【环球时报驻法国特派记者 尚凯元 环球时报记者 李迅典 刘雅婷】编者的话：随着春节被列入联合国教科文组织人类非物质文化遗产代表作名 录，在海外的春节庆祝活动中也不断涌现出新形式。从英歌舞赴海外演出，到中国机器人加入巡游活动，再到中国网游让海外玩家"云体验"春 节，《环球时报》记者采访多位相关人士，听他们讲述如何向世界传递春节新年味。 世界舞台上的英歌舞 作为岭南年俗中最具视觉冲击力的民间舞蹈之一，英歌舞近年来频频"出圈"，成为海内外春节期间一道极具辨识度的文化风景。2024年春节期 间，广东普宁南山英歌队受邀赴英国演出。6分钟的英歌表演《英歌雄风》在伦敦街头吸引逾70万人围观。"出发前，其实我心里是有担忧的。"普 宁南山英歌队教练、普宁英歌舞国家级代表性传承人陈来发在接受《环球时报》记者专访时谈起当年的伦敦之行，"我担心我们中国的民间文化在 欧洲能不能被接受，当地观众会不会喜欢。" 然而，担忧很快被现场的热烈反响所取代。巡游开始后，伦敦街头人潮涌动，观众自发跟随鼓点节奏拍掌、摆动。"很多人站起来为我们鼓掌。那 一刻我们非常自豪，也真切感受到他们对这种民间舞蹈的喜爱。"陈来发说。 在陈来发看来，英歌舞能够跨越语 ...

Core Insights - The article highlights the growing global influence of Chinese video games, showcasing titles like "Black Myth: Wukong" and "Yanyun Sixteen Sounds" as cultural ambassadors for China, reflecting a shift in how Chinese games are perceived internationally [1][2] - The success of these games is attributed to their unique cultural elements, which resonate with foreign players and encourage them to explore Chinese culture [2][3] - The article emphasizes the supportive ecosystem in Hangzhou, where local policies and resources are fostering the growth of the gaming industry and encouraging companies to expand internationally [5][6][7] Group 1: Game Development and Cultural Impact - "Black Myth: Wukong" and "Yanyun Sixteen Sounds" are examples of how Chinese games are gaining popularity globally, with "Yanyun Sixteen Sounds" achieving over 15 million overseas players within a month of its release [2] - The cultural elements embedded in these games, such as "martial arts" and "jianghu," are intriguing to international players, prompting them to engage with Chinese philosophies and traditions [2][3] - "Nirvana in Fire" has successfully transformed historical narratives into interactive experiences, allowing players to immerse themselves in a living representation of ancient Chinese culture [3] Group 2: Industry Growth and Supportive Policies - Hangzhou's gaming industry has a long history of international expansion, with companies like Deyuan Network experiencing over a decade of growth and cultural export [4] - The local government has introduced supportive policies, such as subsidies for game development and localization, which are crucial for companies aiming to enter global markets [5][6] - The establishment of the Hangzhou (Yuhang) Gaming and E-sports Innovation Development Center has attracted numerous gaming companies, providing them with resources and support to navigate international challenges [7][8]

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].

Economic Indicators - In January, the U.S. non-farm payrolls exceeded expectations, adding 130,000 jobs, with the unemployment rate dropping to 4.3%[4] - The U.S. labor market remains focused on recruitment contraction, with layoff intentions rising but actual layoffs not yet widespread[4] Market Reactions - U.S. stock markets reacted negatively to strong employment data, with the Dow Jones falling 66 points (0.13%) to close at 50,121 points, ending a three-day rally[9] - European markets showed mixed results, with the UK FTSE 100 reaching a new high, while the German DAX and French CAC 40 indices declined[9] Commodity and Currency Movements - Nickel prices rose by 2.23% to $17,880 per ton due to Indonesia's significant reduction in nickel production quotas from 42 million tons to 12 million tons[27] - Crude oil prices increased, with NYMEX crude oil rising 1.05% to $64.63 per barrel amid geopolitical tensions in Iran[27] Investment Insights - T-Mobile reported a 10% year-over-year increase in service revenue for Q4 2025, driven by a strong postpaid customer base, and raised its growth guidance[7] - Xiaomi's January vehicle deliveries fell to 39,000 units, down from over 50,000 in December, as the company prepares for the launch of its new SU7 model in April 2026[13] Bond Market Trends - The U.S. Treasury yields rose following the strong employment report, with the 10-year yield increasing by 3 basis points to 4.17%[30] - Asian investment-grade bond spreads widened by 2-3 basis points, reflecting a sell-off in Australian, Japanese, and Korean bonds[30]

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 a stable performance in Q4 2025 with revenue of 27.5 billion yuan and total annual revenue of 112.6 billion yuan, achieving a Non-GAAP net profit of 37.3 billion yuan [1] - The company has invested 17.7 billion yuan in R&D for six consecutive years, focusing on AI as a core productivity system integrated across gaming, music, and education [1] - The "AI-native" strategy has led to significant revenue growth in various segments, with online gaming revenue reaching 89.6 billion yuan, a year-on-year increase of 11% [1] Financial Performance - Q4 revenue reached 20 billion yuan for innovation and other businesses, a 42% quarter-on-quarter increase, with total annual revenue of 6.8 billion yuan [2] - NetEase Youdao achieved annual revenue of 5.9 billion yuan, marking its first year of positive operating profit and cash flow [1][2] - NetEase Cloud Music generated 7.8 billion yuan in revenue, with steady growth in subscription services [1] AI Integration and Development - The company has implemented AI across various processes, achieving efficiency improvements of up to 300% in certain areas [3] - AI tools like CodeMaker and DreamMaker have transformed content production, enabling rapid creative delivery and significant expansion of asset libraries [3] - NetEase has pioneered AI-native gameplay features, including intelligent NPCs and real-time voice AI teammates, enhancing user engagement and retention [4][5] Product and Market Expansion - The classic game "Dream of the Red Chamber" achieved record revenue in its 23rd year, while "Yanyun Sixteen Sounds" saw significant user engagement and revenue growth [8][10] - NetEase's global strategy has led to "Yanyun Sixteen Sounds" reaching over 80 million users, marking a successful cultural export [10][11] - The company continues to innovate with new game releases and expansions, maintaining strong performance in both domestic and international markets [11] AI Commercialization and Ecosystem - NetEase Youdao's AI subscription service sales exceeded 100 million yuan in Q4, indicating strong market demand [6] - The company has developed a comprehensive AI content safety and risk control service, serving over 90% of leading large model vendors [7] - NetEase Cloud Music has enhanced user experience through AI-driven features, resulting in increased user engagement and content creation [7]

【环球网财经综合报道】2月11日，网易发布2025年第四季度及全年未经审计财务业绩。财报显示，公 司业绩保持稳健增长，全年研发投入连续第六年突破百亿，以AI为核心的新质生产力体系已全面融入 各业务链条，驱动长期增长。其中，旗舰产品《燕云十六声》全球用户数已突破8000万，成为出海最成 功的中国武侠游戏之一。 财报数据显示，网易2025年第四季度净收入为275亿元人民币，全年净收入为1126亿元人民币。全年非 公认会计准则下归属于公司股东的持续经营净利润为373亿元人民币。公司全年研发投入达177亿元，连 续六年超过百亿，持续夯实技术底座。 AI 工业化成果显著，部分环节提效达 300% 网易在财报中详细阐述了其"AI实用主义"的落地成果。通过构建AI原生研发管线，网易已将AI深度应 用于游戏等业务的美术、策划、编程、动画及质量保障等全流程生产环节，部分环节效能提升高达 300%。自研工具如CodeMaker、DreamMaker等全面赋能内容生产，推动开发与创作模式发生质变。 在AI原生玩法方面，网易率先规模化落地了智能NPC、AI队友、剧组模式等一系列创新应用。例如， 《逆水寒》手游的智能NPC系统获得国家 ...

Core Viewpoint - The anticipation for the release of "GTA 6" is contrasted with Google's DeepMind's Project Genie, which has the potential to revolutionize gaming by allowing users to create their own playable game worlds [1][4]. Group 1: Impact on Gaming Companies - Following the announcement of Project Genie, Take-Two Interactive's stock fell by 10%, Roblox's stock dropped over 12%, and Unity's stock plummeted by 21%, while Chinese companies like NetEase and Tencent remained largely unaffected [4]. - Project Genie represents a significant shift in game development, potentially disrupting traditional game creation processes that require extensive planning, coding, and artistic input [6][24]. Group 2: Project Genie Capabilities - Project Genie allows users to generate interactive game worlds from simple inputs like photos or text descriptions, fundamentally changing how games can be created and experienced [8][11]. - Users can manipulate the generated worlds in real-time, with the ability to modify elements and create dynamic environments without needing coding skills [14][17]. Group 3: Limitations and Current State - Despite its innovative approach, Project Genie currently suffers from issues such as inconsistency and a lack of logical coherence in gameplay, which can lead to bizarre experiences [27][29]. - The technology is still in its early stages, primarily serving as a tool for game designers to quickly validate ideas rather than providing a fully immersive gaming experience for players [32]. Group 4: Future Implications of AI in Gaming - Project Genie signifies a critical advancement in AI, moving from understanding static worlds to simulating dynamic, interactive environments, which could pave the way for more advanced forms of artificial intelligence [33][35]. - The competition in the realm of world modeling is intensifying, with various companies, including OpenAI and NVIDIA, also exploring similar technologies, indicating a burgeoning field with significant future potential [35].

随着春节假期临近，进入2月，各大游戏厂商新品竞争愈发激烈。据不完全统计，2月2日—16日（除夕 夜）将有23款新游戏陆续上线。 其中包括心火游戏的《小小梦魇》、莉莉丝的《帕萌战斗日记》、广州穗游网络的《千年寻仙》、心动 网络的《潜水员戴夫（国服）》、帕斯亚科技的《沙石镇时光》、三七互娱的《生存33天》等。 从品类看，23款新游戏覆盖多元赛道，包括角色扮演（RPG）、卡牌策略、开放世界、模拟经营等。例 如，在《沙石镇时光》游戏中，玩家作为一名工坊主，将在荒漠小镇沙石镇开启重建与冒险之旅。通过 探索、建造、种植、社交等多种方式，逐步振兴这片土地。此前，其PC版在Steam平台上累计销量已突 破170万份。 2026年春节档游戏流量争夺战悄然打响。据不完全统计，2月2日—16日（除夕夜）将有23款新游戏陆续 上线。与以往不同的是，包括腾讯游戏、网易游戏和米哈游在内的游戏大厂在上线新玩法、新福利的同 时，也在寻求由量变到质变的突破，今年各家还加大了与跨界品牌的联动，以激活更大范围的消费潜 力。从扎堆上新到福利升级，再到深度联动，在业内看来，游戏行业也正从"存量博弈"向"生态重构"转 变。 "规模化"上线 米哈游方面， ...

Core Insights - The 2026 Spring Festival gaming market is witnessing intense competition with 23 new games set to launch from February 2 to 16, marking a shift from quantity to quality in the gaming industry [3][4] - Major gaming companies are enhancing holiday-specific gameplay and benefits to extend user engagement [9] Game Launches - A total of 23 new games will be released during the Spring Festival, including titles from various developers such as "Little Nightmares" by Heartfire Games and "Survival 33 Days" by 37 Interactive Entertainment [4][6] - The new games span multiple genres, including RPG, card strategy, open-world, and simulation [6] Developer Focus - The upcoming new games are primarily from mid-sized developers, while major companies like Tencent and NetEase have more titles in testing phases [8] Benefits and Promotions - Leading companies are upgrading holiday-specific benefits to enhance user retention, with Tencent's "League of Legends Mobile" and NetEase's "Nirvana in Fire" offering various in-game rewards [10][12] - The focus is on providing immersive experiences and high-value rewards to meet diverse user demands [12] Cross-Industry Collaborations - Cross-industry collaborations are becoming common, with Tencent's "Delta Action" partnering with Haidilao for special promotions [13] - These collaborations aim to create a closed loop of content, experience, and consumption, enhancing user engagement and driving sales [15][16]