Group 1 - Daiwa forecasts that NetEase's gaming business growth momentum will strengthen, driven by a robust product line of new games and the resilience of traditional games [1] - Based on higher gaming revenue projections, Daiwa has raised NetEase's earnings per share forecast for 2025 to 2027 by 2% to 5%, reiterating a "Buy" rating and increasing the 12-month target price from HKD 210 to HKD 235 [1] - NetEase showcased upcoming games at its annual gaming day, including titles like "Marvel Secret Wars" (expected in H2 2025, not yet licensed) and "Fate: Stars" (approved in May 2025) [1] Group 2 - The rising proportion of PC and console games is easing NetEase's profit margin performance, with domestic PC games offering higher gross margins due to lower platform fees [2] - The growth of cross-platform and international games is expected to cause fluctuations in profit margins, but overall profitability should remain stable through strict cost and resource management [2] - Marketing expenditures are projected to rise from Q1 2025 levels, with a renewed focus on brand building in the coming quarters [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]

其中，520发布会上公布的部分新品如下： 《万民长歌：三国》 《万民长歌：三国》是网易《率土之滨》团队自研的单机向战争策略游戏。产品在去年首曝后，我们就曾围绕这款产品有过简单讨论。而在上个月，他们 也推出了首次测试，并收获了不少玩家的认可与好评。 文丨果脯 今天既是空气漂浮粉红色气泡的日子，也是网易一年一度的520游戏发布会。 此次，网易公布了累计40多款产品的新消息，其中包括财报中重点提及的《燕云十六声》《第五人格》等诸多产品，也公布了包括《万民长歌：三国》 《遗忘之海》在内的9款新品。 万民长歌：三国 本次520发布会上，他们公开了最新PV内容，展现了游戏更多更细致的核心玩法，并宣布后续将登陆Steam新品节，开启新版本的Demo测试。 考虑目前单机回暖的大趋势，网易这个操作并不意外。不过目前《万民长歌：三国》展现的依旧并非完全体内容，存在许多让人好奇的地方。 比如《万民长歌：三国》的气质和玩法都偏单机向，是否能获得SLG玩家的喜爱，还是从零开始积累不同的用户群体？而在战争策略向游戏里，"全 战""骑砍"等系列作品偏近景多单位战斗，"文明""三国志"等则偏策略沙盘推演，这款游戏不仅有种"我全都要"的气质， ...

看完今年的网易发布会，游戏新知大抵能感觉到「稳健」和「求变」都是今年的关键词。稳健在长青产品，求变则在新品。 近年来，网易非常注重长青游戏的发展。2023年，CEO丁磊就曾表示《蛋仔派对》要做好长期服务，「长期是指至少10年」。后续再提及，网易过去20多 年的游戏运营经验都是坚持长期的理念。放到近些的产品来看，公司对《漫威争锋》的预期是「成为至少经营10年以上的长青树」。在近日公布的网易 Q1财报会议中，丁磊认为《燕云十六声》在未来5-10年还会是持续的长青项目。 这种策略在此次发布会上同样十分明显。 在今日直播中，网易一口气公布了40+款游戏的新动态。从整体情况来看，目前网易的长青游戏基本都在发布会上露面，梦幻西游IP、阴阳师IP、《率土 之滨》以及《蛋仔派对》等产品自然不用多说，而新的长青潜力股在节目单中的顺位也相当靠前，《燕云十六声》就是发布会首个出场的游戏。 本次发布会还公布了9款新游，颇有些想打破舒适区的味道。 | | | 2025年网易游戏520发布会新品名单 | | | | | --- | --- | --- | --- | --- | --- | | | | 制表:游戏新知 (youxixin ...

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 ...