机构：中金公司 研究员：张雪晴/白洋/余歆瑶/高樱洛 2Q25 业绩基本符合我们预期，略低于市场预期2Q25 收入同增9%至279 亿元，基本符合我们预期（276 亿元），略低于彭博一致预期284 亿元；Non-GAAP 净利润同增22%至95 亿元，基本符合我们预期（94 亿元），略低于彭博一致预期96 亿元。我们认为主要系：2Q25 销售费用环增33%大于市场预期。公司 2Q25 分红0.57 美元/ADS，分红比例为30%。 发展趋势 （8 月3 日全服同时在线人数突破293 万），体现出较好的产品生命力。公司明年及往后产品储备充 裕、多样化程度较好，包括：海洋冒险RPG《遗忘之海》（6 月末开启首轮测试，在2025ChinaJoy 提供 试玩）、叙事向动作冒险游戏《归唐》（首曝宣传片）、《星绘友晴天》、《无限大》等。我们建议关 注新游玩法、题材创新及融合等。 盈利预测与估值 维持盈利预测。当前股价对应港/美股均为16/15x 25/26 年Non-GAAPP/E。维持跑赢行业评级及目标价 263 港元/169 美元（港美股均为25/26 年P/E 20/19x），港美股上行空间27%/25%。 风险 ...

8月14日，网易发布2025年第二季度财报。财报显示，网易Q2净收入279亿元，同比增长9.4%；非公认 会计准则下归属于公司股东的净利润为95亿元，同比增长21.8%。 在多款核心游戏的带动下，网易本季度延续了强劲业绩。数据显示，《燕云十六声》推出了凉州与暑期 版本后，游戏热度持续攀升，iOS免费榜多次稳居前二，截至7月底累计用户已超4000万。依托长线运 营能力，经典IP《梦幻西游》电脑版同时在线人数创下新高，而手游季度收入也再创新高。 分版块来看，游戏仍然是网易的绝度核心业务，二季度，游戏及相关增值服务净收入为228亿元。 网易有道Q2净收入达14亿元，在"AI原生"战略下，实现连续第四个季度的可持续盈利。网易云音乐Q2 净收入20亿元，同比基本持平。 值得一提的是，本季度网易游戏多款新品也突破北美市场。《界外狂潮》主机版本发布后登上 PlayStation的5月免费游戏下载榜北美地区第二；《全明星街球派对》《漫威秘法狂潮》海外发行后， 横扫多地区iOS下载榜榜首，双双跻身美国下载榜TOP2；《七日世界》推出2.0版本，登上Steam全球畅 销榜第四；《漫威争锋》推出第三赛季及夏日特辑活动， 先后斩获S ...

Group 1 - Xindong Company (02400) reported a positive earnings forecast, expecting revenue of at least RMB 3.05 billion for the first half of 2025, a year-on-year increase of approximately 37%, and a net profit of at least RMB 790 million, a year-on-year increase of about 215% [1] - Yimai Sunshine (02522) also announced a positive earnings forecast, expecting revenue between RMB 450 million to 480 million for the first half of the year, a year-on-year increase of approximately 8.77% to 16.03%, and a net profit of RMB 14.5 million to 16.5 million, a year-on-year increase of about 1350% to 1550% [1] - Tianli International Holdings (01773) plans to repurchase shares up to a total of HKD 200 million based on market conditions, believing that the share buyback plan is in the best interest of the company and its shareholders [2] Group 2 - Liaogang Co., Ltd. (02880) reported a total operating revenue of RMB 5.693 billion for the first half of 2025, a year-on-year increase of 5.93%, and a net profit attributable to shareholders of RMB 956 million, a year-on-year increase of 110.78% [2] - Yuan Zheng Technology (02488) reported a revenue of RMB 982 million for the first half of 2025, a year-on-year increase of 9.75%, and a net profit of RMB 195 million, a year-on-year increase of 27.74% [2] - Geekplus Technology (02590) expects revenue between RMB 995 million to 1.03 billion for the first half of the year, a year-on-year increase of 27% to 32%, while the net loss is expected to narrow significantly [3] Group 3 - Lee & Man Paper Manufacturing (02314) and other leading companies in the paper industry have initiated a price increase for various products starting August 1, indicating a significant acceleration in price adjustment frequency within the industry [3] - Xinda Biopharmaceutical (01801) announced that its innovative oral small molecule GLP-1R agonist IBI3032 has received IND approval from the FDA [4] - Heyu-B (02256) reported a revenue of RMB 612 million for the first half of the year, a year-on-year increase of 23.1%, and a net profit of RMB 328 million, a year-on-year increase of 58.84% [4] Group 4 - Bilibili (BILI.US) is expected to achieve a revenue growth of 20% year-on-year to RMB 7.3 billion in the second quarter, driven by stable performance in mobile games [5][6] - Li Auto (LI.US) launched the Li Xiang i8, with deliveries starting on August 20, and received positive outlooks from multiple institutions [6] - Xpeng Motors (XPEV.US) achieved a new monthly delivery record in July, delivering 36,717 smart electric vehicles, a year-on-year increase of 229% [7]

花旗发表研究报告指，网易将于8月中旬公布2025年第二季业绩，估计表现符合预期，主要来自《梦幻 西游》手游、《逆水寒》及《燕云十六声》等游戏稳健表现带动，以及首季部分收入递延确认，有助抵 销季节性因素的影响。花旗估计网易第二季总收入将按年增长11%至283亿元，非通用会计准则(Non- GAAP)净利润料达94.6亿元，对比市场预测为284亿及96.6亿元，在线游戏收入预测按年增长15.2%至 231亿元。 展望下半年，随着《暗黑破坏神IV》及《命运崛起》等重点新作进入测试或推出阶段，花旗预期游戏 收入动力可望保持稳定，预测第三季网易收入将按年增长10.6%至289.8亿元，Non-GAAP净利润达95亿 元。花旗将网易美股目标价由156美元微升至157美元，维持"买入"评级，看好其盈利韧性、强劲现金流 及稳定派息；将2025至2027年收入预测下调2.1%、上调0.4%及下调3.2%，Non-GAAP净利润预测下调 1.7%、上调1%及下调2.8%。 ...