NetEase Inc (NTES) 2024 Q3 法說會逐字稿

Good day, and welcome to the NetEase 2024 third quarter earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Brandi Piacente. Please go ahead.

大家好，歡迎參加網易 2024 年第三季財報電話會議。今天的會議正在錄製中。這次，我想把會議交給布蘭迪·皮亞森特（Brandi Piacente）。請繼續。

Thank you, operator. Please note that today's discussion will contain forward-looking statements relating to the future performance of the company and are intended to qualify for the safe harbor from liability as established by the US Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and this discussion.

謝謝你，接線生。請注意，今天的討論將包含與公司未來業績相關的前瞻性陳述，旨在符合美國私人證券訴訟改革法案規定的免責責任安全港的資格。此類陳述並非對未來績效的保證，並受到某些風險和不確定性、假設和其他因素的影響。其中一些風險超出了公司的控制範圍，可能導致實際結果與今天的新聞稿和本次討論中提到的結果有重大差異。

A general discussion of the risk factors that could affect NetEase's business and financial results is included in certain filings of the Company with the Securities and Exchange Commission including its annual report on Form 20-F, and in announcements and filings on the website of the Hong Kong Stock Exchange. The Company does not undertake any obligation to update this forward-looking information, except as required by law.

可能影響網易業務和財務績效的風險因素的一般性討論包含在該公司向美國證券交易委員會提交的某些文件中，包括其20-F 表中的年度報告，以及香港證監會網站上的公告和文件。除法律要求外，本公司不承擔更新此前瞻性資訊的任何義務。

During today's call, management will also discuss certain non-GAAP financial measures for comparison purposes only. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the 2024 third quarter earnings news release issued earlier today.

在今天的電話會議上，管理階層還將討論某些非公認會計準則財務指標，僅供比較之用。有關非 GAAP 財務指標的定義以及 GAAP 與非 GAAP 財務業績的調整表，請參閱今天稍早發布的 2024 年第三季財報新聞稿。

As a reminder, this conference is being recorded. In addition, an investor presentation and a webcast replay of this conference call will be available on the NetEase's corporate website at ir.netease.com.

提醒一下，本次會議正在錄製中。此外，投資者介紹和本次電話會議的網路直播重播將在網易公司網站 ir.netease.com 上提供。

Joining us today on the call from NetEase’s senior management are Mr. William Ding, Chief Executive Officer; and Mr. Bill Pang, the Vice President of Corporate Development.

今天參加我們電話會議的有網易高階管理層，執行長丁偉先生；及企業發展副總裁彭先生。

I will now turn the call over to Bill, who will read the prepared remarks on behalf of William.

我現在將把電話轉給比爾，他將代表威廉宣讀準備好的演講稿。

Thank you, Brandi, and thank you, everyone, for participating in today's call. Before we begin, I would like to remind everyone that all percentages are based on RMB.

謝謝布蘭迪，也謝謝大家參加今天的電話會議。在開始之前，我想提醒大家，所有百分比都是以人民幣為單位。

At NetEase, we are constantly evolving to ensure the delivery of superior content through innovation across our NetEase family of businesses. During the quarter, we further strengthened our foundation for sustainable long-term growth and achieved total net revenue of RMB26.2 billion.

在網易，我們不斷發展，以確保透過整個網易業務家族的創新提供優質內容。本季，我們進一步夯實了可持續長期成長的基礎，實現淨收入總額人民幣262億元。

In our gaming division, our popular titles gained even more traction while newer releases successfully expanded our player community. Total online game net revenues reached around RMB20 billion. PC games, in particular, registered robust growth, with net revenue up around 29% year-over-year and 30% quarter-over-quarter.

在我們的遊戲部門，我們的熱門遊戲獲得了更多關注，而新版本成功擴大了我們的玩家社群。網路遊戲總淨收入達到約200億元。個人電腦尤其是遊戲，成長強勁，淨收入較去年同期成長約 29%，較上季成長 30%。

Several of our games celebrated anniversaries in the third quarter, prompting some of our beloved established titles to set brand-new records and reach new milestones. These achievements highlight our strength in long-term game operations and how we continue to drive game longevity.

我們的幾款遊戲在第三季慶祝了周年紀念日，促使我們喜愛的一些知名遊戲創下了全新的記錄並達到了新的里程碑。這些成就凸顯了我們在長期遊戲營運方面的實力以及我們如何繼續推動遊戲的長壽。

With operations across decades, our legacy franchises, Fantasy Westward Journey and the Westward Journey Online continue to serve players with the enduring popularity. In the third quarter, we brought players a new chapter in Fantasy Westward Journey mobile, set in the Chechi Kingdom. Here, new catchers and summoned beasts offer diverse tactical choices, while new boss brings more combat challenges, infusing the game with fresh vitality.

經過數十年的運營，我們的經典系列《夢幻西遊》和《大話西遊 Online》繼續為玩家提供持久的人氣。第三季度，我們為玩家帶來了夢幻西遊手遊的新篇章，以車赤王國為背景。在這裡，新的捕手和召喚獸提供了多樣化的戰術選擇，新的頭目帶來了更多的戰鬥挑戰，為遊戲注入了新鮮的活力。

Additionally, Westward Journey Online 2 achieved record-high quarterly revenue with the excitement generated from its anniversary expansion pack. Players eagerly exported new content and joined carnival events in Xi’an, immersing themselves in the grandeur of the Tang Dynasty’s ancient capital. This blend of fresh in-game experiences and real-world festivities captured our community’s imagination, deepening their connection to the game and driving remarkable engagement.

此外，《大話西遊2》在周年慶典資料片的帶動下，季度營收創下歷史新高。玩家們紛紛輸出新內容，參加西安的狂歡活動，沉浸在大唐古都的盛況中。這種新鮮的遊戲體驗和現實世界的慶祝活動的融合激發了我們社區的想像力，加深了他們與遊戲的聯繫並推動了非凡的參與。

Identity V reached record-high revenues for the third consecutive quarter. The game also saw unprecedented DAUs and record-high global concurrent online players in Q3. This milestone achievements reflect the success of our comprehensive operational strategy to maximize engagement and player stickiness.

《第五人格》連續第三個季度營收創下歷史新高。該遊戲在第三季度還創下了前所未有的 DAU 和全球同時在線人數創歷史新高。這項里程碑式的成就反映了我們旨在最大限度提高參與度和玩家黏性的綜合營運策略的成功。

Our multifaceted entertainment approach blended trend-setting art design, captivating storylines, resonant IP co-branding events, and the dynamic eSports competitions for a wholly immersive brand experience. This holistic strategy not only enhanced player engagement, but also establish Identify V as a premier competitive platform, offering players around the world an arena to embrace challenges and enjoy fresh content.

我們的多方位娛樂方式融合了引領潮流的藝術設計、引人入勝的故事情節、引起共鳴的IP聯合品牌活動以及充滿活力的電子競技比賽，打造完全身臨其境的品牌體驗。這項整體策略不僅提高了玩家的參與度，還將Identify V打造成一流的競技平台，為世界各地的玩家提供了一個迎接挑戰和享受新鮮內容的舞台。

Naraka: Bladepoint also celebrated its third anniversary in the third quarter, making another milestone for this unique action-driven PVP game. Designed to meet the robust and under addressed demand for action-based competitive play. Naraka: Bladepoint continues to lead innovation in this genre. With recent introductions of new heroes, maps and mechanics, the anniversary update’s rich content spark fresh excitement within the player community, driving concurrent players to a new peak.

《奈拉卡：刀鋒》也在第三季慶祝了三週年，為這款獨特的動作驅動 PVP 遊戲創造了另一個里程碑。旨在滿足基於動作的競技遊戲的強勁且未解決的需求。Naraka：Bladepoint 繼續引領這類型的創新。隨著最近推出的新英雄、地圖和機制，週年紀念更新豐富的內容在玩家社群中激發了新的興奮，將並發玩家推向新的高峰。

Following the success, co-branding events featuring popular IP, like the Lost Tomb and The Tomb Raider, further amplified enthusiasm. All these activities collectively contributed to record-high revenues in Q3. Following its success on PC and console, we extended Naraka: Bladepoint's reach, launching Naraka: Bladepoint mobile domestically in July to widespread market acclaim.

繼成功之後，《失落的古墓》和《古墓奇兵》等熱門 IP 的聯合品牌活動進一步激發了人們的熱情。所有這些活動共同為第三季創紀錄的收入做出了貢獻。繼在 PC 和遊戲機上取得成功之後，我們擴大了《Naraka: Bladepoint》的影響範圍，於 7 月在國內推出了《Naraka: Bladepoint》移動版，獲得了廣泛的市場好評。

The mobile game ranked number three on the iOS top-grossing chart shortly after its release. With its seasonal update in September, Naraka: Bladepoint mobile returned to the 4th position on the iOS top-grossing chart and was featured as an app store editor's choice during the summer.

這款手遊發布後不久就在 iOS 暢銷榜上排名第三。隨著 9 月的季節性更新，《Naraka: Bladepoint》行動版重回 iOS 暢銷榜第四位，並在夏季成為應用程式商店編輯的首選。

In our newer releases, Justice mobile celebrated its first anniversary at the end of June. As a title that pushed the boundaries of traditional MMOs and establish a large user base. Justice mobile continues to drive innovation in more areas. Building on the success of AI-driven NPCs, which created immense player interest with lifelike interactions, players can now access tools to create their own AI companions to explore the vast Wuxia world. With overwhelming player enthusiasm. Justice mobile now accommodates over 8 million intelligence entities, giving each player a unique and personalized journey and redefining what’s possible in mobile MMOs.

在我們的新版本中，正義移動版於六月底慶祝了其一周年紀念日。作為一款突破了傳統 MMO 界限並建立了龐大用戶群的遊戲。正義移動持續推動更多領域的創新。人工智慧驅動的 NPC 透過逼真的互動激發了玩家的巨大興趣，在此基礎上，玩家現在可以使用工具來創建自己的人工智慧同伴來探索廣闊的武俠世界。帶著壓倒性的玩家熱情。《Justice mobile》現已容納超過 800 萬個情報實體，為每位玩家提供獨特且個人化的旅程，並重新定義了移動 MMO 的可能性。

Similarly, we are fostering players creativity with Eggy Party through enhanced features that empower creators to explore innovative ideas and receive rewards for their creations. We were thrilled to see a surge in community engagement, with many new creators dedicating themselves as full-time map creators. Beyond UGC content, we elevated Eggy Party with inspiring culture material from external collaborators. In the third quarter, we strategically partnered with the People's Literature Publishing House, bringing their rich catalog of our original works to Eggy Party and encouraging players to explore a world enriched by science and literature.

同樣，我們透過 Eggy Party 增強功能來培養玩家的創造力，使創作者能夠探索創新想法並獲得創作獎勵。我們很高興看到社區參與度激增，許多新創作者致力於成為全職地圖創作者。除了 UGC 內容之外，我們還利用外部合作者提供的鼓舞人心的文化材料來提升 Eggy Party 的水平。第三季度，我們與人民文學出版社策略合作，將他們豐富的原創作品帶入蛋蛋黨，鼓勵玩家探索一個充滿科學和文學的世界。

For Racing Master's first anniversary, we launched an exciting annual updates, introducing legendary car models, including the Lamborghini Reventon and the Mazda RX-7, bringing players even more dedicated and responsive driving experiences. The update also features several highly acclaimed new maps, each offering a unique racing experience, from the renowned pivoting tracks in Harunasan to an exotic gold-rush journey set in the desert of the Colorado Plateau. Through our dedicated operational efforts, Racing Master sustained strong popularity with our player community, solidifying its market position in the racing genre.

為紀念《賽車大師》一週年，我們推出了令人興奮的年度更新，推出了蘭博基尼 Reventon 和馬自達 RX-7 等傳奇車型，為玩家帶來更專注和靈敏的駕駛體驗。此次更新還推出了幾張廣受好評的新地圖，每張地圖都提供獨特的賽車體驗，從榛名山著名的旋轉賽道到科羅拉多高原沙漠中的異國淘金之旅。透過我們專注的營運努力，《賽車大師》在我們的玩家社群中保持了很高的受歡迎度，鞏固了其在賽車類型中的市場地位。

As we continue to diversify our portfolio across various genres, we pave the way to extend the success of our established titles into new regions. In August, we brought Racing Master to Japan, were it quickly topped the App Store and Google Play free charts and stayed in the top seven of the iOS downloading chart highlighting its appeal to local players.

隨著我們繼續在不同類型上實現產品組合多元化，我們為將現有遊戲的成功擴展到新地區鋪平了道路。8 月份，我們將《賽車大師》帶到了日本，它很快就登上了App Store 和Google Play 免費排行榜的榜首，並穩居iOS 下載排行榜的前七名，凸顯了它對當地玩家的吸引力。

In addition to Racing Master, we are gearing up to expand several of our games’ international footprints. Justice mobile will be hitting the Hong Kong, Macau and Taiwan market in November, while Dunk City Dynasty is preparing for a global release.

除了《賽車大師》之外，我們還準備擴大我們的多款遊戲的國際足跡。《正義》行動版將於11月登陸港澳台市場，而《灌籃之城王朝》則正在準備全球發行。

On top of our expansion plans for these titles, we are advancing our robust game pipeline with plans to release several highly anticipated titles in the coming months. Our eagerly-awaited open-world action-adventure RPG Where Winds Meet is on track for the domestic release in December. Its gameplay is designed to meet diversified player demands, offering both single-player and multi-player modes across PC and mobile platforms. With top-notch graphics utilizing ray tracing technology, Where Winds Meet is gaining increasing attention from the gaming community as we get closer to its launch phase.

除了這些遊戲的擴展計劃之外，我們還在推進我們強大的遊戲管道，並計劃在未來幾個月內發布幾款備受期待的遊戲。我們備受期待的開放世界動作冒險角色扮演遊戲《風雨交匯》預計 12 月在國內發行。其遊戲玩法旨在滿足多樣化的玩家需求，提供跨PC和行動平台的單人遊戲和多人遊戲模式。憑藉著利用光線追蹤技術的一流圖形，隨著《風之交匯》的發布階段越來越近，它越來越受到遊戲社群的關注。

The Super Hero team-based PVP shooter game, Marvel Rivals, is slated to global release on December 6. As part of the Marvel Rival’s global launch campaign, Marvel just announced a special season on November 11 in collaboration with multiple popular titles, including Fortnite, MARVEL Puzzle Quest, MARVEL Future Fight and MARVEL Snap, creating a Marvel Rivals-themed season for fans worldwide and promising a fantastic celebration across games.

基於超級英雄團隊的 PVP 射擊遊戲《Marvel Rivals》將於 12 月 6 日全球發布。作為《Marvel Rivals》全球首發活動的一部分，漫威剛剛宣布將於11 月11 日與多個熱門遊戲合作推出特別賽季，包括《堡壘之夜》、《MARVEL Puzzle Quest》、《MARVEL Future Fight》和《MARVEL Snap》，打造以Marvel Rivals 為主題的賽季為全世界的球迷提供精彩的跨場慶祝活動。

We are also excited about Fragpunk, a fast-paced 5v5 hero shooter game. Closed beta testing in October attracted over 1 million applications and with its distinctive card mechanics and vibrant carnival-inspired art design, ranking as the top Trending Upcoming Game in Steams free-to-play section. Building on this momentum, Fragpunk’s first testing phase in China will begin this December, aiming to capture the interest of an even broader audience and further showcase its unique appeal.

我們也對 Fragpunk 感到興奮，這是一款快節奏的 5v5 英雄射擊遊戲。10 月的內測吸引了超過 100 萬份申請，憑藉其獨特的卡牌機制和充滿活力的嘉年華風格的藝術設計，在 Steams 免費遊戲部分排名第一。在此勢頭的基礎上，Fragpunk將於今年12月開始在中國的首個測試階段，旨在吸引更廣泛受眾的興趣，進一步展示其獨特的吸引力。

We are also planning to start around of regional off-line technical tests soon for our eagerly anticipated open-world adventure title, Product Mugen. After another year of intense development and refinement, Project Mugen is ready to captivate ACG fans with a fresh urban exploration experience.

我們也計劃很快開始針對我們熱切期待的開放世界冒險遊戲 Product Mugen 進行區域離線技術測試。經過一年的緊張開發和完善，Project Mugen 已準備好為 ACG 粉絲帶來新鮮的城市探索體驗。

Next up, we are thrilled to announce our latest product, MARVEL Mystic Mayhem. Set in the heart of Marvel universe, in this team-based technical RPG, players who will join forces with beloved Super Heroes as they clash with the sinister forces of Supervillain Nightmare and bear witness to the inner fears of iconic heroes and villains throughout their journey.

接下來，我們很高興地宣布我們的最新產品 MARVEL Mystic Mayhem。以漫威宇宙為背景，在這款基於團隊的技術角色扮演遊戲中，玩家將與心愛的超級英雄聯手，與超級惡棍噩夢的險惡勢力發生衝突，並在整個旅程中見證標誌性英雄和惡棍內心的恐懼。

In November, we started closed alpha testing for Destiny: Rising, the first mobile game in the Destiny franchise. Rooted in the intriguing Destiny universe, Destiny: Rising will offer a brand-new adventure set in an alternative timeline. Featuring a wide array of characters and various game modes, Destiny: Rising introduces new ways to play Destiny.

11 月，我們開始了《天命：崛起》的封閉 Alpha 測試，這是《天命》系列中的第一款手機遊戲。《命運：崛起》植根於引人入勝的《命運》宇宙，將在另一條時間線上提供一場全新的冒險。《天命：崛起》擁有眾多角色和多種遊戲模式，引進了玩《天命》的新方式。

Beyond our in-house developed games, the return of Blizzard’s games in China has been met with unprecedented enthusiasm from the gaming community. To ensure we meet expectations, we stay closely attuned to the voice of Chinese players. This commitment has rekindled the loyalty of long-time fans eager to return to Azeroth and also captivated new players eager to embark on epic adventures.

除了我們自己開發的遊戲之外，暴雪遊戲回歸中國也受到了遊戲界前所未有的熱情歡迎。為了確保我們達到期望，我們密切注意中國玩家的聲音。這項承諾重新點燃了渴望重返艾澤拉斯的長期粉絲的忠誠度，也吸引了渴望踏上史詩冒險的新玩家。

We are seeing strong player engagement following their relaunch, World of Warcraft saw a 50% increase in daily active players as compared to the level before the shutdown, while Hearthstone achieved over 150% growth. Our partnership with Blizzard, built on mutual trust and respect and supported by a dedicated fan community, has delivered results far exceeding expectations from both sides.

我們看到重新推出後玩家參與度很高，《魔獸世界》的日活躍玩家數量比關閉前增加了 50%，而《爐石戰記》則實現了超過 150% 的成長。我們與暴雪的合作建立在相互信任和尊重的基礎上，並得到了忠實粉絲社群的支持，所取得的成果遠遠超出了雙方的預期。

Whether self-developed or in partnership, we always strive to bring players new, exciting gaming experiences. We're executing the strategy at a very high level, bringing more games and content to the domestic market while expanding our global reach.

無論是自主開發還是合作開發，我們始終致力於為玩家帶來全新、令人興奮的遊戲體驗。我們正在以非常高的水平執行該策略，為國內市場帶來更多遊戲和內容，同時擴大我們的全球影響力。

Now let's move to Youdao. During the third quarter, we significantly improved our profitability with income from operations exceeding RMB100 million. This marks our first profitable third quarter and set a new record for quarterly operating profit, a testament to our commitment to high-quality growth.

現在我們轉到有道。第三季度，我們的獲利能力顯著提升，營業收入突破億元。這標誌著我們第三季首次獲利，並創下季度營業利潤新紀錄，證明了我們對高品質成長的承諾。

For digital content services, we have remained committed to enhancing the product experience. The Youdao Lingshi learning system expanded its knowledge category to nearly 40,000 videos across four difficulty levels, providing comprehensive coverage of essential topics throughout our students’ learning journey.

在數位內容服務方面，我們始終致力於提升產品體驗。有道靈石學習系統將知識類別擴展到四個難度級別的近40,000個視頻，全面覆蓋學生整個學習過程中的基本主題。

Additionally, Youdao Literature introduced AI-powered writing enhancements to help students level up their written work, resulting in an increased user engagement.

此外，有道文學引入了人工智慧驅動的寫作增強功能，幫助學生提高寫作水平，從而提高用戶參與度。

We also maintained strong growth momentum in AI-driven subscription services, fueled by our AI-powered tools, which enhanced functionality and user appeal. For Youdao Dictionary, we launched simultaneous interpretation powered by our large language model, Ziyue. It achieved over 4 million users in its debut quarter, boasting exceptional accuracy and fluency.

在人工智慧驅動的工具的推動下，我們在人工智慧驅動的訂閱服務方面也保持了強勁的成長勢頭，增強了功能和用戶吸引力。對於有道字典，我們推出了由我們的大型語言模型「子曰」提供支援的同聲傳譯。它在首季就擁有超過 400 萬用戶，擁有卓越的準確性和流暢性。

Hi Echo has also gained increasing popularity. A leading AI-application ranking chart in China shows Hi Echo as one of the most popular domestic apps, highlighting its high user numbers and retention rate. Online marketing services saw rapid growth as well. Our expansion into new sectors and advanced data applications to optimize ad performance led to revenues from Real-Time API doubling year-over-year.

Hi Echo 也越來越受歡迎。中國領先的人工智慧應用程式排名圖表顯示，Hi Echo 是最受歡迎的國內應用之一，凸顯了其高用戶數量和保留率。網路行銷服務也出現了快速成長。我們向新領域和先進數據應用程式的擴張以優化廣告效果，使即時 API 的收入比去年同期翻了一番。

Additionally, Key Opinion Leader advertising was a key growth engine for revenue in Q3, with outbound advertising demand surging in several sectors.

此外，關鍵意見領袖廣告是第三季營收的主要成長引擎，多個產業的出站廣告需求激增。

The smart devices segment saw solid year-over-year growth, showcasing our commitment to product innovation. With the launch of the X7 Pro, the latest iteration of our flagship digital dictionary pen, we introduced the industry's first learning device capable of offline large language model translation. The X7 Pro also boost robust accuracy better than online NMT.

智慧型設備細分市場較去年同期穩健成長，反映了我們對產品創新的承諾。隨著我們最新旗艦數位字典筆X7 Pro的推出，我們推出了業界首款能夠離線大語言模型翻譯的學習設備。X7 Pro 也比線上 NMT 更好地提高了穩健精準度。

Overall, customer feedback on our new products and their innovative upgrades has been excellent. This year's product launches, mainly the X7 and X7 Pro, were key in driving Q3’s over 50% year-over-year net revenue growth for our digital dictionary pen series.

整體而言，客戶對我們的新產品及其創新升級的回饋非常好。今年的產品發布（主要是 X7 和 X7 Pro）是推動我們的數位字典筆系列第三季淨收入年增超過 50% 的關鍵。

Turning to NetEase Cloud Music. During the third quarter, we continued to propel quality development across our music-centric ecosystem, broadening our subscriber base and leading to healthy revenue growth momentum for online music.

轉向網路易雲音樂。第三季度，我們繼續推動以音樂為中心的生態系統的高品質發展，擴大了我們的用戶基礎，並為線上音樂帶來了健康的收入成長勢頭。

To further enrich our content ecosystem, we continuously expand our music offerings to meet diverse audience demands, especially trending interest from younger generation. We reintroduced our partnership with various music labels in the third quarter.

為了進一步豐富我們的內容生態系統，我們不斷擴展我們的音樂產品，以滿足多樣化的受眾需求，特別是年輕一代的趨勢興趣。我們在第三季重新建立了與各個音樂廠牌的合作關係。

Building on earlier collaboration with Kakao Entertainment and JYP Entertainment, we reintroduced music from CJ ENM during the third quarter, enhancing our K-Pop library with popular original soundtracks from Korean dramas and performance show tracks. We are also amplifying the impact of our in-house music, fostering a unique and differentiated content ecosystem. Multiple in-house tracks have gone viral on our community and beyond. For example, our duet version of Dehors, which blends Cantonese and French with a chill vibe, inspired a large number of UGC content featuring on the track. Other popular songs, each with a unique style are also gaining significant popularity.

在之前與 Kakao Entertainment 和 JYP Entertainment 合作的基礎上，我們在第三季度重新引入了 CJ ENM 的音樂，透過韓劇和表演節目曲目中的流行原創配樂增強了我們的 K-Pop 庫。我們也擴大內部音樂的影響力，培養獨特且差異化的內容生態系統。多首內部曲目在我們的社區內外廣為流傳。例如，我們的二重唱版本《Dehors》融合了粵語和法語，充滿了冷酷的氛圍，激發了歌曲中大量的 UGC 內容。其他風格獨特的流行歌曲也廣受歡迎。

We continued strengthening our music-focused monetization capabilities, providing distinctive features that unleash creativity and express individuality. The AI-powered tool that we recently launched allows users to recreate songs with their own voices. We also offer a tool for members to customize their music-playing interface with their chosen backgrounds and vinyl players, catering to users' personalized interest.

我們持續加強以音樂為中心的貨幣化能力，提供釋放創造力和表達個性的獨特功能。我們最近推出的人工智慧工具允許用戶用自己的聲音重新創作歌曲。我們還為會員提供了一個工具，可以使用他們選擇的背景和黑膠播放器來客製化他們的音樂播放介面，以滿足用戶的個人化興趣。

The increasing accessibility to individual expression through customization and content creation continues to drive engagement on our platform. In broadening membership privileges for our subscribers, our collaboration with popular IP provides exclusive skins and decorations that our members love, prompting robust user engagement and boosting our commercialization potential.

透過客製化和內容創建，個人表達的可及性不斷提高，並繼續推動我們平台的參與度。在擴大訂閱者的會員特權的過程中，我們與流行IP的合作提供了會員喜愛的獨家皮膚和裝飾，促進了強勁的用戶參與並提高了我們的商業化潛力。

Taking a look at Yanxuan, we continue to strengthen its brand equity with a private-label consumer market. We achieved notable growth in GMV across key categories by consistently and successfully introducing products and expanding sales through our omnichannel strategy. In the third quarter, sales of pet products and household cleaning items grew by double-digits year-over-year. Notably, to further strengthen our competitiveness in the pet food sector, we established a dedicated factory in partnership with a leading pet food manufacturer. This collaboration significantly improved our ability to deliver high-quality pet food on a larger scale, reinforcing Yanxuan's position in this fast-growing category.

看看嚴選，我們繼續透過自有品牌消費市場來強化其品牌資產。透過全通路策略持續成功地推出產品和擴大銷售，我們在關鍵類別的 GMV 取得了顯著成長。第三季度，寵物用品和家庭清潔用品的銷售額年增兩位數。值得注意的是，為了進一步增強我們在寵物食品領域的競爭力，我們與一家領先的寵物食品製造商合作建立了一個專門的工廠。這項合作顯著提高了我們大規模提供高品質寵物食品的能力，鞏固了嚴選在這一快速增長類別中的地位。

Innovation is the heart of our NetEase family of businesses and a core components of our competitive edge, along with deep game operating capabilities and a commitment to quality and user experience. We'll continue to bring our community impactful games, products and services that create value for our loyal community and meaningful returns for our shareholders.

創新是網易業務的核心，也是我們競爭優勢的核心組成部分，同時也是深厚的遊戲營運能力以及對品質和使用者體驗的承諾。我們將繼續為我們的社群帶來有影響力的遊戲、產品和服務，為我們忠誠的社群創造價值，並為我們的股東帶來有意義的回報。

That concludes William's comment.

威廉的評論到此結束。

I will now provide a brief review of our 2024 third quarter financial results. Given the limited time on today's call, I will present some abbreviated financial highlights. We encourage you to read through our press release issued earlier today for further details. As a reminder, all amounts are RMB unless otherwise stated.

我現在將簡要回顧我們 2024 年第三季的財務表現。鑑於今天電話會議的時間有限，我將介紹一些簡短的財務要點。我們鼓勵您閱讀我們今天早些時候發布的新聞稿以了解更多詳細資訊。請注意，除非另有說明，所有金額均為人民幣。

Total net revenue for the third quarter were RMB26.2 billion or USD3.7 billion representing a 3% increase quarter-over-quarter. Meanwhile, current contract liabilities were RMB15.5 billion, up 14% quarter-over-quarter. Total net revenues from our games and related VAS were RMB20.9 billion, up 4% quarter-over-quarter. Specifically, net revenues from online games were RMB20.2 billion, up 5% quarter-over-quarter. This growth was primarily driven by increased revenue contributions from key PC games, such as Word of Warcraft and Naraka: Bladepoint as well as mobile games like Identity V and the recent launch of Naraka: Bladepoint mobile. Notably, net revenues from our PC games accounted for approximately 29.2% of our total online games revenues, representing an increase of 30% quarter-over-quarter, an increase of 29% year-over-year. On a year-over-year basis, total net revenues from games and VAS declined by 4%, mainly due to adjustments in our PC live-streaming service. These changes, in turn, enhanced our margin profile and contributed to long-term business sustainability. Excluding the impact of these adjustments, our online games revenue remained relatively stable on a year-over-year basis, with 1% decrease year-over-year.

第三季總淨收入為262億元人民幣（37億美元），較上季成長3%。同時，流動合約負債為人民幣155億元，季增14%。遊戲及相關增值服務總淨收入為人民幣209億元，較上季成長4%。其中，網路遊戲淨收入為人民幣202億元，季增5%。這一成長主要是由於主要PC 遊戲（例如《魔獸世界》和《Naraka：Bladepoint》）以及行動遊戲（例如《第五人格》和最近推出的《Naraka：Bladepoint》行動遊戲）的收入貢獻增加所推動。值得注意的是，我們的電腦遊戲淨收入約佔網路遊戲總收入的29.2%，較上季成長30%，較去年同期成長29%。遊戲和增值服務總淨收入較去年同期下降4%，主要是由於PC直播服務的調整。這些變化反過來又提高了我們的利潤狀況，並有助於長期業務可持續性。剔除這些調整的影響，我們的網路遊戲收入較去年同期保持相對穩定，較去年同期下降1%。

Youdao's net revenue were RMB1.6 billion, a year-over-year increase of 2%, primarily due to the increased revenue contributions from Youdao's online marketing services and a 19% quarter-over-quarter increase, driven mainly by higher net revenues from the sales of smart devices and learning services.

有道的淨收入為人民幣16億元，年增2%，主要是由於有道在線營銷服務的收入貢獻增加，環比增長19%，主要是由於有道的淨收入增加所致智能設備的銷售和學習服務。

NetEase Cloud Music's net revenue were RMB2 billion, a 1% increase compared to the same period last year, primarily due to higher net revenues from membership subscriptions and a 2% quarter-over-quarter decline due to a decline in net revenues from NetEase Cloud Music’s social entertainment services.

網易雲音樂淨收入為人民幣20億元，年增1%，主要是因為會員訂閱淨收入增加，以及網易雲淨收入下降導致季減2%音樂－社交娛樂服務。

Net revenue for innovative businesses and others were RMB1.8 billion, a 10% decrease compared with the same quarter of 2023, mainly due to the decrease of advertising revenues of our news-related products and several other businesses included within the segment, and a 14% quarter-over-quarter decrease due to the effects of seasonality on Yanxuan sales.

創新業務及其他淨收入為人民幣18億元，較2023年同季下降10%，主要是由於我們的新聞相關產品及該分部其他幾項業務的廣告收入減少，以及由於季節性因素對嚴選銷售的影響，季減14%。

The total gross profit margin was 62.9% in the third quarter, compared with 62.2% for the same period in 2023. Looking at our third quarter margins in more detail.

第三季總毛利率為62.9%，而2023年同期為62.2%。更詳細地了解我們第三季的利潤率。

Gross profit margin was 68.8% for our games and related VAS, compared with 69% in the same period last year. The year-over-year decrease was mainly attributable to changes in product mix.

我們的遊戲及相關加值服務的毛利率為68.8%，去年同期為69%。年比下降主要是由於產品結構變化所致。

Gross profit margin for Youdao was 50.2% compared with 55.9% in the same period last year. The year-over-year decrease was primarily due to decreased net revenues from learning services.

有道的毛利率為50.2%，去年同期為55.9%。年比下降的主要原因是學習服務淨收入減少。

Gross profit margin for NetEase Cloud Music reached 32.8%, versus 27.2% in the same period last year. The margin improvement primarily resulted from increased net revenues from membership subscriptions and continued cost optimization measures.

網路易雲音樂的毛利率達到32.8%，去年同期為27.2%。利潤率的提高主要得益於會員訂閱淨收入的增加和持續的成本優化措施。

For innovative businesses and others, gross profit margin was 37.8% compared with 27.3% in the third quarter of 2023. The year-over-year increase was mainly due to increased gross margin from several other businesses included within the segment.

創新業務及其他業務的毛利率為37.8%，而2023年第三季為27.3%。年比成長主要是由於該部門其他幾項業務的毛利率增加。

Total operating expenses for the third quarter were RMB9.3 billion or 35.6% of our net revenues.

第三季總營運費用為 93 億元，佔淨收入的 35.6%。

Taking a closer look at our cost composition.

仔細看看我們的成本組成。

Our selling and marketing expenses as a percentage of total net revenues were 14.5%, compared with 13.1% in the same quarter last year. The increase was primarily due to higher marketing expenditures associated with online game services for new game launches.

我們的銷售和行銷費用佔總淨收入的百分比為 14.5%，而去年同期為 13.1%。這一增長主要是由於與新遊戲發布的線上遊戲服務相關的營銷支出增加。

Our R&D expenses as a percentage of total net revenue was 16.9% in the third quarter compared with 15.9% for the same period last year. We remain committed to investing in content creation and product development to keep our product and content at the forefront of the industry. We believe that our investments in R&D will remain a key catalyst for future growth over the longer term.

第三季我們的研發費用佔總淨收入的百分比為16.9%，去年同期為15.9%。我們仍然致力於投資內容創作和產品開發，以保持我們的產品和內容處於行業前沿。我們相信，從長遠來看，我們對研發的投資仍將是未來成長的關鍵催化劑。

The effective tax rate was 16.1% for the third quarter. As a reminder, the effective tax rate is presented on an accrual basis, depending on the applicable policies and our operations.

第三季的有效稅率為16.1%。請注意，有效稅率是按權責發生製計算，具體取決於適用的政策和我們的營運。

Our non-GAAP net income attributable to shareholders for third quarter totaled RMB7.5 billion, or USD1.1 billion. Non-GAAP basic earnings per ADS for the third quarter were USD1.67, or USD0.33 per share.

我們第三季的非公認會計準則歸屬於股東的淨利潤總計為 75 億元人民幣（約 11 億美元）。非公認會計原則第三季每股美國存託股基本收益為 1.67 美元，即每股 0.33 美元。

Additionally, our cash position remains robust, with net cash of approximately RMB120 billion as of September 30, 2024, compared with RMB110.9 billion at the end of 2023.

此外，我們的現金狀況依然強勁，截至2024年9月30日，淨現金約為人民幣1,200億元，而2023年底為人民幣1,109億元。

In accordance with our dividend policy, we are pleased to report that our Board of Directors has approved a dividend of USD0.087 per share, or USD0.435 per ADS, for the third quarter.

根據我們的股利政策，我們很高興地報告，董事會已批准第三季每股股利 0.087 美元，或每份美國存託股 0.435 美元。

Lastly, we continued to conduct our share buyback during the third quarter. We repurchased shares in the amount of USD543 million, marking a 98% increase from the previous quarter. Under our current USD5 billion share repurchase program, which started in mid-January last year. We had repurchased approximately 18 million ADSs as of September 30, 2024, for a total cost of approximately USD1.6 billion.

最後，我們在第三季繼續進行股票回購。回購股份金額5.43億美元，較上季成長98%。根據我們去年 1 月中旬啟動的 50 億美元股票回購計畫。截至2024年9月30日，我們已回購約1,800萬股ADS，總成本約16億美元。

Thank you for your attention. We would now like to open the call to your questions. Operator, please?

感謝您的關注。我們現在想開始回答您的問題。接線員，請說？

(Operator Instructions)

（操作員說明）

Your first question comes from Lincoln Kong with Goldman Sachs.

你的第一個問題來自高盛的林肯孔。

(spoken in foreign language) Thank you for taking my question. My first question is about Where Winds Meet. So what's the latest launch schedule for this game’s PC and mobile version? Based on last time feedback, there are some user feedback around the positioning of this game, how to better integrate the single-player model versus the multi-player one? And how to design the monetization here. So any of the updates or progress of this game lately. Thank you.

（用外語發言）感謝您提出我的問題。我的第一個問題是關於風相遇的地方。那麼這款遊戲的PC版和手機版的最新上線時間表是怎麼樣的呢？根據上次的回饋，有一些用戶回饋圍繞著這款遊戲的定位，單人模式與多人模式如何更好地融合？以及如何設計這裡的貨幣化。那麼最近這個遊戲有什麼更新或是進展嗎？謝謝。

(interpreted) First of all, Where Winds Meet PC is slated to launch by the end of December. And the mobile version will be slightly later than that, but the gap won't be too long. And now we're doing a final-stage optimization to make sure that the game could be played on as many devices as possible. That's our goal now.

（解讀）首先，《Where Winds Meet》PC版預計將於12月底推出。而行動版會比這稍晚一些，但差距不會太長。現在我們正在進行最後階段的優化，以確保遊戲可以在盡可能多的設備上玩。這就是我們現在的目標。

And regarding your question about the positioning of the game, the core gameplay is positioned to provide high-quality open-world exploration and also casual social experiences in the open WuXia background kind of world. We're aiming at engaging players who are looking for high fidelity immersive experience, open-world exploration as well as relaxing casual social gameplay .

至於你提到的遊戲定位問題，核心玩法的定位是在開放的武俠背景世界中提供高品質的開放世界探索和休閒社交體驗。我們的目標是吸引那些尋求高保真沉浸式體驗、開放世界探索以及輕鬆休閒社交遊戲的玩家。

About the single-player versus multi-player mode, we hope in every single each of our expansions, players could start with single-player content, to enjoy that content first, and over time, smoothly transit into multiplayer mode and enjoy social gaming for a period between expansion path. That's the plan.

關於單人與多人模式，我們希望在每個擴充功能中，玩家都能從單人內容開始，首先享受該內容，隨著時間的推移，順利過渡到多人模式並享受社交遊戲擴展路徑之間的一段時間。這就是計劃。

In terms of monetization, we'll focus on a tier-based cosmetic offerings, alongside with other lighter monetization models like battle pass. But we want to make sure that our game could alleviate the pressures from the traditional complicated cultivation and monetization, forstering a healthier social ecosystem and a relaxing social environment that fosters re-engagement where players can immerse themselves with light efforts to match up with other players and lower barriers for all players to return to game. We aim to achieve a better operational performance in the long term. That's our goal. Thank you for your question.

在貨幣化方面，我們將專注於基於等級的化妝品產品，以及戰鬥通行證等其他較輕的貨幣化模式。但我們希望確保我們的遊戲能夠緩解傳統複雜的養成和變現帶來的壓力，創造一個更健康的社交生態系統和一個輕鬆的社交環境，促進重新參與，讓玩家可以輕鬆地沉浸在與其他玩家在配對的環境中並降低所有玩家重返遊戲的門檻。我們的目標是長期實現更好的營運績效。這就是我們的目標。謝謝你的提問。

(spoken in foreign language) My second question is about Justice mobile and Eggy Party. So based on some third-party data, it seems thees games still have some pressure in terms of the grossing trend recently. Could management elaborate on how you are seeing internally for these two games in terms of their operational strategy, especially in what direction could we expect to extend the life cycle of these two games? Thank you.

（外語）我的第二個問題是關於正義移動和蛋蛋黨的。所以從一些第三方數據來看，近期這些遊戲的票房走勢似乎還是有一定的壓力。管理階層能否詳細說明您內部對這兩款遊戲的營運策略有何看法，特別是我們可以期望在哪些方向上延長這兩款遊戲的生命週期？謝謝。

(interpreted) So allow us to address the Justice mobile first. As you know, during Q3, we finished the celebration of the first anniversary of the game. And players show very good loyalty to the game and the rate of players coming back to the game exceeded our expectations. What we are trying to do here is to balance commercialization and user experience in the long run. We're pretty sure what we have achieved is that while making sure the players have enough fun in our game, we can do the commercialization exploration to satisfy the players.

（解釋）所以讓我們先討論正義移動。如您所知，在第三季度，我們完成了遊戲一週年的慶祝活動。而且玩家對遊戲表現出了非常好的忠誠度，玩家回歸遊戲的比例超出了我們的預期。我們在這裡要做的是從長遠來看平衡商業化和用戶體驗。我們非常確定我們所取得的成就是，在確保玩家在我們的遊戲中獲得足夠樂趣的同時，我們可以進行商業化探索以滿足玩家的需求。

Looking at the future, what we're going to keep enriching the content of the game, provide multi-tier of content for the players. And in the meantime, explore innovative commercializations to make sure the game has a long-term healthy environment. That's the part of Justice mobile.

展望未來，我們將持續豐富遊戲內容，提供玩家多層次的內容。同時，探索創新商業化，確保遊戲擁有長期健康的環境。這是正義移動的一部分。

(interpreted) So for the question about Eggy Party. One thing for sure is that we are still doing big efforts and keep investing into building more content for the game. Again, we are very confident about Eggy Party in the long run. It's actually one of the highest DAU products of NetEase games in the history. And as you noted from other sources of data, we ran into some short-term commercialization challenges. However, we take that as a great opportunity to accumulate experiences in how to keep developing a franchise. We strongly believe this franchise is a very unique offering in the market. And our focus is the long-term content operation. We believe in the long term, while we're doing more content, it will provide more opportunities for commercialization in the future. Thank you.

（解釋）關於蛋蛋派對的問題。可以肯定的一件事是，我們仍在付出巨大努力並繼續投資為遊戲建立更多內容。再次強調，從長遠來看，我們對 Eggy Party 非常有信心。它其實是網易遊戲史上DAU最高的產品之一。正如您從其他數據來源注意到的那樣，我們遇到了一些短期商業化挑戰。然而，我們認為這是一個很好的機會，可以累積如何繼續發展特許經營的經驗。我們堅信該特許經營權是市場上非常獨特的產品。而我們的重點是長期的內容運作。我們相信從長遠來看，我們在做更多內容的同時，也為未來的商業化提供更多的機會。謝謝。

Your next question comes from Xueqing Zhang with CICC.

你的下一個問題來自中金公司的張學慶。

(spoken in foreign language) Thanks management for taking my question. I have two questions, and I will address one by one. My first question about oversea game strategy. How is your current situation with the overseas first-party studios, we have seen that Once Human has performed well on Steam this year. Could management share more specific details and what's our plan for globalizations of domestic studio game?

（用外語發言）感謝管理階層提出我的問題。我有兩個問題，我會一一解答。我的第一個問題是關於海外遊戲策略的。目前海外第一方工作室的情況如何，我們看到《Once Human》今年在Steam上表現不錯。管理階層能否分享更多具體細節？

(interpreted) So thank you for your question. As you can tell that we have a two-pronged strategy when we go after the global market. One plliar is we have oversea first-party studios making games for the Western and Japan market. In the meantime, the second pillar is that we have our domestic studios making games not only in China but in European market, North American market and Japanese market as well.

（解釋）所以謝謝你的問題。正如你所看到的，當我們瞄準全球市場時，我們有一個雙管齊下的策略。其中一個要點是我們擁有海外第一方工作室，為西方和日本市場製作遊戲。同時，第二個支柱是我們不僅在中國有自己的國內工作室製作遊戲，而且在歐洲市場、北美市場和日本市場也有製作遊戲。

You're right that Once Human was a game we released in early summer this year and performed really well. And looking forward, we have two titles, one is Marvel Rivals in December and the other one is Fragpunk in early next year, that we're going to release in the global market. Both of these are shooter-based PvP game on PC and console. We believe both of our domestic and oversea studios will be capable of producing more and more products suitable for global market.

你說得對，《Once Human》是我們今年初夏發布的一款遊戲，表現非常好。展望未來，我們有兩款遊戲，一款是 12 月的《Marvel Rivals》，另一款是明年初的《Fragpunk》，我們將在全球市場上發布。這兩款遊戲都是 PC 和遊戲機上基於射擊遊戲的 PvP 遊戲。我們相信我們的國內外工作室將有能力生產越來越多適合全球市場的產品。

Actually, this is not our first success in global market outside of China. You probably recall that our Knives Out and Indentity V performed fairly well in Japan market and gained a lot of acclaim there. And looking forward, we have confidence that our domestic studios and our overseas studios will be able to produce more and more worldwide suitable content. Thank you.

事實上，這並不是我們第一次在中國以外的全球市場取得成功。大家可能還記得，我們​​的《荒野行動》和《Indentity V》在日本市場表現不錯，獲得了許多好評。展望未來，我們有信心我們的國內工作室和海外工作室能夠製作出越來越多適合全球的內容。謝謝。

(spoken in foreign language) My second question is about your flagship evergreen games. How do those games, such as Fantasy Westward Journey mobile, remain strong? How are the gross billings in recent months? Thank you.

（外語）我的第二個問題是關於你們的旗艦常青遊戲。夢幻西遊手遊等遊戲如何保持強勢？近幾個月的總帳單情況如何？謝謝。

(interpreted) Actually at NetEase, we have quite a selection of franchises that’s more than 10 years old. Like Fantasy Westward Journey, Westward Journey Online, the World, and even our license title World of Warcraft. What we'll keep doing is continuously adding new gameplay, try new things, new fun stuff and content into the game. We believe the core of our game business is centered around innovation - to keep providing fun, innovative new content to players. And we'll keep doing that for each of our games, and that's something you can be assured of. Thank you.

（解釋）實際上在網易，我們有相當多的10年以上的特許經營權。例如夢幻西遊、大話西遊、大話世界，甚至還有我們的正版魔獸世界。我們將繼續做的就是不斷在遊戲中添加新的玩法、嘗試新的事物、新的有趣的東西和內容。我們相信我們遊戲業務的核心是以創新為中心——不斷為玩家提供有趣、創新的新內容。我們將繼續在每款遊戲中這樣做，這是您可以放心的。謝謝。

Your next question comes from Ritchie Sun with HSBC.

您的下一個問題來自匯豐銀行的 Ritchie Sun。

(spoken in foreign language) Thank you management for taking my questions. First of all, for Marvel rivals, can management contrast the potential of this title against other PvP shooting titles in the market? And how long would it take for the game to ramp up to its full potential? And what metrics should we monitor to track its progress?

（用外語發言）感謝管理階層回答我的問題。首先，對於漫威的競爭對手來說，管理階層能否將這款遊戲的潛力與市場上其他 PvP 射擊遊戲進行比較？遊戲需要多長時間才能充分發揮其潛力？我們應該監控哪些指標來追蹤其進展？

(interpreted) So for your question about Marvel Rivals. Marvel Rivals is a new generation Super Hero team-based competitive shooting game. It actually has very unique game experiences, and we hope it could open new track in this big genre. And the product actually facilitated large-scale PC and console closed beta tests in the global market.The performance data was excellent. The Steam positive review rate was close to 95%. The player's feedback are very positive. And in the meantime, it also ranked No.7 on a Steam wishlist now. During the time we have before launch, we'll keep optimizing the product – keep polishing the product. We believe that once the product enters public beta test on December 6 globally on PC and console, it could provide best possible experiences to the users. We hope this one could provide a unique experience to the players worldwide. Thank you.

（解釋）關於你關於《漫威對手》的問題。Marvel Rivals是新一代超級英雄團隊競技射擊遊戲。它其實有非常獨特的遊戲體驗，我們希望它能在這個大類型中開闢新的賽道。而該產品實際上在全球市場上進行了大規模的PC和主機內測，性能數據非常出色。Steam好評率接近95%。玩家的回饋非常積極。同時，它現在在 Steam 心願清單上也排名第七。在發布之前的這段時間裡，我們將不斷優化產品—不斷改進產品。我們相信，一旦該產品於12月6日在全球PC端和主機端進入公測，它將能夠為用戶提供盡可能最好的體驗。我們希望這款遊戲能為全球玩家提供獨特的體驗。謝謝。

(spoken in foreign language) Thank you. I have a second question about the Blizzard. The reception of the relaunch of World of Warcraft and Hearthstone in China is much better than expected. So what have we done differently than the past to drive such results? And would this mean the annual revenue contribution from Blizzard in the future will be higher than in 2022? And when will Overwatch return to China? Thank you.

（用外語說）謝謝。我還有一個關於暴雪的問題。《魔獸世界》和《爐石戰記》在中國的重新推出反應比預期好得多。那麼，我們採取了哪些與過去不同的做法來達到這樣的成果呢？這是否意味著暴雪未來的年收入貢獻將高於2022年？那麼《鬥陣特攻》什麼時候回歸中國呢？謝謝。

(interpreted) We have done quite many things on both marketing and product level. It’s a multi-effort approach to operate these products. World of Warcraft has its own sufficient influence. However, we had multiple cross-brand collaborations with other brands. We brought the product an even bigger impact from the society, and that helped us to attract a lot of new players to the game as well.

（解釋）我們在行銷和產品層面做了很多事情。經營這些產品需要多方努力。魔獸世界本身就有足夠的影響力。然而，我們與其他品牌進行了多次跨品牌合作。我們為產品帶來了更大的社會影響，這也幫助我們吸引了許多新玩家加入遊戲。

For Hearthstone, you probably heard that we announced the return of Hearthstone at ChinaJoy, and that became one of the most exciting things during ChinaJoy time. And also the return of Golden Championship and impact of envolvement on the Asian Games, those all helped. And also we will be innovative in how to spread out the brand message and how to interact with the players. For example, social media is something we have done more innovatively compared to the past. The click of social media videos has exceeded more than 10 billion times now. And also, none of this could be realized without a deep collaboration and trust with Blizzard. Now both on the product and marketing side, we have very deep working relationships now. And we believe with the innovations we're doing here in China, focusing on how to present more locally appreciated products and service to the Chinese players. The players also showed us very high level of activeness and level of payment intention. And we are very confident that it will have a very good result in the long run. That's for World of Warcraft and Hearthstone.

對於《爐石戰記》，你可能聽說過我們在ChinaJoy上宣布了《爐石戰記》的回歸，這成為了ChinaJoy期間最令人興奮的事情之一。還有金錦賽的回歸以及參與亞運的影響，這些都起到了幫助作用。我們也會在如何傳播品牌訊息以及如何與玩家互動方面進行創新。例如，社群媒體是我們比過去做得更有創新性的事情。目前社群媒體影片的點擊量已超過100億次。而且，如果沒有與暴雪的深入合作與信任，這一切都無法實現。現在，無論是在產品還是行銷方面，我們都擁有非常深厚的合作關係。我們相信，我們在中國所做的創新，重點是如何向中國玩家展示更多受本地讚賞的產品和服務。玩家們也向我們展示了非常高的活躍度和付費意願。我們非常有信心，從長遠來看，它會產生非常好的結果。這適用於《魔獸世界》和《爐石戰記》。

For Overwatch, we don't have anything specific to disclose now regarding the launch date. But Overwatch is going to be the next Blizzard product we launch in China. Thank you.

對於《鬥陣特攻》，我們現在沒有任何關於發布日期的具體資訊可以透露。但《鬥陣特攻》將是我們在中國推出的下一個暴雪產品。謝謝。

Your next question comes from Felix Liu with UBS.

您的下一個問題來自瑞銀集團的 Felix Liu。

(spoken in foreign language) Thank you management for taking my question. My question is on your pipeline. You mentioned some titles earlier in the call, but could you provide more details on the game genre and the expected launch time for the key titles in 2025. Additionally, I would like to ask a question on Project Mugen, what is the latest status of the game and expected launch time?

（用外語發言）感謝管理階層提出我的問題。我的問題是關於你的管道。您早些時候在電話會議中提到了一些遊戲，但您能否提供有關遊戲類型以及主要遊戲 2025 年預計發佈時間的更多詳細資訊。另外，我想問一個關於Project Mugen的問題，遊戲的最新狀態和預計上線時間是怎樣的？

(interpreted) Fragpunk, as we mentioned, we're going to have a test within this year in December. And based on the test results, we'll decide when to launch this game officially. And for Project Mugen, as we mentioned, we're going to have the first offline test within this year, and we do have high expectations for Project Mugen, not only because we invested a tremendous amount of R&D resources into this product, but also our expectation is this game is not only going to be another open-world ACG game. It will carry NetEase's thinking about future ACG game.

（解釋）Fragpunk，正如我們所提到的，我們將在今年 12 月進行測試。並根據測試結果，我們將決定何時正式推出這款遊戲。而對於Project Mugen，正如我們所提到的，我們將在今年內進行首次線下測試，我們對Project Mugen確實抱有很高的期望，不僅因為我們在這個產品上投入了大量的研發資源，而且還因為我們對Project Mugen的期望很高。它將承載網易對於未來ACG遊戲的思考。

And based on our 20 years’ experience, knowledge and observation of the Chinese gamers, we got a lot of thinking into what the future of this type of game should be and that will be reflected in the game. We do have high expectations there.

基於我們20年的經驗、知識和對中國遊戲玩家的觀察，我們對這類遊戲的未來應該是什麼樣子以及將在遊戲中得到體現進行了很多思考。我們確實對那裡抱有很高的期望。

(spoken in foreign language) My follow-up question is on the latest trends on F antasy Westwood Journey PC. You know, about its operational trends as well as cash growth trend? And what are the user feedback to our changes made in the first half. Thank you.

（用外語發言）我的後續問題是關於《夢幻西木之旅》PC 版的最新趨勢。您知道它的營運趨勢以及現金成長趨勢嗎？用戶對我們上半年所做的改變有何回饋？謝謝。

(interpreted) Second question about Westwood Journey PC- actually now all the performance metrics are very stable. As a matter of fact, August was the second highest revenue month in this year for this game. And now after the adjustments, the DAU is not only stabilized but keeps improving. And we released a series of adjusted content from August to October time. And the player showed very welcoming feedback and attitude regarding this new content. And in the meantime, we're going to release new expansion pack by the end of this year, more optimization and refreshed content to maintain the fun of playing the game as well as the stableness of the game operation. Thank you.

（解釋）關於Westwood Journey PC的第二個問題——實際上現在所有的效能指標都非常穩定。事實上，8月是這款遊戲今年收入第二高的月份。而現在調整後，DAU不但穩定了，而且還在不斷提升。而我們在8月到10月期間發布了一系列調整內容。玩家對這個新內容表現出了非常歡迎的回饋和態度。同時，我們將在今年底推出新的資料片，進行更多的優化和更新內容，以保持遊戲的樂趣以及遊戲運行的穩定性。謝謝。

Operator, given the time limit, we probably will have time for one more question.

接線員，由於時間有限，我們可能還有時間再問一個問題。

Alicia Yap, Citigroup.

艾莉西亞葉 (Alicia Yap)，花旗集團。

Hi, good evening. (spoken in foreign language) Thanks for taking my question. Could management share with us your thoughts on the performance of Naraka: Bladepoint mobile since the launch in July? Has that met your expectations? What are some of the upcoming content and promotional events updates and plans for this game? Any meaningful difference in terms of the gamer profile for the mobile version versus the PC version? Thank you.

嗨，晚上好。（用外語發言）感謝您提出我的問題。管理階層能否與我們分享您對《Naraka：Bladepoint》行動版自 7 月推出以來的表現的看法？這符合您的期望嗎？該遊戲即將推出的內容和促銷活動更新以及計劃是什麼？行動版與 PC 版的玩家資料有什麼有意義的差異嗎？謝謝。

(interpreted) To answer your question, we actually have accumulated 50 million new users across the four months of operation. And one thing we learned is that, even both the PC and mobile players are action-based competitive gamers, their needs and demands are, to some extent, different. The mobile gamers, their demand are more diversified. There are hardcore competitive players, social-oriented players, and also players that enjoy collecting the cosmetic stuffs.

（解釋）回答你的問題，我們運營四個月以來，實際上已經積累了5000萬新用戶。我們了解到的一件事是，即使 PC 和行動玩家都是動作競技遊戲玩家，他們的需求和訴求在某種程度上也是不同的。對於手機遊戲玩家來說，他們的需求更加多元化。有硬派競技玩家，也有社交玩家，也有喜歡收集飾品的玩家。

So we understand and we embrace the difference in the gamers' needs, and we provide differentiated content on PC and mobile version. For example, we might provide more new content that are not available on PC, but to mobile players only, such as new gameplay, new content, and everything else. And the game actually is in a very healthy and very stable status, and we have long-term confidence in this product. Thank you.

所以我們理解並擁抱遊戲玩家需求的差異，我們在PC版和行動版上提供差異化的內容。例如，我們可能會提供更多 PC 上沒有的新內容，而僅向行動玩家提供，例如新玩法、新內容以及其他一切。而且遊戲其實處於一個非常健康、非常穩定的狀態，我們對這個產品有長期的信心。謝謝。

That concludes the question-and-answer session. I would like to turn the conference back over to Brandi Piacente for any closing comments.

問答環節到此結束。我想將會議轉回布蘭迪·皮亞森特（Brandi Piacente）以徵求結束意見。

Thank you again for joining us today. If you have any further questions, please feel free to contact the IR team at NetEase. Have a great day. Thank you.

再次感謝您今天加入我們。如果您還有其他疑問，請隨時聯絡網易IR團隊。祝你有美好的一天。謝謝。