艾媒咨询CEO(首席执行官)张毅在接受《每日经济新闻》记者采访时表示，这一现象的核心支撑除玩法 创新外，关键在于电竞生态商业化闭环的构建与高价值付费设计的落地；同时，头部集中效应显著，跨 平台协同导流与全球化出海溢价也发挥了关键支撑作用。 若论及2025年增长最为迅猛的游戏品类，射击赛道当属第一。 2025年末，中国音像与数字出版协会第一副理事长、游戏工委主任委员张毅君发布《2025年中国游戏产 业报告》，其中一组数据引发市场关注。报告显示，在国内收入排名前100名的移动游戏产品中，射击 游戏品类以7%的数量贡献了18.29%的收入，全年增量接近百亿元，成为国内第二大游戏品类。 这一赛道并非大厂独舞，腾讯、网易、点点互动等头部厂商不仅自身实现了产品创新突破，更带动了中 小团队的发展，各自凭借差异化创新形成了多元竞争格局。 此外，国内厂商在射击游戏移动端体验优化上的持续突破，成为推动品类市场扩容的重要变量。 市场容量超预期扩容 射击作为游戏行业的主流品类，长期占据核心市场份额，而2025年该赛道的热度更是创下近年新高。 从全球市场表现来看，多款重量级射击新作密集登场并斩获亮眼成绩：美国互动娱乐软件公司EA(艺电 ...

Core Viewpoint - NetEase reported strong performance in Q1 2025, with net revenue of 28.829 billion RMB, reflecting a year-on-year growth of 7.4% and a quarter-on-quarter growth of 7.8% [1][2] Group 1: Financial Performance - NetEase's Q1 2025 gross profit reached 18.479 billion RMB, marking an 8.6% increase year-on-year, with a gross margin of 64.1% [2] - The company's operating expenses for Q1 2025 were 8.038 billion RMB, a decrease of 14.4% year-on-year, attributed to reduced marketing spending in the gaming sector [2] - Net profit attributable to shareholders for Q1 2025 was 10.301 billion RMB, showing a significant year-on-year increase of 34.9% [2] Group 2: Business Segments - Revenue from games and related value-added services in Q1 2025 was 24.048 billion RMB, accounting for approximately 83.4% of total revenue, with a year-on-year growth of 12.1% [1] - New game releases, such as "Yan Yun Shi Liu Sheng" and "Jie Wai Kuang Chao," contributed to the revenue growth, with the former surpassing 30 million registered players and the latter achieving a peak of over 110,000 concurrent players shortly after launch [1] - Non-gaming segments, including Youdao, NetEase Cloud Music, and other businesses, experienced revenue declines of 6.7%, 8.4%, and 17.6% respectively [1] Group 3: Market Reaction - Following the earnings announcement, NetEase's stock price rose by 1.2% to 168.1 HKD per share, with a market capitalization of 532.5 billion HKD [2] - In pre-market trading in the US, NetEase's stock price increased by 4.85%, reaching 112.3 USD per share [2]