本文源自：市场资讯 作者：行情君 据交易所数据显示，12月15日，网易(NTES)开盘上涨2.11%，截至22:30，报139.14美元/股，成交1.05亿 美元，总市值881.03亿美元。 财务数据显示，截至2025年09月30日，网易收入总额850.79亿人民币，同比增长8.32%；归母净利润 275.18亿人民币，同比增长31.47%。 资料显示，网易股份有限公司(纳斯达克代号:NTES及港交所代号:9999,"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。网易的自有研发团队聚焦于手游、端游和主机游戏 的研发,团队规模位居行业头部。在其助力下,网易创造了卓越的游戏体验,激发了玩家的热情,并向世界各 地蓬勃发展的用户社群积极传递游戏多元价值。通过将文化与教育等元素融入游戏,网易助力游戏成为 一个更有意义的载体,让游戏更具活力和更富启发性。除游戏外,网易的其他业务包括:其控股子公司有道 (纽交所代号:DAO),提供行业领先技术的智能学习公司;控股子公司云音乐(港交所代号:9899) ...

Core Viewpoint - NetEase Yanxuan, once a promising e-commerce platform, is facing significant challenges, including a decline in user engagement, inventory issues, and increased competition from other platforms [3][5][8]. Group 1: Company Overview - NetEase Yanxuan was launched in April 2016 as a home and lifestyle e-commerce platform, utilizing an original design manufacturer model to offer quality products at competitive prices [4]. - By the end of September 2016, the platform had over 30 million registered users and achieved a monthly GMV of 60 million yuan [4]. - In 2017, the e-commerce segment generated approximately 11.7 billion yuan, accounting for 22% of NetEase's total revenue, making it the second-largest revenue source for the group [5]. Group 2: Decline in Performance - After a strong start, NetEase Yanxuan's revenue growth plummeted from 160% in 2017 to 64% in 2018, and further down to 20% in early 2019 [5][6]. - By 2024, the revenue from the innovation and other business segment, which includes Yanxuan, was only 8.1 billion yuan, representing less than 8% of NetEase's total revenue [5]. Group 3: Expansion and Quality Control Issues - To meet ambitious growth targets, NetEase Yanxuan aggressively expanded its product categories from home textiles to nine categories, increasing its SKU count from hundreds to over 10,000 by 2019 [6]. - This rapid SKU expansion led to quality control challenges, with reports of declining product quality and increased inventory pressure, as the inventory cycle extended from 27 days to 150 days by 2018 [7]. Group 4: Competitive Landscape - The entry of competitors like Taobao's "Taobao Xin Xuan," JD's "Jingdong Jingzao," and Xiaomi's "Xiaomi Youpin" intensified competition, with these platforms benefiting from stronger traffic and supply chain advantages [8]. - The rise of Pinduoduo, which quickly gained a large user base through low prices and social strategies, further complicated the competitive landscape for NetEase Yanxuan [8]. Group 5: Resource Allocation and Support - Initially, NetEase Yanxuan received substantial support from NetEase's various product lines, including games and email services, which helped drive traffic to the platform [9]. - However, as the e-commerce segment failed to meet revenue expectations, resources have shifted away from Yanxuan, with the company focusing more on its gaming business, which contributes nearly 80% of total revenue [9].

Core Insights - The company reported a revenue of 28.4 billion yuan for Q3 2025, representing an 8.2% year-on-year increase [1] - The net profit attributable to shareholders reached 8.6 billion yuan, a significant growth of 31.8% year-on-year [1] - The gaming segment showed strong performance, with revenue from games and related services amounting to 23.3 billion yuan, up 11.8% year-on-year [1][2] Financial Performance - Q3 2025 revenue: 28.4 billion yuan, up 8.2% YoY [1] - Gross profit: 18.2 billion yuan, up 10.3% YoY [1] - Net profit attributable to shareholders: 8.6 billion yuan, up 31.8% YoY [1] - Non-GAAP net profit: 9.5 billion yuan, up 26.7% YoY [1] - Operating cash flow: 12.9 billion yuan, up 21.7% YoY [1] - Cash reserves at the end of Q3: 153.2 billion yuan [1] Gaming Segment Performance - Classic games performed well, with "Dream of the Red Chamber" achieving a peak of 3.58 million concurrent players [2] - New game launches enriched the product matrix, including "Fate: Stars" topping iOS download charts in multiple regions [2] - Upcoming titles like "Reverse Water Cold" and "Forgotten Sea" are expected to contribute to future revenue [2] Cost and Expenses - Operating costs for Q3 2025 were 10.2 billion yuan, an increase from 9.8 billion yuan in Q2 2025 [3] - Operating expenses also rose to 10.2 billion yuan, driven by increased marketing costs for games [3] Future Outlook - The company maintains a strong investment rating, projecting net profits of 35.1 billion yuan, 38.5 billion yuan, and 42.5 billion yuan for 2025-2027 [3]

Core Insights - NetEase reported its Q3 financial results for the period ending September 30, 2025, showing a net revenue of 28.4 billion yuan, an increase of 8.2% year-over-year, and a net profit attributable to shareholders of 8.6 billion yuan, up 31.8% year-over-year [1] Group 1: Financial Performance - The company's gross profit for Q3 was 18.2 billion yuan, reflecting a year-over-year growth of 10.3% [1] - As of September 30, 2025, NetEase's net cash balance was 153.2 billion yuan, an increase from 131.5 billion yuan as of December 31, 2024 [1] - Non-GAAP net profit attributable to shareholders was 9.5 billion yuan, representing a year-over-year increase of 26.7% [1] Group 2: Business Segments - The gaming segment remains the core of NetEase's business, accounting for 82.04% of total revenue, with net revenue from games and related services reaching 23.3 billion yuan, a year-over-year increase of 11.8% [1] - Online games contributed 97.6% of the gaming revenue, driven by titles such as "Fantasy Westward Journey" and new releases like "Yanyun Sixteen Sounds" [1][2] - NetEase Youdao's net revenue was 1.628 billion yuan, a year-over-year increase of 3.6%, with online marketing services becoming the largest revenue source for the first time [4] Group 3: Game Development and Strategy - The company is focusing on high-quality game development, avoiding blind expansion into new products, and is committed to a more strategic approach in the coming years [2] - NetEase has closed at least seven overseas studios since 2024, including Jackalyptic Games and Bad Brain Game Studios, as part of a restructuring effort [2] - The game "Yanyun Sixteen Sounds" has shown strong performance overseas, reaching over 500,000 players within 40 minutes of launch and ranking in the top charts on Steam [3] Group 4: Other Business Segments - NetEase Cloud Music reported a year-over-year revenue decline of 1.8% to 2 billion yuan, while the "Innovation and Other" segment saw a more significant drop of 18.9%, with revenues of 1.4 billion yuan [4] - Youdao's online marketing services revenue grew by 51.1% to 740 million yuan, while learning services and smart hardware revenues declined significantly [4]

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]

Group 1: Net Income and Revenue - NetEase-S reported a net income of RMB 28.4 billion (USD 4 billion) for Q3 2025, representing an 8.2% year-on-year increase [1] - The gross profit for the same period was RMB 18.2 billion (USD 2.6 billion), showing a 10.3% year-on-year growth [1] - The net profit attributable to shareholders was approximately RMB 8.616 billion (USD 1.2 billion), reflecting a year-on-year increase of 31.77% [1] Group 2: Gaming Revenue - Net revenue from games and related value-added services reached RMB 23.3 billion (USD 3.3 billion) in Q3 2025, compared to RMB 22.8 billion in the previous quarter and RMB 20.9 billion in the same quarter last year [1] - Online games accounted for approximately 97.6% of the net revenue in this segment, up from 97.1% in the previous quarter and 96.8% year-on-year [1] - The growth in online gaming revenue was driven by self-developed games such as "Dream of Dreams" PC version and "Nirvana in Fire" mobile game, as well as several agency games [1] Group 3: Other Business Segments - Youdao's net income for Q3 2025 was RMB 1.6 billion (USD 228.8 million), with a quarter-on-quarter increase attributed to smart hardware and online marketing services [2] - NetEase Cloud Music reported a stable net income of RMB 2 billion (USD 275.9 million) for Q3 2025, unchanged from the previous quarter and the same quarter last year [2] - The net income 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-on-year, primarily due to a decrease in net income from NetEase Yanxuan [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 for an additional 36 months, until January 9, 2029 [2] - As of September 30, 2025, the company had repurchased approximately 22.1 million American Depositary Shares, totaling around USD 2 billion under this program [2]