金吾财讯 | 网易(09999)高开5.24%，报188.7港元，盘前成交额3719.17万港元。开源证券研报指出，网易2025Q4游戏及相关增值服务实现收入220亿元（同比+3.4%）；毛利率为70.5%，同比+3.8pct。《梦幻西游》端游Q4及2025全年营收创新高；《天下》连续五年收入增长，2025.12升级三端互通后，PCU、付费用户数等创新高；该机构看好公司通过优化美术、玩法等激发经典游戏活力。《燕云十六声》国服Q4推出周年庆版本后日活与营收创新高，登顶内地iOS游戏畅销榜，海外于2025.11上线后最高位列Steam全球畅销榜第二，截至2026.2.11全球玩家数超8000万。该机构认为《燕云十六声》海外成功或反映公司已具备“讲好中国故事”能力，看好《归唐》等“国风”大作出海表现。该机构表示，基于新游上线时间预期，该机构下调2026-2027年、新增2028年归母净利润预测至372/419/451（前值383/429）亿元，当前股价对应PE分别为14.1/12.5/11.6倍，看好老游戏长线运营、新游上线、AI赋能深化共驱成长，维持“买入”评级。
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