"不分散精力去做一些把握不大的新项目。"网易高层表示。 11月20日，网易（09999.HK）发布2025年第三季度财报。财报显示，网易Q3净收入284亿元，同比增加8.2%；归股净利润为86亿元，同比增长32%；非公认 会计准则下归股净利润为95亿元，同比增长26.7%。 | | 三個月截至 | | | | | 九個月7 | | --- | --- | --- | --- | --- | --- | --- | | | 2024年 | 2025年 | 2025年 | 2025年 | 2024年 | 2025 | | | 9月30日 | 6月30日 | 9月30日 | 9月30日 | 9月30日 | 9月3 | | | 人民幣 | 人民幣 | 人民幣 | 美元(注1) | 人民幣 | 人民 | | 浮收入 | 26,209,879 | 27,891,664 | 28.358.625 | 3,983,512 | 78.547.425 | 85,0 | | 營業成本 | (9,733,274) | (9,839,182) | (10,181,020) | (1,430,119) | (29,012,682) | ...

Core Insights - The Chinese gaming market revenue in August 2025 reached 29.263 billion yuan, showing a year-on-year decline of 13.01% and a month-on-month increase of 0.61% [1][2][4] - The overseas sales revenue of domestically developed games was 1.68 billion USD, reflecting a month-on-month decrease of 0.79% and a year-on-year decrease of 10.66% [1] - The decline in both domestic and overseas markets is attributed to a lack of new blockbuster games following the success of "Black Myth: Wukong" and a decrease in revenue share from IP adaptations, prompting the need for diverse IP operation strategies [1][4] Domestic Market Performance - The domestic client game market revenue in August was 6.563 billion yuan, with a month-on-month decrease of 1.11% but a year-on-year increase of 17.59% [7] - The mobile game market generated 21.541 billion yuan, showing a month-on-month increase of 0.85% but a year-on-year decline of 4.25% [7] - The market is experiencing a product cycle transition, with insufficient new releases to support revenue growth, highlighting the need for competitive new products [4][7] IP and Product Trends - In August, the share of revenue from IP adaptation products in the top 50 mobile games decreased year-on-year, while the share of non-IP products increased by 8.1 percentage points to 51.1% [8] - Successful non-IP products like "Egg Party" and "Supernatural Action Group" contributed significantly to the growth of non-IP revenue [8] - The frequency of IP collaborations increased by 65.4% in the first half of 2025 compared to the previous year, indicating a shift towards more diverse IP utilization strategies [10]