不知道你有没有发现，曾经游戏市场的绝对主流 MMORPG 好像越来越冷门了。 前阵子被部分玩家、媒体和从业者归类于 MMORPG 的《燕云十六声》在海外火了，然而外媒却在年底说，2025 年对于 MMORPG 这一游戏类型来说是 惨痛的一年。 网易北美工作室的一款战锤 IP 游戏，因网易撤资而被取消；亚马逊的《新世界》宣布停更，并开始了大规模裁员；贝塞斯达的母公司终止了超 7 年研发 时间的《黑鸟》...... 这很难不让人联想到那个十多年前就有的话题了：MMORPG，真的已经死了吗？ 抱着这个疑问，小发扒了圈资料，结果却发现，MMORPG 已经变成了一个极致抽象的游戏类型，抽象到你问我它死了 OR 活着，我只能回答你 OR。 MMORPG，中文名大型多人在线角色扮演游戏。《魔兽世界》、《传奇》、《FF 14》、《梦幻西游》。。。总有一款你听过乃至玩过。 早在十多年前，就有人在欧美知乎 Quora 上提问 MMORPG 是否在走向衰落。当时的西方网友还很乐观："过去 30 年里，MMORPG 的消亡至少被预言过 两次，但它们依然存在"。 你还别说，这话好像有点道理。 翻翻各大论坛，你会发现时间仿佛停止在了十多 ...

Group 1 - Blizzard Entertainment has announced a content release plan to launch one to two major digital products annually, including new games, significant expansions, or major updates, aiming to establish a stable and predictable content rhythm [1][4] - The company's strategy will leverage classic IPs such as Diablo and World of Warcraft to continuously attract players and drive business growth in an increasingly competitive gaming market [1][4] - Blizzard's content release model is becoming more systematic post-Microsoft's acquisition of Activision Blizzard, moving away from years-long gaps between major releases to a more regular schedule [4] Group 2 - Blizzard's president, Johanna Faries, emphasized that the annual release plan includes not only full new titles or sequels but also expansions like "King of Hatred" and new content for World of Warcraft, such as the upcoming expansion "Midnight" [4] - Faries mentioned that the company is currently in the second phase of a five-year plan, focusing on maximizing the potential of existing core resources while not ruling out exploration of new areas [4] - The strategy aims to create a product portfolio that ensures at least one to two major releases each year, leveraging the synergy of multiple brand series to maintain industry leadership [4]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The company reported a revenue of 28.4 billion yuan in Q3 2025, representing an 8.2% year-on-year increase, with a gross profit of 18.2 billion yuan, up 10.3% year-on-year, and a net profit attributable to shareholders of 8.6 billion yuan, which is a 31.8% increase year-on-year [1][2]. - The company has a strong cash position with net cash of 153.2 billion yuan and operating cash flow of 12.9 billion yuan in Q3 2025, reflecting a 21.7% year-on-year growth [1]. - The classic games segment performed well, contributing to a revenue of 23.3 billion yuan in Q3 2025, a year-on-year increase of 11.8%, driven by self-developed games and several agency games [6][8]. - The company has a rich pipeline of upcoming games, including titles that have already gained traction in both domestic and international markets [6][8]. - The report anticipates that the company's net profit attributable to shareholders will reach 35.1 billion yuan, 38.5 billion yuan, and 42.5 billion yuan for the years 2025, 2026, and 2027, respectively [6][8]. Financial Data and Valuation - The total revenue forecast for the company is projected to grow from 103.5 billion yuan in 2023 to 130.1 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7% [2][9]. - The net profit is expected to grow from 29.4 billion yuan in 2023 to 42.5 billion yuan in 2027, reflecting a CAGR of around 10% [2][9]. - The report highlights a decrease in the price-to-earnings (PE) ratio from 20.6 in 2023 to 14.2 in 2027, indicating an attractive valuation over the forecast period [2][9]. Shareholder Information - The company has a total share capital of 3.168 billion shares, with a market capitalization of 67.35 billion Hong Kong dollars [3][6]. - The major shareholder, Shining Globe International Limited, holds a 45.17% stake in the company [3].

Core Viewpoint - The company reported strong financial performance in Q3 2025, with revenue and net profit showing significant year-over-year growth, indicating resilience and growth potential across its business segments [1][2][3][4]. Financial Performance - In Q3 2025, the company achieved revenue of 28.359 billion yuan, representing a year-over-year increase of 8.2% and a quarter-over-quarter increase of 1.7% [1]. - The net profit attributable to shareholders was 8.616 billion yuan, reflecting a year-over-year growth of 31.8% and a quarter-over-quarter increase of 0.2% [1]. - Non-GAAP net profit was 9.502 billion yuan, with a year-over-year increase of 26.7% but a slight quarter-over-quarter decrease of 0.3% [1]. - Gross margin improved to 64.1%, up 2.0 percentage points year-over-year, while the sales expense ratio increased to 15.7%, up 8.3 percentage points year-over-year [1]. Gaming Business - The gaming and value-added services segment generated revenue of 22.3 billion yuan in Q3 2025, marking an 11.8% year-over-year increase and a 2.3% quarter-over-quarter increase [2]. - The company demonstrated strong operational capabilities with classic IPs performing well, including record-high concurrent players for "Dream of Dreams" [2]. - New game launches, such as "Fate: Stars" and upcoming titles like "The Sea of Forgotten," are expected to enhance global reach and player engagement [2]. NetEase Youdao - NetEase Youdao reported revenue of 1.6 billion yuan in Q3 2025, showing a year-over-year growth of 3.6% and a quarter-over-quarter growth of 14.9% [3]. - The AI-native strategy is yielding positive results, with collaborations enhancing resource integration and market demand targeting [3]. NetEase Cloud Music - NetEase Cloud Music achieved revenue of 2 billion yuan in Q3 2025, a slight year-over-year decline of 1.8% but stable quarter-over-quarter [4]. - The introduction of AI tuning features and award-winning recommendation models has improved user experience significantly [4]. Innovation and Other Businesses - Revenue from innovation and other businesses was 1.4 billion yuan, down 18.9% year-over-year and 15.3% quarter-over-quarter [4]. - The company is focusing on brand rejuvenation and leveraging AI technology to enhance content quality and community engagement [4]. Profit Forecast and Investment Rating - The company forecasts revenues of 114.8 billion yuan, 126.5 billion yuan, and 136.2 billion yuan for 2025-2027, with adjusted net profits of 39.1 billion yuan, 44.1 billion yuan, and 49.1 billion yuan respectively [4]. - The target price for 2026 is set at 265 HKD, maintaining a "Buy" rating based on the profitability and competitive landscape of different business segments [4].

Group 1 - The gaming sector showed strong performance on November 24, with the gaming ETF (159869) rising nearly 1%, and most constituent stocks experiencing gains, led by Mingchen Health with an increase of nearly 8% [1] - NetEase reported its Q3 2025 financial results on November 20, with net revenue of 28.4 billion yuan, an increase of 8.2% year-on-year. The gaming and related value-added services segment generated net revenue of 23.3 billion yuan, up 11.8% year-on-year, accounting for 82% of total revenue [1] - The net profit attributable to shareholders for the period was 8.6 billion yuan, indicating a significant recovery in NetEase's gaming business compared to the same period last year [1] Group 2 - NetEase's overseas gaming expansion has accelerated significantly over the past two years, with the global user base for the game "Marvel Duel" exceeding 40 million as of December 2024 [1] - The international version of "Nirvana in Fire" mobile game launched on November 7, 2025, topping the free charts on the App Store in several countries including Japan, Malaysia, Thailand, Vietnam, Cambodia, and Brunei [1] - NetEase management indicated that the performance of games like "World of Warcraft" and "Hearthstone" has exceeded previous levels, with plans for deeper development of related products in the future [1] Group 3 - The gaming sector is experiencing multiple catalysts for transformation, including AI, content, and commercialization model changes, with a focus on investment opportunities in the gaming ETF (159869) that tracks the performance of A-share listed companies in the animation and gaming industry [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][9] Core Insights - The company demonstrates strong long-term operational capabilities in the gaming sector, with a significant increase in deferred revenue laying a solid foundation for future performance releases [2][6] - The Q3 2025 financial results show revenue of 28.359 billion yuan, a year-on-year increase of 8.2% and a quarter-on-quarter increase of 1.7%. The net profit attributable to shareholders is 8.616 billion yuan, reflecting a year-on-year increase of 31.8% and a quarter-on-quarter increase of 0.2% [5][6] Financial Performance Summary - **Revenue and Profitability**: In Q3 2025, the company achieved revenue of 28.359 billion yuan (YoY +8.2%, QoQ +1.7%) and a net profit of 8.616 billion yuan (YoY +31.8%, QoQ +0.2%). The non-GAAP net profit was 9.502 billion yuan (YoY +26.7%, QoQ -0.3%) [5][6] - **Gross Margin**: The gross margin improved to 64.1% (YoY +2.0 percentage points, QoQ -1.0 percentage points) [6] - **Expense Ratios**: The sales expense ratio was 15.7% (YoY +8.3 percentage points, QoQ +22.5 percentage points), R&D expense ratio was 16.0% (YoY -5.1 percentage points, QoQ +2.5 percentage points), and management expense ratio was 4.1% (YoY -2.2 percentage points, QoQ +8.4 percentage points) [6] Business Segment Performance - **Gaming Business**: The gaming and value-added services generated revenue of 22.3 billion yuan (YoY +11.8%, QoQ +2.3%). The gaming sector shows strong resilience and growth momentum, with classic IPs performing well [6] - **Youdao**: In Q3 2025, Youdao achieved revenue of 1.6 billion yuan, a year-on-year increase of 3.6% and a quarter-on-quarter increase of 14.9% [6] - **NetEase Cloud Music**: Revenue for Q3 2025 was 2 billion yuan (YoY -1.8%, QoQ flat). The introduction of AI features has enhanced user experience significantly [6] - **Innovative and Other Businesses**: Revenue decreased to 1.4 billion yuan (YoY -18.9%, QoQ -15.3%). The company is focusing on brand rejuvenation and leveraging AI technology [6] Earnings Forecast and Valuation - The company is projected to achieve revenues of 114.8 billion yuan, 126.5 billion yuan, and 136.2 billion yuan for 2025, 2026, and 2027 respectively. Adjusted net profits are expected to be 39.1 billion yuan, 44.1 billion yuan, and 49.1 billion yuan for the same years [8][9] - The target price for 2026 is set at 265 HKD, maintaining the "Accumulate" rating [6][9]

Core Insights - NetEase reported a net revenue of 28.4 billion yuan for Q3 2025, representing an 8.2% year-on-year growth, with a non-GAAP net profit of 9.5 billion yuan and R&D investment of 4.5 billion yuan, indicating a R&D intensity of 16% [1] - The gaming segment, particularly the classic IP "Fantasy Westward Journey," was a major driver of revenue growth, achieving record high concurrent users and mobile monthly active users [1] - The partnership with Blizzard has resumed, with several titles returning to the market, including "World of Warcraft" and "Diablo IV," enhancing NetEase's portfolio [2] Revenue and Growth - The gaming and related value-added services generated a net income of 23.3 billion yuan in Q3 [1] - Long-standing games like "Dahua Westward Journey," "Onmyoji," and "Identity V" maintained strong growth due to new version activities [1] - Internationally, NetEase's games performed well, with "Destiny: Stars" topping the iOS download charts in the US and Canada, and "Nirvana in Fire" mobile achieving high rankings in Japan and Malaysia [1] AI and Innovation - NetEase disclosed advancements in AI technology applications across the gaming production process, enhancing efficiency significantly [2] - The company has established over 1,000 new production pipelines, improving scene design efficiency by 70% and animation production efficiency by 30% [2] - AI code generation tools have increased development efficiency by 50%, with code quality reaching expert-level standards [2] Leadership Perspective - The CEO of NetEase emphasized the company's robust operations, reflecting healthy growth in the domestic market and expanding global influence, driven by innovative capabilities and quality gaming experiences [3]

Core Insights - NetEase reported Q3 2025 net revenue of 28.4 billion yuan, an 8.2% year-over-year increase, with net profit attributable to shareholders at 8.6 billion yuan, consistent with the previous quarter and up from 6.5 billion yuan year-over-year [1] - The company emphasized its focus on existing successful products while being cautious with new projects, ensuring they have competitive content before market release [7] Financial Performance - Q3 2025 net revenue: 28.4 billion yuan, up 8.2% year-over-year [1] - Net profit attributable to shareholders: 8.6 billion yuan, unchanged from the previous quarter and up from 6.5 billion yuan year-over-year [1] - Non-GAAP net profit: 9.5 billion yuan, consistent with the previous quarter and up from 7.5 billion yuan year-over-year [1] Game Performance and Strategy - "Dream of the Red Chamber" has a stable economic system and a rich gaming experience, attracting both returning and new players through its simplified gameplay [2] - The company has successfully launched several games in overseas markets, including "Marvel Contest of Champions" and "Yanyun Sixteen Sounds," showcasing its capability to bring Chinese themes to global audiences [3][4] - "Identity V" experienced fluctuations in revenue and daily active users but has shown improvement post-summer, with preparations for the upcoming Spring Festival [5] Future Developments - The upcoming game "Infinite" received positive feedback at the Tokyo Game Show and aims to create a new market ecosystem with high-quality content and innovative business models [6][8] - The company is investing in AI technology to enhance game development and operational efficiency, with a focus on creating unique user experiences [9] Organizational Focus - Recent personnel changes are viewed as part of an organizational optimization process, aimed at enhancing focus and efficiency in game development [7] - The company plans to concentrate resources on long-standing successful projects while cautiously evaluating new game opportunities [7]

Core Viewpoint - The Q3 financial report of NetEase shows strong performance in its gaming and value-added services, with significant revenue growth driven by popular titles and a focus on global expansion [1][5]. Financial Performance - Total revenue for Q3 reached 28.4 billion RMB, a year-on-year increase of 8.2% [2]. - Gross profit was 18.2 billion RMB, up 10.3% year-on-year, with a gross margin of 64.1% [2][11]. - Net profit stood at 8.6 billion RMB, flat compared to the previous quarter but up 32.3% year-on-year [2]. - Non-GAAP net profit was 9.5 billion RMB, reflecting a year-on-year growth of 26.7% [2]. - Operating expenses increased to 10.2 billion RMB, a rise of 9.7% year-on-year, primarily due to increased marketing expenditures [2][8]. Core Business Insights - The gaming business accounted for 82% of total revenue, generating 23.3 billion RMB, with a year-on-year growth of 11.8% [2][3]. - Online gaming revenue represented 97.6% of the gaming segment, an increase from 96.8% in the previous year [2]. - Titles like "Dream of Dreams" and "Party of Eggs" contributed to this growth, alongside new releases [2][3]. Non-Gaming Business Performance - Youdao's revenue was 1.6 billion RMB, with a slowed growth rate of 3.6% [3][6]. - Cloud Music revenue declined to 2 billion RMB, down 1.8% year-on-year, indicating challenges in the online music sector [3][6]. - Innovative business revenue fell to 1.4 billion RMB, a significant drop of 18.9%, attributed to internal offsets and declines in specific segments [3][7]. Marketing and Cost Management - Marketing expenses surged to 10.2 billion RMB, reflecting a 13.3% increase quarter-on-quarter, driven by promotional activities for new and existing games [8]. - Revenue costs also rose to 10.2 billion RMB, with a year-on-year increase of 5.2% [9]. - Employee-related costs and revenue-sharing expenses have also increased, indicating higher investments in both marketing and development [10]. Cash Flow and Financial Health - As of the end of September, the company reported net cash of 153.2 billion RMB, an increase of 21.7 billion RMB since the beginning of the year [11]. - Operating cash flow for Q3 was 12.9 billion RMB, showing significant year-on-year and quarter-on-quarter improvements [11].

Core Insights - Net revenue for NetEase-S (09999.HK) in Q3 2025 reached RMB 28.4 billion, representing an 8.2% year-on-year increase [1] - The net income from games and related value-added services was RMB 23.3 billion, up 11.8% year-on-year [1] - The company declared a dividend of $0.1140 per share, payable on December 5, 2025 [1] Financial Performance - Gross profit for Q3 2025 was RMB 18.2 billion, a 10.3% increase year-on-year [1] - Net profit attributable to shareholders was RMB 8.6 billion, with a non-GAAP net profit of RMB 9.5 billion [1] - Basic earnings per share were $0.38, equivalent to $1.90 per American Depositary Share [1] Gaming Performance - Classic games continue to attract players, with "Fantasy Westward Journey" PC achieving a peak concurrent player count of 3.58 million [2] - New game releases, including "Destiny: Stars" and "The Sea of Forgotten," are expanding the global product matrix [2][3] - Blizzard games like "World of Warcraft" and "Diablo IV" are enhancing the gaming experience for Chinese players [3] Strategic Focus - The CEO emphasized the importance of user experience and innovation in driving game quality and expanding the active player community [3] - The company aims to deliver high-quality Chinese games to global players through collaboration with global partners and top talent [3]