---
title: "Jefferies Cites NTES  as Confident in Long-term Operation of 'Naraka: Bladepoint'; Rating Maintained at 'Buy'"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/296564393.md"
description: "Jefferies maintained a 'Buy' rating on NetEase (NTES), citing confidence in the long-term operation of 'Naraka: Bladepoint'. Although Q2 2026 revenue beat forecasts, non-GAAP net profit fell short due to investment losses. The broker noted that despite initial negative feedback for the mobile game's launch, recent updates have improved player satisfaction and management outlook."
datetime: "2026-08-21T03:41:43.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/296564393.md)
  - [en](https://longbridge.com/en/news/296564393.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/296564393.md)
generator: "portal-rs"
---

# Jefferies Cites NTES  as Confident in Long-term Operation of 'Naraka: Bladepoint'; Rating Maintained at 'Buy'

Jefferies issued a research report stating that NTES (09999.HK) +2.700 (+1.396%) Short selling $570.46M; Ratio 38.660% 's total revenue for 2Q26 rose 7.9% YoY to RMB30.1 billion, exceeding market consensus and the broker's forecasts by 2.2% and 1.4%, respectively. Revenue from games and related value-added services increased 9.7% YoY to RMB25 billion. The broker estimated that the online gaming business grew about 10.4% YoY, also beating market expectations and its own forecasts. Non-GAAP net profit was RMB7.75 billion, below both the broker's and market expectations, mainly due to investment losses.

Jefferies noted that after the launch of the mobile version of 'Naraka: Bladepoint' in Jul this year, initial user experience was affected because the game design did not sufficiently lower the early-entry threshold, leading to negative market feedback. However, following frequent content updates and product optimization, overall player satisfaction has continued to improve, while management also expressed confidence in the game's long-term operation. The broker maintained its 'Buy' rating, with an H-share TP of HKD246 and a US-share TP of USD158. (gc/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-20 16:25.)

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**