金吾财讯 | 华通证券国际研报指出，网易(09999)2025年三季度营收284亿元（+8.2%），归母净利86亿元（非GAAP净利95亿元，均同比双位数增长），毛利率维持高位、净利率约30%；经营现金流净额129亿元，约占营收45%，期末净现金1532亿元显著高于总负债535亿元，在游戏高毛利与费用率基本平稳的支撑下，公司盈利能力与现金创造能力整体保持稳健。该机构指，游戏业务Q3收入约233亿元（+11.8%，毛利率约69%），营收占比约82%，《燕云十六声》《漫威争锋》叠加暴雪游戏回归带动递延收入同比+25%、环比+15%；云音乐Q3收入约19.64亿元（-1.8%），毛利6.95亿元（+8.3%），通过压缩版权与推广费用、提升会员订阅和数字专辑占比；创新业务中，有道Q3收入约16亿元（+3.6%，AI订阅与在线营销驱动经营利润大幅提升），创新及其他板块收入约14亿元（-18.9%），严选和数据智能等业务处于主动收缩与重塑阶段。该机构给予“推荐”评级，预计2025年营收增长10.0%，净利润增长9.2%，对应2025-2027年PE分别为17.41、25.66、20.65倍。
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