网易严选“坍塌”背后，丁磊的“第二个网易”梦碎？

商业早八点02-12

中国的“无印良品”不行了——曾被寄予厚望的网易严选，正以两位数的同比下滑，滑向集团的边缘。根据最新披露的2025年第四季度及全年财报，网易严选所属的“创新及其他业务”全年营收为68亿元，同比上年呈现下滑趋势。更刺眼的是，其第四季度营收为20亿元，同比下滑10.4%；而在此之前的第三季度，其同比降幅更是高达18.9%。这个丁磊曾梦想“花三到五年时间再造一个网易”的业务，在游戏业务全年豪取921亿元...

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