金吾财讯 | 中金发研报指，网易(NTES)公布第一季业绩，收入同比增长7%至288亿元；Non-Gaap净利润同比增长32%至112亿元，整体好于该行及市场预期。该行认为主要因游戏收入表现好于预期；费用节省幅度大于预期。公司同时宣布第一季分红0.675美元/ADS，季度分红总计4.28亿美元，分红比例30%。由于公司控费高效，该行上调2025及2026年Non-GAAP净利润预测各6%至368亿/382亿元，维持“跑赢行业”评级，因盈利预测调整且游戏业务稳健具备溢价，上调目标价均25%至225港元和145美元。
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