[Table_StockNameRptType] 网易-S（09999） 港股公司点评 [Table_Rank] 投资评级：买入（维持） | | | | [Table_BaseData] 收盘价（港元） | 203.80 | | --- | --- | | 近 12 个月最高/最低（港元）222.8/112.4 | | | 总股本（百万股） | 3,166 | | 流通股本（百万股） | 3,166 | | 流通股比例（%） | 100.00 | | 总市值（亿港元） | 6,452 | | 流通市值（亿港元） | 6,452 | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：金荣 执业证书号：S0010521080002 邮箱：jinrong@hazq.com [Table_CompanyReport] 相关报告 1.网易 25Q1 业绩点评：游戏业务稳健 发力，内容多元化布局 2025-05-22 2.网易 24Q4 业绩点评：《漫威争锋》 推动端游增长，游戏多元化成长 2025-02-26 业绩表现稳定，游戏全球化布局 主要观点： ⚫[Table_Summ ...

Summary of Conference Call Notes Industry or Company Involved - Focus on the Chinese AI ecosystem, technology hardware, and semiconductor industry, particularly related to H20 shipments and their implications for companies like NVIDIA, TSMC, and Samsung Electronics Core Points and Arguments 1. **H20 Shipment Recovery**: The recovery of H20 shipments is seen as a positive development for China's AI ecosystem and technology hardware sector, alleviating recent supply constraints [1][4][5] 2. **Geopolitical Risks**: Despite the positive impact of H20, geopolitical uncertainties are expected to continue affecting China's semiconductor self-sufficiency efforts [2][5] 3. **Huawei's Advancements**: Huawei has developed a super cluster using Ascend 910 chips capable of training models with over 1 trillion parameters, enhancing China's competitive edge in AI [2] 4. **Samsung Electronics Outlook**: Samsung is favored due to its inventory adjustments and potential improvements in supply chain conditions following the reversal of H20 shipment bans [3][4] 5. **Capital Expenditure Trends**: The capital expenditure plans of major internet companies are expected to remain stable despite short-term GPU shortages, with potential upward adjustments if AI applications progress [4][5] 6. **Investor Sentiment**: There is a noticeable shift in investor interest towards China's data center industry, with long-term investors looking to position themselves as risks are alleviated [6] 7. **Impact on Alibaba Cloud**: The resumption of H20 shipments is anticipated to accelerate revenue growth for Alibaba Cloud in upcoming quarters [6] 8. **Technology Hardware Supply Chain**: Various suppliers, including ODMs and component manufacturers, are preparing to restart projects related to H20, indicating a positive outlook for the technology hardware sector [7][8] 9. **FII's Revenue Contribution**: FII is expected to see significant revenue contributions from AI-related sales, with projections indicating over 50% of total revenue from AI by 2026 [10] 10. **NVIDIA's Revenue from China**: NVIDIA's revenue from China is projected to be between $25 billion to $35 billion, with H20 shipments contributing significantly to this figure [11] 11. **TSMC's Position**: TSMC views the H20 recovery as a positive development, although there is uncertainty regarding wafer production levels [12][21] 12. **Market Dynamics**: The overall semiconductor market is expected to experience a positive trend, particularly in AI, while non-AI segments are recovering slowly [19][20] Other Important but Possibly Overlooked Content 1. **Competitive Landscape**: Concerns regarding competition from JD.com in the OTA sector are minimal, with existing players maintaining strong positions [14] 2. **Travel Industry Performance**: Recent data indicates a decline in hotel occupancy and airline ticket sales, raising concerns about the sustainability of recovery in the OTA sector [15][16] 3. **Gaming Sector Insights**: Expectations for revenue growth in the gaming sector remain high, with significant contributions anticipated from new game releases [17][18] 4. **IDC Orders Resumption**: Major players like ByteDance are expected to quickly resume large-scale IDC procurement following the lifting of supply constraints [22]

Core Insights - The domestic AAA game "Mingmo: Yuanshu Zhi Yu" has reached the second position on the Steam global sales chart, excluding free games and Steam Deck, ranking only behind the independent game "PEAK" [1] Group 1: Game Performance - "Mingmo: Yuanshu Zhi Yu" is currently available for pre-order at HK$ 298.00 [2] - The game has seen an increase in sales, with a notable rise of 88 positions in the rankings [2] Group 2: Market Context - The current top-selling games on Steam include "Counter-Strike 2" (free to play), "Steam Deck," and "Warframe" (free to play), indicating a competitive market landscape [2] - "PEAK," the only game above "Mingmo: Yuanshu Zhi Yu," is priced at HK$ 48.00 and has experienced a decrease in its ranking by 2 positions [2]

Core Viewpoint - The article discusses the shift in the gaming industry from content-driven products to platform-driven products, highlighting the challenges faced by major game developers in launching new titles that replicate past successes [2][5]. Group 1: Industry Overview - In April 2025, 33 mobile game publishers generated $2 billion, capturing nearly 40% of global publisher revenue [5]. - The current market is characterized by a "mobile gaming small year," with new heavy mobile games failing to perform as expected due to a lack of innovative content [5][6]. Group 2: Company Strategies - Major companies like Tencent are focusing on long-term operations of flagship products, such as "Honor of Kings," which saw a 71% increase in global revenue in April [6]. - NetEase is emphasizing self-developed games and international expansion, as seen with "Marvel Duel," which topped the Steam global sales chart after seasonal updates [7]. - MiHoYo maintains its position in the rankings through flagship projects like "Genshin Impact," which significantly boosted overseas revenue by nearly 200% [7]. Group 3: Market Dynamics - The gaming industry is witnessing a trend where casual and hyper-casual games are gaining traction, attracting a broader user base beyond traditional gamers [8]. - The competition in the overseas market is intense, with higher performance expectations for products compared to the domestic market [9]. - Smaller game developers are finding success with light games, although the profit margins and return on investment timelines are challenging for larger companies [9].

Core Viewpoint - NetEase's Q1 2025 performance showed significant growth, driven by both new and existing games, with a net revenue of 28.8 billion yuan, a year-on-year increase of 7.4% [1][11] Revenue Growth - In Q1 2025, NetEase's net revenue from online games and related value-added services reached 24 billion yuan, up from 21.2 billion yuan in the previous quarter and 21.5 billion yuan in the same quarter last year [2] - Online games accounted for approximately 97.5% of the net revenue in this segment, an increase from 96.7% in the previous quarter and 95.2% year-on-year [2] Game Performance - The newly launched games, including "Marvel Showdown" and "Yanyun Sixteen Sounds," contributed to revenue growth, with "Marvel Showdown" achieving record highs on Steam after its second season update [2][3] - "Yanyun Sixteen Sounds" surpassed 30 million registered players by March 2025, filling a gap in the market for martial arts-themed games [5][10] Game Strategy - The company plans to adjust the update cycle for "Marvel Showdown" from three months to two months, aiming to enhance player engagement and stabilize game metrics [5] - The monetization strategy for "Yanyun" focuses on a tiered, low-pressure payment model, allowing players to enjoy the game without heavy financial commitment [6] Long-term Game Development - The success of "Identity V," which has been optimized over six years, demonstrates the potential for long-term game sustainability, with a significant revenue increase of 123% in January 2025 [7][8] - The company emphasizes the importance of continuous content updates and player loyalty for the longevity of its games, particularly for "Yanyun" [9][10] Market Response - Following the positive financial results, NetEase's stock price rose by 13.03% to 190 HKD on May 16, 2025, reflecting investor confidence [11]