彼时网易内部对梦幻事业部进行了拆分，其中比较重要的《梦幻西游》端游项目由《漫威争锋》制作人吴伟聪（新丁）接手。《梦幻西游》手游团队则在同 一时期并入了海神事业部，而海神事业部负责人陈俊雄也是《梦幻西游》手游制作人。 林云枫在这一轮调整中被调往网易互娱在线游戏事业部，负责阴阳师IP的自走棋游戏《风华决战》。 虽然林云枫在这一轮调整中，离开了自己奋斗二十二年的《梦幻西游》，但《风华决战》同样是网易游戏内部的重点项目，尤其在如今国内大厂纷纷布局或 已经基于成熟IP推出自走棋游戏的当下。 1月8日，36氪游戏获悉，原网易互娱梦幻事业部负责人林云枫（小白）已正式离职。 林云枫于2003年加入《梦幻西游》，先是担任核心策划，后成为游戏第二任主策。之后他在2015年升任《梦幻西游》制作人、梦幻事业部负责人。 林云枫 林云枫离职的消息其实不算意外。 在早几个月前，网易对互娱事业群展开整顿，波及旗下多款产品，也传出了不少负责人进行人事调整的消息，其中就包括了林云枫。 只不过仅仅几个月后，林云枫还是离开了，留下了《梦幻西游》叱咤中国游戏行业二十余载的长青游戏神话。 2025下半年，网易已经出现了不少人事方面变动，如《率土之滨》制 ...

Core Viewpoint - The departure of Lin Yunfeng, head of NetEase Interactive Entertainment's Dreamland Division, marks a significant change in leadership, with implications for ongoing projects and the future direction of the division [1]. Group 1: Leadership Changes - Lin Yunfeng has left his position, with no immediate plans for entrepreneurship, after being reassigned to the online gaming division a few months prior [1]. - He has been with NetEase for over 20 years, playing key roles in the development of the "Dream of the West" series and overseeing the Dreamland Division [1][2]. - The Dreamland Division has been a cornerstone of NetEase's gaming business, with Lin Yunfeng's leadership contributing to its success [3]. Group 2: Product Performance - The "Dream of the West" online game has been a major revenue driver for NetEase, achieving a peak concurrent user count of 358 million after the launch of a new server in July [2]. - The mobile adaptation of "Dream of the West" has also been successful, consistently ranking in the top ten of the iOS sales charts since its release in 2015 [3]. - Despite the success of the "Dream of the West" series, the Dreamland Division has faced challenges in expanding into new genres and developing new hit products [6]. Group 3: Project Developments - The division is currently focused on the development of "Fenghua Battle," a key project that has shown promising data performance during its iOS testing phase [1]. - Other projects, such as "Destiny: Stars," have experienced significant revenue declines after initial success, indicating volatility in the gaming market [6]. - The division has attempted to diversify its portfolio with various game types, but has struggled to produce long-lasting hits outside of the "Dream of the West" series [6].

Core Viewpoint - NetEase is undergoing significant personnel changes, with the retirement of Ding Yingfeng, a key figure in the gaming division, amid challenges in sustaining growth and competition in the gaming industry [2][4][8]. Group 1: Personnel Changes - Ding Yingfeng, the Executive Vice President and head of the gaming division, will retire on December 31, 2025, but will continue as a consultant [2][3]. - Ding has been with NetEase since 2002 and has played a crucial role in the development of iconic games like "Fantasy Westward Journey" [3][4]. - There are speculations that Hu Zhipeng, head of the Lei Huo division, may succeed Ding Yingfeng [5][6]. Group 2: Industry Context - The gaming industry is experiencing a shift in personnel management strategies, moving from rewarding historical contributions to focusing on current capabilities and immediate outputs [4][6]. - NetEase is facing growth challenges, with a lack of new blockbuster games, while competitors like Tencent are achieving significant revenue growth [8][10]. - In Q3 2025, NetEase reported a net income of 28.4 billion yuan, an 8.2% year-on-year increase, but its revenue growth has been slowing compared to competitors [8][10]. Group 3: Strategic Needs - Analysts suggest that NetEase needs to implement three key strategies: rebranding the industry image, addressing internal issues, and developing new blockbuster games [10]. - The success of "Egg Party" is fading, and the company has struggled to launch new successful titles, which is critical for its future growth [10].

Group 1 - The core point of the news is the retirement of Ding Yingfeng, the Executive Vice President and head of the gaming department at NetEase, effective December 31, with plans to continue as a consultant until 2026 [2] - Ding Yingfeng has been with NetEase for 23 years, joining in 2002 and playing a key role in the success of flagship games like "Fantasy Westward Journey" and "Dream of Red Mansions" [2] - Following Ding's retirement, Hu Zhipeng, who was promoted to Executive Vice President in March, is expected to take over as the sole Executive Vice President of NetEase [3] Group 2 - NetEase reported a stable development with Q3 net revenue of 28.4 billion yuan, an 8.2% year-on-year increase, and a net profit of 8.6 billion yuan, up 32% [3] - The gaming business remains a significant revenue contributor, with Q3 revenue from games and related services reaching 23.3 billion yuan, a year-on-year increase of 11.8%, accounting for 82% of total net revenue [4] - The online gaming segment contributed 97.6% of the gaming revenue, driven by self-developed games and several agency games, with "Fantasy Westward Journey" achieving a peak online user count of 3.58 million [4]

Core Insights - The Chinese gaming industry is transitioning from a phase of rapid growth to a new stage focused on "high-quality development" amid an improving policy environment and sufficient supply of game licenses [1] - The 2025 China Gaming Industry Report forecasts that the domestic gaming market will achieve actual sales revenue of 350.79 billion yuan, with a year-on-year growth rate of 7.68% [1] - The industry is experiencing a structural transformation, with the "gaming economy" showcasing a vast ecosystem exceeding 1.2 trillion yuan, driven by technological innovations like artificial intelligence and a deepening of traditional cultural content [1][2] Industry Growth - By 2025, the domestic gaming market is expected to reach a historical high with actual sales revenue surpassing 350 billion yuan and a user base of 683 million [1] - The client game segment is projected to see a significant revenue increase of 14.97% due to the simultaneous release of high-quality mobile and PC games, while the console gaming market is expected to grow by 86.33% [1] - The esports sector is becoming a crucial industry engine, with market revenue exceeding 170 billion yuan, reflecting a nearly 19% year-on-year growth [1] Economic Impact - The gaming industry is evolving beyond mere entertainment, becoming a new economic force that integrates culture and technology, contributing over 1.2 trillion yuan to the economy by 2025 [2] - The core economic layer of the gaming economy generates over 480 billion yuan, while the associated economic layer, including hardware and esports, is valued at approximately 554.8 billion yuan [2] - The outer radiation economic layer contributes over 173 billion yuan, showcasing the deep integration of gaming with sectors like cultural tourism and education [2] Technological and Cultural Drivers - The gaming industry is experiencing a qualitative leap driven by technological innovations and cultural depth, with AI becoming a core productivity tool in game development [4] - AI is enhancing production efficiency by over 80% in art asset creation and is widely adopted across the game development process, with 62% of studios utilizing AI technology [4] - Games are increasingly serving as digital vessels for the transmission and innovation of traditional Chinese culture, enhancing their global appeal [5][6] Global Expansion and Responsibility - By 2025, China's self-developed games are expected to generate overseas sales revenue of 20.455 billion USD, with mobile games contributing over 90% of this revenue [6] - Successful overseas strategies emphasize localization and community engagement, with companies establishing local teams to maintain user connections [7] - The industry is also addressing social responsibilities, with over 70% of minors' gaming time controlled within three hours, although challenges remain regarding account misuse [7][8] Social Value Exploration - The "gaming+" initiative is exploring the social significance of gaming beyond commercial returns, with companies integrating cultural education into their offerings [8] - This approach reflects a mature development perspective in the gaming industry, aiming to unify commercial and social values for sustainable growth [8]

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The report highlights strong financial performance with a revenue of 28,400 million RMB in Q3 2025, representing an 8.2% year-over-year growth, and a net profit of 8,600 million RMB, with a non-GAAP net profit of 9,500 million RMB, both showing double-digit growth [3][14] - The gaming business remains the core revenue driver, contributing approximately 82% of total revenue, with Q3 gaming revenue reaching 23,300 million RMB, up 11.8% year-over-year [5][18] - The company is focusing on long-term operations, new product launches, and global expansion as key growth strategies [28] Financial Performance - In Q3 2025, the company achieved a gross profit of 18,200 million RMB, with a gross margin maintained at a high level, and a net cash flow from operations of 12,900 million RMB, accounting for about 45% of revenue [3][14][17] - The company’s total assets reached approximately 214,500 million RMB, with a significant net cash position of 153,200 million RMB, providing a buffer against external uncertainties [16] - The net profit margin is approximately 30%, indicating robust profitability [14] Business Development - The gaming segment continues to thrive, with a gross margin of about 69% and deferred revenue increasing by 25% year-over-year, driven by popular titles and new game launches [5][18] - The cloud music segment reported a slight revenue decline of 1.8% to 1,964 million RMB, but improved profitability with a gross profit of 695 million RMB, reflecting effective cost management [20] - The innovative business segment, particularly Youdao, saw a revenue increase of 3.6% to 1,600 million RMB, with a significant rise in operating profit driven by AI subscriptions and online marketing [21] Profit Forecast - The company expects a revenue growth of 10.0% and a net profit growth of 9.2% for 2025, with corresponding PE ratios of 17.41, 25.66, and 20.65 for 2025-2027 [6][8]

Core Viewpoint - The article discusses the growing influence of overseas original works in the Japanese animation industry, highlighting the success of adaptations like "Let's Play" and "Solo Leveling," and the need for Japan to adapt to maintain its competitive edge in both animation and gaming sectors [2][5][12]. Group 1: Japanese Animation's Global Expansion - Japanese animation has established a strong brand identity, often associated with high-quality storytelling and artistic expression, but is now beginning to incorporate overseas works as original sources [2][10]. - The "Anime Expo" in Los Angeles showcased the popularity of the animation "Let's Play," which is based on a webtoon created by American author Leeanne M. Krecic, indicating a shift towards international collaboration in content creation [4][5]. - Crunchyroll, a major player in the animation distribution market, has identified "Let's Play" as a key title for 2023, reflecting a trend of adapting overseas content into Japanese animation styles [5][10]. Group 2: The Rise of Overseas Original Works - The upcoming animation "Solo Leveling," based on a Korean web novel, is noted as a pioneering example of this trend, with production handled by A-1 Pictures, further emphasizing the blending of international narratives with Japanese production [8][10]. - The increasing popularity of overseas original works is seen as an opportunity for Japanese animation to expand its audience and meet the growing demand for diverse storytelling styles [10][16]. - The collaboration between Crunchyroll and Aniplex in producing "Solo Leveling" demonstrates the integration of webtoon pacing into animation, catering to modern viewing habits [10]. Group 3: Challenges in the Gaming Sector - Japan's gaming industry is facing challenges as it struggles to adapt to the rapidly growing mobile and computer gaming markets, where it has historically held a competitive advantage [12][14]. - Analysis of popular games on platforms like Steam reveals that Chinese companies are now leading in both sales and downloads, indicating a shift in the gaming landscape that Japan must address [14][16]. - The article suggests that Japan's slow response in the gaming sector could allow competitors to gain further ground, similar to the trends observed in the animation industry [12][16].

Core Insights - The Game Awards (TGA) recognized the Chinese game "Mingchao" with the "Player's Voice" award, marking a significant achievement for Chinese gaming in the global market [1] - The success of "Mingchao" and "Black Myth: Wukong" illustrates the evolution of Chinese games from one-off hits to a more sustainable and competitive presence in the global gaming industry [3] Group 1: Awards and Recognition - "Mingchao" won the "Player's Voice" award at TGA, following "Black Myth: Wukong," which won two awards in the previous year [1] - "Black Myth: Wukong" achieved sales of 22.4 million copies and over $1.1 billion in revenue on Steam alone, showcasing the commercial viability of Chinese AAA games [2] Group 2: Market Dynamics - The transition from "Black Myth: Wukong" to "Mingchao" reflects a shift in Chinese gaming towards cross-platform development and long-term operational strategies [3] - "Mingchao" topped the App Store free charts in 107 countries and regions shortly after its global launch, indicating strong market penetration [2] Group 3: Industry Ecosystem - The success of "Mingchao" is attributed to a supportive local industry ecosystem in Guangdong, which fosters game development through favorable policies and a robust industry chain [4] - The local government's initiatives have provided critical support for game companies, enhancing their confidence and capabilities in global markets [4] Group 4: Corporate Strategies - Major Chinese gaming companies like NetEase and Tencent are expanding their global presence through innovative products and strategic investments, creating a dual approach of self-developed and acquired content [5] - Smaller companies, like Kuro Games, are also accelerating their international expansion, emphasizing the importance of collaboration and leveraging resources from larger firms [6]

Industry Dynamics - The China Audio-Video and Digital Publishing Association released the "2025 China Esports Industry Report," indicating that the actual sales revenue of China's esports industry will reach 29.331 billion yuan in 2025, representing a year-on-year growth of 6.40%, the highest increase in nearly three years, suggesting a recovery in the industry's monetization capabilities [3] - Apple announced the winners of the 2025 App Store Awards, with Tencent's "Valorant: Source Action" winning the Best Game award in mainland China [4] - Sony Interactive Entertainment awarded the 2025 PlayStation Partner Awards, recognizing miHoYo's "Honkai: Star Rail" and NetEase's "Marvel Duel" with outstanding partner awards [5] Domestic Company News - Guo Weiwei resigned as CEO of Xishanju due to personal career planning but will continue as Chief Producer, while Zou Tao, CEO of Kingsoft, will serve as acting CEO [7] - Kingsoft's subsidiary, Kingsoft Game, announced that the mobile game "Duck Duck Goose" will officially launch on January 7, 2026, with over 10 million real reservations [10] - Tencent's new game "Lock Kingdom: World" is set to launch on March 26, 2026, marking the 15th anniversary of Tencent's Magic Cube Studio [11] Overseas News - Netflix confirmed a final agreement to acquire Warner Bros. for $82.7 billion (approximately 584.714 billion yuan), with the deal expected to close in the third quarter of 2026 [13] Compliance and Regulation - The Korea Fair Trade Commission fined the developer of "MU Archangel," NetEase, 158 million won (approximately 759,800 yuan) for concealing core probability information in sales of probability-based items, constituting fraudulent behavior [15] Esports News - TT Esports, a subsidiary of Quwan Technology, is engaging in industry exchanges in North America, establishing preliminary cooperation frameworks with various organizations to enhance esports talent development and address weaknesses in mobile esports education in North American universities [17]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The company reported a revenue of 28.4 billion yuan in Q3 2025, representing an 8.2% year-on-year increase, with a gross profit of 18.2 billion yuan, up 10.3% year-on-year, and a net profit attributable to shareholders of 8.6 billion yuan, which is a 31.8% increase year-on-year [1][2]. - The company has a strong cash position with net cash of 153.2 billion yuan and operating cash flow of 12.9 billion yuan in Q3 2025, reflecting a 21.7% year-on-year growth [1]. - The classic games segment performed well, contributing to a revenue of 23.3 billion yuan in Q3 2025, a year-on-year increase of 11.8%, driven by self-developed games and several agency games [6][8]. - The company has a rich pipeline of upcoming games, including titles that have already gained traction in both domestic and international markets [6][8]. - The report anticipates that the company's net profit attributable to shareholders will reach 35.1 billion yuan, 38.5 billion yuan, and 42.5 billion yuan for the years 2025, 2026, and 2027, respectively [6][8]. Financial Data and Valuation - The total revenue forecast for the company is projected to grow from 103.5 billion yuan in 2023 to 130.1 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7% [2][9]. - The net profit is expected to grow from 29.4 billion yuan in 2023 to 42.5 billion yuan in 2027, reflecting a CAGR of around 10% [2][9]. - The report highlights a decrease in the price-to-earnings (PE) ratio from 20.6 in 2023 to 14.2 in 2027, indicating an attractive valuation over the forecast period [2][9]. Shareholder Information - The company has a total share capital of 3.168 billion shares, with a market capitalization of 67.35 billion Hong Kong dollars [3][6]. - The major shareholder, Shining Globe International Limited, holds a 45.17% stake in the company [3].