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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- SG Visual Research 图解研报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
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  NetEase 3Q25: The Market Is Sleeping on a 25% Deferred Revenue Spike — 2026 Could Surprise Everyone
- SG Visual Research 图解研报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
  2.09万评论
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  NetEase 3Q25: The Market Is Sleeping on a 25% Deferred Revenue Spike — 2026 Could Surprise Everyone

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