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网易(09999.HK):进取投资吸客拖累开支增加 音乐业务仍录亏损
阿思达克 11-20 08:31
网易(09999.HK)管理层在业绩电话会议中被问及销售开支增加问题,管理层指出网易有道(DAO.US)销售开支增加主要因为公司有信心现时是合适时间继续进取地投资,以获取客户并提升市场份额。他又指如撇除网易有道,上季销售成本占比与同业比较仍是健康水平,强调公司对股本回报率有很高要求,不认为会因为推出新游戏而不理性投资。

至於第三季集团销售开支增加,管理层解释上季销售开支约34亿元人民币(下同),当中约11亿元为网易有道,另外23亿元中则大部分是与游戏相关,其他业务如音乐等相对占比较细,强调非不理性投资在低回报的分部。至於利润率下降,管理层解释是基於时差问题,因为网易有道及游戏方面的部分开支在期内入帐,但增长仍未体现在财报上,而另一因素是游戏收入组合方面,虽然PC及手游比例较稳定,但手游方面有不同类型的游戏,故会有不同的利润表现。

管理层又指,现时音乐业务方面仍录亏损,因为授权费用仍然非常高,但规模效应有助改善利润,亏损也有所收窄,随着公司推动原创音乐等的发展,相信未来趋势对公司有帮助,而中国线上音乐应将是有利可图的业务。

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