招商证券国际表示，网易(09999.HK) 2025年第四季入按年增长3%至275亿元人民币(下同)，较市场预期低约4%。线上游戏收入按年增长3.5%，较市场预期低7%，但递延收入按年增速加快至34%，反映收入确认周期延长，而非基本面转弱。集团毛利按年增长8.7%，毛利率按年提升3.4个百分点至64.2%，受惠于利润率较高业务的占比提升及审慎的成本控制。非公认会计原则归母营业利润按年增长4.7%，...
Source Link招商证券国际表示，网易(09999.HK) 2025年第四季入按年增长3%至275亿元人民币(下同)，较市场预期低约4%。线上游戏收入按年增长3.5%，较市场预期低7%，但递延收入按年增速加快至34%，反映收入确认周期延长，而非基本面转弱。集团毛利按年增长8.7%，毛利率按年提升3.4个百分点至64.2%，受惠于利润率较高业务的占比提升及审慎的成本控制。非公认会计原则归母营业利润按年增长4.7%，...
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