证券研究报告 | 公司点评报告 2025 年 11 月 25 日 网易-S（09999.HK） 经典游戏表现亮眼，后续储备丰富有望贡献增量 TMT 及中小盘/传媒 公司发布 25Q3 季报，实现收入 284 亿元，同比增加 8.2%；实现毛利润 182 亿元，同比增长 10.3%；实现归母净利润 86 亿元，同比增长 31.8%；实现 Non-GAAP 净利润 95 亿元，同比增长 26.7%。截止三季度末，公司净现金 1532 亿元，25Q3 经营性净现金流入 129 亿元，同比增长 21.7%。三季度分 红每股 0.114 美元。 ❑ 风险提示：新游表现不及预期、竞争格局恶化、监管风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 103468 | 105295 | 112982 | 121568 | 130078 | | 同比增长 | 7% | 2% | 7% | 8% | 7% | | 营业利润(百万元) | 27709 | 295 ...

4、网易云音乐：2025Q3 实现营收20 亿元（YoY-1.8%、QoQ 持平）。 机构：国海证券 研究员：陈梦竹/尹芮 事件: 2025 年11 月20 日公司公告2025Q3 财报，2025Q3 实现营收283.59亿元（YoY+8.2%、QoQ+1.7%）；归 母净利润为86.16 亿元（YoY+31.8%、QoQ+0.2%），non-GAAP 归母净利润为95.02 亿元 （YoY+26.7%、QoQ-0.3%）。 我们的观点： 1、主要财务指标分析：网易2025Q3 实现营业收入283.59 亿元（YoY+8.2%、QoQ+1.7%）；归母净利 润为86.16 亿元（YoY+31.8%、QoQ+0.2%），non-GAAP 归母净利润为95.02 亿元（YoY+26.7%、QoQ- 0.3%）。毛利率同比提升至64.1%（YoY+2.0pct、QoQ-1.0pct），销售费用率15.7%（YoY+8.3pct、 QoQ+22.5pct）、研发费用率16.0%（YoY-5.1pct、QoQ+2.5pct）、管理费用率4.1%（YoY-2.2pct、 QoQ+8.4pct）。 2 、游戏业务： 202 ...

机构：中信建投证券 研究员：崔世峰/向锐 核心观点 25Q3 网易的净收入为284 亿元（yoy +8.2%，低于彭博一致预期292 亿元)。其中，游戏及相关增值服务 净收入为233 亿元(yoy+11.8%，彭博一致预期为239 亿元)；有道净收入为16 亿元(yoy+3.6%);网易云音 乐净收入为20 亿元(yoy -1.8%)；创新及其他业务净收入为14 亿元（yoy -18.9%）。25Q3 毛利润为182 亿元（yoy +10.3%）；GaaP 净利润为86 亿元，调整后净利润为95 亿元（一致预期为95 亿元）。 简评 1）Q3 游戏表现稳健，看好后续Pipeline 发展25Q3 游戏及相关增值服务净收入为233 亿元(yoy +11.8%， 彭博一致预期为239 亿元)；在线游戏净收入环比增长来自于《梦幻西游》电脑版、《逆水寒》手游等 自研游戏及若干代理游戏净收入增加。 其同比增加来自《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。 多款经典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。自三季度起，《梦幻西游》电 脑版 ...

Group 1: Performance Overview - The company maintained a "Buy" rating, reporting a robust Q3 performance with revenue of 28.4 billion yuan (up 8.2% YoY, up 1.7% QoQ) and net profit of 8.6 billion yuan (up 31.8% YoY, up 0.2% QoQ) [1] - Gross margin for Q3 was 64.1% (up 1.2 percentage points YoY), and net margin was 31.0% (up 5.4 percentage points YoY), driven by gains from stock investments and lower foreign exchange losses [1] - The company expects net profit for 2025-2027 to be 35.7 billion, 38.3 billion, and 42.9 billion yuan respectively, with current PE ratios of 16.6, 15.5, and 13.8 times [1] Group 2: Gaming and New Releases - Revenue from games and related services reached 23.3 billion yuan (up 11.8% YoY, up 2.3% QoQ), with growth attributed to titles like "Dream of the Red Chamber" and new releases [1] - The peak concurrent online users for "Dream of the Red Chamber" reached 3.58 million, showcasing the company's long-term operational strength [1] - The overseas product lineup is expanding, with "Fate: Stars" topping iOS download charts in multiple regions and "Yanyun Sixteen Sounds" achieving over 2 million players in 24 hours [1] Group 3: AI and Revenue Growth - Cloud Music reported Q3 revenue of 1.96 billion yuan, with a gross margin increase of 2.6 percentage points to 35.4%, driven by the launch of "AI Tuning Master" [2] - Youdao's revenue for Q3 was 1.63 billion yuan, primarily from online marketing services, with a YoY growth exceeding 40% [2] - AI-driven subscription service revenue reached approximately 100 million yuan, marking a historical high with over 40% YoY growth [2]

中金指出，公司3Q25《梦幻西游》PC及手游、《蛋仔派对》等产品暑期内表现良好，体现公司长青游 戏运营能力。公司也在业绩会表示会把更多资源倾斜给长青项目，同时会给有创新力的团队更多机会。 新游方面，公司公告表示《遗忘之海》将于2026年上线，同时储备有《无限大》《归唐》等产品。该行 建议关注网易本土团队全球化能力升级，及重点新游进展。 网易-S(09999)涨近5%，截至发稿，涨4.2%，报213港元，成交额1.08亿港元。 其中，2025年第三季度游戏及相关增值服务净收入为人民币233亿元(33亿美元)，上一季度和去年同期 分别为人民币228亿元和209亿元。本季度，来自于在线游戏的净收入约占该分部净收入的97.6%，上一 季度和去年同期该占比分别为97.1%和96.8%。在线游戏净收入环比增长来自于《梦幻西游》电脑版、 《逆水寒》手游等自研游戏及若干代理游戏净收入增加。其同比增加来自《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。 消息面上，近日，网易-S公布2025年第三季度业绩，净收入为人民币284亿元(40亿美元)，同比增加 8.2%。 ...

智通财经APP获悉，网易-S(09999)涨近5%，截至发稿，涨4.2%，报213港元，成交额1.08亿港元。 消息面上，近日，网易-S公布2025年第三季度业绩，净收入为人民币284亿元(40亿美元)，同比增加 8.2%。毛利润为人民币182亿元(26亿美元)，同比增加10.3%。归属于公司股东的净利润为约人民币 86.16亿元(12亿美元)，同比增长31.77%；基本每股净利润为0.38美元，第三季度股利为每股0.1140美 元。 其中，2025年第三季度游戏及相关增值服务净收入为人民币233亿元(33亿美元)，上一季度和去年同期 分别为人民币228亿元和209亿元。本季度，来自于在线游戏的净收入约占该分部净收入的97.6%，上一 季度和去年同期该占比分别为97.1%和96.8%。在线游戏净收入环比增长来自于《梦幻西游》电脑版、 《逆水寒》手游等自研游戏及若干代理游戏净收入增加。其同比增加来自《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。 中金指出，公司3Q25《梦幻西游》PC及手游、《蛋仔派对》等产品暑期内表现良好，体现公司长青游 戏运营 ...

Core Insights - The annual list of top 100 enterprises in Zhejiang serves as an important indicator of the development of local companies, with total revenue exceeding 10 trillion yuan for three consecutive years, and 33 companies reporting revenues over 100 billion yuan, an increase of 2 from the previous year [1] - The growth of Zhejiang enterprises is driven by continuous investment in technological innovation, with 89 companies holding a total of 178,180 patents, marking an increase of 17,811 patents (11.11%) from the previous year [1] Group 1: Revenue and Rankings - Alibaba Group leads the list with a revenue of 996.35 billion yuan, followed by Rongsheng Holding Group at 658.60 billion yuan and Geely Holding Group at 574.83 billion yuan [12] - The top 10 companies by revenue include notable names such as Hikvision, NetEase, and Ant Group, with revenues ranging from approximately 924.96 million yuan to 996.35 billion yuan [12][13] Group 2: R&D Investment - Geely Holding Group ranks first in R&D investment with 266.65 billion yuan, a 16.3% increase from the previous year, and has committed over 100 billion yuan for R&D from 2021 to 2025 [9][10] - Ant Group follows with an R&D investment of 234.59 billion yuan, a 10.7% increase, and leads in patent holdings with 23,550 patents [7][10] - NetEase ranks third with an R&D investment of 175.25 billion yuan, reflecting a 6.3% year-on-year growth, and has focused on AI technology to enhance user experience in various sectors [5][10] - Hikvision, the largest security company globally, invested 118.64 billion yuan in R&D, maintaining a research expense ratio exceeding 10% for five consecutive years [3][10] Group 3: Technological Innovation - The manufacturing sector dominates patent holdings, with 65 companies owning 137,551 patents, while the service sector holds 37,859 patents [1] - Companies like Ant Group and NetEase are heavily investing in AI technologies, with Ant Group launching three AI assistants that have served over 130 million users [7] - Geely has been recognized for its innovation in hybrid power control technology, leading the industry in several patent metrics [9]

2025 年 11 月 23 日 公司研究 评级：增持(维持) 研究所： | 证券分析师: | | --- | | | 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 yinr@ghzq.com.cn [Table_Title] 游戏长线运营能力突出，递延收入高增为后续业 绩释放奠定基础 ——网易-S（9999.HK）2025Q3 财报点评 最近一年走势 | 相对恒生指数表现 | | | 2025/11/21 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 网易-S | -14.8% | 0.5% | 53.6% | | 恒生指数 | -3.1% | 0.5% | 28.7% | | 市场数据 | 2025/11/21 | | --- | --- | | 当前价格（港元） | 204.60 | | 52 周价格区间（港元） | 129.40-248.00 | | 总市值（百万港元） | 647,761.84 | | 流通市值（百万港元） | 647,761.84 ...

Q3游戏及相关增值服务收入233.3亿元，低于一致预期2.3%，同比增长11.8%，其中在线游戏收入232.4亿 元。1）国内游戏流水展现韧性，《梦幻西游》电脑版Q3以来连续四次刷新PCU纪录至358万人，验证公司 长线运营能力。《蛋仔派对》《燕云十六声》内容更新带动国内手游端流水回归正增长。2）新游戏储备 持续释放，《命运：群星》带动海外手游流水增长，《无限大》《遗忘之海》等新游储备充足。3）全球 化加速落地，新游《命运：崛起》登顶欧美多地区市场iOS下载榜，11月《逆水寒》手游和《燕云十六 声》全球发行。此外，暴雪游戏回归中国市场表现亮眼，进一步丰富产品矩阵。 坚定长期投资战略，持续回馈股东价值 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 业绩点评： 25Q3公司实现营收283.6亿元，同比增长8.2%，低 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company's Q3 2025 revenue reached 28.36 billion yuan, a year-on-year increase of 8.2%, which was below Bloomberg consensus expectations of 2.96%, primarily due to product launch timing and revenue recognition delays [1] - Deferred revenue surged to 19.47 billion yuan in Q3 2025, a year-on-year increase of 25.3%, significantly exceeding consensus expectations by 41%, indicating strong player willingness to pay during new game launches [1] - The company is focused on long-term investment strategies and shareholder value, with a strong cash flow performance and a cash reserve of 153.2 billion yuan [3] Revenue and Profit Forecast - The company forecasts revenues of 114.5 billion yuan, 123.6 billion yuan, and 132.2 billion yuan for 2025, 2026, and 2027 respectively, with Non-GAAP net profit estimates of 39 billion yuan, 41.4 billion yuan, and 44.5 billion yuan for the same years [4][9]