网易（纳斯达克代号：NTES及港交所代号：9999）29日发布财报。财报显示，网易2023年营收为1035亿元（146亿美元），较2022年同期的965亿元增长7.3%。 网易2023年游戏及相关增值服务净收入为816亿元（115亿美元），2022年为746亿元。2023年来自于在线游戏的净收入约占该分部净收入的92.9%。2023年手游收入占比同比增加，主要是由于《蛋仔派对》和《逆水寒》等手游的净收入占比增加。 2023年有道净收入为54亿元，云音乐净收入为79亿元，创新及其他业务净收入为86亿元（12亿美元）。 网易2023年归属于公司股东的净利润为294亿元（41亿美元），2022年为203亿元；非公认会计准则下归属于公司股东的持续经营净利润为326亿元（46亿美元），2022年为228亿元。 网易2023年第四季度净收入为271亿，同比增7%；非公认会计准则下归属于公司股东的持续经营净利润为74亿元（10亿美元）。 网易首席执行官兼董事丁磊说，“2023年是网易游戏在品类创新突破上具有里程碑意义的一年，我们的游戏产品线更加丰富和多样化，我们不仅延续了《蛋仔派对》的成功，更推出了《巅峰极速》和《全明星街 ...

网易[T(aNblTe_EStSoc kUNaSm/e9R9p9tT9yp eH] K ) 公司研究/美股点评 季节短期扰动，24 年产品储备强劲有望创造惊喜 投资评级：增持（维持） 主要观点： [Table_Rank] 报告日期： 2024-02-29 ⚫[ T2a3bQle4_业Su绩m情ma况ry：] 23Q4收入271.40亿元(yoy 7%, qoq -0.5%)，低于市场预期282.12亿 [收Ta盘bl价e_(B美a元se)D ata] 112.28 元；23Q4 Non-GAAP净利润73.79亿元(yoy 16%, qoq -4%)，低于市场 近12个月最高/最低(美元) 118/77 预期79.48亿元。公司本季度的股息分红率达到74%，是历史最高水平(除 总股本(亿股) 32.24 19Q3出售考拉时期的特殊分红)。收入与利润低于预期，主要有几个因 流通股本(亿股) 32.24 素：1) 游戏递延收入并未转化为营业收入，由于玩家消费节奏影响递延 流通股比例(%) 100.00 收入确认节奏，所以部分收入仍未从资产负债表转向利润表。2）PC端 总市值(亿美元) 724 流通市值(亿美元) ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 NetEase, Inc. （於開曼群島註冊成立的有限責任公司） （股份代號：9999） 2023 年 12 月 31 日止第四季度及財政年度 未經審計的財務業績公告及第四季度股息公告 網易股份有限公司（「公司」）在此公佈 2023 年第四季度的季度股息及第四季度及財政年度 業績公告，其中包含截至2023年12月31日的三個月及財政年度未經審計的財務業績。本業績 公告可於香港聯交所網站www.hkexnews.hk 及公司網站http://ir.netease.com閱覽。 承董事會命 NetEase, Inc. 丁磊 董事 中國杭州，2024年2月29日 於本公告日期，本公司董事會包括董事丁磊先生；以及獨立董事唐徽女士、鄭玉芬女士、唐子 期先生及梁民傑先生。 媒體和投資者請聯繫: 郵箱 ...

记者从交通运输部获悉，预计2024年2月12日，全国高速公路网流量将处于高位运行状态，部分热门城市、景区周边路网易发生拥堵，华北南部、黄淮大部及河南、湖北等地可能受到大雾影响，9—11时、15—17时为高峰时段，请密切关注路况，注意错峰出行。 交通运输部路网监测与应急处置中心发布春节假期公路出行信息提示，2月12日，预计热门城市路网及城际间公路：北京、广州、长沙、成都、西安周边路网，北京—石家庄、杭州—宁波、广州—深圳、成都—重庆、西安—郑州之间通道。 (责任编辑：王晨曦) ...

运营商财经网 易鑫/文 近期，金丝猴因违反食品安全法，被上海市浦东新区市场监督管理局罚款5万元。这是怎么一回事呢？公司董事长李旸对此知晓吗？ 据天眼查显示，在1月16日，上海金丝猴食品股份有限公司因生产经营其他不符合法律、法规或者食品安全标准的食品、食品添加剂，被上海市浦东新区市场监督管理局罚款5万元、没收违法所得545.7元，处罚决定文书号为沪市监浦处〔2024〕152023006521号。 处罚事由显示，经抽检，金丝猴公司委托漳州某食品公司生产的一款无边纯吐司“菌落总数项目”不合格。当事人共计委托受托方生产涉案产品200件（每件12袋，每袋 308克），成本价为4980元。至案发，当事人共计销售涉案产品107件，剩余93件因销售不佳产品过期当事人已自行销毁，上述产品共计货值金额6000元，违法所得545.7元。 金丝猴是国内不少人儿时的记忆，但经过多年的发展，其也历经多次被收购的坎坷。相关文章显示，在2018年7月，李旸从美国好时公司收购上海金丝猴食品股份有限公司及其旗下七家子公司和金丝猴品牌，使得金丝猴这个国人心目中的民族品牌得以回归。 据了解，金丝猴顺利回购后，李旸用了不到半年时间使其生产经营得以 ...

据央视新闻，交通运输部消息，预计2024年2月12日，全国高速公路网流量将处于高位运行状态，部分热门城市、景区周边路网易发生拥堵，华北南部、黄淮大部及河南、湖北等地可能受到大雾影响，9—11时、15—17时为高峰时段，请密切关注路况，注意错峰出行。 交通运输部路网监测与应急处置中心发布春节假期公路出行信息提示，2月12日，预计热门城市路网及城际间公路：北京、广州、长沙、成都、西安周边路网，北京—石家庄、杭州—宁波、广州—深圳、成都—重庆、西安—郑州之间通道。 海量资讯、精准解读，尽在新浪财经APP ...

Music Industry Trends - The trend of "de-top-streaming" is spreading in the content ecosystem, including the music industry, where resources and traffic are no longer concentrated on a few top artists as in the CD era [1] - The shift from PGC to UGC and the use of recommendation algorithms by platforms have contributed to this trend, leading to more diversified music and personalized listening experiences [1] - Music platforms can be divided into two categories: established players like TME and NetEase Cloud Music, which focus on resource collaboration and social stickiness, and new challengers like Qishui Music, which prioritize recommendation algorithms [1][5] Spotify and Qishui Music - Spotify, despite being unprofitable, has seen its stock price rise since its IPO, with 2022 revenue reaching 11.7 billion euros, up from 9.67 billion euros in 2021 [3] - Spotify's recommendation algorithm, particularly its Discover Weekly feature, has been instrumental in discovering new artists, with over one-third of new artists being discovered through personalized recommendations [4] - Qishui Music, inspired by Spotify, adopts a vertical single waterfall flow for song recommendations, similar to TikTok, and focuses on algorithm-driven music discovery [5] Domestic Music Platforms - TME and NetEase Cloud Music dominate the domestic market, with TME focusing on resource collaboration and IP creation, while NetEase Cloud Music emphasizes user-generated content and independent music [6][8] - TME's strategy includes leveraging its entertainment ecosystem to provide music-related services, while NetEase Cloud Music aims to build a music version of Bilibili, focusing on user interaction and independent music [8] - Both platforms have responded to the rise of Qishui Music by introducing features like ad-supported free listening and live streaming, indicating the impact of new entrants on the market [9] Future Trends and Challenges - The music industry is characterized by its unique balance of production difficulty, dissemination efficiency, and emotional value, making platform strategies complex and ever-evolving [10] - The rise of hip-hop music in China, driven by platforms like iQiyi, has benefited NetEase Cloud Music, highlighting the unpredictable nature of music trends [10] - The competition among music platforms is expected to intensify, with potential scenarios including a tripartite division of the market among TME, NetEase Cloud Music, and Qishui Music [10] Market Dynamics - Spotify's global dominance and its focus on algorithm-driven recommendations have set a benchmark for new entrants like Qishui Music, which aims to replicate Spotify's success in the domestic market [5] - The domestic market is witnessing a shift towards algorithm-driven platforms, with Qishui Music's entry challenging the established players and potentially reshaping user preferences [9] - The lack of a clear moat in the music platform industry suggests that competition will remain fierce, with platforms continuously adapting to changing user demands and market dynamics [10]

Good day and welcome to the NetEase 2023 Third Quarter Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Ms. Margaret Shee, Senior IR Director of NetEase. Please go ahead, ma'am. Thank you, operator. Please note the discussion today will contain forward-looking statements relating to the future performance of the company and are intended to qualify for a safe harbour from liability, as established by the US Private Securities Mitigation ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告 的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公 告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 NetEase, Inc. （於開曼群島註冊成立的有限責任公司） （股份代號：9999） 2023年 9月 30日止第三季度未經審計的財務業績公告及 第三季度股息公告 網易股份有限公司（「公司」）在此公佈 2023 年第三季度的季度股息及業績公告，其 中包含截至2023年9月30日的三個月未經審計的財務業績。本業績公告可於香港聯交 所網站www.hkexnews.hk及公司網站http://ir.netease.com閱覽。 承董事會命 NetEase, Inc. 丁磊 董事 中國杭州，2023年 11月16日 於本公告日期，本公司董事會包括董事丁磊先生；以及獨立董事唐徽女士、鄭玉芬女 士、唐子期先生及梁民傑先生。 媒體和投資者請聯繫: Margaret Shi ...

Financial Performance - NetEase reported net revenue of RMB 24.01 billion (USD 3.31 billion) for Q2 2023, a year-over-year increase of 3.7%[3] - Revenue from games and related value-added services was RMB 18.80 billion (USD 2.59 billion), representing a year-over-year increase of 3.6%[3] - Youdao's revenue reached RMB 1.21 billion (USD 166.4 million), showing a significant year-over-year growth of 26.2%[3] - Cloud Music revenue was RMB 1.95 billion (USD 268.7 million), a year-over-year decrease of 11.1%[3] - Gross profit amounted to RMB 14.40 billion (USD 2.00 billion), reflecting a year-over-year increase of 11.1%[3] - Net profit attributable to shareholders was RMB 8.20 billion (USD 1.10 billion), with non-GAAP net profit of RMB 9.00 billion (USD 1.20 billion)[4] - Basic earnings per share were USD 0.35, with non-GAAP basic earnings per share of USD 0.39[4] - The net profit attributable to shareholders in Q2 2023 was RMB 8,242.8 million (USD 1,136.7 million), compared to RMB 6,754.6 million in the previous quarter and RMB 5,291.5 million year-over-year[12] - Net income for the six months ended June 30, 2023, was RMB 14,870,009 thousand, representing a significant increase from RMB 9,412,595 thousand in the same period of 2022, reflecting a growth of approximately 58.8%[22] - The company reported a net profit attributable to shareholders of RMB 14,997,401 thousand for the six months ended June 30, 2023, compared to RMB 9,685,499 thousand in the same period of 2022, which is an increase of about 55.0%[22] Operating Expenses - Total operating expenses in Q2 2023 were RMB 8,312.8 million (USD 1,146.4 million), an increase from RMB 7,676.5 million in the previous quarter and RMB 7,995.2 million year-over-year[9] - The total operating expenses for the six months ended June 30, 2023, were RMB 15,989,215 thousand, compared to RMB 15,324,500 thousand in the same period of 2022, reflecting an increase of approximately 4.3%[22] - The operating costs for the six months ended June 30, 2023, totaled RMB 19,785,629, a decrease from RMB 20,937,050 in the same period of 2022, showing a reduction of 5.5%[24] Cash Flow and Liquidity - As of June 30, 2023, the net cash and cash equivalents amounted to RMB 99.6 billion (USD 13.7 billion), an increase from RMB 95.6 billion at the end of 2022[14] - Cash and cash equivalents at the end of June 30, 2023, totaled RMB 15,679,412, down from RMB 19,552,450 at the end of the previous quarter[23] - The company reported a net cash outflow from investing activities of RMB 5,802,848 for the six months ended June 30, 2023, compared to a net cash outflow of RMB 12,220,918 in the same period last year[23] - The company experienced a net cash inflow from financing activities of RMB 572,429 for the six months ended June 30, 2023, compared to a net cash outflow of RMB 20,325,192 in the same period last year[23] Assets and Liabilities - As of June 30, 2023, the total assets of NetEase amounted to RMB 172.76 billion, a decrease from RMB 167.91 billion as of December 31, 2022, representing a decline of approximately 2.5%[21] - The total liabilities increased significantly to RMB 63.89 billion as of June 30, 2023, compared to RMB 49.64 billion at the end of 2022, marking an increase of about 28.7%[21] - The total equity attributable to NetEase shareholders was RMB 104.73 billion as of June 30, 2023, down from RMB 114.26 billion at the end of 2022, a decrease of approximately 8.3%[21] Margins and Profitability - The gross margin for online games and related value-added services was 67.4%, up from 66.7% in the previous quarter and 64.9% year-over-year[8] - The gross margin for Youdao was 47.0%, down from 51.7% in the previous quarter but up from 42.8% year-over-year, reflecting changes in revenue contributions[8] - The gross margin for Cloud Music was 27.0%, an increase from 22.4% in the previous quarter and 13.0% year-over-year, driven by increased subscription revenue and cost control improvements[8] Strategic Initiatives - The company launched several popular new games in June, enhancing its international presence and expanding its game portfolio[5] - Cloud Music subscription numbers increased significantly, contributing to improved profitability[5] - Youdao's learning services and online marketing services showed strong revenue growth, with improved operating cash flow[5] - The company plans to continue investing in new technologies and market expansion to drive future growth[23] - The company is committed to developing innovative online services and keeping pace with market trends[19] Non-GAAP Metrics - The company emphasizes the importance of non-GAAP financial metrics, such as net profit attributable to shareholders after excluding stock-based compensation[20] - Non-GAAP metrics are used to provide investors with a clearer understanding of operational performance and future prospects[20] - The company acknowledges the limitations of non-GAAP financial indicators, which may not reflect all income/expense items affecting operations[20] Risks and Uncertainties - NetEase's forward-looking statements are subject to various business risks and uncertainties, including market growth and regulatory changes[19] - Economic uncertainties and capital market volatility are potential risks that could impact NetEase's business performance[19] - The company is focused on maintaining its market position in both China and globally amidst competitive pressures[19] ESG and Recognition - NetEase has been recognized for its ESG performance, being included in the 2022 Dow Jones Sustainability World Index and receiving an MSCI rating of A[18]