国泰海通晨报 2025 年 10 月 22 日 国泰海通证券股份有限公司 研究所 2、【海外科技研究】网龙：游戏业务稳健增长，AI 生产中心助力降本增效，教育业务底部回暖， [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 刘越男(分析师) 021-38677706 liuyuenan@gtht.com S0880516030003 宋小寒(分析师) 010-83939087 songxiaohan@gtht.com S0880524080011 本次评级：增持 现价：16.63 元 总市值：164061 百万 海外报告：周大福(1929)《定价黄金高增，同店全面转正》 2025-10-20 投资建议：维持"增持"评级。预测 2026-2028 财年归母净利润为 80.64/100.89/110.06 亿港 元，参考可比公司估值，给予 2026 财年 24 倍 PE，目标价 19.68 港元，维持"增持"评级。 业绩简述：公司发布 ...

网龙 摘要 网龙公司通过自主研发的《幻灵游侠》、《征服》和《魔域》等游戏起 家，2007 年在香港交易所上市。2013 年出售 91 无线后，积极布局教 育业务，并于 2015 年收购普罗米修斯，形成游戏和教育科技双轮驱动。 旗舰 IP《魔域》以原创设计、自主发行和跨领域联动为特点，长期运营 且用户活跃度高。通过引入智能 NPC 和 AI 生成内容，如貂蝉英灵幻兽， 提升用户体验，并利用 AI 技术加速全球化扩张，已推出葡萄牙语和阿拉 伯语版本。 网龙全面拥抱 AI，构建 AI 生产中心，提高内容迁移与适配效率。2025 年上半年，游戏和应用服务板块研发费用同比下降 27%。计划聚焦开发 AI 原生游戏，包括智能 NPC 和生成式内容，以符合新时代要求。 《征服》海外收入占比超过 60%，未来将深化本地化玩法，加速海外拓 展。《英魂之刃》通过内容与赛事双引擎驱动，PC 端收入持续增长， 2025 上半年因与国漫 IP 联动，APA 同比增长 10%。两款 IP 均已部署 AI 生产中心。 Q&A 网龙公司在过去的发展历程中有哪些重要的里程碑？ 网龙公司自 1999 年创立以来，经历了几个重要的发展阶段。200 ...

Core Viewpoint - The company, NetDragon, has announced a shareholder return plan of over HKD 600 million, instilling significant confidence in the market while continuing to create value for shareholders through its AI-driven strategies in both education and gaming sectors [1][6]. Financial Performance - For the first half of 2025, the company reported revenue of HKD 2.38 billion, with a gross profit of HKD 1.66 billion and a gross margin of 69.5%, reflecting a year-on-year increase of 2.9 percentage points [1]. - Operating expenses decreased by 15.6% year-on-year to HKD 1.35 billion, showcasing the effectiveness of AI in cost optimization and efficiency enhancement [1]. AI Strategy - The company is pursuing a dual strategy of "AI + Education" and "AI + Gaming," leveraging technological innovation and ecosystem collaboration to seize new growth opportunities globally [1][4]. - AI has significantly improved operational efficiency, with an estimated 15% enhancement in overall effectiveness within the gaming sector [1][2]. Gaming Sector Developments - The company has established AI production centers to enhance collaboration and content generation across different game teams, leading to the efficient launch of multilingual versions of flagship IPs like "Magic Domain" [2]. - Notable game products such as "Conquest" and "Spirit of the Heroes" have seen revenue growth of 2.1% and 18% year-on-year, respectively, while the core mobile game "Magic Domain" has experienced a MAU growth of over 30% [2]. Education Sector Initiatives - The company has made early investments in AI for education since 2017, developing AI-driven educational content and tools, and is now focusing on expanding its market share both domestically and internationally [3]. - Collaborations with educational institutions in Thailand and Cameroon aim to enhance digital education and improve educational equity and quality [3]. Industry Positioning - The company is strategically positioned to capitalize on the global AI technology landscape by integrating cutting-edge technologies and expanding its AI ecosystem [4][5]. - Future investments will focus on AI, XR, robotics, and blockchain technologies, reinforcing synergies with the company's core business [5]. Shareholder Returns - The company has a history of shareholder return plans, including a recent announcement of a plan to return up to HKD 600 million, which includes dividends and buybacks, reflecting a commitment to shareholder value [6][7]. - The proposed dividend of HKD 0.50 per share represents a year-on-year increase of 25%, with an annualized dividend yield exceeding 9%, making it one of the most attractive in the tech sector [6][7].

Core Insights - The "AI + Education" sector is experiencing a significant value reassessment driven by technological advancements and policy support, particularly with the introduction of DeepSeek, which reduces the cost of AI model development and deployment [1] - The Ministry of Education and other departments have issued guidelines to accelerate digital education, focusing on integration, intelligence, and internationalization, which is expected to stimulate the application of AI in education [1] Company Developments - NetDragon has been a pioneer in the "AI + Education" field, having invested in AI research since 2017 and successfully commercializing various AI educational products [1][2] - The company aims to establish the largest global education content production center in Hong Kong, enhancing the efficiency and quality of interactive educational games [2] - NetDragon's AI education content unit, "Photosynthesis," was showcased at the Global Smart Education Conference in September 2024, highlighting the company's innovative capabilities [2] Strategic Partnerships - NetDragon is collaborating with Thailand's Ministry of Higher Education to launch an online AI education platform, providing vocational training in sectors like new energy vehicles, aligning with national policies for developing skilled talent in emerging markets [2] - The company has formed a strategic partnership with Hong Kong Polytechnic University to integrate advanced AI and vocational training content into its education platforms [2] Technological Integration - NetDragon's subsidiary, Mynd.ai, has been independently listed and is set to launch new SaaS products that will incorporate AI technology, enhancing the educational experience for users [3] - The company is a technical service partner for the National Smart Education Public Service Platform, which has over 163 million registered users, indicating its significant role in the national education framework [3][4] Market Positioning - NetDragon has established a strong foundation in educational technology, with over a decade of experience in content, software, and hardware, positioning itself to benefit from the dual support of technological advancements and favorable policies [4] - The company has been recognized for its collaboration with educational institutions to develop modern industry colleges, showcasing its commitment to integrating education with industry needs [5] Financial Performance - NetDragon's gaming sector is also benefiting from AI applications, with popular games like "Heroes of the Storm" integrating AI features to enhance player experience [6] - The company has a history of consistent dividend payments, with a proposed annual dividend of 0.9 HKD per share for 2024, reflecting a dividend yield of over 9% [6]