金吾财讯 | 招银国际研报指，网易(09999/NTES)发布4Q25业绩：总营收同比增长3%至275亿元人民币，较彭博一致预期低4%，主要受游戏收入增速低于预期及游戏收入确认周期延长的影响；营业利润同比增长6%至83亿元，低于一致预期6%。尽管如此，该机构仍较看好公司FY26E收入增长前景，主要基于：1）4Q25合同负债同比实现34%的强劲增长；2）FY26预计多款重磅新品上线，包括《遗忘之海》等。考虑到收入确认周期有所延长，该机构小幅下调FY26-27E总营收预测1%-2%，并将SOTP估值目标价微调至161.5美元（前值：164.0美元），维持“买入”评级。
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