网易-S:预期2Q端游持续强势 关注下半年新游进展

中金公司
Jul 22, 2025

我们预测公司2Q25Non-GAAP净利润同比增长20%至94 亿元我们预测公司2Q25 收入同增8%至276 亿元,Non-GAAP净利润同增20%至94 亿元(彭博一致预期96.6 亿元),主要考虑到季度汇兑负面影响。关注要点我们预期2Q25 端游持续高双位数同比增长,手游同比降幅进一步收窄。季度预期:1)端游:我们预期收入同增58%,主要由暴雪IP 端游、《漫威争锋》、《燕云十六声》等贡献。...

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