Core Insights - Lin Yunfeng, a key figure in NetEase's DreamWorks division, officially left the company on January 7 [1] - Lin previously served as the head of the DreamWorks division and was reassigned to lead the online gaming division's project "Fenghua Battle" [1] - The internal restructuring of the DreamWorks division is expected to be completed by October 2025, with Wu Weicong taking over as the new head [1] Company Changes - Lin Yunfeng was involved in the development of "Fantasy Westward Journey" since 2003 and became the second chief planner of the game [1] - In 2015, Lin was promoted to producer of "Fantasy Westward Journey" and head of the DreamWorks division [1] - The restructuring will see mobile projects move to the Sea God division, led by Chen Junxiong, while PC projects remain under the DreamWorks division [1]

以下文章来源于雷达Finance ，作者X编辑 当下，或许正是腾讯人才踏入网易的最好时机。 作者 ：彭程 编辑 ：孟帅 来源 ：雷达财经 和丁磊共事23年的网易元老级人物、集团执行副总裁丁迎峰，将于2025年最后一天正式"退 休"。 卸任之后，丁迎峰将以公司顾问的身份，继续为网易业务的发展提供指导。 回顾丁迎峰的职业生涯，堪称中国游戏行业的一个缩影。从1998年进入游戏行业，到2002年 加入网易，再到升任集团副总裁、执行副总裁，他见证并参与了网易从行业新锐成长为游戏巨 头的峥嵘历程。 雷达Finance . 遨游广袤的财富世界。 在网易内部，丁迎峰的地位仅次于CEO丁磊，是名副其实的核心管理者之一。在丁迎峰的主导 下，网易互动娱乐事业群陆续孵化出《梦幻西游》《阴阳师》《第五人格》等多款现象级产 品，奠定了网易在游戏行业的头部地位。 就在丁迎峰官宣退休一个多月前，网易披露了2025年 前三季度财 报。财报显示，今年前三季 度 ， 网 易 实 现 营 收 850.79 亿 元 ， 同 比 增 长 8.32% ， 归 母 净 利 润 275.18 亿 元 ， 同 比 增 长 31.47%。 然而，在这份看似繁荣的 ...

2025.12.30 本文字数：3958，阅读时长大约6分钟 作者 |第一财经刘晓洁 2025年的中国游戏行业，是"回暖"与"内卷"并存的复杂图景。 市场收入突破3500亿元、用户规模超过6.8亿、版号数量创七年新高、游戏股估值持续修复……种种数据显示，这是游戏行业持续回暖的一年。然而，具 体到企业，在行业大盘触顶的存量竞争格局下，内卷仍是常态，耗资过亿的项目也很难成功了，游戏行业"挣钱越来越难"。 市场分化还在加剧，游戏产业分析师张书乐认为，强者越强是包括游戏产业在内的互联网科技领域的大势所趋，游戏行业的"二八定律"甚至在变成"一九 定律"。不过，单机和AI原生游戏正在成为中小团队突围的新机会。 谈及游戏行业这一年的关键词，渶策资本创始合伙人胡斌提到"转型"，产业正在从中国制作向中国创造，从数值驱动到创意驱动，从好卖到好玩。张书乐 判断，在游戏质量提升、游戏出海路径拓宽，以及各地密集出台激励政策的大背景下，中国游戏产业正在开启新一轮"黄金十年"的增长周期。 成功越来越难了 在高基数背景下，2025年国内游戏市场收入与用户规模再度刷新历史。 根据《2025年中国游戏产业报告》，今年国内游戏市场收入约3508亿 ...

凤凰网科技讯12月27日，网易公司(NASDAQ:NTES/HKEX:9999)今日正式发布公告，披露了一项核心管 理层的人事变动。在为公司服务长达23年之后，丁迎峰决定退休，并将卸任网易执行副总裁及互娱事业 群负责人职务，该项决议将于2025年12月31日正式生效。作为网易游戏业务的关键人物，丁迎峰的卸任 标志着网易互娱事业群将迎来新的管理阶段。 根据公告披露的后续安排，丁迎峰在卸任实职后并不会立即切断与公司的业务联系，他将在2026年转任 网易公司顾问一职，继续利用其经验为公司提供支持。针对此次变动，网易CEO丁磊肯定了丁迎峰的职 业生涯贡献，特别强调了其在打造网易旗舰游戏产品以及构建公司研发与运营能力方面所发挥的核心作 用。 丁迎峰(别名丁丁)是网易游戏业务的核心奠基者之一，拥有超过25年游戏开发与设计经验。他于1998年 进入游戏行业，早年任职于金智塔并担任经典游戏《古龙群侠传》制作人，2002年受邀加入网易后开启 了长达23年的任职生涯。 入职初期，他参与《大话西游Online II》的早期数值架构工作，随后全程主导《梦幻西游》的研发与运 营，从数值策划逐步晋升为产品经理、第二产品部总监、梦幻西游工 ...

报告围绕 "AI 与 IP 相融共生" 核心逻辑，明确 2026 年传媒行业两大主线，核心内容如下： 行业整体景气度高企，盈利与估值有望共振。2025 年传媒行业累计上涨 24%，两轮行情分别由 AI 大模型突破与应用落地 + 业绩释放驱动。基本面表现亮 眼，2025 年前三季度行业营收同比增长 6%，归母净利润同比增长 38%，Q3 单季度净利润增速达 61%，盈利能力显著提升。细分板块中，游戏行业供需两 旺，营收与净利润同比分别增长 24% 和 89%；影视行业受益于优质 IP 内容，净利润同比增长 110%；营销行业随消费复苏与 AI 赋能，Q3 净利润同比增长 14%；出版行业凭借高股息与政策红利，保持稳健盈利。AI 技术迭代与 IP 价值深化将持续打开行业长期成长空间。 AI 成为核心增长引擎，多领域应用落地提速。海内外大厂加速大模型迭代，OpenAI、谷歌、DeepSeek 等模型在多模态、推理效率、成本控制上持续突破， 为应用生态奠定基础。AI + 游戏领域，版号宽松带动新游供给，AI 重构开发流程实现降本增效，同时创新交互体验，巨人网络、恺英网络等厂商受益于新 游周期与出海拓展。AI + 影视 ...

证券研究报告|传媒 [Table_Title] 2025 年游戏市场收入与用户规模达新高 点，移动端市场仍占主导地位 [Table_ReportType] ——传媒行业快评报告[Table_ReportDate] [行业Table_Summary] 事件： 2025 年 12 月 19 日，2025 年度中国游戏产业年会举办，会上对外发 布《2025 年中国游戏产业报告》。 投资要点： 国内游戏市场 2025 年市场收入与用户规模达新高点。2025 年，国 内游戏市场实际销售收入 3507.89 亿元，同比增长 7.68%，用户规模 6.83 亿，同比增长 1.35%，两者保持连续增长态势，同为历史新高 点。主要原因在于：一是移动游戏品质提升，新品市场表现出色；二 是多款头部长青游戏创新玩法、优化运营；三是小程序游戏增长强 劲；四是产品多端互通，玩家数量得以扩张。 从细分市场来看： （1）移动端市场仍占主导地位，长青产品及新产品共同发力带动规 模实现新突破。2025 年，国内移动游戏市场实销收入 2570.76 亿元， 同比增长 7.92%，规模又有新突破，占总体市场规模 72.39%。主要 由于《王者荣耀》 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The anime and game adaptation industry is a vital and dynamic segment of the cultural creative industry, driven by the rise of digital entertainment and the two-dimensional culture [4][5] - The industry encompasses a full value chain, including copyright acquisition, content development, technical implementation, marketing, and user operation [4][5] - The market size of the anime game adaptation industry in China has surpassed 100 billion RMB, with a compound annual growth rate (CAGR) of over 15% [16][17] - The industry is expected to continue its rapid growth, potentially exceeding 200 billion RMB in the next five years, fueled by technological advancements and a large user base [21] Industry Overview - The anime game adaptation industry involves transforming anime works into games and vice versa, requiring deep understanding and innovative design to retain the original spirit while enhancing user experience [4][5] - Key business models include IP licensing for game development, game IP licensing for animation production, and the development of derivative products [6][7] - The industry chain includes content creation, copyright operation, technical development, distribution channels, and marketing strategies [8][9] Market Demand Analysis - The target user demographic primarily consists of individuals aged 15 to 35, with a slight male predominance, although female engagement is increasing [24][27] - Users exhibit diverse interests, including two-dimensional culture, competitive gaming, and immersive storytelling, with a strong inclination towards high-quality content and innovative gameplay [28][30] - The demand for anime adaptation games focuses on faithful story representation and character development, while game adaptation anime seeks to deepen narrative and character backgrounds [33][36] Competitive Landscape - Major players like Tencent, NetEase, and Bilibili dominate the market, leveraging extensive IP resources and advanced technology to maintain a competitive edge [46][47] - The industry is characterized by frequent collaborations and alliances among anime production companies, game developers, and technology service providers [48] - Successful adaptation cases, such as "Honor of Kings" and "Douluo Dalu," highlight the importance of high-quality content and user community engagement [51][52] Technological Development Trends - The application of VR and AR technologies enhances user immersion and interactivity in anime game adaptations [58] - AI plays a crucial role in content creation, user behavior analysis, and personalized recommendations, significantly improving production quality and efficiency [59] Future Development Outlook and Strategic Recommendations - The market is projected to grow steadily, with a focus on content diversification and user segmentation to meet varied consumer demands [61] - Companies should prioritize original content development and IP protection to enhance brand competitiveness and user loyalty [67] - Strengthening cross-industry collaborations and expanding into international markets are essential for sustained growth and cultural exchange [70]

2025年中国游戏行业延续强劲增长态势，并全面迈入"精品化"的深水区。 万联证券今年8月发布的研究报告显示，今年上半年游戏行业同比增长14.08%，《王者荣耀》《无尽冬日》等长线运营能力突出的头部产品，成为拉升市 场增长的核心动力。这一趋势折射出，内容创新与持续运营正在成为决定产品生命周期和企业盈利能力的关键变量。 当行业站在结构重塑与技术革新的十字路口，机遇与挑战并存。如何在精品化竞争中获得稳定增长？如何用更成熟的运营、内容与技术策略延长产品生命 线？作为行业重要的增长伙伴，巨量引擎在此背景下举办 2025 OEGC 大会，汇聚产业共识、洞察前沿趋势，与全行业共同探寻具有建设性的增长路径。 2025 OEGC 大会全新启航 在游戏行业迈向精品化、长青化与AI融合的关键阶段，如何实现可持续增长，已成为全行业的核心议题。基于此，已持续五年的巨量引擎游戏行业年度 盛会——OEGC将在2025在规模、赛道和内容上全面升级，为游戏企业提供前沿、系统的解决方案。 01 三大趋势显现 精品化筑基、长青化赋能、AI化破局 不久前中国音像与数字出版协会主办的2025年度游戏IP生态大会上，伽马数据发布报告披露，中国游戏IP市 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company achieved a revenue of 28.4 billion yuan in Q3 2025, representing a year-on-year increase of 8.2% and a quarter-on-quarter increase of 1.7%. The net profit attributable to shareholders was 8.6 billion yuan, up 31.8% year-on-year and 0.2% quarter-on-quarter [5] - The gross margin for Q3 was 64.1%, an increase of 1.2 percentage points year-on-year, with a net profit margin of 31.0%, up 5.4 percentage points year-on-year. This improvement in profitability is attributed to gains from fair value changes in stock investments and lower net exchange losses [5] - The company’s contract liabilities reached 19.5 billion yuan by the end of Q3 2025, reflecting a year-on-year increase of 25% and a quarter-on-quarter increase of 15%, indicating strong growth momentum [5] - The report highlights the strong performance of the game "Dream of the Red Chamber" and the successful launch of new games, which are expected to drive future growth [5] Financial Summary and Valuation Metrics - Revenue projections for 2025-2027 are 357 billion yuan, 383 billion yuan, and 429 billion yuan respectively, with corresponding P/E ratios of 16.6, 15.5, and 13.8 times [5] - The company’s revenue for 2023 is projected at 103.5 billion yuan, with a year-on-year growth of 7.2%, and net profit is expected to be 29.4 billion yuan, showing no growth year-on-year [6] - The gross margin is expected to improve from 60.9% in 2023 to 64.7% in 2025, while the net profit margin is projected to increase from 28.4% in 2023 to 31.4% in 2025 [6]

Core Insights - The company's Q3 2025 revenue increased by 8% to 28.4 billion yuan, while Non-GAAP net profit rose by 27% to 9.5 billion yuan, slightly below expectations due to unrecognized revenue from some products and higher-than-expected marketing expenses [1] - The company declared a dividend of $0.114 per share and extended its share repurchase program of up to $5 billion until January 2029, having repurchased $2 billion by the end of Q3 2025 [1] Revenue and Profit Trends - Revenue from games and value-added services grew by 12%, driven by flagship products such as "Dream of Dreams" and "Egg Party," showcasing the company's long-term game operation capabilities [1] - Marketing expenses increased by 17% to 4.46 billion yuan, primarily due to seasonal promotional activities and new version marketing for flagship products, leading to a significant increase in deferred revenue [1] Investment and New Game Releases - The company achieved investment income of 1.38 billion yuan, which helped offset the impact of increased marketing expenses on profits [1] - New games "Destiny: Stars" and "Yanyun Sixteen Sounds" are set to launch in overseas and Chinese markets, with the former nominated for the 2025 TGA Best Mobile Game [1] - The company plans to focus on global capabilities and the progress of key new games, with several titles in the pipeline for 2026 [1] Profit Forecast and Valuation - The company maintains its profit forecast, with current valuations at 16/15x for Hong Kong stocks and 15/14x for U.S. stocks for 2025/2026 Non-GAAP P/E [2] - The company retains an outperform rating and a target price of 275 HKD / 177 USD, indicating an upside potential of 29% for Hong Kong stocks and 33% for U.S. stocks [2]