網易(09999.HK):進取投資吸客拖累開支增加 音樂業務仍錄虧損
網易(09999.HK)管理層在業績電話會議中被問及銷售開支增加問題,管理層指出網易有道(DAO.US)銷售開支增加主要因為公司有信心現時是合適時間繼續進取地投資,以獲取客戶並提升市場份額。他又指如撇除網易有道,上季銷售成本佔比與同業比較仍是健康水平,強調公司對股本回報率有很高要求,不認為會因為推出新遊戲而不理性投資。
至於第三季集團銷售開支增加,管理層解釋上季銷售開支約34億元人民幣(下同),當中約11億元為網易有道,另外23億元中則大部分是與遊戲相關,其他業務如音樂等相對佔比較細,強調非不理性投資在低回報的分部。至於利潤率下降,管理層解釋是基於時差問題,因為網易有道及遊戲方面的部分開支在期內入帳,但增長仍未體現在財報上,而另一因素是遊戲收入組合方面,雖然PC及手遊比例較穩定,但手遊方面有不同類型的遊戲,故會有不同的利潤表現。
管理層又指,現時音樂業務方面仍錄虧損,因為授權費用仍然非常高,但規模效應有助改善利潤,虧損也有所收窄,隨著公司推動原創音樂等的發展,相信未來趨勢對公司有幫助,而中國線上音樂應將是有利可圖的業務。
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