智通财经APP获悉，野村发布研报称，由于网易-S(09999)更加重视投资报酬率，集团利润前景有所改善。2025年第一季，集团经调整营业利润率年比提高7.8个百分点至39.5%，远高于该行预测的32.7%。该行认为，网易的游戏业务及营运效率改善可能导致其利润率持续扩张，故上调目标价20%，由194港元升至233港元，维持“买入”评级。
报告表示，网易首季游戏业务增长及利润率强劲，表现稳健。其中，线上游戏业务持续复苏，收入年增15%，高于预期。PC及手游收入均有所增长，PC游戏收入同比急升85%，主要受近期新游戏《燕云十六声》(Where Winds Meet)、《漫威争锋》(Marvel Rivals)及授权的暴雪游戏所带动。其经典旗舰游戏《第五人格》是推动手游收入复苏的动力。
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