网易2025年第三季度财报发布，营收283.6亿元 - 老虎社区

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2025-11-21

大行评级丨花旗：网易第三季non-GAAP纯利符合市场预期评级“买入”

大行评级丨花旗：网易第三季non-GAAP纯利符合市场预期评级“买入”

2025-11-21

网易游戏Q3创收233亿，聚焦“长青”，“收缩”海外投资进行时

网易游戏Q3创收233亿，聚焦“长青”，“收缩”海外投资进行时

2025-11-21

大行评级丨高盛：网易第三季业绩逊于预期结构性增长仍然不变

大行评级丨高盛：网易第三季业绩逊于预期结构性增长仍然不变

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SG Visual Research 图解研报

2025-12-10

NetEase 3Q25: The Market Is Sleeping on a 25% Deferred Revenue Spike — 2026 Could Surprise Everyone

$网易(NTES)$ $网易-S(09999)$ NetEase’s 3Q25 looked “fine” at first glance — but one number changes everything: 🔥 Deferred revenue +25% YoY This is future profit already locked in and waiting to be recognized. If you follow China gaming, you know: Deferred revenue spikes → earnings beat in the next 1–2 quarters. And the setup looks strong: 🎮 PC games +33% YoY after Blizzard’s return 📱 Mobile still growing with legacy blockbusters + new momentum 🚀 A loaded 2026 pipeline: Forgotten Seas, Unbounded, Starry Abyss, Returning Tang — multiple titles capable of becoming annual hits. Profitability is inflecting too: Non-GAAP NP +26.7% YoY Youdao: 5th consecutive profitable quarter Cloud Music: stable

NetEase 3Q25: The Market Is Sleeping on a 25% Deferred Revenue Spike — 2026 Could Surprise Everyone

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Profitability is inflecting too: Non-GAAP NP +26.7% YoY Youdao: 5th consecutive profitable quarter Cloud Music: stable","images":[{"img":"https://static.tigerbbs.com/01b064a6dd3841e1577752958661802b","width":"1080","height":"6160"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":3,"commentSize":0,"repostSize":2,"link":"https://laohu8.com/post/509139363160464","isVote":1,"tweetType":1,"viewCount":21219,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}]}