网易:防御变进击?别低估 “老树发新芽”!

海豚投研
15 May

$网易(NTES.US)于北京时间 5 月 15 日港股盘后发布了 2025 年一季度财报,又是一次保守预期下的超预期。从腾讯 + 网易的一季度报显示出的共性,可以得到两条真理和教训:1)永远别低估长青游戏的价值。2)游戏的商业模式是真好,一旦跑出,就是极致的变现效率。具体来看:1)游戏超预期从何而来?:一季度游戏增长还是靠端游,包括暴雪的加成以及新游《燕云十六声》的增量。财报简报没有披露手游端游...

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