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 ...

Core Insights - NetEase is further reducing the size of its internal development teams, including the closure of the Fantastic Pixel Castle studio [1][3] - Fantastic Pixel Castle, established in 2023 and led by Greg Street, was developing an original fantasy MMO titled "Ghost" [3] - The studio is seeking new funding but faces challenges in securing investment for large MMO projects [3] Company Developments - Greg Street announced that Fantastic Pixel Castle plans to close on November 17, while expressing hope for potential funding opportunities [3] - The studio's closure follows a trend of NetEase withdrawing investments from several overseas studios, including Worlds Untold, Jar of Sparks, and Ouka Studio [4] - Earlier in February, Street had expressed optimism about the studio's ability to avoid layoffs, indicating that their game was considered a priority by NetEase [4]

Core Viewpoint - Nomura analysts predict that NetEase's third-quarter revenue may fall short of high market expectations, with game and related value-added service revenue expected to grow by 12% year-on-year, below market forecasts [1] Group 1: Game Revenue Insights - Mobile game revenue is expected to recover, with a projected growth of 4% in the third quarter, driven by evergreen games such as "Party Animals" and "Yanyun Sixteen Sounds" [1] - PC game revenue growth may slow to 32% due to a high base effect from the return of "World of Warcraft" to the Chinese market last year [1] Group 2: Analyst Ratings and Price Target - Nomura maintains a "Buy" rating on NetEase's H-shares, with the target price unchanged at HKD 249.00 [1]

Core Points - Giant Network announced the resignation of General Manager Zhang Dong due to personal reasons, effective immediately upon delivery of the resignation report to the board [1][3] - Liu Wei has been appointed as the new General Manager, with his term starting from the board's approval until the end of the sixth board's term [3][4] Management Changes - Zhang Dong, aged 44, has nearly 20 years of experience in the gaming industry, having previously worked at Tencent and NetEase before returning to Giant Network as CEO in 2024 [3][4] - Liu Wei, who has a long tenure at Giant Network, previously served as General Manager from 2016 to 2023 and is now returning to the role [4] Compensation Details - Zhang Dong was the highest-paid executive at Giant Network, with a salary of 3.37 million yuan, significantly higher than the 1.19 million yuan received by Shi Yuzhu [4]

Core Viewpoint - Giant Network announced the resignation of General Manager Zhang Dong due to personal reasons, effective immediately upon delivery to the board, with no impact on the company's operations [2][4]. Group 1: Leadership Changes - Zhang Dong's resignation comes less than two years after he assumed the CEO position, which he took over in 2024 [4]. - Liu Wei, a long-time associate of the company's founder Shi Yuzhu, has been appointed as the new CEO, with her term lasting until the end of the current board's tenure [2][5]. - Liu Wei has a strong background in the company, having worked closely with Shi Yuzhu for over 20 years and previously serving as CEO of Giant Network [5]. Group 2: Background of Zhang Dong - Zhang Dong, 44 years old, graduated from Peking University in 2002 and has extensive experience in the gaming industry, including roles at Tencent and NetEase [2]. - He was responsible for significant projects at NetEase, including the Chinese versions of popular games like "Hearthstone" and "World of Warcraft" [2][3]. Group 3: Background of Liu Wei - Liu Wei, born in 1968, holds dual degrees in Chinese Language and Literature and Sociology, along with an MBA from CEIBS [5]. - She has held various leadership roles in the biotechnology sector before transitioning to the gaming industry, where she became a key figure at Giant Network [5].

Core Viewpoint - The article discusses the emerging trend of Chinese gaming service providers establishing operations in Africa, capitalizing on the low labor costs and high demand for gaming services, which is likened to a "cyber triangle trade" [5][25]. Group 1: Labor Cost and Market Dynamics - The average monthly salary for workers in countries like Kenya, Congo, and Angola ranges from 500 to 1,000 RMB, making it an attractive market for gaming service studios [8][9]. - Workers in Africa can earn over 1,000 RMB per month, which is considered a high income in the local context, leading to a rapid filling of job vacancies in gaming studios [11]. - The working conditions are characterized by a lack of high-quality office environments, with studios often set up in makeshift facilities, focusing on cost efficiency [12][13]. Group 2: Business Operations and Employee Training - The management style in these studios reflects a rigorous approach, with employees undergoing strict training and performance evaluations, similar to East Asian corporate cultures [15][18]. - Initial tasks for employees often involve basic gaming activities, but as they gain experience, they can progress to more complex roles, enhancing their skills and income potential [20][22]. Group 3: Historical Context and Industry Evolution - The article draws parallels between the current situation in Africa and the historical development of the gaming industry in China, highlighting how labor-intensive industries have shifted locations over time [29][34]. - The rise of gaming service studios in Africa is seen as a continuation of a broader trend of industry migration, where countries with lower labor costs attract businesses from higher-cost regions [25][45]. Group 4: Future Prospects and Globalization - As the gaming service industry in Africa matures, there is potential for improved working conditions and equipment, leading to better service quality and higher earnings for employees [26][27]. - The establishment of a globalized gaming service network is underway, with African studios not only serving domestic clients but also expanding to international markets [45][46].

Core Points - The new operational plan for TikTok in the U.S. has been approved by President Trump, ensuring its continued operation in compliance with U.S. laws [1] - A joint venture named "TikTok USDS Joint Venture" will handle data and content security, valued at $14 billion, while TikTok's overall U.S. business is valued at approximately $40 billion [1][4] Group 1: Operational Structure - The operational plan involves two main entities: "BD TikTok US," a wholly-owned subsidiary of ByteDance responsible for commercial activities, and the "TikTok USDS Joint Venture," which focuses on data and content security [3][4] - ByteDance will hold 19.9% of the joint venture, while new investors will collectively own 50%, making ByteDance the largest single shareholder [4] Group 2: Revenue Sharing and Cost Structure - The revenue-sharing mechanism between ByteDance's U.S. subsidiary and the joint venture will be crucial, as data security and content safety are high-cost operations [5] - The joint venture will incur significant expenses related to data security infrastructure and content moderation, which are essential for compliance with U.S. regulations [5] Group 3: Comparison with Other Models - The operational model resembles Apple's "Cloud on Guizhou" approach, where local compliance is achieved through a partnership with a local entity, in this case, Oracle for TikTok's data security [6][7] - This "delegated operation" model reflects a shift where foreign companies must adapt to local regulations, similar to past practices in China [7][8]

这两天，有关TikTok美国业务的调整方案，逐渐有了更多的细节披露。 根据复旦大学国际政治系教授沈逸透露的信息，此次调整涉及到了两个重要实体： 字节跳动TikTok美国公司（以下简称"BD TikTok US")； TikTok美国数据安全公司（TikTok US Data Security，以下简称"TikTok USDS"）。 调整过后，"TikTok美国业务"将由这两个公司分别运营。 其中，美国用户数据存储和安全、内容安全保障、软件检查和上架批准等业务，被纳入到"TikTok USDS"，并在这家公司引入新股东，但字节跳动保留最大单一股东地位；而其他诸如广告、电商、跨 境商业活动等重要业务，依然会由字节跳动全资持有的"BD TikTok US"负责运营。 当然，负责数据和内容安全的"TikTok USDS"，也需要有收入，才能够覆盖相关成本。目前的传闻是， TikTok美国业务中的一些本土收入，比如美国本地的直播收入、中小企业广告收入，可能会纳 入"TikTok USDS"，这也算"专款专用"了。此外，TikTok美国业务的不同主体之间，还会有商业上合理 的收入分成安排。 与收入相比，更重要的是算法的所 ...

Core Viewpoint - Tencent's MMORPG "Taris World" will cease operations for its international server on November 4, 2023, at 08:00 Beijing time, while there are no current plans to shut down the domestic server [1] Group 1 - "Taris World" is positioned as a competitor to "World of Warcraft" and is set to launch its domestic server ahead of "World of Warcraft" returning to China on June 12, 2024 [1] - The game features cross-platform account data synchronization, allowing players to access it on mobile, tablet, and PC [1] - The game will adopt a seasonal update model with expansion packs, introducing five new dungeons and two raids per season, along with new gameplay mechanics, gear, and storylines [1]

Group 1 - The Shanghai government has introduced measures to promote the high-quality development of the software and information services industry, including a pilot policy that allows foreign game companies' products developed in Shanghai to be treated as domestic games [1][2] - The measures consist of 17 initiatives aimed at supporting the digital content industry, including the establishment of digital content industry clusters and facilitating financing for digital content projects [2] - In 2023, Shanghai's total sales revenue from online games reached 144.528 billion yuan, with domestic market sales accounting for 119.01 billion yuan and overseas sales approximately 25.52 billion yuan [2] Group 2 - The approval process for domestic and imported games differs, with imported games requiring an overseas IP contract filing, which may be bypassed if games developed in Shanghai are classified as domestic [3] - The potential classification of foreign-developed games as domestic could allow foreign game developers to act as direct publishers in China, changing their role significantly in the market [3][4] - The current measures do not provide detailed regulations on this potential change, leaving uncertainty about its implementation [4]