长青游戏成为本季度驱动网易营收增长的主要力量。 20日，网易发布2025年第三季度财报。 在丁磊重回一线后，其工作室的调整持续进行，同时也不断有人员流动。 对此，丁磊在11月20日晚间的财报电话会议上表示，人员流动属正常组织调整，是在不影响公司日常游戏运营的前提下进行的 网易近一两年离职的事业部级高管不止一个，此前引发了外界讨论。 财报显示，网易Q3净收入284亿元，同比增加8.2%；归股净利润为86亿元，同比增长32%；非公认会计准则下归股净利润为95亿元，同比增长26.7%。 具体到本季度业务来看，Q3网易的营收支柱游戏及相关增值服务收入为233亿元，同比增加11.8%。 来自于在线游戏的净收入约占该分部净收入的97.6%。 长青游戏持续受到玩家欢迎，体现了网易游戏强劲的长线运营能力。 财报提到，在线游戏净收入同比增加来自经典IP《梦幻西游》电脑版、《蛋仔派对》，新上线的《燕云十六声》和《漫威争锋》等自研游戏，以及若干代理 游戏净收入增加。 网易提到，11月2日《梦幻西游》电脑版同时在线人数突破358万，这是自7月份畅玩服上线后，第四次在线人数创新高。 在电话会上，网易管理层回应了近一年高管离职的事件。 ...

| | 三個月截至 | | | | 九個月截至 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 2024年 | 2025年 | 2025年 | 2025年 | 2024年 | 2025年 | 2025年 | | | 9月30日 | 6月30日 | 9月30日 | 9月30日 | 9月30日 | 9月30日 | 9月30日 | | | 人民幣 | 人民幣 | 人民幣 | 美元(注1) | 人民幣 | 人民幣 | 美元(注1) | | 浮收入 | 26,209,879 | 27,891,664 | 28,358,625 | 3,983,512 | 78,547,425 | 85,078,834 | 11,950,953 | | 营業成本 | (9,733,274) | (9,839,182) | (10,181,020) | (1,430,119) | (29,012,682) | (30,369,341) | (4,265,956) | | 毛利潤 | 16,476,605 | 18,052,482 | 18,177,605 | 2,553 ...

Core Viewpoint - The recent trend of multiple NetEase games ceasing operations on OPPO's platform reflects a broader shift in the gaming industry, driven by high channel fees and changing market dynamics [2][3][5]. Group 1: Game Operations and Partnerships - Several NetEase games, including "逆水寒" (Naraka: Bladepoint), have stopped operations on OPPO's platform due to "operational strategy adjustments" by NetEase [2]. - OPPO's customer service confirmed the cessation of services but could not provide information on future collaborations with NetEase [2]. - The trend of NetEase withdrawing games from OPPO began last year and has continued into 2025, with multiple titles announcing their exit from the platform [2]. Group 2: Industry Trends and Analysis - Industry analysts suggest that the withdrawal of games from Android channels is a response to high fees imposed by these platforms, indicating a shift away from reliance on channel distribution [3][5]. - The gaming industry is witnessing a decline in profit margins, which exacerbates tensions between game developers and distribution channels [5]. - The emergence of high-quality games allows developers to attract users through direct downloads, reducing dependency on traditional app stores [5]. Group 3: Historical Context and Changes - The gaming industry previously relied heavily on app stores for user acquisition, but this model is becoming less effective as the market evolves [4]. - The "hardcore alliance" formed in 2014, which established a 50-50 revenue split between game companies and mobile manufacturers, is being challenged as developers seek more favorable terms [3].

Core Viewpoint - The recent trend of multiple NetEase games ceasing operations on OPPO's platform reflects a broader shift in the gaming industry, driven by high channel fees and changing market dynamics [2][3][4]. Group 1: Game Cessation on OPPO - Several NetEase games, including "逆水寒" (Nirvana in Fire), have stopped operations on OPPO's platform due to "operational strategy adjustments" by NetEase [2][3]. - This trend is not new; multiple titles have previously announced their exit from OPPO, including "阴阳师：妖怪屋" (Onmyoji: Yokai House) and "梦幻西游" (Fantasy Westward Journey) [3][4]. - Analysts suggest that more prominent titles from NetEase may also follow suit, indicating a significant shift in the gaming landscape [3][4]. Group 2: Industry Dynamics - The gaming industry is witnessing a decline in the relevance of Android channels, with companies increasingly opting to withdraw from these platforms due to high revenue-sharing demands [4][5]. - The "hardcore alliance" formed by major players like Tencent has also contributed to this shift, as it established a 50/50 revenue-sharing model that is now being challenged [4][5]. - The contribution of channels to user acquisition is diminishing, while the revenue-sharing ratios remain high, leading to increased tension between game developers and platform providers [5][6]. Group 3: Strategic Shifts - Companies like NetEase and Tencent are confident in their games' appeal, believing that withdrawing from channel servers will not significantly impact user retention and may even enhance user migration to official servers [6]. - The industry is moving towards a model where high-quality games attract users directly, reducing reliance on traditional channel distribution methods [5][6].

Core Viewpoint - The era of channel-based revenue collection is coming to an end, as major game developers like NetEase are increasingly withdrawing their games from OPPO's channel services due to operational strategy adjustments and high revenue-sharing costs [1][4][5]. Group 1: Game Industry Trends - Multiple NetEase games have announced the cessation of their OPPO channel services, including popular titles like "Onmyoji: Yokai House" and "Reverse Water Cold," indicating a broader trend in the gaming industry [1][3]. - Analysts suggest that the withdrawal from channel services is driven by the rising costs associated with Android channels, which have become unsustainable for game developers [3][4]. - The gaming industry is witnessing a shift where developers are moving away from reliance on app store channels for user acquisition, as the contribution of these channels to new user growth diminishes while revenue-sharing ratios remain high [4][5]. Group 2: Developer Strategies - Game developers, including NetEase and Tencent, are confident in their games' appeal and are willing to withdraw from channel services, believing it will not significantly impact user retention [5]. - The trend of high-quality games attracting users through direct downloads rather than through channels is becoming more prevalent, allowing developers to bypass traditional revenue-sharing models [5]. - The "hardcore alliance" formed by major companies like Tencent has led to significant changes in how games are distributed on Android platforms, with developers seeking more favorable terms [4].

Core Insights - The departure of key figures from NetEase's game divisions reflects internal competition and a shift in power dynamics from the Guangzhou faction to the Hangzhou faction [1][11][12] - The company's recent struggles with game launches, particularly the failure of "射雕," highlight issues with internal processes and a lack of successful new titles [4][7][10] - NetEase is undergoing a strategic transformation, moving from a reliance on top producers to a more standardized and data-driven approach in game development [10][17] Group 1: Leadership Changes - Li Kaiming, head of NetEase's tenth division, is the third senior executive to leave within a year, following Jin Tao and Shao Yun [1][8] - The departures indicate a significant shift in leadership, with potential impacts on the strategic direction of the company [12][19] Group 2: Game Performance and Strategy - The MMORPG "射雕," which had a budget of 1 billion and a team of 600, will cease operations in November 2025 due to underperformance, despite high initial expectations [4][7] - The game peaked at 15th on the iOS sales chart but quickly fell to 44th the next day, with monthly revenue dropping to 533,000 yuan two months post-launch [4][5] - NetEase's game studios have seen at least seven adjustments or closures in the past two years, indicating a broader trend of strategic contraction [2][9][12] Group 3: Internal Challenges - Internal bureaucracy and "formalism" are cited as significant barriers to success, with employees spending excessive time on reporting rather than focusing on game development [1][5][10] - The competitive relationship between Guangzhou and Hangzhou studios has led to operational inefficiencies, particularly in the Guangzhou studios, which are described as "autonomous" [5][11] Group 4: Market Position and Competition - NetEase's gaming revenue for Q2 was 22.8 billion yuan, a 13.7% year-on-year increase but a 5% decline from the previous quarter, indicating a slowdown in growth [17] - The company faces increasing pressure from competitors like Tencent and miHoYo, which have successfully launched popular titles and maintained strong market positions [15][16][17]

Core Viewpoint - The article discusses the current challenges faced by NetEase in the gaming industry, highlighting executive departures, underwhelming game launches, and internal management issues, while contrasting its performance with Tencent's growth [6][11][13]. Group 1: Executive Departures and Internal Challenges - Recent departures of key executives, including the producer of "World Beyond" and the head of NetEase's tenth business unit, have raised concerns about the company's stability and future direction [7][10]. - The internal management structure is under strain, with a notable shift in talent from the Guangzhou team to the rapidly rising Hangzhou headquarters, indicating a potential imbalance in resource allocation [15][20][21]. - The company has faced issues with internal corruption, which, while not directly impacting revenue, could lead to broader organizational dysfunction [24]. Group 2: Game Launch Performance - Despite launching three new games in October, the market response has been disappointing, with "Marvel Secret War" achieving only 292,000 downloads and 2.88 million in revenue in its first week, which is considered underwhelming for a title with a well-known IP [10][11]. - The overall gaming revenue for NetEase in Q2 was 228 billion yuan, reflecting a 13.7% year-on-year growth, but this was below market expectations, indicating potential issues in sustaining growth [11][12]. - Compared to Tencent's gaming revenue of 592 billion yuan, which saw a 17% increase in the domestic market, NetEase's performance appears lackluster [13]. Group 3: Strategic Direction and Market Position - The article suggests that NetEase's current strategy of frequent new game launches may not be a coherent plan but rather a reaction to market pressures, as none of the new titles have emerged as hits [31][32]. - The gaming industry is shifting towards deeper value creation, where success is increasingly tied to emotional resonance and user engagement rather than just monetization strategies [33]. - The need for NetEase to reconnect with its original passion for game development is emphasized, as the company faces competition from both Tencent and emerging players like miHoYo [29][33].

Game Releases - "Star Tower Traveler" officially launched on October 20, developed by Yousheng, is a light-action adventure game featuring team-building and combat challenges [1] - "Kara Bichu" mobile game will be publicly released on October 23, created by Chuangmeng Tiandi, offering a unique shooting experience with 2D and 3D character forms [3] - "Three Kingdoms: Looking at the World" is set to launch on October 23, developed by Hangzhou Danzhi Universe Network, allowing players to control historical figures like Cao Cao or Liu Bei [5] Industry News - "Honor of Kings" is celebrating its 10th anniversary with events starting on October 25, maintaining its position as a top-grossing mobile game in China [8] - EA announced that "The Sims Mobile" will cease operations on January 20, 2026, after nearly eight years since its launch on March 6, 2018 [10] - "Genshin Impact" released its new version on October 22, introducing a new grass-type five-star character and a variety of mini-games [12] - In October, 159 domestic games and 7 imported games received approval from the National Press and Publication Administration, including the PC version of "Arknights" [14] Personnel Changes - Li Kaiming, the producer of "Rate the Land," announced his departure from NetEase on October 22, coinciding with the game's 10th anniversary, citing personal career development plans [16]

Industry Overview - In October, a total of 166 games received approval for release, with 159 domestic games and 7 imported games, marking the highest number of new approvals in recent years [3] - The actual sales revenue of the Chinese gaming market for Q3 (July-September) was 880.26 billion yuan, representing a quarter-on-quarter growth of 6.96% but a year-on-year decline of 4.08% [5] Domestic Companies - Among the 159 approved domestic games, 155 are mobile games, 12 are client games, and 5 are web games, with notable titles including "Survival 33 Days" by 37 Interactive Entertainment and "Tomorrow's Prologue" by Meituan [4] - NetEase's Li Kaiming, head of the tenth division, announced his departure to pursue entrepreneurship, with the company confirming that his exit will not affect the studio's operations [6] - Tencent announced that "Honor of Kings World" is set to launch in spring 2026 [6] International Developments - A recent report indicated that 26% of European developers faced layoffs in 2025, with 13% leaving the gaming industry altogether [8] - The price of in-game items for "CS2" plummeted following a patch that expanded the trade-up system, with the price of the Karambit Doppler skin dropping from over $2,700 to around $1,100 [10] - Koei Tecmo Holdings significantly raised its profit forecast for the first half of the 2025 fiscal year (April to September), expecting both ordinary profit and net profit to double, driven by strong game sales and effective cost control [11]

Core Insights - Key personnel departures at NetEase Games indicate significant organizational adjustments within the company, with three core executives leaving in 2023, including game producer Li Kaiming, who cited personal career development as his reason for leaving [2][3][9] Group 1: Executive Departures - Li Kaiming, producer of the successful game "Rate of the Land," has left NetEase to pursue entrepreneurial ventures, marking him as the third high-level executive to depart this year [2][3] - Other notable departures include Shao Yun, former president of the Tianxia Division, and Jin Tao, former president of the Zen Division, both of whom managed key business areas within NetEase [2][9] - The departures reflect a broader trend of organizational restructuring within NetEase, as the company adapts to changing market conditions and internal strategies [2][9] Group 2: Impact on Game Development - Li Kaiming's tenure at NetEase was marked by the successful long-term operation of "Rate of the Land," which has been recognized as a model for long-term product lifecycle management [4][9] - The company has emphasized a shift from a producer-driven model to a more centralized approach, aiming to balance creative input with strategic oversight [5][9] - Jin Tao's departure and subsequent entrepreneurial efforts highlight the challenges faced by the Zen Division, particularly in expanding new business lines and maintaining performance amid strategic shifts [6][9] Group 3: Financial Performance and Strategic Shifts - NetEase's gaming revenue for Q2 2024 was reported at 22.8 billion yuan, reflecting a 13% year-on-year increase but a 5% quarter-on-quarter decline, indicating a potential slowdown in growth momentum [9] - The company is navigating the balance between cost control and innovation, which will be crucial for the long-term development of its core intellectual properties [9][10] - The departures of key executives may open new opportunities in the gaming industry, as former leaders explore entrepreneurial ventures in niche markets [10]