网易:防御变进击?姜还是老的辣!

海豚投研
16 May

网易于北京时间 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。除了游戏表现,最让海豚君惊讶的就是内部组织整改后,费用端的极致压缩。这并不是一次性的波动,虽然管理层提及短期受业务调整影响,后续会逐步恢复至历史常规水平,但我们认为,从经营效率角度,仍然具备改善的持续性。这将直接促成,在手游 pipeline 平淡期,哪怕收入前景或有波动,至少在今年,可以支撑网易...

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