该行对该游戏总结主要用户反馈/看法：总体而言，看到了一个结合了单人游戏内容和多人游戏模式的差异化游戏体验。该行继续预测该游戏在首月将有42亿人民币的收入，尽管考虑到货币化设计（主要通过角色外观等），认为在有足够多的玩家参与游戏内容时，游戏在收入/营收方面可能会有缓慢的上升周期。Goldman Sachs released a research report stating that in the coming months, NTES-S (09999) is expected to achieve accelerated revenue growth compared to the third quarter, and the performance outlook for 2025 will become clearer. The bank believes that the release of these new games will further drive strong growth in the PC gaming business, especially after Blizzard's return in August 2024. The bank expects that as more games (including 'Marvel Duel', 'Fragpunk', and other games exclusively published by NetEase) are globally released, NetEase's global game sales will also see substantial growth in 2025.
The main points of the report are as follows:
NetEase launched the PC version of "Nishuihan" on December 27 and plans to release the mobile version next week on January 9.
The bank summarized the main user feedback/views on the game: Overall, a differentiated gaming experience combining single-player content and multiplayer modes has been observed. The bank continues to predict that the game will generate 4.2 billion yuan in revenue in its first month, although taking into account the monetization design (primarily through character appearances, etc.), it is believed that with sufficient player engagement in the game content, there may be a slow upward revenue cycle.
Positive feedback includes:
1) Rich and authentic Chinese martial arts style content suitable for single-player mode; 2) High freedom and open world style; 3) Light monetization strategy in the early stages. Some users are concerned about the design of battle mechanics around players compared to other ARPG PC/console games. The bank believes that the balance and integration of single-player and multiplayer genres remain a key area for improvement.
Events in NetEase's future worth paying attention to:
1) On January 9, 'Nirvana in Fire' was released on mobile: The bank believes that user indicators in the early stages are more important than overall rankings, and the promotional intensity of the mobile release should be higher than the promotional limitations of the PC release last week.
2) Performance and promotion during the Chinese New Year, especially for "Egg Party": During the 2024 Chinese New Year, the competition in party game types is fierce, and marketing expenses are increasing. The bank expects more targeted spending during this period; however, the recovery or results of the Egg Party title (which caters to stricter requirements for teenage users) is key this festive season.
3) User testing feedback on "Project: Mugen": The bank believes this is the most important single game pipeline that NetEase may launch in 2026. In other words, progress updates/test feedback will also be crucial throughout 2025.
4) Global release of "Fragpunk" on March 6: This is an innovative PVP shooting game developed by NetEase, aimed at global PC platform players. The current market expectations for this game are not high.
