NetEase Investment Ratings and Target Prices (Table)

NetEase-S (09999.HK) will announce its performance for the fourth quarter of last year after the market closes next Wednesday (11th). Although "Fantasy Westward Journey" rebounded, "Party Animals," "Infinite Border," and "Onmyoji" performed steadily, some of this was offset by the weak performance of "Nishuihan" mobile game, "Identity V," and "Hearthstone." Coupled with increased marketing expenses and the impact of a high base effect, a comprehensive forecast from 8 brokerages indicates that NetEase's non-GAAP net profit for the fourth quarter of 2025 is expected to be between RMB 8.379 billion and RMB 9.643 billion, compared to RMB 9.682 billion in the same period last year, representing a year-on-year decline of 0.4% to 13.5%, with a median of RMB 9.03 billion, down 6.7% year-on-year.

According to a comprehensive forecast from 5 brokerages, NetEase's net profit for the fourth quarter of 2025 is expected to be between RMB 7.871 billion and RMB 8.741 billion, compared to RMB 8.766 billion in the same period of 2024, representing a year-on-year decline of 0.3% to 10.2%, with a median of RMB 8.232 billion, down 6.1% year-on-year. A comprehensive forecast from 10 brokerages indicates that NetEase's net revenue for the fourth quarter of 2025 is expected to be between RMB 27.676 billion and RMB 29.047 billion, compared to RMB 26.748 billion in the same period of 2024, representing a year-on-year increase of 3.5% to 9.5%, with a median of RMB 28.4475 billion, up 6.4% year-on-year. The market will focus on the management's latest game business guidance and related revenue performance. Recently, Google's launch of the Genie 3 world model has intensified investors' concerns about the development of the gaming industry, and management's comments and countermeasures on this will be observed.

The table below lists the ratings and target prices for NetEase (09999.HK) from 11 brokerages:

Brokerage│Investment Rating│Target Price

JP Morgan│Overweight│295 RMB

HSBC Global Research│Buy│289 RMB

UBS│Buy│288.6 RMB

CICC│Outperform│275 RMB

Goldman Sachs│Buy│264 RMB

Bank of America Securities│Buy│259 RMB

Goldman Sachs│Buy│250 RMB

BOCI│Buy│250 RMB

CMB International│Outperform│243.36 RMB

Jefferies│Buy│242 RMB

Bernstein│Outperform│240 RMB

The table below lists the ratings and target prices for NetEase (NTES.US) from 17 brokerages:

Brokerage│Investment Rating│Target Price

JP Morgan│Overweight│190 USD

HSBC Global Research│Buy│185 USD

UBS│Buy│185 USD

Morgan Stanley│Overweight│170 USD

Goldman Sachs│Buy│169 USD

Haitong International│Outperform│168 USD

Bank of America Securities│Buy│166 USD

CMB International│Buy│164 USD

Citi│Buy│161 USD

Goldman Sachs│Buy│160 USD Bank of China International | Buy | $160

Nomura | Buy | $160

CITIC International | Outperform | $156

Jefferies | Buy | $155

Bernstein | Outperform | $155

Citi | Outperform | $150

Barclays | In line with the market | $135