

Core Insights - Net revenue for NetEase-S (09999.HK) in Q3 2025 reached RMB 28.4 billion, representing an 8.2% year-on-year increase [1] - The net income from games and related value-added services was RMB 23.3 billion, up 11.8% year-on-year [1] - The company declared a dividend of $0.1140 per share, payable on December 5, 2025 [1] Financial Performance - Gross profit for Q3 2025 was RMB 18.2 billion, a 10.3% increase year-on-year [1] - Net profit attributable to shareholders was RMB 8.6 billion, with a non-GAAP net profit of RMB 9.5 billion [1] - Basic earnings per share were $0.38, equivalent to $1.90 per American Depositary Share [1] Gaming Performance - Classic games continue to attract players, with "Fantasy Westward Journey" PC achieving a peak concurrent player count of 3.58 million [2] - New game releases, including "Destiny: Stars" and "The Sea of Forgotten," are expanding the global product matrix [2][3] - Blizzard games like "World of Warcraft" and "Diablo IV" are enhancing the gaming experience for Chinese players [3] Strategic Focus - The CEO emphasized the importance of user experience and innovation in driving game quality and expanding the active player community [3] - The company aims to deliver high-quality Chinese games to global players through collaboration with global partners and top talent [3]

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]

Core Insights - The gaming sector continues its strong performance, with the gaming ETF (159869) rising nearly 2%, driven by stocks such as Beiwai Technology, Zhangqu Technology, Baotong Technology, and Shunwang Technology [1] - Multiple industry events are scheduled during ChinaJoy 2025, including the "Shulong Cup" global AI gaming and application innovation competition, which awarded six prizes, and conferences focusing on technology-driven industry upgrades and creative value enhancement [1] - The National Press and Publication Administration issued 127 domestic game licenses and 7 import licenses in July, including key products like Dd Interactive's "Bengben Kingdom" and NetEase's "Diablo IV" [1] Industry Trends - Guosen Securities indicates a trend of fundamental improvement in the media and gaming industry, suggesting that the gaming sector should focus on product cycles and performance from the bottom up, while the media side should monitor advertising growth due to economic recovery [1] - The gaming sector is catalyzed by multiple factors including AI, content, and commercialization model transformations, with the gaming ETF (159869) tracking the CSI Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry [1] - The successful conclusion of the ChinaJoy gaming event continues to provide a catalytic effect, highlighting investment opportunities in the gaming ETF (159869) [1]

Core Insights - The 2025 ChinaJoy event features multiple industry activities, including the "Shulong Cup" global AI game and application innovation competition, highlighting a focus on technology-driven industry upgrades and creative value enhancement [1] - The National Press and Publication Administration issued 127 domestic game licenses and 7 imported game licenses, indicating a positive regulatory environment for the gaming industry [1] - The gaming sector shows signs of recovery, with companies like Giant Network achieving over 1 million concurrent users for their new map launch, reflecting increased product activity during the summer season [1] Industry Trends - The media and gaming industries are experiencing a fundamental bottoming out, with a need for a bottom-up approach to capture product cycles and performance in the gaming sector [1] - The advertising spending is expected to grow due to economic recovery, while the film and television content sector should focus on potential supply-side improvements [1] - The recent ChinaJoy exhibition saw high attendance with 743 participating companies, of which 31.8% were foreign, indicating strong industry interest and engagement [1] Product Performance - In the gaming field, products like "Whiteout Survival" are leading in revenue, showcasing robust industry demand [1] - Significant advancements in AI technology are noted, with Grok launching video generation features and Kimi K2 increasing output speed to 40 tokens per second, alongside the release of the GLM 4.5 model by Zhipu AI, driving innovation in the sector [1]