8月25日，网易(NTES)开盘上涨2.58%，截至21:30，报135.29美元/股，成交1984.36万美元，总市值 856.65亿美元。 本文源自：金融界 大事提醒： 作者：行情君 8月19日，网易获国元国际控股维持评级至买入，目标价167.1美元。 财务数据显示，截至2025年06月30日，网易收入总额567.2亿人民币，同比增长8.37%；归母净利润 189.02亿人民币，同比增长31.33%。 资料显示，网易股份有限公司(纳斯达克代号:NTES及港交所代号:9999,"网易")是一家领先的互联网和游 戏服务提供商,致力于提供优质内容。公司不断拓展游戏生态系统,形成丰富产品矩阵,开发并运营了多款 在中国和全球广受欢迎并且长盛不衰的手游和端游。网易的自有研发团队聚焦于手游、端游和主机游戏 的研发,团队规模位居行业头部。在其助力下,网易创造了卓越的游戏体验,激发了玩家的热情,并向世界各 地蓬勃发展的用户社群积极传递游戏多元价值。通过将文化与教育等元素融入游戏,网易助力游戏成为 一个更有意义的载体,让游戏更具活力和更富启发性。除游戏外,网易的其他业务包括:其控股子公司有道 (纽交所代号:DAO),提供行业 ...

Core Viewpoint - The investment advisory industry in China is experiencing significant growth, driven by increasing wealth management awareness among residents and the evolving role of investment advisors as key facilitators in asset allocation [1][3]. Group 1: Investment Advisor Performance - Yu Yang from Shenwan Hongyuan Securities in Heilongjiang achieved third place in the July stock simulation competition, with a monthly return of 33.18% [2]. - The current competition's overall return rates are higher compared to the previous year's, attributed to unique market conditions and a shift from medium-term to high-frequency trading strategies [3][4]. Group 2: Market Trends and Opportunities - The innovation drug sector is supported by ongoing policy backing and rapid business development, with significant collaborations leading to record-high upfront payments [4]. - The PCB sector is experiencing explosive growth in demand, with related companies showing substantial performance increases [4][5]. Group 3: Investment Strategy and Market Outlook - The Shanghai Composite Index has surpassed 3700 points, indicating a trend of gradual upward movement, with active trading volumes and a notable increase in margin financing [5]. - Future investment opportunities are anticipated in sectors such as innovative drugs, NVIDIA concepts, robotics, and artificial intelligence, focusing on companies with strong performance support [5]. Group 4: Enhancing Advisory Services - Investment advisors are encouraged to enhance their service philosophy by focusing on specialization, precision, and innovation [6][7]. - The emphasis on "specialization" involves building a comprehensive financial knowledge framework to provide valuable investment advice [7][8]. - "Precision" in service delivery aims to transition from merely meeting client needs to proactively creating value through detailed and responsive service [8][9]. - "Innovation" is crucial for adapting to market changes, utilizing new service formats and technologies to enhance client engagement and experience [9][10]. Group 5: Technological Empowerment in Advisory Services - The integration of big data and artificial intelligence is pivotal for optimizing investment strategies and enhancing client service experiences [10][11]. - Shenwan Hongyuan's advisory team is recognized for its high professional standards and innovative service models, including personalized offerings and a dual evaluation mechanism for service quality [11][12].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][26]. Core Views - The company reported a 9% year-on-year increase in revenue for Q2 2025, with a Non-GAAP net profit of 9.5 billion yuan, reflecting a 22% year-on-year growth [2][9]. - The online gaming business generated 22.1 billion yuan in revenue for Q2 2025, marking a 15% year-on-year increase, with strong performance from titles like "Identity V" and "Marvel Duel" [3][16]. - The company is focusing on global expansion, with several games performing well in international markets, including "Forgotten Sea" and "Return to Tang" [4][19]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 27.9 billion yuan, a 9% increase year-on-year, and a Non-GAAP net profit margin of 34.2%, up 3 percentage points from the previous year [2][9]. - The overall gross margin for the company was 64.7%, an increase of 1.8 percentage points year-on-year [4][14]. - The total operating expense ratio was 32%, a decrease of 3 percentage points year-on-year, while the sales expense ratio was 12.8%, showing a year-on-year decline of 1 percentage point [4][14]. Gaming Segment - The gaming segment is expected to perform well in Q3 2025, with multiple successful game launches and updates planned [3][19]. - Deferred revenue reached 16.97 billion yuan in Q2 2025, a 25% year-on-year increase, indicating strong future revenue potential [3][16]. Other Business Segments - Youdao's revenue for Q2 2025 was 1.4 billion yuan, a 7% year-on-year increase, driven by a 24% growth in advertising services [20]. - NetEase Cloud Music reported a revenue of 2 billion yuan in Q2 2025, a 4% year-on-year decline, but with a gross margin improvement of 4 percentage points [4][23]. Profit Forecasts - The company expects adjusted net profits of 39.3 billion yuan, 42.5 billion yuan, and 46.7 billion yuan for the years 2025 to 2027, respectively [4][26]. - The projected revenue for 2025 is 111.976 billion yuan, with a year-on-year growth of 6.3% [5][29].

证券研究报告 | 2025年08月18日 网易-S（09999.HK） 优于大市 销售费率环比回升，公司游戏持续布局全球化 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 公司研究·海外公司财报点评 收入同比上升 9%，销售费率环比有所上升。25Q2 公司收入同比上升 9%， 经调利润率同比提升 3pct。25Q2，公司实现营收 279 亿元，同比上升 9%。Non-GAAP 归母净利润 95 亿元，同比增长 22%；Non-GAAP 归母净利 率 34.2%，同比提升 3pct。25Q2，公司综合毛利率 64.7%，同比上升 1.8pct，网易云音乐毛利率同比提升 4pct。25Q2，公司总经营费率为 32%，同比降低 3pct，环比上升 4pct。其中销售费率 12.8%，同比下降 1pct，环比提升 3pct，回归公司正常销售费率水平，游戏及相关增值服 务市场推广支出增加。 游戏：Q2 为网易游戏淡季，Q3 暑期表现良好。25Q2，在线游戏业务收入为 221 亿元，同比增长 15%。《第五人格》、《燕云十六声》和《漫威争 锋》良好。递延收入表现良好，25Q2 网易递延收入 169.7 亿元，同比 ...

风险提示：新游戏上线时间或流水表现不及预期，老游戏流水下滑等风险。 机构：开源证券 研究员：方光照 Q2 利润同比高增27%，看好重磅新游上线驱动增长，维持"买入"评级公司2025Q2 实现营业收入279 亿 元（同比+9.4%，环比-3.3%），归母净利润86亿元（同比+27.3%，环比-16.5%），盈利同比提升主要 受益于云音乐、创新及其他业务拉动的毛利率提升（Q2 为64.7%，同比+1.8pct），以及营业费率下降 （Q2为32.2%，同比-3.3pct）。我们看好"重磅新游发布+老游精细运营"驱动游戏增长，以及AI 全面赋 能，上调2025-2027 年业绩预测，预计2025-2027 年归母净利润分别为375/405/464（前值342/390/424） 亿元，对应EPS 分别为11.8/12.8/14.7元，当前股价对应PE 分别为15.5/14.3/12.5 倍，维持"买入"评级。 《无限大》预计9 月曝光，老游韧性突出，"新游发布+精细运营"驱动增长2025Q2 游戏及相关增值服务 实现收入228 亿元（同比+13.7%，环比-5.2%），同比增长主要源于《第五人格》《燕云十六声》《漫 威 ...

Core Insights - Net revenue for NetEase-S (09999) in Q2 2025 reached RMB 27.9 billion (USD 3.9 billion), representing a year-on-year increase of 9.4% [1] - Gross profit was RMB 18.1 billion (USD 2.5 billion), up 12.5% year-on-year [1] - Net profit attributable to shareholders was RMB 8.6 billion (USD 1.2 billion), showing a growth of 27.26% year-on-year [1] - Basic earnings per share were USD 0.38, with a quarterly dividend of USD 0.1140 per share [1] Revenue Breakdown - Revenue from games and related value-added services was RMB 22.8 billion (USD 3.2 billion), a year-on-year increase of 13.7% [1] - Youdao's revenue was RMB 1.4 billion (USD 198 million), up 7.2% year-on-year [1] - NetEase Cloud Music generated revenue of RMB 2 billion, while innovative and other businesses contributed RMB 1.7 billion [1] Half-Year Performance - For the first half of 2025, net revenue totaled RMB 56.72 billion, reflecting an 8.37% year-on-year growth [1] - Gross profit for the same period was approximately RMB 36.53 billion, an increase of 10.51% year-on-year [1] - Net profit attributable to shareholders for the first half was RMB 18.90 billion, up 31.33% year-on-year [1] - Basic earnings per share for the first half were RMB 5.94 [1] Strategic Focus - The CEO of NetEase emphasized the company's commitment to innovation in product design and community engagement, which are seen as core capabilities developed over years [2] - The company aims to explore new player experiences and expand self-developed IP products while collaborating with global partners for growth [2] - Beyond gaming, the company is focused on optimizing products and content to provide long-term value to users, partners, and shareholders [2]

Core Insights - The company reported a revenue of 28.83 billion yuan in Q1 2025, representing a year-over-year increase of 7.4% and a quarter-over-quarter increase of 7.8% [1] - The adjusted net profit for the same period was 11.24 billion yuan, showing a significant year-over-year growth of 32.0% [1] Group 1: Game Performance - The gaming and related services revenue reached 24 billion yuan in Q1, with a year-over-year increase of 12.1% [1] - Notable game performances included "Marvel: Contest of Champions" topping the Steam global sales chart after its April update, and "Yanyun Sixteen Sounds" surpassing 30 million total players [1] - Long-term operational games like "Identity V" and "Naraka: Bladepoint" showed stable revenue contributions, with "Identity V" being a major income source for the quarter [1] Group 2: New Game Pipeline and AI Strategy - The company has a diverse new game pipeline including titles like "Destiny: Rising" and "Marvel: Secret Wars," enhancing its game product matrix [2] - The Youdao business is advancing its "AI-native" strategy, achieving a gross margin of 47.3% in Q1, focusing on AI-enabled products and services for educational transformation [2] Group 3: Music and Community Engagement - NetEase Cloud Music achieved a gross margin of 36.7% in Q1, with a focus on community ecosystem development to enhance user retention [2] - The platform is leveraging AI capabilities for song recommendations and content creation, enriching its creator ecosystem [2] Group 4: Financial Projections - The company forecasts revenues of 113.86 billion yuan, 118.78 billion yuan, and 124.09 billion yuan for the years 2025, 2026, and 2027 respectively [2] - Projected net profits (Non-GAAP) for the same years are 38.81 billion yuan, 39.92 billion yuan, and 41.31 billion yuan [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][12] Core Views - The company achieved a revenue of 28.8 billion yuan in Q1 2025, representing a year-on-year increase of 7.36% and a quarter-on-quarter increase of 7.78%. The net profit attributable to shareholders was 10.3 billion yuan, up 34.94% year-on-year and 17.51% quarter-on-quarter [5] - The revenue from games and related value-added services was 24 billion yuan, reflecting a year-on-year growth of 12.1% and a quarter-on-quarter growth of 13.2%, primarily driven by the revenue increase from "Identity V" and contributions from new games such as "Yanyun Sixteen Sounds" and "Marvel Duel" [5] - The company maintains its earnings forecast for 2025-2027, expecting net profits of 34.2 billion, 39 billion, and 42.4 billion yuan respectively, with corresponding EPS of 10.8, 12.3, and 13.4 yuan, indicating a positive outlook for the new product cycle led by "Infinity" [5][6] Financial Summary and Valuation Metrics - For 2025, the company is projected to have a revenue of 120.974 billion yuan, with a year-on-year growth of 14.9%. The net profit is expected to be 34.23 billion yuan, reflecting a year-on-year increase of 15.3% [8] - The gross margin is forecasted to remain stable at 62.5% for 2025, with a net margin of 28.3% [8] - The price-to-earnings ratio (P/E) for 2025 is estimated at 16.2 times, decreasing to 13.1 times by 2027, indicating a favorable valuation trend [8]

Group 1: Market Performance - US stock indices showed mixed performance, with the Dow Jones up 0.65% and S&P 500 up 0.41%, while Nasdaq fell 0.18% [2] - Chinese concept stocks generally declined, with the Nasdaq Golden Dragon China Index down 2.37%, and Alibaba's stock dropping 7.53% due to disappointing revenue [3] Group 2: Company Earnings - Alibaba reported Q4 revenue of 236.45 billion yuan, a 7% year-over-year increase, but below the expected 237.91 billion yuan; Alibaba Cloud revenue reached 30.127 billion yuan, up 18% [3] - NetEase's Q1 revenue was 28.8 billion yuan, a 7.4% increase year-over-year, with gaming revenue up 12.1% to 24 billion yuan, while other segments saw declines [3] Group 3: Gold Market - Gold prices experienced significant volatility, rebounding from a low of 3,120.2 USD/oz to over 3,240 USD/oz, reflecting a nearly 2% increase [4] - A report indicated that gold's political safe-haven attribute is currently the primary driver of price changes, with its monetary and financial attributes being secondary [4] Group 4: Federal Reserve Policy - The US PPI data showed a 0.5% month-over-month decline, indicating significant impacts from rising tariffs on businesses [5] - Federal Reserve Chairman Powell announced adjustments to the policy framework to address structural changes in inflation and interest rate outlooks, with results expected by August or September [5]

Core Viewpoint - The article discusses the mixed performance of U.S. stock indices, the decline of Chinese concept stocks, particularly Alibaba, and the significant fluctuations in gold prices, alongside insights from the U.S. PPI data and Federal Reserve's policy adjustments. Group 1: Stock Market Performance - On May 15, U.S. stock indices showed mixed results, with the Dow Jones up 0.65% and S&P 500 up 0.41%, while Nasdaq fell 0.18% [3] - Chinese concept stocks generally declined, with the Nasdaq Golden Dragon China Index down 2.37%, and Alibaba's stock dropping 7.53% [4] - Notably, while Alibaba's stock fell, NetEase saw a significant increase of 14.61% [2][4] Group 2: Alibaba's Financial Performance - Alibaba reported its Q4 FY2025 results, with revenue of 236.45 billion yuan, a year-on-year increase of 7%, which was below the expected 237.91 billion yuan [4] - Alibaba Cloud revenue reached 30.127 billion yuan, growing 18% year-on-year, marking the fastest growth in three years [4] - The local services segment, driven by Ele.me and Gaode, generated 16.134 billion yuan, up 10% year-on-year [4] Group 3: NetEase's Financial Performance - NetEase's Q1 2025 net revenue was 28.8 billion yuan, a year-on-year increase of 7.4% [5] - The gaming and related services segment contributed 24 billion yuan, up 12.1% year-on-year, while Youdao and NetEase Cloud Music saw declines in revenue [5] - Net profit attributable to shareholders was 10.3 billion yuan, a 35.5% increase compared to the same period last year [5] Group 4: Gold Price Fluctuations - Gold prices experienced significant volatility, dropping to 3,120.2 USD/oz before rebounding to over 3,240 USD/oz, closing with a nearly 2% increase [7][8] - A report indicated that gold prices have reached new highs multiple times in 2024 and 2025, outperforming other assets and serving as a hedge against risk [8] - The report emphasized that geopolitical tensions and global interest rate trends are key factors influencing gold prices [8] Group 5: U.S. Economic Indicators - The U.S. PPI data for April showed a year-on-year increase of 2.4%, below the expected 2.5%, with a month-on-month decline of 0.5% [10] - The Federal Reserve Chairman Powell indicated that the economic environment has changed significantly since 2020, prompting a review of the Fed's policy framework [10] - Powell suggested that the Fed may complete its assessment and announce results by August or September, with potential implications for future interest rate adjustments [10][11]