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The following are the Minutes of the 2025 Q3 earnings call for $NetEase-S (09999.HK)$ NetEase (NTES.US) organized by Dolphin Research. For an interpretation of the financial report, please refer to "NetEase: The Last Kneel Before the 'Pig Cycle'?" 1. Review of Core Financial Data 1. Revenue Overview: Total net revenue: RMB 28.4 billion (approximately USD 4 billion), an 8% year-over-year increase. Net revenue from games and related value-added services: RMB 23.3 billion, a 12% year-over-year increase. Net revenue from online games: RMB 22.8 billion, a 3% quarter-over-quarter increase and a 13% year-over-year increase...

The following are the minutes of the $Sea(SE.US) FY25Q3 earnings call organized by Dolphin Research. For the earnings interpretation, please refer to "SEA: The Unchanged Answer Sheet Can't Compete with the Market's 'Changed Heart'." 1. Review of Core Financial Data Performance Overview: The company's total revenue for the third quarter of 2025 was $6 billion, an increase of 38% year-on-year; all three major business segments performed strongly: the e-commerce platform Shopee's GMV increased by 28% year-on-year; digital financial services revenue increased by 61% year-on-year, with loan balances up 70% year-on-year to $7.9 billion; digital entertainment bookings revenue increased by 51% year-on-year...

The following are the minutes of the $Beike (BEKE.US) FY25Q3 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to "Beike: Is There Really Still Hope?" 1. Review of Core Financial Data Performance Overview: Total revenue was RMB 23.1 billion, a year-on-year increase of 2.1%; gross margin was 21.4%, a year-on-year decrease of 1.3 percentage points, mainly due to the decrease in the proportion of new home business revenue (which has a high contribution rate) and the decline in the contribution rate of the new home business itself...

The following is a summary compiled by Dolphin Research regarding the FY26 Q1 earnings call minutes of $New Oriental EDU & Tech(EDU.US). For an interpretation of the financial report, please refer to "Guidance Stabilized, Returns Maximized, Can New Oriental's Faith Be Restored?" 1. Review of Core Financial Data 1. Overall Revenue and Profit Net Income: Increased by 6.1% year-on-year. Operating Revenue: Reached $310.8 million, up 6% year-on-year. Non-GAAP Operating Revenue (excluding share-based compensation expenses and amortization of intangible assets from business acquisitions): Reached $335.5 million, up 11.3% year-on-year. Net Profit Attributable: $240.7 million...