维持"强烈推荐"投资评级。考虑到公司后续产品储备丰富，经典游戏表现亮眼，有道等创新业务持续发 展，我们预计公司2025-2027 年归母净利润有望达到351.0/384.9/425.3 亿元。维持 "强烈推荐"投资评 级。 风险提示：新游表现不及预期、竞争格局恶化、监管风险。 三季度公司多款经典游戏表现优秀。《梦幻西游》电脑版最高同时在线玩家次数连创四次新高，达到 358 万；新游戏上线进一步丰富产品矩阵，包括《命运：群星》在海外及国内上线后登顶多地区iOS 下 载榜，《无限大》在2025东京电玩展推出线下试玩后引发热烈反响，《逆水寒》手游及《燕云十六声》 于11 月在全球上线，《遗忘之海》有望于2026 年上线贡献增量。此外，暴雪系列游戏中，《魔兽世 界》近期推出国区独家"泰坦重铸"服务器，《暗黑破坏神II》重制版和《星际争霸I》分别于8 月27 日和 10 月28 日回归中国，《暗黑破坏神IV》国区即将在12 月12 日上线。 有道持续推动AI 技术升级与落地，教育及广告领域商业化成果显著。25Q3有道实现收入16 亿元，同比 增长3.6%，环比增长主要来自智能硬件及在线营销服务收入增长；云音乐25Q3 ...

11月20日港股盘后，网易发布了截至2025年9月30日的第三季度未经审计财务业绩。 上述观点与网易对海外业务的持续调整方向高度吻合。自2024年起，网易已陆续关停至少七家海外 工作室，其中于11月关闭了美国Jackalyptic Games与加拿大Bad Brain Game Studios两大工作室。这些工 作室大多成立时间较短，部分长期未能推出成熟产品，便在结构调整中宣告裁撤。 相比之下，网易的全球化思路或转向了让成功产品"走出国门"。本月，网易重磅产品《燕云十六 声》在海外上线后表现强劲——公开数据显示，该游戏上线仅40分钟，玩家数突破50万，24小时内玩家 超200万。Steam全球同时在线人数峰值突破19万，登上Steam全球畅销榜TOP4、最热玩游戏Top5，横扫 20个欧美地区Steam畅销榜前十。 新作方面，据记者不完全统计，截至11月20日，网易游戏已获批版号的新产品共计8款，包括二次 元都市开放戏《无限大》、生活模拟游戏《星绘友晴天》、RTS（即时战略游戏）《军团战争》等。 在未来新游储备方面，网易管理层表示，《无限大》目前的进度是符合预期的，后续的测试和上线 都在进一步计划以及计划内逐 ...

Core Insights - NetEase reported Q3 2025 net revenue of 28.4 billion yuan, an increase of 8.2% year-on-year, with net profit attributable to shareholders reaching 8.6 billion yuan, up 32% year-on-year [2][4] - The increase in net profit was attributed to higher investment income and a reduction in foreign exchange losses, with investment income rising from 580 million yuan to 1.38 billion yuan [3][4] Financial Performance - Q3 2025 net revenue: 28.4 billion yuan, up 8.2% YoY [2] - Net profit attributable to shareholders: 8.6 billion yuan, up 32% YoY [2] - Non-GAAP net profit: 9.5 billion yuan, up 26.7% YoY [2] - Deferred revenue exceeded market expectations, indicating potential future revenue growth [4] Business Segments - Online gaming revenue was 23.3 billion yuan, an increase of 11.8% YoY, accounting for approximately 97.6% of the segment's net revenue [6] - Key contributors to gaming revenue included classic IPs like "Dream of Dreams" and new releases such as "Marvel: Clash of Champions" [6] - Other business segments, including Youdao Education and NetEase Cloud Music, fell short of analyst expectations, with Youdao's revenue at 1.6 billion yuan (up 3.6% YoY) and NetEase Cloud Music at 2 billion yuan (down 1.8% YoY) [7] Management Insights - Management addressed recent high-level departures, emphasizing that personnel changes are normal and aimed at enhancing organizational focus and efficiency [4][5] - The company plans to concentrate resources on established successful products while being cautious with new project developments [6][5] R&D and Innovation - R&D expenditure for Q3 was 4.5 billion yuan, with AI applications deeply integrated into game production processes [7] - The company reported significant improvements in production efficiency due to AI, with a 70% increase in design efficiency and a 30% improvement in animation production [7] Cash Position - As of September 30, 2025, NetEase's net cash balance was 153.2 billion yuan, up from 131.5 billion yuan as of December 31, 2024 [7]

| | 三個月截至 | | | | 九個月截至 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 2024年 | 2025年 | 2025年 | 2025年 | 2024年 | 2025年 | 2025年 | | | 9月30日 | 6月30日 | 9月30日 | 9月30日 | 9月30日 | 9月30日 | 9月30日 | | | 人民幣 | 人民幣 | 人民幣 | 美元(注1) | 人民幣 | 人民幣 | 美元(注1) | | 浮收入 | 26,209,879 | 27,891,664 | 28,358,625 | 3,983,512 | 78,547,425 | 85,078,834 | 11,950,953 | | 营業成本 | (9,733,274) | (9,839,182) | (10,181,020) | (1,430,119) | (29,012,682) | (30,369,341) | (4,265,956) | | 毛利潤 | 16,476,605 | 18,052,482 | 18,177,605 | 2,553 ...

值得注意的是，今年10月以来，恒生科技指数显著回调，作为成份股之一的网易自今年9月的高点至今已回撤超12%。 据了解，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。 11月20日，网易公布了截至2025年9月30日的第三季度未经审计财务业绩。财报显示，第三季度，网易净收入为284亿元，同比增加8.2%。 在利润方面，网易本季度基本与上一季度持平。财报显示，第三季度归属于公司股东的净利润为86亿元，上一季度和去年同期分别为86亿元和65亿元。非公认会计 准则下，归属于公司股东的净利润为95亿元，上一季度和去年同期分别为95亿元和75亿元。 3.2025年第三季度网易云音乐净收入为人民币20亿元，上一季度和去年同期均为人民币20亿元。 4.2025年第三季度创新及其他业务净收入为人民币14亿元（202.1百万美元），上一季度和去年同期分别为人民币17亿元和人民币18亿元。该分部中主要包含严 选、广告和其他增值服务的净收入，也包含了某些内部交易的抵销。其环比减少主要来自于网易严选净收入减少；同比 ...

Core Insights - NetEase continues to generate significant profits quietly, with Q3 net revenue reaching 28.4 billion RMB, a year-on-year increase of 8.2%, and a non-GAAP net profit attributable to shareholders of 9.5 billion RMB, up 26.7% year-on-year [2][3] Financial Performance - The profit growth rate significantly outpaces revenue growth, a trend observed since 2025, with Q1 revenue at 28.8 billion RMB (up 7.4%), Q2 at 27.9 billion RMB (up 21.9%), and Q3 at 28.4 billion RMB [2][3] - Compared to other major companies like Tencent and Alibaba, NetEase's adjusted net profit growth rates are superior, with Tencent achieving 22%, 10%, and 18% growth in Q1, Q2, and Q3 respectively [3][4] Revenue Composition - In Q3, NetEase's gaming and related services generated 23.3 billion RMB, accounting for 82% of total revenue, with online games contributing 22.7 billion RMB, or 80% of total revenue [5][7] - The gaming sector remains the sole growth driver for NetEase, as other segments like NetEase Cloud Music and Youdao showed no growth, and other innovative business lines experienced declines [5][8] Strategic Direction - Despite the overall positive performance in gaming, NetEase has adopted a more conservative strategic approach, particularly in AI and technology sectors, unlike other major players aggressively pursuing AI investments [9][10] - R&D investment reached a record high of 16.5 billion RMB in 2023, up 44.8% year-on-year, but growth in R&D spending has slowed in 2024, indicating a shift in focus [11][13] AI Positioning - While other tech giants are heavily investing in AI, NetEase's efforts appear limited, with no significant presence in the top AI native applications as of September [13][15] - NetEase's AI applications are primarily focused on vertical scenarios rather than broad-based models, indicating a more cautious approach to AI integration [15]

Group 1: Financial Performance - Net income for Q3 2025 was RMB 28.4 billion (USD 4 billion), an increase of 8.2% year-over-year [1] - Gross profit for the same period was RMB 18.2 billion (USD 2.6 billion), reflecting a year-over-year increase of 10.3% [1] - Net profit attributable to shareholders was approximately RMB 8.616 billion (USD 1.2 billion), showing a year-over-year growth of 31.77% [1] - Basic earnings per share for Q3 2025 was USD 0.38, with a quarterly dividend of USD 0.1140 per share [1] Group 2: Business Segments - Revenue from online games and related value-added services was RMB 23.3 billion (USD 3.3 billion), up from RMB 22.8 billion in the previous quarter and RMB 20.9 billion year-over-year [1] - Online games accounted for approximately 97.6% of the segment's revenue, compared to 97.1% in the previous quarter and 96.8% year-over-year [1] - The increase in online game revenue was driven by self-developed games such as "Dream of Dreams" and "Marvel Showdown," as well as several agency games [1] - Youdao's revenue for Q3 2025 was RMB 1.6 billion (USD 228.8 million), with a quarter-over-quarter increase attributed to smart hardware and online marketing services [1] Group 3: Other Business Segments - Net revenue from NetEase Cloud Music for Q3 2025 remained stable at RMB 2 billion (USD 275.9 million) compared to the previous quarter and year-over-year [2] - Revenue from innovation and other businesses was RMB 1.4 billion (USD 202.1 million), down from RMB 1.7 billion in the previous quarter and RMB 1.8 billion year-over-year [2] - The decline in this segment was primarily due to reduced revenue from NetEase Yanxuan and increased internal transaction offsets [2] Group 4: Share Buyback Program - The company announced an extension of its previously approved share buyback program, allowing for the repurchase of up to USD 5 billion of its American Depositary Shares and ordinary shares until January 9, 2029 [2] - As of September 30, 2025, approximately 22.1 million American Depositary Shares had been repurchased under this program, totaling around USD 2 billion [2]

2025 年第三季度网易云音乐净收入为人民币 20 亿元(275.9 百万美元)，上一季度和去年同期均为人民币 20 亿元。 2025 年第三季度创新及其他业务净收入为人民币 14 亿元(202.1 百万美元)，上一季度和去年同期分别为 人民币 17 亿元和人民币 18 亿元。该分部中主要包含严选、广告和其他增值服务的净收入，也包含了某 些内部交易的抵销。其环比减少主要来自于网易严选净收入减少。同比减少主要来自于某些分部间内部 交易抵销的增加，以及网易严选等业务净收入减少。 该公司今日宣布，将此前已批准的可在公开市场或通过其他交易回购总金额不超过 50 亿美元流通在外 的美国存托股和普通股的股份回购计划有效期延长 36 个月，直至 2029 年 1 月 9 日。截至 2025 年 9 月 30 日，在该计划下公司已购买约2210万股美国存托股，共计约 20 亿美元。 智通财经APP讯，网易-S(09999)公布2025年第三季度业绩，净收入为人民币 284 亿元(40 亿美元)，同比 增加 8.2%。毛利润为人民币 182 亿元(26 亿美元)，同比增加 10.3%。归属于公司股东的净利润为约人 民币86.1 ...

Group 1 - NetEase (NTES) opened with a 2.58% increase, reaching $135.29 per share, with a total market capitalization of $85.665 billion as of August 25 [1] - As of June 30, 2025, NetEase reported total revenue of 56.72 billion RMB, reflecting a year-on-year growth of 8.37%, and a net profit attributable to shareholders of 18.902 billion RMB, which is a 31.33% increase year-on-year [1] - On August 19, NetEase received a "Buy" rating from Guoyuan International Holdings, with a target price set at $167.1 [1] Group 2 - NetEase is a leading internet and gaming service provider, focusing on high-quality content and continuously expanding its gaming ecosystem [2] - The company has developed and operated several popular mobile and PC games, with a strong in-house development team that ranks among the industry's top [2] - In addition to gaming, NetEase's other businesses include Youdao, an intelligent learning company, and NetEase Cloud Music, a well-known online music platform [2]

Core Viewpoint - NetEase reported Q2 2025 earnings with net revenue of 27.9 billion yuan, a year-on-year increase of 9.4%, slightly below Bloomberg consensus expectations of 28.4 billion yuan [4] Business Segments - **Gaming**: Revenue growth was strong but below market expectations, likely due to high prior expectations set by successful Q1 titles. Q2 gaming and related services net revenue was 22.8 billion yuan, up 13.7% year-on-year, compared to the expected 23.4 billion yuan. Online gaming net revenue reached 22.1 billion yuan, a 14.9% increase year-on-year. Key contributors included new titles like "Marvel Duel" and "Yanyun Sixteen Sounds," while "Outsider Tide" performed poorly overseas. Deferred revenue at the end of the period was 17 billion yuan, up 24.6% year-on-year, indicating future revenue support [5][6] - **Youdao**: Net revenue was 1.4 billion yuan, a 7.3% year-on-year increase, exceeding expectations of 1.3 billion yuan, driven by online marketing and learning services growth [5] - **Cloud Music**: Net revenue was 2 billion yuan, also a 7.3% year-on-year increase, surpassing the expected 1.3 billion yuan, attributed to growth in online music services [5] - **Innovative and Other Businesses**: Net revenue was 1.7 billion yuan, down 17.8% year-on-year, below the expected 1.8 billion yuan, with declines in revenue from NetEase Yanxuan and advertising services [5] Profitability - The company's gross margin for Q2 was 64.7%, up 1.8 percentage points year-on-year, exceeding the expected 63.6%. Gaming and related services gross margin was 70.2%, up 1.4 percentage points year-on-year, likely due to cost optimization. Cloud Music's gross margin was 36.1%, up 4.0 percentage points year-on-year, also exceeding expectations. Innovative and other businesses had a gross margin of 42.3%, up 8.3 percentage points year-on-year, while Youdao's gross margin was 42.9%, down 5.2 percentage points year-on-year [6][7] - Marketing expenses were 3.6 billion yuan, with a marketing expense ratio of 12.8%, down 0.9 percentage points year-on-year, indicating a return to historical spending levels after significant optimization in previous quarters [6][7]