騰訊這次Q2業績的確-To The Moon - Tiger Brokers Online Investing Community - To The Moon

騰訊這次Q2業績的確亮眼——營收同比增速高於市場預期，淨利潤更是超出近10%，特別是在遊戲和廣告業務的雙引擎拉動下，市場信心明顯回暖。

對於網易來說，問題是能否複製這種“遊戲順風”。兩者的遊戲業務結構其實有明顯不同：

• 騰訊依靠的是長線爆款（《王者榮耀》《和平精英》）加全球化發行能力，海外收入佔比已經接近30%，抗單一市場波動能力很強。

• 網易更多依賴自研與精細化運營（《蛋仔派對》《逆水寒》），近期在二次元、社交休閒品類上成績不錯，但海外佈局的廣度和深度仍不及騰訊。

如果我們看今年上半年國內遊戲市場的增長結構，版號恢復正常發放帶來的紅利是全行業共享的，但後續增長還要靠內容護城河 + 海外拓展。

在這兩點上，網易的確在持續加碼——比如與暴雪分手後仍堅持拓展海外研發團隊，並通過日本、北美分部推出本地化產品。不過短期內要達到騰訊這種“規模 + 生態”優勢，難度仍然不小。

所以我的判斷是：

• 短期：網易可能會因熱門新品、版號刺激在財報季表現亮眼。

• 中長期：需要在海外市場和IP生態建設上補課，否則面對騰訊的全產業鏈壓力，市場份額提升空間有限。

JD Beats, NetEase Crashes: How to Trade Post Earnings?

Tencent: Q2 revenue was 184.50 billion yuan, beating the estimate of 178.94 billion yuan; Q2 net profit was 55.63 billion yuan, above the estimate of 50.83 billion yuan. NetEase: Q2 revenue of RMB 27.9 billion, slightly below expectations, with net profit of RMB 9.5 billion. NetEase missed on gaming, as overseas ad spend performance may have been weaker than expected. JD.com Q2 2025 net revenue reached RMB 356.66 billion, up 22.4% year over year, compared to the market estimate of RMB 335.45 billion. Adjusted net profit was RMB 7.4 billion, compared to RMB 14.5 billion a year ago.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":467352431128960,"tweetId":"467352431128960","gmtCreate":1755137457004,"gmtModify":1755137464645,"author":{"id":4169612221247942,"idStr":"4169612221247942","authorId":4169612221247942,"authorIdStr":"4169612221247942","name":"ez16","avatar":"https://community-static.tradeup.com/news/9c48583ce9d6d380ed75752dd27ed374","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":148,"starInvestorFlag":false},"themes":[{"themeId":"be14724b4d414ce9b7e3b4b5195f9be0","categoryId":"7cf744760f454845a1870a05ea4e151d","name":"JD Beats, NetEase Crashes: How to Trade Post Earnings?","type":0,"rnLink":"https://laohu8.com/RN?name=RNTheme&page=/theme/detail&rndata={\"themeId\":be14724b4d414ce9b7e3b4b5195f9be0}&rnconfig={\"headerBarHidden\": true}","description":"Tencent: Q2 revenue was 184.50 billion yuan, beating the estimate of 178.94 billion yuan; Q2 net profit was 55.63 billion yuan, above the estimate of 50.83 billion yuan.\nNetEase: Q2 revenue of RMB 27.9 billion, slightly below expectations, with net profit of RMB 9.5 billion. NetEase missed on gaming, as overseas ad spend performance may have been weaker than expected.\nJD.com Q2 2025 net revenue reached RMB 356.66 billion, up 22.4% year over year, compared to the market estimate of RMB 335.45 billion. Adjusted net profit was RMB 7.4 billion, compared to RMB 14.5 billion a year ago.","image":"https://community-static.tradeup.com/news/3970d66ce464f5747f597d2e75b4cccf"}],"images":[],"coverImages":[],"html":"<html><head></head><body><p>騰訊這次Q2業績的確亮眼——營收同比增速高於市場預期，淨利潤更是超出近10%，特別是在遊戲和廣告業務的雙引擎拉動下，市場信心明顯回暖。</p>\n<p>對於網易來說，問題是能否複製這種“遊戲順風”。兩者的遊戲業務結構其實有明顯不同：</p>\n<p>• 騰訊依靠的是長線爆款（《王者榮耀》《和平精英》）加全球化發行能力，海外收入佔比已經接近30%，抗單一市場波動能力很強。</p>\n<p>• 網易更多依賴自研與精細化運營（《蛋仔派對》《逆水寒》），近期在二次元、社交休閒品類上成績不錯，但海外佈局的廣度和深度仍不及騰訊。</p>\n<p>如果我們看今年上半年國內遊戲市場的增長結構，版號恢復正常發放帶來的紅利是全行業共享的，但後續增長還要靠內容護城河 + 海外拓展。</p>\n<p>在這兩點上，網易的確在持續加碼——比如與暴雪分手後仍堅持拓展海外研發團隊，並通過日本、北美分部推出本地化產品。不過短期內要達到騰訊這種“規模 + 生態”優勢，難度仍然不小。</p>\n<p>所以我的判斷是：</p>\n<p>• 短期：網易可能會因熱門新品、版號刺激在財報季表現亮眼。</p>\n<p>• 中長期：需要在海外市場和IP生態建設上補課，否則面對騰訊的全產業鏈壓力，市場份額提升空間有限。</p></body></html>","htmlText":"<html><head></head><body><p>騰訊這次Q2業績的確亮眼——營收同比增速高於市場預期，淨利潤更是超出近10%，特別是在遊戲和廣告業務的雙引擎拉動下，市場信心明顯回暖。</p>\n<p>對於網易來說，問題是能否複製這種“遊戲順風”。兩者的遊戲業務結構其實有明顯不同：</p>\n<p>• 騰訊依靠的是長線爆款（《王者榮耀》《和平精英》）加全球化發行能力，海外收入佔比已經接近30%，抗單一市場波動能力很強。</p>\n<p>• 網易更多依賴自研與精細化運營（《蛋仔派對》《逆水寒》），近期在二次元、社交休閒品類上成績不錯，但海外佈局的廣度和深度仍不及騰訊。</p>\n<p>如果我們看今年上半年國內遊戲市場的增長結構，版號恢復正常發放帶來的紅利是全行業共享的，但後續增長還要靠內容護城河 + 海外拓展。</p>\n<p>在這兩點上，網易的確在持續加碼——比如與暴雪分手後仍堅持拓展海外研發團隊，並通過日本、北美分部推出本地化產品。不過短期內要達到騰訊這種“規模 + 生態”優勢，難度仍然不小。</p>\n<p>所以我的判斷是：</p>\n<p>• 短期：網易可能會因熱門新品、版號刺激在財報季表現亮眼。</p>\n<p>• 中長期：需要在海外市場和IP生態建設上補課，否則面對騰訊的全產業鏈壓力，市場份額提升空間有限。</p></body></html>","text":"騰訊這次Q2業績的確亮眼——營收同比增速高於市場預期，淨利潤更是超出近10%，特別是在遊戲和廣告業務的雙引擎拉動下，市場信心明顯回暖。 對於網易來說，問題是能否複製這種“遊戲順風”。兩者的遊戲業務結構其實有明顯不同： • 騰訊依靠的是長線爆款（《王者榮耀》《和平精英》）加全球化發行能力，海外收入佔比已經接近30%，抗單一市場波動能力很強。 • 網易更多依賴自研與精細化運營（《蛋仔派對》《逆水寒》），近期在二次元、社交休閒品類上成績不錯，但海外佈局的廣度和深度仍不及騰訊。 如果我們看今年上半年國內遊戲市場的增長結構，版號恢復正常發放帶來的紅利是全行業共享的，但後續增長還要靠內容護城河 + 海外拓展。 在這兩點上，網易的確在持續加碼——比如與暴雪分手後仍堅持拓展海外研發團隊，並通過日本、北美分部推出本地化產品。不過短期內要達到騰訊這種“規模 + 生態”優勢，難度仍然不小。 所以我的判斷是： • 短期：網易可能會因熱門新品、版號刺激在財報季表現亮眼。 • 中長期：需要在海外市場和IP生態建設上補課，否則面對騰訊的全產業鏈壓力，市場份額提升空間有限。","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/467352431128960","repostId":0,"isVote":1,"tweetType":1,"viewCount":463,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["00700"],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":857,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_HK"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/467352431128960"}