Investment Rating - The investment rating for the company is "Outperform the Market" [6][26]. Core Views - The company reported a 9% year-on-year increase in revenue for Q2 2025, with a Non-GAAP net profit of 9.5 billion yuan, reflecting a 22% year-on-year growth [2][9]. - The online gaming business generated 22.1 billion yuan in revenue for Q2 2025, marking a 15% year-on-year increase, with strong performance from titles like "Identity V" and "Marvel Duel" [3][16]. - The company is focusing on global expansion, with several games performing well in international markets, including "Forgotten Sea" and "Return to Tang" [4][19]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 27.9 billion yuan, a 9% increase year-on-year, and a Non-GAAP net profit margin of 34.2%, up 3 percentage points from the previous year [2][9]. - The overall gross margin for the company was 64.7%, an increase of 1.8 percentage points year-on-year [4][14]. - The total operating expense ratio was 32%, a decrease of 3 percentage points year-on-year, while the sales expense ratio was 12.8%, showing a year-on-year decline of 1 percentage point [4][14]. Gaming Segment - The gaming segment is expected to perform well in Q3 2025, with multiple successful game launches and updates planned [3][19]. - Deferred revenue reached 16.97 billion yuan in Q2 2025, a 25% year-on-year increase, indicating strong future revenue potential [3][16]. Other Business Segments - Youdao's revenue for Q2 2025 was 1.4 billion yuan, a 7% year-on-year increase, driven by a 24% growth in advertising services [20]. - NetEase Cloud Music reported a revenue of 2 billion yuan in Q2 2025, a 4% year-on-year decline, but with a gross margin improvement of 4 percentage points [4][23]. Profit Forecasts - The company expects adjusted net profits of 39.3 billion yuan, 42.5 billion yuan, and 46.7 billion yuan for the years 2025 to 2027, respectively [4][26]. - The projected revenue for 2025 is 111.976 billion yuan, with a year-on-year growth of 6.3% [5][29].

证券研究报告 | 2025年08月18日 网易-S（09999.HK） 优于大市 销售费率环比回升，公司游戏持续布局全球化 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 公司研究·海外公司财报点评 收入同比上升 9%，销售费率环比有所上升。25Q2 公司收入同比上升 9%， 经调利润率同比提升 3pct。25Q2，公司实现营收 279 亿元，同比上升 9%。Non-GAAP 归母净利润 95 亿元，同比增长 22%；Non-GAAP 归母净利 率 34.2%，同比提升 3pct。25Q2，公司综合毛利率 64.7%，同比上升 1.8pct，网易云音乐毛利率同比提升 4pct。25Q2，公司总经营费率为 32%，同比降低 3pct，环比上升 4pct。其中销售费率 12.8%，同比下降 1pct，环比提升 3pct，回归公司正常销售费率水平，游戏及相关增值服 务市场推广支出增加。 游戏：Q2 为网易游戏淡季，Q3 暑期表现良好。25Q2，在线游戏业务收入为 221 亿元，同比增长 15%。《第五人格》、《燕云十六声》和《漫威争 锋》良好。递延收入表现良好，25Q2 网易递延收入 169.7 亿元，同比 ...