作者 | 廖海峰，张翔 背景：游戏行业智能化浪潮下的 基础设施不断演进 作为中国领先的游戏研发与运营公司，网易游戏旗下拥有《梦幻西游》《大话西游》《蛋仔派对》等国民级游戏产品，以及游戏资产交易平台"藏宝阁"等 重要服务生态。随着游戏产品矩阵的不断扩大和用户体验需求的持续升级，网易游戏需要处理的数据类型和业务场景日益复杂多样。 而大模型正深刻改变游戏行业。 在 NPC 智能化、自动化剧情生成、角色动作捕捉及游戏资产生成等场景，特别是 RPG 与社交类游戏中，大模型已成为 核心竞争力。 为了更好地通过生成式 AI 支持业务发展，网易游戏打造了面向云原生的 Tmax AI 机器学习平台 ，提供灵活的资源调度、高效的 AI 开发 效率与易托管的 AI 服务。 挑战：大模型推理服务的 Tmax 平台构建于 Kubernetes 之上，整合了 Kubeflow、自研调度器及 CubeFS 文件管理系统，支持从 Jupyter 交互式开发到分布式训练、再到模型推理 部署的全链路 AI 生命周期管理。然而，随着大模型推理业务规模爆发，平台在 资源弹性、数据访问效率与多地域协同 方面面临严峻挑战。 "不可能三角" 在构建推理服 ...

Seedance2.0 引市场关注，春节档票 房不及预期 ——传媒行业月报 传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 证券研究报告-行业月报 强于大市(维持) 传媒相对沪深 300 指数表现 相关报告 《传媒行业分析报告：春节档表现低迷，票房 低于预期》 2026-02-25 《传媒行业月报：AI 流量入口竞争白热，春 节档电影供给丰富》 2026-01-28 《传媒行业分析报告：传媒 2025Q4 基金持仓 分析：重仓股配置力度环比下降，个股配置分 化》 2026-01-27 联系人：李智 ⚫ 行情回顾与估值表现：截至 2026 年 2 月 25 日，2 月传媒指数下跌 3.73%，在 30 个一级行业组合中排名第 30，跑输同期上证指数 （+0.71%）4.45pct，跑输同期沪深 300 指数（+0.63%）4.36pct， 跑输同期创业板指（+0.25%）3.99pct。 子板块中，互联网广告营销板块下跌11.56%，游戏板块下跌4.25%， 出版板块下跌 0.04%，影视板块上涨 0.16%。 2026 年 2 月 1 日 ...

Core Viewpoint - The news highlights the launch of three premium two-day tour routes in Huairou, Beijing, designed to blend traditional Chinese New Year celebrations with modern experiences, catering to families, friends, and children [1] Group 1: Tour Routes - The first route features a combination of traditional cultural experiences and modern entertainment, including scenic spots, ice and snow activities, and local cuisine [1] - The third route focuses on trendy esports and ice sports, appealing to younger audiences with interactive experiences [1] Group 2: Event Highlights - The Yanqi Lake Spring Festival Garden Party runs from February 17 to March 3, featuring collaborations with popular IPs like "Jian Wang 3" and "Egg Party," offering various themed activities [1] - The Kunlun Decision World Fighting Championship will take place on February 21-22 at the Yanqi Lake International Convention Center, promoting sports consumption during the Spring Festival [3] Group 3: Accommodation and Dining - The Beijing Sunrise Kempinski Hotel offers themed rooms during the Spring Festival, equipped with esports and skiing facilities, along with a themed dinner that incorporates fighting elements [5] - Xiao Hua Er Private Kitchen specializes in local home-style dishes, providing a warm environment for travelers and gatherings [9] Group 4: Ice and Snow Activities - The Huairou District's Citizen Happy Ice and Snow Season runs until March, featuring various engaging activities like snow mountain climbing and snow treasure hunting, aimed at promoting winter sports participation [7]

Group 1 - The 2026 Yanqi Lake Spring Festival Garden Party opened on the first day of the Lunar New Year, featuring immersive experience zones themed around the IPs "Jian Wang 3" and "Egg Party" [2] - The event runs from the first day of the Lunar New Year to the Lantern Festival, with activities including traditional Chinese cultural performances and interactive games [2][5] - The "Jian Wang 3" themed area showcases a recreation of the game's scenery, with various interactive elements such as a fortune bag wall and DIY activities for visitors [2] Group 2 - From the eighth day of the Lunar New Year to the Lantern Festival, the "Egg Party" family zone will take over, featuring a giant egg-shaped installation and interactive family-friendly games [3] - The event includes a custom stamp collection booklet for visitors, with opportunities to exchange stamps for exclusive merchandise [3] - Cultural elements such as dragon and lion dances, riddle-solving, and traditional food markets are integrated throughout the festival [5]

智通财经APP获悉，近期，网易-S(09999)发布2025年Q4及全年财报，凭借扎实的业务布局、强劲的产 品储备与稳健的财务表现，成为资本市场的 "定心丸"。中金、华泰、摩根大通三大机构近期发布的研 报均给予其积极评级，研报表示多项核心利好因素凸显企业韧性，当前估值处于历史低位，配置价值凸 显。 《燕云十六声》全球突破 长青战略成效显著 华泰证券在研报中指出，《燕云十六声》在产品品质与后续运营延续了网易长青游戏的一贯水准，展现 了持续焕新能力，有望逐步成长为公司重要的流水抓手。 在长青战略与全球化的双轮驱动下，网易游戏业务重回两位数增长。财报显示，2025年网易游戏及相关 增值服务营收921亿元，其中在线游戏净收入896亿元，同比增长11%。 重磅新游 pipeline 逐渐清晰，2026年增量空间可观 市场对游戏公司的担忧常集中于"青黄不接"，但网易的储备产品线显示了强大的持续输出与精品打造能 力。 三份研报一致重点提及了以下核心新游进展：《遗忘之海》作为2026年网易最受期待的新品之一，在近 期开启测试并获得市场积极评价。在财报电话会上网易管理层表示，该游戏有望在2026年第三季度上 线。华泰证券预估其 ...

Core Viewpoint - The article discusses how NetEase has chosen a pragmatic approach in the AI era, avoiding the costly competition of developing general-purpose AI models while focusing on application-level innovations and maintaining a strong R&D investment [3][20]. Group 1: Market Context - During the recent Spring Festival, major tech companies like Alibaba, Tencent, ByteDance, and Baidu spent over 4.5 billion yuan on "red envelopes," marking one of the most expensive tech competitions in history [2]. - NetEase, however, did not participate in this "red envelope war" or the race for large AI models, leading to questions about whether it is falling behind in the AI era [2][3]. Group 2: Business Strategy - NetEase's strategy is characterized by a focus on practical applications rather than competing in the foundational AI model space, which is seen as a more sustainable approach for most companies [3][20]. - The company has maintained a consistent R&D expenditure of over 15% of its revenue, with a projected R&D budget of 17.7 billion yuan for 2025, focusing on application layers rather than general model training [4][20]. Group 3: AI Integration in Products - NetEase has developed thousands of AI production pipelines that enhance various aspects of game development, achieving significant efficiency improvements, such as a 70% increase in design efficiency and a 50% boost in development efficiency through AI tools [6][8]. - The company has also applied AI in its educational and music platforms, enhancing user experience and operational efficiency without pursuing a general-purpose model [6][8]. Group 4: Financial Performance - In 2025, NetEase's total revenue is expected to reach 112.6 billion yuan, with operating profit at 35.8 billion yuan, driven primarily by its gaming segment, which saw a net revenue increase of 11% year-on-year [13][20]. Group 5: Future Growth Potential - The potential for growth in the gaming industry is seen in AI-native games, which are expected to generate over 30 billion yuan by 2027, contributing to a 10% market increase [13][20]. - NetEase's focus on integrating AI into its gaming products positions it well to capitalize on this emerging market, as it transitions from traditional gaming to AI-driven experiences [13][20].

Core Viewpoint - NetEase reported its Q4 2025 unaudited financial results, showing a decline in net profit primarily due to increased expenses and investment losses, which fell short of market expectations [1][3]. Financial Performance - In Q4 2025, NetEase achieved net revenue of RMB 27.5 billion, a year-on-year increase of 3% [1]. - Gross profit for the same quarter was RMB 17.7 billion, up 8.7% year-on-year [1]. - Net profit attributable to shareholders was RMB 6.24 billion, down 28% from RMB 8.77 billion in the same period last year, missing market expectations [1][2]. - Total operating expenses reached RMB 9.37 billion, a significant increase of 10.9% year-on-year [1][2]. - The company recorded an investment loss of RMB 1.67 billion, an increase of over RMB 1.1 billion compared to the previous year [1]. Business Segments - NetEase's main business segments include gaming and related value-added services, Youdao, NetEase Cloud Music, and other innovative businesses [3]. - Gaming and related value-added services generated RMB 92.1 billion in net revenue for 2025, a growth of over 10% [3]. - In Q4, gaming revenue was RMB 22 billion, accounting for 80% of total revenue, but fell short of market expectations of RMB 23.42 billion [3][4]. - The decline in gaming revenue was attributed to a lack of new game releases and decreased revenue from existing titles [3]. Future Prospects - NetEase is developing new games, including the open-world game "Forgotten Sea," expected to launch in Q3 2025, and a closed beta for the urban open-world game "Infinite" has shown positive results [6]. - The CEO emphasized that while AI tools lower the entry barrier for game development, they also raise the success threshold for commercial titles [7]. - In non-gaming segments, Youdao and NetEase Cloud Music reported Q4 net revenues of RMB 1.6 billion and RMB 2 billion, respectively, with growth rates of 16.8% and 4.7% [7].

尽管网易四季度业绩疲软，低于市场预期，但摩根大通认为公司实际经营表现远好于账面数据所呈现的水平。 网易公布2025年第四季度财报，营收同比增长仅3%，净利润更是同比下降27%，双双低于彭博一致预期约4%和23%，这直接导致港股股价盘前 承压， 开盘下挫4%。 但摩根大通发表研报指出，《燕云十六声》等新游戏的强劲现金流水已反映在合同负债中，而非经常性损失掩盖了核心营业利润的出色表现。 此外随着《遗忘之海》和《无限大》等重磅新游上线，预计将推动2026-2027年游戏收入实现13%的年复合增长率。摩根大通维持对网易的"增 持"评级，目标价295港元（190美元），基于2026年预测市盈率13倍的估值具有吸引力。 真实现金流水远超账面收入 研报指出，市场对网易收入的失望主要源于Q4网游收入仅同比增长4%，且环比下降了7%。这很容易被解读为增长乏力。 例如《蛋仔派对》和《第五人格》的排名和流水均出现下滑，但这部分归因于暑假季节性因素消退。 净利润同比下降27%，比起彭博一致预期低了23%，这个数字确实吓人。但这并非网易的业务出了问题，而是因为投资账面浮亏。 摩根大通指出，Q4网易确认了高达22亿元人民币的权益投资及汇 ...

Core Viewpoint - NetEase's Q4 2025 earnings report showed disappointing results, primarily due to a slowdown in mobile gaming revenue, which fell short of market expectations. However, the long-term outlook remains cautiously optimistic, with a focus on upcoming product cycles being crucial for short-term performance [1][6]. Group 1: Revenue Performance - Q4 gaming revenue reached CNY 213 billion, a year-on-year growth of 3.5%, significantly below market expectations due to a lack of new game releases and the performance of existing titles [1][10]. - Deferred revenue grew by 34% year-on-year, exceeding market expectations, driven by the anniversary celebration of "Yanyun" and a rebound in "Egg Party" [2][12]. - The absence of new mobile games has led to continued pressure on mobile revenue, with key titles like "Identity V" and "Naraka: Bladepoint" experiencing declines [15][25]. Group 2: Cost Management and Profitability - Core operating profit margin improved to 30%, reflecting effective cost control amid revenue pressures, with total costs, R&D, and management expenses declining year-on-year [3][39]. - Non-GAAP net profit was CNY 72 billion, significantly lower than market expectations due to investment losses, while core operating profit was CNY 83 billion, only slightly below expectations [43][46]. Group 3: Shareholder Returns - The company announced a special dividend of approximately CNY 50 billion for Q4, maintaining a high payout ratio of over 80%, although the overall shareholder return remains low at 2.5% relative to its market capitalization [4][46]. - Total shareholder returns for the year amounted to USD 2 billion (CNY 141 billion), which is not considered sufficient to provide effective support for the stock price [4][46]. Group 4: Business Segment Performance - Other business segments, such as Youdao Education and Cloud Music, showed stable performance, with Youdao's revenue growing by 17% driven by advertising and online courses, while Cloud Music returned to growth [34]. - The innovative services segment, primarily focused on e-commerce, continued to shrink due to competitive pressures [34].

Core Insights - NetEase reported Q4 revenue of RMB 27.5 billion and total annual revenue of RMB 112.6 billion for 2025, indicating strong financial performance [1][3] - The management discussed key topics such as AI technology applications, overseas market expansion, long-term game operations, and new product development during the earnings call, signaling the company's strategic direction in technological transformation and global competition [1][3] AI Technology Application - CEO Ding Lei stated that while AI lowers the "entry barrier" for game development, it raises the "success barrier" for top-tier products, shifting the core competitive advantage from mere production capacity to integration capability [1][3] - The proliferation of AI tools is expected to enhance creative content, but successful commercialization requires deep design expertise and operational experience, creating a significant barrier for new entrants [1][3] Investment Focus and Differentiation - NetEase aims to develop "the most game-savvy AI experts" rather than pursuing generic large models, focusing on high-quality private data and application scenarios over computational power [2][4] - The company plans to maintain high investment in vertical models, AI-native gameplay, and talent development to strengthen its leading position in high-quality R&D and long-term operations [2][4] AI Industrialization - By 2025, NetEase will implement large-scale deployment of AI-native pipelines across various functions, achieving efficiency improvements of up to 300% in certain areas, thereby establishing an industry-leading AI industrialization barrier [2][4] - As one of the earliest and most extensive players in the AI-native gameplay field, NetEase has pioneered and scaled various AI-driven features, including intelligent NPCs, facial customization, AI teammates, and production modes, successfully integrating them into flagship products like "Nirvana in Fire" mobile game and others [2][4]