以下是 网易 2025 年一季度的财报电话会纪要，财报解读请移步《网易：防御变进击？别低估 "老树发新芽"！》 一、财报核心信息回顾： | NetEase (9999.HK/NTES.O) Earnings Results | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1Q23A 2Q23A 3Q23A vs Consensus Figures in CNY 100mn | 4Q23A | 1Q24A | 2Q24A | 3Q24A | 4Q24A | 1Q25A | Cons | | | Highlights Total revenues 250.5 240.1 272.7 | 271.4 | 268.5 | 254.9 | 262.1 | 267.5 | 288.3 | 285.4 | 1.00% | | 6.3% 3.7% 11.6% yoy | 7.0% | 7.2% | 6.1% | -3.9% | -1.4% | 7.4% | 6.3% | | | Gross profit 149.0 143 ...