NetEase Inc (NTES) 2025 Q2 法說會逐字稿

Good day, and welcome to the NetEase second-quarter 2025 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2025年第二季財報電話會議。今天的會議正在錄製中。現在，我想將會議交給布蘭迪·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.

謝謝您，接線生。請注意，今天的討論將包含與公司未來業績有關的前瞻性陳述，旨在符合美國私人證券訴訟改革法案所規定的免於承擔責任的安全港規定。此類聲明並非對未來績效的保證，且受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大不相同。

A general discussion of the risk factors that could affect NetEase 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 Hong Kong Stock Exchange's website. The company does not undertake any obligation to update this forward-looking information, except as required by law.

有關可能影響網易業務和財務業績的風險因素的一般性討論包含在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 表年度報告以及香港證券交易所網站上的公告和文件中。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 2025 second-quarter earnings news release issued earlier today.

在今天的電話會議中，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 財務結果的調節，請參閱今天早些時候發布的 2025 年第二季度收益新聞稿。

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 corporate website at ir.netease.com.

提醒一下，本次會議正在錄製中。此外，投資者簡報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 senior management are Mr. William Ding, Chief Executive Officer; and Mr. Bill Pang, Vice President of Corporate Development. I will now turn the call over to Bill, who will read the prepared remarks on William's behalf. Bill?

今天參加電話會議的網易高階主管包括執行長丁磊先生和企業發展副總裁彭志堅先生。現在我將把電話轉給比爾，他將代表威廉宣讀準備好的演講稿。帳單？

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，所有百分比都是基於人民幣。

During the second quarter, we advanced each of our businesses through the development of high-quality and innovative offerings. Total revenues increased 9% year over year driven by our diverse portfolio of games. We saw strong player engagement in our established franchises and released new titles that expanded our reach across genres and geographies. Building on our first quarter year-on-year growth momentum, revenues from our games and related VAS rose 14% in the second quarter compared to the same period last year.

在第二季度，我們透過開發高品質和創新的產品推動了各項業務的發展。受我們多樣化遊戲組合的推動，總收入年增 9%。我們看到現有系列遊戲的玩家參與度很高，我們發布的新遊戲也擴大了我們在遊戲類型和地理上的影響力。在第一季同比成長動能的基礎上，第二季我們的遊戲及相關增值服務營收較去年同期成長了 14%。

As we expand our expertise across more genres, we now offer a diverse range of gaming experiences to players around the world, which we believe lays a solid foundation for our global expansion. In the second quarter, we launched several new global titles, while also extending the reach of our well-known domestic franchises. Looking first at our newest releases:

隨著我們在更多遊戲類型的專業知識不斷擴展，我們現在為世界各地的玩家提供多樣化的遊戲體驗，我們相信這為我們的全球擴張奠定了堅實的基礎。在第二季度，我們推出了幾款新的全球遊戲，同時也擴大了我們知名的國內遊戲系列的影響力。首先來看看我們的最新版本：

Our Super Hero team-based tactical RPG, MARVEL Mystic Mayhem launched on June 25. The game quickly garnered a passionate group of players eager to collect iconic Super Heroes and Super Villains to battle the Nightmare Dimension. Its player base quickly surpassed 1 million with the game topping the iOS download charts in multiple regions and ranking number two in the US. To further the community's excitement we plan to introduce more playable characters and expand the storyline approximately every six weeks.

我們的超級英雄團隊戰術角色扮演遊戲《MARVEL Mystic Mayhem》於 6 月 25 日推出。這款遊戲很快就吸引了一群熱情的玩家，他們渴望收集標誌性的超級英雄和超級惡棍來對抗噩夢維度。該遊戲的玩家數量迅速突破 100 萬，並在多個地區的 iOS 下載排行榜上名列前茅，並在美國排名第二。為了進一步激發社區的熱情，我們計劃大約每六週推出更多可玩角色並擴展故事情節。

The global release of our tactical shooter game FragPunk on Xbox and PlayStation quickly gained traction after its April 29 debut. In May, it reached number two spot on PlayStation's North America free-to-play download chart. Originally launched on PC in March. FragPunk has been winning our players with this groundbreaking shard card system. Now with its signature blend of strategy and high-octane shooting experience available on console, it continues to build momentum.

我們的戰術射擊遊戲 FragPunk 在 Xbox 和 PlayStation 上全球發行，自 4 月 29 日首次亮相後迅速獲得了關注。五月份，它在 PlayStation 北美免費遊戲下載排行榜上排名第二。最初於三月在 PC 上推出。FragPunk 一直以這款突破性的碎片卡系統贏得玩家的青睞。現在，憑藉其標誌性的策略與高強度射擊體驗在遊戲機上的融合，遊戲繼續保持強勁勢頭。

Our commitment to growing existing hits has also brought fresh energy to games already resonating with players. Once Human commemorated its annual version 2.0: Dreamveil, with a major content update and a series of exciting announcements. Players were introduced to Endless Dream, a new nightmare-themed PVE scenario that takes them through multiple layers of dreamscapes, offering a fresh take on the apocalyptic world. A new class system was also unveiled featuring three classes: Chef, Gardener, and Beastmaster as the first wave, each bringing unique abilities to support diverse playstyles. This 2.0 update gained massive popularity, propelling the game to number four on Steam's global top-sellers chart. We also rolled out a new PVP spinoff for Once Human on July 30, called RaidZone, which amplifies the thrill of the game's survival open world experience. With unrestricted combat, allowing attacks anytime anywhere. This innovation targets on a broader PVP audience through more intense and liberated battles. In June, we began testing a new customer server allowing private servers and customizable seasonal settings that encourage creativity and diversity, giving players even more autonomy.

我們致力於發展現有的熱門遊戲，也為已經引起玩家共鳴的遊戲注入了新的活力。Once Human 慶祝其年度版本 2.0：Dreamveil，並進行了重大內容更新和一系列令人興奮的公告。玩家將體驗“無盡之夢”，這是一個以噩夢為主題的全新 PVE 場景，帶領玩家穿越多層夢境，以全新的視角看待世界末日。同時也推出了一個新的職業系統，其中包含三個職業：廚師、園丁和獸王，作為第一波，每個職業都具有獨特的能力來支持不同的遊戲風格。這次 2.0 更新獲得了極大的歡迎，推動遊戲在 Steam 全球暢銷榜上排名第四。我們還在 7 月 30 日推出了 Once Human 的全新 PVP 衍生作品，名為 RaidZone，它增強了遊戲生存開放世界體驗的刺激感。不受限制的戰鬥，可以隨時隨地進行攻擊。這項創新透過更激烈、更自由的戰鬥瞄準更廣泛的 PVP 受眾。6 月份，我們開始測試新的客戶伺服器，允許使用私人伺服器和可自訂的季節性設置，以鼓勵創造力和多樣性，讓玩家擁有更多自主權。

For Marvel Rivals, we launched season three on July 11, introducing Phoenix as a new playable hero, alongside a slate of exciting events and Team-Ups. Set in Klyntar, where Knull’s darkness spreads, players join forces and unleash unique skills to save the world. With fast-paced open combat and the fan favorite Phoenix joining the roster, the game quickly climbed to number one on Steam's top sellers chart in the US and subsequently reached number two globally following their summer party events. Beyond in-game updates, we are also deepening community engagement through more off-line events. At San Diego Comi-Con, an exclusive behind-the-scenes look at the hero creation process, generated tremendous excitement among fans. In May, we also kicked off our Marvel Rivals Ignite e-sports tournaments, with mid-season finals successfully held at our Guangzhou campus recently. Passionate players from around the world have come to compete, and we look forward to crowning the first champion with our finals at the end of the year.

對於《漫威對手》，我們於 7 月 11 日推出了第三季，引入了菲尼克斯作為新的可玩英雄，同時推出了一系列令人興奮的活動和團隊合作。遊戲背景設定在克林塔，納爾的黑暗勢力在此蔓延，玩家們聯手並施展獨特的技能來拯救世界。憑藉著快節奏的開放式戰鬥和粉絲最喜愛的 Phoenix 的加入，該遊戲迅速攀升至美國 Steam 暢銷榜第一名，並在夏季派對活動之後在全球排名第二。除了遊戲內更新之外，我們也透過更多線下活動加深社區參與。在聖地牙哥動漫展上，獨家曝光了英雄創作過程的幕後花絮，引起了粉絲們的極大興奮。5 月份，我們也啟動了 Marvel Rivals Ignite 電競錦標賽，並於近期在廣州園區成功舉辦了季中決賽。來自世界各地的熱情選手紛紛前來參賽，我們期待在年底的決賽中決出首屆冠軍。

With our domestic IP, we continue to extend our player communities and prepare for global expansion. Players of our Wuxia-themed open-world RPG, Where Winds Meet, continued to be impressed with our steady stream of high-quality content. In the second quarter, we launched the new Hexi-themed update, featuring the exotic desert landscapes of Dunhuang. The storyline centered on the unyielding spirit of both generals and ordinary citizens during periods of unrest, resonated deeply with players. By restoring ancient frescoes in-game, in collaboration with Dunhuang Art Academy, it brought emotional stories to life with stunning visual effect, further fueling player enthusiasm. By the end of July, it had amassed over 40 million total players, while the release of the summer version propelled it to number five on China's iOS top grossing chart. Furthermore, we are thrilled to have successfully concluded the latest round of overseas testing on PC and PlayStation 5 at the end of July, placing us firmly on track for its global launch.

憑藉我們的國內IP，我們不斷擴大玩家社群並為全球擴張做好準備。我們的武俠主題開放世界角色扮演遊戲《風之交界處》的玩家繼續對我們源源不絕的高品質內容印象深刻。第二季度，我們推出了以河西為主題的全新更新，展現了敦煌異國風情的沙漠景觀。故事情節圍繞在動亂時期將軍和普通民眾的不屈精神展開，引起了玩家的深刻共鳴。透過與敦煌藝術學院合作修復遊戲中的古老壁畫，它以令人驚嘆的視覺效果將情感故事栩栩如生地呈現出來，進一步激發了玩家的熱情。截至 7 月底，該遊戲累計玩家數量已超過 4,000 萬，夏季版本的發布更是將其推升至中國 iOS 暢銷遊戲排行榜第五名。此外，我們很高興在 7 月底成功完成了 PC 和 PlayStation 5 上的最新一輪海外測試，這為我們在全球發布做好了堅實的準備。

Sword of Justice, previously known as Justice mobile marked its second anniversary with a surge in players. We launched a massive update introducing new gameplay features, expanded areas and a wide selection of new costumes, propelling the title to number three on China's iOS top crossing chart. Global preregistration opened in May and we look forward to bringing this groundbreaking MMORPG experience to more players worldwide.

《正義之劍》（前身為《正義》手遊）迎來發行兩週年，玩家數量激增。我們發布了大規模更新，引入了新的遊戲功能、擴展的區域和豐富的新服裝選擇，推動該遊戲在中國 iOS 熱門穿越遊戲排行榜上排名第三。全球預先註冊已於五月開放，我們期待為全球更多玩家帶來這款突破性的 MMORPG 體驗。

Dunk City Dynasty also met global players on May 22, where it reached number one on iOS download charts in multiple regions and number two in the US.

《灌籃高手：王朝》也於 5 月 22 日與全球玩家見面，並在多個地區的 iOS 下載榜上排名第一，在美國排名第二。

As we enhance the global appeal of our games, our established franchises continue to keep players highly engaged, highlighting the strength of our operations and content updates that stand the test of time.

隨著我們增強遊戲的全球吸引力，我們成熟的系列遊戲繼續保持玩家的高度參與，凸顯了我們運營的實力和經得起時間考驗的內容更新。

In May, Fantasy Westward Journey Online, drew in strong interest from the player community, with its How to Train Your Dragon collaboration, bringing the movie’s iconic costumes and dragon mounts into the game. The momentum continued with the launch of the innovative Unlimited Server in July. More notably, this evergreen title reached a new all-time high in peak concurrent players in August, surpassing 2.93 million, an impressive milestone after 22 years of operation. Our long-term commitment to innovation and maintaining a healthy in-game ecosystem continues to pay off. Similarly, Fantasy Westward Journey mobile launched a new faction, Pansidong which generated strong participation and introduced a vertical screen mode to expand accessibility across play scenarios. Delivering fresh content and elevating player experiences remains central to the game's enduring success, its revenue posted another record high in the second quarter.

5 月份，《夢幻西遊Online》與《馴龍高手》聯動，將電影中的標誌性服裝和龍坐騎引入遊戲，引起了玩家群的強烈興趣。隨著 7 月創新無限伺服器的推出，這一勢頭得以延續。更值得注意的是，這款經久不衰的遊戲在 8 月的最高同時在線人數創下了歷史新高，超過 293 萬，這是遊戲運營 22 年來的一個令人印象深刻的里程碑。我們長期致力於創新和維護健康的遊戲生態系統，並持續獲得回報。同樣，夢幻西遊手遊推出了新陣營“盤絲洞”，吸引了大量玩家參與，並引入了豎屏模式，以擴大遊戲場景的可訪問性。提供新鮮的內容和提升玩家體驗仍然是遊戲持久成功的關鍵，其收入在第二季再創歷史新高。

The Westward Journey franchise struck an emotional chord with players by launching a series of activities themed around the beloved romantic legend Baishezhuan, featuring themed gameplay, costumes, and crossovers with the theme song all tied to the 2025 year of the Snake. Westward Journey Online 2 continue to build excitement through its annual PVP finals and content updates, while Westward Journey mobile saw strong participation from both loyal and returning players through the launch of a new server.

《大話西遊》系列遊戲以深受玩家喜愛的浪漫傳奇《白蛇傳》為主題，推出了一系列活動，其中包括主題遊戲玩法、服裝和跨界遊戲，主題曲也與 2025 年的蛇年相關，引起了玩家的共鳴。《大話西遊2》繼續透過其年度 PVP 決賽和內容更新來營造刺激的氛圍，而《大話西遊》手遊則透過新伺服器的推出吸引了許多忠實玩家和回歸玩家的積極參與。

Knives Out continues to showcase our long-term operational capabilities, maintaining its status as a household name in Japan through dedicated content updates and culturally resonant collaborations. This quarter's crossover with Jujutsu Kaizen, the hit Japanese manga that captivated global audiences, was met with strong player enthusiasm and propelled the game to number three on Japan's iOS top grossing chart.

《利刃出鞘》繼續展示我們的長期營運能力，透過專門的內容更新和文化共鳴合作保持其在日本家喻戶曉的地位。本季度，該遊戲與風靡全球的日本熱門漫畫《Jujutsu Kaizen》聯動，受到了玩家的熱烈追捧，並一舉奪得日本 iOS 暢銷遊戲排行榜第三名。

Identity V once again, broke its quarterly revenue record in the second quarter, supported by an enthusiastic fan base. On July 3, Identity V teamed up with Paper Bride a popular Chinese horror mystery puzzle game to introduce a chilling wedding themed world featuring immersive maps and new costumes. The crossover drove the game to number seven on China's iOS top grossing chart. Momentum continued into August when the crossover with Frieren: Beyond Journey's End generated significant enthusiasm and propelled it to number four on China's iOS top grossing chart.

在眾多熱情粉絲的支持下，《第五人格》第二季再次打破了季度營收紀錄。7 月 3 日，第五人格與中國熱門恐怖懸疑解謎遊戲《紙新娘》聯手，推出了一個令人毛骨悚然的婚禮主題世界，其中包含沉浸式地圖和全新服裝。此次跨界合作使該遊戲在中國 iOS 暢銷榜上排名第七。這種勢頭一直延續到 8 月份，其與《弗里倫：超越旅程終點》的連結引發了巨大的熱情，並推動其在中國 iOS 暢銷榜上排名第四。

For Eggy Party third anniversary on June 27, we introduced a festive in-game update that transformed Eggy Island with candies, cakes and toys, adding new maps and equipment to deepen strategic gameplay. A wave of anniversary activities, along with highly anticipated crossover with DongDong Sheep, sparked strong player excitement and lifted Eggy Party to number five on China's iOS top grossing chart on July 11.

為了慶祝 6 月 27 日 Eggy Party 三週年，我們推出了節日遊戲內更新，用糖果、蛋糕和玩具改造了 Eggy 島，並添加了新地圖和設備以深化戰略遊戲玩法。一系列週年慶活動，加上備受期待的與動動羊的聯動，激發了玩家的強烈熱情，並於 7 月 11 日將《蛋蛋派對》推至中國 iOS 暢銷榜第五名。

The NARAKA: Bladepoint franchise also hit another milestone. Its PC game entered its fourth year with a brand-new extraction mode and iconic IP crossovers, including Bruce Lee and The Degenerate Drawing Jianghu. The mobile game also introduced enhancements to its extraction-based survival feature with dynamic weather and new mechanics. The update energized the player base and pushed the title to number six on China's iOS top grossing chart.

《NARAKA：Bladepoint》系列也達到了另一個里程碑。其PC遊戲進入第四年，擁有全新的提取模式以及包括李小龍、落魄江湖等標誌性IP跨界。這款手機遊戲還透過動態天氣和新機制增強了基於提取的生存功能。這次更新激發了玩家熱情，並將遊戲推至中國 iOS 暢銷遊戲排行榜第六位。

After a year of close collaboration, Blizzard titles continue to captivate players in China. On July 15, World of Warcraft and its community celebrated the game's 20th anniversary of operation in China, unveiling plans to launch a new China-exclusive Titan Reforged Server in November. This announcement reignited enthusiasm among local players and attracted significant attention from the broader global community.

經過一年的密切合作，暴雪的遊戲持續吸引中國玩家。7 月 15 日，《魔獸世界》及其社群慶祝了該遊戲在中國運營 20 週年，並宣布計劃於 11 月推出全新的中國專屬《泰坦重製版》伺服器。這項聲明重新點燃了當地參與者的熱情，並引起了國際社會的廣泛關注。

Meanwhile, Hearthstone launched its latest expansion, The Lost City of Un'Goro on July 9, featuring a brand-new pet system. This new adventure invited players to embark on a quest set for the lost city with 145 collectible cards and the new keyword Kindred to empower their decks. Shortly after the update, the game climbed to number five on China's iOS top grossing chart.

同時，《爐石戰記》於 7 月 9 日發布了其最新擴展包“失落之城安戈洛”，其中包含全新的寵物系統。這次新的冒險邀請玩家踏上失落之城的任務，使用 145 張可收集的卡牌和新關鍵字 Kindred 來增強他們的牌組。更新後不久，遊戲就攀升至中國 iOS 暢銷榜第五名。

In April, Overwatch launched its new Stadium mode, which has been very popular with players-and in June, they introduced its 17th season featuring a series of updates to power up the gameplay experience. At BiliBili World 2025, its collaboration with Porsche sparked more fan excitement, featuring special in-game skins on the iconic Porsche model.

今年 4 月，《鬥陣特攻》推出了全新的球場模式，深受玩家喜愛；6 月，《鬥陣特攻》推出了第 17 季，並進行了一系列更新以增強遊戲體驗。在 2025 年 BiliBili World 上，它與保時捷的合作激發了更多粉絲的興趣，並在標誌性的保時捷車型上推出了特殊的遊戲皮膚。

We are also thrilled to announce that Diablo II Resurrected will be returning to China on August 27, with plans for the launch of Diablo IV underway. This will enhance the classic franchise for our dedicated fan base.

我們也很高興地宣布，《暗黑破壞神 II 重製版》將於 8 月 27 日重返中國，同時《暗黑破壞神 IV》的發布計畫也在進行中。這將增強我們忠實粉絲群對經典系列的喜愛。

Innovation remains at the core of how we build and operate games. We bring the same creative ambition and operational rigor to every new title under development. Several exciting new games are in the pipeline, each powered by creative gameplay, bold designs and cutting-edge technology. These titles reflect our commitment to pushing the boundaries of gaming experiences and will position us to expand our player community and further fuel our long-term growth.

創新仍然是我們建構和營運遊戲的核心。我們為每個正在開發的新作品注入同樣的創作野心和嚴謹的營運態度。幾款令人興奮的新遊戲正在籌備中，每款遊戲都具有創意的遊戲玩法、大膽的設計和尖端的技術。這些遊戲體現了我們致力於突破遊戲體驗界限的承諾，並將幫助我們擴大玩家社群並進一步推動我們的長期成長。

Sea of Remnants, our upcoming cross-platform ocean adventure RPG, received encouraging feedback from its first testing at the end of June. The game invites players into an exciting open world exploration where they uncover the truth behind a forgotten identity through exhilarating naval combat and turn-based battles. Players recruit a crew of allies, build ships and interact with characters adding strategic depth as players shape the fate of the surrounding world based on each decision they make. Currently, we are actively refining the game for its release in 2026.

我們即將推出的跨平台海洋冒險角色扮演遊戲《遺跡之海》在 6 月底首次測試時就獲得了令人鼓舞的回饋。遊戲邀請玩家進入令人興奮的開放世界探索，透過令人振奮的海戰和回合製戰鬥揭開被遺忘的身份背後的真相。玩家招募盟友、建造船隻並與角色互動，增加戰略深度，因為玩家根據自己所做的每一個決定來塑造周圍世界的命運。目前，我們正在積極完善遊戲，並計劃於 2026 年發布。

In June, we were excited to unveil plans for Blood Message, our first AAA single player title. This cinematic story-driven action adventure will be available on PC and consoles, inviting players to step into the heart of Dunhuang's uprising as a nameless messenger and his young son. With immersive third-person gameplay and powered by cutting-edge technology, Blood Message is designed to deliver an epic blockbuster experience for players worldwide.

6 月份，我們很高興地公佈了我們的第一款 AAA 單人遊戲《Blood Message》的計劃。這款由電影故事驅動的動作冒險遊戲將在 PC 和遊戲機上推出，邀請玩家以無名信使和他的小兒子的身份深入敦煌起義的中心。《血色訊息》採用身臨其境的第三人稱遊戲方式，並採用尖端技術，旨在為全球玩家帶來史詩般的大片體驗。

Planet Party Time, our cross-platform game blending social simulation and party gameplay has undergone a series of tests to further refine the experiences ahead of its official launch. Players can express their creativity on a cosmic journey where they can design, build and cultivate their own planets, while enjoying over 120 exciting minigames with friends.

Planet Party Time 是我們融合社交模擬和派對遊戲玩法的跨平台遊戲，在正式發布之前已經經過了一系列測試，以進一步完善體驗。玩家可以在宇宙之旅中發揮自己的創造力，設計、建造和培育自己的星球，同時與朋友一起享受 120 多個令人興奮的迷你遊戲。

Destiny: Rising, the new free-to-play mobile sci-fi RPG shooter that delivers players to a new alternate timeline in the Destiny universe will launched on August 28 across mobile devices. In addition, we plan to launch several licensed titles in China. Most recently, on July 24, we launch SUPERVIV, an innovative competitive multiplayer game on PC that provides a unique blend of MOBA, battle royale and hero shooter elements. And we expect Wildgate, a PVP multi-player shooter game that blends tactical ship-to-ship combat with fast-paced first-person action to meet players in China later this year.

《天命：崛起》是一款全新的免費行動科幻 RPG 射擊遊戲，它將帶領玩家進入《天命》宇宙的全新平行時間線，該遊戲將於 8 月 28 日在行動裝置上推出。此外，我們也計劃在中國推出幾款授權遊戲。最近，我們在 7 月 24 日推出了 SUPERVIV，這是一款創新的 PC 競技多人遊戲，獨特地融合了 MOBA、大逃殺和英雄射擊元素。我們期待《Wildgate》這款融合了戰術艦對艦戰鬥和快節奏第一人稱動作的 PVP 多人射擊遊戲將於今年晚些時候在中國與玩家見面。

Development for Ananta, our highly anticipated urban-themed in open world title, is also well underway.

我們備受期待的城市主題開放世界遊戲《Ananta》的開發也正在順利進行中。

Across our portfolio, we remain focused on building lasting success through continuous innovation and high-quality operations that keep our games relevant and exciting for players. From evergreen franchises that keep breaking records to bold new titles shaping the next generation of gameplay. We are committed to delivering distinctive experiences that players love. As we continue raising the bar for engagement and creativity, we are paving the way for long-term growth domestically and worldwide.

在我們的產品組合中，我們始終專注於透過持續創新和高品質營運來取得持久的成功，使我們的遊戲對玩家保持相關性和刺激性。從不斷打破紀錄的經典系列遊戲到塑造下一代遊戲玩法的大膽新遊戲。我們致力於提供玩家喜愛的獨特體驗。隨著我們不斷提高參與度和創造力的標準，我們正在為國內和全球的長期成長鋪平道路。

Turning to our other businesses.

轉向我們的其他業務。

In Q2, Youdao executed its AI Native Strategy effectively across both its learning and advertising businesses, delivering its first second quarter operating profit. For learning services, Youdao Lingshi continued to drive product innovation with our proprietary LLM, Confucius, while we continued to iterate other AI applications. such as Mr. P AI Tutor, gaining increasing user traction. In online marketing services, our newly launched AI Advertisement Placement Optimizer an end-to-end AI-driven agentic solution covering demand analysis, strategy formulation, data analytics and iterative optimization, achieving capabilities that previously relied on human expertise. Leveraging our LLM Confucius, we now offer comprehensive AI-empowered advertising services. spanning creative ad production, placement and post-campaign analysis.

第二季度，有道在學習和廣告業務中有效執行了AI原生策略，實現了公司第二季度首次營業利潤。在學習服務方面，有道靈視繼續透過自主研發的法學碩士課程「孔子」推動產品創新，同時我們繼續迭代其他人工智慧應用，例如P先生人工智慧導師，獲得越來越多的用戶青睞。在線上行銷服務方面，我們新推出的AI廣告投放優化器是一個端到端的AI驅動代理解決方案，涵蓋需求分析、策略制定、資料分析和迭代優化，實現了先前依賴人類專業知識的功能。利用我們的法學碩士孔子，我們現在提供全面的人工智慧廣告服務，涵蓋創意廣告製作、投放和後期活動分析。

NetEase Cloud Music remained committed to driving quality development across its core music ecosystem. To build on our unique content offerings, we continued to expand our catalog of copyrighted content while strengthening our origin music library. During the second quarter, we expanded collaborations with Korean music labels and renowned Chinese artists, while generating strong traction with several in-house tracks. such as Liang Nan. We also continued to innovate our product features and optimize our music-centric community to deliver even better music experiences for our users. For example, our innovative music playing feature, Magic Light Player, which is designed to recreate the immersive feel of live concert enhanced with landscape orientation support received widespread acclaim from music lovers. We're constantly advancing our music-centric monetization and further expanded our subscriber base, resulting in healthy growth in subscription-based membership revenue.

網路易雲音樂始終致力於推動核心音樂生態系統的高品質發展。為了鞏固我們獨特的內容產品，我們繼續擴大我們的版權內容目錄，同時加強我們的原創音樂庫。第二季度，我們擴大了與韓國唱片公司和中國知名藝術家的合作，同時憑藉《梁楠》等幾首內部曲目獲得了強勁的關注。我們也不斷創新產品功能並優化以音樂為中心的社區，為用戶提供更好的音樂體驗。例如，我們創新的音樂播放功能「Magic Light Player」旨在重現現場音樂會的沉浸感，並增強了橫向播放支持，受到了音樂愛好者的廣泛好評。我們不斷推動以音樂為中心的貨幣化，進一步擴大我們的訂閱用戶群，從而實現基於訂閱的會員收入的健康成長。

Turning to Yanxuan. We continued to maintain our leading position in key categories. For example, Yanxuan home scents, such as bathroom fragrances and car fresheners, have been widely recognized by consumers, securing a solid market position with leading sales. Other iconic products such as pet foods, also maintained a stable market position.

轉向嚴軒。我們持續保持重點品類的領先地位。例如，嚴選家居香氛，如衛浴香氛、車用香氛等，得到了消費者的廣泛認可，市場地位穩固，銷量領先。其他標誌性產品如寵物食品也維持了穩定的市場地位。

Across our NetEase family of businesses, we are focused on innovation and refining our products and content to deliver long-term value for our users and stakeholders. Looking ahead, we will continue to push the boundaries of player experiences, scaling original IP to build lasting franchises and growing alongside our collaborative global partners to reinforce our position as a creator of high-impact genre-defining games.

在網易旗下所有業務中，我們專注於創新和改進我們的產品和內容，以便為我們的用戶和利害關係人提供長期價值。展望未來，我們將繼續突破玩家體驗的界限，擴展原創 IP 以打造持久的系列遊戲，並與我們的全球合作夥伴共同成長，鞏固我們作為高影響力類型定義遊戲創造者的地位。

That concludes William's comments.

威廉的評論到此結束。

I will now provide a brief review of our 2025 second quarter financial results. Given the limited time on today's call, I will be presenting abbreviated financial highlights. We encourage you to read through our press release issued earlier today for further details.

現在我將簡要回顧我們 2025 年第二季的財務表現。由於今天電話會議的時間有限，我將簡要介紹財務要點。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。

As a reminder, all amounts are in RMB, unless otherwise stated.

提醒一下，除非另有說明，所有金額均以人民幣計算。

Total net revenues for the second quarter were RMB27.9 billion, or USD3.9 billion, representing a 9.4% increase year over year.

第二季總淨營收為人民幣279億元，約39億美元，較去年同期成長9.4%。

Total net revenue from our games and related VAS were RMB22.8 billion, up 14% year over year. Specifically, net revenues from online games were RMB22.1 billion, a quarter over quarter decrease of 6% and a year-over-year increase of 15%. The sequential decline was primarily attributable to decreased revenue following the Chinese New Year push, while the year-over-year growth was mainly driven by increased revenue contribution from newly launched titles such as Where Winds Meet and Marvel Rivals, as well as established games like Identity V.

我們遊戲及相關增值服務的總淨收入為人民幣228億元，較去年同期成長14%。其中，網路遊戲淨收入為人民幣221億元，季減6%，較去年同期成長15%。環比下降主要歸因於農曆新年促銷活動後的收入下降，而同比增長主要得益於《風之交界處》和《漫威宿命》等新推出的遊戲以及《第五人格》等成熟遊戲的收入貢獻增加。

Youdao's net revenue were RMB1.4 billion, up 7% year over year and 9% quarter over quarter. This growth was primarily driven by the enhanced utilization of AI technology to boost our learning services and online marketing services.

有道淨營收為14億元人民幣，較去年成長7%，較上季成長9%。這一成長主要得益於人工智慧技術的加強利用，從而促進了我們的學習服務和線上行銷服務。

NetEase Cloud's Music net revenue were $2 billion, up 6% from the previous quarter, while declining 4% from the same period last year. Notably, revenues from online music services maintained healthy development, both quarter over quarter and year over year.

網路易雲音樂淨營收為20億美元，較上一季成長6%，較去年同期下降4%。值得注意的是，線上音樂服務收入較上季、年比均維持健康發展。

Net revenues for innovative businesses and others were RMB 1.7 billion, up 5% from the previous quarter, while declining 18% year over year. The quarter-over-quarter growth was primarily driven by Yanxuan while the year-over-year decline was mainly due to decreased net revenue from Yanxuan advertising services and certain other businesses in this segment.

創新及其他業務淨收入為人民幣17億元，季增5%，年減18%。環比成長主要得益於嚴選，而年減主要由於嚴選廣告服務和該部門某些其他業務的淨收入下降。

Gross profit for the second quarter of 2025 was RMB 18.1 billion, up 13% year over year. This was primarily driven by increased net revenue from online games, as previously mentioned.

2025年第二季毛利為人民幣181億元，較去年同期成長13%。如前所述，這主要是由於線上遊戲淨收入的增加。

This quarter, our total gross profit margin was 64.7%. Looking at our second quarter margin in more detail.

本季度，我們的總毛利率為64.7%。更詳細地了解我們第二季的利潤率。

Gross profit margin was 70.2% for our games and related VAS compared with 70% in the same period of last year, and 68.8% in the last quarter. The quarter-over-quarter improvement was mainly from a higher proportion of net revenues from our self-developed game, which carry higher margins than licensed games.

我們的遊戲及相關加值服務的毛利率為 70.2%，去年同期為 70%，上季為 68.8%。季度環比成長主要得益於自主研發遊戲淨收入佔比的提高，其利潤率高於授權遊戲。

Our gross profit margin for Youdao was 43% compared with 48.2% in the same period of last year. The decrease was mainly due to the increased revenue contribution from online marketing services with relatively lower gross profit margin.

有道的毛利率為43%，去年同期為48.2%。下降的主要原因是毛利率相對較低的網路行銷服務的收入貢獻增加。

Gross profit margin for NetEase Cloud Music was 36.1% in the second quarter versus 32.1% in the same period a year ago. The margin improvement primarily resulted from strong monetisation of our core online music business and ongoing cost optimisation.

網路易雲音樂第二季毛利率為36.1%，去年同期為32.1%。利潤率的提高主要得益於我們核心線上音樂業務的強勁貨幣化和持續的成本優化。

For our innovative businesses and others, gross profit margin was 42.3%, compared with 34% in the second quarter of 2024.

對於我們的創新業務和其他業務，毛利率為 42.3%，而 2024 年第二季為 34%。

Total operating expense for the second quarter was RMB9 billion, or 32% of our net revenues.

第二季總營運費用為人民幣90億元，佔淨收入的32%。

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 revenue were 12.8% compared with 13.7% for the same period last year. mainly due to increased revenue contribution from Games and VAS over the past year.

我們的銷售和行銷費用佔總淨收入的百分比為 12.8%，而去年同期為 13.7%。這主要是由於過去一年遊戲和增值服務的收入貢獻增加。

Our R&D expenses as a percentage of total net revenues remained stable year over year at 15.6% in the second quarter. compared with 15.2% for the last quarter. We remain committed to investing in content creation and product development.

我們的研發費用佔總淨收入的百分比與去年同期相比保持穩定，第二季為 15.6%，而上一季為 15.2%。我們將繼續致力於內容創作和產品開發的投資。

The effective tax rate was 14.7% for the second quarter. As a reminder, the effective tax rate is presented on an accrual basis, depending on applicable policies and our operations.

第二季有效稅率為14.7%。提醒一下，有效稅率是按應計制列示的，取決於適用的政策和我們的營運。

Our non-GAAP net income attributable to shareholders for the second quarter totaled RMB9.5 billion, or USD1.3 billion, up 22% year over year. Non-GAAP basic earnings per ADS for the quarter was USD2.08 or USD0.42 per share.

第二季度，我們非美國通用會計準則下的股東淨利為 95 億元人民幣，約 13 億美元，較去年同期成長 22%。本季非公認會計準則每股美國存託憑證基本收益為 2.08 美元，即每股 0.42 美元。

Additionally, our cash position remains robust, with net cash of approximately RMB142.1 billion as of June 30, 2025, compared with RMB137 billion at the end of last quarter.

此外，我們的現金狀況依然強勁，截至 2025 年 6 月 30 日，淨現金約為人民幣 1,421 億元，而上季末為人民幣 1,370 億元。

In accordance with our dividend policy, we are pleased to report that our Board of Directors has approved a dividend of USD0.114 per share or USD0.57 per ADS.

根據我們的股息政策，我們很高興地報告，董事會已批准每股 0.114 美元或每股 ADS 0.57 美元的股息。

Lastly, under our current USD5 billion share repurchase program, which started in mid-January of 2023, we had repurchased approximately 22.1 million ADSs as of June 30, 2025, for a total cost of approximately USD2 billion.

最後，根據我們目前的 50 億美元股票回購計畫（該計畫於 2023 年 1 月中旬啟動），截至 2025 年 6 月 30 日，我們已回購約 2,210 萬股 ADS，總成本約為 20 億美元。

Thank you for your attention. We would now like to open the call to your questions.

感謝您的關注。我們現在想開始回答你們的問題。

(Operator Instructions) Yang Liu, Morgan Stanley.

（操作員指示） Yang Liu，摩根士丹利。

(spoken in foreign language) My first question is regarding Where Winds Meet in terms of the monetization in management view. Is it an early success? Or is it meeting expectations? Or it's already fully ramped up? And my second question is regarding Once Human. What drove the grossing rebound for this title? Does this have good potential to become an evergreen game? And what is the user or revenue split in China and overseas. Thank you.

（以外語說）我的第一個問題是關於《風雲匯聚之處》在管理視野下的貨幣化。這是早期的成功嗎？或者說它符合預期嗎？或是已經完全啟動了？我的第二個問題是關於 Once Human 的問題。是什麼推動了該遊戲票房反彈？這款遊戲有潛力成為一款歷久不衰的遊戲嗎？中國和海外的用戶或收入分佈如何？謝謝。

(spoken in foreign language)

（用外語說）

So first question is regarding Where Winds Meet. Where Winds Meet has delivered a solid performance as we have explained and exceeded our initial expectation before launch, both in terms of active players and monetization.

第一個問題是關於「風在哪裡相遇」。正如我們所解釋的，《風之交匯處》表現穩健，無論是在活躍玩家數量還是貨幣化方面，都超出了我們發布前的初步預期。

And more notably, we believe the long-term performance has been quite stable, demonstrating the promising potential for its sustainable success. Where Winds Meet adopt a unique business model that combines high-quality content and cosmetic-only monetization strategy. With a well-planned cadence for releasing high-quality content, along with the cosmetic-only approach that does not impact the character cultivation process, we believe Where Winds Meet has the potential for a healthy and lasting monetization cycle. We are very confident in the future of the game. And in terms of the future development of the content for this game, we'll make continuous, if not bigger, investments in the future.

更值得注意的是，我們認為其長期表現相當穩定，顯示出其可持續成功的良好潛力。Where Winds Meet 採用獨特的商業模式，將高品質內容與純外觀貨幣化策略相結合。透過精心策劃的發布高品質內容的節奏，以及不影響角色培養過程的純外觀方法，我們相信《風之交界處》具有健康持久的貨幣化週期的潛力。我們對遊戲的未來非常有信心。對於這款遊戲未來內容的開發，我們未來將進行持續的，甚至更大的投資。

And the second question is regarding Once Human. Behind the rebound of Once Human’s performance, we actually launched a welcomed significant update, which we call the annual 2.0 version, in early July. The new scenario, Endless Dream, and the new class system have both been well received by players. The 2.0 version gained massive popularity. That's why the game climbed to the No.4 position on Steam's global top seller chart following the launch of the update. Additionally, we also rolled out a new PVP spin-off called RaidZone on July 30, offering players what we call “a rule-free combat experience” that enhances the intensity of the game's PVP gameplays.

第二個問題是關於 Once Human 的。在 Once Human 業績反彈的背後，我們實際上在 7 月初推出了一個備受歡迎的重大更新，我們稱之為年度 2.0 版本。新的場景「無盡的夢想」和新的職業系統都受到了玩家的好評。2.0版本獲得了極大的歡迎。這就是為什麼該遊戲在更新發布後攀升至 Steam 全球暢銷榜第四位的原因。此外，我們還於 7 月 30 日推出了一款名為 RaidZone 的新 PVP 衍生產品，為玩家提供我們所謂的“無規則戰鬥體驗”，增強遊戲 PVP 玩法的強度。

Looking back, the success of the new scenario demonstrates that the seasonal scenario mode has great potential, and we will continue to launch new scenarios to meet players' seasonal demand. Meanwhile, we have also introduced a private server, a custom server, which in China we call it Server V, which allows players to customize their own setting.

回顧過去，新場景的成功證明了賽季場景模式的巨大潛力，我們將繼續推出新的場景來滿足玩家的賽季需求。同時，我們也推出了私服，自訂伺服器，在中國我們稱之為Server V，讓玩家自訂自己的設定。

Looking forward, with ongoing scenario experiences updates and the healthy ecosystem built around the custom servers, the product has the potential for long-term sustainability. Regarding your question on the user distribution between China and international markets, the split is about 50-50. And the revenue distribution is about 2 to 3 comparing China with the rest of all. Hope that answers your question.

展望未來，隨著場景體驗的不斷更新以及圍繞定制伺服器構建的健康生態系統，該產品具有長期可持續發展的潛力。關於你問的中國和國際市場的用戶分佈情況，大概是各佔一半。中國的收入分配與其他國家相比約為2比3。希望這能回答你的問題。

Alicia Yap, Citigroup.

花旗集團的 Alicia Yap。

(interpreted) Can management share additional color on the overall Blizzard games performance on the sequential basis? Do you think you have targeted all the potential old and new gamers? Or do you think they are still untapped user for the Blizzard titles? Will the future growth of Blizzard titles mainly to be driven by content update and promotional activities on the monetization upside? Or is it will also come from the new user growth. Thank you.

（解釋）管理階層能否就暴雪遊戲的整體連續表現分享更多細節？您認為您已經瞄準了所有潛在的新舊玩家嗎？或者您認為他們仍然是暴雪遊戲尚未開發的用戶？暴雪遊戲未來的成長是否主要依靠內容更新和促銷活動來獲利？還是也將來自新用戶的成長。謝謝。

(spoken in foreign language)

（用外語說）

Thank you for your question. First of all, Blizzard products are extremely high-quality games. As we explained during this call and previous calls, after a year of resuming product operations in the China market via various mechanics and rick online and offline marketing activities, the game’s metrics have surpassed their levels prior to the server shutdown, thanks for our dedication to local operations, both online and offline.

感謝您的提問。首先，暴雪的產品都是極高品質的遊戲。正如我們在本次電話會議和之前的電話會議中所解釋的那樣，經過一年的時間，通過各種機制和嚴格的線上線下營銷活動恢復中國市場的產品運營，該遊戲的各項指標已經超過了服務器關閉前的水平，這要感謝我們對本地線上線下運營的投入。

As we continue to deepen our collaboration with the Blizzard developing team, our mutual trust and coordination are increasing. Looking into the future, as long as we implement more improvements that align with the tastes and habits of local Chinese players, we believe there is a good opportunity that we can attract even more new players as well as re-engaging those who haven't returned yet. Long story short, we believe there's big potential for Blizzard’s games in the China market.

隨著我們與暴雪開發團隊的合作不斷加深，彼此間的信任與配合也不斷增強。展望未來，只要我們實施更多符合中國本土玩家口味和習慣的改進，我們相信我們就有機會吸引更多新玩家，並重新吸引那些還沒有回歸的玩家。長話短說，我們相信暴雪的遊戲在中國市場有著巨大的潛力。

Yang Bai, CICC.

楊柏，中金公司。

(interpreted) Company has a number of shooting games set to launch in the second half of 2025, including PC and mobile games as well as self-developed and licensed products. What is your perspective on the overall competitive landscape of the shooting game sector? Thank you.

(解釋)公司計劃於 2025 年下半年推出多款射擊遊戲，包括 PC 和手機遊戲以及自主開發和授權產品。您如何看待射擊遊戲產業的整體競爭格局？謝謝。

(spoken in foreign language)

（用外語說）

Yes. Thank you for your question. Yes, the shooting game genre is a very big genre, and also a highly competitive marketplace. Players have very high expectations for the quality of games.

是的。感謝您的提問。是的，射擊遊戲類型是一個非常大的遊戲類型，也是一個競爭激烈的市場。玩家對於遊戲品質的期望非常高。

For example, you have to have very high-quality art production and gameplay innovation. It's a high bar to entry. For NetEase, we will keep investing in this genre, and we believe in the future, we can will continue to come up with competitive products in this large genre.

例如，你必須有非常高品質的藝術製作和玩法創新。進入門檻很高。對於網易來說，我們會繼續在這個類型上投入，並且相信未來我們能夠在這個大類型上繼續推出有競爭力的產品。

Richie Sun, HSBC.

匯豐銀行的孫正義。

(interpreted) So first of all, regarding Marvel Rivals, after the launch of season 3, we saw the Steam revenue ranking rebounded, but then dropped below top 10 afterwards. So how would you evaluate the effectiveness of the new strategy so far? Have we already seen the peak? And what are the new gameplays, skins or characters in the backlog that we should watch out for to drive the game to regain this momentum?

(解釋) 首先，關於《漫威對手》，在第 3 季推出後，我們看到 Steam 收入排名有所反彈，但隨後又跌至前 10 名以下。那麼，您如何評價迄今為止新策略的有效性？我們已經看到頂峰了嗎？那麼，我們應該關注哪些積壓的新玩法、皮膚或角色，以推動遊戲重新獲得這種勢頭？

And secondly, regarding Sea of Remnants, can management share the feedback of the first testing in June? And what would be the monetization model? And how would you evaluate the addressable market and longevity of this genre of the game?

其次，關於《遺跡之海》，管理階層能否分享 6 月第一次測試的回饋？那麼貨幣化模式是怎麼樣的呢？您如何評價該類型遊戲的潛在市場和壽命？

(spoken in foreign language)

（用外語說）

Okay. So first, regarding your question on Marvel Rivals. Marvel Rivals recently launched season 3, and the mid-season finals of Marvel Rivals Ignite have also concluded. We have observed upward and stabilized trend on both its DAU and revenue, which makes us believe that the new seasonal content updates and strategy are effective. Looking forward, we'll continue to introduce more new gameplay mechanics, heroes, and popular costumes based on our cadence of seasonal updates.

好的。首先，關於你對《漫威對手》的疑問。《漫威對抗》第三季近日開播，《漫威對抗》Ignite季中決賽也已落幕。我們觀察到其 DAU 和收入均呈上升和穩定趨勢，這讓我們相信新的季節性內容更新和策略是有效的。展望未來，我們將根據季節性更新的節奏繼續推出更多新的遊戲機制、英雄和流行服裝。

For your questions regarding Sea of Remnants. Sea of Remnants is a very important product for us, and we are very confidence that we will make this a top-tier successful game. The game will be launched next year. So regarding more details of this game, please stay tuned. Thank you.

關於「遺跡之海」的疑問。《遺跡之海》對我們來說是一款非常重要的產品，我們非常有信心將其打造成一款頂級成功的遊戲。該遊戲將於明年推出。因此有關該遊戲的更多詳細信息，請繼續關注。謝謝。

Felix Liu, UBS.

瑞銀的 Felix Liu。

(interpreted) I have two questions. First one is on your evergreen titles. We noticed recovery in quite a few of your evergreen titles such Eggy Party and Fantasy Westward Journey Online. Can management share more color on the status of the mentioned two titles and reasons for their recent recoveries? And in the long run, how does management think about resourcing on existing titles and IPs versus developing new games from the ground up?

（翻譯）我有兩個問題。第一個是關於你的常青標題。我們注意到，《蛋蛋派對》和《夢幻西遊Online》等不少經典遊戲都已復甦。管理層能否分享更多有關上述兩個頭銜的現狀以及它們最近復甦的原因？從長遠來看，管理階層如何考慮將資源投入現有遊戲和 IP 上，還是從頭開始開發新遊戲？

My second question is on another game in your pipeline, which is Ananta. What is the R&D status of Ananta? When do you expect this game to launch? And how should we think about the competition landscape for Ananta considering there are a few new games from your competitors that also fall into this genre.

我的第二個問題是關於您正在籌備的另一款遊戲，即《Ananta》。Ananta 的研發狀況如何？您預計這款遊戲什麼時候發布？考慮到您的競爭對手也推出了一些屬於這一類型的新遊戲，我們應該如何看待 Ananta 的競爭格局。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Okay. Regarding your questions, first Mr. Yingfeng Ding answered the question on Westward Journey PC version. After a year of continuous experience optimization, various metrics of Fantasy Westward Journey Online have shown recovery and stable improvement. And also, as we mentioned, the newly launched unlimited server has also been well received by players. And we're super excited to announce that its number of [peak concurrent players set a new record of 2.93 million on PC in early August] (corrected by company after the call). We have been running this game for many years, and we are confident that with continuous innovation, Fantasy Westward Journey PC will be continue to grow in the foreseeable future.

好的。關於大家關心的問題，首先丁英鋒先生回答了關於《大話西遊》PC版的問題。經過一年的持續體驗優化，夢幻西遊網各項指標呈現回暖穩定提升的態勢。而且正如我們所提到的，新推出的無限伺服器也受到了玩家的好評。我們非常高興地宣布，[8月初，PC端最高同時線上人數創下293萬的新紀錄]（公司在通話後更正）我們已經經營這款遊戲很多年了，我們有信心，隨著不斷的創新，夢幻西遊PC版在可預見的未來將繼續增長。

And the next question is regarding Eggy Party. Eggy Party, as you know, is a UGC kind of game. And after three years of exploration, we have mastered the methodology for operating this type of game. In the future, we're going to keep investing in the game and encouraging high-quality UGC content to prosper the ecosystem. We're also going to keep investing in marketing to promote the game to make it a household game in China and have everyone in China to associate the game with the whole family party game concept. That's for Eggy Party.

下一個問題是關於 Eggy Party 的。如你所知，Eggy Party 是一款 UGC 類型的遊戲。並且經過三年的探索，我們已經掌握了經營該類型遊戲的方法論。未來我們將持續投入遊戲，鼓勵優質UGC內容，繁榮遊戲生態。我們也將繼續投資行銷來推廣這款遊戲，使其成為中國家喻戶曉的遊戲，並讓中國每個人都將這款遊戲與全家庭聚會遊戲的概念聯繫起來。這是為 Eggy Party 準備的。

And for your question regarding ANANTA. ANANTA is now well into the mass production stage, with ongoing efforts to strengthen the core experience and prepare a long-term content pipeline. In the face of competitors, we are more focused on whether we are able to create superior gaming quality that differentiates us from existing market offerings. Looking forward, we anticipate that new content and progress will be revealed around Tokyo Game Show time in late September. Please stay tuned for product news. Thank you.

關於您提出的有關 ANANTA 的問題。ANANTA 目前已進入量產階段，並持續致力於強化核心體驗和準備長期的內容管道。面對競爭對手，我們更注重是否能創造出卓越的遊戲品質，使我們有別於現有的市場產品。展望未來，我們預計新的內容和進展將於九月下旬東京電玩展期間揭曉。請繼續關注產品新聞。謝謝。

Amanda Zheng, Bank of America.

美國銀行的 Amanda Zheng。

(interpreted) Can management share your marketing and operational strategies for your old games and also new games? What are your key focuses? And if any changes that you would like to highlight this year? And what kind of results are you seeing? What is your expectation for the sales and marketing expenses?

（翻譯）管理階層能否分享一下你們舊遊戲和新遊戲的行銷和營運策略？您的重點關注點是什麼？今年您想強調哪些改變？您看到了什麼樣的結果？您對銷售和行銷費用的預期是多少？

(spoken in foreign language)

（用外語說）

Yes. So we have been doing this business for 20-something years. We have developed a mature methodology and standard operating procedures for how to operate and market all old and new games,. We know how and when to invest in the marketing. And of course, now we're embracing new tools, like the social media, the power of AI, and everything else. So we believe we know precisely when to spend, where to spend, and where not to as well. So in the future, you will see our marketing is going to be more precise and more effective.

是的。我們已經做這個生意二十多年了。我們已經開發出一套成熟的方法論和標準的操作程序來指導如何運作和行銷所有新舊遊戲。我們知道如何以及何時投資行銷。當然，現在我們正在擁抱新的工具，例如社群媒體、人工智慧的力量以及其他一切。因此我們相信我們確切地知道何時花錢、在哪裡花錢以及在哪裡不花錢。所以在未來，你會看到我們的行銷將更加精準，更有效。

Lincoln Kong, Goldman Sachs.

林肯孔（Lincoln Kong），高盛。

(interpreted) I have two questions. The first one is on AI. So in recent months, the rapid development of AI multimodel has been quite notable. So has company seen any acceleration in games empowered through AI. So what are the existing bottlenecks that still remain? And what are our plans for AI adoption in our existing games? And when can we expect some truly AI-native games? My second question is on the overseas market. Company’s recent games have actually been published globally by ourselves. So what are the important directions or game genres, we are focused for future overseas expansion?

（翻譯）我有兩個問題。第一個是關於人工智慧的。所以最近幾個月，AI多模型的快速發展相當引人注目。因此，該公司已經看到了透過人工智慧賦能的遊戲的加速發展。那麼，目前仍存在哪些瓶頸？我們對現有遊戲中採用人工智慧有何計劃？我們什麼時候才能看到一些真正的人工智慧原生遊戲？第二個問題是關於海外市場。公司最近的遊戲實際上是我們自己在全球發布的。那麼，未來海外擴張我們重點關注的方向或遊戲類型有哪些？

(spoken in foreign language)

（用外語說）

Yes. So regarding your first question about AI, there's a joke that the life span of every big model is only three months. Basically, a new model comes out every couple of months. We have invested significant resources to leverage AI in our development, operations, tool chains, and everything else. So looking into the future, AI is going to play a more important role, and we foresee a future where fun games could be designed by AI. That's the future we're looking forward to.

是的。關於你關於人工智慧的第一個問題，有句笑話說，每個大模型的壽命都只有三個月。基本上，每隔幾個月就會推出一款新車型。我們投入了大量資源，在開發、營運、工具鏈和其他所有方面利用人工智慧。因此展望未來，人工智慧將發揮更重要的作用，我們預見未來有趣的遊戲可以由人工智慧設計。這就是我們所期待的未來。

And regarding your next question on overseas publishing, yes, this is a critically important capability for us, which is being able to publish games globally across different geos. North America, South America, Japan, South Korea, and Southeast Asia, every market has its own attributes. Through the game operations from Marvel Rivals, Once Human and also Identity V and Knives Out in Japan market, we have learned a tremendous amount of firsthand, hands-on experiences. And looking forward, over the next 2-3 years, our global operation will continue to grow, fueled by our key new games. And we do believe growing globally is going to be a very important task for us. Thank you for your question.

關於您關於海外出版的下一個問題，是的，這對我們來說是一項至關重要的能力，即能夠在不同的地區全球發行遊戲。北美、南美、日韓、東南亞，每個市場都有自己的屬性。透過在日本市場經營《漫威對手》、《Once Human》以及《第五人格》和《荒野行動》等遊戲，我們獲得了大量第一手的實務經驗。展望未來，在未來的2-3年內，在我們主要新遊戲的推動下，我們的全球業務將持續成長。我們確實相信，全球發展對我們來說將是一項非常重要的任務。感謝您的提問。

Jialong Shi, Nomura.

石家龍，野村。

(interpreted) So I just have one question. Can management share the performance of Marvel Mystic Mayhem in overseas markets so far. In addition, are there any updates on the expected launch time for the domestic version. What are the company's expectations or specific targets for this game going forward?

（翻譯）所以我只有一個問題。管理層能否分享《Marvel Mystic Mayhem》迄今在海外市場的表現。另外，國內版本預計上市時間還有消息嗎？公司對這款遊戲未來的期望或具體目標是什麼？

(spoken in foreign language)

（用外語說）

Okay. So as you know, Marvel Mystic Mayhem was officially launched in the overseas market on June 26. With its unique art style and innovative gameplay design, the game has received multiple recommendations from Google and App Store, as well as editor interviews. And the Fantastic Four release at the end of July has also been well received by players. In the meantime, we do face some long-term growth challenges for the game, and we're currently thinking how should we grow the game and sustain its performance over the long run.

好的。如大家所知，《漫威神秘混亂》於 6 月 26 日在海外市場正式上線。遊戲憑藉著獨特的美術風格和創新的玩法設計，多次獲得Google、App Store推薦以及編輯採訪。而7月底上映的《神奇四俠》也受到了玩家們的一致好評。同時，我們確實面臨著遊戲長期成長的一些挑戰，我們目前正在思考如何發展遊戲並長期維持其表現。

And that concludes the question-and-answer session. I would like to hand the conference back to Brandi Piacente for any additional or closing remarks.

問答環節到此結束。我想將會議交還給 Brandi Piacente，請他發表任何補充或結束語。

Thank you once again for joining us today. If you have any further questions, please feel free to contact us directly, and have a great day and good evening.

再次感謝您今天加入我們。如果您還有其他問題，請隨時直接聯繫我們，祝您有美好的一天和晚上好。