丁磊铁腕回归重塑网易：老游戏复苏新游蓄力，AI浪潮下谋新篇

ITBEAR科技资讯02-13

网易（NTES.NASDAQ；09999.HK）近期公布的财报显示，2025年公司总营收达1126亿元，同比增长7%；归母净利润338亿元，增幅13.8%。其中，游戏及相关增值服务贡献了921亿元净收入，在线游戏板块以896亿元的收入实现11%的同比增长。这份成绩单背后，是创始人丁磊回归核心管理层后主导的深度变革。2024年成为网易战略转折的关键节点。当年3月，耗时六年、投入十亿元打造的开放世界...

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Asia Growth A (acc) SGD","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC"},"translate_title":"Ding Lei returns with an iron fist to reshape NetEase: old games recover and new games gain momentum, seeking a new chapter under the wave of AI","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09999":1.5,"09899":1.5},"content_text":"网易（NTES.NASDAQ；09999.HK）近期公布的财报显示，2025年公司总营收达1126亿元，同比增长7%；归母净利润338亿元，增幅13.8%。其中，游戏及相关增值服务贡献了921亿元净收入，在线游戏板块以896亿元的收入实现11%的同比增长。这份成绩单背后，是创始人丁磊回归核心管理层后主导的深度变革。2024年成为网易战略转折的关键节点。当年3月，耗时六年、投入十亿元打造的开放世界武侠游戏《射雕》上线后遭遇滑铁卢，仅两个月便宣布回炉重造，最终于2025年11月停止运营。这款产品的失利叠加老游戏流水自然回落，导致网易2024年营收增速骤降至1.8%，创近二十年新低，远低于当年全国游戏市场7.53%的平均增速。面对危机，丁磊迅速调整管理策略，从放权模式转向强势干预。改革措施直指核心问题：严控费用支出，削减买量投入；关闭日本Ouka、加拿大Worlds Untold、美国Jar of Sparks等海外工作室；大幅收缩战略投资部门规模。资源重新向经过市场验证的精品游戏倾斜，2025年至少关停14款表现不佳的产品，包括《黎明杀机手游》《流星群侠传》等曾红极一时的作品。丁磊在财报交流会上明确表示：\"项目若不符合用户需求，必须果断止损；优质项目则加大资源投入。\"这场变革成效显著。运营23年的《梦幻西游》通过推出\"畅玩服\"实现营收创新高；2015年上线的SLG游戏《率土之滨》新增\"爽玩版\"玩法，推动日活跃用户持续增长。暴雪游戏回归后亦贡献可观增量，2025年整体营收达历史峰值。出海业务取得突破，《燕云十六声》全球用户突破8000万，《漫威争锋》跻身Steam年度白金畅销榜。但挑战依然存在。2025年网易仍未推出现象级新作，上款表现突出的新游《漫威争锋》发布于2024年12月。更严峻的是，AI技术正重塑行业格局。今年1月谷歌发布生成式世界模型Genie 3后，美股游戏与广告技术板块剧烈震荡，市场担忧传统游戏开发模式将受到冲击。在财报电话会上，投资者焦点集中在新游计划与AI应对策略。丁磊透露，自研航海开放世界游戏《遗忘之海》已完成技术测试，计划2026年三季度上线；都市题材开放世界RPG《无限大》封闭测试数据符合预期，目前正在持续优化。针对AI冲击，他以影视行业类比：\"从摄像机到手机降低了拍摄门槛，但好莱坞标准反而提升。AI虽降低游戏制作门槛，却大幅提高了头部产品成功门槛。\"丁磊认为，商业化大作的核心壁垒已从产能转向整合能力。将AI技术与复杂数字体系、长线经济系统、深度社交生态融合，需要深厚的研发运营经验，这构成新入局者难以跨越的护城河。他同时指出，当前世界模型存在确定性不足、延迟严重、成本高昂等问题，距离实际应用仍有差距，\"但模型迭代速度惊人，优秀团队将迎来机遇。网易会积极拥抱前沿技术，探索全新交互体验。\"","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2611198520","isCrawlerRequest":true}