网易公司：《新神雕侠侣》重新推出具有期权价值

Summary of NetEase, Inc. Conference Call Company Overview - Company: NetEase, Inc (NTES.O) - Industry: China Internet and Other Services - Market Capitalization: US$64.68 billion - **Current Stock Price**: US$99.72 (as of February 28, 2025) - Price Target: US$117.00 - **52-Week Range**: US$113.77 - US$75.85 - **Shares Outstanding**: 649 million - **Average Daily Trading Value**: US$149 million Key Points Relaunch of Condor Heroes - Event: NetEase announced the relaunch of Condor Heroes 2.0 on March 13, 2025, after a 10-month suspension of the 1.0 version [1] - Investment: The original version incurred approximately Rmb1 billion in R&D costs [1] - Improvements: The new version includes: 1. Rebuilt character image models 2. Upgraded martial arts skills for heroes 3. Changes to PVP gameplay [1] Financial Implications - Refund Policy: NetEase will refund all grossing from the 1.0 version to gamers [2] - User Engagement: As of March 2, 2025, over 1.4 million gamers have made appointments to join the game [2] - Previous Performance: Condor Heroes was noted as the biggest failure among NetEase's new games in 2024, suspended two months post-launch due to poor feedback [2] - Forecast Impact: The relaunch is not included in the 2025 financial forecast, thus any revenue contribution is considered as option value [2] Analyst Ratings and Industry View - Stock Rating: Overweight [3] - Industry View: Attractive [3] - Valuation Methodology: Based on a sum of the parts approach [7] Risks and Opportunities - Upside Risks: - Better-than-expected performance of existing or new game titles - Faster-than-expected overseas expansion [9] - Downside Risks: - Weaker-than-expected margins, particularly from loss-making businesses [9] Market Context - P/E Ratio: NetEase's gaming segment is valued at 14x 2025 estimated P/E, compared to 15-30x for US/EU publishers, indicating slower growth and limited overseas exposure [9] Additional Insights - User Base: The significant number of appointments for the relaunch indicates potential for user engagement and revenue generation [2] - Financial Strategy: The decision to refund gamers reflects a commitment to customer satisfaction and may help rebuild brand loyalty after the previous failure [2] This summary encapsulates the critical aspects of NetEase's recent conference call, focusing on the relaunch of Condor Heroes, its financial implications, and the broader market context.